出乎意料的是，在统计的30款新车里，有14款车在3个月甚至更短的时间内，便迸发了极大的潜力，发挥出了超预期的表现。 | 年型 | 指导价(万元) | 上市时间 | 3月零售数据 | 4月零售数据 | 5月零售数据 | 各注 | | --- | --- | --- | --- | --- | --- | --- | | 腾势N9 | 38.98-44.98 | 3月 | 1708 | 5018 | 4617 | 第一阶段的月销量目标是3000辆,第二阶段要达到5000辆 | | 间界M8 | 35. 98-44. 98 | 4月 | ー | 1883 | 12116 | 6月交付目标2-3万辆 | | 零跑B10 | 9.98-12.98 | 4月 | 3298 | 0 | 10105 | 目标月销过万,内部目标月销1.5-2万辆 | | 哈弗枭龙MAX | 13. 18-16. 98 | 4月 | - | 4069 | 8168 | 定位是成为新能源SUV市场中的哈弗H6 | | 启源Q07 | 12.98-17.18 | 4月 | - | 3119 | 8081 | 启源品牌2026年实现60万辆 | | ...

Core Insights - The trend of "oil and electricity at the same price" is leading to a rapid penetration of electric hybrid vehicles into the 100,000 yuan price range, making it one of the most competitive segments in the domestic automotive market by 2025 [1][2] - The introduction of models like the First Automobile Works (FAW) Bestune Yuyi 07 and Haval's second-generation Haval Xiaolong MAX at competitive prices is drawing significant attention from the industry [1][3] - The market for plug-in hybrid electric vehicles (PHEVs) is expanding, with over 15 new models launched in the 100,000 yuan segment since January 2025, indicating a shift in consumer preferences towards hybrid technology [1][9] Market Dynamics - The 100,000 yuan price segment is no longer a stronghold for traditional fuel vehicles but is becoming a battleground for electric hybrid models, reflecting the cost control capabilities of domestic brands [1][2] - J.D. Power's report indicates that the proportion of PHEV users has increased by 9 percentage points to 41.5% since 2025, showcasing growing acceptance of hybrid technology among consumers [2] - The demand for higher electric range, lower fuel consumption, and advanced technology features is becoming central to consumer preferences in the 100,000 yuan market [2][3] Competitive Landscape - Major brands are launching competitively priced hybrid models with advanced features that were previously reserved for mid-to-high-end vehicles, such as intelligent cockpit systems and driving assistance functions [3][4] - The introduction of models like the Bestune Yuyi 07, Haval Xiaolong MAX, and Hongqi HS3 PHEV demonstrates the competitive strategies of leading brands to capture market share [3][8] - The automotive industry is experiencing a transformation, with a focus on platform technology and cost reduction, leading to a reshaping of the 100,000 yuan PHEV market [4][5] Future Outlook - The PHEV market is expected to see significant growth, with predictions that the proportion of PHEVs in the new energy vehicle segment could reach 60% in the coming years [9] - FAW's strategy to focus on new energy vehicles and the restructuring of its product lineup indicates a commitment to capturing a larger share of the hybrid market [7][8] - The competitive landscape will require brands to have sharp market insights and the ability to address consumer pain points effectively [6][7]

6月某个工作日午后，在上海浦东新区某特斯拉门店内，上海市民张先生正摩挲着一辆Model Y的方向 盘，他计划将名下一辆浙牌燃油车置换为这辆新能源车。"外牌旧车也能享受1.5万元补贴，这下省下的 钱够装个家用充电桩了！"他兴奋地说。 张先生"精打细算"的背后，是今年4月上海汽车"以旧换新"政策的出台——外牌旧车首次被纳入置换补 贴范围，且新能源车与燃油车"双轨并行"，最高补贴额为1.5万元。 政策发布后便搅动了上海车市。中国证券报记者走访发现，多个主流车企，尤其是新能源车企的门店内 咨询量激增，一场由政策驱动的置换浪潮正席卷申城。 ● 本报记者乔翔黄一灵 补贴范围扩大 "过去上海并没有放开外牌旧车的'以旧换新'，因此车主想要外牌旧车'以旧换新'，就需要回到旧车上牌 地进行操作，费时费力还增加成本。"张先生告诉记者，结合自己的实际情况，新的政策出台后便毫不 犹豫地决定换车。 今年4月上海发布的政策明确，将汽车置换更新补贴范围扩大至外牌旧车。升级后的政策将补贴范围由 之前的"本人名下在上海登记的小客车"，拓展到"本人名下在外省市登记的小客车"。 根据上海最新政策，自2025年1月1日(含当日，下同)至2025年12 ...

Core Viewpoint - The second-generation Haval Xiaolong MAX showcases its advanced capabilities as a "smart hybrid SUV" through a successful test drive event, emphasizing its reliability and value for consumers [1] Group 1: Technology and Performance - The second-generation Haval Xiaolong MAX features the second-generation Hi4 intelligent four-wheel drive hybrid technology, offering "two-wheel drive efficiency with four-wheel drive performance" [5] - The vehicle achieves a WLTC combined fuel consumption as low as 0.97L/100km and a CLTC fuel consumption of 4.2L/100km, with media tests showing actual consumption as low as 3.73L/100km [5] - It boasts a comprehensive range exceeding 1000km, with a pure electric range of 165km, and media tests confirming a range of 209.5km [5] - The vehicle's overall power output is 238kW with a torque of 595N·m, allowing for a 0-100 km/h acceleration in approximately 6 seconds [7] Group 2: Safety Features - The second-generation Haval Xiaolong MAX's intelligent four-wheel drive system reduces accident rates by 50% compared to two-wheel drive vehicles, enhancing safety for family users [9] - The vehicle is equipped with advanced algorithms for ice and snow conditions, improving safety performance on low-traction surfaces [10] Group 3: Interior and Comfort - The dimensions of the second-generation Haval Xiaolong MAX are 4780*1895*1725mm with a wheelbase of 2810mm, providing ample space for five adults [13] - The vehicle features the third-generation Coffee OS 3 intelligent cockpit system, enhancing user experience with a 12.3+14.6 inch display and a 10-inch HUD for improved visibility [13][15] Group 4: Intelligent Driving Capabilities - The Coffee Pilot Plus intelligent driving assistance system utilizes dual 800,000-pixel front cameras for enhanced obstacle detection and navigation [16] - The vehicle can autonomously navigate complex urban environments and perform automatic parking within 30 seconds [18]

本报讯 （记者张晓玉）5月11日，2025长城汽车智慧工厂半程马拉松在保定徐水智慧工厂开跑，作为长 城汽车倾力打造的品牌IP赛事，今年已举办了第五届。长城汽车智慧工厂半程马拉松是全国唯一跑进工 厂的马拉松，选手们穿过冲压、焊装、总装三大车间。长城汽车董事长魏建军带领高管团队共同参赛。 本届马拉松，长城汽车还带来了产品、技术、智慧座舱等展区。产品方面，长城汽车带来"科技生 活"和"越野重机"两大产品集群。科技生活集群涵盖魏牌全新高山福祉版、魏牌全新蓝山、二代哈弗枭 龙MAX、哈弗猛龙燃油版、欧拉闪电猫旅行版车型；越野重机集群展出了山海炮Hi4-T、坦克700Hi4- T、坦克400Hi4-T、坦克500Hi4-Z、坦克300虎克版、二代哈弗H9、长城灵魂摩托车型。 在技术展区，长城汽车带来了刚刚在上海车展首次亮相的自研4.0TV8发动机。在智慧座舱展区，通过 丰富智能交互体验，让参观者亲身体验到了长城汽车在智慧出行领域的前沿技术和创新成果。 数据显示，长城汽车目前共有研发人员2.3万人，研发投入连续3年超百亿元，并拥有徐水试验场、环境 风洞实验室、高海拔实验室、智能交互实验室、安全实验室等高精尖实验室，且依托高 ...

Core Insights - The April sales data for various new energy vehicle companies shows a continued upward trend for both traditional brands and new car manufacturers, indicating a robust market performance during the holiday period [1] Traditional Brands' Performance - BYD sold over 380,100 new energy vehicles in April, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4%. The main brands, Dynasty and Ocean, contributed over 340,000 units, growing by 16.5% [2] - Geely's total sales reached 234,112 units in April, a 53% increase year-on-year. New energy vehicle sales reached 125,563 units, up 144%, accounting for 54% of total sales, marking a historical high [4] - Chery Group's total sales were 200,760 units, a 10.3% increase. New energy vehicle sales reached 61,223 units, up 85.5% [6] - Great Wall Motors' wholesale sales were 100,061 units, a 5.55% increase, with new energy vehicle sales at 28,813 units, up 28.42% [8] New Forces in the Market - Leap Motor achieved a delivery volume of 41,039 units in April, a 172% year-on-year increase, driven by its competitive pricing strategy and new model launches [9] - XPeng Motors maintained a delivery volume of over 30,000 units, reaching 35,045 units, a 273% increase, supported by the popularity of models like MONA M03 and P7+ [11] - Li Auto delivered 33,939 new vehicles, a 31.6% increase, with a total of 126,800 units delivered in the first four months, achieving 18% of its annual target [13] - Xiaomi Auto delivered over 28,000 units in April, indicating stable consumer demand, with new models expected to drive future growth [13] Other Notable Performances - GAC Aion's sales reached 28,301 units, showing year-on-year growth but a decline compared to the previous month [15] - Lantu Motors achieved sales of 10,019 units, a 150% increase, with plans to launch an upgraded model soon [17] - NIO delivered 23,900 vehicles in April, a 53% year-on-year increase, benefiting from promotional policies [17]

编 译 / 牛跟尚 设 计 / 琚 佳 宝马展台，一位高管用普通话与人工智能（AI）助手对话，尔后，宝马集团董事长奥利弗·齐普策 （Oliver Zipse）乘坐BMW新世代系列中一款设计极具未来感的SUV登上展台。 这款"驾趣"概念车是4月23日开幕的2025上海车展163款新车首发中的代表。 10天的展期中，观众看到新车以SUV居多，包括极氪9X、蔚来乐道L90、全新一汽奥迪Q5L、深蓝 S09、红旗全新SUV车型、二代哈弗枭龙MAX以及东风纳米06、全新岚图FREE等。 2024年，SUV市场在售车型371款，比轿车多出153款，而到了2025年，这一市场加速内卷。 乘联分会数据显示，2025年一季度，国内SUV市场零售250.1万辆，同比约增长4%；2024年1-3月国 内SUV市场累计零售达到240.7万辆，同比增长20.2%。 其中，累计销量超3万辆——月销过万辆的爆款SUV达到27款。而2024年同期只有18款，一年之内 SUV爆款增加了9款。 销量超过4万辆的超爆款SUV有13款，相比2024年同期的11款，多出2款。 新能源SUV领域同样火热，累计销量超过3万辆的新能源SUV有10款，较20 ...

证券研究报告 2025上海车展总结 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年5月6日 请务必阅读正文之后的免责声明部分 2025年上海车展总结 ◼ 发布会总结：机器人是最大亮点，智能化+全球化是战略重点，电动化已走向成熟。 ◼ 重点新车总结：大六座SUV竞品较多，部分热门车型未亮相车展，合资电车开始发力 ➢ 中大型SUV新车较多：本届车展亮相/上市的旗舰SUV车型包括极氪9X/比亚迪Dynasty-D/乐道L90/长安深蓝 S09/广汽传祺向往S9等，多强调座椅舒适度、多屏智能化以及高阶辅助驾驶等。部分重磅新车缺席车展，车展亮 相新车有限：小米YU7/小鹏G7/理想i8等重磅车型未亮相车展，且多数车型在车展前单独上市或在车展仅亮相， 后续单独举行发布会，整体新车信息有限。 ◼ 智能化部件总结：第三方智驾供应商积极推出全新方案 2 ➢ 机器人：小鹏-奇瑞-长安等多家车企首次展出了机器人，其中小鹏IRON关注度最高也最超预期。 ➢ 智能化：紧跟Q1车企陆续宣布智驾平权，第三方供应商积极发布智驾 ...

【文/观察者网 张家栋 编辑/高莘】 4月23日，哈弗品牌在上海车展正式发布"开启新能源四驱时代"战略，宣布全面聚焦新能源四驱技术研 发。 哈弗品牌总经理赵永坡宣布，哈弗品牌将聚焦新能源四驱技术的迭代和产品研发，未来，哈弗新能源只 做四驱。 面对新能源市场在动力类型上的百花齐放，长城在本届车展上正重新整合自身的战略方向，并对旗下多 品牌再度进行定位划分。 哈弗品牌总经理赵永坡 文中图片均来自哈弗官网 哈弗品牌作为长城在市场中的根基，也正全面向新能源领域转型，长城汽车董事长魏建军在此前的多次 发布会上表示，基于长城自研Hi4混动四驱技术打造的产品，将成为哈弗、坦克等品牌的战略根基。 哈弗方面表示，该车型将于下半年正式与用户见面。 此外，该技术还通过创新的双电机四驱布局，使Hi4构型实现50:50的轴荷比，搭配智能四驱控制系统， 更加易于操控。 在安全方面，Hi4架构也能带来出色的操控性和稳定性，其前轴双电机集成，前驱动模块总成体积减小 16.39%，在发生碰撞时可多吸收10%的能量，有效减少对乘员舱的侵入。 赵永坡在发布会现场表示："从家用SUV到泛越野SUV，哈弗品牌希望每个家庭都能买到心仪的新能源 车型，享 ...

要闻提示： 1.魏牌高山开启预售 2.宝骏享境推出一口价 3.英菲尼迪QX80开启中国首秀 4.五菱缤果改款上市 5.哈弗开启新能源四驱时代 6.欧拉下半年推出至少两款全新产品 7.20万级首款七座方盒子上市 8.吉利汽车发布2024年ESG报告 1.魏牌高山开启预售 近日，魏牌旗下全新MPV产品高山开启预售，共发布两款车型，其中，高山8售价32.98万元、高山9售 价37.98万元。新车以"全场景家庭出行"为定位，搭载Hi4性能版混动系统，系统最大功率337千瓦，零 百加速5.7秒，百公里WLTC馈电油耗低至7.15升。该车全系标配城市/高速NOA辅助驾驶功能（终身免 费），搭载Coffee OS 3.2智能系统，强调"人机共驾"安全逻辑。 英菲尼迪全球旗舰车型全新QX80开启中国首秀，新车采用3.5L V6双涡轮增压发动机，并搭载ProPILOT 智能驾驶辅助系统、底盘透视影像系统等多维智能科技。英菲尼迪将中国作为战略优先市场持续深耕， 正在中国市场大力推进全球形象标准的门店焕新计划。目前杭州门店已于今年4月落成，上海等城市也 在持续跟进中。 一财点评：作为二线豪华品牌，英菲尼迪在中国市场曾快速发展，20 ...