全新GL8陆尊搭载了"真龙"插混Pro系统，实现1450km综合续航，以及202km纯电续航，较上一代提升46%。该系统采用P1+P3插混电驱单元，可输出292kW 综合功率，零百公里加速7.8s，80-120km/h超车加速5.2s。此外，新车还新增"强制纯电"和"快速保电"能量模式。 8月26日，上汽通用别克正式推出新能源MPV全新GL8陆尊，新车共提供三个配置，采用"一口价"模式销售，售价33.99万—39.99万元。 满新摄 上汽通用汽车总经理卢晓表示，GL8家族今年1—7月蝉联MPV销量冠军，新能源车型占比超50%，此次焕新将进一步巩固其市场地位。 根据太平洋汽车网，2025年，别克1—7月GL8家族累计销量5.86万辆，同比下降了21.6%，其中新能源PHEV版销量为2.21万辆，同比增长128%。 有家 f : 作为别克品牌的"大单品"核心，GL8自1999年上市以来已在中国市场累计销售超200万辆，但近来自主品牌新能源MPV的崛起直接冲击了GL8的市场地位。 以腾势D9为代表的新能源车型快速提升销量，极氪009、理想MEGA等新品不断涌入，使得高端MPV市场从相对稳固变为红海竞争。 吴迪摄 G ...

近期，一位博主发布了丰田埃尔法某款配置的价格，只需要在指导价89.9万元的基础上加价2.75万元，并表示"没看错，行情崩了"。曾经动辄就要加价30 万元的埃尔法，在终端销售市场真的不加价了？ "埃尔法现在还是延续之前加价销售的状态，具体加价多少取决于配置。"北京某广汽丰田经销商告诉《每日经济新闻》记者，其所在的店目前没有现车， 可以找平行进口渠道购买，但估计也要加价。 一位平行进口商向记者透露："近期中规版老款埃尔法要比新款更受欢迎，所以价格有所上浮。目前中规版老款埃尔法加价幅度在4万元左右，平行进口渠 道的购买价格可以谈，整体下来能做到和厂家指导价差不多。" 多家广汽丰田经销商反映： 埃尔法无现车 从记者获取的信息来看，最近一年埃尔法的加价幅度稳定在10万元左右，与之前起步需要加价30万元相比，已出现明显回落。但据北京、上海、福建、广 州、浙江等多地广汽丰田经销商向记者反映，当前埃尔法无现车。 "目前店里不管是新款还是老款埃尔法都没有现车，不清楚什么时候可以有车。"广州某广汽丰田经销商说。 无独有偶，上海某广汽丰田经销商也告诉记者："不是我们不卖埃尔法这款车，是没有货，向厂家申请也申请不到。" 一位汽车流通 ...

近期，一位博主发布了丰田埃尔法某款配置的价格，只需要在指导价89.9万元的基础上加价2.75万元， 并表示"没看错，行情崩了"。曾经动辄就要加价30万元的埃尔法，在终端销售市场真的不加价了？ "埃尔法现在还是延续之前加价销售的状态，具体加价多少取决于配置。"北京某广汽丰田经销商告诉 《每日经济新闻》记者，自己所在的店目前没有现车，可以找平行进口渠道购买，但估计也要加价。 一位平行进口商向记者透露："近期中规版老款埃尔法要比新款更受欢迎，所以价格有所上浮。目前中 规版老款埃尔法加价幅度在4万元左右，平行进口渠道的购买价格可以谈，整体下来能做到和厂家指导 价差不多。" 多家广汽丰田经销商反映：埃尔法无现车 从记者获取的信息来看，最近一年埃尔法的加价幅度稳定在10万元左右，与之前起步需要加价30万元相 比，已出现明显回落。但据北京、上海、福建、广州、浙江等多地广汽丰田经销商向记者反映，当前埃 尔法无现车。 "目前店里不管是新款还是老款埃尔法都没有现车，不清楚什么时候可以有车。"广州某广汽丰田经销商 说。 无独有偶，上海某广汽丰田经销商也告诉记者："不是我们不卖埃尔法这款车，是没有货，向厂家申请 也申请不到。" 一位 ...

多家广汽丰田经销商反映：埃尔法无现车 从记者获取的信息来看，最近一年埃尔法的加价幅度稳定在10万元左右，与之前起步需要加价30万元相比，已出现明显回落。但据北京、上海、福建、广 州、浙江等多地广汽丰田经销商向记者反映，当前埃尔法无现车。 图片来源：每经记者 孔泽思 摄（资料图） "目前店里不管是新款还是老款埃尔法都没有现车，不清楚什么时候可以有车。"广州某广汽丰田经销商说。 每经记者｜段思瑶 每经编辑｜裴健如 近期，一位博主发布了丰田埃尔法某款配置的价格，只需要在指导价89.9万元的基础上加价2.75万元，并表示"没看错，行情崩了"。曾经动辄就要加价30万 元的埃尔法，在终端销售市场真的不加价了？ "埃尔法现在还是延续之前加价销售的状态，具体加价多少取决于配置。"北京某广汽丰田经销商告诉《每日经济新闻》记者，自己所在的店目前没有现车， 可以找平行进口渠道购买，但估计也要加价。 一位平行进口商向记者透露："近期中规版老款埃尔法要比新款更受欢迎，所以价格有所上浮。目前中规版老款埃尔法加价幅度在4万元左右，平行进口渠道 的购买价格可以谈，整体下来能做到和厂家指导价差不多。" 无独有偶，上海某广汽丰田经销商也告诉记者 ...

机构：辉立证券(香港) 研究员：章晶 公司簡介 吉利汽車是我國自主品牌乘用車領軍企業之一，主營乘用車及核心零部件的研發、生產和銷售，自主掌 握汽車領域核心技術，廣泛佈局主流車型市場。公司旗下產品包括吉利、幾何、領克、極氪、睿藍、銀 河六大子品牌，覆蓋A0 至C 級乘用車市場。 投資概要 上半年業績強勁，核心淨利同比翻番 吉利汽車公佈2025 年中期業績，2025 年上半年的總收入達到 1502.8 億元（人民幣，下同），同比 +26.5%，創歷史新高；歸母淨利潤92.9 億元，同比-13.9%；如果剔除外匯匯兑收益、減值虧損及2024 年視為出售附屬公司之收益後，核心歸母利潤為 66.6億元，同比+102%。 第二季度單季度，公司實現營業收入777.9 億元，同/環比分別+28.4%/+7.3%；我們測算扣除匯兑收益及 一次性收益影響後的核心歸母淨利潤約31.8 億元，同/環比分別+127%/-8.7%。 新能源車銷量快速增加，占比超50% 上半年公司累計總銷量達到140.9 萬輛，同比+47.4%，遠高於同期國內乘用車行業+13%的銷量同比增 速。其中，新能源車累計72.5 萬輛，同比+126.5%，占比5 ...

【文/观察者网 潘昱辰 编辑/高莘】8月26日，上汽通用别克全新GL8陆尊正式上市。新车共推出三款车 型，全系为艾维亚豪华版本，售价分别为33.99万元、36.99万元和39.99万元。 从初代GL8入市至今，别克MPV车型已在中国市场经营了26年。GL8更是商务MPV市场的代表之作，迄 今累计销量已超过200万辆，成为中国高端MPV市场首个达成这一成就的车型系列。 随着汽车电动化、智能化的深化，除了丰田赛那等传统竞争对手外，别克GL8在MPV市场面临更多自主 品牌新能源MPV的挑战，如腾势D9、极氪009、岚图梦想家、魏牌高山、小鹏X9、理想Mega等。 为应对挑战，去年4月北京车展期间，上汽通用别克便上市了全新GL8陆尊PHEV，售价为35.99万— 41.99万元。 而此番全新GL8陆尊的焕新上市，也是别克为维持传统优势细分市场的必然之举。面向新时代MPV高端 用户的需求，全新GL8陆尊除升级艾维亚豪华舒适配置外，还搭载了全新"真龙"插混Pro系统，使纯电 动续航里程超过200km，并支持MPV行业首个混动5C超充。更重要的是，相比先前的车型，全新GL8陆 尊的价格还要再下降2万元。 全新GL8陆尊上市 ...

据汽车之家AI营销大脑数据显示，2025年上半年，纯电动市场的销量贡献主要来自成交价15万以下车型，占比高达68.2%，30万元以上中高端市场占比近 4.2%。 分能源类型看整体市场销量分布，纯电动尚可占据29.1%的比例，但切分到30万以上时，占比仅为12.8%，增程是新能源中占比最高的，达到17.9%。纯电 动市场为何难以突破？这与意向用户的特征有着直接的关系。 "特斯拉Mode Y L救了理想i8一命……" "这么一比，突然觉得理想i8好像也不贵了……" 7月， 理想i8和乐道L90先后上市。因着起售价26.58万乐道L90的影响，理想i8的定价一度被推向风口浪尖，随后不得不迅速调整市场策略，尽管价格和配 置都进行了调整，但定价高的舆论依旧高涨。 30万，似乎是一个纯电动车难以逾越的门槛。Model Y L的到来，能否成功打破魔咒？ 纯电的30万魔咒 至今无人能破 据汽车之家调研数据显示，六座新能源车的意向用户中，高达97%的用户来自增换购需求，而在换购需求用户中，近八成是传统燃油车主。 因此，在他们的观念中，花同样的钱，除了选择传统燃油，没有续航焦虑的增程和插电车型对他们而言更容易接受。此外，低保值率 ...

Core Insights - Zeekr Technology reported a total revenue of 27.431 billion yuan for Q2, with a comprehensive gross margin of 20.6%, marking a year-on-year increase of 2.6 percentage points [1] - The integration of Zeekr and Lynk & Co brands has led to significant cost reductions and improved financial performance, with operating profit reaching 285 million yuan for the first time [2] - The average price of Zeekr vehicles is nearly 300,000 yuan, indicating a focus on the luxury market [5] Financial Performance - Total revenue for the first half of the year reached 49.450 billion yuan, with a year-on-year growth of 14.5% in vehicle deliveries [2] - The gross margin for vehicles reached a record high of 17.3%, up 5.8 percentage points year-on-year [1] - R&D expenses decreased significantly, with Q2 expenses at 2.15 billion yuan compared to 2.9 billion yuan in Q1 [1] Market Position - Zeekr has become a leader in the high-end luxury market, with the Zeekr 009 series being the best-selling MPV in the 400,000 yuan and above category [2][5] - The brand's focus on luxury and technology has attracted high-net-worth individuals, with over 75% of Zeekr 009 users belonging to this demographic [6] - The company aims to redefine the luxury market with the upcoming launch of the Zeekr 9X, targeting the 600,000 yuan and above segment [8] Product Development - Zeekr is set to launch several new models in the second half of the year, including the Zeekr 9X, which features advanced driving assistance technology [8][9] - The integration of Lynk & Co's technology into Zeekr's product lineup is expected to enhance competitiveness in the market [9] - The company is focusing on both brand elevation and user satisfaction through technological advancements and product upgrades [9]

Core Viewpoint - The overall performance of the company meets expectations, with strong resilience in various segments despite losses in the Zeekr brand [2] Financial Performance - In Q2 2025, the company sold 704,000 new vehicles, with revenue reaching 77.79 billion yuan, reflecting a year-on-year increase of 41.5% [1] - The gross profit margin for Q2 2025 was 17.1%, with a net profit of 3.16 billion yuan, showing a year-on-year increase of 74.7% [1] - For the first half of 2025, total vehicle sales reached 1.408 million, with revenue of 150.285 billion yuan, a year-on-year increase of 26.5% [1] Cost and Expenses - The sales, administrative, and R&D expense ratios for Q2 2025 were 6.1%, 1.9%, and 5.1%, respectively, indicating a slight increase in sales and R&D expenses [1] - The company faced increased R&D expenses due to new vehicle development, contributing to losses in the Zeekr segment [2] Segment Performance - The Zeekr brand reported a loss of 580 million yuan in Q2, primarily due to changes in vehicle model sales and high R&D costs [2] - Other segments, particularly the Galaxy series, showed strong performance with a net profit of 3,300 yuan per vehicle, indicating resilience amid price competition [2] Future Outlook - The company is optimistic about its future operations, driven by a strong new vehicle cycle and low-cost production strategies [3] - Upcoming models, including the Galaxy M9 and Zeekr 9X, are expected to enhance the company's market position [3] - The company maintains profit expectations of 16.6 billion yuan, 19.68 billion yuan, and 24 billion yuan for 2025, 2026, and 2027, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 166.0 billion, 196.8 billion, and 240.0 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.51, 9.71, and 7.97 [4]. Core Views - The overall performance of the company meets expectations, with a significant increase in new car sales and revenue. The company sold 704,000 new cars in Q2, achieving a revenue of 77.79 billion, which represents a year-on-year increase of 41.5% [1][2]. - Despite a loss in the Zeekr segment, other divisions showed robust performance, indicating the company's resilience in a competitive market. The gross margin for Q2 was 17.1%, with a year-on-year increase of 0.6 percentage points [2][3]. - The company is expected to benefit from a strong new car cycle, with several new models set to launch, enhancing its growth potential in both electric and fuel vehicle segments [3][4]. Summary by Sections Financial Performance - In Q2, the company reported a total revenue of 77.79 billion, with a gross margin of 17.1% and a net profit of 3.16 billion, reflecting a year-on-year increase of 74.7% [1][2]. - The average selling price (ASP) per vehicle in Q2 was 111,000, showing a slight decrease of 3.5% compared to the previous quarter [1]. Cost and Expenses - The company’s sales, administrative, and R&D expense ratios for Q2 were 6.1%, 1.9%, and 5.1% respectively, indicating a slight increase in sales expenses [1]. Future Outlook - The company is positioned well for future growth, with strong new car launches anticipated, including the Galaxy A7 and Zeekr 9X, which are expected to drive sales and profitability [3][4].