行 业 汽车 2025 年 07 月 14 日 研 究 汽车 极氪 9X 技术发布 理想 i8 将于 7 月 29 日上市 投资要点： 本周专题：极氪 9X 技术发布 理想 i8 将于 7 月 29 日上市 7 月 9 日，极氪发布豪华电混专属架构浩瀚-S，基于纯电架构打造， 该架构拥有浩瀚超级电混、浩瀚 AI 数字底、浩瀚安全盔甲和千里浩瀚 智能辅助驾驶方案，首款出自该架构的车型即为全新的极氪 9X。 行 业 定 期 报 告 极氪 9X 作为全尺寸旗舰 SUV，采用三排六座的座椅布局，二排 拥有双零重力座椅，长宽高分别为 5239/2029/1819mm，轴距为 3169mm。智驾方面，极氪 9X 将会首发搭载千里浩瀚 H9 解决方案， 它由 5 颗激光雷达组成，并搭载了双 Thor 智驾芯片，算力可达 1400TOPS。动力方面，极氪 9X 搭载极氪超级电混技术，采用 900V 高压平台，2.0T超混发动机具备205千瓦的最大功率，热效率达到46%， CLTC 工况下的纯电续航为 380 公里，百公里加速达到 3 秒级。 理想汽车旗下首款纯电动六座 SUV——理想 i8 将于 7 月 17 日开 启预订， ...

国信证券发布研报称，6月乘用车市场零售208.4万辆，同比增长18.1%，新能源车零售111.1万辆，同比 增长29.7%，行业景气度持续回升。中长期维度，关注自主崛起和电动智能趋势下增量零部件机遇。一 年期维度，看好强新品周期的华为汽车及车型元年的小米集团-W(01810)汽车产业链。 库存 2025年5月中国汽车经销商库存预警指数为52.7%，同比下降5.5个百分点，环比下降7.1个百分点。库存 预警指数位于荣枯线之上，汽车流通行业景气度有所改善。 市场关注 国信证券主要观点如下： 销量跟踪 根据乘联会，2025年6月全国乘用车市场零售208.4万辆，同比增长18.1%，环比增长7.6%，1-6月累计零 售1090.1万辆，同比增长10.8%;6月新能源乘用车市场零售111.1万辆，同比增长29.7%，环比增长 8.2%;1-6月累计零售546.8万辆，增长33.3%;上险数据看，6月(6.2-6.29)国内乘用车累计上牌195.79万 辆，同比+18.4%;其中新能源乘用车累计上牌103.71万辆，同比+30.7%。 本月行情 6月CS汽车板块下跌0.13%，其中CS乘用车下跌2.34%，CS商用车下跌 ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 极氪发布全新电混专属架构浩瀚-S，首发于极氪9X； 别克至境ELECTRA首款轿车预告图发布； 尚界首款车型预告图发布； 新款零跑C11上市，售价14.98-16.58万元； 岚图FREE+上市，售价21.99-27.99万元； 乐道L90开启预售，整车购买27.99万元起； 吉利银河A7开启预售，预售价10.38-13.38万元； 奔驰全新纯电CLA开启预订； 车企动态： 奇瑞组织架构重大调整； 日产计划借助中国工厂出口电动汽车； 比亚迪承诺为所有天神之眼车辆自动泊车事故兜底； 蔚来第1000座高速公路换电站上线运营； 国内新闻： 工信部规范单踏板模式； 新车上市 1、 四维图新为北汽新能源提供智能泊车产品； 比亚迪巴西工厂即将投产； 享界汽车发布新车标； 广汽菲克破产清算； 极氪发 布 全新电混专属架构浩瀚-S 首发于极氪9X 7月9日，极氪发布全新 电混专属架构浩瀚-S，将首发在新车极氪9X上。 据悉，极氪9X搭载全栈900V高压架构超级电混系统，融合增程、混动、纯电等优点。搭载三电机系统， 峰值功率1030kW，匹配 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the second half of the year [1]. Core Insights - The automotive market is expected to continue strong sales in the second half of the year, supported by a reduction in inventory and a decrease in price war risks. However, there are concerns regarding sales fluctuations due to potential electric vehicle subsidies next year, which may suppress market sentiment [1]. - The report suggests actively observing opportunities in the sector after market sentiment stabilizes, particularly in the context of the recent strong performance of Hong Kong stocks [1]. Data Tracking - In June, new energy vehicle deliveries showed significant growth, with BYD delivering 382,585 units (up 12% year-on-year), while Li Auto and Xpeng saw deliveries of 36,279 units (down 24.1% year-on-year) and 34,611 units (up 224.4% year-on-year), respectively [4][21]. - Traditional automakers also reported strong sales, with Geely's sales reaching 236,000 units (up 42.1% year-on-year) and SAIC Motor leading with 365,000 units (up 21.6% year-on-year) [4][23]. Industry Recommendations - For complete vehicles, the report recommends Jianghuai Automobile, highlighting potential for growth in both volume and profitability in the second half of the year. It also suggests monitoring new models from Li Auto and Baic Blue Valley, as well as the accelerated delivery of Xiaomi's YU7 [6]. - In the parts sector, the report advises a selective approach to stock picking, focusing on companies with lower valuations (below 15 times) and expected growth rates above 15% for the next year. Recommended stocks include Xingyu Co. and Aikodi [6]. - The heavy truck segment is expected to maintain strong growth, with policy support driving demand. Recommendations include Heavy Truck A and Weichai H/A [6]. Market Performance - The automotive sector experienced a decline of 0.56% this week, ranking 29th out of 29 sectors. In contrast, the overall market indices showed positive growth, with the Shanghai Composite Index up 1.09% and the ChiNext Index up 2.36% [9][33].

近日，极氪揭晓了其基于纯电架构打造的豪华电混专属架构——浩瀚-S，一同亮相的还有基于浩瀚-S架构打造的首款旗舰车型—9X。 作为旗下首款插混车型，9X的亮相也宣告了极氪正式进入混动市场。 早在成立初期，极氪便明确以纯电技术为核心，随后的多款车型都坚持这一原则，时任CEO安聪慧曾明确表态"无意涉足混动车型。" 孙婉秋摄 转折点出现在去年。彼时安聪慧在财报会上透露,公司正在开发全新的电混动力技术,主要针对大型SUV和MPV车型。 对此，极氪副总裁徐云在会后采访环节解释称，这是基于技术、用车场景、用户心理等多方面原因考虑。 由于基于900V 高压电混架构打造，9X也是全球混动 SUV 中纯电续航里程最长（CLTC 纯电续航 380km）、充电最快（SoC20%-80% 仅需 9 分钟）和加 速最快（零百加速最快 3.1 秒）的车型。在智能辅助驾驶方案上，该车应用了吉利体系目前最高版本千里浩瀚H9方案，全球首发双英伟达 Thor-U芯片，并 搭载5个激光雷达，号称面向L3级智驾方案。 和领克900、银河M9一样，极氪9X也是一款大六座SUV车型，吉利系的三箭齐发也让市场好奇这一细分赛道的发展。对此吉利汽车集团高级副总 ...

2025.07. 11 "豪车平替"成为了市场的取胜法则，也成为了市场竞争日趋白热化后，车企走捷径的一条重要路径。 原创需要巨大投入，领克曾宣称每款车的设计投入都是"亿"级，但是原创并不意味着成功。 高度还原了领克The Next Day概念车元素的领克Z10，原本是对标小米SU7的市场，但6月销量不到 370辆。而今年4月底上市、外号"杭州湾揽胜"的领克900，今年6月销量突破了5300辆，在全尺寸高 端混动SUV品类中，位列第二，仅低于问界M9的月销量，已经超越了理想L9。而该细分行业销冠问 界M9，也曾因与奔驰迈巴赫GLS侧面设计相似而陷入舆论旋涡。 今年上海车展上，首次亮相的极氪旗舰SUV极氪9X就受到了较高市场关注，并得名"杭州湾库里 南"。7月9日该车开启先享计划，2小时就有1万人预订。 或许是看到了国产平替的市场，还有一大批国产"揽胜"来袭，包括"番禺揽胜"（广汽传祺S7）、"坪 山揽胜"（腾势N9）。除此之外，国产"库里南"也不遑多让，包括"保定库里南"（坦克800）。另外， 小米汽车第三款车型小米YU9近日测试车谍照已在网上传开。从谍照看，市场预计这也是一款全尺 寸SUV，外观轮廓与库里南相 ...

Core Viewpoint - The rise of "big brand alternatives" in the Chinese automotive market, exemplified by models like Xiaomi's SU7 and YU7, raises concerns about the potential regression of the industry towards imitation rather than innovation [1][5]. Group 1: Market Trends - Xiaomi's SU7 has become a phenomenon, securing the top sales position in the mid-to-large sedan category within a year, while the YU7 has surpassed it with over 240,000 orders in just 18 hours [1]. - The trend of creating "luxury car alternatives" is becoming a significant strategy for automakers in a highly competitive market, where original design requires substantial investment [1][2]. - The Zeekr 9X SUV received significant attention at the Shanghai Auto Show, with 10,000 pre-orders in just 2 hours, indicating strong market interest in domestic alternatives [2]. Group 2: Legal and Ethical Considerations - Historical cases of design infringement in the automotive industry show that legal definitions of imitation are often ambiguous, with several high-profile cases resulting in no penalties for alleged infringers [3]. - The protection period for design patents in China is 15 years, which can impact the longevity of claims against design similarities [3]. Group 3: Industry Evolution - The Chinese automotive industry has made significant strides in moving away from a reliance on imitation, with domestic brands capturing nearly 70% of the market share and China being the largest automobile exporter for two consecutive years [5]. - The resurgence of "copycat" incidents poses risks to the long-term development of the industry and could hinder the global competitiveness of Chinese automakers [5].

出品丨虎嗅汽车组 作者丨肖漫 头图丨极氪科技集团CEO安聪慧，来源视觉中国 极氪再次对豪华市场发起冲击。 近日，极氪在为旗舰 SUV 车型 9X 的技术发布会上，解释了他们要如何用这款车与问界、理想、BBA，甚至是劳斯莱斯库里南、揽胜路虎 等对手竞争。 的确，极氪 9X 在三电、电气架构、底盘和辅助驾驶上都用了吉利目前能做到的最好的技术，是吉利近几年技术积累的集大成者。 不过，极氪能否真正突破品牌认知的天花板，背后还有一系列挑战。极氪9X或许只是开始，背后更值得关注的，是这个品牌以技术为导、 以豪华为纲的战略升级，能否撬动豪华车市场的主流认知，真正带领极氪迈入下一个品牌阶段。 本期车圈脉动将聚焦极氪高端化战略，分析极氪的豪华野心及其现实难题。 【极氪9X，上足猛料】 极氪为 9X 自研了极氪浩瀚-S 超级电混架构，涵盖超级电混、数字底盘、安全盔甲和智能辅助驾驶四个层面。 【竞品一览】 补能方面，极氪9X采用全栈 900V 高压架构，配备70kWh 6C 混动电池，CLTC 纯电续航达 380km，0-80%充电只需九分钟。 搭载了库里南、揽胜路虎等豪华车相同的硬件配置，例如闭式双腔空气悬架、双阀 CCD 电磁 ...

Core Insights - Zeekr is making a significant push into the luxury market with its flagship SUV model, the Zeekr 9X, aiming to compete with established brands like Aion, Li Auto, and even high-end models like Rolls-Royce Cullinan and Range Rover [2][4]. Technology and Features - The Zeekr 9X incorporates advanced technology, including the self-developed Zeekr Vast-S super hybrid architecture, which covers four key areas: super hybrid, digital chassis, safety features, and intelligent driving [6]. - It features a 900V high-voltage architecture with a 70kWh 6C hybrid battery, achieving a pure electric range of 380 km under CLTC standards, and can charge from 0-80% in just nine minutes [6]. - The vehicle is equipped with luxury hardware similar to that of competitors, such as closed double-chamber air suspension and active anti-roll bars, and utilizes an AI-driven intelligent chassis system for enhanced performance [6]. Competitive Landscape - The Zeekr 9X is positioned as a "hybrid all-rounder," challenging traditional luxury brands with its performance metrics (1400 horsepower, 240 km/h top speed) and advanced features (L3-level autonomous driving) [15]. - The pricing strategy for the Zeekr 9X is expected to range from 500,000 to 1,000,000 CNY, targeting the high-end market and competing directly with luxury brands [12][15]. Market Strategy and Challenges - The merger of Zeekr and Lynk & Co is seen as a strategic move to reduce operational burdens and allow Zeekr to focus on its upward brand strategy without competing in lower price segments [13]. - Zeekr's brand recognition is a significant challenge, as it is relatively new compared to established luxury brands, which have decades of market presence [16]. - The company aims to balance luxury positioning with sales targets, having set a goal of 320,000 units for the year, but only achieving 280,000 in the first half [16]. Future Outlook - The Zeekr 9X is set to begin pre-sales at the end of August, with official market launch and deliveries expected in the third quarter of 2025 [17]. - The company plans to achieve L3-level autonomous driving by 2025, contingent on regulatory support, and must ensure the reliability of this technology to build consumer trust [17].

7月9日，极氪9X发布了一系列黑科技，并同步开启先享计划。计划启动仅2小时，便有1万用户支付定金加入。这款定位豪华的国产全尺寸SUV，一经亮相 便获得广大消费者的认可。 一场由900V混动架构引发的产业地震。 豪华汽车市场暗流涌动，中国市场再次出现强将。 然而，汽车市场的另一端，车企纷纷发布2025年二季度销量报告。其中，传统豪华品牌的全球销量，尤其是中国市场的销量继续出现下降。 从市场表现看，如今中国新能源品牌价位不断攀升，在50万元及更高价位占领更多市场。这场豪车争夺战，看似是燃油与新能源的动力形式之争，但豪车消 费者的价值取向其实始终如一：追求最先进且稀缺的技术、享受最创新最独特的体验。 而汽车领域的顶尖核心技术，过去的确长期被传统豪华品牌牢牢掌握着主导权。凭借领先的产品和技术，这些欧美品牌占领了全球豪华车市场。 车企在近乎"垄断"的市场中攫取丰厚利润，竞争的赢弱使得豪华车企逐渐放慢技术创新的步伐，有限的购车选择下，消费者的审美疲劳其实也在日益加重。 新能源汽车的蓬勃发展，开始撼动传统豪华品牌铸造的坚固神坛。 豪华汽车市场的洗牌，实质上是汽车技术话语权的更迭。 在新能源时代，中国汽车已经在多个市场获得亮 ...