Core Viewpoint - SAIC-GM Buick's new high-end electric vehicle sub-brand "Zhijing" has launched its flagship sedan, Zhijing L7, marking its entry into the competitive electric sedan market against new energy vehicle startups [2][3]. Group 1: Product Launch and Market Positioning - The Zhijing L7 was officially launched on September 28, with five models priced between 169,900 and 215,900 yuan [2]. - The Zhijing brand was introduced in April, with its first model, the "Shijia," positioned as a luxury MPV targeting the million-yuan segment [2]. - The entry of Zhijing L7 into the sedan market is seen as a strategic move to compete with established players and new entrants in the electric vehicle sector [2][3]. Group 2: Technical Specifications and Features - Zhijing L7 is classified as a C-class mid-large sedan, with dimensions of 5032mm in length, 1952mm in width, and 1500mm in height, while its pricing places it in the B-class segment [3]. - The vehicle features the "Zhenlong" range extender system, which includes a 252kW electric drive and a 1.5T hybrid engine, achieving a combined fuel consumption of just 0.5 liters per 100 kilometers [3]. - The pure electric range of Zhijing L7 is 302 kilometers, with a total range of 1420 kilometers, and it supports fast charging from 30% to 80% in just 18 minutes [3]. Group 3: Competitive Landscape and Market Trends - The hybrid vehicle market has seen significant growth, with sales reaching 3.46 million units in the first eight months of the year, a year-on-year increase of 22.8% [3]. - Companies like Li Auto, which have successfully entered the hybrid market, have reported improved sales and profitability, indicating a trend that attracts more manufacturers to this segment [3]. Group 4: Technological Advancements - Zhijing L7 incorporates Buick's "Xiaoyao Zhixing" driver assistance system and is the first to feature the Momenta R6 flywheel model based on end-to-end reinforcement learning [4]. - The vehicle is equipped with Qualcomm's latest SA8775P chip, providing 72 TOPS of AI computing power for an enhanced user experience [4]. - The development of Zhijing L7 reflects a shift in SAIC-GM's strategy, with increased autonomy and efficiency in product development, as well as more frequent communication with General Motors headquarters [4].

今年港股市场规模最大的车企 IPO 来了。 9 月 25 日，奇瑞汽车股份有限公司（简称"奇瑞"）在港交所正式挂牌上市，以 30.75 港元/股的招股价上限定价，募资规模达 91.4 亿港元，为年内港股车企 IPO 划下浓重一笔。 截至当日收盘，奇瑞股价报 31.92 港元/股，涨幅为 3.8%，市值高达1841亿港元，在港股相较于小鹏汽车略高（1648亿港元），略低于吉利汽车（1866亿港 元）、理想汽车（2059亿港元）。 | 球發售項下發售股份數目 : 297,397,000股H股(視乎超額配股權 | | --- | | 行使與合而定) | | 香港發售股份數目 : 29,739,700股H股 | | 國際發售股份數目 : 267,657,300股H股(視乎超額配股權行 | | 使與合而定) | | 最終發售價 : 每股H股30.75港元,另加1.0%經紀佣 | | 金、0.0027%證監會交易徵費、 | | 0.00015%會財局交易徵費及 | | 0.00565%香港聯交所交易費 | | (須於申請時以港元繳足, | | 多繳股款可予退還) | | 面值 : 每股H股人民幣1.00元 股份代號 : ...

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, 2025, raising HKD 91.4 billion, marking the largest IPO of a car company in the Hong Kong market in 2025, despite challenges in the industry [5][7]. Group 1: Company Growth and Market Position - Chery has become the fastest-growing brand among the top ten passenger car companies in China and the only company among the top twenty globally to achieve over 25% growth in both new energy and fuel vehicles in 2024 [7][8]. - In 2024, Chery's overseas sales reached 1.145 million units, accounting for 40% of its total revenue, solidifying its position as a leading exporter of Chinese cars [10][12]. - Chery has maintained its status as the top exporter of Chinese passenger cars for 22 consecutive years, contributing to its nearly HKD 200 billion valuation in the Hong Kong market [8][10]. Group 2: Financial Performance - Chery's revenue from passenger vehicles in 2022 was RMB 82.511 billion, with a gross profit margin of 13.8%, which is below the industry average of 15%-25% [15][24]. - The company's sales, administrative, research and development, and financial expenses accounted for only 9.5% of total revenue in the first quarter of 2025, showcasing its cost control capabilities [13][17]. - Despite high sales growth, Chery's gross profit margin has been declining, with fuel vehicle margins dropping from 16.3% in Q1 2024 to 14.4% in Q1 2025 [24][25]. Group 3: Challenges and Strategic Shifts - Chery faces a significant reliance on fuel vehicles, with over 60% of its passenger vehicle revenue coming from this segment in Q1 2025, while the market for new energy vehicles continues to grow rapidly [22][23]. - The company has initiated a major restructuring to address its "偏科" (specialization) issues, including the establishment of a new brand management structure and a shift towards resource integration for smart vehicle development [28][29]. - Chery's R&D investment has been relatively low, with a research expense ratio of only 3.3% in Q1 2025, compared to 8.3% for competitors like BYD [26][29]. Group 4: Future Directions - The funds raised from the IPO will be allocated to various strategic initiatives, including 35% for developing different models of passenger vehicles, 25% for next-generation automotive technologies, and 20% for expanding overseas markets [34]. - Chery aims to enhance its product mix and accelerate its transition to new energy vehicles, with a notable increase in the share of hybrid vehicles from 1.6% in 2022 to 17.5% in Q1 2025 [29][30]. - The company is focusing on high-end branding and has prioritized its "智界" (Intelligent World) brand for future product lines, indicating a strategic shift towards premium offerings [30][31].

21世纪经济报道 见习记者何煦阳 奇瑞控股集团董事长尹同跃敲响的港交所钟声，回荡着奇瑞汽车二十余年的风雨兼程。 2025年9月25日，奇瑞汽车成功登陆港交所，股票代码9973.HK，募资规模达91.4亿港元，成为港股市场 2025年以来最大车企IPO。 奇瑞汽车开盘表现亮眼。以34.2港元/股开盘，较30.75港元的发行价上涨11.22%，市值一度突破2000亿 港元。截至收盘，奇瑞汽车股价为31.92港元/股，市值回落至1840.90亿港元，仍展现出资本市场对奇瑞 汽车的认可。 回溯奇瑞的发展历程，从1997年安徽芜湖城北一家废弃砖瓦厂的小草房开始，到如今产品远销超100个 国家和地区，奇瑞走过的28年，是一部中国自主品牌汽车的奋斗史。尹同跃斑白的两鬓，见证了这个品 牌从无到有、从国内到海外的艰辛历程。 在行业增速放缓的当下，奇瑞却交出了一份亮眼的成绩单：据弗若斯特沙利文，2024年，奇瑞成为中国 前十大乘用车企中增速最快的品牌，更是全球前二十乘用车企中，唯一在新能源、燃油车、国内外市场 均实现同比超25%增长的企业。 海外市场更是奇瑞的"王牌战场"，使其稳坐"出海王者"宝座。2024年我国汽车总出口586 ...

Core Viewpoint - Huawei has transitioned from a technology provider to a significant player in the automotive industry, establishing a comprehensive sales and service network while maintaining control over its brand and operations [7][28][30]. Group 1: Huawei's Automotive Strategy - Huawei's automotive business has evolved from initial skepticism to becoming a key partner for various car manufacturers, now collaborating with eight major state-owned car companies [7][8]. - The company has developed a structured sales model called "Hongmeng Zhixing," which integrates sales, delivery, and service functions under a unified management system [14][22]. - The sales strategy has shifted from a dual-channel approach to a more centralized model, allowing Huawei to exert greater control over the customer experience and operational standards [12][14][17]. Group 2: Sales and Distribution Channels - The establishment of "Hongmeng Zhixing" user centers has allowed Huawei to rapidly expand its service network by converting existing luxury brand showrooms into its own centers [18][19]. - Different types of stores, such as direct stores, authorized experience stores, and user centers, have been created to cater to various sales and service needs [21][22]. - The sales process emphasizes a standardized approach, with strict adherence to Huawei's operational guidelines to ensure a consistent customer experience across all locations [24][25]. Group 3: Product Development and Market Positioning - Huawei's product development strategy is heavily influenced by user feedback, allowing it to create vehicles that resonate with consumer needs, particularly in the high-end market [26][30]. - The company aims to position itself as a "super supplier" rather than a traditional car manufacturer, focusing on providing comprehensive solutions for smart vehicles [30][32]. - Huawei's approach to automotive sales reflects its broader strategy of leveraging its technological expertise while avoiding the pitfalls of direct vehicle manufacturing [28][32].

Core Insights - Huawei has established a significant presence in the automotive industry, evolving from a cautious entry to becoming a key player with a comprehensive sales and service model [3][26][30] - The company has developed a standardized operational methodology for its automotive sales, ensuring a consistent customer experience across various channels [25][21] - Huawei's strategy has shifted towards a more integrated approach, consolidating control over sales, delivery, and service processes within its automotive ecosystem [10][12][11] Group 1: Sales and Distribution Strategy - Huawei's automotive sales model has transitioned from a fragmented approach to a more unified system, with the establishment of the "Hongmeng Intelligent Travel" user centers [11][12] - The company has implemented a detailed and standardized operational framework for its dealerships, including specific guidelines for store layout, staff training, and customer interaction [22][23] - The sales channels have evolved to include various types of stores, such as direct sales stores, authorized experience stores, and user centers, each with distinct functions [19][18] Group 2: Market Position and Partnerships - Huawei has expanded its partnerships with multiple domestic and international automotive manufacturers, significantly increasing its influence in the market [2][26] - The company has successfully penetrated the market with over 930,000 vehicles equipped with its technology, showcasing its growing footprint in the automotive sector [2] - The shift in Huawei's role from a technology provider to a brand co-builder indicates a strategic move to deepen its involvement in the automotive industry [26][30] Group 3: Challenges and Adaptations - Early challenges in the automotive sales process highlighted the complexities of managing sales and service across different entities, leading to a reevaluation of its operational model [9][10] - The company has faced pressure to maintain customer satisfaction amid rapid sales growth, necessitating the establishment of additional service points and user centers [16][17] - Huawei's approach to automotive sales reflects a broader trend of adapting to market feedback and continuously iterating on its business model to optimize performance [20][32]

21世纪经济报道记者焦文娟 9月上旬，上海一家尚界用户中心尚未正式开业，但店内已至少有 7 名销售人员在岗随时准备接待闻讯而来的顾客。 这家由捷豹路虎展厅翻新而来的门店，紧邻奥迪，此刻正经历着与往日截然不同的关注度——在尚界H5车型上市前，门店最多 曾一天接待超30组前来看车的客户。 在鸿蒙智行的"专网渠道"建设中，除了问界外，尚界是最先开始行动的。据《21汽车·一见Auto》了解，今年4月初，在尚界品牌 正式官宣亮相前半个月，有经销商已经收到相关渠道信息。相比之下，享界用户中心仍在筹备，而智界用户中心目前仅武汉一 家门店投入运营。 合作模式的升级正进一步强化华为在销售端的管理权限。有知情人士告诉《21汽车·一见Auto》，门店合作方为传统经销商，但 选址、视觉标准和运营流程均遵循鸿蒙智行统一规范。 在入局汽车业之前，华为曾步履维艰。2019年车BU成立时，传统车企警惕"灵魂论"，华为的深度合作伙伴只有赛力斯。如今， 车企们视华为为逆天改命的良方。目前，华为的朋友圈已集结八大国有车企，合作伙伴扩展到自主、合资、外资车企。 目前，鸿蒙智行覆盖15万级至百万级市场，掌握了93万辆车的"卖车命门"，算上Hi模式和零 ...

合作模式的升级正进一步强化华为在销售端的管理权限。有知情人士告诉《21汽车·一见Auto》，门店 合作方为传统经销商，但选址、视觉标准和运营流程均遵循鸿蒙智行统一规范。 有经销商对《21汽车·一见Auto》表示，根据鸿蒙最新要求的布局，展车从原本45度角朝向门口调整为 面对面摆放，"这样从客户视角来看，走进展厅就能看到所有的车头，会有一种被迎接的感觉。"上述渠 道商举例称，为了让用户走进展厅就能感受到华为的服务，即便是展厅入口陈列的蝴蝶兰，其颜色、朝 向甚至枝数也须符合鸿蒙的规定。 在入局汽车业之前，华为曾步履维艰。2019年车BU成立时，传统车企警惕"灵魂论"，华为的深度合作 伙伴只有赛力斯。如今，车企们视华为为逆天改命的良方。目前，华为的朋友圈已集结八大国有车企， 合作伙伴扩展到自主、合资、外资车企。 目前，鸿蒙智行覆盖15万级至百万级市场，掌握了93万辆车的"卖车命门"，算上Hi模式和零部件模式的 合作车型，华为的技术已经渗透进超百万辆智能汽车。 21世纪经济报道记者 焦文娟 9月上旬，上海一家尚界用户中心尚未正式开业，但店内已至少有 7 名销售人员在岗随时准备接待闻讯 而来的顾客。 这家由捷豹路虎展厅 ...

9月24日，赴港上市的奇瑞汽车结束招股，目前已进入暗盘阶段，暗盘显示，奇瑞汽车上涨超8%，总市值已逼近2000亿港元。 | 35.000 今 开 33.300 33.380+ 最高 | | --- | | 30.800 昨 收 30.750 +2.630 +8.55% | | 成交额 2.79亿 市盈率TTM 10.99 总市值 · 1925.10亿 | | 成交量 851.59万股 市盈率(静) 12.50 总股本 | | 换手率 0 0.37% 市净率 1 6.64 流通值 1 772.21亿 | | 52周最高 35.000 委 比 31.22% 流通股 23.13亿 | | 52周最低 30.800 量 比 = 振 幅 13.66% | | 35.000 股息TTM 历史最高 | | 历史最低 30.800 股息LFY == 股息率LFY | | 平均价 32.780 每 手 手 100股 beta系数 () 100股 | 招股书显示，以2024年的全球乘用车销量计算，奇瑞汽车是中国第二大自主品牌乘用车公司和全球第十一大乘用车公司。 奇瑞汽车最早曾在2004年尝试IPO，后续又有多次尝试，但始终未能如 ...

9月24日，赴港上市的奇瑞汽车结束招股，目前已进入暗盘阶段，暗盘显示，奇瑞汽车上涨超8%，总市值已逼近2000 亿港元。 招股书显示，以2024年的全球乘用车销量计算，奇瑞汽车是中国第二大自主品牌乘用车公司和全球第十一大乘用车公 司。 奇瑞汽车最早曾在2004年尝试IPO，后续又有多次尝试，但始终未能如愿，直到此次赴港上市，奇瑞汽车终于圆了上 市梦。 连续22年出口第一 | 33.380+ 最高 高 35.000 今 开 33.300 | | --- | | +2.630 +8.55% - 最 低 - 30.800 昨 收 - 30.750 | | 成交额 2.79亿 市盈率TTM 10.99 总市值 · 1925.10亿 | | 成交量 851.59万股 市盈率(静) 12.50 总股本 57.67亿 | | 换手率 2 0.37% 市净率 1 6.64 流通值 1 772.21亿 | | 52周最高 35.000 委 比 | | 52周最低 30.800 量 比 | | 历史最高 35.000 股息TTM | | 历史最低 30.800 股息LFY | | 平均价 32.780 每 手 手 3 100股 ...