吉利再迎里程碑时刻。 7月15日，吉利控股集团宣布，吉利汽车将收购其尚未持有的全部极氪股份。根据相关公告，假设极氪 私有化全部以现金方式进行，该笔交易最高将斥资172亿；交易完成后，极氪将成为吉利汽车子公司。 据悉，极氪目前在美股上市，自成立以来，便身肩吉利"转舵"高端纯电赛道转型的重任。通过与吉利汽 车合并，极氪或能在未来收获充沛资源保障，并取得更多协同增效的可能性。 当然，此次吉利的"大动作"并非空穴来潮；2024年9月，吉利控股集团重磅发布《台州宣言》，着重强 调了整理业务条线的意愿，提出进行战略聚焦。现如今，吉利汽车私有化合并极氪的推进预示着这一宏 大战略正在加快落地的步伐，有望对吉利提升智能新能源汽车领域的"硬实力"起到正面作用。 值得一提的是，这次吉利也提交了一份对于众股东来说可谓"共赢"的合并方案。其中，作为被合并方的 极氪，其股东享有现金与股票两项选择权；而身为吉利汽车的股东，则有望享受到公司收购成长性资产 所带来的基本面增长"红利"。 点燃极氪发展引擎 作为全球高端纯电市场"引领者"，极氪不仅以其产品品质的"科技感"而闻名，更因其吉利子品牌的称号 备受资本市场关注。 据悉，极氪堪称吉利智能新 ...

策 略 研 究 华福证券 沪指站上 3500 点 投资要点： 本周（7/7-7/11）沪指向上突破 3500 点，全 A 收涨 1.71%。从指数情 况看，微盘股、中证 1000、创业板指领涨，沪深 300、中证红利、上证 50 涨幅靠后。从风格情况看，科技、医药医疗领涨，周期、消费涨幅靠后。 本周 31 个申万行业涨多跌少，房地产、钢铁、非银金融领涨，汽车、银行、 煤炭领跌。 策 略 定 期 报 告 市场观察：股债收益差下降，行业轮动强度上升。（1）市场估值：股 债收益差下降至 1.2%，小于+1 标准差。估值分化系数有所上升。（2）市 场情绪：市场情绪回升，行业轮动强度上升。市场小盘风格占优，微盘股 指数跑赢市场，主题热度主要聚集在稀土、炒股软件、稀土永磁。（3）市 场结构：市场量能环比上升，房地产、建筑材料、非银金融多头个股占比 居前，有色金属、公用事业、煤炭内部或存在α机会。（4）市场资金：本 周陆股通周内日平均成交金额较上周上升 411 亿元，本周陆股通周内日平 均成交笔数较上周上升 144 万笔。本周陆股通成交额排名前三的标的为贵 州茅台、工商银行、宁德时代，近 5 日涨幅分别为 0.3%、3.4 ...

点 击 蓝 字 关 注 我 们 | 目录 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 细分市场及车身结构 | | 工程更改规模 | | 1 | 蔚来汽车 | 蔚来 ET5 | 2025 / 07 / 04 | B NB | NM | | 2 | 蔚来汽车 | 蔚来 ET5T | 2025 / 07 / 04 | B Wagen | NM | | 3 | 蔚来汽车 | 蔚来 EC6 | 2025 / 07 / 09 | A NB | MCE1 | | র্য | 奇瑞汽车 | 风云A9L | 2025 / 07 / 08 | C NB | NP | | 5 | 吉利汽车 | 帝豪 400万纪念款 | 2025 / 07 / 09 | A NB | MCE1 | | 6 | 零跑汽车 | 零跑 C11 | 2025 / 07 / 10 | B SUV | MCE3 | | 7 | 智马达汽车 | smart精灵#3 | 2025 / 07 / 10 | A SUV | MCE1 | | 注:工改授定义 全新产 ...

Core Viewpoint - The automotive market is experiencing a "price war" as various car manufacturers introduce aggressive promotional strategies to boost sales during the summer season [1][21]. Group 1: Promotional Strategies - Leida Auto has launched a significant promotion offering 0 down payment and 3 years of interest-free financing, targeting young consumers, especially recent graduates [4][6]. - Li Auto is providing a 5-year interest-free financing option for its popular Li L6 model, with potential savings of up to 26,300 yuan in interest [7][9]. - Geely has implemented a broad discount strategy across its entire model range, with the Emgrand series starting at 44,900 yuan after a maximum cash discount of 15,000 yuan [11][13][15]. - Great Wall Motors' Wey brand is offering high-value configurations for free, such as a 17.3-inch rear entertainment screen and lifetime free advanced driving assistance features, alongside significant financing options [18][20]. Group 2: Market Trends - The automotive market is seeing a shift towards lower purchase thresholds with many brands offering low down payments, zero interest, or long-term financing options, making it easier for consumers to buy cars [21][23]. - The competition among car manufacturers is becoming more refined, with promotional strategies targeting specific consumer demographics, indicating a move towards more precise market segmentation [23][24].

Core Viewpoint - The automotive replacement subsidy policy in several regions, including Zhengzhou and Luoyang, has been suspended, impacting consumer purchasing behavior and creating challenges for car manufacturers in achieving sales targets [1][2][3]. Group 1: Policy Changes - Zhengzhou and Luoyang have announced the suspension of the 2025 automotive replacement subsidy application, with the highest subsidy amount being 15,000 yuan for eligible users [1][2]. - The suspension is attributed to the depletion of subsidy funds, with the announcement indicating a pause rather than a termination of the program [2][3]. - Other regions, such as Chongqing and Shenyang, are also planning to suspend their automotive replacement subsidy applications, indicating a broader trend [3]. Group 2: Market Impact - The suspension of subsidies is expected to lead to increased consumer hesitation and a potential decline in vehicle sales, particularly affecting budget-conscious buyers [3]. - The "National Subsidy" program remains available, but its impact may not significantly differ from local subsidies [3]. - Data shows that as of May 31, 4.12 million applications for the "National Subsidy" were submitted, with a notable increase in applications in May compared to April [3]. Group 3: Industry Challenges - The automotive industry is facing pressure to maintain sales amid a competitive environment, with companies like BYD and Geely engaging in price promotions to boost sales [4][5]. - The China Automotive Industry Association has issued a warning against excessive price competition, emphasizing the need for fair market practices [5][6]. - Major automakers are still striving to meet their annual sales targets, with BYD leading with 1.76 million units sold in the first five months of the year [6]. Group 4: Future Outlook - Experts suggest that the automotive market will continue to evolve, with companies needing to focus on product differentiation and innovation to thrive in a post-subsidy environment [7]. - The market is expected to stabilize as companies adapt to the changing landscape and seek new growth drivers beyond government incentives [7].

Core Viewpoint - The report from China Merchants Securities International indicates that Geely Automobile (00175) is expected to raise its annual sales target due to the launch of significant new models from Galaxy, Lynk & Co, and Zeekr in the second half of the year, which could act as a catalyst for the stock price [1] Group 1: Sales Performance - In May, Geely's total wholesale volume reached 235,000 units, marking a year-on-year increase of 46.4% and a month-on-month increase of 0.5%, setting a historical record [2] - The cumulative wholesale volume from January to May was 1.17 million units, up 49% year-on-year, achieving approximately 43% of the annual sales target of 2.71 million units, with potential for exceeding the target [2] - In May, the wholesale volume of new energy vehicles (NEVs) was 138,000 units, reflecting a year-on-year increase of 178% and a month-on-month increase of 9.9%, significantly outpacing the industry growth [2] - NEVs accounted for 58.7% of total sales in May, up 22.2 percentage points year-on-year [2] - Cumulative NEV wholesale from January to May reached 602,000 units, a year-on-year increase of 137%, representing 51% of total sales [2] - The high-end fuel vehicle, China Star, saw sales of 87,000 units in May, with the high-end series achieving a year-on-year growth of 21% [2] Group 2: Product Launches and Innovations - The company plans to launch multiple significant new models in the second half of the year, including the Galaxy A7 mid-size sedan and a rugged SUV, enhancing its product matrix [3] - The high-end flagship SUV Lynk & Co 900 had nearly 5,600 units delivered in May, with a strong order backlog, and the Lynk & Co hybrid Z10 is set to launch in the second half [3] - Zeekr's new model 007GT is performing well, with additional luxury SUVs set to launch in Q3 and Q4 [3] - The fuel vehicle Star series is leveraging the new energy platform for shared benefits, with the Star Yue L model performing well since its March launch [3] Group 3: International Expansion - The company is accelerating its overseas layout, with the first EX5 produced at the Indonesian KD factory and plans for a light asset model in Latin America and Central Asia [3] - The Galaxy E5 and Star Wish are set to enter multiple markets in the second quarter, with an acceleration of overseas expansion planned for the second half of the year [3]

Core Insights - The retail sales of passenger cars in China reached 1.932 million units in May, showing a year-on-year increase of 13.3% and a month-on-month increase of 10.1% [2][3] - Nearly 70% of private car buyers benefited from trade-in programs, with first-time buyers dropping to around 30% [3][4] - The automotive consumption structure is undergoing a significant transformation, with the proportion of trade-ins expected to rise to over 65% by 2025 [3][4] Group 1: Market Trends - The demand for trade-ins is driving growth in the automotive market, with May's retail volume nearly matching the high of March [3] - The number of trade-in applications reached 4.12 million by the end of May, with May alone seeing 1.23 million applications, a 13% increase from April [3][4] - The proportion of first-time buyers has decreased from 70% in 2016 to 37% in 2023, while the trade-in proportion has increased from 23% to 48% in the same period [3][4] Group 2: Policy Impact - The implementation of trade-in policies since 2024 has notably increased the market for trade-ins and upgrades, particularly for switching from fuel vehicles to electric vehicles [4][5] - The contribution of trade-ins to consumption is becoming the dominant force in car purchases, shifting the focus from mere availability to quality [5][6] - The government is actively promoting policies to stimulate automotive consumption, including trade-in subsidies and easing purchase restrictions [8][9] Group 3: Industry Challenges - The automotive market is transitioning from an "incremental era" to a "balanced era of increment and stock," with trade-ins and multi-car purchases becoming key growth drivers [6] - The automotive industry is facing challenges such as low profit margins, with profits declining by 5.1% year-on-year despite a revenue increase of 7% [7] - The industry must address the issue of insufficient demand and explore ways to enhance consumer purchasing power and quality [6][8]

2025重庆汽车论坛，多位车企高管谈到"反内卷"，同时也让价格战和无序竞争再次受到高度关注。 上面神仙打架我们只能看个热闹，但也不妨碍了解下终端一线的销售状态。 长城 今年的经济非常差，我这边一线城市，身边所有的同行几乎都叫苦不迭，收入比去年都有所下降，降幅多的甚 至达到了40%。我本人的薪资收入比去年降了30%左右（全部收入，包括提成各种奖金）。 各个品牌都在削减自己门店的人员配比，裁员现象、淘汰现象非常严重，HR那边只内推的话，审核比往年严 厉很多， 新势力各个品牌从业人员互相流通的现象今年变少了，许多新能源"游民"都转行或者无品牌接收！ 车型政策基本上是每个月调整一次，实际上优惠的力度，今年来看没有大的波动，有政策A就会没有政策B， 整体优惠都在一个差不多的程度。但是相比去年，整体成交价格低了1万多元，当然我所在的品牌不是那种优 惠力度巨大的品牌，本身产品在行业同配置定价不算高。 我们品牌一般是做SUV，最近新上的MPV车型是爆款，对比竞品就是主流6座SUV，MPV主要是腾势D9，岚 图梦想家，丰田塞纳之类的。主要应对竞品的话，我们是不区分配置，没有高低配，并且我们的定价比竞品要 实在一些，只要有考虑我 ...

同样进入"百万俱乐部"的还有吉利汽车和奇瑞汽车。今年前5个月，吉利汽车累计销量约为117.3万辆， 同比增长49%；其中，5月销量为23.52万辆，同比增长约46%。同期，奇瑞汽车累计销量约为102.65万 辆，同比增长14%；其中，5月销量约为20.57万辆，同比增长9.1%。 进入6月，车企密集公布5月"成绩单"。 5月，比亚迪销量约为38.25万辆，同比增长15.3%，这一数据再创其年内月度销量新高。前5月，比亚迪 累计销量为176.34万辆，累计同比增长38.7%，领跑车市。 此外，极氪科技、零跑、鸿蒙智行和理想汽车5月的交付量均超4万辆，车市竞争进一步加剧。 4家车企销量均破百万辆 数据显示，今年前5月，有4家车企累计销量均超过100万辆。 今年前5月，上汽集团实现整车批售约为168.7万辆，与比亚迪同期销量数据相比，差距已不到10万辆。 上半年销冠花落谁家，将是车市接下来的看点。从5月单月销量来看，上汽集团位居第二，整车批售约 为36.6万辆，同比增长10.2%。 自比亚迪推出"限时一口价"促销活动后，吉利汽车和奇瑞汽车都选择跟进。在国补和置换补贴的基础 上，吉利帝豪下探至2.99万元起售，瑞虎3 ...

每经记者｜李星 每经实习编辑｜余婷婷 在汽车行业新一轮"价格战"打响后，中国汽车工业协会（以下简称中汽协）在5月31日一早发布了《关于维护公平竞争秩序 促进行业健康发展的倡议》，明 确表示支持企业通过正常的方式参与市场竞争，坚决反对无底线的"价格战"。 随后，工业和信息化部相关负责人回应称，赞同并支持中国汽车工业协会提出的倡议，将加大汽车行业"内卷式"竞争整治力度。 5月31日，中国汽车流通协会专家委员会委员颜景辉在接受《每日经济新闻》记者采访时表示，中汽协和工信部在车市半年冲销量时发出"加大汽车行业'内 卷式'竞争整治力度"警示声音，促使市场的价格营销秩序基本维持在一个正常状态，非常及时。"这也是在提醒厂商进行价格营销的时候要适度，抢占份额 不能出现前两年的这种不正当竞争局面。" 对于中汽协的倡议，《每日经济新闻》记者第一时间与比亚迪方面进行了联系，但截至记者发稿时未获回应。 图片来源：每经记者 黄辛旭 摄 无序"价格战"加剧恶性竞争 在颜景辉看来，车企在6月淡季为冲半年销量目标搞促销优惠活动是行业传统性动作，厂家和经销商都是赚钱的。但近一两年来，车市打响的"价格战"，却 是一种生产成本跟销售价格的"倒挂" ...