| 2025年11月26日星期三 | NO.1 上海集度汽车启动预重整程序 11月25日，极越公众号发布上海集度汽车有限公司关于启动预重整程序的公告。公告称，上海集度汽车 有限公司（品牌：极越汽车）于日前向上海市第三中级人民法院提交预重整申请，该申请已于11月21日 获正式受理。上海市第三中级人民法院同步指定北京市中伦（上海）律师事务所担任临时管理人，依法 推进后续预重整相关工作。公司启动预重整程序，旨在引入新的战略投资人盘活现有资产与资源，维护 资产价值，并保障用户售后权益。 点评：极越汽车申请预重整，显示出其在融资和运营方面的新进展。此事件或将引发对整个新能源汽车 行业及相关企业的审视，促使投资者关注行业可持续发展与公司治理结构的稳健性。 NO.2 金杯汽车与京东签署合作协议 11月24日晚间，金杯汽车发布公告称与京东签署《合作框架协议》，双方将在售后服务、整车营销、供 应链协同等多方面展开合作。金杯汽车借此成为京东汽车大客户业务供应商，还将入驻京东商城拓展线 上销售渠道。 点评：金杯汽车与京东签署的合作协议，将深化双方在售后服务、整车营销及供应链协同方面的合作， 有利于金杯突破传统的获客模式，拓宽其销售 ...

黄永强表示，用户需求方面，无论是产品端，还是前线服务，广汽集团都要对客户的需求进行重新的洞察和定义。当前中国新能源市场正从一线城市向四 五线城市加速渗透，广汽与京东的合作正是这一洞察的落地。 来源：上海证券报 作者：李五强 关注" 新华网财经 "视频号 11月25日，京东、广汽集团、宁德时代联合推出的"国民好车"——埃安UT super首批车主交付仪式在广州车展上举行。 广汽集团副总经理黄永强在广州车展接受群访时透露，从11月9日上市以后，埃安UT super的订单量符合预期，甚至是非常令人满意的，广汽将在生产和 交付方面跟上市场热情。 据介绍，埃安UT super搭载宁德时代巧克力电池，官方公布续航里程超500公里，支持99秒极速换电。电池租用购车价仅4.99万元起，整车购买价为8.99万 元起。作为首次搭载广汽华为云车机的车型，其依托华为云端算力集群，具备"无限功能、无限算力、无限存储、无限更新"的智能体验；同时配备倒车哨 兵功能与540度全景影像，可实现倒车遇障碍自动刹停等功能。 埃安UT super不仅是京东、广汽集团与宁德时代三方协同推出的一款"国民好车"，更是三方携手对新能源汽车产业全链条的重构， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，京东、广汽集团、宁德时代联合推出的"国民好车"——埃安UT super首批车主交付仪式在广 州车展上举行。 广汽集团副总经理黄永强在广州车展接受群访时透露，从11月9日上市以后，埃安UT super的订单量符 合预期，甚至是非常令人满意的，广汽将在生产和交付方面跟上市场热情。 据介绍，埃安UT super搭载宁德时代巧克力电池，官方公布续航里程超500公里，支持99秒极速换电。 电池租用购车价仅4.99万元起，整车购买价为8.99万元起。作为首次搭载广汽华为云车机的车型，其依 托华为云端算力集群，具备"无限功能、无限算力、无限存储、无限更新"的智能体验；同时配备倒车哨 兵功能与540度全景影像，可实现倒车遇障碍自动刹停等功能。 埃安UT super不仅是京东、广汽集团与宁德时代三方协同推出的一款"国民好车"，更是三方携手对新能 源汽车产业全链条的重构，从用户洞察、车辆研发制造，到交付、补能、售后，全方位升级消费体验， 让买车像买电器一样简单、便捷、透明。 京东依托覆盖超7亿用户的消费洞察，和几十万份"国民好车"专项问卷调研 ...

Core Viewpoint - CATL is promoting a battery swapping model, transforming batteries from a product into a service, which is seen as a key innovation for exploring new growth opportunities in the industry [1] Group 1: Market Entry and Pricing Strategy - The Aion UT Super, a battery-swapping model launched by CATL in collaboration with JD and GAC, has a retail price of 89,900 yuan, with a rental version priced at 49,900 yuan, making it accessible to a broader consumer base [2][3] - The battery rental model, with a monthly fee of 399 yuan, aims to attract consumers who are hesitant about battery range and charging efficiency, particularly those transitioning from traditional fuel vehicles [2][3] Group 2: Competitive Landscape - CATL's entry into the market with a low-cost battery-swapping vehicle contrasts with competitors like NIO, which focuses on high-end models, indicating a strategic shift towards more affordable electric vehicles [2][3] - The Aion UT Super's battery price is 40,000 yuan, accounting for 80% of the vehicle's cost, which is significantly higher than the industry average for battery replacement costs [4][5] Group 3: Battery Technology and Performance - The Aion UT Super features CATL's "Chocolate" battery, which has an energy density of 160 Wh/kg and provides a range of 500 kilometers, meeting consumer demands for efficiency [4][5] - The battery's design includes safety features and a battery management system that enhances its lifecycle value by 40%, although it incurs higher initial costs [5] Group 4: Infrastructure Development - CATL plans to establish 1,000 battery swapping stations by the end of 2025, with a long-term goal of 30,000 stations, indicating a significant investment in infrastructure to support the battery-swapping model [7][9] - The high costs associated with building battery swapping stations are a barrier to entry for many competitors, with NIO and CATL being the primary players in this space [7][8] Group 5: Industry Standards and Collaboration - The industry faces challenges in standardizing battery swapping protocols, which is crucial for widespread adoption, as different manufacturers have varying specifications [8][9] - CATL and NIO have previously announced a strategic partnership to develop a unified battery swapping network, although the implementation of this collaboration is still in progress [8][9]

京东在汽车领域的布局由来已久，其业务覆盖销售、物流、仓储、配件供应链等多个环节，同时还在与 零部件和车品生产企业开展销售合作的基础上，搭建起"京东养车"线下服务网络。此次推出"国民好 车"，是京东将自身消费者洞察能力与汽车制造深度融合的首个量产成果。相比重资产投入造车，这种 轻资产入局的方式风险更低、效率更高，有助于其数字资产快速变现。若市场反响良好，该模式有望快 速复制至其他品牌车型。 从10月上旬京东高调宣布"造车"，到其001号"国民好车"在10月22日的拍卖中以7819.34万元的天价落 锤，再到11月5日京东、广汽集团、宁德时代联合打造的埃安UT super 1号车正式下线，直至11月9日晚 产品迎来正式上市——尽管最终竞拍者放弃支付尾款，这场由三方联袂演绎的"国民好车"大戏，已成功 吸引市场的广泛关注。 营销首站告捷，为京东、广汽集团、宁德时代的三方合作奠定了良好开局，而真正的考验还在于后续的 市场表现。在笔者看来，三方联手不仅意在卖车，更在于探索小型私家车的车电分离销售模式。一旦该 模式获得消费者认可，未来将有更多采用宁德时代巧克力电池的换电车型汇聚京东平台，构建出一个规 模可观的换电车型生态。 ...

Core Insights - The core point of the article is that JD.com, in collaboration with GAC and CATL, has launched the Aion UT Super at a competitive price, aiming to reshape the electric vehicle ecosystem through a comprehensive service network that includes sales, delivery, and after-sales services [1][5]. Pricing Strategy - The rental version of the Aion UT Super is priced at 49,900 yuan, which is lower than market predictions and the official price range of 69,800 to 101,800 yuan [3][4]. - The battery rental fee is set at 499 yuan per month, with a limited-time offer reducing it to 399 yuan until December 8 [3]. - Users who purchase the vehicle can waive the annual battery management service fee of 699 yuan and receive a complimentary battery inspection service valued at 299 yuan [3]. Collaborative Ecosystem - The competitive pricing is a result of the collaboration between JD.com, GAC, and CATL, which has streamlined costs through exclusive sales channels, large-scale production, and technological advancements in battery management [4]. - JD.com is not only focused on vehicle sales but aims to enhance user engagement through maintenance, battery swapping, and other services [5][6]. Service Network Development - JD.com is actively recruiting new car delivery centers nationwide to establish a one-stop service network that integrates sales, delivery, and after-sales services [8]. - The company plans to operate its own after-sales service centers rather than relying on franchise models, which is essential for creating a closed-loop service ecosystem [8]. Future Expansion Plans - JD.com intends to introduce more vehicle models that meet its "National Good Car" standard, catering to diverse consumer needs [6]. - The company has already established over 3,000 offline service centers and is expanding its partnerships with major electric vehicle manufacturers for maintenance and repair services [6][7]. Industry Competition - The shift in sales and after-sales models is a key feature of the new vehicle launch, with a focus on enhancing user experience and service quality [8]. - Future competition among automakers will center around safety and business models, with after-sales services becoming a critical competitive factor [8].

Core Insights - JD.com, GAC Group, and CATL jointly launched the "National Good Car" Aion UT Super, with a battery rental price of 49,900 yuan and a full vehicle price of 89,900 yuan, significantly lower than market expectations, achieving the goal of "affordable good cars" [1][4] - The vehicle will be exclusively sold on JD.com, allowing users to book test drives and pay deposits through the JD app [1][3] Pricing and Subsidies - The Aion UT Super offers various financial incentives, including government subsidies and brand-specific discounts, with battery rental users receiving a 2,000 yuan subsidy per vehicle and full vehicle buyers receiving a 4,000 yuan subsidy [4][5] - The effective price for battery rental users can drop to 45,400 yuan, while full vehicle buyers can expect a price of approximately 85,900 yuan after subsidies [4] Value-Added Services - The three parties introduced additional value-added services, such as a limited-time reduction in battery rental fees from 499 yuan to 399 yuan per month, and discounts on battery management service fees for full vehicle buyers [5] - Early adopters can also benefit from exclusive offers, including a special new car package and discounted insurance rates [5] Price Protection and User Rights - A "180-day price protection" policy guarantees that users who purchase before December 31 will receive a tenfold compensation for any price drops within 180 days after purchase [8] - Additional benefits include full subsidies for vehicle tax in case of delivery delays and a 100% credit for battery rental fees if users decide to buy the battery within three years [8] Strategic Collaboration - The collaboration between JD.com, GAC Group, and CATL integrates JD's user insights and sales capabilities with GAC's manufacturing and CATL's battery technology, aiming to redefine the value standard of "national good cars" [3][8]

Core Viewpoint - The official announcement of the Aion UT Super, a new electric vehicle, reveals competitive pricing and attractive purchase incentives, indicating a strategic move by JD.com to capture market interest in affordable electric cars [1][2]. Pricing and Purchase Incentives - The battery rental price for the Aion UT Super is set at 49,900 yuan, with a minimum price of 45,400 yuan for PLUS members after subsidies [1]. - The overall purchase price of the vehicle is 89,900 yuan, which can be reduced to 85,900 yuan after applying a 4,000 yuan purchase subsidy, significantly lower than market expectations [2][4]. - 83% of surveyed users expressed a desire for the vehicle's price to be below 100,000 yuan, aligning with the announced pricing strategy [2]. Sales and Marketing Strategy - The Aion UT Super will be exclusively sold on JD.com, with users able to reserve test drives and pay deposits through the JD app [2]. - Early adopters can benefit from various incentives, including a 1,000 yuan discount on the first year of service, free battery testing, and a discount on new car insurance [4]. Vehicle Features - The Aion UT Super is equipped with CATL's "Chocolate" battery, offering a range of 500 kilometers and the capability for rapid battery swapping in just 99 seconds [5]. - The vehicle's launch was marked by significant public interest, with nearly 300,000 viewers during its auction on JD.com, resulting in a final bid exceeding 78 million yuan [5].

Core Points - JD.com, GAC Group, and CATL launched the "National Good Car" Aion UT Super, with promotional prices starting at 49,900 yuan for battery rental and 89,900 yuan for full vehicle purchase [1][3] Group 1: Product Features - Aion UT Super integrates JD.com's user insights and sales capabilities, GAC's manufacturing expertise, and CATL's battery technology, featuring a 500 km range and 99-second battery swap [3] - The vehicle is built on an A-class platform with a wheelbase of 2,750 mm, providing spacious and comfortable seating [3] - It is equipped with Huawei's cloud vehicle system, offering unlimited functionality, computing power, storage, and updates [3] - Safety features include a unique reverse sentinel and 540-degree panoramic imaging [3] Group 2: Sales and Promotions - JD.com is the exclusive sales platform, offering cashback incentives for early adopters, including government and brand-specific subsidies [3][4] - Customers opting for battery rental can receive a 2,000 yuan subsidy, while full vehicle purchases can enjoy a 4,000 yuan subsidy [3] - The first 1,000 JD Plus members who place orders after November 9 will receive a 2,500 yuan JD E-card [3] Group 3: Manufacturing and Collaboration - Aion UT Super is produced at GAC Aion's smart eco-factory in Changsha, which meets top global manufacturing standards [4] - The collaboration aims to reconstruct the entire value chain of the electric vehicle industry, enhancing the consumer experience from research to after-sales service [4]

Core Insights - The Aion UT Super, a collaboration between JD.com, GAC, and CATL, officially rolled off the production line on November 5, featuring CATL's chocolate battery and a "buy or rent" purchasing model [1][2] - The vehicle targets the competitive 100,000 RMB market segment, with industry experts emphasizing the need for a balance between price and cost to avoid direct competition with strong rivals like BYD Dolphin [1][6] Production and Technology - The Aion UT Super is manufactured at GAC Aion's Changsha smart factory, which incorporates advanced "lighthouse" manufacturing techniques, enhancing structural integrity and safety [2] - Key technologies include one-piece hot-formed dual-door ring technology, laser spiral welding improving efficiency by over 40%, and AI visual systems for precise monitoring, resulting in a 5% increase in first-pass yield [2] Market Expectations - A survey by JD.com indicates that 83% of potential users expect the price to be below 100,000 RMB, with 94% prioritizing spaciousness and comfort, and 99% considering safety as the top priority [2] - The Aion UT Super boasts a range of 500 kilometers and supports rapid battery swapping in approximately 85 seconds, which is faster than the advertised 99 seconds [2] Sales and Service Model - The vehicle will offer both a buyout and a battery rental option, with the latter providing lifetime warranty on the battery from CATL [3] - JD.com is establishing delivery centers to enhance customer service, allowing for a seamless online and offline purchasing experience [5] Infrastructure Development - On the same day as the vehicle's launch, CATL opened its 777th chocolate battery swapping station, with plans to build 1,000 stations this year and over 5,000 in the next three years [4] - The goal is to ensure that users can find a swapping station within 10 kilometers, aiming for a total of 30,000 stations in 30 years to match the convenience of traditional refueling [4] Competitive Landscape - The Aion UT Super enters a highly competitive market, with rivals like the MG4 and BYD Dolphin already established, making differentiation crucial [6][7] - Experts suggest that enhancing brand awareness and ensuring a robust after-sales service network will be vital for the vehicle's success in the crowded market [7]