证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 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 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 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 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

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]

必须承认，旅行车这个品类在中国市场的"存在感"，长期处于朋友圈发几张国外瓦罐图、知乎答主讲讲 欧洲如何生活化用车的层面。叫好不叫座，已经是这个品类的标准开场白。而这一次，比亚迪选择在 10-15万元的主流价格带切入旅行车，显然是打算让"诗和远方"更接地气。 海豹06DM-i旅行版 近日，比亚迪正式发布了海豹06DM-i旅行版，起售价10.98万元。在一个看似"被冷落"的细分市场里， 老大哥比亚迪这次给了旅行车一个正儿八经的"插混"身份。 这是个值得打问号的命题。旅行车在中国至少要面对两个现实问题——一是用户认知还没补齐，二是文 化氛围仍不成气候。在消费者认知里，"尾巴长长"的车，仍然容易和"空间利用不充分"、"不如SUV显 高大"挂钩。这种市场惯性，不是一次上市发布会能完全逆转的。 比亚迪当然看到了这个问题，但它并不打算用营销"洗脑"来解决，而是企图用堆料、用真实用车场景下 的优势来打动用户。从配置上看，海豹06DM-i旅行版已经把一辆家庭用车能塞的东西几乎塞满了，尤 其冷暖冰箱、电尾门、座椅加热通风这些在20万+车型上才会出现的配置，在这里成了"入门即标配"。 这确实会让很多用户动心，尤其是那些觉得SUV越 ...

奕派科技成立后，奕派品牌、纳米品牌、风神品牌将紧密联动。 要闻提示 1、东风汽车宣布成立奕派汽车科技公司 2、卓驭科技CEO沈劭劼：Tier1需具备兜底能力 3、比亚迪首款旅行车上市 4、新款奇骏上市，东风日产稳住燃油车基盘 5、比亚迪与上海乐高乐园达成战略合作 2、卓驭科技CEO沈劭劼：Tier1需具备兜底能力 近期，卓驭科技CEO沈劭劼在一场论坛上表示，在10万元以下的车型中，消费者对辅助驾驶功能的需求 相对较弱，更关注车辆的其他基本性能和性价比。在价格相对较高的车型，消费者开始对辅助驾驶功能 表现出浓厚的兴趣。作为Tier1供应商需要具备兜底能力，对智能辅助驾驶子系统的各个环节可能出现 的问题负责。这不仅要求企业在技术上具备深厚的积累和实力，还需要在供应链管理、资源整合等方面 也有综合能力。 一财点评：随着汽车市场智能化需求增加，辅助驾驶功能的平权问题越发受到重视。当前，辅助驾驶平 权仍面临诸多技术挑战和协同难题，需要车企与上下游共同解决。沈劭劼提到，要实现辅助驾驶的真正 平权，解决技术挑战是前提条件。而随着技术的不断突破和进步，预计在一年内有望在中算力方案中实 现对高难度场景的有效应对，从而推动辅助驾 ...

Core Insights - The launch of three new cars, Xiaomi YU7, Xpeng G7, and BYD Seal Travel Edition, aims to invigorate the competitive Chinese automotive market and address the ongoing "involution" issues [10] Group 1: Xiaomi YU7 - Xiaomi YU7 has garnered significant attention for its aesthetic appeal, featuring nine color options and a design that resonates with younger consumers [1][4] - The vehicle achieved a record of 200,000 pre-orders within three minutes of its launch, indicating strong market demand [2] - Xiaomi's strategy focuses on leveraging attractive designs to capture the interest of the youth demographic, similar to the success of its previous model, SU7 [4] Group 2: Xpeng G7 - Xpeng G7 is positioned as a cutting-edge AI smart family SUV, featuring the world's first L3-level AI capabilities [5][7] - The vehicle is equipped with three Turing AI chips, boasting a processing power of 2250 TOPS, which is significantly higher than competitors [5] - Xpeng's focus on AI technology aims to enhance driving intelligence and safety, paving the way for future advancements in autonomous driving [7] Group 3: BYD Seal Travel Edition - BYD's Seal Travel Edition is the world's first plug-in hybrid travel car, designed to cater to the preferences of family users in different regions [8][10] - The vehicle combines the agility of a sedan with the spaciousness of an SUV, offering a versatile option for consumers [8] - BYD's strategic launch in Europe coincides with a surge in demand for travel cars, indicating a potential expansion into new markets [10] Group 4: Market Dynamics - The recent launches reflect a shift in focus from price competition to product strength, as companies aim to establish unique identities in a crowded market [10] - The automotive industry is witnessing a call for healthier competition, moving away from detrimental price wars that threaten industry stability [10]

产业观察 【智能车产业跟踪】拼吧出行完成千万级 Pre- 产业研究中心 A 轮融资,加速布局 AI 驱动定制出行 摘要:产业最新趋势跟踪,点评产业最新风向 0 信息速递 汽车月度销量榜: 6月新势力终端销量榜前三名为零跑(4.8万辆,环比6.5%)、问界(4.47辆, 环比 22.9%)、理想(3.63 辆,环比-11.2%)。 新车发布: 6/30-7/06 发布的新车:比亚迪海鸣自在版、上汽大通大家 9 PHEV、吉利银河 E5、东风风行星海 S7、小鹏 G7、比亚迪海豹 06DM-i 旅行版。 0 锂电资讯 据 Wind,SMM 数据,近期电芯、模组、PACK 价格平衡震荡,电池级碳酸锂 价格震荡上行,7月4日均价报 6.23万元/吨。受7月需求预期改善的影响, 现货价格止跌企稳,且呈现出小幅回升态势。后续,仍需密切关注 7月需求端 的实际恢复情况。 | | ર્ | 王浩(分析师) | | --- | --- | --- | | | S | 021-38676666 | | | 登记编号 | S0880513090004 | | 辆, | | | | | S | 张涵(研究助理) | | 限河 | 8 ...

在国内车圈，叫好不叫座的车有很多，但旅行车绝对是最让人"意难平"的车型之一。 旅行车，昵称"瓦罐车"，音译自外文名"Wagon"，顾名思义，是专为家庭旅行打造的车型。 在大部分消费者眼中，旅行车是一辆十足的"四不像"，轿车一样的底盘和前脸，却有着SUV式的后备厢。 在少数欣赏旅行车的消费者看来，国内的旅行车产品也数量有限，且都价格不菲。 于是，这款原本历史悠久、在外国市场异常火爆的车型，就成了中国车圈的万年冷板凳—— 数据统计，2019年全国旅行车的销量甚至不足2万辆，甚至不如一小米Su7去年2个月的销量。 销售数据如此惨淡，旅行车也是国内车企不怎么愿意押注的车型，在主流观念中，轿车和SUV仍然是民用乘用车的主流车型。 但如今，旅行车却因为比亚迪的一款新车，海豹06DM-i旅行版的推出而来到大众面前，人们这才发现，国内主流车企似乎终于有了走上正轨的趋势。 2025年，难道真能成为国内"瓦罐元年"吗？ 卷王比亚迪，盯上"北欧小众" 都说旅行车长得"四不像"，但是比起如今最受欢迎的SUV，旅行车其实才是老前辈。 在20世纪初，美国市场上就已经出现了主打家庭旅行定位的汽车产品。 而到了二战后，汽车工业和汽车文化飞速 ...

近年来，多孩家庭和自驾游热潮催生消费者对大装载空间车型的需求，具备"轿车操控性和SUV装载力"双重优势的旅行车受到越来越多的关注。 近日，比亚迪首款旅行车——海豹06DM-i旅行版上市（指导价10.98万元-12.98万元），集低耗、智能、大空间、低售价等优点于一体，适合家庭长途出行 与户外爱好者。下面，就来看每款车型的具体差异。 海豹06DM-i旅行版在外观设计上深度融合海洋美学理念与旅行车功能性，通过精准比例控制和细节优化，打造兼具优雅与实用的造型。前脸采用封闭式车 头搭配上扬的双L型LED日行灯，灯腔造型凌厉，配合具有运动感的前包围，营造低趴运动的视觉效果。侧面车顶线条从C柱平缓延伸至D柱，形成旅行车经 典的溜背造型。尾部采用贯穿式尾灯组，中央镶嵌发光BYD标识，点亮后具有较高的辨识度。 | | 海豹06DM-i旅行版智能座舱配置差异 | | | | --- | --- | --- | --- | | 车型 | 80KM草贵型 | 150KM尊享型 | 150 | | 售价 | 10.98万元 | 11.98万元 | 12 | | 智能座舱高阶版-DiLink 100 | . | . | | | 高清悬 ...