证券研究报告 行业研究|行业专题研究|汽车 比亚迪系列专题：技术为本，向高端化 演进 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月09日 行业研究|行业专题研究 glzqdatemark2 2025年10月09日 证券研究报告 |报告要点 传统豪华形象是历史积淀、技术、品牌等多维度长期作用的结果，新能源浪潮下自主品牌利用 新技术重新定义豪华形象。例如，理想汽车能够站稳高端价格带的核心在于精准的产品定义， 问界品牌高端形象的成功塑造是 IP 赋能与智驾技术领先共同驱动的。比亚迪高端化之路将驶 向何方？我们认为比亚迪高端化破局的关键是立足于技术优势，使得消费者形成品牌偏好。 当前，比亚迪以 "技术筑基、品牌分层、全球拓展" 构建高端化战略体系，通过三级品牌矩 阵实现市场精准覆盖。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 17 高登 陈斯竹 陈乐成 SAC：S0590523110004 SAC：S0590523100009 汽车 比亚迪系列专题：技术为本，向高端化演进 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% 0% 20% 40% 20 ...

引言：比亚迪高端化之路将驶向何方？ 2024 年，比亚迪乘用车销量突破425 万辆，其中终端成交均价20 万元以下车型销量达357.7 万辆，占比 高达84.3%，仍是比亚迪规模的核心支撑。从高端化进程来看，2022 年腾势D9 的上市正式开启比亚迪 高端化征程；后续又相继推出仰望、方程豹两大高端品牌，逐步构建起层次清晰的品牌分层运营体系。 2025 年上半年高端品牌系列总销量达14.2 万辆，同比增长69.9%，展现出强劲的增长动能。不过，部分 高端车型仍面临市场层面的质疑。基于此本文将结合当前高端汽车市场的竞争态势，以及比亚迪自身的 核心优势，深入剖析其高端化之路的未来走向。 高端化破局的关键：立足于技术长板，让消费者形成品牌偏好比亚迪以"技术筑基、品牌分层、全球拓 展"构建高端化战略体系，通过三级品牌矩阵实现市场精准覆盖。其中，腾势品牌依托易三方、云辇等 全球颠覆性专属技术，打造轿车、SUV、MPV 全品类产品矩阵；方程豹定位个性化市场，依托领先技 术打造DMO 超级混动越野平台等专属技术，致力于用技术实现个性平权。仰望依托全球首创的云辇-Z 智能悬浮车身控制系统与易四方四电机技术，突破百万级市场。 此 ...

历年7月、8月都是汽车消费淡季，但这两个月的蓄势也为后续销售旺季积累了充足的能量，千万大奖的推出堪称 正当其时。 作为双节重点促消费活动之一，"国庆放价驾享星城"汽车促消费活动将发出800万元的巨奖。长沙市商务局主要负 责人表示，本次汽车促消费活动是坚决贯彻落实中央、省、市关于"把恢复和扩大消费摆在优先位置"的决策部 署，福利加码，市级大奖全覆盖、车展福利再加码、区县政策同联动、车企让利到底线，让消费者共享喜悦与优 惠。 记者了解到，在"国庆放价 驾享星城"购车抽奖活动中，个人消费者凡于10月1日至10月31日，在长沙市内注册的 汽车销售企业购置乘用车新车（不含二手车、商用车），并取得长沙市机动车销售统一发票（发票日期为2025年 10月1日至10月31日），且车辆含税单价金额在5万元（含）以上，即可参与抽奖。其中：一等奖为49999元现金， 20名；二等奖为现金10000元，100名；三等奖为500元现金或价值600元潇湘一卡通购物卡及优惠券（用户自由选 择），12000名。 长沙晚报掌上长沙10月1日讯（全媒体记者 曹开阳） 国庆、中秋双节序幕拉开，长沙车市迎来了从心动到行动的 季节。10月1日，2025 ...

Core Viewpoint - The Chinese automotive market continues to grow, with both production and sales exceeding 20 million units from January to August 2025, driven by a significant increase in new energy vehicle (NEV) penetration and the dominance of domestic brands like BYD [1] Group 1: Market Performance - BYD sold 374,000 NEVs in August, with a cumulative sales of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [2] - BYD's single brand sales reached 2.63 million units from January to August, maintaining a substantial lead in the market [5] - BYD has completed 62% of its annual sales target of 4.6 million units, setting a solid foundation for the second half of the year [2] Group 2: Technological Advancements - BYD's continuous sales growth is supported by strong technological capabilities, including the "Tiangshen Eye" advanced driver-assistance system, which has been installed in over 1.4 million vehicles [8] - In August, 90% of the sales of models equipped with the driver-assistance system were recorded, with daily data generation exceeding 87 million kilometers [8] - BYD's innovative achievements include the Lingyuan vehicle-mounted drone system and the super e-platform with megawatt fast-charging technology, contributing to the sales growth of models like Han L and Tang L [9] Group 3: Global Expansion - BYD's overseas sales of passenger cars and pickups reached 80,464 units in August, marking a year-on-year increase of 146.4%, with cumulative overseas sales of 630,728 units in 2025, up 135.7% [12] - The overseas sales accounted for 22% of BYD's total sales, indicating a strong international presence [12] - At the recent Munich Motor Show, BYD showcased several key models and announced the upcoming production of its factory in Hungary [12] Group 4: Future Outlook - BYD aims to continue its growth through ongoing technological innovation, an expanding product matrix, and enhanced global presence, focusing on efficient, intelligent, and environmentally friendly development in the NEV sector [14]

来源丨 汽车公社（ID：iAUTO2010） 作者丨李思佳 编辑丨何增荣 图源丨Midjurney MPV市场曾是中国汽车版图中一个相对稳定甚至有些沉闷的细分市场。 然而，随着新能源汽车时代的浪潮奔涌而至，这片曾经的"蓝海"正演变为竞争最激烈、技术路线最多 元、产品理念碰撞最精彩的前沿阵地。从最初的燃油车主导，到如今燃油、插混和纯电相互掰手腕， 同时家用和商用的界限也不再特别明晰。 彼时，别克GL8、本田奥德赛与艾力绅等车型构筑了坚固的壁垒，而商用MPV与家用MPV的界限也很 分明，当然，燃油动力是毋庸置疑的主流。 分水岭在2023年。那一年，腾势D9全年累计销售近12万辆的成绩，超越别克GL8、本田奥德赛和丰 田赛那等老牌合资竞品，成为全品类MPV年度销冠。当有人觉得这一现象是偶然时，2024年腾势D9 再次以超过10万辆的成绩成为MPV年度销量冠军。 | 排名 | 车型 | 级别 | 销量 | 同比 | | --- | --- | --- | --- | --- | | 1 | 医薬D9 DM-i | 中大型 | 97948 | -12.2% | | 2 | 丰田赛那 | 中大型 | 89450 | 16 ...

Core Viewpoint - Tengshi Automobile has launched the pre-sale of its new six-seat SUV, Tengshi N8L, with a price range of 319,800 to 349,800 yuan, ahead of its planned release in the second quarter of next year, driven by strong customer demand [2]. Group 1: Product Launch and Market Positioning - The Tengshi N8L fills a market gap in the 300,000 to 350,000 yuan segment, complementing the existing models Tengshi N7 and N9 [2]. - Tengshi N8L is positioned as a family-oriented SUV, focusing on comfort and safety, while Tengshi N9 is marketed as a technology flagship SUV [2]. - Both models utilize BYD's Yi San Fang platform, which integrates features for enhanced driving performance and safety [2]. Group 2: Performance and Technology - The N8L features a plug-in hybrid 2.0T engine combined with three electric motors, achieving a 0-100 km/h acceleration in just 3.9 seconds [3]. - It includes advanced braking systems with a stopping distance of 35.4 meters and a smart body control system that adjusts suspension based on road conditions [3]. - The vehicle's turning radius is only 4.58 meters, enhancing its maneuverability [3]. Group 3: Safety Features - The N8L is equipped with a high-speed blowout stability control system, capable of maintaining control at speeds of 180 km/h during a blowout [4]. - It successfully passed high-speed avoidance tests at 210 km/h without rolling over, and its crosswind stability control system can reduce lateral drift by 40% in strong winds [4]. Group 4: Market Performance and Future Outlook - Tengshi brand's cumulative sales reached 80,000 units in the first half of 2025, a 34% year-on-year increase, largely driven by the Tengshi D9 model [5]. - The N8L will compete directly with established models like the AITO M7, Lynk & Co 900, and Li Auto L8 in the same price range [5]. - The company plans to introduce more new products, including SUVs and sports cars, to expand its market presence [6].

长沙晚报掌上长沙9月28日讯（全媒体记者 朱泽寰）28日下午，2025长沙市新能源汽车（含燃油车）产业创新生 态发展活动在雨花经开区举行。新能源汽车产业的企业代表、行业专家等180余人出席，旨在加强产业链上下游 企业协同创新，提升长株潭新能源汽车产业综合竞争力。 本次活动以"协同创新·共赢未来"为主题，由长株潭三市的工业和信息化局及雨花经开区联合主办，由长沙市制造 业发展促进中心、长沙市新能源汽车（含燃油车）产业链推进办公室、湖南省新能源汽车产业协会联合承办。 现场先后举行的多轮签约覆盖招商合作、产学研协同、区域联动等多个维度，成为整场活动的核心亮点。 在雨花经济开发区招商项目集中签约中，湖南烽润塑业、湖南精睿科技、晶瑞电子（东莞）有限公司三大项目正 式落地，这三家企业均聚焦新能源汽车核心部件领域，投产后将为比亚迪、长城、小米等整车企业提供本地化配 套服务。湖南精睿科技有限公司有关负责人表示，项目落地后，将带动本地模具钢材、模具开发设计、精密检测 等配套产业发展，打造"从新能源汽车核心部件模具开发、设计、生产到关键零部件生产制造"的产业链闭环。 在校企合作签约环节，湖南大学与湖南晓光汽车模具、中南大学与湖南普 ...

Core Viewpoint - The automotive market is experiencing a surge in new model launches and intense competition ahead of the National Day holiday, with a focus on large six-seat SUVs, indicating a shift in consumer preferences towards family-oriented vehicles [1][2][4]. Group 1: New Model Launches - On September 26, seven new models were launched or announced, including the Tengshi N8L, Li Auto i6, and Volvo XC70, all of which are new models rather than facelifts [1]. - Among the seven models, five are mid-to-large SUVs, highlighting the popularity of this segment in the current market [2]. Group 2: Market Trends - The large six-seat SUV segment is particularly hot, with nearly one-third of new models launched in September being in this category, including the Tengshi N9 and the new Aito M7 [2]. - Sales of large six-seat SUVs reached approximately 60,000 units in August, with projections suggesting this could exceed 80,000 to 90,000 units by December [2]. Group 3: Consumer Preferences - The Tengshi brand has successfully targeted family users, with 40% of Tengshi D9 buyers being families, significantly higher than the average for MPVs [3]. - The introduction of the Tengshi N8L at a lower price point than the N9 reflects a strategic move to capture a broader market share in the family-oriented SUV segment [3]. Group 4: Competitive Landscape - The automotive market is entering a "white-hot" competition phase, with brands like Aito and Li Auto extending their operating hours to maximize sales during the peak season [4]. - At least 30 new vehicles have been launched in September, coupled with promotional policies from local governments and companies, further stimulating consumer interest [4][5].

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]