日前，汽车补贴新政发布，若要全额补贴燃油新车需要15万元起，新能源需要16.67万元起的车型。 那么，按照这个标准来，盘点2026年第一季度超过15万起的重磅新车。既能享受全额补贴，又能体验最新技术。以下就为大家盘点其中几款值得关注的高 价值车型，为正在观望的消费者提供参考。 宝骏华境S 作为上汽通用五菱与华为深化战略合作的首款旗舰车型，宝骏华境S融合了亲民定位与高阶智能化配置，市场关注度持续升高。新车全面搭载华为乾崑智 驾ADS 4 Pro系统、鸿蒙座舱HarmonySpace 5以及乾崑车云HUAWEI IVCS，在智能驾驶与座舱交互层面具备领先实力。 车身尺寸方面，其长宽高达到5235mm，轴距为3105mm，定位中大型SUV，与理想L7等车型形成对标。最引人注目的是其预计15-20万元的售价区间，在 同等配置与尺寸车型中显示出较强的价格竞争力，适合注重智能体验与实用空间的家庭用户。 iCAR V27 iCAR V27以"家庭新硬派SUV"为定位，在硬朗设计风格与家庭用车需求之间寻求平衡。该车是品牌首款增程式车型，搭载奇瑞1.5T增程系统，纯电续航 达210km，CLTC综合续航则超过1200km，显著 ...

Group 1 - Xiaomi's CarloT ecosystem has opened to over 30 categories of partners, with initial partners including BYD, GAC Toyota, Great Wall, and Zhengzhou Nissan [2] - The timeline for the CarloT ecosystem includes physical interface and power supply products in 2024, home control by 2025, and vehicle control by 2026 [2] - The first model compatible with Xiaomi's ecosystem, the BYD Fangchengbao Titanium 7, has already been launched [2] Group 2 - The new generation of Xiaomi's SU7 model is expected to launch in Q2 2025 with a price increase of 20,000 yuan [2] - Xiaomi's "on-the-spot selection" feature for car purchases was opened to all users on December 3, 2025, allowing for quick delivery and warranty services [2] Group 3 - BYD has initiated L3-level autonomous driving testing in Shenzhen, completing over 150,000 kilometers of real-world validation [2] - The testing includes various scenarios such as rainy weather and nighttime driving, positioning BYD as one of the first companies to gain L3-level autonomous driving approval in 2024 [2] Group 4 - Lantu Automotive has signed a deep cooperation agreement with CATL to enhance collaboration in new technologies, product supply, and global market synergy [2] - This partnership aims to ensure stable supply and technological leadership in battery technology for Lantu Automotive [2]

责任编辑：江钰涵 新浪科技讯 12月17日上午消息，在今日2025小米人车家全生态合作伙伴大会上，小米汽车部人车家智 能化产品总监陈君宇发表《CarloT生态开放，全行业共享共建生态变革》主题演讲。 新浪科技讯 12月17日上午消息，在今日2025小米人车家全生态合作伙伴大会上，小米汽车部人车家智 能化产品总监陈君宇发表《CarloT生态开放，全行业共享共建生态变革》主题演讲。 此前，卢伟冰宣布，小米CarloT生态30余种品类全面开放。陈君宇进一步公布了CarloT生态开放时间节 奏：2024年布置物理接口&供电CarloT生态件产品；2025年米家开放-家控车，智能互联生态联盟；2026 年米家开放-车控家；2027年车载中枢网关。 陈君宇透露，目前首批合作伙伴已加入CarloT生态，包括比亚迪、广汽丰田、长城、郑州日产等。首款 适配小米生态接口的车型比亚迪方程豹钛7已经上市；首家国际汽车大厂广汽丰田接入小米生态，铂智7 率先搭载。 此前，卢伟冰宣布，小米CarloT生态30余种品类全面开放。陈君宇进一步公布了CarloT生态开放时间节 奏：2024年布置物理接口&供电CarloT生态件产品；2025年米 ...

Core Insights - The Chinese automotive industry is undergoing a significant transformation, moving from a "market for technology" model to a "brand for survival" approach as foreign joint venture brands face declining market shares and increased competition from local manufacturers [2][20] - The year 2025 is characterized as a turning point for joint venture brands, which are now prioritizing survival over growth by leveraging their brand equity to maintain market presence [3][20] Market Performance - In 2025, the overall market for joint venture brands in China has seen a decline, with monthly retail shares for German brands dropping from 18.4% at the beginning of the year to around 14% by year-end, and Japanese brands hovering between 11% and 13% [6][20] - The market share of joint venture brands fell from nearly 28% at the start of the year to about 22% by the end, indicating a broader trend of decline across the sector [6][20] Pricing Strategies - Joint venture brands have adopted a "one-price" model to combat declining sales, which involves sacrificing brand premiums for market share, leading to significant price reductions across various models [10][12] - The average prices of several key brands have decreased significantly, with Volkswagen's average price dropping by 15.37% and Honda's by 18.54% [11] Localization Efforts - There is a notable shift towards localization in management and product development, with foreign brands increasingly empowering local teams to make decisions that cater to the Chinese market [17][20] - The transition to local management is evident, with several key appointments of Chinese executives in leadership roles across major automotive brands [18][19] Technological Adaptation - Joint venture brands are increasingly adopting local technologies and solutions, such as Huawei's smart solutions, to meet the demands of Chinese consumers for advanced features in electric vehicles [14][15] - The focus has shifted from traditional automotive engineering to integrating smart technology and user-friendly interfaces, reflecting changing consumer priorities [14][15] Long-term Implications - The current strategies employed by joint venture brands are seen as a survival tactic rather than a sustainable growth strategy, raising questions about their long-term competitiveness in the evolving market [13][20] - The shift in valuation from brand equity to survival costs indicates a fundamental change in how these brands will operate in the future, as they must adapt to new consumer expectations and market dynamics [20]

Core Insights - By the end of 2025, China's automotive market has transitioned from a fragmented exploration phase to a systematic breakthrough in smart electric transformation, with a nearly 60% penetration rate of new energy vehicles [1] - Joint ventures and luxury brands have recognized the need to abandon their previous technological arrogance and adapt to the Chinese market, demonstrating resilience in their strategies [1][3] Group 1: Industry Transformation - The most significant change in 2025 is the deep integration between joint ventures and luxury brands with Chinese tech companies, moving from simple supply relationships to comprehensive collaboration in R&D [3] - Brands like Audi and Toyota are now incorporating advanced Chinese technologies into their vehicles, indicating a shift in strategy where smart features are seen as essential rather than optional [3][4] Group 2: Market Strategy - Joint ventures are adopting a dual strategy of maintaining fuel vehicles while simultaneously developing new energy vehicles, with fuel vehicles still holding about 50% market share [4][6] - SAIC Volkswagen's "oil-electric dual progress" strategy exemplifies this approach, allowing them to leverage stable cash flow from fuel vehicles to support new energy development [6][7] Group 3: Luxury Brand Adaptation - Luxury brands are diversifying their product offerings to include pure electric, hybrid, and range-extended vehicles, moving away from a singular focus on electric models [8][9] - BMW, Mercedes-Benz, and Audi are all implementing strategies that combine their luxury heritage with advanced Chinese technology to enhance their competitive edge [9][10] Group 4: Competitive Dynamics - The automotive industry is shifting from a zero-sum game of disruption to a new phase of adaptation and coexistence, where the ability to adjust to market demands is becoming the primary competitive advantage [14][16] - The collaboration with Chinese tech firms is seen as a way to quickly fill technological gaps and enhance product offerings, while also maintaining a foothold in the fuel vehicle market [16][17]

Core Viewpoint - The annual Guangzhou Auto Show highlighted the significant presence of Huawei and its collaborations with GAC and Dongfeng, while foreign brands like Toyota are also making notable strides in their transformation efforts, particularly in the electric and hybrid vehicle sectors. Group 1: Huawei's Role and Domestic New Forces - Huawei was a major focus at the Guangzhou Auto Show, showcasing its partnerships with GAC and Dongfeng through models like "Qijing" and "Yijing" [1] - Domestic new forces such as Xiaomi's upgraded HAD system and the launches from Zhiji and Xiaopeng also drew considerable attention [1] Group 2: Toyota's Transformation - Toyota reported a net profit of 932 billion yen and revenue of 12.38 trillion yen for Q3 2025, with a market capitalization of $266 billion, making it the second-largest automaker globally, surpassing BYD [2] - At the auto show, Toyota unveiled four new products, emphasizing its commitment to both electric and hybrid technologies under the "oil-electric synergy" strategy [2] - The new models include the Corolla with a fuel efficiency of 4.13 liters per 100 km and the bZ3, which is the first pure electric model under the RCE system [2] Group 3: Collaborative Strategies - Toyota is enhancing its product capabilities by collaborating with various Chinese companies, exemplified by the launch of the GAC Toyota Platinum Smart 7, which targets the mid-range electric sedan market [3] - This model integrates Huawei's HarmonyOS and electric drive technology, as well as compatibility with Xiaomi's hardware ecosystem and Momenta's intelligent driving solutions [3] Group 4: Market Performance - From January to October this year, FAW Toyota achieved cumulative sales of 660,000 units, while GAC Toyota's total sales reached nearly 640,000 units [4] - Through its "oil-electric synergy" and collaborative strategies, Toyota is transforming into a formidable competitor in the Chinese market, challenging domestic new forces [4]

丰田正在以超越日本甚至中国市场想象的速度迅速补齐短板，赋之以自身品牌长年积累的品牌号召力， 同样作为"新势力"抢夺中国市场的蛋糕。 今年1-10月，一汽丰田累计销量达66万辆，广汽丰田整体销量近64万辆。通过"油电共强"、"合纵连 横"，以往沉重的"大象"丰田正在中国市场转身为所有新势力都不可小觑的对手。 首先，在燃油机械技术上有丰富底蕴的丰田，也在大力发展电动与混动技术，推行"油电共强"。广州车 展前一晚，一汽丰田技术品牌焕新暨新品发布会在广州举行，搭载家族化"锤头鲨"造型的智混卡罗拉、 硬派风格的新一代RAV4荣放以及bZ3智享家三款新品发布。动力方面，第六代荣放提供了2.0L智能电混 双擎、2.5L智能电混双擎和2.0L汽油版三种选择；卡罗拉搭载了第五代智能电混双擎系统，1.8L 先锋版 HEV百公里油耗低至4.13升，一箱油能跑1000公里；新bZ3智享家更是RCE体制下首款焕新纯电车型。 而在其他产品力方面，丰田除了自研TTS智行安全系统外，还果断选择"合纵连横"，与中国各家企业合 作，迅速补上自己的短板。比如在广州车展首日发布的广汽丰田铂智7，敢于正面入局20万级中高级纯 电轿车市场，底气就是来自 ...

Core Insights - The 2025 Guangzhou International Auto Show opened on November 21, showcasing 1,085 vehicles, including 93 global and domestic debuts, with 629 being new energy vehicles, highlighting their dominance in the market [1] Group 1: Industry Trends - The scale of this year's auto show has contracted compared to 2024, with the number of exhibition halls reduced from 16 to 14, indicating current industry pressures [1] - The auto show serves as a significant platform for automakers to showcase their annual achievements and forecast market trends for the upcoming year [1] Group 2: Company Achievements - Xiaomi Auto announced the production of its 500,000th vehicle in just 602 days, setting a record for the fastest achievement among global new energy vehicle brands [2] - XPeng Motors celebrated the production of its 1,000,000th vehicle, achieving a 190% year-on-year increase in deliveries from January to October, with significant growth in overseas markets [3] - Seres announced cumulative deliveries of over 900,000 vehicles and introduced its "Seres Magic Cube Technology Platform 2.0" at the show [3] - NIO's small car "Firefly" reached 30,000 deliveries within six months, indicating strong market performance in its segment [3] - Lynk & Co reported 50,000 deliveries of its flagship model Lynk 900 within six months, ranking among the top three in high-end hybrid SUV sales [4] Group 3: Technological Innovations - Automakers are shifting focus from price competition to technological advancements, with several brands unveiling key technology strategies at the auto show [5] - Dongfeng Nissan launched the "Tiida" model equipped with HarmonyOS, marking it as the only fuel vehicle with this feature in the market [5] - GAC Toyota introduced the "Toyota Platinum 7," developed by a local team, integrating multiple high-tech features and a unique warranty policy to alleviate consumer concerns [5] - BMW made advanced driver assistance features standard across its X5 model, enhancing its competitive edge [6] - Leap Motor introduced the A10 model, aiming to provide high-end features at an entry-level price point [6] - MG unveiled the world's first mass-produced semi-solid-state battery vehicle, the MG4, set to start deliveries in December, marking a significant technological milestone [6] Group 4: Market Outlook - The auto show indicates a potential surge in the MPV market in 2026, with several brands launching new MPV models aimed at high-end experiences [7][8] - The upcoming adjustment in the new energy vehicle purchase tax policy, effective January 1, 2026, is expected to impact sales strategies, with many automakers offering cross-year subsidy plans [8] - The China Passenger Car Association forecasts a retail volume of approximately 2.25 million passenger vehicles for November, a year-on-year decrease of 8.7%, while new energy vehicle sales are expected to grow by 6.5% [9]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating significant operational challenges and a need for strategic adjustments to improve performance [2][3][4]. Revenue Performance - Total revenue for H1 2025 was 42.61 billion yuan, down 7.9% year-on-year, with Q2 revenue at 22.73 billion yuan, also down 7.9% year-on-year but up 14.4% quarter-on-quarter [2][3]. - The average selling price (ASP) per vehicle in Q2 2025 was 164,000 yuan, reflecting a year-on-year increase of 2.7% but a slight decrease of 0.7% quarter-on-quarter [3]. Profitability Analysis - The net profit attributable to shareholders for H1 2025 was -2.54 billion yuan, marking a shift to negative from the previous year, while the adjusted net profit was -2.95 billion yuan, showing a reduction in losses by 32.3% year-on-year [2][3]. - In Q2 2025, the net profit attributable to shareholders was -1.81 billion yuan, with an increase in losses compared to the previous quarter, and the adjusted net profit was -2.05 billion yuan, indicating a worsening financial situation [2][3]. Sales Volume and Market Dynamics - Total sales volume for H1 2025 was 755,000 units, down 12.5% year-on-year, with Q2 deliveries at 384,000 units, reflecting a year-on-year decline of 15.2% but a quarter-on-quarter increase of 3.5% [4]. - The performance of joint venture brands varied, with GAC Honda experiencing a significant decline in Q2 sales, while GAC Toyota showed stable growth [4]. Strategic Partnerships and Product Development - The company is deepening its collaboration with Huawei, planning to launch two luxury smart electric vehicle models by 2026, which is expected to enhance its technological competitiveness and brand positioning [5]. - Continuous improvement of the product matrix and acceleration of the transition to new energy and intelligent vehicles are seen as key strategies to drive future growth [4][5]. Long-term Outlook - The company is positioned as a leader in joint venture brands, with expectations of improved competitiveness in the hybrid and intelligent vehicle segments, potentially leading to a recovery from the current operational downturn [6]. - Revenue projections for 2025-2027 are estimated at 124.69 billion yuan, 144.15 billion yuan, and 167.35 billion yuan respectively, with a gradual return to profitability anticipated by 2027 [6][9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 7.85 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [4][6]. Core Views - The company is experiencing short-term revenue pressure, with total revenue for H1 2025 at 42.61 billion CNY, down 7.9% year-on-year. The Q2 2025 revenue was 22.73 billion CNY, also down 7.9% year-on-year but up 14.4% quarter-on-quarter [2][3]. - The company is deepening its collaboration with Huawei, planning to launch two models in the 300,000 CNY luxury smart electric vehicle segment, with the first model expected to be launched in 2026 [4]. - Despite overall sales pressure, the company is continuously improving its product matrix and accelerating its transition to new energy and smart vehicles, which is expected to drive operational improvements in the future [3][4]. Revenue and Profitability Summary - For H1 2025, the company reported a net profit attributable to shareholders of -2.54 billion CNY, a significant decline compared to the previous year. The adjusted net profit for H1 2025 was -2.95 billion CNY, showing a reduction in losses by 32.3% year-on-year [2][3]. - The company’s total sales volume for H1 2025 was 755,000 vehicles, down 12.5% year-on-year, with Q2 2025 deliveries at 384,000 vehicles, reflecting a 15.2% year-on-year decline [3]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 124.69 billion CNY, 146.64 billion CNY, and 170.25 billion CNY, respectively, with corresponding net profits of -2.75 billion CNY, 0.0 billion CNY, and 1.99 billion CNY [5][10]. - The company is expected to see a revenue growth rate of 15.7% in 2025, followed by 17.6% in 2026 and 16.1% in 2027 [5][11].