Core Viewpoint - BYD's "Megawatt Flash Charging" technology significantly enhances charging speed, approaching the efficiency of traditional fuel vehicles, although the availability of compatible charging stations remains a challenge [1][14]. Group 1: Technology Overview - The "Megawatt Flash Charging" technology was introduced with BYD's "Super e-platform," featuring a 1000V vehicle architecture that supports high charging currents [2][12]. - The technology utilizes low-resistance "flash charging batteries," allowing for a maximum charging current of 1000A and achieving a peak charging power of 1 megawatt (1000kW) [2][4]. - A BYD Han L model can charge from 3% to 61% in just 5 minutes, enabling a range of over 420 km, which aligns closely with official claims [4][6]. Group 2: Charging Infrastructure - The "Megawatt Flash Charging" stations require high power distribution capacity, with BYD's stations featuring both 1000kW and 400kW charging options [10][14]. - BYD plans to construct over 4,000 "Megawatt Flash Charging" stations nationwide, with the first 500 already established [14]. - The company is collaborating with leading charging operators to promote the construction of these charging facilities, sharing the technology across the industry [14]. Group 3: Market Implications - The introduction of the "Megawatt Flash Charging" technology is expected to enhance competition among automakers and foster the development of a robust charging ecosystem [14]. - BYD's ability to keep the starting price of vehicles equipped with this technology between 200,000 to 300,000 yuan reflects its strong R&D capabilities in the electric vehicle sector [14].

毒辣的阳光，聒噪的蝉鸣，浓密的树荫，都在宣告着2025年的旅程已行至过半。回头看，上半年的汽车行业品尝了新能源汽车快速发展带来的 甜蜜滋味，却也在"内卷"的阵痛中不断反省与纠偏。 今年上半年，行业迎来了产销（1～4月）突破千万辆的历史时刻，也被迫面临全球贸易的重重壁垒；半固态电池、智能辅助驾驶、超快充等关键技 术取得突破性进展的同时，"车圈淘汰赛"仍然在残酷进行；车企纷纷加速资源整合步伐，相关部门开始对各种不规范行为"拨乱反正"……可以说， 中国汽车产业虽身处混沌，却笃定向前，走向澄明之境。本报通过10个关键词，和读者一同回顾汽车行业不平凡的上半年。 1 加力扩围 政策组合拳激发市场潜力 1月8日，"两新"政策在万众瞩目中正式发布，给整个汽车市场吃下"定心丸"。政策对2025年汽车以旧换新加力扩围：一是将符合条件的国四排放标 准燃油乘用车纳入可申请报废更新补贴的旧车范围；二是将老旧营运货车报废更新补贴范围扩大至国四及以下排放标准营运货车，并将进一步提高 新能源城市公交车及动力电池更新等补贴标准。随后，商务部等8部门办公厅联合印发《关于做好2025年汽车以旧换新工作的通知》，进一步明确汽 车报废更新补贴范围和标 ...

"兆瓦闪充"成为今年新能源汽车市场的一大亮点。根据车企公布的数据，"兆瓦闪充"的最高充电倍率可达10C，充电功率高达1000kW，电压最高达 1000V，电流亦达到1000A。在"兆瓦闪充"技术的支持下，某款纯电动车型宣称仅需1秒钟即可补能2公里，充电5分钟便能行驶407km，全面超越燃油车加 油的补能效率。 在电动方程式赛场上，15C充电技术已经得到应用。在市场端，车企也在积极推动5C、10C超快充车型的量产与上市。这种高充电倍率的电池正在显 著提升纯电动汽车的补能效率，全面挑战燃油车的补能速度优势。然而，实际情况是，鲜有纯电动汽车能在几分钟内完全充满电。一些标称10C充电倍率 的车型，在充电过程中仅是阶段性达到10C即被视为达标，而非全程保持10C工况。目前看，更高的充电倍率在很大程度上仍只是企业的营销口号。 15C充电引关注 今年的FE电动方程式赛场，"进站快充"（Pit Boost）成为一大亮点。15C充电技术的应用，极大地提升了进场补能的纯电动汽车的充电速度，为电动 方程式的速度与激情注入了新的活力。 按照电动方程式的赛程规定，所有车手在比赛过程中必须进一次维修区，停留30秒为车辆充电。若这30秒内 ...

关注 「电动车公社」 和我们一起重新思考汽车 今年 3 月份，比亚迪发布"兆瓦闪充"时， 最高1000kW的充电功率、5分钟补能400km， 不知刷新了多少人的认知。 但你敢相信吗？这块充电倍率10C的电池，远没到充电速度的极限。 就在前段时间，英国公司 RML 集团研发了一款名为 VarEVolt 的电池系统。其最高充电倍率，竟然高达200C！ 这也就意味着， 理论上从 0 充满，只需 18 秒的时间！ 如此恐怖的充电速度，对目前市面上所有在售的电动车产品，绝对称得上降维打击。 不仅如此，官方还宣称这款电池的 功率密度达到了 6kW/kg， 同样是个非常逆天的数字。 相比之下，常见的三元锂电池功率密度一般在 1-2kW/kg（一块500kg的电池包放电功率能达到1000kW就很不错了） ，而 VarEVolt 电池 是它的 3 倍还 多！ 可以说， VarEVolt 电池 无论充电速度还是放电能力，都做到了目前市面上量产电动车无法匹敌的程度，甚至都有点 "物理学不存在" 了的味道。 更离谱的是，在不久之前 VarEVolt 电池 获得了英国 UN ECE Regulation 100 认证， 具备量产资格。 ...

高端化产品大年 销量、盈利向上。2025 年为公司的高端化产品大年，王朝旗舰车型汉L/唐L 于4 月上 市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城市 NOA 等智能驾驶功能，其兆 瓦闪充技术依托全域1000V 高压架构与自研 "闪充电池"，实现5 分钟补能 400 公里续航；方程豹钛7 定 位为城市家用中大型SUV，预计2025Q4 上市。该车采用硬派风格的"方盒子"造型设计，轴距达 2,920mm，空间表现优，并配备车顶激光雷达（高配版搭载华为乾崑ADS 系统）"大空间+硬派设计+智 驾配置"的组合，精准切入家庭用户对实用性与科技感的需求，带动品牌高端化。 投资建议：我们看好公司技术驱动产品力与品牌力向上，引领智驾平权，加速出海， 同时高端化稳步 推进， 预计2025-2027 年营收为9,908.1/11,889.7/13,970.4 亿元，归母净利润552.0/658.1/753.3 亿元， EPS10.05/11.98/13.71 元，对应2025 年7 月2 日330.66 元/股收盘价，PE 分别为33/28/24 倍，维持"推 荐"评级。 6 月批发同 ...

Core Viewpoint - The development of megawatt-level ultra-fast charging technology is emerging as a key solution to enhance charging efficiency for electric vehicles, with major companies like BYD, Huawei, and Zeekr actively participating in this technological advancement [2][3][4]. Group 1: Industry Developments - BYD has launched its "Megawatt Flash Charging" technology, achieving a charging power of 1 megawatt (1000 kW), allowing for a range of 400 kilometers to be charged in just 5 minutes [3]. - Huawei introduced a full liquid-cooled megawatt-level charging solution with a peak power of 1.5 megawatts, capable of fully charging a 300 kWh battery in 15 minutes [4]. - Zeekr unveiled its V4 extreme charging station with a peak power of 1300 kW, aiming to accelerate the adoption of electric vehicles in key cities [4]. Group 2: Infrastructure Initiatives - BYD plans to build 4,000 megawatt flash charging stations, with over 500 already completed, and is collaborating with various charging operators to expand its network [3]. - Shenzhen has initiated the "Super Charging City 2.0" project to enhance the application of high-power charging technologies for both heavy-duty and passenger vehicles [2][6]. - Cities like Guangzhou, Hainan, and Shenzhen are actively promoting the establishment of ultra-fast charging infrastructure [6]. Group 3: Challenges and Solutions - Concerns have been raised regarding the potential impact of megawatt-level charging on grid stability, with experts suggesting the need for tiered construction and management of charging facilities [7]. - The high costs associated with megawatt charging stations and the lack of a clear profit model are causing operational challenges for charging operators [8]. - The industry is exploring solutions such as integrated solar-storage charging systems to alleviate grid pressure and enhance charging efficiency [9]. Group 4: Technological Innovations - The second-generation supercharging battery from CATL features a peak charging power of 1.3 megawatts, allowing for over 520 kilometers of range to be charged in just 5 minutes [6]. - Companies are focusing on optimizing battery materials and utilizing AI algorithms to improve charging efficiency and extend battery life [9]. - The development of standardized charging protocols and differentiated pricing mechanisms is being pursued to support the growth of megawatt-level charging technology [10].

反观刚刚完成大热车型小米YU7上市的小米集团，已稳居全球车企市值排名第三位。 6月26日晚，小米汽车旗下首款SUV车型小米YU7正式上市。据小米汽车官方信息，上市18小 时，小米 YU7便实现锁单24万辆。6月27日开盘后，资本市场对小米的新品发布反应强烈 ——小米集团开盘即跳涨8%，股价一度突破每股61港元，创下历史新高，市值攀升至1.55万 亿港元。 从财务数据看，2025年一季度，小米集团营收同比增长47%至1113亿元，创下历史最佳财 报，其中汽车业务毛利率环比提升2.8个百分点至23.2%，成为拉动利润增长的第二曲线。而 此次YU7的市场表现也远超预期，按每辆YU7平均定金5000元计算，24万锁单量即产生12亿 元现金流，直接推动资本市场对小米汽车业务的价值重估。招商证券发布研报表示，"小米汽 车产能及盈利能力持续提升，伴随YU7等车型矩阵进一步完善及生态链的协同效应，看好其跻 身全球前五车厂的目标。" 2025年上半年全球市场的风云激荡，在全球车企市值排行榜上体现的淋漓尽致。其中， 中国 大陆车企以销量与技术双轮驱动市值增长，在全球车企市值五十强中占据17席，并正藉此重 塑着行业竞争版图 。 另 ...

6月27日，南方财经记者获悉，深圳市发改委近日披露，深圳市将按照"深圳示范、湾区组网、全球推 广"的思路，全面启动"超充之城2.0"建设。 深圳表示，将进一步加快重卡超充换和乘用车闪充等大功率充换电技术应用。 深圳启动"超充之城2.0"建设，当中提到的重卡超充换和乘用车闪充等大功率充换电技术领域，深圳已 经引进头部公司和采取相关布局。 2023年，宁德时代旗下子公司时代骐骥新能源科技（深圳）有限公司成立，并正式落地坪山。作为宁德 时代在深圳落户的重卡换电全球业务运营中心，时代骐骥将立足深圳，辐射湾区，打造引领全球的重卡 换电产业生态，带动重卡整车、换电设备、换电综合运营平台的全球化发展。 目前，深圳已经开始着手制定相关标准，将于2026年12月31日前制定底盘式重卡换电系统互换性技术要 求、底盘式重卡换电站设计规范等地方标准。 不久前举行的粤港澳大湾区车展上，比亚迪宣布与小桔充电、新电途合作共建15000座兆瓦闪充桩。 此前2025年2月，据深圳市政府工作报告，2024年深圳率先发布充电场站分级、超充设备等6项标准，累 计建成超充站1030座、车网互动站151座、综合能源补给站45座，在全球率先实现超充站、超 ...

在全球电动汽车产业蓬勃发展的浪潮中，欧洲市场以其成熟的汽车工业体系、严格的环保法规以及消费者对新技术的高接受度，成为各大车企必争之地。 中国车企近年来凭借技术创新与产品优势，在欧洲崭露头角。 众所周知，电动汽车的普及离不开完善的充电基础设施建设。随着中国新能源汽车在欧洲销量节节攀升，中国车企通过与当地充电运营商合作或自建充电 网络，为当地用户提供更便捷的充电服务，从而提升了中国新能源汽车在欧洲市场的竞争力和用户认可度。与此同时，相关产业链企业，例如充电桩制造 商、充电模块供应商等也跟随中国车企"走出去"，在欧洲拓展业务，实现产业协同发展。中国车企与充电设施运营商正携手在欧洲大陆点亮一张"充电 网"，为欧洲电动汽车市场的发展注入活力。 01 车企加速布局充电网络 据外媒报道，比亚迪执行副总裁李柯近日在比利时布鲁塞尔宣布，比亚迪计划在欧洲建设兆瓦级闪充网络，使得电动汽车充电就像燃油车加油一样方便。 据悉，比亚迪计划在欧洲部署的是其"兆瓦闪充"技术。就在今年3月，比亚迪在超级e平台技术发布会上正式推出"兆瓦闪充"技术，以乘用车1000V高压架 构和10C高倍率电池为核心，实现了充电功率1MW（1000kW）的突破， ...

Core Insights - BYD's total sales in 16 European countries surpassed Tesla's in May 2025, with a total of 10,199 vehicles sold in key markets including the UK, France, Germany, Italy, and Spain, leading Tesla by 6,619 vehicles [1][3] - The company's overseas sales reached a record high of 88,640 vehicles in May, representing a year-on-year growth of 133.6%, while the export volume from January to May reached 374,200 units, up 112.3% year-on-year [3][5] Group 1: Sales Performance - In the UK, BYD's May sales surged by 408% year-on-year to 3,025 vehicles, while Tesla's sales dropped by over 45% [5] - In Germany, BYD's sales in May reached 1,857 vehicles, an increase of 824% year-on-year, surpassing Tesla for two consecutive months [5] - In Italy, BYD sold nearly 2,000 vehicles, leading Tesla's 850 vehicles, while in Spain, BYD's sales of 2,434 vehicles were three times that of Tesla [5] Group 2: Market Expansion Strategies - BYD overcame initial challenges in the UK by increasing dealer engagement, conducting product test drives, and developing localized marketing strategies, resulting in a significant increase in dealer partnerships [9] - In France, BYD's local sales team utilized test drives to improve consumer trust in "Chinese manufacturing," leading to higher conversion rates [9] - Since entering Europe in early 2021, BYD's annual registrations have skyrocketed from just over 1,000 to nearly 60,000 in 2024, marking a growth of nearly 60 times [10] Group 3: Global Market Presence - BYD's success is not limited to Europe; in the Asia-Pacific region, the company has also outperformed Tesla in markets such as Singapore, Malaysia, Thailand, and Japan [10] - In Singapore, BYD has maintained its position as the top-selling passenger car brand for the first five months of the year [10] - The company has also launched its high-end brand, Tengshi, in Malaysia, achieving sales of 1,148 vehicles in May [10] Group 4: Technological and Strategic Advancements - BYD's global expansion has been supported by overcoming various challenges, including tariff barriers and production capacity issues, through establishing overseas factories and optimizing logistics [11] - The company has received international recognition for its advanced technologies, such as DM Super Hybrid and MW Flash Charging, which have contributed to its competitive product matrix [11][12] - BYD's recent launch of the Dolphin model in 15 European countries highlights its strategic entry into the small electric vehicle market, which is highly sought after by European consumers [11]