11月21日，极氪旗下全系豪华车型亮相广州车展。其中，极氪9X与009组成的豪华9系双旗舰备受关注。 极氪官方公布数据显示，极氪9X交付量已突破1万台，均价为53.8万元。截至目前，极氪品牌累计销量超过60万台，单车均价保持在30万元以上，最高 售价接近90万元，进一步巩固了其在豪华新能源汽车市场的地位。 在用户服务方面，极氪近期还推出多项举措，包括"权益随行"政策，允许老车主将终身免费充电、整车终身质保等权益转移至新车。针对交付延迟问 题，极氪实施了"安心等车三重保障"，并推出覆盖全系的购置税兜底补贴政策。 除9X外，极氪其他车型在各细分市场也表现稳健。极氪009在40万元以上豪华纯电MPV市场中保持领先，并在中国香港及东南亚部分地区成为细分市场 销量冠军。在80万元以上四座超豪华市场中，009光辉版占据半数份额。极氪001焕新版上市47小时锁单破万，持续领跑25万元以上纯电车型市场。极氪7X 稳居20万元以上中国品牌纯电SUV销量榜首，在香港交付前两个月即成为当地中型SUV销冠，目前全球家庭用户已超过10万。 据了解，自2021年10月开启首批车型交付至今，四年时间，极氪已进入全球40多个国家和地区，成为 ...

Core Insights - The 2025 Guangzhou International Auto Show serves as a critical platform for evaluating the performance of automotive companies, with Zeekr showcasing its luxury models, particularly the Zeekr 9X and 009, which have garnered significant attention and popularity [1][3]. Group 1: Sales Performance - Zeekr 9X has surpassed 10,000 deliveries, with an average price of 538,000 yuan, while the brand's cumulative sales have exceeded 600,000 units, with an average price above 300,000 yuan and a maximum price nearing 900,000 yuan [1][7]. - The Zeekr 9X has been a "phenomenal model," achieving over 10,000 orders within 13 minutes of its launch, indicating a strong market demand [3][5]. - Over 70% of Zeekr 9X buyers opted for high-end versions, reflecting a trend of high-end consumers increasingly trusting domestic luxury brands [5][7]. Group 2: Market Trends - The success of Zeekr 9X highlights a structural shift in the Chinese automotive market, where domestic luxury electric vehicles have transitioned from being an alternative to a primary choice among high-net-worth individuals [7][12]. - The brand's expansion into over 40 countries and regions within four years signifies a successful international strategy for a Chinese luxury brand [7][9]. Group 3: Customer Engagement and Services - Zeekr has implemented various customer engagement initiatives, such as the "Sunshine Service Commitment" and the "Mysterious Experience Officer" program, to enhance user communication and service [12][14]. - The "Rights Follow" policy allows existing car owners to transfer benefits like lifetime free charging and warranty to new vehicles, addressing customer concerns about product obsolescence [14][17]. - The company has introduced measures to alleviate delivery anxieties due to supply chain issues, including a comprehensive tax subsidy policy and promotional activities for waiting customers [14][17].

Core Insights - Chinese vehicles are becoming the benchmark for automotive R&D in India, surpassing European, Japanese, and American models in terms of disassembly and analysis [2] - The rapid development of Chinese automotive technology, particularly in electric vehicles, is establishing a new standard for the global automotive industry [2][5] Group 1: Market Position and Trends - China has become the largest producer and market for new energy vehicles (NEVs), with a market share of 24.4% in 2022, expected to grow further by 2025 [3] - Indian automotive companies are increasingly using Chinese models for benchmarking, indicating a shift in competitive standards [2] Group 2: Technological Advancements - Chinese automakers have made significant advancements in core technologies such as batteries, electric drive, and electric control, establishing a complete automotive supply chain [5][10] - The focus on consumer-centric design and user experience is a key factor in the success of Chinese vehicles [2] Group 3: Investment in R&D - Chinese NEV companies are investing unprecedented amounts in R&D, with total investments reaching 312.2 billion yuan in 2024, led by BYD with 54.2 billion yuan [8] - Xiaomi plans to invest 100 billion yuan over five years, with 30 billion yuan allocated for 2024 alone [9] Group 4: Industry Dependency - Indian electric vehicle manufacturers, despite promoting local production, still rely on Chinese suppliers for critical components such as batteries and electric motors [7]

Core Insights - Indian automotive manufacturers are increasingly using Chinese models as benchmarks for their vehicle development, shifting their focus from traditional markets like Europe, Japan, and the US [1][2] - Chinese automotive technology is recognized for its rapid development and consumer-centric design, setting new standards in the global automotive industry [1][2] Group 1: Benchmarking and Competitive Analysis - Indian automotive companies are dismantling and analyzing numerous Chinese vehicles to understand their success factors and technological trends [1] - Executives from Indian automotive firms acknowledge that their performance metrics are now increasingly aligned with those of Chinese manufacturers [1] Group 2: Technological Advancements - Chinese manufacturers emphasize consumer convenience and integrate software with hardware, differing from traditional automotive approaches [2] - The ability of Chinese automakers to offer high-end features at lower prices than Western or Japanese brands is highlighted, making luxury and high-tech experiences more accessible to consumers [2] Group 3: Performance Comparisons - Social media comparisons showcase the superior performance of Chinese vehicles, such as the NIO ET9, in handling and suspension systems compared to similar German luxury cars [2] - Research indicates that over the past decade, Chinese manufacturers have led in electric vehicle technology, which is now being adopted as a benchmark by Indian companies [2]

Core Insights - The Indian automotive industry is increasingly benchmarking against Chinese carmakers, particularly in the electric vehicle (EV) sector, as they lead in technology and consumer-centric design [2][4][11] Industry Trends - Chinese vehicles like Xiaomi SU7, BYD Seal, Nio ET, and Zeekr 7X are becoming the focus of benchmarking efforts in India, reflecting a shift from traditional European and American models [2][3] - The approach of Chinese manufacturers often involves designing software first, prioritizing consumer convenience, which contrasts with the traditional hardware-first methodology [5] Competitive Advantages - Chinese automakers are noted for providing premium features at lower price points, making advanced technologies such as ADAS and smart cockpit designs more accessible [6][7] - Over the past decade, Chinese companies have invested significantly in building EV ecosystems, with an estimated $143 billion spent on EV and battery projects, supported by government subsidies [8] Market Perception - Social media comparisons highlight the technological advancements of Chinese vehicles, showcasing superior performance in various tests against established European brands [9] - Executives from major automotive companies, including Ford, have expressed surprise at the rapid technological advancements made by Chinese manufacturers [10] Future Outlook - Indian companies are expected to use Chinese benchmarks for EV technology, which is seen as beneficial due to the similarities in market conditions between India and China [11] - There is optimism within the Indian automotive sector that as EVs become mainstream, India may also set benchmarks for global companies [12]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Geely Automobile, forecasting EPS for 2025-2027 to be 1.49, 1.75, and 2.12 RMB respectively, with a target price of 22.35 RMB (24.51 HKD) based on a PE average of 15 times for comparable companies [1] Sales Performance - In October, Geely's total sales reached 307,100 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, setting a new monthly sales record [2] - New energy vehicle sales for October were 177,900 units, showing a year-on-year growth of 63.6% and a month-on-month growth of 7.7% [2] - From January to October, total sales amounted to 2,477,300 units, reflecting a year-on-year increase of 44.3% [2] - The company is expected to outperform the industry average, with a strong likelihood of achieving its annual sales target of 3 million units [2] Brand Development - Geely's brand sales in October reached 245,500 units, a year-on-year increase of 43.9% and a month-on-month increase of 10.6% [3] - The Galaxy brand achieved sales of 127,500 units in October, marking a year-on-year increase of 100.8% and surpassing its annual sales target of 1 million units ahead of schedule [3] - The launch of new models, such as the 2026 Geely Xingyuan and Galaxy Xingyao 6, is expected to enhance the product matrix and contribute to future sales growth [3] - Geely signed an agreement with Renault to acquire 26.4% of Renault's Brazilian operations, which will facilitate the introduction of new energy vehicles in Brazil [3] Lynk & Co Brand Performance - Lynk & Co's sales in October reached 40,200 units, a year-on-year increase of 29.4% and a month-on-month increase of 22.2% [4] - The brand's weighted average price exceeded 200,000 RMB, with new energy vehicle sales accounting for 72.1% of total sales [4] - Key models such as Lynk & Co 900 and Lynk & Co 10EM-P have shown strong initial sales performance, indicating potential for future growth [4]

Group 1 - The core viewpoint of Dongfang Securities maintains a "buy" rating for Geely Automobile, predicting EPS for 2025-2027 to be 1.49, 1.75, and 2.12 RMB respectively, with a target price of 22.35 RMB (24.51 HKD) based on a PE average of 15 times for comparable companies [1] - In October, Geely's total sales reached 307,100 units, a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, marking a historical monthly sales high; among these, new energy vehicle sales were 177,900 units, up 63.6% year-on-year and 7.7% month-on-month [1] - From January to October, Geely's total sales amounted to 2,477,300 units, reflecting a year-on-year growth of 44.3%, indicating strong market competitiveness and a high likelihood of achieving the annual sales target of 3 million units [1] Group 2 - Geely brand sales in October reached 245,500 units, a year-on-year increase of 43.9% and a month-on-month increase of 10.6%; the Galaxy model sold 127,500 units, achieving a year-on-year growth of 100.8% [2] - The launch of the 2026 Geely Xingyuan and the new Galaxy Xinyue 6 model in October, which features advanced technologies, indicates a continuous expansion of Geely's product matrix [2] - On November 3, Geely signed an agreement to acquire 26.4% of Renault's Brazilian company, which is expected to enhance Geely's market expansion and collaboration in new energy vehicles [2] Group 3 - Lynk & Co brand sales reached 40,200 units in October, a year-on-year increase of 29.4% and a month-on-month increase of 22.2%; from January to October, total sales were 281,700 units, up 24.3% year-on-year [3] - The weighted average price of Lynk & Co vehicles surpassed 200,000 RMB, with new energy vehicle sales accounting for 72.1% of total sales [3] - The refreshed models of Zeekr 001 and Zeekr 7X were launched in October, enhancing product capabilities and potentially boosting future sales [3]

Core Insights - The domestic electric vehicle market in China continues to thrive in October 2025, with new force brands showing remarkable performance and a shift in market dynamics [1] Delivery Performance - Leap Motor leads the new force delivery rankings with 70,289 vehicles delivered in October, marking an 84% year-on-year increase and setting a new monthly record for new force brands [2][3] - Hongmeng Zhixing follows closely with 68,216 vehicles delivered, achieving a historical monthly high and reaching a cumulative delivery of over 1 million units in just 43 months, the fastest among new force brands [2][5][7] - Xiaopeng Motors delivered 42,013 vehicles, also a historical high, with strong sales across its product matrix, including the P7+ and SUV family [2][9] - NIO achieved a significant milestone with 40,397 vehicles delivered, a 92.6% year-on-year increase, marking its third consecutive month of record deliveries [2][10][12] - Other brands like Deep Blue and Changan Qiyuan also reported substantial growth, with deliveries of 36,792 and 36,378 vehicles respectively, showcasing the effectiveness of their dual-brand strategy [2][14][15] Market Dynamics - The second-tier brands are emerging strongly, with a new benchmark of 30,000 vehicles set for this segment [10][17] - Li Auto's performance declined with 31,767 vehicles delivered, facing challenges in the competitive market [17] - Zeekr's sales reached 21,423 vehicles, driven by the launch of refreshed models [18] - Lantu's sales increased to 17,218 vehicles, reflecting a consistent upward trend and a diversified product matrix [20] - Avita and Zhiji also demonstrated stable growth with 13,506 and 13,159 vehicles delivered respectively, supported by new model launches [22] Competitive Landscape - The competition among brands is intensifying as they prepare for year-end sales, with head brands leveraging scale advantages while mid-tier brands may resort to discounts to capture market share [22] - The outcome of this competition will not only determine the rankings among new force brands but also influence their supply chain leverage and technological investment capabilities in 2026 [22]

New Car Launches - The new Zeekr 7X has been launched with a price range of 229,800 to 269,800 CNY, featuring three models and significant upgrades in design and technology [2][3][11] - The new Avita 12 Four Laser Edition is priced between 269,900 and 429,900 CNY, offering both range-extended and pure electric versions with advanced driving assistance systems [14][20][22] - Smart's new model, the Smart 5 EHD, is priced from 189,900 to 239,900 CNY, featuring a hybrid system and a luxurious interior [23][30] - The new Denza N8L is launched at a price of 299,800 to 329,800 CNY, showcasing a modern design and advanced technology features [4][38] - Beijing Hyundai's EO model is available for pre-sale at 119,800 to 149,800 CNY, targeting the compact SUV market with competitive features [5][47] - Chery's new model, the Wind Cloud T11, is priced between 189,900 and 249,900 CNY, boasting high-end configurations and a spacious interior [6][54] - The Galaxy Star 6 has been launched with a price range of 74,800 to 105,800 CNY, featuring a new design and advanced technology [7][58] - The Deep Blue L06 has opened for pre-sale with a price range of 139,900 to 161,900 CNY, featuring a sporty design and advanced driving assistance [8][67] Company Dynamics - Horizon Robotics has partnered with ZF to develop a city navigation assistance system, set to be mass-produced by 2026 [70][75] - Xiaopeng Motors is establishing the first low-altitude flying car "6S" store in Guangzhou, aiming to integrate various flying services [76][79] - 4D Map has rebranded to SEEWAY.AI, focusing on AI strategies and expanding into autonomous driving technologies [81][84] - SAIC Group reported a growth in both sales and revenue in Q3, driven by strong performance in the electric vehicle segment [87][90] - BYD's Q3 revenue decreased by 3.05% to 194.99 billion CNY, with net profit down 32.6% due to competitive pressures [91][92] - Seres reported a 15.75% increase in revenue to 48.13 billion CNY, while net profit slightly declined [94][95] Sales Performance - BYD's October passenger car sales reached 436,856 units, maintaining a leading position in the electric vehicle market [100][104] - SAIC Group sold 207,000 new energy vehicles in October, leading the industry in total sales [106] - Geely's October new energy vehicle sales were 177,882 units, with significant contributions from its Galaxy brand [107][110] - Chery's new energy vehicle sales reached 110,346 units in October, marking a significant milestone [111][112] - Chang'an's new energy vehicle sales were 119,000 units, with strong performance from its Deep Blue brand [119] - Great Wall Motors sold 46,155 new energy vehicles in October, reflecting its ongoing transition to electric vehicles [120][121] - Leap Motor delivered 70,289 units in October, showcasing its strong market presence [122] - Hongmeng Zhixing delivered 68,216 units in October, benefiting from increased production capacity [125][127] - Xiaopeng Motors delivered 42,013 units in October, with new models contributing to sales growth [128][130] - NIO delivered 40,397 units in October, reflecting a successful year for the brand [131][133] - Xiaomi's vehicle deliveries exceeded 40,000 units in October, supported by favorable market conditions [134][136] - FAW delivered 38,900 new energy vehicles in October, marking a significant achievement [137][138] - Li Auto delivered 31,767 units in October, facing competitive pressures in the market [143][144] - Dongfeng Yipai Technology delivered 31,107 units in October, showing steady growth [146][148] - BAIC New Energy sold 30,542 units in October, driven by new model launches [149][152] - Lantu delivered 17,218 units in October, continuing its upward trajectory [153][155] - Jishi delivered 1,426 units in October, with plans for future expansion [156][159]

Core Insights - The launch of the refreshed Zeekr 7X represents a strategic shift in the competitive landscape of the electric SUV market, focusing on a balanced approach rather than singular performance metrics [2][3][5] - The new model is priced competitively within the 200,000 to 300,000 yuan range, directly targeting a crowded market segment with significant competition from brands like Tesla and BYD [2][5] - The emphasis on a balanced experience includes improvements in space utilization, comfort features, and a shift to standardizing high-end configurations across all models [3][4][6] Pricing and Market Positioning - The refreshed Zeekr 7X is available in three configurations, with prices set at 229,800 yuan, 249,800 yuan, and 269,800 yuan, and a promotional price of 219,800 yuan for trade-ins [2] - This pricing strategy aims to penetrate a highly competitive market segment that includes over 30 models, making it a critical battleground for sales [5][8] Product Features and Enhancements - The new model boasts a leading space utilization rate of 83.34%, with rear legroom of 1,187mm and trunk capacity expanded to 905L, catering to family-oriented consumers [3] - Significant upgrades in comfort include features like graphene heating seats, electric leg rests, and dual electric sunshades for the rear, enhancing the overall user experience [3][4] Competitive Strategy - The shift from a "single-point breakthrough" strategy to a "balanced" approach reflects changing consumer expectations, where buyers seek comprehensive quality rather than isolated standout features [5][6] - The strategy aims to avoid any significant shortcomings across key dimensions such as space, range, intelligence, and safety, positioning the Zeekr 7X as a well-rounded option in the market [5][6] Cost Management and Challenges - The balanced strategy introduces cost pressures, requiring careful management to ensure quality across multiple dimensions without compromising on any single aspect [6][9] - The differentiation in battery capacity and drive systems indicates a strategic pricing tier, with a 20,000 yuan difference between battery options, highlighting the importance of cost control [6][9] Long-term Viability - The success of the balanced strategy will depend on the company's ability to maintain high standards across R&D, supply chain, and manufacturing processes, as any weaknesses could impact product performance [9] - Ultimately, the market will determine whether this balanced approach can translate into a sustainable business model in a fiercely competitive environment [9]