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].

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： ...

Core Viewpoint - The fuel vehicle market in China shows signs of recovery after a challenging period, with sales figures indicating a slight increase in May, although the overall trend remains under pressure from the rise of electric vehicles [3][4][5]. Sales Performance - In May, domestic sales of traditional fuel passenger vehicles reached 854,000 units, marking a month-on-month increase of 2.2% and a year-on-year decline of 1% [4][5]. - Total passenger vehicle sales in May were 1.884 million units, reflecting a month-on-month growth of 5.2% and a year-on-year increase of 12.3% [4][5]. Market Dynamics - The market for fuel vehicles is experiencing a shift, with domestic brands like Chery, Geely, and Changan narrowing the gap with joint venture brands [3][12]. - The promotional efforts for fuel vehicles remain high, with a promotion intensity of 22.5% in May, which is an increase from previous months [6][7]. Consumer Behavior - A significant portion of consumers, particularly those with annual incomes below 150,000 yuan, show a preference for fuel vehicles due to concerns over purchase costs and convenience [6][10]. - The anxiety surrounding electric vehicle charging infrastructure continues to impact consumer choices, with many preferring the driving experience of fuel vehicles [6][10]. Competitive Landscape - Joint venture brands have seen a notable recovery in sales, with major players like Volkswagen and Nissan reporting significant month-on-month growth in A-class sedan sales [7][8]. - However, there is a growing divide among joint venture brands, with some experiencing declines while others, like Toyota, adapt to market demands by introducing new electric models [9][10]. Autonomous Brands Performance - Chinese brands accounted for 1.622 million passenger vehicle sales in May, representing a year-on-year growth of 22.6% and capturing 69% of the total market share [10][11]. - Notable performances in the new energy vehicle segment were recorded, with BYD, Geely, and Changan leading in sales growth [10][11]. Future Outlook - Despite the current recovery, experts predict a long-term decline in the fuel vehicle market share, with projections indicating that new energy vehicles could account for 70%-80% of total sales by 2027-2028 [13][16]. - The industry is expected to continue balancing fuel and electric vehicle offerings, as companies recognize the importance of maintaining a presence in the fuel vehicle market for profitability [16][17].

中国汽车工业协会的数据显示，5月，传统燃料乘用车国内销量为85.4万辆，环比增长2.2%，同比下滑 1%，降幅有所收窄。中国证券报记者观察到，燃油车销量小幅回暖背后，是以合资车企为主的局面正 在逐步改变。其中，奇瑞、吉利和长安等自主品牌燃油车在性价比、品质控制、产品竞争力等方面有明 显进步，与合资车企的差距正在显著缩小。 ● 熊永红 龚梦泽 燃油车迎市场复苏 记者观察到，在华市场表现突出的合资品牌都具有一个共同特点，即能够根据中国市场需求进行调整， 坚持油电并举，并实现完全本土化。宁德时代动力电池、华为乾崑智驾、火山引擎大模型、四维图新智 能座舱方案……一项项本土技术被搭载到合资品牌车型上，一方面帮助合资品牌快速精准捕捉市场变 化，推出更好的中国专属车型和定制化服务；另一方面加速了智能化技术迭代和市场化进程。 在中国新能源汽车产业创新联盟理事高云鹏看来，合资车企应依靠中国供应链，快速适应转型趋势。 坚持油电并举 反观自主品牌方面，依然优势尽显。根据中汽协数据，5月，中国品牌乘用车共销售162.2万辆，环比增 长3.3%，同比增长22.6%，占乘用车总销量的69%，销量占有率比上年同期提升5.3个百分点。尤其在 ...

【文/观察者网 潘昱辰 编辑/高莘】6月20日，吉利汽车披露公告称，吉利汽车、吉利控股、吉利汽车全 资附属公司GA(SGP)、吉利控股全资附属公司GH(SGP) 、雷诺及合资公司订立出资协议及合资协议。 据此，GA(SGP)有条件同意以其全资附属公司全部已发行股本及现金出资的方式向合资公司出资，以换 取合资公司普通股、认股权证及可转换优先股。同时，GH(SGP)有条件同意以其全资附属公司全部已发 行股本向合资公司出资，以换取合资公司普通股。 交割后，合资公司将由雷诺、GA(SGP)、GH(SGP)及一名独立第三方分别拥有73.57%、21.29%、5.11% 及0.03%的股权。合资企业行政总裁将由合资企业董事会根据雷诺的建议委任。 吉利与雷诺签订合资协议 吉利汽车 吉利汽车表示，通过与雷诺合作，吉利能够即刻进入拉丁美洲最大的汽车市场巴西，可加强在巴西的品 牌影响力及扩大市场覆盖范围，并可充分利用合资公司在巴西成熟的商业能力及全面的生态系统，包括 稳固的分销基础设施及覆盖全国的广泛经销商网络，提供销售与售后服务。这些优势将有助加快集团产 品在巴西市场份额的扩张。 吉利与雷诺的合作始于2021年8月，双方通过签 ...

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]

以下文章来源于BusinessCars ，作者黄云杰 5月27日，商务部突然把车企、行业协会还有二手车平台的人叫到一起，专门讨论最近闹得厉 害的"0 公里二手车"乱象。值得注意的是，这次闭门会议上，除了包括比亚迪东风在内的车 企代表外，居然还有抖音。 有朋友会问，汽车行业开闭门会，一个短视频平台凑什么热闹？事实上，在懂车帝、瓜子二 手车一些汽车交易平台之外，抖音才是"0公里二手车"最肥沃的土壤。 BusinessCars . 玩味汽车，解码商业！ 作者 | 黄云杰 来源 | BusinessCars 导语 ：在当前如此内卷的环境下，即使没有"0公里二手车"，车企也要主动降价。 近日，长城汽车董事长魏建军一石激起千层浪，把"0公里二手车"直接暴露在了公众视野里。 他在接受媒体采访时表示，"0公里二手车是现在的一种（行业）怪象。所谓'0公里二手车'， 就是指上完牌照就算完成了注册，好像是卖出去了，但又回到二手车商手里。有三四千家都 在卖，是非常乱的。" 不少网友表示，卖车的套路居然还能离谱成这样？毕竟"0公里"和"二手车"这两个原本矛盾的 事物却意外地和谐统一了起来。 突然被外界聚焦，并一棍子打成了乱象，一大批" ...

齐鲁晚报·齐鲁壹点记者 戚淑军 2025年5月25日，继"烟花三月遇江南、国韵新生见今朝"加新发布会成功举办及大运河溯源于杭州首航，扬州第二站圆满落幕之后，中国星文旅中国探索计 划第三季暨"车轮上的中国试驾会"驶向大运河第三站——济宁。 济宁的"乐"，既有孔子"有朋自远方来，不亦乐乎"的"好客之道"，又有孟子"与民同乐"的"生活之乐"，还有"我有嘉宾，鼓瑟吹笙"的"礼乐之待"和"一条大 河，波浪宽"的深情咏唱。本次试驾会，中国星借"运河音乐生活节"再次奏响济宁儒韵与诗乐，在"运河音乐会"上让传统与潮音共舞，在"运河上的非遗市 集"上看非遗、吃非遗、玩非遗，更有中国星·东方曜双车及中国星智擎双车带来卓越驾乘以及"运河十二时辰色"车色大秀带来极致中式豪华之美。以文化为 纽带，以品质为根基，中国星的科技驾控与千年运河文明再一次实现同频共振，彰显出中国品牌的非凡品质和自信风采。 l / s s th - 10 - the state a - s - - r 1 the p - 音乐生活节律动济宁运河，中国星创新演绎多彩非遗 南接江淮，北通燕幽，济宁段运河是整个京杭大运河上最具科技性和技巧性的一段，由明朝宋礼与白英精心 ...

团队成员 周丽君 院长/首席分析师 高 英 行业分析师 石本雅 行业分析师 资本下沉与人口回流 正提振小城车市 小城车市洞察报告(2025版) 2023-2024年，小城车市快速崛起，市占率随之提升 新迹象应引起车企的高度关注，尤其是吉利、比亚迪等主流车企 所有问题的关键在小城车市的本轮突然崛起，到底是偶然还是必然？到底是短期还是长期？ 近二十年，中国小城乘用车市场的销量走势犹如过山车：2007-2017年，三线、四线与五线 之小城车市蓬勃发展，终端销量由不足200万辆快速逼近1200万辆，市占率由不足40%快速 逼近50%，一跃成为能与大城车市分庭抗礼的新主流车市。期间小城车市为吉利、长城、奇 瑞、长安、比亚迪等广大中国品牌提供了肥沃的发展土壤，也为大众、丰田、本田、日产、 别克、现代等海外品牌开辟了持续增长的新蓝海，广大车企纷纷强化"市场下沉"战略；天 有不测风云，2018年起小城车市快速由盛转衰，终端销量快速跌破1000万辆，甚至跌破850 万辆，市占率快速回落至40%出头点，期间以小城车市为主的品牌纷纷遭遇沉重打击，销量 腰斩的不在少数，甚至不乏仅剩个零头的，广大车企的"市场下沉"战略瞬间哑火；202 ...

大家好，我是奇瑞销售，今天聊聊风云T9。 销量如何?卖得最多的是什么配置和颜色？ 我在4线城市，市区就我们1家奇瑞店，前阵子赶上五一，来看车的客户每天15批左右，比节前多一倍，专程来看风云T9的占35%。 上个月店里一共交车55台，风云T9卖出去17台，其中4台是我卖的，提成400块，贷款再多200。 目前仓库里有25台现车，15台中配长续航版尊荣型，指导价14.29万，颜色基本全是星夜黑和静影灰色。 谁在看这个车？买车用户都是什么样的？ 看车客户集中在20~40岁的男性，但最后买车的客户平均年龄至少35岁以上，他们大多是各行各业的小老板，生意不大但收入稳定，手头有台开了段时间的二手 车，大面包子或者雅阁都见过，另外可能是我的刻板印象，买这车的朋友们普遍聪明绝"顶"。 何老师在本地一中工作多年，有台上了年头的观致7，自从观致没了后，保养维修越来越不方便，刚好国家出了置换政策，便想着给自己换台大点的SUV。 虽然维修保养不方便，但这些年来观致7一直没出过毛病，何老师爱屋及乌对奇瑞也有好感，再加上学校有充电桩，便研究起风云T9来。刚开始我俩聊得挺热络， 但聪明的何老师转手拿着我的报价跑了起码5家汽贸店对比，我打电 ...