【文/观察者网 潘昱辰 编辑/高莘】据《日本经济新闻》10月9日报道，由于全球市场电动汽车需求疲 软，日产、特斯拉、现代、福特、通用等跨国汽车巨头均选择大幅降价，以刺激消费。而在业内人士看 来，随着全球市场竞争的加剧，电动汽车的售价未来将持续下降。 更长续航，更低价格 就在10月9日，日产汽车宣布将于10月17日上市第三代聆风，并计划于今年年底和明年1月在美国和日本 开启交付。该车型在日本的起售价约为520万日元（约合人民币24.3万元）。若叠加政府补贴，其终端 价格将在430万日元（约合人民币20万元）左右。此外，日产计划于明年2月推出电池容量和价格更低的 版本，价格将在350万日元（约合人民币16.3万元）左右。 第一代日产聆风于2010年推出，是世界上第一款面向大众市场的电动汽车，迄今全球累计销量超过70万 辆。但日产首席营销经理寺西章表示，前两代聆风一直被认为续航里程过短，需要频繁充电，因此日产 必须努力改变客户的固有印象。 扣，使现代IONIQ 5的价格降至约300万日元（约合人民币14万元）；比亚迪则在9月提供高达117万日 元（约合人民币5.46万元）的折扣，并计划于明年在日本推出K-Car—— ...

Group 1 - Avita and Huawei plan to jointly launch 17 products by 2030, including sedans, SUVs, and MPVs, with 5 upgraded models expected to debut in 2026 [2] - Avita signed a share transfer agreement with Huawei in August 2024, agreeing to purchase 10% of the shares of Yingwang for RMB 11.5 billion, with the first payment of RMB 2.3 billion completed in October 2024 [2] - The second payment of RMB 5.75 billion was completed by Avita in February 2025, and the transfer of the 10% stake was finalized by March 31, 2025 [2] Group 2 - Leap Motor released teaser images of its luxury flagship SUV D19, which will have its global debut on October 16, featuring a laser radar on the roof and large continuous front and rear lights [2] Group 3 - Xiaomi's automotive division has published a patent aimed at enhancing the safety of intelligent driving, focusing on generating driving scene data with semantic consistency to improve training data richness and driving accuracy [4] Group 4 - In September, South Korea's imported car sales increased by over 30% year-on-year, with a total of 32,834 new registrations, up from 24,839 in the same month last year [4] - Tesla maintained the top sales position for the third consecutive month in South Korea, selling 9,069 vehicles, with the Model Y being the best-selling model at 8,361 units [4]

（原标题：2025年9月中国汽车保值率报告发布：豪华品牌全面回升） 10月10日，中国汽车流通协会与精真估联合发布《2025年9月中国汽车保值率研究报告》。报告显示，随着新车价格整体回升，主流级别车型保值 率普遍提高，其中豪华品牌实现全面回升，自主品牌在新能源细分市场表现尤为突出。 自主品牌稳中有进，新能源领域优势显现 自主品牌保值率表现分化，传祺、吉利等传统强势品牌保持稳定，比亚迪等电动化转型较快的品牌展现稳健表现。在新能源细分市场，自主品牌 展现出强劲竞争力：纯电动中型SUV领域，乐道L60位居保值率榜首，特斯拉Model Y、极氪7X分列二三位；纯电动紧凑型SUV市场，宋PLUS新 能源、AION Y、元PLUS位列前三；插电混动市场，问界M9在插电混动车型榜单中排名第一 报告同时关注到汽车行业稳增长工作方案的发布，其中包含15项具体工作举措，特别强调落实二手车交易便利化措施。此外，线上车源量保持增 长，尽管月底置换交易有所降温，但整体市场活跃度良好。 业内分析认为，当前汽车保值率市场正处于结构调整期，具备核心技术、完善服务体系和清晰发展战略的品牌将在保值率方面获得更大优势。随 着政策引导和市场自我调节 ...

Core Insights - The report highlights the varying residual values of domestic automotive brands in China, with traditional strong brands like GAC and Geely maintaining stability, while brands like BYD show robust performance due to rapid electrification [1] - The shift from "market for technology" to "technology creates value" is emphasized as domestic brands evolve [1] Group 1: Electric SUVs - The pure electric mid-size SUV market is highly competitive, characterized by intense high-end battles and mainstream acceleration, with the Leado L60 achieving the highest residual value [3] - Tesla Model Y and ZEEKR 7X follow closely in the residual value rankings, indicating strong market acceptance [3] - In the compact electric SUV segment, the "Matthew effect" is evident, with top models like Song PLUS, AION Y, and Yuan PLUS establishing significant advantages due to technology and market reputation [7] Group 2: Plug-in Hybrid SUVs - In the plug-in hybrid compact SUV market, BYD's Song Pro and Song PLUS dominate the residual value rankings, showcasing the strength of BYD's DM technology [12] - The plug-in hybrid mid-size MPV market sees GAC's E9 leading in residual value due to its luxurious features and advanced battery management [16] Group 3: Compact Cars - In the popular compact car market, the Volkswagen Lavida ranks first in residual value, followed by the Volkswagen Sagitar and Audi A3, reflecting the strong foundation of German brands in China [17] Group 4: Mid-size SUVs - The domestic mid-size SUV market has established a stable value hierarchy, with GAC's GS8 leading in residual value due to its spaciousness and luxury features [21] - The competitive landscape in the mainstream joint venture mid-size SUV segment is dominated by German and American brands, with SAIC Volkswagen's Teramont achieving the highest residual value [23] Group 5: Japanese Brands - The price decline of Japanese brands like Toyota, Honda, and Nissan indicates a convergence in product quality, negatively impacting their residual values in the new energy era [25] - The increase in residual value for Volkswagen brands is attributed to strong contributions from their sedan products, while French brands face significant declines due to ongoing price wars [25]

Core Insights - Huawei's automotive division, Hongmeng Zhixing, has officially launched the Shangjie H5, its most affordable model, priced starting at 159,800 yuan, marking its entry into the sub-200,000 yuan automotive market [1][2] - The launch of Shangjie H5 is expected to intensify competition in the domestic automotive market, particularly affecting self-owned and some joint venture brands in the same price range [2][6] Market Dynamics - In 2024, vehicles priced below 200,000 yuan are projected to account for over 70% of the domestic automotive market share, with the segment currently dominated by fuel vehicles, while the penetration rate of new energy vehicles stands at approximately 40% [2][5] - Over the past four years, Huawei has captured a significant share of the traditional luxury car market, delivering 930,000 vehicles, and has positioned itself as a leader among new force brands in the automotive sector [3][4] Competitive Landscape - The Shangjie H5 is designed to compete directly with models like Tesla Model Y and BYD Song PLUS, potentially forcing joint venture brands to accelerate their electrification efforts [4][6] - Traditional luxury brands, including BMW, Mercedes-Benz, and Audi, are experiencing declining sales, with each brand's sales dropping over 10% year-on-year, indicating increased pressure from new entrants like Huawei [3][4] Strategic Implications - Huawei's dual strategy of high-end and mainstream market penetration is seen as a significant move to challenge traditional luxury brands while expanding its market presence [4][9] - The introduction of Shangjie H5 is expected to push the automotive industry towards greater technological integration and lower pricing, altering consumer expectations regarding the value of smart vehicles [5][6] Future Outlook - The automotive industry is anticipated to shift from mechanical manufacturing to smart terminal production, with technology capabilities becoming the core competitive advantage [9] - Companies are advised to enhance their product intelligence, optimize cost structures, and explore new markets to maintain competitiveness against emerging players like Huawei [7][8]

Core Insights - Huawei's launch of the Shangjie H5, priced at 159,800 yuan, marks its entry into the sub-200,000 yuan automotive market, indicating a shift from the mid-to-high-end segment to the mainstream market [2][4] - The sub-200,000 yuan segment is projected to account for over 70% of the domestic automotive market in 2024, highlighting its significance [3] - The introduction of the Shangjie H5 is expected to intensify competition in the mid-to-low-priced smart vehicle market, particularly impacting domestic and some joint venture brands [2][6] Market Dynamics - In 2024, the sales distribution of China's automotive market is projected as follows: below 200,000 yuan at 72.4%, 200,000-300,000 yuan at 17.3%, 300,000-400,000 yuan at 5.9%, and above 400,000 yuan at 4.4% [3] - Over the past four years, Huawei has captured a significant share of the traditional luxury car market, delivering 930,000 vehicles [2][3] - The market for vehicles priced between 150,000 and 200,000 yuan saw a sales volume of 2.061 million units in the first half of the year, with a year-on-year growth of 7.7% [6] Competitive Landscape - The Shangjie H5 is positioned to compete directly with models like the Tesla Model Y and BYD Song PLUS, potentially diverting their customer base [4][6] - Traditional luxury brands (BBA) are experiencing declining sales, with a year-on-year drop exceeding 10% for BMW, Mercedes-Benz, and Audi [3][4] - The introduction of the Shangjie H5 is expected to pressure competitors to accelerate their technological upgrades and price adjustments [7][8] Strategic Implications - Huawei's dual strategy of high-end and mainstream market penetration is reminiscent of its successful approach in the smartphone sector [5][10] - The Shangjie H5 aims to democratize advanced smart features, challenging the notion that smart configurations are exclusive to high-end models [6][10] - Industry experts suggest that competitors should enhance their product intelligence, optimize cost structures, and explore new markets to maintain competitiveness [8][9] Future Outlook - The automotive industry is anticipated to transition from mechanical manufacturing to smart terminal development, with technology becoming the core competitive advantage [10] - The profitability of smart vehicles is expected to rely more on software services and ecosystem sharing rather than hardware sales [10]

Investment Highlights - In the fourth week of September, compulsory insurance reached 644,000 vehicles, with a week-on-week increase of 26.7% and a month-on-month increase of 25.0% [2][9] - The performance of segmented automotive sectors ranked as follows: SW commercial cargo vehicles (+3.8%) > SW passenger vehicles (+2.8%) > SW automotive (+1.7%) = SW automotive parts (+1.7%) > SW commercial passenger vehicles (-1.7%) [2][9] - The top five stocks covered this week with the highest gains were Songyuan Safety, Jingwei Hengrun-W, Silis, Xinquan Co., and Yadi Holdings [2][9] Core Industry Changes - Tesla released the FSD V14 version, expanding the model scale by 10 times and increasing the context length by 3 times; a simplified version of Model 3 and Model Y was launched in the U.S. market with a price reduction of $5,000 to cope with subsidy declines [3][9] - Xiaopeng Motors delivered 42,000 vehicles in September, a year-on-year increase of 95% and a month-on-month increase of 10% [3][9] - Li Auto delivered 34,000 vehicles in September, a year-on-year decrease of 37% but a month-on-month increase of 19% [3][9] - WeRide entered the third emirate of the UAE, Ras Al Khaimah, to begin trial operations of Robotaxi and Robobus [3][9] - 700 Yutong buses were delivered to Turkmenistan [3][9] - Xinquan Co. redeemed its "New 23 Convertible Bonds" ahead of schedule [3][9] Q4 Focus on AI Smart Vehicle Investment Opportunities - The automotive industry is entering a new crossroads phase, with the electric vehicle (EV) dividend nearing its end and the smart vehicle sector in a "dark before dawn" stage, indicating a shift in investment logic [4][5] - Key investment opportunities include: - **AI Smart Vehicle Mainline**: Focus on Robotaxi and Robovan, with downstream application core stocks including Tesla, Xiaopeng Motors, and Qianli Technology [5][10] - **C-end Vehicle Sales Perspective**: Key players include Xiaopeng Motors, Li Auto, and the Huawei and Xiaomi ecosystems [5][10] - **Upstream Supply Chain Perspective**: Key players include BAIC Blue Valley, GAC Group, and SAIC Group for B-end vehicle manufacturing, and various core suppliers for components like chips and sensors [5][10] Market Performance Overview - The automotive sector's performance in the A-share market ranked 10th this week, while the Hong Kong market ranked 12th [14] - The automotive sector has shown a general upward trend, with SW commercial cargo vehicles performing the best [19][20] - The overall vehicle insurance data for the week indicates a total of 644,000 vehicles, with new energy vehicles accounting for 368,000, reflecting a penetration rate of 57.2% [52]

Core Viewpoint - Tesla has introduced significant price reductions for its Model 3 and Model Y standard versions in the U.S. market to stimulate sales following the termination of federal subsidies for electric vehicles [1][3]. Pricing and Specifications - The Model 3 standard version has seen a price reduction of $5,500, a decrease of 13%, bringing its price to $36,990. The Model Y standard version has been reduced by $5,000, a decrease of 11%, now priced at $39,990 [2]. - The EPA estimated range for the Model 3 standard version has decreased from 363 miles (584 km) to 321 miles (516 km), and its 0-60 mph acceleration time has increased from 4.9 seconds to 5.8 seconds [3][5]. - The Model Y standard version's EPA estimated range has also dropped from 357 miles (574 km) to 321 miles (516 km), with its 0-60 mph acceleration time increasing from 5.4 seconds to 6.8 seconds [5]. Changes in Features - The interior materials of the Model 3 standard version have been downgraded to fabric, and several comfort features have been removed, including electric adjustments for the rearview mirror and steering wheel, ambient lighting, and rear seat heating [5]. - The Model Y standard version has undergone more noticeable exterior simplifications, including the removal of the continuous light strip and adaptive high beams, as well as the elimination of the "TESLA" logo on the front and rear [7]. Market Context and Challenges - Tesla achieved a record global delivery volume in the third quarter, attributed to consumers purchasing electric vehicles before the $7,500 federal subsidy was eliminated [9]. - The company faces increasing challenges in the U.S. market, particularly due to the competitive rise of BYD and other manufacturers, as well as controversies surrounding CEO Elon Musk [10]. - In the UK, BYD's sales have surpassed Tesla's, with a nearly tenfold increase in September sales compared to the previous year, while globally, BYD sold approximately 1.6 million vehicles compared to Tesla's 1.2 million [10].

Group 1 - WeChat is testing a new feature that allows users to recall all messages sent within two minutes at once, which includes text, images, and voice messages [2][3] - The domestic gold price has reached 1160 CNY per gram as international gold prices hit a new high, surpassing 4000 USD per ounce [5] - During the National Day holiday, over 24 billion people traveled across regions, marking a historical high [7] Group 2 - The National Day box office has exceeded 18 billion CNY, with a total of ten new films released, although the final box office may not surpass last year's 21.05 billion CNY [6][9] - The average ticket price for films during the holiday decreased to 36.7 CNY, down from 40.4 CNY last year, making it more affordable for audiences [6] - The sales of SAIC Motor reached 440,000 vehicles in September, a year-on-year increase of 40.4%, continuing a trend of monthly sales growth [8] Group 3 - Tesla's third-quarter passenger car sales surpassed those of Mercedes-Benz for the first time, with Tesla selling 497,099 vehicles compared to Mercedes-Benz's 441,500 [18] - Xiaomi's 17 series sales exceeded expectations, and the promotional rights for the first sale will continue until October 31 [8] - SoftBank Group announced a 5.375 billion USD acquisition of ABB's robotics business, aiming to strengthen its AI robotics sector [11]

Group 1 - The National Day box office has surpassed 1.8 billion yuan, with a total of ten new films released during the holiday period [4] - The average ticket price has decreased to 36.7 yuan, down from 40.4 yuan in the previous year, making cinema visits more affordable [4] - The top three films during the National Day period are "The Volunteer Army: Blood and Peace," "731," and "Assassination Novelist 2" [4] Group 2 - The total number of cross-regional movements during the National Day holiday reached 2.432 billion, averaging 304 million per day, a year-on-year increase of 6.2% [5] - The report indicates a significant increase in entertainment consumption, with offline performances in lower-tier cities growing by 34.1% [6] Group 3 - Tesla's third-quarter passenger car sales have exceeded those of Mercedes-Benz for the first time, with Tesla selling 497,099 vehicles, a 7.4% year-on-year increase, while Mercedes-Benz sold 441,500 vehicles, a 12.3% decline [16] - The launch of Tesla's lower-priced Model Y and Model 3 has not met market expectations, leading to a 4.45% drop in Tesla's stock price [14] Group 4 - Xiaomi's 17 series has seen sales performance exceeding expectations, with promotional offers extended until October 31 [5] - SAIC Motor reported a 40.4% year-on-year increase in vehicle sales for September, totaling 440,000 units [5]