值得注意的是，据此前报道，近期小米二手车行情出现大幅下滑，三款车型中SU7价格低至15万，SU7 Ultra 跌幅最大，YU7相对跌幅较小。懂车帝数据显示，当前全国均价为41.2万元，二手准新车较原价普 遍下跌超过10万元。部分1万公里左右二手车跌幅更是超过15万元。 据懂车帝等平台数据，2025年12月小米SU7 Ultra销量为45辆。 据蓝鲸新闻报道，此前小米SU7 Ultra销量最高的月份为2025年3月，卖出3101辆。从2025年3月到8月， 小米SU7 Ultra的月销量基本维持在2000至3000辆之间，然而自9月起，销量出现大幅下滑，当月仅售出 488辆。10月销量进一步跌至130辆，11月已不足百辆，直至12月已不足50辆。 小米SU7 Ultra是小米汽车高端化战略下的核心产品，2025年2月27日正式上市，售价52.99万元。 从年度数据看，小米SU7 Ultra累计销量已突破1万辆，完成了雷军此前设定的目标，不过该车型主要销 量在上半年完成，下半年仅售出约3000辆，后期下滑明显。 值得一提的是，SU7 Ultra对标车型为保时捷Taycan、极氪001 FR 、特斯拉Model S ...

小米SU7 Ultra是小米汽车高端化战略下的核心产品，2025年2月27日正式上市，售价52.99万 元。 从年度数据看，小米SU7 Ultra累计销量已突破1万辆，完成了雷军此前设定的目标，不过该车 型主要销量在上半年完成，下半年仅售出约3000辆，后期下滑明显。 值得一提的是，SU7 Ultra对标车型为保时捷Taycan、极氪001 FR、特斯拉Model S 等。横向 比较来看，尽管销量有所下滑，但在细分市场中仍属表现较佳的车型。 据懂车帝等平台数据，2025年12月小米SU7 Ultra销量为45辆。 据蓝鲸新闻报道，此前小米SU7 Ultra销量最高的月份为 2025年 3月，卖出3101辆。从 2025年 3月到8月，小米SU7 Ultra的月销量基本维持在2000至3000辆之间，然而自9月起，销量出现 大幅下滑，当月仅售出488辆。10月销量进一步跌至130辆，11月已不足百辆，直至12月已不 足50辆。 SU7 Ultra销量的下滑，与小米汽车旗下另两款车型的表现形成反差。2025年12月，小米SU7 销量为11123辆，YU7销量更是突破39000辆，连续数月创下销量新高。 值得注意的 ...

Core Insights - Huawei's latest smartphones supporting satellite communication have garnered market attention, indicating the maturity of satellite communication technology and its potential for consumer market applications [1][4] - The introduction of satellite communication features in consumer electronics, such as smartphones and vehicles, marks a significant step towards the widespread adoption of satellite communication services [2][4] Group 1: Industry Developments - Huawei's high-end smartphones, Mate 60 Pro and Mate 60 Pro+, can connect directly to Tiantong and Beidou satellites, offering satellite phone, short messaging, and navigation functions [2] - China Telecom has launched a "mobile direct satellite service" compatible with Huawei's new models, while China Mobile has completed the first domestic NR-NTN low Earth orbit satellite simulation verification [2] - The Global System for Mobile Communications (GSA) reported that as of July 2023, eight mobile operators across eight countries have launched commercial satellite communication services, doubling in the past four months [2] Group 2: Product Innovations - Qualcomm announced that its Snapdragon 8 Gen 2 mobile platform will support satellite communication features in smartphones, with expected releases in the second half of 2023 [3] - MediaTek showcased its 3GPP 5G non-terrestrial network technology, supporting bidirectional satellite communication applications in smartphones [3] - Zeekr has launched the world's fastest mass-produced satellite internet passenger vehicle, Zeekr 001 FR, which provides satellite communication capabilities [3] Group 3: Market Maturity - The integration of satellite communication in smartphones and vehicles signifies the maturity of satellite communication services and their expansion into the consumer market [4] - The satellite communication industry chain includes satellite manufacturing, ground equipment, satellite operations, and applications, with a focus on baseband chips, smartphone manufacturers, and satellite manufacturers [4] - The development of satellite communication relies on new technologies, particularly low Earth orbit satellite constellations for internet access [4] Group 4: Emerging Business Models - The successful application of satellite communication in Huawei smartphones is expected to drive a mature supply chain and reduce R&D costs, leading to broader adoption [7] - Mobile direct satellite communication is anticipated to become a primary business model in the satellite internet sector [7] - Companies like Tongyu Communication and Aiguang Technology are actively developing satellite communication technologies and products, indicating a growing interest in this market [7][8]

Core Viewpoint - The article discusses the significant transformation of domestic automotive brands in China, highlighting their rapid growth and increasing market share in the context of the competitive landscape against joint venture brands [1][11]. Market Performance - In the first half of the year, the retail sales volume of passenger cars reached 10.901 million units, representing a year-on-year increase of 10.8%. Domestic brands captured 64% of the retail market share, up 7.5 percentage points from the previous year [3][6]. - Domestic brands have moved from holding 50% to 64% market share in just three years, indicating a strong comeback [3][6]. Brand Positioning - The top ten retail sales list for the first half of the year features six domestic brands, pushing joint venture brands down to four positions. Notably, BYD and Geely both surpassed one million units in sales, contributing significantly to the growth of domestic brands [4][6]. - The dominance of domestic brands in the market is evident as they have transitioned from being mere participants to leading players in the automotive industry [11][12]. Competitive Dynamics - The article notes a stark contrast between the rising domestic brands and the declining presence of joint venture brands, which were once market leaders. The shift in market dynamics is attributed to the technological advancements and strategic positioning of domestic brands [9][16]. - Joint venture brands are facing challenges in adapting to the electric and smart vehicle trends, leading to a decline in market share and necessitating significant adjustments to maintain competitiveness [16][18]. Technological Advancements - Domestic brands are leveraging innovations such as blade batteries, integrated body technologies, and advanced intelligent driving systems, which have become new market benchmarks [14]. - The article emphasizes that domestic brands are not only focusing on domestic markets but are also expanding aggressively into international markets, enhancing their global competitiveness [14][16]. Future Outlook - The competitive landscape remains fluid, with joint venture brands attempting to regain footing through product adjustments and strategic shifts. However, the entrenched brand loyalty and technological advantages of joint ventures still pose challenges for domestic brands in the high-end market segment [18].

Group 1 - The electric G-Class from Mercedes-Benz has been acknowledged as a commercial failure, with high inventory levels at dealerships [1][4] - As of April this year, only 1,450 units of the electric G-Class have been sold, with China and South Korea each accounting for around 50 units [4] - In contrast, the sales of fuel and diesel versions reached 9,700 units, indicating a significant preference for traditional models over the electric variant [5][6] Group 2 - Despite the poor sales of the electric G-Class, the traditional G-Class continues to perform well, with a projected 18% increase in sales for Q1 2025 compared to the previous year [7] - The electric G-Class is technically capable off-road, featuring independent motors for precise torque control and improved water wading depth compared to fuel versions [24][26] - However, the emotional appeal and brand heritage associated with the traditional fuel-powered G-Class are critical factors influencing consumer preferences, as luxury car buyers value brand history and cultural significance [28][29] Group 3 - The luxury car market is increasingly competitive, with domestic brands in China offering advanced technologies that challenge traditional luxury automakers [32][36] - The shift towards electric vehicles raises questions about whether the historical prestige of brands like Mercedes-Benz can justify the high price points of their electric models [37][38] - Brands like Ferrari are opting for hybrid technologies instead of fully electric models, indicating a strategic approach to maintaining their luxury status while adapting to market trends [39]

Core Viewpoint - The current competitive landscape in the new energy vehicle sector is not favorable for Geely, prompting strategic adjustments and the privatization of Zeekr to enhance operational efficiency and market positioning [1][3][36]. Group 1: Privatization of Zeekr - Geely announced a non-binding offer to privatize Zeekr, which it currently holds approximately 65.7% of, at a price of $2.566 per share, representing a 13.6% premium over the last trading day [3][5]. - The privatization allows Zeekr to delist from the NYSE and integrate into Geely's structure, which is seen as a necessary move given the uncertain outlook of remaining publicly listed [5][36]. - This strategic move is viewed as a way for Geely to consolidate its resources and streamline operations amid increasing competition in the new energy vehicle market [6][30]. Group 2: Strategic Adjustments - Geely's management has emphasized a focus on core automotive operations, aiming to enhance efficiency and strategic collaboration across its various business units, as outlined in the "Taizhou Declaration" [6][8]. - The declaration highlights the need for a comprehensive review of Geely's business segments, aiming to clarify brand positioning and reduce internal competition [6][8]. - The integration of brands like Lynk & Co and Zeekr is part of a broader strategy to eliminate redundancy and improve resource utilization [8][9]. Group 3: Market Performance and Challenges - Despite the strategic adjustments, Geely's higher-end brands, including Zeekr and Polestar, have struggled in the market, with Polestar selling only 3,114 units in 2024 [10][12]. - The competitive landscape has intensified with the entry of new players like Xiaomi, which has significantly outperformed Geely's brands in sales [12][19]. - Geely's internal brand competition has led to confusion regarding product positioning and market strategy, impacting overall sales performance [12][19]. Group 4: Financial Performance of Zeekr - Zeekr has faced significant financial losses since its inception, with net losses of 4.514 billion, 7.655 billion, 8.264 billion, and 5.79 billion yuan from 2021 to 2024 [27]. - The brand's sales performance has not met expectations, with only 5.5 million units sold in the first four months of 2025, falling short of its annual target [26][27]. - The financial challenges faced by Zeekr are becoming increasingly apparent as competitors in the new energy sector begin to achieve profitability [27][30]. Group 5: Cost Control and Competitive Positioning - Cost control is a critical focus for both Zeekr and Geely, with expectations that the integration will lead to reduced R&D and BOM costs by 5% and 3%, respectively [30][31]. - The consolidation of brands is anticipated to enhance negotiation power with suppliers, thereby improving competitive pricing [30][31]. - The shift to a more streamlined operational model is seen as essential for maintaining competitiveness in a rapidly evolving market [30][31].

Core Perspective - The 2025 Shanghai Auto Show showcases a revolution in automotive design aesthetics, with Chinese brands integrating cultural elements into their designs, moving beyond superficial aesthetics to redefine the automotive industry's aesthetic standards [2][3][4]. Design Language Reconstruction - GAC's Trumpchi S9 embodies the philosophy of "hiding sharpness in gentleness," reflecting a modern interpretation of Chinese cultural genes through its design [3]. - The shift in design paradigms indicates a transition from merely transporting cultural symbols to deeply decoding and reorganizing cultural genes within the Chinese automotive industry [3]. - The Red Flag brand's grille design exemplifies this transformation, utilizing parametric algorithms to reinterpret traditional aesthetics into a modern context [3]. Color Revolution - The Zeekr 001 FR's "Extreme Blue" paint represents a technological interpretation of traditional aesthetics, showcasing dynamic glaze color beauty through advanced materials [4]. - Chinese automotive manufacturers are acting as cultural decoders, transforming ancient motifs into algorithms that drive future designs [4]. Material Revolution - Domestic automakers are leveraging patent data to build a technological aesthetic, with 38% of new material application patents globally reflecting advancements in materials science [7]. - Innovations such as BYD's "blade battery" and XPeng's flying car design illustrate the integration of traditional wisdom with modern material science [7]. Globalization and Localization Balance - The GAC CC4 concept car merges pre-war streamlined design with contemporary aesthetics, showcasing a blend of Western modernism and Eastern life philosophy [8]. - The localization rate of Chinese automakers' overseas models has increased from 15% in 2020 to 47% in 2024, highlighting collaboration between local design centers and cultural institutions [8]. Emotional Design Standards - The China Automotive Engineering Research Institute is set to introduce the world's first international standard for emotional design in smart vehicles, incorporating cultural symbols into the evaluation system [9]. - This "soft standard" aims to redefine the value system in global automotive design, emphasizing cultural DNA in smart vehicles [9]. Future Competition Landscape - The competition in automotive design will extend beyond technical specifications to include cultural encoding and value output capabilities, positioning Chinese automotive industry as a digital carrier of civilization [9].

在中国市场，保时捷正面临着来自比亚迪等本土汽车制造商的激烈竞争。数据显示，今年第一季度，保时捷在 华交付量仅9471辆，同比暴跌42%，占全球销量的比例从巅峰时期的30%降至13.25%。 保时捷大跌 当地时间4月29日，据路透社报道，德国大众汽车旗下豪华汽车品牌保时捷第一季度销售额下降1.7%，至 88.6亿欧元，低于市场预估的89.8亿欧元；集团营业利润大幅下降40.6%，至7.6亿欧元，不及市场预估的 8.382亿欧元。 受此影响，欧洲股市开盘后，保时捷股价一度大跌超7%，截至北京时间17:00，跌幅仍达5.2%。 | < W | 保时捷 | | | | | | --- | --- | --- | --- | --- | --- | | | P911.DF 延时行情 | | | | | | 44 490 额 3771万 | 股本 4.55亿 | | 市盘 5.6 | 万得 | | | -2.440 -5.20% | 换 0.19% | 市值1 203亿 市净 0.88 | | 盘口 | | | 关时 | 五日 | 周Ｋ 月K | | 一 一分 () | | | 叠加 | | 均价:44.208 | | ...

小米SU7 Ultra的第一批车主中，已经有人以身试法，从坐车到坐牢。 前有车主驾驶挂着临牌的新车，在市区道路上以150公里的时速挑战道路交通安全法；后有车主 在线炫 耀肾上腺素飙升的快感，在马路上飙到300km/h ，旁边的高铁经过，恐怕也会汗颜。 如果觉得马路飙车是性能车和鬼火少年的专利，那么请记住曾有车主驾驶着以"奶爸车"为卖点的某车 型，在国道上路怒症发作，以178km/h的速度结结实实撞上了转弯的大卡车，上演了物理意义上的男人 至死是少年。 车主由法律制裁，车企由舆论制裁：伴随各种各样与超速并存的事故，车企反而成了众矢之的。 燃油车时代的超速事故恐怕只多不少，但为什么到了电动车身上，疯子的问题就变成了车子的问题？ 批量制造的五秒神车 2000年代的一份汽车零百加速排行榜里，清一色燃油车的布局被打破，特斯拉Roadster以4秒的成绩 跻身其中 [1] 。 无论电动车是否环保，它都给汽车工业来了一次大提速。 如今，5秒级的零百加速已然电动车的基础配置，甚至3秒内的弹射速度也司空见惯。Model S Plaid版 刚刷出2.1秒的成绩，极氪001 FR就跑到了2.02秒。不到五年时间，这个纪录又被SU7 ...

Core Viewpoint - The article discusses the phenomenon of order speculation and high rental prices surrounding the launch of the Xiaomi SU7 Ultra, highlighting the dynamics of supply and demand in the automotive market, particularly in the context of electric vehicles and consumer behavior [4][25]. Group 1: Order Speculation and Market Dynamics - The Xiaomi SU7 Ultra was launched at a price of 529,900 yuan, significantly lower than its pre-sale price, leading to a surge in orders with 6,900 units sold within 10 minutes [2][3]. - The secondary market has seen "small deposit orders" being traded at premiums of 2,000 to 6,000 yuan, transforming these orders into tradable financial derivatives [6][9]. - The supply-demand imbalance is evident, with 248,000 orders placed against an annual production capacity of only 135,000 units, creating a "time value" for early delivery [13][14]. Group 2: Rental Market and Consumer Behavior - The rental market for the SU7 Ultra has emerged, with daily rental prices ranging from 2,000 to over 10,000 yuan, driven by various consumer segments seeking early access to the vehicle [11][12]. - The phenomenon reflects a shift towards experience-based consumption, where younger consumers prefer short-term rentals over long-term ownership [26]. - The article notes that the second-hand luxury car rental market in China reached 4.7 billion yuan in 2024, marking a 210% year-on-year increase, indicating a growing trend in the automotive rental sector [25]. Group 3: Brand Value and Social Currency - The SU7 Ultra's performance and branding, likened to luxury brands like Porsche, enhance its social currency, making it a status symbol among consumers [17][18]. - The article emphasizes that the demand for rental services is not just about the vehicle itself but also about the social identity associated with driving such a car [18][19]. - The transformation of car orders into tradable assets reflects a broader change in consumer values, where the experience of "having driven" is prioritized over "owning" [28].