为年轻而来 Fast Reading 作者 | 陈序宁 编辑 | 黄运涛 杭州电竞中心，距离晚上七点的发布会还有一个小时，零跑汽车董事长、CEO朱江明早早就来到了现 场。 雪豹财经社在现场看到，他身穿带有零跑Logo的黑色短袖T恤，先是在门口的展区转了一圈，又跑到 会场后台瞧了瞧，整个过程中，他不时跟身边的几位同事低语几句。 ■ 零跑汽车旗下B系列首款纯电轿车零跑B01正式上市，瞄准的是10万元级新能源轿车市场。 ■ 零跑B01售价仅约为Model 3的一半，有望在上市后迅速打开局面，成为零跑销量增长的新引 擎。 ■ 朱江明透露，2026年将是零跑的大年，会推出五到六款车。 七点整，朱江明已准时落坐在会场偏右侧第一排的位置，而正对舞台中心的一大片区域，被预留给了 媒体。接下来的一小时中，在这个最多能容纳5000人的会馆，朱江明只须扮演好一个角色：一位安静 的观众。 当晚发布会的主题是"为年轻而来"，这是零跑汽车创始人朱江明第一次在重要的新品发布会上没有登 台演讲。这一次，他将舞台交给了更年轻的管理层，整场发布会由零跑汽车高级副总裁曹力主持。刚 开场，曹力就调侃起了朱江明，"B01是给年轻人做的车，朱总觉得自己 ...

Core Viewpoint - Leap Motor is targeting the 100,000 yuan intelligent sedan market with its new B01 model, which is priced at 89,800 yuan, aiming to capture a significant share of this growing segment [2][3][4]. Market Opportunity - The automotive market is experiencing a shift in consumer behavior, with a 51% increase in sales of vehicles priced below 100,000 yuan in the first five months of this year, while sales of vehicles over 300,000 yuan have declined [3][4]. - Analysts predict that sales of vehicles under 100,000 yuan could exceed 6 million units this year, accounting for over 25% of total passenger vehicle sales [3]. Product Features - The B01 is designed to appeal to young consumers' desire for a comprehensive vehicle experience, combining aesthetics, performance, and advanced technology [4][5]. - The B01 features a sleek design, high-quality interior, and advanced technology, including a Qualcomm SA8295P chip and laser radar for enhanced driving capabilities [5][6]. Competitive Landscape - The B01 enters a competitive market with players like Xiaopeng's MONA and BYD's Seal, which have established strong sales figures [8]. - Leap Motor aims to differentiate itself by offering a high level of technology and design at a lower price point, positioning the B01 as a "half-price Model 3" [5][21]. Sales Strategy and Goals - Leap Motor has set an ambitious sales target of 500,000 units for the year, with a long-term goal of reaching 4 million units annually [11][18]. - The company plans to launch multiple models across different series in the coming years to maintain momentum and market presence [11][18]. Production and Profitability - Leap Motor emphasizes its self-research capabilities to maintain competitive pricing while ensuring profitability, with a focus on increasing gross margins [9][16]. - The company acknowledges the challenges of maintaining profitability in the sub-100,000 yuan market but believes its integrated development approach will provide a competitive edge [9][16].

基础版（低配） ：7.98-8.98万 依据：零跑B10起售价9.98万元，轿车通常比同平台SUV低1万-2万元；6月新增的100kW低功率版本（取消激光雷达/智驾配 置）瞄准下沉市场， 配置特点 ：续航400km左右，精简360全景影像、L2辅助驾驶等功能 主力激光雷达版： 11.98万-12.98万元 依据：盲订已开放的650/550激光雷达版对标B10同级配置（12.98万-13.98万）；风阻系数0.197、8295芯片+激光雷达等高 端配置成本支撑该区间。 配置特点 ：650km续航、27个感知硬件、高阶智驾、后排魔术空间。 顶配：小于15万 依据： 官方定位"15万级，且为兼顾品牌溢价与成本的天花板价格。 对比小鹏MONA M03（10.98万起）、比亚迪海豹06 EV（10.98万起），零跑需更低定价抢占市场 零跑B10"激光雷达下放至12万级"的成功策略将延续到B01。 价格预测区间 竞品对标 ： 品牌策略 ： 欢迎评论区打字留言讨论今晚零跑B01价格 往期推荐 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。 本公众号基于分享的目的转载，转载文 ...

7月18日，全球首款超混旅行车——比亚迪海豹06DM-i旅行版亮相济南，济南市众多媒体嘉宾齐聚一堂，共同见证开 创全民新旅时代的到来。 作为全球首款超混旅行车——比亚迪海豹06DM-i旅行版正式上市，官方指导价格为10.98万元-12.98万元。新车搭载比 亚迪第五代DM技术，采用标准旅行车造型，既保留了轿车的灵动驾控基因又有SUV级的大空间，以颜值、空间、操 控、智能、舒享五大维度优势及超70项全系标配，为主流用户带来轿车和SUV之外的全新选择。 齐鲁晚报·齐鲁壹点 李璟瑶 拥豹旅行 大有新境 海豹06DM-i旅行版车身尺寸为4,850mm*1,890mm*1,505mm，轴距为2,790mm，空间实力堪称同级天花板，670L超大 后备箱容积同级领先，常规状态下即可容纳全家出游所需，盖板支持上下两档调节，后排座椅放倒后容积达到 1535L，秒变露营大床房。全系标配电动后尾门，后备箱开口高度达1887mm，后备箱盖版离地高度仅686mm，轻松取 放大件物品。 海豹06DM-i旅行版后备箱还配备同级最多9个实用挂钩，配合全系标配的车载行李架，空间功能性和拓展性进一步提 升，实现空间无界，场景自由。旅行车的大空间 ...

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the expected boost in market sentiment due to a surge in new product launches and the upcoming earnings reports [1][5][12] - The automotive industry is transitioning towards a technology-driven era, with significant advancements in electrification, intelligence, and connectivity, which are expected to create new demand [12][13] - The report emphasizes the growth potential of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [22][23] Sales Tracking - In June 2025, retail sales of passenger vehicles in China reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales from January to June 2025 totaled 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The new energy vehicle market saw retail sales of 1.111 million units in June, marking a year-on-year increase of 29.7% and a cumulative total of 5.468 million units for the first half of the year, up 33.3% [1] Market Performance - In June, the CS automotive sector experienced a slight decline of 0.13%, with the CS passenger vehicle index down 2.34% [2] - Year-to-date, the automotive sector has risen by 28.88%, outperforming the Shanghai Composite Index by 14.17 percentage points [2] - The report notes a decrease in the inventory warning index for automotive dealers, indicating improved market conditions [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components, particularly in the context of the electric and intelligent vehicle trends [22][23] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like Kobot, Huayang Group, and Junsheng Electronics for intelligent components [3][22] - The report highlights the potential of new entrants like Huawei and Xiaomi in the automotive sector, emphasizing their strong channel and software ecosystem capabilities [22][23] Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE of 380, indicating significant growth potential [4] - The report provides a detailed earnings forecast for several key companies, reflecting their expected performance in the evolving automotive landscape [4][30]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the potential for improved industry sentiment driven by a surge in new product launches and upcoming earnings reports [1][5] - The domestic passenger car market saw retail sales of 2.084 million units in June 2025, representing a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - The report emphasizes the long-term growth opportunities in the automotive industry, particularly in the context of electric and intelligent vehicle trends, as well as the rise of domestic brands [12][13] Sales Tracking - In June 2025, the retail sales of new energy passenger vehicles reached 1.111 million units, marking a year-on-year growth of 29.7% and a month-on-month growth of 8.2% [1] - Cumulative retail sales for the first half of 2025 reached 10.901 million units, reflecting a year-on-year increase of 10.8% [1] - The report notes that the inventory warning index for automotive dealers in May 2025 was at 52.7%, indicating an improvement in the automotive circulation industry's sentiment [2] Market Performance - The automotive sector index experienced a slight decline of 0.13% in June 2025, underperforming compared to the Shanghai Composite Index, which rose by 2.9% [2] - Year-to-date, the automotive sector has increased by 28.88%, significantly outperforming the Shanghai Composite Index's 15.78% increase [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities presented by incremental components in the context of electric and intelligent vehicles [12][19] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like KOBOT, Huayang Group, and Junsheng Electronics for intelligent components [3][19] Industry Outlook - The report anticipates that the domestic automotive market will maintain a compound annual growth rate of 2% over the next 20 years, with new energy vehicle sales projected to reach 1.556 million units in 2025, reflecting a year-on-year growth of over 25% [13][22] - The transition towards electric and intelligent vehicles is expected to create structural development opportunities within the industry, as traditional automotive manufacturers adapt to new technologies [12][13] Key Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE ratio of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE ratio of 380, indicating a strong growth potential [4] New Energy Vehicle Projections - The report predicts that new energy vehicle sales will continue to grow, with expectations of 1.556 million units sold in 2025, representing a 28% increase from the previous year [18][22] - The penetration rate of new energy vehicles is expected to reach 38% in 2024, with significant growth anticipated in the following years [17][22]

（文/观察者网周盛明 编辑/高莘） 日前，比亚迪海豹06DM-i旅行版正式上市，官方指导价格为10.98万元—12.98万元。 比亚迪 新车搭载比亚迪第五代DM技术，根据配置不同，CLTC纯电续航有80km和150km两个版本。比亚迪官 方数据显示，新车满油满电综合续航可达2000km，NEDC工况下百公里亏电油耗3.15L。 在外观上，海豹06DM-i旅行版依旧采用家族式的"海洋美学"设计语言，整体和轿车版车型类似。 比亚迪 海豹06DM-i旅行版车身尺寸为4850×1890×1505mm，轴距为2790mm。新车最大的亮点在于其拥有670L 的后备箱容积，显著优于同级别轿车。 据悉，海豹06DM-i旅行版的后备箱盖板支持上下两档调节，后排座椅放倒后容积达到1535L，方便用户 在露营时休憩。 从定位上分析，新车采用标准旅行车造型，进一步丰富了比亚迪海洋网"海豹"IP的产品系列。 目前，比亚迪"海豹"IP已经推出了完整的产品——海豹05DM-i、海豹06、海豹07DM-i以及海豹。 从定价上来看，海豹06售价为9.98万元—13.98万元，而此次推出的海豹06DM-i旅行版和其同配置的车 型售价基本持平。 ...

Core Viewpoint - The article discusses the clearance sales of older car models, highlighting their cost-effectiveness and the significant discounts available for various models [1][29]. Group 1: BYD Models - The BYD Qin L DMI non-intelligent driving model has a clearance discount of 28,000, with the full price after subsidies ranging from 80,000 to 90,000 [2]. - The BYD Sea Leopard 06 DMI non-intelligent driving model has a guide price of 119,800, with a clearance price of 91,800 after a discount of 28,000 [5]. - The BYD Song L DMI non-intelligent driving model offers a clearance discount of 35,000, with final prices ranging from 90,000 to 100,000 [8]. - The BYD Han DMI non-intelligent driving model has a guide price of 175,800, with a clearance price of 141,800 after a discount of 34,000 [11]. - The BYD Tang DMI non-intelligent driving model has a clearance discount of 36,000, with final prices around 130,000 [14]. Group 2: Other Models - The Equation Leopard 5 non-intelligent driving model has a guide price of 239,800, with a clearance price of 217,800 after a discount of 22,000 [17]. - The Galaxy E8 old model has a clearance discount of approximately 48,000, with final prices ranging from 120,000 to 130,000 [20]. - The Wind Cloud T9 old model offers a guide price of 146,900, with a clearance price of 118,900 after a discount of 28,000 [23]. - The Wind Cloud A8L new model has a guide price of 129,900, with a clearance price of 101,900 after a discount of 28,000 [27]. Group 3: Market Dynamics - The article notes that the clearance models are primarily from the second half of 2024, with limited color availability and fast inventory turnover [29]. - It emphasizes that these clearance vehicles are a good purchase option, as they offer significant savings compared to new models, making them attractive for budget-conscious consumers [29].

Group 1 - Xiaopeng Motors plans to launch two range-extended large vehicles, G9 and X9, in Q4 of this year, marking its entry into the range-extended market [2] - The company aims to implement a dual technology route of "pure electric + super electric" with its "Kunpeng Electric" initiative, which includes a pure electric range of 430 kilometers and 5C ultra-fast charging [2] - The introduction of range-extended models is significant for Xiaopeng Motors as it targets the sub-150,000 yuan market, competing directly with BYD Qin L EV and Leapmotor B01, while also preparing for overseas markets with weaker charging infrastructure [2] Group 2 - Xiaopeng Motors faced challenges in the past, including declining sales and product strategy missteps, leading to a drop in its market position from "Wei Xiaoli" to third place [3] - The launch of the MONA M03, priced between 119,800 and 150,000 yuan, has significantly boosted Xiaopeng's sales, with Q1 2025 deliveries increasing by 331% year-on-year, surpassing competitors [3] - Relying solely on the MONA M03 for sales is risky, as the price segment is highly competitive, with established players like BYD already having a cost advantage [3] Group 3 - The range-extended strategy is seen as a pragmatic choice for Xiaopeng Motors to enhance product competitiveness and drive sales, similar to strategies employed by competitors like Leapmotor and Deep Blue [4] - The range-extended vehicle market is experiencing significant growth, with sales reaching approximately 980,000 units from January to May 2025, reflecting an 82% year-on-year increase [4] - To succeed in the competitive landscape, Xiaopeng Motors must continue to innovate in technology, products, and brand strength while managing costs and supply chains effectively [4]

Group 1 - Dongfeng Motor Group has announced the establishment of Yipai Automotive Technology Company to integrate resources across the entire value chain for the development of its independent passenger vehicle business [5] - The Yipai brand will closely collaborate with the Nano and Fengshen brands, indicating a strategic alignment within Dongfeng's product offerings [5] - Dongfeng's partnership with Huawei aims to create a smart product matrix that meets global user demands across various market segments, including potential expansion into commercial vehicles [5] Group 2 - CEO of Zhuoyue Technology, Shen Shaojie, emphasized the need for Tier 1 suppliers to have a safety net capability, particularly in the context of intelligent driving systems [6] - Consumer interest in advanced driver assistance systems (ADAS) varies by vehicle price, with lower-priced models seeing less demand for such features [6] - The automotive market is facing challenges in achieving equality in ADAS technology, necessitating collaboration between manufacturers and suppliers to overcome technical hurdles [6] Group 3 - BYD has launched its first super hybrid travel car, the Seal 06 DM-i, with a starting price of 100,000 yuan and a comprehensive range of 2000 km [7] - The travel car segment in China is relatively underdeveloped, with a total sales volume of approximately 107,000 units in 2021, indicating a potential market opportunity for BYD [8] Group 4 - Dongfeng Nissan has introduced the new X-Trail, with prices set at 160,800 yuan and 166,800 yuan, as part of its strategy to maintain its fuel vehicle market share amid rising competition from electric vehicles [9] - The new X-Trail features upgrades in technology and design, including enhanced intelligent functions to attract consumers [9] Group 5 - BYD has formed a strategic partnership with Shanghai Lego Land, marking the first collaboration between a Chinese automotive brand and Lego Land globally, focusing on promoting green travel and immersive driving experiences [10] - The partnership aims to enhance consumer awareness and cultural understanding of new energy vehicles in China [10] Group 6 - Lynk & Co has unveiled its first mid-to-large plug-in hybrid sedan, the Lynk & Co 10 EM-P, targeting the 200,000 yuan market segment with features like all-wheel drive and lidar [11] - The mid-to-large sedan market is increasingly being penetrated by domestic brands, challenging traditional luxury brands [11] Group 7 - Chery has announced the elevation of its Fengyun series to a standalone brand, with plans to launch 16 new products over the next three years to meet diverse consumer needs [12] - The Fengyun brand represents Chery's first car model, highlighting its historical significance and future strategic direction [12]