媒体日的索然无味，并不代表普通观众对广州车展没有期待。 眼下，这场汽车行业的年度盛会正火热进行，但电车通在现场探访时发现，这届车展的"新意浓度"着实不及预期 —— 首发亮相的重磅新车屈指可数，就连 雷军、余承东这样的车展"流量之王"，也缺席了本次现场。 不少参与报道的媒体同行都直言，这届车展实在太"寡淡"了，甚至有外地媒体记者在中午就完成了发布会的报道工作，早早结束了广州的行程。 但，请等一等。 媒体日的静，和专业观众的闹，根本是两个世界。 NE !! -- le 1, 82, 2 and and a 7 +12 A t and the b 图源：电车通现场摄制 当电车通选择在专业观众日进场后，才发现什么才是人气——原本媒体日里略显空旷的车企展台前，此刻更是挤满了观众，主流新能源品牌展区更是被围得 水泄不通。 这也从侧面说明，消费者对新能源车型的关注度正持续攀升。值得一提的是，专业观众票的价格比普通票高出一倍，却能提前两天进场，这意味着这群观众 的需求更具针对性，他们关注什么，往往更代表市场的真实风向。 电车通也留意到一个鲜明趋势：今年多家新能源品牌都在疯狂发力 SUV，并且在产品打造上跳出了以往的同质化竞争 ...

兰天集团相关负责人表示："尚界用户中心·长沙大道的开业，是集团布局7家鸿蒙智行门店的重要组成部分。我们 将以'科技+服务'双驱动模式，推动长沙汽车消费向智能化、场景化转型。" 这家用户中心位于长沙大道核心商圈，以"极简·通透·开放"为设计理念，设有车型展区、用户洽谈区、休闲咖啡吧 等功能区域。门店不仅展示最新智能汽车产品，还提供试乘试驾、订车交付、售后服务等一站式体验。据介绍， 开业期间，到店用户可享受试驾礼、订车礼等专属权益，尚界全系车型已同步开启交付。 此次新用户中心的落地，不仅完善了鸿蒙智行在华中地区的服务网络布局，也为长沙作为中部智能汽车消费重镇 注入新动能，将进一步推动智慧出行生态在区域的深度渗透。 长沙晚报掌上长沙11月23日讯（全媒体记者 曹开阳）11月22日，鸿蒙智行尚界用户中心·长沙大道开门迎客，标志 着上汽与华为深度合作的智能汽车品牌正式登陆长沙市场。这也是兰天集团在湖南布局的重要一环，将为当地消 费者带来15万至25万元价格区间的智能出行新选择。 鸿蒙智行是华为面向汽车行业提供的智能汽车解决方案品牌，通过与汽车制造商深度合作，将华为的智能驾驶、 智能座舱、智能网联等技术能力赋能给合作伙伴 ...

Core Insights - The Guangzhou Auto Show marks the end of 2025 and the beginning of a new year for the automotive market, showcasing a diverse range of domestic automakers with innovative strategies and products [1] Group 1: Electric Vehicle Developments - Seres, the first new energy vehicle company listed on both A-shares and Hong Kong stocks, announced over 900,000 deliveries and introduced the Seres Magic Cube Technology Platform 2.0, which includes upgrades in smart energy and intelligent chassis [2] - BYD remains a leading player in the Chinese automotive industry, showcasing luxury models like the U9 Xtreme supercar and plans to promote the "Yangwang" brand globally starting in early 2026 [2] - In October, new energy vehicle sales surpassed 50% of total new car sales for the first time, reaching 51.6%, indicating a significant shift towards electric vehicles [2] Group 2: Hybrid and Traditional Vehicles - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" emphasizes that internal combustion engines will remain a key power source, with a projected one-third of new passenger car sales still involving internal combustion engines by 2040 [3] - The strategy of "oil-electric synergy" is gaining traction, with a focus on enhancing user experience through intelligent upgrades in traditional vehicles [3] Group 3: Traditional Automaker Strategies - Great Wall Motors is implementing a multi-brand strategy centered on "oil-electric synergy," featuring models like the Tank 500 with impressive performance metrics [4] - The Haval brand has developed a comprehensive product matrix based on hybrid technology, while the 2026 Great Wall Cannon series includes smart cockpit features [4] Group 4: New Energy Vehicle Startups - New energy vehicle startups like Huawei's Aito, Xiaomi, and others are increasingly prominent, with Aito achieving over 1 million cumulative deliveries and launching new models at the auto show [5] - Leap Motor introduced the A10 model, completing its product matrix and aiming for mainstream market coverage by mid-2026 [5] - Xiaopeng Motors is set to launch multiple super-range models in early 2026, while Li Auto plans to enhance its models with advanced features [6]

Core Insights - SAIC Motor Corporation has demonstrated significant growth in both sales and profits, indicating a successful transformation amidst the competitive landscape of the automotive industry in China [1][3][15] Sales Performance - In October, SAIC sold 454,000 vehicles, leading to a cumulative sales figure of 3.647 million units from January to October, representing a year-on-year increase of 19.5% [1] - The total retail volume reached 3.834 million units, outperforming the domestic industry [1] Financial Results - For Q3, SAIC reported a net profit attributable to shareholders of 2.08 billion yuan, a staggering year-on-year increase of 644.9% [1][3] - The total revenue for Q3 was 169.4 billion yuan, reflecting a 16.2% year-on-year growth, while the cumulative revenue for the first three quarters reached 468.99 billion yuan, up 9.0% [3][6] Structural Transformation - The company has shifted its profit structure from reliance on joint ventures to a focus on self-owned brands, new energy vehicles, and international markets, termed the "new three driving forces" [3][7] - From January to October, sales of SAIC's self-owned brands reached 2.35 million units, a 28.3% increase, now accounting for 64.4% of total sales [7] New Energy Vehicles - SAIC's new energy vehicle sales totaled 1.29 million units from January to October, marking a 42.5% increase, with October alone seeing sales of 207,000 units, a new record [7] - The MG brand has achieved significant success in the European market, with 250,000 units delivered, reflecting over 20% growth [7] Cash Flow and Profitability - The net cash flow from operating activities surged by 70.9% to 31.94 billion yuan, providing a solid foundation for future R&D and market expansion [6] - The non-recurring net profit for the first three quarters reached 7.12 billion yuan, soaring by 578.6%, indicating a fundamental improvement in profit generation capabilities [6] Technological Advancements - SAIC is undergoing a transformation from a traditional manufacturer to a technology-driven enterprise, focusing on user-centric innovations [9][15] - The company has achieved dual licensing for L4-level intelligent connected vehicles, showcasing its advancements in autonomous driving technology [9] Product Innovation - SAIC has launched several technology-driven products, including the MG4 with semi-solid state batteries and the intelligent LS6 SUV, which quickly gained market traction [13][15] - The introduction of advanced safety systems and energy-efficient powertrains has positioned SAIC's products competitively in both domestic and international markets [10][12] Conclusion - SAIC's impressive financial performance and strategic transformation serve as a model for other large manufacturing enterprises in China, highlighting the importance of self-research in core technologies and clear brand positioning in building long-term competitive advantages [15]

在中国汽车产业步入深度转型与激烈竞合的2025年，一家老牌国有汽车巨头的业绩爆发，为市场提 供了一个观察产业变革的绝佳样本。近日，上汽集团相继发布了10月销量数据与2025年第三季度财 务报告，两组关键数据均呈现了强劲的同比增幅。 1 0 月 份 ， 上 汽 销 售 整 车 4 5 . 4 万 辆 ， 推 动 1 - 1 0 月 累 计 批 售 量 达 到 3 6 4 . 7 万 辆 ， 同 比 增 长 1 9 . 5%，终端零售量更以3 8 3 . 4万辆的业绩领跑国内行业；更为亮眼的是其三季度财报，归 属于上市公司股东的净利润录得2 0 . 8亿元，同比增幅高达6 4 4 . 9%，其扣除非经常性损益后 的净利润增幅也达到5 7 8 . 6%，展现出盈利质量的惊人跃升。 这并非一次偶然的周期性反弹，而是一场自上而下、由内而外的系统性重塑初见成效的标 志。自去年下半年启动的全面深化改革，正成为上汽集团挣脱传统增长路径依赖、培育新 质生产力的核心引擎。过往依赖合资板块的利润结构已被彻底优化，取而代之的是以自主 品牌、新能源、海外市场这"新三驾马车"为绝对增长主力的新格局。 与此同时，一场以"懂车更懂你"为理念 ...

Sales Performance - The sales of the H5 model have improved significantly, with current sales reaching over 40 units, largely driven by the launch of the Xiangjie S9T and Shangjie H5 models, with the Shangjie H5 accounting for 40% of total sales [1][2]. Customer Demographics - The typical customer profile for the H5 model is predominantly aged between 35-55 years, contrary to the manufacturer's data suggesting a younger demographic of 25-35 years [4][5]. - Recently, there has been an increase in customers aged 45-55, with diverse professions represented among buyers [5]. Purchase Motivations - Customers are primarily motivated to purchase the Shangjie H5 for two reasons: the backing of the Huawei brand and the competitive pricing within the Hongmeng Intelligent Driving series [9]. - The most popular configurations sold are the range-extended versions, specifically the Pro and Max models, priced at ¥159,800 and ¥179,800 respectively [2][16]. Competitive Landscape - The H5 model is frequently compared with various competitors, including BYD's Hai Si 06, Song series, Leap Motor C11 and C16, and Deep Blue S07, indicating a broad competitive field [12]. - Reasons for choosing competitors like Leap Motor include longer range for range-extended versions and flexible seating options [12][13]. Customer Feedback - Common complaints from customers include the driving quality of the chassis not meeting expectations, insufficient electric range for the range-extended version, and a desire for more visible branding from Huawei [19]. - The first maintenance for the range-extended version is required every 6 months or 5,000 kilometers, with regular maintenance costs around ¥500 [21]. Financial Options - The most common financing option is a 5-year low-interest plan, with a cash discount of ¥3,000 available at the dealership [11][17]. - The financial breakdown for the H5 Max model includes a loan amount of ¥150,000, with monthly payments around ¥2,811 [17]. Customer Incentives - There is a current promotion offering a ¥5,000 subsidy for trade-ins or additional purchases within the Hongmeng Intelligent Driving brand [26].

乘用车：车企盈利分化，Q4增长可期 行业方面，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主要系价格战 影响下单车均价同比-0.99万元/辆；乘用车板块扣非归母净利润94.9亿元，同比-25.1%。 个股方面，新品上市+高端化成为乘用车企营收增长主要驱动力；销量方面，小鹏汽车、零跑汽车等新 势力车企在低基数效应以及重磅新车放量带动下销量同比增长迅速；吉利汽车、上汽集团（600104）等 传统自主车企新能源转型稳步推进、叠加传统品牌销量修复，带动整体销量实现较快增长。高端化方 面，豪华市场的问界M8以及超豪华市场的尊界S800两款标志性产品带动对应车企赛力斯（601127）和 江淮汽车（600418）单车收入同比显著提升。 华龙证券发布研报称，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主 要系价格战影响下单车均价同比-0.99万元/辆；扣非归母净利润94.9亿元，同比-25.1%。展望2025Q4， 整车端，2026年优惠政策退坡预期下，板块销量增长可期；商用车市场有望在政策持续发力下有望延续 Q3高景气度。零部件端，已发布&待发布强 ...

Core Insights - The automotive sector has shown a significant performance improvement from early 2025 to October, with the Shenwan Automotive Index rising by 23.82%, outperforming the CSI 300 Index by 5.88 percentage points [1][2] Group 1: Commercial Vehicles - The commercial vehicle segment has experienced a notable recovery since June 2025, with sales showing significant year-on-year improvement, continuing strong growth into Q3 [2][3] - The commercial vehicle and auto parts sectors have generated excess returns, driven by improved sales and valuation recovery [1][2] Group 2: Passenger Vehicles - The passenger vehicle sector reported a revenue increase of 7.4% year-on-year in Q3 2025, although this was lower than the 14.4% increase in sales volume, primarily due to a price war leading to a decrease in average selling price by 0.99 million yuan per vehicle [3] - The net profit attributable to the parent company for the passenger vehicle sector dropped by 25.1% year-on-year to 9.49 billion yuan, largely due to temporary sales pressure on leading manufacturer BYD [3] - Excluding BYD, the sector's net profit increased by 44.34% year-on-year, indicating a divergence in performance among manufacturers [3] Group 3: Auto Parts - The auto parts sector achieved a revenue of 368.37 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4%, with a net profit of 19.64 billion yuan, up 22.6% [4][5] - Nearly 80% of auto parts companies reported revenue growth in Q3 2025, driven by strong terminal sales [4] Group 4: Buses and Heavy Trucks - The bus segment saw a revenue increase of 30.6% year-on-year in Q3 2025, with net profit rising by 86.6% due to improved gross margins [6] - The heavy truck segment reported a revenue of 108 billion yuan, up 26.9% year-on-year, with net profit increasing by 55.3% [6] Group 5: Investment Outlook - The outlook for Q4 2025 suggests continued growth in the automotive sector, particularly in commercial vehicles, supported by favorable policies [7] - The introduction of new products and the increasing penetration of intelligent driving systems are expected to drive performance in the auto parts sector [7]

Core Insights - The range-extended electric vehicle (REEV) market is facing growth bottlenecks, with wholesale sales in October dropping to 121,000 units, a year-on-year decline of 1.9%, marking the third negative growth in the first ten months of the year [1][9] - In contrast, pure electric vehicle (BEV) sales have shown robust growth, with a year-on-year increase of 31.6% in October, maintaining an average monthly growth rate above 30% throughout the year [3][9] Sales Performance - October wholesale sales for REEVs: 121,000 units, down 1.9% year-on-year [2] - Year-to-date REEV sales: 1.826 million units, down 1.1% year-on-year [9] - BEV sales in October: 1.02 million units, up 31.6% year-on-year [2] - Plug-in hybrid electric vehicle (PHEV) sales in October: 480,000 units, up 2% year-on-year [2] Market Dynamics - The REEV market, once dominated by the Li Auto ONE, has seen increased competition with new entrants like AITO and Deep Blue, yet Li Auto still holds nearly 60% market share [4][5] - The total sales of REEVs are projected to exceed 1 million units by 2024, with a significant increase in brand participation [7] Consumer Sentiment and Challenges - REEVs were initially favored for their "no range anxiety" feature, but advancements in BEV technology have diminished this advantage [9] - Consumer complaints regarding REEVs have surged by 280% in 2024, with over 70% of complaints related to range misrepresentation, high fuel consumption when depleted, and battery issues [9] Regulatory Environment - Policy changes are impacting the REEV market, with a shift in tax incentives starting in 2026, which will reduce the cost advantage of REEVs compared to traditional fuel vehicles [10] - New regulations will require REEVs to meet specific criteria, such as a minimum electric range of 100 kilometers, potentially leading to the elimination of lower-range models from the market [10]

Core Viewpoint - The article highlights the strong sales performance of various electric vehicle manufacturers, particularly Xiaopeng and NIO, while also discussing the delivery timelines and promotional strategies of these companies [3][4]. Group 1: Sales Performance - Xiaopeng's delivery volume increased by 75.7% year-on-year and 1.0% month-on-month to 42,013 units [3] - NIO's delivery volume rose by 92.6% year-on-year and 16.3% month-on-month to 40,397 units, with the NIO brand showing a year-on-year decline of 19.1% but a month-on-month increase of 27.3% [3] - Li Auto's delivery volume decreased by 38.2% year-on-year and 6.4% month-on-month to 31,767 units [3] Group 2: Delivery Timelines and Promotions - Tesla maintains a delivery cycle of 4-6 weeks for the domestic Model 3 and extends the delivery cycle for the refreshed Model Y to 2-5 weeks [4] - Li Auto's delivery cycles for models L6 and L9 have shortened, while the i6 has extended to 16-19 weeks [4] - NIO's delivery cycles for various models remain stable, with the new ES8's cycle shortened to 22-23 weeks [4] - Xiaopeng's delivery cycles for several models remain stable, with the P7's cycle shortened to 1-5 weeks [4] - Xiaomi's delivery volume continues to exceed 40,000 units, with reduced delivery cycles for models SU7 and YU7 [4] - Huawei's Hongmeng Zhixing saw a year-on-year increase of 63.8% and a month-on-month increase of 28.9% to 68,000 units [4] Group 3: Market Outlook - The company anticipates a peak season in Q4 2025, potentially leading to record-high orders by year-end, particularly focusing on model cycles [5] - Tesla's humanoid robot, Optimus V3, is expected to be officially released in Q1 2026, which may keep the related supply chain in market focus [5]