申明：TOP2对MEGA设计理念、用户/非用户评价、月度销量变化期间发生了什么较为熟悉，高频调 查研究。对Cybertrcuk以上三个维度完全不熟悉。建议读者对TOP2关于MEGA观点赋予较高参考权重 （同时也建议充分批判性看待），对TOP2关于Cybertruck观点赋予低参考权重。 MEGA 25Q3季度交付数据9208，25年7-9月分别为2816/3121/3271。 CyberTruck 25Q2销量4306，25Q1销量6406，24Q2 8755。25Q3销量还没出，从趋势来看超过MEGA 9208的概率很低。 MEGA 25Q3的好销量不能全部归功于Home旋转座椅，在Home发布前（25年4月23日），24款MEGA 就有1500-2000左右月销的潜力，旋转座椅放大了MEGA的优势。 | | MEGA | L6 | L7 | Г8 Го | | | --- | --- | --- | --- | --- | --- | | 2025年6月 | 2304 | 16471 | 8273 | 4338 | 4893 | | 2025年5月 | 994 | 18781 | 10016 | 5312 ...

高盛发布研报称，比亚迪（01211，002594.SZ）高端品牌腾势预售N8L，为一款D级6座运动型乘用车（SUV），预售价31.89万元人民币起。据该行产品比较分析，腾势N8L在30万至40万元 该行指，在30万至40万元人民币价格范围市场中，前两名畅销车型问界M8及理想汽车-W（02015）L7均为5座车型，当前第三名的理想L8为6座车型，与腾势N8L相同。由于得分高于L8，该行 该行表示，对比亚迪腾势品牌高端化长期战略保持乐观，重点关注技术与安全。该行预测腾势品牌销量年复合增长率为24%，从2024年的12.6万辆增至预测2030年的46.8万辆，2030年贡献集 责任编辑：史丽君 ...

高盛发布研报称，比亚迪(01211,002594.SZ)高端品牌腾势预售N8L，为一款D级6座运动型乘用车 (SUV)，预售价31.89万元人民币起。据该行产品比较分析，腾势N8L在30万至40万元人民币新能源SUV 中得分最高，在比较的价格、续航、尺寸及自动驾驶四个领域均取最高分。高盛予比亚迪H股目标价 130港元，A股目标价133元人民币，评级"买入"。 该行指，在30万至40万元人民币价格范围市场中，前两名畅销车型问界M8及理想汽车-W(02015)L7均为 5座车型，当前第三名的理想L8为6座车型，与腾势N8L相同。由于得分高于L8，该行预计N8L可实现平 均月销6,000辆，多于L8的5,000辆，对比问界M8过去一年月均销售1.6万辆及理想L7同期月销9,000辆。 该行表示，对比亚迪腾势品牌高端化长期战略保持乐观，重点关注技术与安全。该行预测腾势品牌销量 年复合增长率为24%，从2024年的12.6万辆增至预测2030年的46.8万辆，2030年贡献集团车辆销量、收 入及毛利6%、13%及19%。 MACD金叉信号形成，这些股涨势不错！ ...

高盛发布研报称，比亚迪（002594）(01211,002594.SZ)高端品牌腾势预售N8L，为一款D级6座运动型乘 用车(SUV)，预售价31.89万元人民币起。据该行产品比较分析，腾势N8L在30万至40万元人民币新能源 SUV中得分最高，在比较的价格、续航、尺寸及自动驾驶四个领域均取最高分。高盛予比亚迪H股目标 价130港元，A股目标价133元人民币，评级"买入"。 该行指，在30万至40万元人民币价格范围市场中，前两名畅销车型问界M8及理想汽车-W(02015)L7均为 5座车型，当前第三名的理想L8为6座车型，与腾势N8L相同。由于得分高于L8，该行预计N8L可实现平 均月销6,000辆，多于L8的5,000辆，对比问界M8过去一年月均销售1.6万辆及理想L7同期月销9,000辆。 该行表示，对比亚迪腾势品牌高端化长期战略保持乐观，重点关注技术与安全。该行预测腾势品牌销量 年复合增长率为24%，从2024年的12.6万辆增至预测2030年的46.8万辆，2030年贡献集团车辆销量、收 入及毛利6%、13%及19%。 ...

模糊定性来说，i6订单本身可以称之为良好以上是确定的。 1个星期以内验证： 23.98就有冰箱+VLA+双腔空悬+电吸+比L7更大的空间+很好操控+MEGA的座舱智能化+大于MEGA 的cltc+5c+理想的补能体系。 1.是否会出现超预期负面舆情（目前看起来大概率不会） 25年10月15日左右可以大概知道： 2.理想i6今年大约可以有多少订单 3.理想对i6今年究竟大概能交付多少产能 4.i6今年对L678/i8订单会造成什么影响 5.理想今年大约可以交付多少车 26年1月15日左右可以大概知道： 6.26年是否有置换补贴，有多少。经过购置税降低后，i6订单情况会如何。 26年3月1日左右可以大概知道： 7.经过春节后，i6/8/MEGA车主对春节补能口碑如何，对纯电车型NPS如何（24年春节后，直接带动 MEGA NPS明显增长） 8.i6在26年上半年大概能卖多少台。 除了220V和二排座椅按摩，i6以及把在该价位段，大家能想象到的所有常见配置都给了。 i6今年产能越快卖完，有越高概率让理想i6市场情况更乐观。但是明年购置税增多+潜在置换补贴不 确定+大量等待i6人群这三件事多大程度影响了i6短期订单， ...

重启合作以来，广汽与华为正以更深度的绑定姿态加速向前。 近日，《国际金融报》记者独家获悉，双方联合打造的"启境"品牌旗下新车已确定上市时间表，两款定位30万元级的高端车型将于明年分季度推出， 其中中大型纯电轿车率先一步计划于明年二季度上市，首款SUV则于第三季度上市。 双方合作加速的最直观体现是今年6月的一次拜访。彼时，广汽集团董事长冯兴亚赴深圳拜访华为董事长任正非。随后，为推进相关战略部署，华为 轮值董事长徐直军又亲赴广汽团队深入交流。 孙婉秋 摄 两款车型动力形式涵盖纯电与增程，目标是凭借"广汽制造+华为智能"的组合，争取抢占30万元新能源市场的一席之地。 作为一场阔别两年多的复合，早在2021年广汽和华为便高调启动AH8项目，计划联合开发中大型纯电SUV。然而没等到产品上市，2023年3月广汽突 然宣布改为自主开发，华为退居供应商角色。 随后因为与赛力斯合作成功打造了问界，华为成为车企转型过程中的理想合作伙伴，橄榄枝纷至沓来。 而行业巨变下的广汽则经历着转型的阵痛，销量和业绩承压之下，广汽在2024年主动求变，将刀口向内，启动三年"番禺行动"。 此基础下，双方再度牵手，节奏推进的高效而坚决。 去年11月 ...

Group 1 - GAC and Huawei are accelerating their collaboration with a new brand "Qijing" set to launch two high-end models priced around 300,000 yuan, with a mid-large pure electric sedan debuting in Q2 2024 and an SUV in Q3 2024 [2] - The partnership aims to leverage "GAC manufacturing + Huawei intelligence" to capture a share of the 300,000 yuan new energy vehicle market [2] - After a previous attempt to develop a mid-large pure electric SUV was halted in 2023, GAC shifted to independent development while Huawei took on a supplier role [2][3] Group 2 - GAC is undergoing a transformation due to sales and performance pressures, initiating a three-year "Panyu Action" in 2024 to adapt to industry changes [3] - A strategic cooperation agreement was signed between GAC and Huawei in November 2022, focusing on deep collaboration in smart vehicle product development, marketing, and ecosystem services [3][4] - The establishment of Huawang Automotive Technology (Guangzhou) Co., Ltd. marks the formal launch of the GH project company, under which the "Qijing" brand operates [4] Group 3 - The collaboration model between GAC and Huawei is unique, combining elements of the HI model and the smart selection car model, ensuring Huawei's influence throughout the product lifecycle while maintaining GAC's brand independence [5] - GAC Aion plans to invest 600 million yuan into Huawang Automotive, which will utilize Aion's production capacity for vehicle manufacturing [5][6] Group 4 - Huawang is enhancing its channel development with a "40-city blitz" strategy, establishing user centers and experience centers in key cities across China [6] - Despite signing 40 city dealers, the actual progress in store openings is slow, with some dealers expressing hesitation due to the need for separate channels and high investment requirements [7] Group 5 - The 300,000 yuan price segment is becoming increasingly competitive, with several models like Tesla Model Y and Li Auto L6 achieving significant sales [8] - Upcoming changes in government subsidy policies for new energy vehicles priced above 300,000 yuan may increase purchase costs, presenting challenges for Huawang [8]

Core Viewpoint - Xiaopeng Motors has introduced Yiwei Lithium Energy as a battery supplier for its MONA series vehicles, while the long-range versions will continue to use BYD batteries. This move reflects a broader trend in the automotive industry towards multi-supplier strategies to enhance supply chain stability and reduce costs [1][2][4]. Group 1: Supplier Strategy - Many leading automotive companies, including Tesla, BMW, Geely, and SAIC, have adopted a strategy of collaborating with multiple battery suppliers to mitigate risks associated with relying on a single source [2][4]. - The multi-supplier approach allows companies to enhance their bargaining power, as competition among suppliers can lead to improved service quality and lower prices [4][5]. - Analysts suggest that while companies prefer to have a single supplier for optimal quality, they typically maintain two to three backup suppliers to ensure reliability [5]. Group 2: Consumer Concerns - The mixed battery supply strategy has raised concerns among consumers regarding the transparency of battery sourcing and performance, as seen in the case of Li Auto's models that use batteries from different suppliers [6][7]. - Consumers have expressed dissatisfaction over the lack of clarity about battery origins, particularly for high-priced models, leading to questions about potential cost-cutting measures by manufacturers [6][7]. - Industry experts emphasize the importance of clear communication regarding battery specifications to respect consumer rights and avoid misunderstandings [7].

Core Viewpoint - Chasing Technology is segmenting its automotive business into two brands: Chasing Automotive and Starry Sky Automotive, with the latter aiming to compete directly with Li Auto's models [1] Group 1: Brand Strategy - Starry Sky Automotive has planned four configurations to rival Bentley models and aims to "completely crush" Li Auto's L9, L8, L7, and L6 models [1] - The new series of vehicles will have a wheelbase of 3.2 meters, with all dimensions exceeding those of Li Auto's L9 and AITO's M9 [1] Group 2: Product Offering - The planned models include D9, D9 Pro, D9 Max, and D9 Ultra, with a price range of 269,900 to 589,900 yuan, directly targeting Li Auto's L6 to L9 models [1] Group 3: Development and Operations - Chasing Technology has been preparing for vehicle production for a significant time, conducting internal voting on car design proposals for 38 weeks [1] - The team comprises talents in research and development, manufacturing, and quality control, and has completed its first round of financing, setting a record for the fastest fundraising among new domestic car manufacturers [1] - The company plans to establish a factory near Berlin, Germany, close to Tesla's Gigafactory, to leverage local supply chain resources for global market expansion [1]

Core Insights - The new AITO M7 has opened for pre-orders, with three versions priced between 288,800 to 349,800 yuan for range-extended models and 328,000 to 369,800 yuan for pure electric models [1] - The pre-order response was overwhelming, with over 20,000 small orders within 10 minutes and surpassing 100,000 in 43 minutes, indicating strong market demand [1] Group 1: Product Performance - The AITO M7 was initially launched in July 2022 but struggled with sales, often selling less than 1,000 units per month [5] - The updated AITO M7, launched on September 12, 2023, features improvements in body structure, chassis materials, suspension, and range, leading to a significant increase in sales [5][6] - In 2024, AITO brand delivered 389,000 vehicles, with the M7 contributing 198,000 units, accounting for over half of total sales [5] Group 2: Market Competition - The AITO M7 faces intense competition in the 250,000 to 350,000 yuan price range from models like Li Auto L6, L7, and Tesla Model Y, as well as new entrants [5][6] - The introduction of the competing R7 model from Hongmeng Zhixing has further divided the market, with R7 achieving significant sales growth in early 2023 [6] Group 3: Pricing Strategy - The new AITO M7's starting price is approximately 40,000 yuan higher than the previous model, reflecting its enhanced product capabilities [7] - Analysts suggest that the price increase is justified due to the improved product features and serves to differentiate it from the R7, while also leaving room for future models like the M6 [7][8] Group 4: Consumer Sentiment - There is a notable increase in consumer interest in the new AITO M7, with sales personnel reporting higher mention rates and potential buyers delaying purchases to wait for the final pricing announcement [7][8]