每经记者：孙磊每经编辑：陈柯名,余婷婷 10月28日，新款极狐阿尔法T5迎来上市，新车定位中型SUV，并首次搭载增程式动力系统，成为该品牌旗下首款采用该动力形式的车型。 无独有偶，小鹏汽车宣布小鹏X9超级增程将在11月亮相，同样使用增程动力的广汽埃安i60也将在11月发布。值得一提的是，这也是两个品牌首次推出增 程车型。 据《每日经济新闻》记者不完全统计，截至2025年，已发布或计划上市的增程式新车突破20款，增程赛道正吸引越来越多玩家入局，尚未布局的车企已所 剩无几。 但与车企布局增程车型的热情相比，当下增程车市场已出现涨幅放缓的情况。面对新的变化，刚入局的增程车型还有机会吗？ 增程车销量"涨不动了" 与理想汽车、问界等品牌在多年前布局增程车市场不同，当下的增程车市场已出现了销量"涨不动"的状况。 根据乘联分会方面的数据，9月，我国纯电动车型的批发销量为94.7万辆，同比增长32.4%，环比增长16.2%；狭义插混车型的销量为42.4万辆，同比增长 8.4%，环比增长13.1%；增程车型的批发销量为12.9万辆，同比增长8.7%，环比增长24.1%。 从上述数据可见，增程车型的同比增速明显不及同期纯电动车型 ...

每经记者｜孙磊 每经编辑｜陈柯名 余婷婷 10月28日，新款极狐阿尔法T5迎来上市，新车定位中型SUV，并首次搭载增程式动力系统，成为该品牌旗下首款采用该动力形式的车型。 图片来源：极狐汽车官网 无独有偶，小鹏汽车宣布小鹏X9超级增程将在11月亮相，同样使用增程动力的广汽埃安i60也将在11月发布。值得一提的是，这也是两个品牌首次推出增 程车型。 据《每日经济新闻》记者不完全统计，截至2025年，已发布或计划上市的增程式新车突破20款，增程赛道正吸引越来越多玩家入局，尚未布局的车企已所 剩无几。 但与车企布局增程车型的热情相比，当下增程车市场已出现涨幅放缓的情况。面对新的变化，刚入局的增程车型还有机会吗？ 增程车销量"涨不动了" 与理想汽车、问界等品牌在多年前布局增程车市场不同，当下的增程车市场已出现了销量"涨不动"的状况。 根据乘联分会方面的数据，9月，我国纯电动车型的批发销量为94.7万辆，同比增长32.4%，环比增长16.2%；狭义插混车型的销量为42.4万辆，同比增长 8.4%，环比增长13.1%；增程车型的批发销量为12.9万辆，同比增长8.7%，环比增长24.1%。 从上述数据可见，增程车型的同比 ...

10月28日，新款极狐阿尔法T5迎来上市，新车定位中型SUV，并首次搭载增程式动力系统，成为该品牌旗下首款采用该动力形式的车型。 图片来源：极狐汽车官网 无独有偶，小鹏汽车宣布小鹏X9超级增程将在11月亮相，同样使用增程动力的广汽埃安i60也将在11月发布。值得一提的是，这也是两个品牌首次推出增程 车型。 据《每日经济新闻》记者不完全统计，截至2025年，已发布或计划上市的增程式新车突破20款，增程赛道正吸引越来越多玩家入局，尚未布局的车企已所剩 无几。 每经记者｜孙磊 每经编辑｜余婷婷 根据乘联分会方面的数据，9月，我国纯电动车型的批发销量为94.7万辆，同比增长32.4%，环比增长16.2%；狭义插混车型的销量为42.4万辆，同比增长 8.4%，环比增长13.1%；增程车型的批发销量为12.9万辆，同比增长8.7%，环比增长24.1%。 从上述数据可见，增程车型的同比增速明显不及同期纯电动车型。而回望2024年全年，插混车型以83.3%的同比增幅一骑绝尘；增程车型也达到78.7%的高 增长，同期纯电动车仅有15.5%的温和增速。 | | | | 新能源市场-2025年9月产量、批发分析表 | | | | ...

Group 1: New Car Launches - Wei brand Gaoshan 7 launched with a price of 285,800 yuan, featuring a size of 5050/1960/1900mm and a wheelbase of 3085mm, positioned as a large 7-seater MPV [2][3][6] - New IM LS6 Super Range 52Max+ version launched at a limited price of 229,900 yuan, equipped with a 52kWh lithium iron phosphate battery and a CLTC pure electric range of 370km [2][23] - New GAC Trumpchi M8 Master Edition launched with prices ranging from 269,900 to 289,900 yuan, featuring a size of 5251/1893/1823mm and a wheelbase of 3070mm [2][24][26] - New Dongfeng Nano 01 launched with a limited price of 58,800 to 88,800 yuan, featuring a size of 4020/1810/1570mm and a wheelbase of 2663mm [2][33][37] - Dongfeng Yipai 008 five-seater version launched at a limited price of 159,900 to 171,600 yuan, featuring a size of 5002/1972/1732mm and a wheelbase of 3025mm [2][40][43] - Chery Fengyun T11 pre-sale started with a pre-sale price of 199,900 to 264,900 yuan, featuring a size of 5205/1998/1800mm and a wheelbase of 3120mm [2][46][50] - New Jihu Alpha T5 pre-sale started with a pre-sale price of 123,800 to 162,800 yuan, featuring a size of 4760/1936/1650mm and a wheelbase of 2845mm [2][57][61] - Beijing Hyundai EO Yiou pre-sale started with a pre-sale price of 130,000 to 150,000 yuan, featuring a size of 4615/1875/1673mm and a wheelbase of 2750mm [2][68][70] Group 2: Company Developments - XPeng Huaitian's "land aircraft carrier" debuted in the Middle East, receiving 600 orders and planning to enter the market by 2027 [2][80][83] - Toyota's new Corolla design revealed, resembling the design of HiPhi [2][84][88] - GAC and Huawei jointly developed Qijing Automobile, with the first product's design finalized [2][89][91] - Tesla's Model Y standard version rolled off the production line in Texas, with a starting price of approximately 285,000 yuan [2][92][99] - Bosch's mid-level intelligent driving system has been delivered in bulk, marking a significant step in the integration of intelligent features in fuel vehicles [2][100][102]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on technology-driven growth and the potential of intelligent vehicles [3]. Core Insights - The fourth quarter is expected to see a surge in market demand due to tightening subsidy limits, with a focus on companies that can effectively release supply, such as Geely, BYD, Great Wall, Li Auto, and NIO [3]. - The report emphasizes the importance of technology as a primary driver for excess returns, recommending companies in robotics, AI, and low-altitude economy sectors [3]. - Key companies recommended for investment include Kobot, Xingyu, Jifeng, and Songyuan, alongside those with recovering performance and attractive valuations like Minth and Ningbo Huaxiang [3]. Industry Updates - In the 40th week of 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64%. Traditional energy vehicles sold 234,000 units, while new energy vehicles sold 235,000 units, with a penetration rate of 50.11% [3]. - The automotive industry index closed at 7653.53 points, down 5.99% for the week, which is a greater decline compared to the Shanghai and Shenzhen 300 index, which fell by 2.22% [15][18]. - The report notes a decrease in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices down 2.0% week-on-week and 4.0% month-on-month [3]. Market Situation - The total transaction value of the automotive industry for the week was 695.481 billion yuan, with a daily increase of 4.20% [3]. - A total of 43 stocks in the automotive sector rose, while 228 fell, with the largest gainers being Haima Automobile, Meichen Technology, and Fute Technology, which rose by 19.2%, 16.8%, and 13.0% respectively [20]. Key Events - The launch of the first full-size SUV, Leapmotor D19, which features both pure electric and range-extended versions, was highlighted, showcasing advanced technology and design [4][44]. - The World Intelligent Connected Vehicles Conference was held in Beijing, focusing on industry opportunities and future directions, emphasizing China's advantages in policy support and infrastructure for intelligent vehicles [11][13].

Core Viewpoint - Xiaopeng Huitian's "land aircraft carrier" made its debut in the Middle East, receiving 600 orders and planning to enter the market by 2027 [2][8]. Group 1: Xiaopeng Huitian - Xiaopeng Huitian's "land aircraft carrier" showcased in the Middle East, securing 600 orders [2][8]. - The production base of Xiaopeng Huitian has been completed, with an annual capacity of 10,000 units, and plans to start mass production in 2026 [8]. - The "land aircraft carrier" has garnered a total of 7,000 orders globally, with a price of approximately 2 million [8]. Group 2: New Vehicle Launches - The new Toyota Corolla design has been revealed, resembling the design of Gaohe [9][13]. - Chery's Fengyun T11 has started pre-sales, with a price range of 199,900 to 264,900 yuan [14][16]. - The new Arcfox Alpha T5 has commenced pre-sales, with a price range of 123,800 to 162,800 yuan [26][30]. Group 3: Vehicle Specifications and Features - The Fengyun T11 features a 1.5T range extender with a maximum power of 345 kW and a 0-100 km/h acceleration time of 5.4 seconds [23]. - The Arcfox Alpha T5 offers both pure electric and range-extended versions, with a maximum power of 200 kW and a 0-100 km/h acceleration time of 6.5 seconds [32]. - The Wei brand Gaoshan 7 is positioned as a mid-to-large 7-seat MPV, featuring a comprehensive suite of smart driving systems and a hybrid powertrain [35][41][44].

Core Viewpoint - The launch of the Arcfox T1 has generated significant consumer interest, with over 43,000 orders placed within hours of its pre-sale, indicating strong market demand for this new electric SUV model [1][5][3]. Group 1: Product Features and Market Position - The Arcfox T1 is positioned as a family-oriented electric SUV with a price range of 62,800 to 87,800 yuan, which is competitive in the A0 segment [1][8]. - The vehicle boasts a spacious design with a 2,770 mm wheelbase, offering a maximum cargo space of 1,352 liters, making it suitable for various family needs [10]. - It features a range of 425 kilometers and can charge from 30% to 80% in just 16.9 minutes, enhancing its practicality for everyday use [10][13]. Group 2: Strategic Goals and Company Vision - Arcfox aims to establish itself as a leading brand in the electric vehicle market, with the T1 model being a key strategic product for the company [5][8]. - The company emphasizes a commitment to quality and customer satisfaction, offering lifetime warranties on key components and free maintenance for the first owner [1][5]. - The leadership expresses a strong ambition for the T1 to achieve 400,000 orders, reflecting the company's aggressive sales targets [5][3]. Group 3: Competitive Landscape - The Arcfox T1 faces competition from established models like the Geely Xingyuan and BYD Sea Gull, which have already captured significant market share [7]. - Despite the competition, the company believes in the T1's unique value proposition, which combines affordability with advanced features and safety [8][13]. Group 4: Marketing and Consumer Engagement - The marketing strategy includes engaging presentations and humorous public appearances by executives, aimed at resonating with younger consumers [3][5]. - The company has successfully leveraged social media and public events to create buzz around the T1, enhancing its visibility in the market [3][5].

Core Viewpoint - Despite a significant increase in sales, Beiqi Blue Valley (600733.SH) continues to operate at a loss, although the loss has narrowed compared to the previous year [2][5]. Financial Performance - In the first half of 2025, Beiqi Blue Valley reported revenue of 9.517 billion yuan, a year-on-year increase of 154.38% [5][6]. - The net loss for the same period was 2.308 billion yuan, compared to a loss of 2.571 billion yuan in the previous year, indicating a reduction in losses [5][6]. - Research and development expenses reached 1.07 billion yuan, up 62.94% year-on-year, while sales expenses were 856 million yuan, an increase of 10.51% [6]. Sales and Market Position - Beiqi Blue Valley's subsidiary, Beijing New Energy, achieved sales of 77,400 vehicles in the first seven months of 2025, representing a year-on-year growth of 98.58% [3][13]. - The Xiangjie S9 model saw significant sales growth, with 4,154 units delivered in June, a month-on-month increase of 94.7%, making it the top-selling model in the 300,000 yuan and above new energy vehicle category [3][11]. Debt and Financial Health - As of the end of the first half of 2025, the company's asset-liability ratio rose to 80.26% [4][9]. - The asset-liability ratios from 2020 to 2024 were 73.91%, 70.10%, 79.89%, 77.41%, and 75.33%, respectively, indicating a trend of increasing leverage [8][9]. Strategic Focus - The company is focusing on enhancing product layout and increasing R&D investment to cope with intense competition in the new energy vehicle sector [5][6]. - Beiqi Blue Valley aims to strengthen its brand presence and product differentiation, particularly through its Xiangjie and Extreme Fox brands, while expanding its dealer network [13][14].

Core Viewpoint - The article discusses the experience and strategies of a car sales live streamer, highlighting the monetization methods and challenges faced in the industry. Group 1: Background and Transition - The individual transitioned from being a frontline salesperson at Li Auto and NIO to becoming a car live streamer, motivated by the potential earnings from video content on platforms like Douyin [2][3]. Group 2: Monetization Strategies - The primary revenue model for live streaming car sales involves using a price-checking mini-program from a platform called "某车帝," where streamers earn 25 yuan for each lead generated [4]. - Initial live streaming efforts resulted in a peak of 200-250 viewers and a stable audience of 7,000-8,000 [5]. Group 3: Audience Engagement and Conversion - Among the viewers, approximately 4%-8% are genuine car buyers, indicated by the comment engagement rate [7]. - The streamer gathers pricing information from two main sources: friends in the car sales industry and direct inquiries to various dealerships [9]. Group 4: Pricing Information - A table of popular car models with their original and discounted prices is provided, showcasing the competitive pricing strategies employed [10]. Group 5: Challenges in Live Streaming - The introduction of a "quality score" system by the platform has impacted the income of streamers, as it requires maintaining a high customer conversion rate [14]. - Changes in Douyin's algorithm in April led to a significant decline in traffic, necessitating adjustments in streaming strategies [17].