9 月上汽通用销量 4.9 万辆，2025 M1-9 销量 27.8 万辆，同比+36.7%； 9 月上汽乘用车销量 9.4 万辆，2025 M1-9 销量 48.1 万辆，同比+23.8%； 9 月上汽通用五菱销量 15.8 万辆，2025 M1-9 销量 84.0 万辆，同比+37.8%； 9 月上汽新能源销量 18.9 万辆，2025 M1-9 销量 108.3 万辆，同比+44.8%； 01 事件概述 公司发布 9 月产销快报，2025 年 9 月上汽集团批发销售 44.0 万辆，2025M1-9 销量 319.3 万辆，同比+20.5%。 分品牌看：9 月上汽大众销量 9.4 万辆，2025 M1-9 销量 77.2 万辆，同比-2.5%； 9 月上汽海外销量 10.1 万辆，2025 M1-9 销量 76.5 万辆，同比+3.5%。 02 分析判断 ► 2025M1-9 销量表现亮眼 自主+出口驱动增长 经营质量提升 受益于自主品牌创新和出口韧性， 2 025 年 9月上汽集团批发销量同比+4 0.4% ，环比 + 21.0% ； 2 025M1-9 批发同比 + 20.5% ，终端交付量 337 ...

快报提到，近期集中上市的新一代智已LS6、全新MG4、尚界H5、荣威M7 DMH等多款车型带动上汽自 主品牌销量持续突破向上。 凤凰网科技讯 10月8日，上汽集团发布9月产销快报：本月销售整车44万辆，同比增长 40.4%，环比增 长21%，销量规模位居行业第一。其中新能源车销售近19万辆，同比增长46.5%。 其中，9月份，智己汽车销售1.1万辆，同比增长77%，新一代智己LS6上市27分钟锁单破万；上汽乘用 车销售新能源车4.1万辆同比增长324.5%，全新MG4单月交付强势破万；上汽通用销售新能源车超过1万 辆同比增长82.3%，新近上市的别克至境L7订单火爆。 ...

作者 / 魏 微 编辑 / 黄大路 设计 / 土 豆 在北京很多地标商圈，比如老牌的世贸天阶、新晋网红非标商业体the box，相信不少人"偶遇"过MINI车主后备厢集市。 在车友会的组织下，车主将他们的"乡下人"（MINI COUNTRYMAN）、COOPER停放开来，打开后备厢，组成一个充满松弛与欢乐的小型跳蚤市场。 小车，天然就具有亲民、时尚和社交属性。曾经独属于油车车主的这份松弛和快乐，也正在向电车车主传递。 在上海，"smart车友会"会组织"城市漫游"活动，开着smart精灵 #1去外滩拍照 、去武康路喝咖啡；北京的"京蔚荧"车友会，也将firefly萤火虫的后备厢集 市，开到了通州七棵树，这里是北京最chill的街区之一。 但从2025年开始，一批真正具备"重塑市场格局"精品纯电小车，已正式驶入赛道，准备创造新的传奇。 smart #2 、ID.Polo，还有ID.Buzz 2025年9月，慕尼黑车展上，smart宣布推出纯电两门两座车型smart #2 。这意味着，最具smart精神的经典车型smart for 2即将"带电"重生。 燃油车时代，尽管小车在整体市场中的份额相对有限，但还是云集了 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [10]. Core Insights - The emergence of humanoid robots is leading a new wave of transformation in the automotive industry, with major automakers competing in this space [4]. - The report highlights the successful demonstration of multi-modal embodied robots at the recent Industrial Expo, showcasing advancements in robotics technology and its applications in various industrial settings [5][8]. - New vehicle launches are intensifying competition among mainstream automakers, with notable models introduced at the expo, including the SAIC Group's high-end and budget-friendly offerings, as well as Tesla's Model Y L [9]. Summary by Sections Investment Highlights - The humanoid robot sector presents new opportunities, with specific recommendations for companies involved in linear joint assemblies, screw rods, dexterous hands, reducers, sensors, and injection molded parts [10]. - Recommended companies include Rongtai Co., Shuanglin Co., and others, focusing on various components essential for humanoid robots [10]. Industry Performance - The automotive sector has shown strong relative performance over the past year, with a 32.8% increase compared to the Shanghai and Shenzhen 300 index [1][2]. Technological Innovations - The report emphasizes the advancements in robotics, such as the DOBOT ATOM humanoid robot, which utilizes reinforcement learning for efficient task execution in industrial environments [4]. - Innovations in multi-modal perception systems were showcased, demonstrating the capabilities of robots in real-time data processing and interaction [5]. Competitive Landscape - The report notes the competitive landscape with multiple new vehicle models launched, highlighting their specifications and market positioning [9].

Core Insights - BYD has launched the second generation of the Qin PLUS series, including the Qin PLUS DM-i 128KM, Qin PLUS EV 420, and 510KM models, starting at a price of 69,800 yuan, enhancing its presence in the compact sedan market [1][3] - The 60,000 to 100,000 yuan segment is identified as the "starting layer" for young consumers, reflecting significant changes in the automotive market over the years [2][3] - The launch of the new Qin PLUS models signifies a shift in the automotive landscape, with vehicles now offering advanced features and larger dimensions compared to previous models [3][4] Market Dynamics - The automotive industry is undergoing a transformation, with the Qin series representing the evolution of the compact sedan market [4][5] - The first-generation Qin DM was launched in 2013 at a price of 188,900 yuan, while the new models are significantly more affordable, showcasing the progress in technology and market positioning [5][6] - The Qin PLUS DM-i's launch in 2021 marked a pivotal moment for BYD, achieving a fuel consumption of 3.8L/100km and a comprehensive range of 1,245 km, surpassing traditional fuel vehicles [5][6] Sales Performance - The Qin family achieved over 480,000 units sold in 2023, marking a significant milestone as the first annual sedan sales champion for Chinese brands in 13 years [6][7] - Cumulative sales of the Qin family surpassed 2 million units by December 2024, demonstrating rapid growth and market acceptance [6][7] - BYD's total sales for 2024 exceeded 4.27 million units, with the Qin family contributing significantly to this figure [6][7] Competitive Landscape - The introduction of new models and price reductions by BYD is a strategic response to increasing competition in the compact sedan market, with several new entrants expected in 2025 [10] - The market is witnessing a reshaping of the A-class vehicle segment, with various brands, including both domestic and joint ventures, launching competitive models [10] - The ongoing evolution of the Qin family reflects BYD's commitment to innovation and market leadership in the electric vehicle sector [9][10]

东方证券研报指出，上汽集团8月海外及出口销量8.83万辆，同比增长10.5%，环比增长7.5%；1-8月海 外及出口累计销量66.44万辆，同比增长2.3%9月公司将在英国市场推出MGIM两款新车，进一步丰富欧 洲产品矩阵，同时积极开拓中亚、非洲等新兴市场。预计MG品牌在海外市场的影响力以及公司在多动 力领域的技术优势将为公司开拓海外市场提供保障，海外市场未来仍将是大自主板块重要增长点。上汽 自主乘用车销量同环比增速亮眼，多款自主车型订单较好，期待9月尚界H5上市表现。认为全新MG4、 荣威M7DMH、新智己LS6等车型在同级别车型中同样具备竞争力，有望与尚界H5形成共振，共同促进 公司自主板块销量及盈利能力提升。该行预测2025-2027年EPS分别为1.05、1.17、1.31元，维持可比公 司25年PE平均估值25倍，目标价26.25元，维持"买入"评级。 ...

"纯电智趣大两厢"全新MG4自上市以来，凭借极具竞争力的价格与出众的产品实力，迅速获得消费者关注和认可，大定锁单已突破2.6万张。为 让用户买车更安心、交车更透明，MG正式推出"安心交付承诺"：自大定锁单之日起，超过39天用户车辆仍未达成交付条件的，每超期一天，MG将 提供50元现金补贴，累计上限2000元；车辆将严格按照大定锁单时间先后顺序配车发运，确保交付流程公平、有序。 作为MG新能源战略的重磅车型，全新MG4采用CTB电池车身一体化技术、同级唯一一体式热管理等行业领先技术，更拥有同级最大空间、同级最长续 航、OPPO智行手车互联等越级实力，将400公里续航带入7万内、让全球首个批量装车的半固态电池车型进入10万内，为精致宝妈、年轻家庭和青年玩家等 消费者带来超值的高品质出行体验。 全新MG4凭借出色的产品力，市场热度持续走高。全国多地MG门店客流大增，工作日展厅内依然人头攒动。在多家主流汽车媒体热度榜单中，全新 MG4稳居前三，关注度持续攀升。 面对旺盛的市场需求，MG正全力提升产能和交付效率。上汽乘用车生产基地已实行三班制生产，协同供应链全力保供。与此同时，MG严控品质，通 过精细化生产管理和物流优 ...

Overview of the Auto Show - The 28th Chengdu International Auto Show was held from August 29 to September 7, 2025, showcasing over 1,600 vehicle models from nearly 120 brands, focusing on new technologies and products in the automotive industry [6][7]. Key Highlights - A total of 104 key models were monitored at the show, with 33 debut models. Chinese brands accounted for over half of the key models, followed by European brands. New products made up 46% of the models, with SUVs representing 62.5% of the body types, and sedans at 33.7%. Notably, 75% of the key models were electric vehicles [2][7][11]. Product Trends - The color design of vehicles is evolving towards diversification, personalization, and eco-friendly technologies. Several models featured unique color schemes that reflect brand positioning and innovative craftsmanship [9][10]. - The pickup truck segment saw significant innovation, with many manufacturers showcasing new models that emphasize powertrain technology, smart features, and user experience. Electric vehicles are becoming increasingly prominent in the pickup market [11][12]. Technological Innovations - Manufacturers are focusing on range-extending power systems, with several companies presenting new models equipped with batteries over 40 kWh, achieving pure electric ranges exceeding 300 km [12][13]. - The evolution of vehicle interiors is marked by advancements in interactive experiences, transitioning from passive to active engagement, with future developments expected to include multi-modal interactions [14][15]. Featured Models - The Zeekr 9X features a dual 8295 smart cockpit and a 900V hybrid architecture, with a price range of 479,900 to 569,900 yuan [17]. - The new AITO M7 showcases a complete redesign, increased dimensions, and a new pure electric version, with a range of 700 km [19]. - The Lantu Zhi Guang L, set to launch in Q4 2025, features a 1.5T PHEV system and a pure electric range of 410 km [22]. - The NIO ES8, with a starting price of 308,800 yuan, offers a luxurious interior and advanced driving assistance systems [30]. Market Dynamics - The auto show reflects a shift in consumer preferences towards electric and hybrid vehicles, with significant advancements in technology and design aimed at enhancing user experience and environmental sustainability [2][11][12].

Core Insights - The MG brand has launched the new MG4 model, which features a limited-time subsidy price range of 65,800 to 99,800 yuan, marking a significant step in its "All in New Energy" strategy [1][6] - The MG4 has received over 45,000 orders since its pre-sale began on August 5, with more than 10,000 orders placed within 39 minutes of the announcement of the subsidy price [1][3] - The MG4 is notable for being the first mass-produced vehicle equipped with semi-solid-state batteries, which are expected to enhance safety and performance [3][5] Product Details - The MG4 lineup includes five models, with prices as follows: 65,800 yuan for the 437 version, 73,800 yuan for the 437 version, 80,800 yuan for the 437 version, 93,800 yuan for the 530 version, and 99,800 yuan for the semi-solid-state version [3][4] - The semi-solid-state version boasts a maximum range of 530 km and an energy density of 180 Wh/kg, achieved by reducing the liquid electrolyte content to 5% [3][5] Strategic Vision - MG plans to invest 10 billion yuan over the next three years to develop 13 new energy models, covering a range of price points from 100,000 to 200,000 yuan [1][6] - The brand aims to create a diverse product matrix that includes sedans, SUVs, crossovers, wagons, and sports cars, utilizing various powertrains including hybrid, range-extended, and fully electric options [2][6] Market Positioning - The MG brand is targeting the mainstream market with its new energy strategy, emphasizing a commitment to competitive pricing and technology accessibility [5][6] - The MG4's launch is seen as a critical move to re-establish the brand's presence in the competitive automotive market, particularly in the context of increasing electric vehicle adoption [7][8] Competitive Landscape - The entry of 3C brands into the automotive market is acknowledged as a challenge, with MG recognizing the need to adapt and learn from these competitors [8] - MG is actively pursuing strategic partnerships with leading 3C companies to enhance its technological capabilities and customer engagement [8]

Core Viewpoint - The article highlights the impressive performance of SAIC Motor Corporation, showcasing its continuous growth in sales and profits, driven by comprehensive reforms and strategic initiatives in product development and market expansion [5][41]. Group 1: Sales and Financial Performance - In the first half of 2025, SAIC sold 2.053 million vehicles, a year-on-year increase of 12.4%, maintaining its position as the top seller in the domestic market [6]. - The company's revenue reached 299.59 billion yuan, up 5.2% year-on-year, with a net profit attributable to shareholders of 6.02 billion yuan, and a non-recurring net profit of 5.43 billion yuan, which saw a staggering increase of 432% [6][12]. - In July, SAIC's sales reached 338,000 units, a year-on-year increase of 34.2%, and in August, sales further rose to 363,000 units, up 41% year-on-year, marking an "eight consecutive months" growth [6][41]. Group 2: Organizational and Operational Reforms - SAIC has implemented integrated management for its passenger and commercial vehicle segments, creating a more flexible and efficient operational structure [12][13]. - The introduction of IPD and IPMS models has optimized numerous business processes, reducing product development cycles to 18 months [13][14]. - The new MG4 model exemplifies this efficiency, going from concept to production in just 14 months, a 40% reduction compared to traditional processes [16]. Group 3: Product Innovation and Market Strategy - SAIC has launched several new models, including the Roewe pure electric D6 and the new MG4, enhancing its product offerings and reinforcing its competitive edge [25][30]. - The new models feature high-value configurations, such as the H5, which integrates Huawei's smart driving technology, and the LS6, which boasts significant electric range capabilities [26][29]. - The company is accelerating the mass production of key innovations, including second-generation solid-state batteries and advanced intelligent cockpit systems [29][30]. Group 4: Global Expansion and Ecosystem Collaboration - From January to August 2025, SAIC sold 664,000 vehicles overseas, a 2.3% increase year-on-year, with the MG brand achieving significant sales growth in Europe [33][35]. - The collaboration with Huawei and OPPO has enhanced SAIC's product offerings and market presence, particularly in smart driving and intelligent cockpit technologies [36][38]. - SAIC's global strategy includes expanding its market presence in over 170 countries, establishing a robust international sales network [35][37]. Group 5: Industry Impact and Future Outlook - SAIC's reforms serve as a replicable model for state-owned enterprises in the automotive sector, demonstrating that efficiency gains are crucial for future competitiveness [41]. - The company's diverse product matrix and high-spec configurations cater to varied consumer demands, enhancing the appeal of domestic brands [41]. - Overall, SAIC's continuous growth is viewed as a "rebirth" rather than a mere rebound, positioning it as a leader in the evolving automotive landscape [41].