徐剑峰（分析师） 证书编号：S0790525090004 行 业 研 究 2025 年 10 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-10 2025-02 2025-06 汽车 沪深300 汽车研究团队 邓健全（首席分析师） 证书编号：S0790525090003 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《理想 i6 正式发布，尚界 H5 1 小时大 定突破 1 万台—行业周报》-2025.9.28 《8 月汽车产销保持稳健增长，英伟达 入局 Robotaxi—行业周报》-2025.9.21 《奇瑞汽车已通过港交所上市聆讯， 鸿蒙智行全新问界 M7 汽车 8 天小订 突破 19 万台—行业周报》-2025.9.15 小鹏汽车将举行 AI 科技日，Figure 03 开启人形机器 人量产时代 ——行业周报 | 邓健全（分析师） | 傅昌鑫（分析师） | 王镇涛（联系人） | | -- ...

CNMO注意到，全新问界M7增程版本的选购比例远超纯电版。其增程版搭载1.5T增程器，最大功率118 千瓦，提供两驱和四驱两种版本可选，CLTC综合续航达1600km。纯电版车型同样提供两驱版和四驱版 可选，标配100千瓦时电池组，CLTC纯电续航超700km。 除了第40周的销量数据外，鸿蒙智行在国庆假期期间的市场表现同样可圈可点。10月1日至8日，鸿蒙智 行全系车型累计大定订单成功突破4.85万辆，日均订单量超过6000辆，展现出强劲的市场需求。 具体到各车型，全新问界M7成为当之无愧的销量担当，假期期间大定数量突破1.5万辆，占总订单比例 超过31%，充分彰显了消费者对该车型的认可。问界M8也表现出色，获得8934辆大定订单，占比超过 23%。问界M9和享界S9T分别收获3933辆和3810辆订单。 （来源：CNMO科技） 【CNMO科技消息】10月11日，有汽车博主曝光了鸿蒙智行车型在第40周（仅2个工作日）的销量数 据。 从博主发布的数据来看，鸿蒙智行旗下各车型表现各有亮点。全新问界M7在第40周的销量达到1800 辆，问界M8销量为3300辆，问界M9销量为1600辆。在动力类型方面，这三款车型的 ...

近日，赛力斯发布9月产销快报。数据显示，赛力斯新能源汽车9月销量达44,678辆，同比增长19.44%； 2025年1-9月累计销量更是达到304,629辆，保持稳健增长态势。赛力斯在核心技术领域的持续深耕，成 为保持产销数据正向增长的关键动力，尤其是赛力斯超级增程对产品力的赋能，正转化为市场端的显著 优势。 赛力斯对增程技术的布局可追溯至2016年，历经三年发展，2019年实现增程器量产，开启技术落地的关 键一步。彼时国内增程汽车市场正处于探索阶段，赛力斯率先提出"油电转化率"概念，并将NVH性能 纳入增程器核心评价体系，不仅放大了增程技术的续航优势，更引导行业重视综合用车品质的提升。目 前，赛力斯增程器业务已与25家行业企业达成合作，2025上半年销量超20万台，稳居市场前列，也充分 彰显赛力斯在增程技术领域的领导者地位。 赛力斯凭借多年深耕积累的增程技术优势，构建了坚固的技术"护城河"，更在市场端实现了高质量增 长。长期来看，随着技术的持续迭代与产品矩阵的不断丰富，赛力斯超级增程的技术价值还将不断释 放，引领新能源汽车行业持续发展。 今年前三季度，问界M9 2025款、问界M8、全新问界M7相继上市，其 ...

Core Insights - Hongmeng Zhixing achieved impressive pre-sales during the National Day period, with multiple new models launched in September expected to drive sales and market share growth in Q4 [1] - The high-end and luxury vehicle market share of Hongmeng Zhixing is leading, with a more complete product matrix expected by 2026 [2] - The proposed national standard for intelligent assisted driving is expected to enhance the market share of vehicles equipped with Huawei's driving assistance technology [3] Group 1 - Hongmeng Zhixing's total pre-sales reached 41,300 units from October 1-7, a 44% year-on-year increase compared to 28,600 units last year [1] - In September, Hongmeng Zhixing's delivery volume reached 52,900 units, with new vehicle pre-sales hitting a record high of 110,000 units [1] - New models such as the Aito M7, Shangjie H5, and Xiangjie S9T have received strong pre-sales, indicating a positive outlook for Q4 sales [1] Group 2 - The Aito S800 has accumulated over 15,000 pre-sales in four months, significantly outperforming competitors like Porsche Panamera and Mercedes-Benz S-Class [2] - The Aito M9 has maintained its position as the market leader with over 500,000 units sold for 18 consecutive months [2] - By 2026, Hongmeng Zhixing plans to launch new models across its product lines, including new SUVs and off-road vehicles, to strengthen its market position [2] Group 3 - The Ministry of Industry and Information Technology is seeking public opinion on a mandatory national standard for intelligent connected vehicles, set to be implemented on January 1, 2027 [3] - The standard will establish stricter entry requirements for L2-level assisted driving systems, which may benefit vehicles equipped with Huawei's technology [3] - Huawei's advanced driving capabilities are expected to help high-end brands like Aito capture market share from traditional luxury vehicles [3] Group 4 - With the launch of new models and the impending implementation of the intelligent driving standard, Hongmeng Zhixing's sales and market share are expected to rise [4] - Recommended investment targets include SAIC Motor, Jianghuai Automobile, and various component suppliers such as Yinlun, Xinquan, and Bojun Technology [4]

Core Viewpoint - Seres (601127) reported a significant increase in September sales of its electric vehicles, indicating strong market demand and successful product launches [1] Sales Performance - In September, Seres sold 44,678 electric vehicles, representing a year-on-year growth of 19.44% [1] - Cumulative sales from January to September reached 304,629 vehicles [1] Product Launches - The all-new AITO Wenjie M7 was officially launched on September 23, achieving over 40,000 pre-orders within 24 hours, demonstrating immediate market acceptance [1] - The first batch of AITO Wenjie M7 vehicles was delivered to users on September 26, following factory acceptance at Seres' Phoenix Super Factory [1] Product Matrix Development - The AITO product lineup has been continuously enhanced in the first three quarters of the year, with multiple models including the new M5 Ultra, M9 2025, M8, and the all-new M7 being well-received by the market [1] - Cumulative deliveries of the AITO series have surpassed 800,000 units, setting a record for delivery speed among Chinese luxury electric vehicle brands [1] Market Position - The AITO Wenjie M9 has achieved cumulative deliveries of over 240,000 units, maintaining its position as the sales champion in the 500,000 yuan market segment [1] - The newly launched AITO Wenjie M8 has also performed strongly, with cumulative deliveries exceeding 100,000 units, securing the top position in the 400,000 yuan market segment [1] Future Outlook - With the upcoming peak car-buying season at the end of the year, the synergistic effect of the AITO product matrix is expected to further enhance sales, alongside the ramp-up of new product deliveries [1]

10月8日，赛力斯发布9月产销快报。数据显示，赛力斯新能源汽车9月销量44,678辆，同比增长19.44%；今年1-9月累计销量达304,629辆。 （全新问界M7） 问界M9和问界M8分别成为50万级和40万级市场销量冠军。数据显示，问界M9全系累计交付突破24万辆，持续稳居50万元级市场销量冠军；今年4月新上市 的问界M8也表现强劲，累计交付突破10万辆，稳坐40万元级市场销冠！ 资本市场也持续看好赛力斯后市成长性。随着年底购车旺季的到来，问界产品矩阵的协同效应将进一步凸显，叠加新产品交付爬坡，赛力斯有望在第四季度 迎来新一轮增长高峰。责任编辑：小讯 （问界全系产品） 9月23日，全新问界M7正式上市，在外观设计、空间座舱、性能驾控与安全能力等维度实现全方位进阶。上市后24小时内，大定订单突破4万台，真正实 现"上市即上量"。9月26日，全新问界M7首批用户在赛力斯超级工厂（凤凰）完成工厂验收交付，全国同步开启新车交付。 今年前三季度，问界系列产品矩阵不断完善。问界新M5 Ultra、问界M9 2025款、问界M8及纯电版、全新问界M7相继上市，深受市场认可及用户喜爱。目 前问界全系累计交付已突破80万辆 ...

Industry Information - In Guangdong, the production of new energy vehicles increased by 21.9% from January to August 2025, with the manufacturing sector growing by 2.6% overall [9] - Chongqing is accelerating the high-quality development of the automotive industry, achieving a 7.6% increase in total vehicle production and over 31% in new energy vehicle production from January to August 2025 [9] - CATL signed a strategic cooperation agreement with the People's Government of Milin City, focusing on clean energy projects and zero-carbon infrastructure [9][10] - The penetration rate of combined driving assistance systems in new passenger cars in China exceeded 60%, with sales reaching 7.76 million units from January to July 2025 [11][12] - China is making significant strides in the global new energy vehicle market, contributing 63% of global sales in Q2 2025 [15] Policy Information - The Ministry of Industry and Information Technology (MIIT) is optimizing tax incentives for new energy vehicles, including vehicle purchase tax and vessel tax [22] - Beijing is promoting the "vehicle-road-cloud integration" infrastructure to support advanced autonomous driving and enhance the automotive industry's development [13] - Local governments, such as Lanzhou and Zhengzhou, are offering substantial subsidies for new energy vehicle purchases to stimulate market demand [28][29] Company Information - Great Wall Motors officially named its first pure electric SUV "Ora 5," featuring a 150kW motor and a battery from Honeycomb Energy [35] - Li Auto restructured its autonomous driving department, expanding from three to eleven sub-departments to enhance technology development and product delivery [36] - Xiaomi's investment fund has acquired a stake in Qichip Microelectronics, a developer of automotive controller chips [11] - NIO's cumulative vehicle deliveries have surpassed 800,000 units, indicating strong market performance [38] - Xpeng Motors has launched its first batch of charging stations in Singapore, Malaysia, and Thailand, expanding its international presence [37]

Core Points - Jiangsu Province announced the suspension of the vehicle replacement subsidy policy effective from September 28, 2025, marking a shift from broad-based consumer incentives to more targeted regulatory measures [2][3] - The new model for scrapping subsidies will require consumers to first obtain qualification before applying for subsidies, effective from September 29, 2025 [3][6] - The rapid consumption of subsidy funds in Jiangsu, exceeding 100 billion yuan in the first half of the year, necessitated this policy adjustment to prevent fiscal risks [6] Summary by Sections Policy Changes - The vehicle replacement subsidy will officially cease on September 28, 2025, with a deadline for consumers who purchased vehicles before this date to submit their applications by October 20, 2025 [3] - The scrapping subsidy will now follow a "qualify first, then apply" model starting September 29, 2025, while previous purchasers can still apply under the old rules [3][4] Market Reactions - The announcement led to a surge in consumer purchases, with dealerships experiencing a significant increase in sales as consumers rushed to take advantage of the subsidies before they ended [5][6] - In various cities, dealerships implemented marketing strategies to encourage last-minute purchases, highlighting the financial impact of the subsidy cessation on price-sensitive consumers [5] Industry Trends - The automotive market is transitioning from a policy-driven model to a market-driven one, with increasing internal growth dynamics as evidenced by a 59.8% retail penetration rate for new energy vehicles in early September [6][8] - The upcoming end of the full exemption from vehicle purchase tax for new energy vehicles in 2025 is prompting manufacturers to accelerate new model launches during the traditional sales peak in September and October [6][8] Local Government Initiatives - Local governments are responding to the national subsidy cuts with targeted measures, such as Lanzhou's expanded subsidy program and Zhengzhou's substantial 560 million yuan green vehicle subsidy [7][8] - The focus is shifting towards environmentally friendly vehicles and the scrapping of older, high-emission vehicles, indicating a move from broad subsidies to more precise financial support [8]

Group 1: Company Insights - The report highlights the emergence of China's "Stargate" project, which aims to solidify the core position of domestic computing power, with the successful integration of four national-level computing platforms and six data centers into the Yangtze River Delta hub in Wuhu [4][5] - The computing power public service platform in Wuhu has connected to 34 data centers, aggregating nearly 640P of general computing power, 26,000P of intelligent computing power, 33.3P of supercomputing power, and 2,070 qubits of quantum computing power [4][5] - The report indicates that the share of intelligent computing power in China's total computing power is expected to rise from 3% in 2016 to 35% by 2025, with over 250 intelligent computing centers already established or under construction [5][6] Group 2: Industry Trends - The report discusses the strategic restructuring of coal assets between Pingmei Group and Henan Energy Group, which is seen as a timely move for regional coal asset reorganization [14] - The coal industry is experiencing a slight decrease in port coal prices, while pithead coal prices continue to rise, indicating a mixed supply-demand scenario [15] - The report notes that the petrochemical industry is expected to see an average annual growth of over 5% in added value from 2025 to 2026, driven by a new growth plan released by seven government departments [19][20]

导读：尚界H5与全新问界M7，分别承担了"下探"和"上行"的任务。 一方面，尚界H5进入20万元以内，成为鸿蒙智行面向年轻市场的"拳头产品"。另外一方面，全新问界 M7开始和问界M9、M8使用同源的新平台，在产品力上也得到显著提升。 通过尚界H5、全新问界M7，鸿蒙智行的产品矩阵横跨20万元以内到100万元以上，在各个价格段都拥 有代表产品。 尚界H5，下探进20万元以内 尚界品牌首款车型尚界H5定位中型SUV，售价15.98万元—19.98万元，同时提供纯电和增程的动力形 式。 尚界H5 鸿蒙智行 在高阶辅助驾驶上，尚界H5在硬件上区分Pro版本和Max版本。其中，Pro版本搭载10个高清摄像头、12 个超声波雷达和3个毫米波雷达，支持高速领航辅助功能和泊车辅助功能。 Max版本搭载1个192线激光雷达、11个高清摄像头、12个超声波雷达和3个毫米波雷达，支持端到端领 航辅助（城区、高速）、驾驶员失能辅助以及更多的泊车辅助功能。 （文 / 观察者网 周盛明 编辑 / 高莘） 2025年9月23日，鸿蒙智行秋季新品发布会于深圳举办。 在该发布会上，尚界H5、全新问界M7两款新品正式上市。对于鸿蒙智行来说，这是 ...