今日，尚界H5开启预售，预售价16.98万元起。预售开启后1小时，尚界H5收到了超2.5万张小订。这个 小订数据，令尚界内部对达成尚界H5销量目标更有信心。 据36氪汽车了解，明年尚界品牌还将推出两款新车，一款为轿车，另一款为SUV，其中SUV将于上半年 推出。 为保证尚界车型的交付，上汽与华为在产能、渠道上都做了充分的准备。 36氪汽车通过多位行业人士了解到，上汽与华为，为尚界品牌首款车型尚界H5，制定了月销2万辆的销 量目标；并结合后续新车，近期向供应链释放了年销40万辆的备料计划。 在产能方面，上汽不仅为尚界在临港建设了一座专属工厂，还盘下了上汽通用金桥工厂的部分产线。 在渠道方面，尚界除了会在鸿蒙智行用户中心进行销售，还会进入上汽与华为为它打造的专属用户中 心，从而形成双网服务体系，确保尚界新车上市即上量。 目前，尚界正广泛招募经销商，加大渠道铺设密度。8月14日尚界方面表示，已收到超过1500家经销商 报名，其中还包含保时捷、沃尔沃、路特斯等豪华品牌4S店的转投加盟。 资本市场对尚界亦是颇为热情。 8月20日，华为常务董事长余承东在微博宣布，尚界H5将在8月25日开启小定后，上汽股价迅速上涨， 截至 ...

值得注意的是，8月份以来，上汽已经连续发布多款重点产品。在尚界H5之前，8月5日，名爵旗下畅销 海外的"全球车"MG4迎来全新纯电车型。8月15日，智己品牌推出了新一代智己LS6，其超级增程版本 续航能力接近1500公里，受到市场的广泛关注。上汽奥迪也在8月相继推出奥迪A5L Sportback和E5 Sportback两款车型，剑指高端燃油和纯电市场。 下转 5版 （上接第1版） 本报记者 吴丹璐 昨天，上汽与华为合作打造品牌"尚界"的首款车型尚界H5正式开启预订。在鸿蒙智行举行的秋季新品 发布会上，尚界H5公布预售价16.98万元起，将于9月23日正式上市。开启预定一小时后，该车型小订突 破2.5万台。 "尚界"品牌自成立始，就备受外界关注。这一品牌不仅是华为鸿蒙智行家族的第五"界"，也是上汽对外 合作的关键落子。上汽集团总裁贾健旭曾公开表示，鸿蒙智行的智能解决方案让用户感受到最前沿的技 术和智能化体验，上汽垂直一体化产业整合能力将带鸿蒙智行更快地进入主流市场。 从目前公布的信息来看，尚界H5的确集纳了双方造车的长处。新车型搭载的HUAWEI XMO TION数字 底盘引擎融合了上汽70年的底盘开发经验； ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 8 月 25 日 [Table_Title] 新技术继续发力，全球新能源车亮眼 ——汽车行业周报 [Table_Summary] 报告要点： 乘用车 8 月前半月增速放缓，全年累计依旧强劲 乘用车：8 月 1-17 日，全国乘用车市场零售 86.6 万辆，同比去年 8 月 同期增长 2%，较上月同期增长 8%，今年以来累计零售 1,361.1 万辆， 同比增长 10%；8 月 1-17 日，全国乘用车厂商批发 84.1 万辆，同比去 年 8 月同期增长 20%，较上月同期增长 7%，今年以来累计批发 1,636.6 万辆，同比增长 13%。 新能源：8 月 1-17 日，全国乘用车新能源市场零售 50.2 万辆，同比去 年 8 月同期增长 9%，较上月同期增长 12%，全国乘用车新能源市场零售 渗透率 58.0%，今年以来累计零售 695.8 万辆，同比增长 28%；8 月 1- 17 日，全国乘用车厂商新能源批发 47.4 万辆，同比去年 8 月同期增长 18%，较上月同期增长 10%，全国乘用车厂商新能源批 ...

据介绍，在新能源动力方面，E5 Sportback搭载前后永磁同步电机，加速至100公里/小时仅需3.4秒。集 成宁德时代CTP无模组电池，可带来最高773km的超长续航，配合800伏高压平台架构，实现10分钟快 速补能370公里。电控系统兼具高效率、耐高温与耐高压特性。 据介绍，上汽集团与奥迪联合打造的豪华电动车品牌AUDI首款量产车型E5 Sportback开启预售，全系推 出先锋型、先锋plus型、先锋quattro型和旗舰quattro型配置车型，限时售价23.59万元起。 在豪华纯电车市场，30万元左右的价格区间一直是竞争的焦点。此前，不少豪华纯电车型起售价在30万 元以上，这在一定程度上限制了其市场份额的进一步扩大。而E5 Sportback则打破了这一价格壁垒。 据奥迪研发人员介绍，E5 Sportback高度还原概念车前瞻设计，是奥迪全新电动车设计语言在华的首发 之作。新车通过精雕车身线条，创新性地采用封闭式格栅设计，以及电子外后视镜和贯穿式扰流板等设 计，为用户带来兼具高效能与运动乐趣的驾乘体验。 "随着预售开启与量产同步启动，E5 Sportback整装待发。"全新AUDI品牌CEO宋斐明 ...

Group 1 - BYD has completely canceled its "limited-time fixed price" promotional policy starting July 1, ending subsidies of over 50,000 yuan, signaling the end of a two-year price war in the Chinese automotive industry [1] - The Chinese automotive industry has seen over 60 models with price reductions in the first quarter of this year, increasing to over 100 models by May, with price cuts ranging from thousands to 50,000 yuan [1] - Despite the call for "anti-involution," there are still hidden price reductions through tactics like limited-time pricing for new models and added features without price increases [1] Group 2 - The first-generation IM LS6 was launched in October 2023 with a starting price of 214,900 yuan, while the updated version, IM LS6 Theater Edition, added features valued at over 40,000 yuan but only increased the price by 3,000 yuan [2] - The pre-sale starting price for the next-generation IM LS6 has been reduced to 209,900 yuan, with expectations that the official price will drop below 200,000 yuan [4] - Li Auto's i8 model underwent a rapid series of changes, including a price adjustment and configuration updates, reflecting a trend of simplifying model versions and enhancing standard configurations [5] Group 3 - The strategy of "adding features without increasing prices" is seen as a form of price reduction, although it does not reflect in the visible price changes [7] - The penetration rate of new energy vehicles (NEVs) in China reached 51.1% in July, with NEVs experiencing a faster and larger price drop compared to traditional fuel vehicles [8] - The average price drop for new NEVs was 18,000 yuan, while fuel vehicles saw an average drop of 13,000 yuan, indicating a shift in market dynamics [8] Group 4 - Despite the price war, the average retail price of passenger cars in China has been steadily increasing, with the average expected to exceed 185,000 yuan by 2024 [10] - Most NEV companies remain unprofitable, with only BYD and Li Auto achieving profitability, while Leap Motor is the third to reach profitability but has not achieved annual profitability [10] - The automotive industry saw a revenue increase of 7% to 32.55 billion yuan in the first four months of the year, but costs rose faster at 8%, leading to a 5.1% decline in profits [13]

Core Insights - SAIC Audi has launched its first strategic electric vehicle, the Audi E5 Sportback, with a pre-sale price ranging from 235,900 to 319,900 yuan, marking a significant step in its electrification strategy [1] - The company has shown a strong product launch momentum in August, with multiple new models and technologies being introduced across its brands [1] - SAIC Group's sales have been steadily increasing, with a notable 34.2% year-on-year growth in July, and a cumulative sales increase of 15% for the first seven months of the year [2] Sales Performance - In July, SAIC Group sold 338,000 vehicles, achieving a 34.2% year-on-year increase, while the cumulative sales for the first seven months reached 2.39 million units, up 15% [2] - The sales of SAIC's new energy vehicles in July reached 117,000 units, a significant 64.9% increase year-on-year, with a total of 764,000 units sold in the first seven months, reflecting a 43.5% growth [2] - The self-owned brands of SAIC have shown robust growth, with a 39.4% increase in July sales, totaling 1.52 million units for the first seven months, which is a 23.3% increase [10] Product Development - The new Roewe M7 DMH, designed by former Rolls-Royce designer Joseph Kaban, is set to launch soon, featuring a new generation DMH hybrid system with a pure electric range of 160 km [3] - MG brand continues to innovate with the launch of the 2026 MG5 and MG Cyberster, as well as the introduction of the MG Cyber X, a new electric model with a unique design [5] - The high-end brand Zhiji is also expanding, with the Zhiji L6 and LS6 models gaining market acceptance, and the LS6 set to debut with advanced range-extending technology [8] Market Strategy - SAIC Group's overseas sales reached 576,000 units in the first seven months, demonstrating resilience despite external challenges, and the MG brand has outperformed Tesla in Europe for the first time [18] - The company has adopted a "Glocal" strategy to enhance its global presence, focusing on local market needs while leveraging its global resources [18] - SAIC's new energy strategy includes the launch of the "Zhi Jing" brand, which aims to integrate advanced technology and design to compete in the high-end market [16][14]

Investment Rating - The report rates the automotive industry as "Positive" [5] Core Insights - The UK government has reintroduced purchase subsidy policies for electric vehicles, which is expected to increase the penetration rate of pure electric vehicles to 26% [2][20] - Domestic plug-in hybrid vehicle sales have experienced a negative growth for the first time, while commercial vehicles and exports show strong performance [3][40] - The report highlights significant growth in electric vehicle sales in Europe and other regions, with a notable increase in the US market [3][78] Monthly Focus - The UK has launched multiple subsidy policies for electric vehicles, including a purchase subsidy that will provide £3,750 or £1,500 for eligible vehicles starting from July 2025, with a total budget of £650 million [10][14] - The reintroduction of subsidies is driven by the UK's stringent regulations under the "Zero Emission Vehicle Directive," which mandates that 80% of new car sales must be zero-emission vehicles by 2030 [15][20] - The expected impact of the subsidy policy is an increase in the penetration rate of pure electric vehicles from 24% to 26%, benefiting manufacturers with production capabilities in Europe and the UK [2][21] Key Data Tracking - In July, domestic plug-in hybrid vehicle retail sales decreased by 4% year-on-year, marking the first decline since the surge of new energy vehicles [3][35] - Commercial vehicle sales continue to grow at a high rate, with penetration rates exceeding 20% for four consecutive months [40] - Exports of new energy vehicles have maintained high growth since 2025, particularly driven by significant increases in exports from BYD and Chery [47][55] Industry and Company Changes - Major state-owned enterprises in China, such as Changan and FAW Group, have set targets for new energy vehicle sales to exceed 60% by 2030 [4] - New models featuring plug-in hybrid and range-extended technologies have been launched by companies like Zeekr and IM Motors [4] - Collaborations between Huawei and various brands are expected to yield new models, with several set to launch in the near future [4]

Core Insights - The new generation of Zhiji LS6 has officially started pre-sales on August 15, marking it as the most important product for Zhiji this year [2] - Zhiji's marketing strategy includes both upward comparisons with luxury brands and downward comparisons with lower-tier models, showcasing the LS6's flexibility and safety features [2] - The LS6 aims to address consumer pain points such as range anxiety and charging convenience, positioning itself as a preferred choice for various user segments [3] Product Features - The LS6 features the largest 66kWh battery from CATL, achieving a pure electric range of over 450 kilometers, which surpasses the average ranges of other plug-in hybrid and electric vehicles [3][4] - The vehicle boasts high-performance specifications, including a 0-100 km/h acceleration time of 3.48 seconds and a braking distance of 33.6 meters [4] - The pricing strategy is competitive, with the 450 km range version priced at 239,900 yuan and the 370 km range version at 214,900 yuan [4] Market Performance - Despite the ambitious launch, Zhiji's sales figures remain modest, with 24,900 units sold from January to July, reflecting a year-on-year decrease of 6.25% [5] - The success of the LS6 is critical for Zhiji, as evidenced by the rapid order volume, with over 10,000 orders placed within 30 minutes of the pre-sale announcement [6]

中国青年报客户端讯（中青报·中青网记者 王志远）近两年，增程车凭借"可油可电"的特性，有效缓解 了新能源汽车用户的续航焦虑与充电设施不足等痛点，越来越多的车企将增程车视为战略突破点。8月 15日，新一代智己LS6开启预售，推出超级增程和纯电双动力版本共四款车型，预售价格为21.99 万-28.99万元。 辅助驾驶方面，Momenta赋能的IMAD3.0，为新一代智己LS6带来全国都能用的"无图NOA"功能。另 外，新一代智己LS6还将搭载基于英伟达Thor芯片的辅助驾驶方案，配备520线激光雷达，为用户带来 更丝滑流畅、安全可靠的辅助驾驶体验。 统计数据显示，今年上半年的国内车市中，智己LS6在中大型纯电SUV领域位居第二、全新智己L6则在 20万元以上中大型纯电轿车领域跻身月销量"TOP3。刘涛透露，新一代智己LS6将于9月10日上市并开启 交付。 来源：中国青年报客户端 据介绍，智己"恒星"超级增程是上汽集团与宁德时代联手实现的重大技术突破。作为首搭车型，新一代 智己LS6拥有超过1500公里的续航里程。 此外，新一代智己LS6搭载66kWh超级骁遥MAX电池，CLTC纯电续航里程突破450公里。800V ...

Group 1 - Xiaomi's Vice President Li Xiaoshuang addressed concerns regarding the SU7 electric vehicle's charging capabilities abroad, stating that compatibility with charging interfaces and distribution of charging stations are key factors. He noted that in regions like Central Asia and Europe, the majority of charging interfaces are compatible with the domestic experience, and charging stations are widely available, with an average of 150-200 kilometers between superchargers in Central Asia and 20-50 kilometers in Europe [2] - The new generation of IM Motors LS6 has been officially announced with eight configuration versions, starting at a pre-sale price of 209,900 yuan. The vehicle features the "Star" super-range technology, a 66 kWh battery, and an 800V high-voltage platform, achieving a pure electric range of 450 kilometers and supporting a quick charge of 310 kilometers in just 15 minutes. The official launch and delivery are expected on September 10 [2] - Great Wall Motors announced the full launch of its production line in Brazil, marking a significant milestone for Chinese automakers in high-quality overseas manufacturing. The first vehicle produced is the Haval H6 GT, with plans to produce additional models such as the Haval H9 and Poer pickup in the next phase [2] Group 2 - The establishment of the Transportation Big Model Innovation and Industry Alliance in Beijing signifies a shift from fragmented exploration to collaborative development in comprehensive transportation modeling. The alliance includes 55 initial members from various sectors, including industry enterprises, AI companies, and academic institutions, covering all aspects of transportation [2]