Core Insights - The meeting between Zhu Huarong, the new chairman of Changan Automobile, and Ren Zhengfei, the founder of Huawei, signifies a strategic collaboration aimed at enhancing competitiveness in the automotive industry [2][4] - Changan Automobile has recently been established as a central state-owned enterprise, reflecting the government's push for reform and optimization of state capital [2] - The partnership between Changan and Huawei, particularly through the AVATR brand, represents a novel approach to breaking traditional supply chain models in the automotive sector [4][6] Company Developments - Zhu Huarong expressed admiration for Ren Zhengfei's broad vision and insightful suggestions, which he found beneficial for Changan and AVATR [4] - The AVATR brand, formed through a collaboration between Changan, Huawei, and CATL, has developed a complete product matrix since the launch of its first model, AVATR 11, in 2022 [5] - The partnership has evolved, with Huawei reducing its stake in AVATR from 100% to 80%, while introducing new shareholders, indicating a shift towards a more collaborative governance structure [6] Future Plans - AVATR aims to launch 17 new models by 2030, including MPVs and sports cars, with a production capacity of 280,000 vehicles per year from its newly established factory [6] - The brand has already expanded its market presence to 25 countries, with a goal to reach 50 countries and 160 outlets by the end of 2025 [6] Industry Trends - The trend of automotive leaders seeking insights from tech giants like Huawei highlights the urgency for traditional car manufacturers to integrate smart technology into their operations [14] - The strategic visits by various automotive executives to Huawei indicate a collective recognition of the need for deep technological collaboration to navigate the challenges posed by the electric and smart vehicle revolution [14]

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 13 日 再谈反内卷，聚焦中高端及燃油车 边际改善机会 1.1 比亚迪首发 L4 级智能泊车 看好 ——2025/7/7-2025/7/11 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：中国车市处于第三和第四消费时代之间，家庭和悦己并存。看到中高端市场，供 给驱动的销量攀升。我们看到中大型 SUV 和个性化产品均出现扩容的迹象，消费潜力 尚存，市场需要有跨越式领先的供给来激发。足够优秀的供给可以让消费者忽视降价预 期，我们相信 Yu7，尊界 S800 和后续的理想 i8/i6 都将是这样具备跨越式领先的产 品。与此同时，市场对于明年购置税影响的讨论，也将让 ...

Core Viewpoint - Huawei is adjusting its automotive business by transitioning the sales of its brands under HarmonyOS Intelligent Driving to a dedicated sales network built by partner car manufacturers, aiming to expand sales channels and meet diverse consumer needs while maintaining overall control of sales, marketing, and service [1][6]. Group 1: Sales Channel Expansion - The adjustment is intended to expand sales channels and cater to market differentiation needs [3]. - The brands under HarmonyOS Intelligent Driving, including Zhijie and Shangjie, will establish independent sales channels similar to the AITO Wenjie user center [3][4]. - The establishment of dedicated sales networks is expected to enhance operational efficiency and brand image by allowing each brand to have its own showroom [6][8]. Group 2: Brand Collaboration and Management - Huawei has shifted from a strong leadership role to granting more autonomy to its partners in managing HarmonyOS Intelligent Driving [6]. - The previous unified sales approach led to challenges such as insufficient display space and uneven resource allocation among brands, prompting the need for independent networks [6][10]. - The new strategy allows brands to set differentiated store standards based on their product attributes and price points, potentially lowering construction costs [6][10]. Group 3: Market Adaptation and Competition - The competitive landscape of the new energy vehicle market necessitates a broad and deep sales channel as a critical factor for success [7]. - The sales network will include experience centers and user centers, with experience centers focusing on sales and product experience, while user centers will cover sales, new car delivery, and after-sales services [8]. - The restructuring aims to better adapt to market demands and address issues of product homogeneity and overlapping price ranges among the brands [8][10].

Core Viewpoint - Huawei's HarmonyOS Intelligent Driving ecosystem is expanding, with the recent launch of the new "Xiangjie" car logo, indicating a deeper collaboration with BAIC Blue Valley and a clearer strategic direction for the HarmonyOS Intelligent Driving initiative [1][2]. Group 1: Company Developments - The "Xiangjie" brand, co-created by Huawei and BAIC Blue Valley, targets the administrative sedan market priced above 300,000 yuan [2]. - BAIC Blue Valley has committed 5.532 billion yuan for the development of the "Xiangjie" model, with 700 million yuan allocated from raised funds for three upgraded vehicle products [2]. - The "Xiangjie S9" model achieved sales of 4,154 units in June, leading the sales of new energy sedans priced above 300,000 yuan [3]. Group 2: Strategic Positioning - The HarmonyOS Intelligent Driving ecosystem consists of five brands, including "Xiangjie," which fills a gap in the administrative sedan market, differentiating itself from other models like "Wenjie" and "Zun Jie" [3][4]. - The five brands cover a market range from 100,000 to 1 million yuan, creating a closed loop of high-end (Zun Jie/Xiangjie), mid-range (Wen Jie/Zhi Jie), and entry-level (Shang Jie) vehicles [4]. - Huawei's automotive business has established a clear division of labor with traditional automakers, focusing on R&D, intelligent driving, and marketing, while manufacturers handle production [4].

Core Insights - SAIC Motor Corporation has reported strong performance in the first half of 2025, with a significant rise in sales across its three main segments: domestic brands, new energy vehicles, and overseas markets [1][4][5] Group 1: Sales Performance - In the first half of 2025, SAIC's total vehicle sales reached 2.053 million units, marking a year-on-year increase of 12.4% [4] - Sales of SAIC's own brands reached 1.304 million units, a year-on-year increase of 21.1%, accounting for 63.5% of total sales, up 4.6 percentage points from the previous year [4] - The sales figures for individual brands include 368,000 units for SAIC Passenger Cars (up 9.8%), 107,000 units for SAIC Maxus (up 11.2%), and 753,000 units for SAIC-GM-Wuling (up 32.2%) [4] Group 2: New Energy Vehicles - SAIC's new energy vehicle sales reached 646,000 units in the first half of 2025, a substantial year-on-year increase of 40.2% [5] - In June alone, new energy vehicle sales hit 121,000 units, reflecting a year-on-year growth of 29.2% [5] - Notable performances include 6,000 units delivered by Zhiji Auto in June and 16,000 units sold by SAIC Passenger Cars, which represents a 44.1% increase [5] Group 3: Overseas Market - Despite challenges such as anti-subsidy tariffs, SAIC's overseas sales reached 494,000 units in the first half of 2025, a slight increase of 1.3% [5] - The European market has been a key growth area, with the MG brand achieving over 150,000 units in deliveries, marking double-digit growth [5] Group 4: Strategic Reforms - Since the second half of 2024, SAIC has initiated comprehensive reforms to adapt to industry changes and market pressures, focusing on resource integration and collaborative marketing [6] - The company aims to implement its "Comprehensive Reform Work Plan (2024-2027)" to achieve high-quality development [6] Group 5: Dual-Driven Model - The combination of strong domestic brand growth and the transformation of joint ventures is central to SAIC's high-quality development strategy [7] - Technological advancements, such as solid-state batteries and integrated vehicle control platforms, are enhancing market competitiveness [7][8] Group 6: "Shangjie" Project - The "Shangjie" project, developed in partnership with Huawei, aims to disrupt the market by offering high-level intelligent driving features at a competitive price point of around 200,000 yuan [9][10] - This initiative is expected to redefine the smart vehicle market in the 200,000 yuan segment, addressing consumer demand for advanced features without excessive costs [9][11] Group 7: Vertical Integration - The "Shangjie" project benefits from SAIC's comprehensive supply chain and manufacturing capabilities, allowing for competitive pricing in the high-end smart vehicle market [11] - The collaboration with Huawei involves deep integration of technology and manufacturing expertise, enhancing product offerings [10][11]

Core Insights - The new energy vehicle (NEV) market in China is experiencing significant growth, with multiple companies reporting record sales figures for June 2023, indicating a strong demand for electric vehicles. Group 1: Sales Performance - Leap Motor achieved a historical high in June with total deliveries reaching 48,006 units, a year-on-year increase of over 138%, and a total of 221,664 units delivered in the first half of the year [5] - Hongmeng Zhixing reported a record monthly delivery of 52,747 units in June, with a daily delivery peak of 3,651 units, contributing to a cumulative delivery of 800,000 units over 39 months [1][3] - Xiaopeng Motors delivered 34,611 vehicles in June, marking a 224% year-on-year increase, and a total of 197,189 units in the first half of the year, surpassing the total deliveries for the entire year of 2024 [11] - Ideal Auto delivered 36,279 vehicles in June, with a total of 111,074 units in Q2 and a cumulative delivery of 1,337,810 units by June 30, 2025 [9] - Zeekr Technology reported sales of 43,012 units in June, maintaining a monthly sales figure above 40,000 for four consecutive months [7] Group 2: Product Strategy and Market Position - Leap Motor's growth is attributed to its high cost-performance product strategy and ongoing technological iterations, with new models expected to further stimulate market demand [5] - Hongmeng Zhixing has established a comprehensive product matrix covering multiple price segments, which is a core driver of its sales increase [3] - Zeekr is set to launch a flagship SUV, the 9X, in the second half of the year, which is crucial for boosting overall sales [7] - Xiaomi Auto's new SUV model, YU7, has shown strong pre-order interest, indicating potential for significant sales growth if production capacity can be expanded [15] - NIO delivered 24,925 vehicles in June, facing challenges in brand recognition and market growth despite a year-on-year increase [17] Group 3: Competitive Landscape - The NEV market is becoming increasingly competitive, with many brands achieving impressive sales figures in June, suggesting a robust demand environment [23] - New product launches in the second half of the year are expected to intensify competition among various brands, leading to further market segmentation [23]

Group 1 - In June, multiple automotive companies reported their sales data, with significant growth in deliveries for several brands [1][2][3][4][5][6] - Hongmeng Zhixing achieved a record delivery of 52,747 vehicles in June, marking a historical high for both monthly and daily sales, and reached a cumulative delivery of 800,000 vehicles in just 39 months [1] - Xiaomi's new SUV model, YU7, launched in June, received over 240,000 pre-orders within 18 hours, indicating strong market demand [2] - Li Auto delivered 36,279 vehicles in June, with a total of 111,000 vehicles delivered in the second quarter [3] - NIO reported a year-on-year increase of 17.5% in June deliveries, totaling 24,925 vehicles, and a 71.2% quarter-on-quarter growth [4] - XPeng Motors delivered 34,611 vehicles in June, a 224% year-on-year increase, and achieved a record high for quarterly deliveries [5] - BYD's June sales reached 382,585 vehicles, a 33.04% increase compared to the same period last year, with a total of 2.145 million vehicles sold in the first half of the year [6] Group 2 - The overall electric vehicle market is experiencing significant growth, with various companies reporting substantial increases in both monthly and cumulative sales figures [1][2][3][4][5][6] - The introduction of new models, such as Xiaomi's YU7, is contributing to the competitive landscape and driving consumer interest [2] - The data indicates a robust demand for electric vehicles, with several companies exceeding previous sales records and showing strong year-on-year growth [4][5][6]

Core Insights - The article highlights the significant sales performance of various automotive companies in June 2025, showcasing record deliveries and growth in the electric vehicle sector. Group 1: Sales Performance - Hongmeng Zhixing achieved a record delivery of 52,747 vehicles in June, with a daily delivery rate of 3,651 vehicles, marking the fastest cumulative delivery of 800,000 vehicles in 39 months for new energy vehicles [1] - Xiaomi Auto reported over 25,000 vehicle deliveries in June, with the launch of its SUV model YU7 generating significant pre-orders, reaching 240,000 within 18 hours [2] - Li Auto delivered 36,279 vehicles in June, totaling 111,000 for the second quarter and 1.338 million cumulative deliveries [3] - NIO delivered 24,925 vehicles in June, a year-on-year increase of 17.5%, with a total of 72,056 vehicles delivered in the second quarter, reflecting a 71.2% quarter-on-quarter growth [5][6] - XPeng Motors reported 34,611 vehicle deliveries in June, a 224% year-on-year increase, with a total of 103,000 vehicles delivered in the second quarter [6] - BYD's June sales reached 382,585 vehicles, up from 341,658 vehicles in the same month last year, with a cumulative sales figure of 2.146 million vehicles for the year, a 33.04% increase [7][8] - Leap Motor delivered 48,006 vehicles in June, setting a new historical high, while Lantu Motors sold 10,053 vehicles, marking an 83% year-on-year increase [8]

Core Viewpoint - North Benz Blue Valley is actively expanding its sales network for the high-end smart electric vehicle market, closely linked to Huawei's channel adjustments, demonstrating its determination and ambition in this sector [1][4]. Group 1: Sales Network Development - North Benz Blue Valley is pushing forward the construction of the Xiangjie sales network, which has attracted significant industry attention [1]. - The sales network of Hongmeng Zhixing is characterized by two main types of outlets: experience centers and user centers, with experience centers primarily sourced from Huawei's 3C channel [3]. - The user centers integrate sales, new car delivery, and after-sales services, resembling traditional 4S store models, with various classifications based on the number of brands sold [3]. Group 2: Huawei's Channel Adjustments - Huawei is undergoing significant adjustments in its channel strategy, including the establishment of independent sales channels for the Zhijie and Shangjie brands in collaboration with SAIC [4]. - A recruitment conference for the Xiangjie specialized network was successfully held, attracting 126 dealers from 66 cities, with over 90% from first to third-tier cities [6]. - The conference provided a platform for communication between dealers and Xiangjie, focusing on product advantages, network planning, and collaborative models, aiming to enhance the sales service network by the end of the year [6].

Group 1 - Beijing Automotive Group held a recruitment conference for the Xiangjie dedicated network, attracting 126 dealers from 66 cities, with over 90% from first, second, and third-tier cities, aiming to establish several user centers by the end of the year [1] - The brands Zhijie and Shangjie are reported to be building independent sales channels, with a recruitment conference held in mid-May to select qualified dealers [1][2] - Huawei's management of Hongmeng Zhixing has shifted from strong dominance to moderate delegation to partners, reflecting a broader strategy adjustment [3] Group 2 - The current limitation of Huawei's offline stores, which can only display 2 to 3 vehicles, has led to a need for additional display space, indicating a growing demand for vehicle showcases [2] - The establishment of independent sales channels for Zhijie, Shangjie, and Xiangjie is expected to enhance brand identity and target user groups more effectively [2] - CITIC Securities noted that while internal competition among Huawei's brands may lead to short-term challenges, long-term success will depend on maintaining product leadership and organizational capabilities [3]