Group 1 - The company sold 236,000 vehicles in June, representing a year-over-year increase of 42.1% [1] - For the first half of the year, the company achieved total vehicle sales of 1.41 million, a year-over-year increase of 47.4% [2] - The company raised its annual sales target to 3 million vehicles, which is a 38% increase compared to the previous year [1][2] Group 2 - The company held a technology launch event for the Zeekr 9X on July 9, introducing the world's first full-stack 900V high-voltage hybrid architecture, SEA-S [1][3] - The Zeekr 9X is expected to start pre-sales at the end of August and is positioned as the brand's flagship hybrid model [3] - The Zeekr 9X features a maximum engine power of 205 kW and a thermal efficiency exceeding 46%, with a 20%-80% battery recharge time of only 9 minutes [3] Group 3 - The company expects to see significant profit growth, with net profits for 2025, 2026, and 2027 projected at 13.84 billion, 17.9 billion, and 22.3 billion yuan respectively, reflecting year-over-year increases of 47%, 30%, and 24% [1][3] - The current stock price corresponds to P/E ratios of 11, 8.6, and 7 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [1][3]

汽车/乘用车 吉利汽车（00175.HK） 造车成本优势延续，品牌整合驱动经营提效 2025 年 07 月 01 日 投资评级：买入（维持） | 日期 | 2025/6/30 | | --- | --- | | 当前股价(港元) | 15.960 | | 一年最高最低(港元) | 20.900/7.310 | | 总市值(亿港元) | 1,609.43 | | 流通市值(亿港元) | 1,609.43 | | 总股本(亿股) | 100.84 | | 流通港股(亿股) | 100.84 | | 近 3 个月换手率(%) | 48.18 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-07 2024-11 2025-03 吉利汽车 恒生指数 相关研究报告 ——港股公司深度报告 | 张可（分析师） | 赵旭杨（分析师） | 陈沆（联系人） | | --- | --- | --- | | zhangke1@kysec.cn | zhaoxuyang@kysec.cn | chenhang1@kysec.cn | | 证书编号：S0790523070001 | 证书编号： ...

据悉，此次试验参考近期工信部最新《电动汽车用动力蓄电池安全要求（以下简称新国标）》，为电池 针刺触发热失控试验的强化版，也是行业首次针对插混车型完成"电池+油箱"同时穿刺试验。试验模拟 车辆被路面凸起物或尖锐障碍物（如钢筋、断裂金属件等）同时刺穿电池和油箱的极端工况，验证吉利 银河星舰7EM-i在极限场景下的安全性。 "根据新国标要求，可通过针刺触发单电芯热失控，进行热扩散试验。而此次试验则采用多根钢针，对 吉利银河星舰7 EM-i的动力电池和油箱同时进行刺穿。"吉利汽车相关负责人介绍，其中，4根刺穿动力 电池，2根刺穿油箱，人为造成电池短路+油箱同时泄漏，让电池和油箱同时受到破坏，受破坏点更 多、热扩散风险加剧，试验难度大。 试验结果表明：吉利银河星舰7 EM-i在极限破坏条件下，电池包依然不起火、不爆炸，热失控风险可 控，安全性高，充分验证吉利银河星舰7 EM-i搭载的神盾电池安全系统远超国标的安全实力，消除用户 对插混车型的电池与燃油系统"油电安全"的双重顾虑。 上述负责人透露，吉利银河星舰7 EM-i作为吉利银河基于GEA新能源专属架构打造的首款插混SUV，充 分考量了油、电两大系统间的联动关系，以" ...

转自：新华财经 新华财经北京6月26日电（康耕甫） 近日，吉利银河星舰7 EM-i作为001号测试车辆，在中汽中心新能 源检验中心，顺利通过行业首次动力电池、油箱同步穿刺试验，并获颁中汽中心行业首个插电式混动车 型油电系统安全验证。 本次试验参考近期工信部最新《电动汽车用动力蓄电池安全要求》，为电池针刺触发热失控试验的强化 版本，也是行业首次针对插混车型完成"电池+油箱"同时穿刺试验。 通过行业首个"油电同刺"试验 此次试验参考近期工信部最新《电动汽车用动力蓄电池安全要求（以下简称新国标）》，为电池针刺触 发热失控试验的强化版，也是行业首次针对插混车型完成"电池+油箱"同时穿刺试验。试验模拟车辆被 路面凸起物或尖锐障碍物（如钢筋、断裂金属件等）同时刺穿电池和油箱的极端工况，验证吉利银河星 舰7 EM-i在极限场景下的安全性。 根据新国标要求，可通过针刺触发单电芯热失控，进行热扩散试验。而此次试验则采用多根钢针，对吉 利银河星舰7 EM-i的动力电池和油箱同时进行刺穿。其中，4根刺穿动力电池，2根刺穿油箱，人为造成 电池短路+油箱同时泄漏，让电池和油箱同时受到破坏，受破坏点更多、热扩散风险加剧，试验难度 大。 ...

Core Viewpoint - The new Buick E5, launched by SAIC-GM, aims to strengthen its position in the competitive electric vehicle market by offering a lower price point and enhanced features compared to its predecessor [3][4]. Group 1: Product Launch Details - The new Buick E5 is priced between 149,900 and 169,900 yuan, significantly lower than the previous model's price range of 208,900 to 278,900 yuan, reflecting a price reduction of approximately 50,000 yuan [3][4]. - The new model features upgrades in appearance, fast charging performance, range, navigation, and AI functionalities, with a total of 47 configuration updates [3][4]. - The vehicle includes a rare 1:1 compensation commitment for vehicle fire incidents, showcasing the company's confidence in product safety [3]. Group 2: Specifications and Features - The Buick E5 dimensions are 4892mm in length, 1905mm in width, and 1683mm in height, with a wheelbase of 2954mm, providing ample interior space [6]. - The trunk capacity ranges from 502L to 1658L, and the vehicle offers 31 storage compartments [6]. - The interior features include ergonomic seats, a 30-inch curved 6K display, a 14-speaker BOSE sound system, and a large panoramic sunroof [6][8]. Group 3: Technology and Performance - The new Buick E5 is equipped with a 76.8 kWh lithium iron phosphate battery developed in collaboration with CATL, offering a range of 620 km and a 30% improvement in charging speed [8]. - The vehicle supports fast charging, allowing for a 210 km range increase with just 10 minutes of charging at a 3C rate [8]. - The car features the latest V5.0 vehicle system, supporting CarPlay and advanced AI capabilities for voice interaction and command execution [8].

车展现场，捷达、吉利、长安等品牌纷纷亮出"一口价"：捷达VS5好运版6.96万元起，吉利银河星舰7 EM-i限时优惠8.78万元起，长安2025款逸动 PLUS高能 版置换价仅4.69万元……"这次车展价格确实很划算。"多位消费者在订单确认处表示。 齐鲁晚报·齐鲁壹点记者 鹿青松 6月14日。"约惠槐荫•第三届惠民车展"在山东国际会展中心盛大开幕，各大车企纷纷推出重磅优惠，多重补贴叠加让利，为消费者带来购车良机。 "现在行业'价格战'常态化，我们不再区分淡旺季。年中反而会加大促销力度，当前正是购车好时机。"某车企负责人透露。据了解，消费者可同时享受国家 报废补贴、地方购车券、厂家直补等多重优惠，优惠力度空前。 "我们也是听说现在可以叠加多重优惠，才来槐荫惠民车展看看车。"在极氪展台，家住济南历城区的刘先生带着家人前来选购极氪7X，"现在好多新能源汽 车都是全国统一价格，没有什么谈价的空间。还好可以叠加多重政府补贴，可以将买车价格压低一些。" 在比亚迪展台，现场销售人员为一位购车消费者算了一笔账，一台纯电续航里程520公里的比亚迪宋PLUS EV中配版车型，可以叠加多重优惠补贴。包括 20000元的旧车报废国家 ...

■ 投资逻辑 摘要 投资逻辑 公司经历底部反转后经营势头持续向上 ：根据公司官方的披露， 2025 年 4 月，公司销售乘用车 23.41 万辆，同 / 环比 +52.7%/+0.8% ， 25 年累计 93.8 万辆，同比 +49.1% ；其中电车 12.6 万辆，同 / 环比 +144.2%/+4.9% ， 25 年 1-4 月累计 46.5 万辆，同比 +137.7% ；公司销量表现持续强势，其中电车饱受价格战影响但持续平稳， 销量连续破新高，燃油车则仍在逆势上扬。 公司困境反转的核心原因来自 ： 1 ）低成本路线落地：推出 GEA 平台和 EM-i 超级混动技术，产品爆款能力大幅增强； 2 ）强爆款周期：公司在爆款打造能力增强的 同时，从 24 年下半年起进入轰轰烈烈的新车周期，吉利银河 E5/ 吉利星愿 / 吉利银河星舰 7 均成市场爆款， 25 年起更是有 10 款新车推出，其中吉利银河 5 款； 3 ）内 部整合后经营持续向上， 24 年下半年公司发布台州宣言，并大规模开启整合，关联交易、内部资源浪费大幅减少，因而大幅增强公司盈利能力。因而在 24Q3 开始，公 司虽然经历俄罗斯市场萎缩、市场价 ...

Core Viewpoint - The article discusses the sales performance and customer preferences for the BYD Song PLUS DMI, highlighting its competitive pricing and market challenges faced against other models like Song L and Galaxy Starship 7 [1][10]. Sales Performance - In a local three-tier city, the dealership sold approximately 130 vehicles last month, with 21 units of Song PLUS sold, indicating a significant interest in this model [2]. - The most popular configuration is the non-intelligent 112KM Honor version, primarily in gray, accounting for about 50% of the sales [2][11]. - Discounts for the non-intelligent version are around 25,000, while the intelligent version sees discounts of about 20,000, reflecting a trend of decreasing prices over the past two months [9]. Customer Demographics - Buyers of the Song PLUS are diverse, primarily using the vehicle for family purposes, with no distinct demographic trends observed [3][18]. - The article mentions a case where a customer initially interested in Song PLUS ended up purchasing from a competing dealership, indicating the competitive nature of the market [5]. Competitive Landscape - The Song PLUS faces stiff competition from models like Song L DMI and Galaxy Starship 7, with the latter gaining more traction among consumers [10]. - The dealership is experiencing intense competition, with sales teams under pressure to outperform each other, leading to a "cutthroat" environment [10]. Customer Preferences and Feedback - The most sought-after configurations are the 112 Honor type, with gray and white being the preferred colors [11]. - The least popular model is the 160KM flagship version, which struggles to sell even with significant discounts [12]. - Customers have expressed dissatisfaction regarding fuel efficiency and tire noise, indicating areas for improvement in the vehicle's performance [18]. Financial Aspects - Maintenance costs for the Song PLUS are estimated to be between 400-500, with the first service required at 5,000 hybrid kilometers or six months [19]. - The article notes that there are various financing options available, including high-interest bank loans with incentives [14]. Additional Considerations - The article mentions that trade-in subsidies are available, with 10,000 for the model and 8,000 for non-model vehicles, which can be combined with national and provincial subsidies [20].

关注 「电动车公社」 2 、 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1 、 奇瑞集团 5 月新能源销量 63169 台 5 月，奇瑞集团新能源汽车销量 63169 台。其中， iCAR 品牌销量 5899 台，智界品牌销量 5000 台。 毫无悬念，奇瑞汽车依旧是2025年的中国汽车出口第一。新能源方面，奇瑞通过布局纯电、混动全动力形式、乃至氢能多种技术路线，应对市场竞争。只不 过目前奇瑞旗下的新能源车型 仍处于拓展阶段，体量相比友商还是有些差距。想要成为带动集团新能源销量的前锋，还需要继续努力才行。 从既有信息来看，银河A7主打续航、能耗、空间、颜值，也有望填补L6和星耀8之间的产品空白。目前，吉利银河凭借星愿、星舰 7 、星耀 8 等爆款车型， 月销量已经爬升到 10 万辆，如果吉利银河 A7 上市后能继续热销，势必将帮助吉利银河再下一城。接下来压力给到比亚迪，就看比亚迪会如何应对了。 3、 蔚来公布一季度财报 营收120.3亿元，整车毛利率10.2% 6月3日，蔚来发布2025年 ...

中国新能源汽车产业的爆发式增长始于政策补贴与市场激励，但近年来已转向以安全为核心的技术驱动 阶段。2026年7月将实施的《电动汽车用动力蓄电池安全要求》(GB38031-2025)标志着行业迈入"零容 忍"时代。这一标准首次将"不起火、不爆炸"从企业技术目标升级为法律强制要求，直接推动了全产业 链的技术革新。 政策迭代：从"逃生时间"到"零容忍"，安全标准倒逼技术革新 新能源汽车安全性需求的提升是政策升级的现实背景。2024年一季度，新能源汽车火灾事故达640起， 同比上升32%，其中90%与动力电池热失控相关。根据相关研究机构的分析，电池底部撞击和快充热失 控是两大核心风险点。新国标既是对社会关切的回应，也是行业从"量"到"质"转型的必然选择。 核心的变化包括热失控管理升级、场景化安全测试、和乘员健康保护。对于热失控，旧标准要求热失控 后提供"5分钟逃生时间"，而新标准要求2小时内不起火、不爆炸，且所有监测点温度需低于60℃。这一 变化倒逼企业采用多层级防护技术，例如宁德时代（300750）的NP(No Propagation)技术，通过电芯材 料优化、智能算法监测和全局热管理系统联动，实现热扩散的主动防御 ...