前几天，奥迪 E5 Sportback 正式开始预售，23.59 的入门价，第一次见到 BBA 的初始价格能跟新势力掰手腕的。 "只要 BBA 发起进攻，一切都会好起来的！" 网友化用小胡子的这句玩笑，现在好像还真成了奥迪 E5 Sportback 的真实写照。 但就算是这样一个价格，E5 Sportback 在销售端的反应依然是不温不火。 难道就是因为把 "四环" 改成了 "AUDI" 么？ 抱着疑问，脖子哥去了公司附近的一家上汽奥迪门店看了一眼。 看完之后，我觉得它值得更多的期待。 其实在奥迪刚发布 AUDI 的时候，我一直是不看好的，当时咱们还发了文章谈这个事。 但这次真的看出来奥迪有点 "急" 了。 | 先锋型 ¥235,900g | 先锋plus型 ¥269,9007 | 奥迪 E5 Sportback 正式预售 入门即豪华 | 先锋quattro型 ¥269,900; | 旗舰quattro型 ¥319,9007 | | --- | --- | --- | --- | --- | | 6.15 618km 后驱 续航加程 图公里加盟 题动方式 | 5.0s 773km 图公里加盟 续航加程 | 后 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector in the upcoming months [1]. Core Insights - The automotive industry is expected to gradually enter a seasonal peak as new car launches begin in the second half of the year, with price resilience observed against a backdrop of reduced competition [1]. - The market has absorbed much of the anticipated policy effects for next year, leading to significant gains in automotive stocks, suggesting a shift towards focusing on alpha stocks rather than beta stocks [2]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for companies like Xiaopeng, which saw a year-on-year increase of 229.4%, while BYD's deliveries were 344,296 units, up 0.6% year-on-year but down 10% month-on-month [4][14]. - Traditional automakers also reported strong sales, with Geely's sales reaching 238,000 units, a 57.6% increase year-on-year [4][20]. - The average discount rate in early August was 10.1%, reflecting a slight increase from the previous period, with an average discount amount of 22,542 yuan [4]. Industry News - The report highlights several key developments, including the launch of the Mengshi M817, which features advanced driving technologies and a starting price of 319,900 yuan [27]. - A survey by the China Automobile Dealers Association indicated that 52.6% of automotive dealers reported losses in the first half of 2025, with independent new energy vehicle brands performing better than traditional fuel brands [27]. - The report also notes that NIO has invested over 18 billion yuan in charging and battery swap infrastructure over the past decade, with more than 8,100 stations built nationwide [28]. Market Performance - The automotive sector saw a weekly increase of 4.94%, ranking 6th among 29 sectors, with significant gains in both the parts and passenger vehicle segments [7].

2025 年 8 月 18 日-8 月 22 日，汽车板块 4.7%，沪深 300 指数 4.2%， 汽车板块跑赢沪深 300 指数 0.5 个百分点。从板块排名来看，汽车行业 上周涨跌幅在申万 31 个板块中位列第 7 位。年初至今汽车板块 21.7%， 在申万 31 个板块中位列第 11 位。 行 业 汽车 2025 年 08 月 24 日 研 究 东风集团股份拟私有化退市 岚图汽车将登陆港 股 投资要点： 本周专题：东风集团股份拟私有化退市 岚图汽车将登陆港股 行 业 定 期 报 告 8 月 22 日晚间，东风集团股份发布公告称，子公司岚图汽车将以 介绍上市方式登陆港股，东风集团股份将同步完成私有化退市。根据 公告，本次交易采用"股权分派+吸收合并"的组合模式，两大核心环 节互为前提、同步推进。在第一环节，东风集团股份将其持有的岚图 汽车 79.67%股权按持股比例向全体股东分派，随后岚图汽车以介绍上 市方式登陆香港联交所；在第二环节，东风汽车集团在境内全资子公 司东风汽车集团（武汉）投资有限公司作为吸并主体，向东风集团股 份的控股股东东风汽车支付股权对价，向其他小股东支付现金对价， 实现对东风集团股份 ...

完整早报音频，请点击标题下方小耳机收听 【股价大跳水振幅高达 45% ，东方甄选紧急辟谣】 一则涉及新东方教育科技集团 CEO 周成刚相关 传言让东方甄选股价尾盘跳水。截至 8 月 19 日港股收盘，东方甄选（ 1797.HK ）港股报收 34.32 港元，跌 20.89% ，此前一度上探至近两年高位 53.7 港元，涨幅超 23.5% 。 随后，东方甄选发布公告称，关于周成刚老师的传闻纯属谣言，关于 "东方甄选佣金率长期超 30% "的说法严重失实，东方甄选售卖产品确保高品质和高性价比，实际平均佣金率不到 20% 。针对上 述谣言已启动报警和司法流程，对于这样的不法行为将一追到底。 （澎湃新闻） 【泡泡玛特发布 2025 半年报：营收 138.8 亿元， 5 大 IP 收入破 10 亿】 8 月 19 日下午，泡泡 玛特国际集团发布 2025 年半年报，财报显示，上半年泡泡玛特营收 138.8 亿元（人民币，下 同），同比增长 204.4% ，经调整净利润 47.1 亿元，同比增长 362.8% 。半年营收突破百亿，净 利润超 2024 全年。上半年泡泡玛特旗下诸多 IP 收获超高人气， LABUBU 所在 ...

Core Viewpoint - Audi has retracted its plan to stop selling internal combustion engine vehicles by 2033, opting for a parallel development of fuel, plug-in hybrid, and electric vehicles over the next decade, indicating a shift from its previously aggressive electrification strategy [1][19]. Group 1: Electrification Strategy - Audi's CEO, Markus Duesmann, initially aimed to transform Audi into a fully electric brand by 2033, with a target for zero emissions by 2050 [3]. - The company planned to launch approximately 20 new models by 2025, with over 10 being fully electric [4]. - Despite ambitious plans, Audi's electric vehicle sales have not translated into significant profits, with fuel vehicles still being the primary revenue source [1][16]. Group 2: Market Performance - Audi's global sales from 2020 to 2022 were 1.69 million, 1.68 million, and 1.61 million vehicles, while competitors like BMW and Mercedes maintained sales above 2 million [5]. - In China, Audi's sales have declined from 726,000 in 2021 to 643,000 in 2023 [6]. - For 2024, Audi's global sales are projected to drop by 11.8% to 1.67 million vehicles, with electric models accounting for only 9.8% of total sales [9]. Group 3: Operational Adjustments - Audi has announced plans to cut costs and increase efficiency, including the closure of its Brussels plant and a workforce reduction of 7,500 employees by 2029 [9]. - The company is shifting focus back to fuel vehicles, with new models like the Audi A5, A6, and Q7 set to launch in 2025 and 2026 [16]. - Audi aims to maintain the appeal of fuel vehicles until the end of their product lifecycle while gradually transitioning to electric models [19]. Group 4: Strategic Partnerships and Investments - Audi has established a new brand, AUDI, in collaboration with SAIC to target younger, tech-savvy consumers in China [1]. - The company is investing approximately 35 billion yuan in a new plant in Changchun for electric vehicle production, with an annual capacity of 150,000 units [10]. - Audi's software subsidiary, CARIAD, is expanding its presence in China, establishing a local development team to enhance its software capabilities [12].