Group 1: Global Expansion and Production Facilities - BYD has accelerated its global expansion with the inauguration of its first passenger car factory in Camasari, Bahia, Brazil, marking a new phase in its globalization strategy [1] - The company announced a total investment of 5.5 billion Brazilian Reais (approximately 7.1 billion RMB) for a large production complex in Brazil, which will have a planned capacity of 150,000 vehicles and create 20,000 local jobs [1] - In Cambodia, BYD is establishing its first electric vehicle production base, with a 521% year-on-year increase in orders expected by Q1 2025 [2] Group 2: Sales Performance and Market Position - Since entering the Brazilian market in 2021, BYD has seen continuous sales growth, becoming the top seller of electric vehicles in Brazil with over 20,000 units sold in Q1 2023 [1] - BYD ranked fourth in retail sales among car brands in Brazil as of May, achieving a market share of 9.7% [1] - In Japan, BYD's monthly registration volume surpassed 400 units for the first time, entering the top ten of imported car brands, largely driven by the strong performance of the SEALION7 model [3] Group 3: Product Development and Market Strategy - BYD launched the "Seagull" model in 15 European countries, marking its eighth electric vehicle introduction in Europe over the past three years [3] - The company plans to expand its product matrix in Japan by introducing plug-in hybrid vehicles and light electric K-Cars to meet local demand [3] - In Australia, BYD has established 46 stores across major cities, offering a full range of electric and hybrid vehicles [4] Group 4: Logistics and Transportation - BYD is developing its own fleet of automobile transport ships to enhance global delivery capabilities, with the sixth ship, "BYD CHANGSHA," recently launched [4] - The operational fleet has already transported over 70,000 BYD electric vehicles [4] Group 5: Financial Performance - BYD's overseas revenue reached approximately 160.2 billion RMB in the previous year, reflecting a year-on-year growth of 75.2% [5]

交银国际研究 每日晨报 2025 年 7 月 10 日 今日焦点 | 汽车行业月报 | | | | | --- | --- | --- | --- | | 6 月新能源车渗透率升至 | 53.3%；预计 7 月车市 | 评级: | 领先 | | 增速平稳 | | | | | 陈庆 | angus.chan@bocomgroup.com | | | 资料来源： FactSet | 主要商品及外汇价格 | | | | | --- | --- | --- | --- | | | | 三个月 | 年初至 | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 70.17 | 7.36 | -5.91% | | 期金 | 3,307.00 | 8.20 | 25.78 | | 期银 | 36.25 | 20.10 | 25.39 | | 期铜 | 9,925.00 | 13.30 | 14.00 | | 日圆 | 146.47 | -1.16 | 7.30 | | 英镑 | 1.36 | 6.53 | 8.51 | | 欧元 | 1.17 | 6.13 | 13.14 | | 基点变动 | | 三个月 六个月 ...

Core Insights - The domestic automotive market is experiencing significant changes, with BYD and SAIC leading traditional automakers with over 2 million units sold, while Geely shows a remarkable growth rate of 47% [1][2] - New energy vehicle (NEV) sales are driving growth, with companies like Leap Motor and Xiaomi making notable gains, while NIO and Lantu face sales pressures [1][2][3] - The second half of the year is expected to see intensified competition across various dimensions, including product offerings, technology, cost control, and supply chain resilience [1] Group 1: Traditional Automakers - BYD leads the market with 2.146 million units sold in the first half of 2025, with 470,000 units coming from overseas, marking a 132% year-on-year increase [2] - SAIC follows closely with 2.053 million units sold, achieving a 21.1% year-on-year growth in its domestic brand sales [2] - Geely's total sales reached 1.409 million units, with NEV sales contributing significantly, totaling 725,200 units, a 126% increase year-on-year [2] Group 2: New Energy Vehicle Makers - Leap Motor emerged as a dark horse with a 221.6% year-on-year increase, delivering 221,700 units in the first half of 2025 [1][3] - Xiaomi's SU7 achieved over 150,000 deliveries, with the new YU7 model receiving over 200,000 orders within three minutes of its launch [3] - NIO's sales were only 114,000 units, with Lantu and other brands struggling to meet sales targets, indicating a growing divide in the new energy vehicle sector [3] Group 3: Market Trends and Future Outlook - The automotive market is benefiting from government subsidies, with over 4.12 million applications for vehicle trade-in subsidies, of which over 53% are for NEVs [4] - A total of 138 billion yuan in central funding will be distributed in the second half of the year to support the market [4] - New models are set to launch in July, including vehicles from XPeng, Chery, and others, as companies aim to meet their annual sales targets [4] - The industry forecast for 2025 has been revised upward, predicting retail sales of 24.05 million passenger vehicles, a 5% year-on-year increase [5]

交银国际研究 行业更新 行业评级 领先 2025 年 7 月 9 日 汽车行业月报 6 月新能源车渗透率升至 53.3%；预计 7 月车市增速平稳 行业与大盘一年趋势图 资料来源 : FactSet 7/24 11/24 3/25 7/25 -10% 0% 10% 20% 30% 40% 50% 60% 行业表现 恒生指数 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | ...

7月8日，比亚迪"深圳号"汽车运输船将搭载超6800辆比亚迪新能源汽车，经宁波舟山港和深圳小漠国际物流港（以下简称"小漠港"）驶向欧洲。证券时报记 者在小漠港了解到，有1105辆在比亚迪深汕基地生产的宋系列出口车型首次地跑集港，从工厂抵达小漠港装船仅需5分钟时间，实现了"港厂联动"。 2025年7月8日，满载车型包含宋Plus、海鸥、元Plus、海狮、海豹等国产车共计6800多辆的"深圳号"将从小漠国际物流港出发，去往欧洲。宋春雨/摄 如今，比亚迪等头部车企正以"自建船队"方式掀起出海新篇章。比亚迪已投放运营"开拓者1号""常州号""合肥号""深圳号""西安号""长沙号"6艘汽车运输 船，累计运输超7万辆新能源汽车。比亚迪第七艘"郑州号"已经完成试航，将在本月交付运营，第八艘"济南号"汽车运输船即将出坞。届时，比亚迪汽车运 输船总装载量将跃升至6.7万辆。 深圳市也为汽车出口企业"自建船队"提供了大力支持。去年印发的《深圳市2024年促进汽车出口工作方案》就提到"支持企业购置滚装船，建设自有外贸滚 装运输船队"以及"鼓励汽车出口企业集中货源，与船企签订长期协议，稳定外贸滚装船班次"等内容。 中国数实融合50人 ...

Core Viewpoint - The article discusses BYD's strict price control measures implemented across its various brands, aiming to stabilize pricing and improve dealer compliance, amidst a backdrop of fluctuating customer demand and market conditions [1][3][6]. Group 1: Price Control Measures - Starting from July, BYD has enforced stringent price control across its brands, including Dynasty, Ocean, and Equation Leopard, with significant penalties for non-compliance [1][3]. - The price control measures are described as the strictest in history, with penalties of up to 1 million for new models and 300,000 for regular models if dealers fail to adhere to the pricing guidelines [3][9]. - Discounts on certain models have been reduced, with price increases of around 2,000 for some vehicles, while others have seen no discounts at all [6][9]. Group 2: Dealer Compliance and Market Impact - Dealers are required to strictly follow the manufacturer's pricing policies, with dark visits being conducted to ensure compliance, leading to penalties for those found violating the rules [3][6]. - The article notes a significant drop in customer traffic, with only three new customers reported on a Saturday afternoon, indicating a potential short-term impact on sales due to the new pricing strategy [3]. - The article suggests that while there may be short-term pain for dealers due to inventory issues and customer hesitance, the long-term benefits could lead to a healthier market and improved dealer confidence [6][10]. Group 3: Market Dynamics and Future Outlook - The article highlights that the price control measures are a response to previous price wars and aim to stabilize market sentiment, as continuous price drops may not encourage consumer purchases [10]. - The impact of these measures is expected to be felt across the industry, with dealers expressing concerns over sales and income during the transition period [9][10]. - Overall, the article conveys a sense of cautious optimism that these measures will ultimately benefit the automotive industry by promoting fair competition and protecting dealer interests [10].

"造旅行车一定要承担巨大的市场风险。"张卓在海豹06DM-i 旅行版上市发布会现场坦言。旅行车需要 兼顾轿车的驾驶质感与经济性，以及SUV的装载能力。过去，从市场需求挖掘到最终产品定义，具备技 术先发优势的欧美燃油车品牌主导了这一细分市场的发展。这一点，从旅行车至今仍被广泛称为"瓦罐 车"（即英文"Wagon"的音译）便可窥见其影响。沃尔沃在1953年推出了杜埃特 (Duett)车型，成为现代 旅行车雏形。 在2025年上半年交出百万销量的答卷后，比亚迪海洋网却将目光投向了小众领域——旅行车市场。7 月，其首款旅行车产品海豹06DM-i 旅行版正式入局，以10.98万~12.98万元的价格，试图改写中国旅行 车市场"叫好不叫座"的传统格局。 这款搭载比亚迪第五代DM技术的新车，不仅以满油满电2000km续航和全系标配的天神之眼C-智能驾驶 辅助三目版（DiPilot 100），来刷新该细分市场标准，更承载着比亚迪"在风险中开拓新蓝海"的战略野 心。 作为比亚迪集团的首款旅行车，海豹06DM-i 旅行版的登场并非偶然。比亚迪汽车海洋网销售事业部总 经理张卓在今年3月份曾透露，海洋网将在今年继续扩充产品线，推出全 ...

凤凰网科技讯 北京时间7月7日，据《华尔街日报》报道，随着埃隆·马斯克(Elon Musk)在美国面临日益 严峻的商业和政治挑战，他在另一个最重要市场中国也遭遇了麻烦。 随着中国本土汽车制造商越来越受欢迎，特斯拉在华市场份额萎缩。中国消费者认为，特斯拉的车型越 来越乏味，与当地消费者的品味脱节。如今，中国设计的顶级电动汽车常常配备一些特斯拉不具备的功 能，比如多块可以观影和打游戏的大屏幕，可以冰镇饮料的车载冰箱以及可用于自拍的车内摄像头。 中国电池公司也取得了新的技术突破。比亚迪（002594）和宁德时代（300750）最近表示，他们已开发 出五分钟快速充电技术。 目前，许多中国消费者依然把特斯拉视为电动汽车先锋。中国也将特斯拉视为外资投资成功的典范，以 及推动中国绿色经济建设的有力伙伴。绿色经济聚焦可再生能源、电动汽车和电池等产业。 麻烦的是，特斯拉的全自动驾驶系统(FSD，中国官网称智能辅助驾驶系统)仍未获得中国监管部门的全 面批准。这项技术是特斯拉未来主导交通领域雄心的核心功能，同时也是中国企业竞相攻克的领域。 特斯拉反应迟缓 特斯拉中国员工表示，他们曾向总部表达过对公司车型日益老化的担忧，但他们的警告 ...

本月将有4款重磅新车上市，它们分别是 岚图FREE+、零跑B01、理想i8 和 比亚迪海狮06 。 | | | 点 击 蓝 字 关 注 我 们 本文全文共 1677 字，阅读全文约需 5 分钟 零跑B01 是零跑汽车旗下的纯电动紧凑型轿车，定位 "年轻人的高品质智能轿车"，预售价格区间为10.58- 13.58万元。其外观采用科技自然美学设计理念，天梭流体车身设计使风阻系数低至0.197Cd、17.2°驭风美学溜 背角。车身提供8种颜色可选，其中摩根粉是与Pantone联合发布的特别色。内饰运用"悦动几何"设计理念，配 备14.6英寸2.5K中控屏+8.8英寸全液晶仪表，搭载高通骁龙8295芯片，智能交互体验出色。该车基于原生后驱 架构打造，搭载单电机驱动系统，后驱电机最大功率有132kW和160kW两种，CLTC续航里程最高可达 650km，30%-80%快充仅需18分钟。底盘由中欧顶级团队联合调校，采用前麦弗逊、后多连杆式独立悬架， 50:50黄金轴荷比搭配同级唯一的LMC爆胎稳定控制系统，驾控性能优秀。此外， 零跑B01 还拥有零甲醛标准 环保座舱，座椅获欧盟母婴认证，车内软包覆盖率达88%。同时，凭借 ...

在轻型汽车方面，比亚迪将本田的N-BOX视为目标。N-BOX在包括普通车在内的日本国内新车销量上 连续3年位居首位。特点是方便上下车的滑动门和较高的车身高度。目前的轻型纯电动汽车只有日产汽 车的"Sakura（樱花）"和三菱汽车的"eK Cross EV"，但这2款车型都不支持滑动门。本田正在开发纯电 动的轻型乘用车，东福寺社长希望率先投放在日本市场畅销的轻型汽车的纯电动车，抢占市场。 比亚迪在中国投放的小型小型纯电动汽车（REUTERS） 比亚迪将于2026年下半年在日本上市该国特有的"轻型汽车"的纯电动车。比亚迪日本法人的社长东福寺 厚树接受采访时说"（车身）正在参考本田的N-BOX等进行开发"。比亚迪希望比日本企业先推出轻型 纯电动汽车，抢占市场…… 中国纯电动汽车（EV）大企业比亚迪（BYD）将于2026年下半年在日本推出"轻型汽车"（日本国内独 有的汽车规格，指符合排量在660cc以下等条件的小型车辆）。比亚迪日本法人的社长东福寺厚树在接 受日本经济新闻采访时，针对轻型纯电动汽车的车身表示，"正在参考本田的N-BOX等进行开发"。将 比日本企业先推出畅销的轻型纯电动汽车，扩大销售。 比亚迪日本法人的 ...