上海市加快机器人应用，小米汽车预计下半年盈利 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 8 月 23 日 2 行业研究 [Table_ReportType 行业周报 | ] [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [上海市加快机器人应用， Table_Title] 小米汽车预计下半 年盈利 [Table_ReportDate] 2025 年 8 月 23 日 投资要点： ➢ 风险因素：政策推出力度不及预期、海内外汽车销量不及预期等。 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 证券研究报告 [Table_S ➢ 行业重点新闻。 ummary] （1）上海：加 ...

Core Viewpoint - Great Wall Motors has officially opened its factory in Brazil, marking a significant step in its expansion into the Latin American market [1][2]. Group 1: Factory Opening and Significance - The opening of the Brazilian factory was attended by Brazilian President Lula, highlighting its importance [2]. - This factory represents Great Wall Motors' commitment to establishing a presence in Latin America, bringing its advanced Hi4 hybrid four-wheel drive technology to the region [2]. Group 2: Factory Acquisition and Development - The Brazilian factory, located in Iracemápolis, São Paulo, was acquired from Mercedes-Benz, which had previously invested 600 million Brazilian Reais in its construction and an additional 100 million Euros for upgrades [5]. - The factory was idle after Mercedes-Benz ceased production in 2021, leading to Great Wall Motors acquiring the facility in August 2021 without transferring personnel [5]. - Following the acquisition, Great Wall Motors has upgraded the factory with its global production technologies, aiming for an annual production capacity of 50,000 vehicles, with plans for future increases [5]. Group 3: Production Plans - The initial production at the Brazilian factory will include models such as the Haval H6 gasoline and hybrid SUVs, Haval H9, and Poer pickup trucks [6]. - Additionally, ethanol hybrid models are planned to be produced in Brazil within a year [6].

Group 1 - Xiaomi's Vice President Li Xiaoshuang addressed concerns regarding the SU7 electric vehicle's charging capabilities abroad, stating that compatibility with charging interfaces and distribution of charging stations are key factors. He noted that in regions like Central Asia and Europe, the majority of charging interfaces are compatible with the domestic experience, and charging stations are widely available, with an average of 150-200 kilometers between superchargers in Central Asia and 20-50 kilometers in Europe [2] - The new generation of IM Motors LS6 has been officially announced with eight configuration versions, starting at a pre-sale price of 209,900 yuan. The vehicle features the "Star" super-range technology, a 66 kWh battery, and an 800V high-voltage platform, achieving a pure electric range of 450 kilometers and supporting a quick charge of 310 kilometers in just 15 minutes. The official launch and delivery are expected on September 10 [2] - Great Wall Motors announced the full launch of its production line in Brazil, marking a significant milestone for Chinese automakers in high-quality overseas manufacturing. The first vehicle produced is the Haval H6 GT, with plans to produce additional models such as the Haval H9 and Poer pickup in the next phase [2] Group 2 - The establishment of the Transportation Big Model Innovation and Industry Alliance in Beijing signifies a shift from fragmented exploration to collaborative development in comprehensive transportation modeling. The alliance includes 55 initial members from various sectors, including industry enterprises, AI companies, and academic institutions, covering all aspects of transportation [2]

Core Viewpoint - The grand opening of the Haval Jinan Jin Cheng store marks a significant upgrade for the Haval brand in the Shandong market, enhancing consumer experience with improved products and services [5][15]. Group 1: Store Features and Design - The newly upgraded Jinan Jin Cheng store showcases a modern design with a transparent showroom, intelligent vehicle display areas, and comfortable customer lounges, creating a pleasant car-buying environment [3]. - The store features a variety of popular Haval models, including Haval H6, Haval Big Dog, and Haval Menglong, which combine stylish appearance, excellent performance, and competitive pricing, along with advanced smart driving assistance systems [9]. Group 2: Opening Ceremony and Customer Engagement - The opening ceremony included dynamic performances, speeches from Haval leaders, and interactive games, creating an engaging atmosphere for attendees [7][5]. - The store offered attractive opening promotions such as direct discounts, financial subsidies, and trade-in bonuses, leading to a significant increase in order volume during the event [11]. Group 3: Future Commitment - The store management emphasized that the successful opening is just the beginning, committing to a customer-first service philosophy and providing comprehensive services including professional consultations, test drives, and after-sales support [13][15].

目前，该工厂的焊接和喷漆车间已投入运作，共有530名员工，其中145人担任行政或办公室岗位。预计到今年年底，员工人数将增至1000人，届时工厂将实 行双班制。工厂初期产能为每年3万辆，预计2028年将达到每年5万辆的产能。 【环球网科技综合报道】8月8日消息，据外媒报道，长城汽车位于巴西圣保罗州伊拉塞马波利斯的工厂将于8月15日正式揭幕，巴西总统卢拉将出席典礼， 巴西政府相关部长及长城汽车高管、CEO魏建军也将到场。 据了解，揭幕仪式上，工厂将展示首款在巴西组装的预量产车型——哈弗H6汽油版、混动版SUV，哈弗H9和Poer皮卡也将同步亮相，不过这两款车需等到 下一阶段才会正式投产。长城巴西公司公共事务总监Ricardo Bastos表示，旗下乙醇混合动力车型（híbrido-flex）将在巴西投产，计划排期在一年后。 Bastos透露，工厂第一年的国产化率会相对较低，但企业希望在明年将本地采购比例提升至35%，以便向南方共同市场（包括巴西、阿根廷、乌拉圭和巴拉 圭）出口。目前，已有105家本地供应商与长城汽车签署了保密协议。 值得一提的是，这座工厂原本为奔驰所有，2021年奔驰停止了在巴西的整车生产。202 ...

Core Viewpoint - The article emphasizes the emergence of the Shangjie H5 as a new contender in the 200,000 RMB SUV market, leveraging the strengths of both SAIC and Huawei to meet consumer demands for high-quality, intelligent electric vehicles [2][4][50]. Market Context - The automotive market is highly competitive, with consumers primarily seeking good vehicles rather than new brands. The success of models like the ZunJie S800 and Aion M8/M9 demonstrates the demand for quality products [2][3]. - The current market for 200,000 RMB SUVs is dominated by established models such as Volkswagen Tiguan and Toyota RAV4, which have annual sales exceeding 200,000 units [17]. Product Overview - The Shangjie H5 is a mid-to-large-sized new energy SUV, expected to launch in September 2023, offering both pure electric and range-extended powertrains [4][8]. - The vehicle features a wheelbase of 2840mm, a length of 4780mm, and a width of 1910mm, providing a spacious interior compared to competitors [14]. Technological Edge - The H5 will be equipped with Huawei's latest ADS 4 advanced driver-assistance system, showcasing a commitment to integrating cutting-edge technology into a competitively priced vehicle [7][8]. - The vehicle's pure electric range is expected to exceed 655 kilometers, with the range-extended version featuring a 32.6 kWh lithium iron phosphate battery [43]. Strategic Collaboration - The partnership between SAIC and Huawei combines SAIC's robust manufacturing capabilities and supply chain with Huawei's advanced technology and brand recognition, positioning Shangjie for success in the market [22][39]. - SAIC has established a comprehensive vertical supply chain and a strong talent pool, which will support the development and production of the Shangjie H5 [24][25]. Market Positioning - The Shangjie H5 aims to disrupt the 200,000 RMB SUV market by offering superior product features, intelligent technology, and competitive pricing, thus addressing a gap in the current market [18][43]. - The collaboration is expected to create a scalable brand that can leverage Huawei's technological advancements and SAIC's manufacturing prowess to achieve significant market penetration [46][50].

Core Insights - Chinese electric vehicle (EV) companies are deepening cooperation with Southeast Asian countries in supply chain integration, creating new paths for mutual benefit amid rising external uncertainties [1][2][7] - The ASEAN region is increasingly seen as a destination for Chinese companies, particularly in the EV sector, due to favorable policies and supply chain advantages [2][3] Group 1: Market Potential - Southeast Asia has become a key target market for Chinese EVs, with significant growth potential as the region's middle-income population is projected to reach 472 million by 2030 [4] - The electric vehicle market in Indonesia, Malaysia, Thailand, and Singapore is expected to grow significantly, with sales projected to increase from $2 billion in 2021 to between $80 billion and $100 billion by 2035 [4] Group 2: Local Production and Strategy - Chinese automakers like BYD, Geely, Great Wall, and others are actively establishing local production facilities in Southeast Asia to meet regional market demands and reduce costs [3][5] - The local assembly of vehicles, such as the Haval H6 in Malaysia and BYD's factory in Thailand, is enhancing the competitiveness of Chinese brands in the region [4][5] Group 3: Technological and Industrial Collaboration - Chinese EV companies are contributing to the technological advancement and modernization of the local automotive industry in Southeast Asia through innovation and talent development [6] - The integration of advanced manufacturing techniques and flexible production solutions by companies like BYD in Thailand is driving the transformation of the local automotive supply chain [6] Group 4: Market Leadership - Chinese brands dominate the electric vehicle market in Indonesia, accounting for over 90% of wholesale sales, with significant growth attributed to local production and brand diversification [5] - In Thailand, Chinese brands hold a leading position in the electric vehicle market, with four out of the top five best-selling electric vehicles being from Chinese manufacturers [5]

Core Viewpoint - The news highlights the significant progress of BYD in Brazil, including the inauguration of its passenger car factory and the growing presence of Chinese automotive brands in the Brazilian market, driven by local production and the increasing demand for electric vehicles. Group 1: BYD's Investment and Local Production - BYD's factory in Camaçari, Bahia, represents an investment of 5.5 billion reais (approximately 710 million yuan) and aims to produce 150,000 electric and plug-in hybrid vehicles, creating 20,000 local jobs [6][7][12] - The factory's establishment follows the closure of a Ford assembly plant, reviving hope for local workers and the economy [6][7] - BYD's local production strategy aligns with the broader trend of Chinese automotive companies expanding into overseas markets [6][12] Group 2: Market Potential and Growth - Brazil's automotive market is substantial, with a size of approximately 2 million vehicles, and is projected to grow by 14.1% in 2024, reaching 2.6349 million new car sales [14] - BYD's sales in Brazil are expected to reach 76,800 units in 2024, capturing a market share of 3.1%, while Chery is projected to sell 60,900 units, marking a 93.6% year-on-year increase [16] - The Brazilian market is unique as it lacks domestic automotive brands, with all vehicles sold being foreign brands, providing an opportunity for Chinese brands to gain market share [14][16] Group 3: Challenges and Competitive Landscape - Brazil imposes high tariffs on imported vehicles, which has prompted BYD and other Chinese companies to establish local manufacturing to avoid these costs [19] - The Brazilian automotive market has experienced volatility, with past peaks and declines affecting both local and foreign manufacturers [22] - BYD faces competition from established foreign brands, but its focus on high-tech, mid-to-high-end products differentiates it from the perception of Chinese vehicles as low-cost alternatives [24][30] Group 4: Future Prospects and Strategic Initiatives - BYD plans to localize its entire supply chain in Brazil, including battery production, to enhance its competitive edge [33][37] - The company is also establishing two R&D centers in Brazil, indicating a commitment to long-term growth and innovation in the region [34][37] - The Brazilian government is promoting energy transition, which supports the growth of electric vehicles and aligns with BYD's product offerings [25][31]

Core Viewpoint - The article discusses the significance of turning 35 in the automotive industry, highlighting both the challenges and opportunities that come with this age milestone, particularly in relation to talent acquisition and industry evolution [4][7][22]. Group 1: The 35-Year Milestone in Careers - The age of 35 is often seen as a critical point in one's career, where individuals face increased responsibilities and pressures from both family and work [10][11]. - Many professionals, regardless of their position, struggle to balance family, career, and personal life after reaching this age [21][22]. - There is a perception that older candidates may be overlooked in favor of younger ones during the hiring process, despite their experience [21]. Group 2: Opportunities for Experienced Professionals - Contrary to common belief, the automotive industry does not uniformly impose a "35-year crisis"; in fact, many roles value experience and seniority [23][24]. - Positions such as automotive designers benefit significantly from experience, as demonstrated by renowned designers like Giorgetto Giugiaro, whose work has had a lasting impact on the industry [25][27]. - Experienced engineers, like Xiaomi's Hu Zhengnan, play a crucial role in guiding new ventures, leveraging their extensive backgrounds to avoid common pitfalls in vehicle development [30][31][33]. Group 3: Industry Evolution and Historical Context - The automotive industry has undergone significant transformations approximately every 35 years, reflecting broader economic cycles and technological advancements [66][67]. - Historical milestones, such as the introduction of the assembly line by Ford, drastically changed vehicle accessibility and societal structures [48][49]. - The current trend towards electrification and smart technology in vehicles indicates that the industry is on the brink of another major shift, expected to continue for at least the next five years [64][65]. Group 4: Strategic Moves by Companies - Great Wall Motors has initiated a targeted recruitment campaign for individuals over 35, recognizing the value of experienced talent in achieving high-quality development [36][38]. - The company's recent sales performance, including significant contributions from its premium brands, underscores the need for seasoned professionals to drive innovation and product development [39][41].

Core Insights - BYD has commenced operations at its first passenger car factory in Brazil, marking a significant shift from exporting to local production [2][3] - The factory, located in Camaçari, Bahia, represents a $1 billion investment with an initial capacity of 150,000 vehicles annually, aiming for over 90% local production [3][4] - Brazil is viewed as a strategic gateway to Latin America, crucial for Chinese EV makers facing competition and regulatory challenges in their home market [4][5] Market Context - Brazil is the sixth-largest auto market globally and the largest economy in Latin America, with a GDP of $2.1 trillion in 2024, reflecting a 3.4% year-on-year growth [6] - New energy vehicle (NEV) sales in Brazil surged 39% in the first five months of 2025, reaching over 61,000 units, increasing penetration to 8.5% [6] Competitive Landscape - BYD has rapidly expanded in Brazil since 2014, selling over 130,000 vehicles by May 2025, and has captured four of the top five best-selling NEV slots [5][7] - Other Chinese automakers, including Great Wall Motors and Geely, are also establishing local production and R&D facilities in Brazil [11] Regulatory Environment - Brazil is increasing import tariffs for EVs and hybrids, potentially reaching 35% by 2026, making local manufacturing essential for competitiveness [8][9] - Federal incentives under Brazil's Green Mobility and Innovation Program support NEV production, but infrastructure challenges remain, with only 14,800 public charging points available [9] Operational Challenges - Labor issues arise from Brazil's strong union culture, which may conflict with Chinese management styles focused on efficiency [10] - Successful localization requires overcoming infrastructure, labor, and regulatory hurdles, which are critical for BYD's long-term strategy in Brazil [12][13] Strategic Implications - The shift from export-driven strategies to localized production mirrors trends seen in Southeast Asia, positioning Brazil as a new frontier for global EVs [12] - Establishing local partnerships and building brand trust will be essential for BYD's success in the Brazilian market [13]