被视为"小众"的猎装车市场正逐渐升温。据悉，腾势Z9 GT猎装版预计将于9月推出，星途星纪元 ES猎装版也计划在下半年登场，鸿蒙智行亦将推出智界S7猎装版和享界S9猎装版。目前，自主品牌猎 装车的数量日益增多，功能愈加多样化，从消费升级和品牌布局的趋势来看，猎装车市场呈现出上升势 头。它们有望复制"方盒子"车的成功，成为市场上的新兴力量吗？未来的发展趋势将会怎样？这些问题 已经成为业界关注的热点话题。 猎装车渐成新"蓝海" 随着国内自主品牌猎装车型的日益增多，消费者对这一车型的认知度也在不断提升。 "在当今追求个性化的汽车消费时代，猎装车完美地满足了消费者的需求。"90后汽车爱好者张勇表 示，猎装车既不似SUV，也不像传统轿车，这种独特的外观设计为追求个性化的年轻消费者提供了新的 选择。他提到，最近在4S店看猎装车时，发现许多消费者对猎装车有着相似的喜好和看法。 消费者王广盛则有着更深入的体验。"与过去的燃油猎装车相比，现在的新能源猎装车体验更 佳。"他分享道，10年前他购买了一辆合资品牌的燃油猎装车，相比之下，如今的自主品牌新能源猎装 车在外观设计上更加时尚，智能化程度也远超燃油车。新能源猎装车加速快、性价 ...

文 | 正见TrueView 老练 编辑 | 咏鹅 7月于极氪而言，注定是一个关键节点。 一方面，极氪科技集团7月1日公布的销量数据显示：6月总销量达43012台，但核心品牌极氪汽车交付量仅为16702台， 同比下滑17%；另一方面，承载厚望的全新旗舰SUV 9X将在7月9日揭开技术面纱。销量压力之下，这款被冠以"杭州湾 库里南"的车型，其发售后的市场反响无疑将直接牵动投资者的神经。 加之小米汽车首款SUV YU7的强势开售，新能源汽车中高端市场的鏖战进一步升级，竞争烈度有增无减。 曾凭001单骑闯关登陆美股的极氪，能否借9X之利，在退市回归"一个吉利"集团军的整合阵痛中，完成一场新的突围？ 01 上市、退市皆非终点 极氪的故事，始于吉利这家燃油车企转型的商业战略，彼时中国新能源汽车产业朝着电动化、智能化加速演变，新势力 玩家在各自赛道竞相厮杀，给传统造车厂商带来了品牌号召力与市场势能上的巨大压力。 或许是出于"杀出一条血路"的初衷，2021年，吉利官宣极氪成为面向高端新能源市场的独立品牌，1年前还挂着领克车 标的ZERO Concept，摇身一变成了极氪001。 这一策略很快在市场上激起连锁反应。事实证明， ...

01 事件概述 2025 年6 月重点新能源车企交付量发布，据各公司披露数据： 零跑48,006辆，同比+138.6%，环比+6.5%； 问界44,685辆，同比+4.5%，环比+22.9%； 理想36,279辆，同比-24.1%，环比-11.2% 小鹏34,611辆，同比+224.4%，环比+3.2%； 埃安27,848辆，同比-20.5%，环比+4.0%； 蔚来24,925辆，同比+17.5%，环比+7.3%； 极氪16,702辆，同比-16.9%，环比-11.7%； 小米超25,000辆。 问界：据公司披露，6月交付44,685辆，同比+4.5%，环比+22.9%，主要车型6月销量中，M8交付2.1万辆，占公司当月交付量47.4%，在40万元级市场表现亮眼，M9 2025款6月交付1.4辆，占公司当月交付量30.7%，居50万元级市场销量冠军。 理想： 据公司披露，6月交付36,279辆，同比-24.1%，环比-11.2%，我们判断，由于电商季优惠促销和补贴政策利好中低端市场，高端市场整体增速放缓，公司销量短期 承压。公司主要车型5月销量中，L6交付1.9万辆，占公司当月交付量46.0%；L7交付1.0 ...

公司全球化布局加速。6 月期间，公司实现出口4.0 万辆，同比+12%。1-6月公司累计实现出口18.4 万 辆，同比-8%。从市场布局来看，吉利积极拓展全球版图。2024 年期间，公司已在中东、亚太、非洲、 拉美、欧洲等区域深入布局，在沙特阿拉伯、阿联酋、哈萨克斯坦、巴拿马等重点市场推出16 款高端 主力车型，并在81 个国家布局了891 个销售及服务网点。 2025 年公司还计划新增300 多个海外销售及服务网点。整体来看，吉利汽车在海外市场的认可度不断提 升，市场份额有望逐步扩大，或成为公司远期核心增量来源。 6 月销量持续上行，同比增速达42%。6 月吉利汽车实现总销量23.6 万辆，同比+42%。按能源划分，公 司实现新能源汽车销量12.2 万辆，同比+86%，占比52%；其中，实现纯电销量8.5 万辆，同比+129%， 实现插混销量3.7 万辆，同比+30%。按品牌划分，中国星销量达10.3 万辆，环比+18%；吉利银河9.0 万 辆，同比+202%；领克2.6 万辆，同比+8%；极氪1.7 万辆。1-6 月公司累计实现销量140.9 万辆，同比 +47%。 新品持续推出，全年销量目标上调11%。 ...

6月25日，曹操出行正式登陆港交所（股票代码：02643.HK），发行价41.94港元，成为港股最大的出行平台。然而，上市首日股价即遭遇破发，盘中最大跌 幅超30%，最终收跌14.16%至36港元。尽管随后两个交易日股价小幅回升，但截至6月30日收盘，股价仍较发行价下跌14.3%，市值定格在195.6亿港元。 对李书福而言，曹操出行的上市意义非凡。这是其资本版图中的第10家上市公司，此前已拥有吉利汽车、沃尔沃、极星、亿咖通、路特斯等9家上市企业。 通过曹操出行，吉利完成了"造车-出行-数据"的生态闭环，进一步巩固了其在移动出行领域的布局。 随着曹操出行的上市，李书福的资本版图再度引发关注。截至6月30日，其控制的10家上市公司总市值约6990亿元。与去年同期相比，除钱江摩托和路特斯 科技市值下滑外，其余7家均实现增长。其中，吉利汽车市值从859.6亿港元飙升至1609亿港元，近乎翻倍；极氪市值增长24%至66.52亿美元；汉马科技涨幅 更达357%。 李书福的资本运作能力堪称传奇。2010年，吉利以18亿美元"蛇吞象"收购沃尔沃，成为全球商学院经典案例。哈佛商学院、中欧国际工商学院等顶尖学府均 将这一并购作为 ...

Core Viewpoint - Tesla China has increased the price of the Model 3 Long Range All-Wheel Drive version by 10,000 yuan, raising the price from 275,500 yuan to 285,500 yuan, while keeping the prices of the other Model 3 variants unchanged [1] Group 1: Price Adjustments and Model Upgrades - The price increase for the Model 3 Long Range version is attributed to model upgrades, including an extended CLTC range of 753 kilometers and a reduced 0-100 km/h acceleration time of 3.8 seconds [1] - The Model 3 Long Range version features a new battery pack with an updated chemical composition, enhancing durability and range without changing the battery capacity [1] - Tesla has also introduced a new acceleration enhancement software package worth 14,100 yuan for free, contributing to the improved acceleration time [1] Group 2: Market Context and Sales Performance - Tesla has raised prices twice in China this year, following upgrades to certain Model 3 and Model Y variants in January and March [2] - In Q1, Tesla's revenue fell by 9% year-on-year, and net profit dropped by 71%, with wholesale sales in China down 17.6% in the first five months [2] - The decline in sales may be linked to production adjustments at the Shanghai Gigafactory and consumer hesitation due to the launch of the refreshed Model Y [2] Group 3: Competitive Landscape - The domestic market for new energy vehicles priced between 250,000 and 300,000 yuan is highly competitive, with brands like Xiaomi and Zeekr gaining market share through aggressive pricing strategies [2] - The refreshed Model Y has not seen a price increase, possibly reflecting Tesla's assessment of the competitive environment [3] - Tesla continues to offer multiple incentives for the Model 3 Long Range version, including a 5-year interest-free financing option and various discounts [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： ...

Core Insights - The passenger car intelligence index for May 2025 is reported at 33.8, indicating a recovery in the upward trend of the index [8] - The smart cockpit index stands at 36.6, showing a month-on-month increase of 2.2, reflecting positive growth [3] - The smart driving index is at 36.5, with a month-on-month increase of 2.0, indicating a return to an upward trajectory [6] - The external smart index is recorded at 17.8, with a slight increase of 0.8, showing a moderate upward trend [9] Market Performance - In May 2025, the retail sales of passenger cars reached 1.938 million units, representing a year-on-year growth of 13.7% and a month-on-month growth of 10.0% [8] - The retail sales of new energy vehicles in May 2025 amounted to 1.027 million units, with a year-on-year increase of 28.9% and a month-on-month increase of 12.7% [8] - The increase in the intelligence index is attributed to the rapid sales growth of newly launched high-intelligence models, such as the AITO M8, AITO M9, Galaxy Star 8, and Zeekr 007, along with a significant recovery in sales of Tesla's main models [8] Future Outlook - The overall market performance in May indicates a rebound in the passenger car intelligence index, signaling a restart of the upward trend [10] - Based on current market dynamics, the passenger car market is expected to continue the recovery trend observed in May, with the intelligence index likely to maintain steady growth [10]

文 | 智行驾道 在20万元以上的新能源汽车市场，SUV天然就比轿车更受欢迎——2024年，售价更贵的特斯拉Model Y 的销量，是Model 3的近三倍。 在打造了小米SU7这一爆款后，小米也渴望迎来自己的"Model Y"。 6月26日，小米YU7正式上市，三个版本售价分别为25.35万元、27.99万元和32.99万元。它的直接竞争 对手不只有"销冠"Model Y，还有极氪X7、智界R7、阿维塔07等一众自主品牌车型。 相比一年前的小米SU7，小米第二款车型小米YU7少了一些关注度，市场对这款车型讨论度已不似去 年。但对小米来说，小米YU7的重要性不亚于小米SU7——在SU7初步打响名声后，小米急需一款能继 续稳住市场地位的走量车型。 小米YU7：性能外观，舒适内在 在国内SUV市场，"家用""舒适""豪华"是主旋律，至于"性能"，即便是在轿车市场，都属于小众卖点 ——尽管小米SU7就是一台性能车。 虽然小米YU7官方定位"豪华高性能SUV"，但其相比小米SU7选择了一种更中庸的产品策略：外观在延 续了小米SU7性能设计的同时，在内饰、配置等方面做了更多实用取向。 具体来看，小米YU7长宽高分别为4 ...

Core Insights - Zeekr has achieved a significant milestone by producing its 500,000th vehicle in just 44 months, surpassing Tesla and other new entrants in the luxury electric vehicle market [1][5] - The brand's average transaction price is nearly 300,000 yuan, with 75% of Zeekr 009 users coming from traditional luxury brands [3] - Zeekr's rapid growth is attributed to its diverse model lineup and strong market performance, particularly in the high-end segment [5] Production and Sales Achievements - Zeekr 001 has delivered over 270,000 units, making it the best-selling electric vehicle brand in China for 2024 [5] - Zeekr 009 has set records in the luxury MPV segment, achieving 1,500 deliveries in just 159 days and capturing 50% of the ultra-luxury four-seat vehicle market in China [5] - Zeekr 7X has become the best-selling electric SUV in the 200,000 yuan category within two months of its launch [5] Research and Development Investment - The company has invested over 23.5 billion yuan in R&D, with a 16.14% year-on-year increase in 2024 [6] - Zeekr has developed 2,277 effective patents and achieved 167 technological breakthroughs in the core areas of new energy [6] - The SEA architecture, developed over four years with an investment of 18 billion yuan, has enabled significant improvements across multiple vehicle models [6] Technological Innovations - Zeekr has introduced the industry's first active AI model cockpit and advanced safety features, including L3-level intelligent driving technology [7] - The company has achieved dual five-star ratings from Euro NCAP and Green NCAP for its Zeekr 001 model, showcasing its commitment to safety [7] - The innovative "three 800" ecosystem includes an 800V high-voltage system and ultra-fast charging solutions, enhancing the overall user experience [6] Global Expansion Strategy - Zeekr has entered over 40 countries and regions, becoming the only Chinese luxury brand to deliver vehicles across all five continents [10] - The company plans to establish 1,000 ultra-fast charging stations in various countries by 2025 [12] - Zeekr's overseas sales reached 14,000 units last year, leading the new energy vehicle segment in international markets [13] Future Developments - The company is set to launch three new models in 2025, marking its entry into a multi-energy development phase [14] - Zeekr aims to enhance user engagement through a transparent communication mechanism and various purchase incentives [16] - The brand's focus on value innovation rather than price competition positions it as a leader in the high-end electric vehicle market [8][16]