公司发布6 月产销快报，6 月汽车销量为11.1 万辆，同比+12.9%，环比+8.3%；2025 年Q2 汽车销量为 31.3 万辆，同比+10.1%，环比+21.9%；2025 年H1 汽车销量为57.0 万辆，同比+1.8%。 新能源销售保持高增长，2025Q2 海外销售回升明显6 月公司新能源汽车销量为3.6 万辆，同比+39.4%， 环比+11.5%；1-6 月累计销量为16.0 万辆，同比+21.2%。2025 年H1 新能源汽车销量占比为28.2%，同 比+4.5pct，电动化进一步向上。出海方面，6 月海外销量为4.0 万辆，同比+5.2%，环比+16.0%，1-6 月 海外累计销量为19.8 万辆，同比-1.9%。2025 年Q2 公司海外销量为10.7万辆，同比-1.8%，环比 +17.5%，环比回升明显。我们预计公司巴西工厂将于2025年H2 投产，投产后初期将生产3 款车型，产 能5 万辆，后续产能将逐步提高至10万辆，通过海外建厂实现销售，一方面提升公司销量，另一方面也 降低了公司受到关税等不利因素的影响。 投资建议 我们预计公司2025-2027 年营收分别为2427/2812/3 ...

Core Viewpoint - The automotive market is experiencing intense competition, with numerous new models launched in 2025, leading to a significant reduction in the acceptance period for new cars [1][21]. Group 1: Sales Performance of New Models - Among the 30 new models analyzed, 14 exceeded sales expectations, achieving over 10,000 units sold shortly after launch [2]. - The Tengshi N9, launched in March, achieved sales of 4,617 units in May, surpassing its initial sales target of 3,000 units [3][4]. - The Aito M8, launched in April, has seen remarkable sales, with over 20,000 units delivered within 45 days of its launch [6]. Group 2: Competitive Landscape - The market is characterized by fierce competition, with brands like Li Auto, Geely, and BYD vying for market share in the high-end segment [4][6]. - The LYNK 900 aims to enter the top three in its segment, with a sales target of over 5,000 units in its second month [4]. - The Nissan N7 has established a foothold in the competitive 10-15 million yuan market, selling 3,034 units in May [10]. Group 3: Strategic Goals and Future Outlook - The Chang'an Q07 aims for 600,000 units by 2026, with May sales exceeding 8,000 units [8]. - The Aito brand has set a sales target of 220,000 units for the Avita 06 by 2025, with strong initial sales performance [8]. - The automotive industry is undergoing rapid changes, with brands needing to adapt quickly to maintain competitiveness [21].

Core Insights - The trend of "oil and electricity at the same price" is leading to a rapid penetration of electric hybrid vehicles into the 100,000 yuan price range, making it one of the most competitive segments in the domestic automotive market by 2025 [1][2] - The introduction of models like the First Automobile Works (FAW) Bestune Yuyi 07 and Haval's second-generation Haval Xiaolong MAX at competitive prices is drawing significant attention from the industry [1][3] - The market for plug-in hybrid electric vehicles (PHEVs) is expanding, with over 15 new models launched in the 100,000 yuan segment since January 2025, indicating a shift in consumer preferences towards hybrid technology [1][9] Market Dynamics - The 100,000 yuan price segment is no longer a stronghold for traditional fuel vehicles but is becoming a battleground for electric hybrid models, reflecting the cost control capabilities of domestic brands [1][2] - J.D. Power's report indicates that the proportion of PHEV users has increased by 9 percentage points to 41.5% since 2025, showcasing growing acceptance of hybrid technology among consumers [2] - The demand for higher electric range, lower fuel consumption, and advanced technology features is becoming central to consumer preferences in the 100,000 yuan market [2][3] Competitive Landscape - Major brands are launching competitively priced hybrid models with advanced features that were previously reserved for mid-to-high-end vehicles, such as intelligent cockpit systems and driving assistance functions [3][4] - The introduction of models like the Bestune Yuyi 07, Haval Xiaolong MAX, and Hongqi HS3 PHEV demonstrates the competitive strategies of leading brands to capture market share [3][8] - The automotive industry is experiencing a transformation, with a focus on platform technology and cost reduction, leading to a reshaping of the 100,000 yuan PHEV market [4][5] Future Outlook - The PHEV market is expected to see significant growth, with predictions that the proportion of PHEVs in the new energy vehicle segment could reach 60% in the coming years [9] - FAW's strategy to focus on new energy vehicles and the restructuring of its product lineup indicates a commitment to capturing a larger share of the hybrid market [7][8] - The competitive landscape will require brands to have sharp market insights and the ability to address consumer pain points effectively [6][7]

6月某个工作日午后，在上海浦东新区某特斯拉门店内，上海市民张先生正摩挲着一辆Model Y的方向 盘，他计划将名下一辆浙牌燃油车置换为这辆新能源车。"外牌旧车也能享受1.5万元补贴，这下省下的 钱够装个家用充电桩了！"他兴奋地说。 张先生"精打细算"的背后，是今年4月上海汽车"以旧换新"政策的出台——外牌旧车首次被纳入置换补 贴范围，且新能源车与燃油车"双轨并行"，最高补贴额为1.5万元。 政策发布后便搅动了上海车市。中国证券报记者走访发现，多个主流车企，尤其是新能源车企的门店内 咨询量激增，一场由政策驱动的置换浪潮正席卷申城。 ● 本报记者乔翔黄一灵 补贴范围扩大 "过去上海并没有放开外牌旧车的'以旧换新'，因此车主想要外牌旧车'以旧换新'，就需要回到旧车上牌 地进行操作，费时费力还增加成本。"张先生告诉记者，结合自己的实际情况，新的政策出台后便毫不 犹豫地决定换车。 今年4月上海发布的政策明确，将汽车置换更新补贴范围扩大至外牌旧车。升级后的政策将补贴范围由 之前的"本人名下在上海登记的小客车"，拓展到"本人名下在外省市登记的小客车"。 根据上海最新政策，自2025年1月1日(含当日，下同)至2025年12 ...

新车： 6月2025款欧拉好猫、坦克500Hi4-Z智驾版；三季度坦克400、500、700等车型及哈弗大狗/二代大狗改 款 出口： 5月同比转正，预期Q3同比正增长；澳大利亚市场5月~5k，俄罗斯市场6月预期边际向好 渠道： 直营门店建设所带来的费用增幅预计下降，销量考核后续加强；推动欧拉和哈弗新能源并网 往期推荐 分车型： 二代枭龙MAX 5月8k销量，日均订单200+；高山预计6月销量5k+；蓝山日均订单150；猛龙燃油版 日均订单100+ 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 比亚迪出海：发力东南亚 CATL ：储能 市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 主机厂电芯采购：兼顾性能和成本 加入社群 ...

Core Viewpoint - Citigroup has initiated a 30-day upward catalyst observation for Great Wall Motors (02333.HK) due to a 32% month-on-month increase in export sales to Russia in April, maintaining a "Buy" rating with a target price of HKD 18.6 [1] Group 1: Sales and Profitability - Citigroup expects the growth momentum in exports to continue until June, improving overall profitability visibility [1] - The bank estimates that Great Wall Motors' core profit may rebound to RMB 3 billion in Q2, with total profit around RMB 4 billion when including one-off items [1] - An industry dealer survey indicates that sales of the Tank 300 and the Xiaolong MAX are gradually increasing, which will help the company enhance its domestic NEV market share [1] Group 2: Future Projections - If Q2 profits reach the bank's forecast of RMB 4 billion, profits could rebound to approximately RMB 13 billion by 2025 [1] - Recent stock performance of Great Wall Motors has been weak, but positive sales figures are expected to boost profit expectations and subsequently uplift the stock price [1]

Core Viewpoint - The second-generation Haval Xiaolong MAX showcases its advanced capabilities as a "smart hybrid SUV" through a successful test drive event, emphasizing its reliability and value for consumers [1] Group 1: Technology and Performance - The second-generation Haval Xiaolong MAX features the second-generation Hi4 intelligent four-wheel drive hybrid technology, offering "two-wheel drive efficiency with four-wheel drive performance" [5] - The vehicle achieves a WLTC combined fuel consumption as low as 0.97L/100km and a CLTC fuel consumption of 4.2L/100km, with media tests showing actual consumption as low as 3.73L/100km [5] - It boasts a comprehensive range exceeding 1000km, with a pure electric range of 165km, and media tests confirming a range of 209.5km [5] - The vehicle's overall power output is 238kW with a torque of 595N·m, allowing for a 0-100 km/h acceleration in approximately 6 seconds [7] Group 2: Safety Features - The second-generation Haval Xiaolong MAX's intelligent four-wheel drive system reduces accident rates by 50% compared to two-wheel drive vehicles, enhancing safety for family users [9] - The vehicle is equipped with advanced algorithms for ice and snow conditions, improving safety performance on low-traction surfaces [10] Group 3: Interior and Comfort - The dimensions of the second-generation Haval Xiaolong MAX are 4780*1895*1725mm with a wheelbase of 2810mm, providing ample space for five adults [13] - The vehicle features the third-generation Coffee OS 3 intelligent cockpit system, enhancing user experience with a 12.3+14.6 inch display and a 10-inch HUD for improved visibility [13][15] Group 4: Intelligent Driving Capabilities - The Coffee Pilot Plus intelligent driving assistance system utilizes dual 800,000-pixel front cameras for enhanced obstacle detection and navigation [16] - The vehicle can autonomously navigate complex urban environments and perform automatic parking within 30 seconds [18]

证券研究报告 长城汽车 (2333 HK/601633 CH) 港股通 高山降价增配，新能源转型提速 | 华泰研究 | | | 事件点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 14 日│中国内地/中国香港 | 乘用车 | 5 月 13 日，新款魏牌高山上市，高山 8/9 两款车型售价 30.98/35.38 万元。 我们认为新车降价增配（老款 5m 车长版起售价 31.58 万元，5.4m 车长版 售价为 40.58 万元），外观内饰等得到改善。并在一二排座椅、智能化配置 等方面，实现同价位车型领先，上市一小时大定超 3500 台。考虑到公司 4-5 月密集发布枭龙 MAX 和高山，新能源转型有望加速，新品放量下利润或继 续改善，维持"买入"评级。 新增 5.2m 车长主流配置，外观和内饰品质升级 高山改款共推出两款车型，车长为主要差异：高山 8/9 车长分别为 5280/5410mm，其中高山 8 较老款车长增加 235mm，更符合主流市场配置， 可进一步拓宽目标市场。6 月 30 日前下定限时售价 30.68/35.08 万元，价 格具备较大优势（以高山 ...

Group 1 - The 2025 Great Wall Motors Smart Factory Half Marathon was held on May 11, marking the fifth edition of this brand IP event, which is unique in that it takes place within a factory setting [2] - Participants ran through key production areas including stamping, welding, and assembly workshops, showcasing the company's commitment to innovation and community engagement [2] - Great Wall Motors presented two major product clusters: "Tech Life" and "Off-Road Heavy Machinery," featuring various models such as the new WEY brand vehicles and the Tank series [2] Group 2 - Great Wall Motors has a research and development team of 23,000 personnel and has invested over 10 billion yuan in R&D for three consecutive years, emphasizing its commitment to quality and innovation [3] - The company operates several advanced laboratories, including a high-altitude lab and an intelligent interaction lab, ensuring rigorous quality control throughout the manufacturing process [3] - Great Wall Motors has expanded its market reach to over 170 countries and regions, with a global user base exceeding 15 million, and aims to maintain high-quality operations and market share through a comprehensive global strategy [3]

| 长城汽车系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《长城汽车（601633.SH）深度之二 ：自主龙头领跑智能汽车赛道》-20210825 | | 公司点评报告： | | 《长城汽车（601633.SH）-产品结构优化叠加出口放量，2024年前三季度净利润同比增长109%》 ——2024-10-28 | | 《长城汽车（601633.SH）-产品结构优化叠加出口放量，单车净利润同环比提升》 ——2024-09-05 | | 《长城汽车（601633.SH）-年报点评：2023年营收同比增长32%，新能源与出口齐放量》——20240430 | | 《长城汽车（601633.SH）2023三季报点评：新能源与出口齐发力，单三季度净利润环比增长206%》——20231030 | | 《长城汽车 （601633.SH）2023 中报点评：二季度出口销量同比增长115%，新能源战略转型持续推进》-20230904 | | 《长城汽车（601633.SH）2023一季报点评：盈利能力短期承压，静待新品放量驱动业绩上行》-20230403 | | 《长城汽车（601633.SH）年报点评： ...