Core Insights - Leap Motor has achieved significant growth, delivering 597,000 vehicles in 2025, a 103% year-on-year increase, securing its position as the top seller among new energy vehicle manufacturers [1] - The launch of the D series, including the D19 SUV and D99 MPV, marks Leap Motor's entry into the high-end market while maintaining its cost-effective strategy [2] - Leap Motor's strategy emphasizes "technological equality," aiming to provide high-end features at competitive prices, thereby reshaping consumer perceptions of "technological luxury" [2] Product Development - The D19 is priced between 250,000 and 300,000 yuan, offering both range-extended and pure electric options, while the D99 targets the 300,000 yuan MPV market with a large battery and flexible seating [1] - Both models are built on a new D platform that integrates range-extended and pure electric architectures, featuring a compact and efficient integrated electric drive system developed in collaboration with NIO [1][2] Strategic Partnerships - Leap Motor has formed a strategic partnership with China FAW, securing a 3.744 billion yuan investment to enhance its resource base and development capabilities [2] - The company has established a dual-driven strategy with domestic and international partnerships, including collaboration with Stellantis, to support its growth and expansion goals [2] Market Positioning - Leap Motor's stock has seen a 50% increase since the beginning of 2025, reflecting positive market sentiment regarding its business fundamentals [3] - Analysts note that Leap Motor has transitioned from a "cost-effective player" to a "technology integrator," leveraging vertical integration to enhance product quality while maintaining margins [3] Competitive Landscape - The upcoming launch of the D19 and D99 in April 2026 will place Leap Motor in direct competition with established players like BYD and Xiaomi, highlighting the need for strong brand positioning [4] - Leap Motor aims to achieve a sales target of 1 million vehicles by 2026, which will require robust production, distribution, and service capabilities [4] Industry Impact - Leap Motor represents a shift in the automotive industry, moving from a follower to a rule-maker, emphasizing the importance of equitable access to advanced technology [5] - The company's focus on electric, intelligent, and localized manufacturing reflects the resilience and innovative spirit of Chinese manufacturing in the face of global challenges [5]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 2026年伊始，各家新势力陆续发布了2025年成绩单。头部新势力中，绝大多数实现了销量或交付量同比增长。 不过，除零跑和小鹏等少数新势力外，大多未能完成当初制定的年度销售目标。其中，腾势全年交付15.7万台，全年目标完成率仅52.3%，成为市场表现与 预期差距最大的品牌。 | 新势力 | 销量(万台) | 同比增速 | 销售目标(万台) | 完成率 | | --- | --- | --- | --- | --- | | 零跑 | 59. 7 | 103. 1% | 50 | 119. 4% | | 鸿蒙智行 | 58. 9 | 32. 0% | 100 | 58. 9% | | 小腸 | 42. 9 | 125. 9% | 38 | 112. 9% | | 理想 | 40. 6 | -18.8% | 64 | 63. 4% | | 深蓝 | 33. 3 | 36. 6% | 36 | 92. 5% | | 劇来 | 32. 6 | 46. 9% | 44 | 74. 1% | | 极気 | 22. ...

别人都是怎么买这车的？ 相比11月份，客流量稍稍有些回暖，第一是因为确实接近年底了，有购车需求的也该下手了，第二是本地区又投放了一轮购车补贴，之前在观望的客户也陆 续进店看车谈单。 大家好，我是鸿蒙智行的销售，今天聊聊问界 M9。 最近市场如何 ？ 现在来看最畅销的还是六座增程Ultra，外观以黑色或者黑拼色为主，内饰主要选装松露棕，六座增程ultra这个配置占比超过70%。现在M9全系交车都很 快，增程版2周左右，纯电版本4-6周。 这个月目前每天客流大概10-15组，看M9的客户大约占比20%-25%。 四座纯电Ultra卖得少，外观则是金瑞红和星河蓝选装少。四座展车少宣传少，需求确实不多，相较来说六座受众更广，因为本身M9内部空间就不小，六座 既可以满足商务用途的类四座需求，又可以兼顾家庭六座远途出行，一举两得。 | (u=) | | (er an ) | (取品的) | | --- | --- | --- | --- | | 00 元 | 20000 元 | 6000 元 | 2000 元 | | ADS 高阶功能包补贴权益2 | | 舒享用车大礼包3 | 车载卫星通信2年使用套餐" | | (REA ...

Core Insights - Maserati has significantly reduced the prices of its Grecale SUV models, with the gasoline version dropping from 650,800 RMB to 388,800 RMB, and the electric version from 898,800 RMB to 358,800 RMB, representing discounts of approximately 40% and 60% respectively [2][3] - Despite the price cuts generating buzz on social media, actual sales activity in Maserati's Shenzhen flagship store has been lackluster, indicating that the "buying frenzy" may be more of a marketing gimmick than reality [3] - The drastic price reductions are seen as a desperate measure to clear out inventory, particularly of 2022 models, raising concerns about the long-term viability of these vehicles due to potential parts shortages and high maintenance costs [3][5] Sales Performance - Maserati's sales in China have plummeted from over 14,400 units in 2017 to just 1,228 units in 2024, with only 1,023 units sold in the first three quarters of 2025, averaging less than 100 units per month [5][7] - The brand's entry-level model, which used to start at over 2.46 million RMB, now competes in the 400,000 to 500,000 RMB range, facing competition from advanced domestic electric vehicle brands [5][6] Competitive Landscape - Domestic electric vehicles, such as the AITO M8 and NIO ES8, offer superior technology and features at similar price points, making Maserati's Grecale appear less attractive in comparison [6] - The Grecale's actual range is around 400 kilometers, and its technology lags behind competitors, lacking features like online updates and advanced driving capabilities [6] Brand Strategy and Market Position - Maserati's strategic direction in China has been inconsistent, with frequent changes in leadership and marketing focus, which has diluted its luxury brand image and alienated core customers [7] - The brand's product development has stagnated, with its first electric model, the Grecale Folgore, being launched in 2024 on an outdated platform, while its gasoline models have not seen significant updates in years [7] - The decline in imported luxury car sales in China reflects a broader trend affecting brands like Mercedes-Benz and BMW, with a reported 32% drop in sales for imported vehicles in the first half of 2025 [7]

Core Insights - The term "Black Knight" in the automotive industry has evolved from a symbol of luxury and exclusivity to a widely used marketing term, losing its original meaning and significance [6][12][15] Group 1: Origin and Popularity - The "Black Knight" concept originated from the cultural reference of Darth Vader in the Star Wars series, symbolizing "black," "mystery," and "power" [1] - Over 100 automotive brands globally have launched black versions of their vehicles, with more than 300 models categorized as "Black Knight" [3] Group 2: Marketing Strategies - Luxury brands initially adopted the "Black Knight" strategy, using visual impact and limited editions to create a high-end image, which has now been embraced by mid-range Chinese brands [4][12] - The term has been diluted as more vehicles, regardless of their class or features, are labeled as "Black Knights," leading to a loss of its exclusivity [4][6] Group 3: Consumer Perception and Semantic Bleaching - The term "Black Knight" has undergone semantic bleaching, where its original emotional and qualitative meanings have been eroded, leaving only a superficial association with black vehicles [6][9] - The marketing phenomenon is driven by brands, media, and consumers, where the label "Black Knight" is used to imply high-end status without the need for extensive consumer education [6][9] Group 4: Pricing and Cost Analysis - The actual cost of blackening a vehicle is relatively low, with costs for modifications ranging from a few hundred to several thousand yuan, yet brands often mark up prices significantly for "Black Knight" editions [10][12] - Limited editions of "Black Knight" vehicles can command high premiums, with examples including the Mercedes AMG G63 priced at around 2.4 million yuan and limited editions from Bugatti and Ferrari reaching tens of millions [10][12] Group 5: Market Trends and Future Outlook - The allure of "Black Knight" models is diminishing in the Chinese market, with a noted decrease in consumer interest for black modifications compared to previous years [14] - The automotive industry may need to find new marketing concepts as the effectiveness of the "Black Knight" label is nearing its end [15]

Core Insights - BYD reported its November 2025 sales data, showing a total of 480,186 electric vehicles sold, with 237,540 being pure electric and 237,381 plug-in hybrids [1][11][13] - Cumulative sales for the year reached 4,182,038 units, marking an 11.30% year-on-year increase [1][11][13] Sales Performance - In November, BYD's total sales included 42.36 million units from its two main sales networks: Dynasty and Ocean [3][11] - The Dynasty network sold 184,338 units in November, with cumulative sales of 1,729,767 units for the year [4][14] - The Ocean network achieved sales of 233,431 units in November, totaling 2,031,170 units for the year [4][14] Model Breakdown - Key models in the Dynasty network included the Qin, Yuan, Song, Han, Tang, and Xia, with November sales of 70,800; 47,800; 33,900; 14,600; 13,300; and 3,900 units respectively [3][11] - The Ocean network's top models were the Seal, Lion, and Dolphin, with sales of 61,000; 55,000; and 31,000 units respectively [3][11] Brand Performance - The Tengshi brand sold 13,255 units in November, with a total of 138,995 units for the year [6][17] - The Fangchengbao brand reported sales of 37,405 units in November, totaling 183,769 units for the year [7][17] - The Yangwang brand, which targets the high-end market, sold 703 units in November, with a cumulative total of 3,862 units for the year [10][20] New Model Launch - The 2026 model of the Xia was launched on November 4, featuring an upgraded battery capacity and improved range from 180 km to 218 km [4][14]

Group 1 - The Guangzhou Auto Show showcased Tengshi Automobile's full range of models, including Tengshi N8L, D9, N9, Z9, and Z9GT, highlighting the brand's advancements in safety and control technologies in the electric vehicle sector [1] - The newly launched six-seat model Tengshi N8L features multiple safety configurations, including a body made of 2000MPa hot-formed steel, capable of withstanding the pressure of a 25-ton truck rollover [3] - The Tengshi D9, a popular MPV model, is approaching a delivery milestone of 300,000 units and has maintained the top sales position in the Chinese new energy MPV market for two consecutive years [5] Group 2 - The Tengshi D9 DM-i Super Hybrid version boasts a comprehensive range of 1100 km and a fuel consumption of 5.85L per 100 km, while the pure electric version offers a range of 620 km [7] - The Tengshi N9, associated with celebrity Gao Yuanyuan, includes advanced features such as intelligent anti-motion sickness systems and parking assistance [7] - The Tengshi Z9GT, which participated in the "Village GT" pre-exhibition in Guizhou and gained attention at the Goodwood Festival of Speed in the UK, emphasizes its control performance with advanced technologies [9]

Core Insights - BYD showcased its latest models at the 2025 Guangzhou Auto Show, focusing on vehicles priced at 200,000 yuan and above, including the Han L and Tang L with new colors and OTA upgrades [1] - The Han L EV and Tang L EV feature the Super e-platform with a capability of charging for 400 kilometers in just 5 minutes, while the Han L DM and Tang L DM have fuel consumption rates of 3.9L and 4.9L per 100 kilometers respectively [1] - The U9 Xtreme from the Yangwang brand set a new record for production electric vehicles at the Nürburgring with a time of 6 minutes and 59 seconds [1] Technology Highlights - BYD emphasized its "Megawatt Flash Charge" high-voltage platform, aiming for a charging time of 5 minutes for 400 kilometers of range [2] - The "Tian Shen Zhi Yan" intelligent driving system has been installed in over 2 million vehicles, generating an average of 130 million kilometers of driving data daily [2] Market Performance - In October, BYD achieved a monthly sales figure of 441,700 vehicles, bringing the total sales for the year to 3,701,900 units, with cumulative sales of over 14.2 million electric vehicles [2] - The high-end brands Tengshi, Fangchengbao, and Yangwang are also performing well, with Fangchengbao delivering 31,000 new vehicles in October, Tengshi exceeding 10,000 units, and Yangwang delivering 654 new vehicles [2]

Group 1 - BYD showcased its brands at the Guangzhou Auto Show, including the Dynasty and Ocean series, along with its technology exhibits such as the "God Eye" and "Megawatt Flash Charge" [1][3] - The Han L and Tang L models feature the Super e-platform with "Megawatt Flash Charge" technology, addressing electric vehicle charging anxiety, and come with new driving assistance features and upgraded safety configurations [3] - The Han L EV and DM models are priced between 204,800 to 264,800 CNY and 194,800 to 244,800 CNY respectively, while the Tang L EV and DM models are priced between 224,800 to 274,800 CNY and 214,800 to 270,800 CNY respectively, with a maximum purchase incentive of 52,000 CNY [3] Group 2 - Yangwang showcased its limited edition supercar U9 Xtreme and the luxury SUV U8L, highlighting its achievements in speed and lap records [5] - The Yangwang U7 introduced a new color option and a brand philosophy of "Free Control," while the U8L has been well-received in the market [5] Group 3 - Tengshi presented its family of models, including the N8L, D9, N9, and Z9, emphasizing its advancements in safety, control, and smart technology [7][8] - The Tengshi D9 is approaching a milestone of 300,000 deliveries and has been the best-selling model in the Chinese new energy MPV market from January to October 2025 [7] - The N9 and N8L are positioned as flagship SUVs with advanced driving assistance features, while the Z9GT and Z9 are highlighted as luxury sports models [8] Group 4 - Equation Leopard introduced four models under the Leopard Titanium series, with the Titanium 7 becoming a popular model, achieving sales of 20,024 units in its first full month [10] - The Titanium 7's high-end Ultra version accounts for over 85% of its sales, and the company is working to increase production capacity for faster deliveries [10]

Group 1 - The Guangzhou Auto Show is experiencing a lack of excitement, with fewer significant new car launches and notable absences of industry figures like Lei Jun and Yu Chengdong [1] - Despite the media day being dull, the professional audience day showed high interest, particularly in the SUV segment, indicating a growing consumer focus on new energy vehicles [4][8] - New energy brands are increasingly focusing on SUV models, moving away from homogeneous competition and introducing innovative features [4][20] Group 2 - The new energy vehicle segment saw limited new launches, with only Leap Motor introducing the A10, while consumer interest in new energy SUVs remains high [8][20] - Xiaomi's YU7 attracted significant attention, with sales representatives reporting strong demand and no additional discounts, but offering a tax subsidy for early orders [8][20] - The AITO brand's models, including the M8 and M9, received considerable interest, although the layout of their exhibition space led to dispersed foot traffic [12][20] Group 3 - The H5 model from the AITO brand, despite initial pre-sale success, did not perform well at the show, indicating a mismatch between product positioning and market demand [20][25] - The high-end SUV market remains less competitive, with models like the M8 and M9 benefiting from Huawei's technology and appealing to high-end consumers [25][39] - Leap Motor's D19 and A10 generated interest despite limited access, with the brand's overall strategy focusing on high cost-performance [29][39] Group 4 - Traditional brands are also making significant strides in the SUV market, with models like the BYD Tang and the Geely Zeekr 9X drawing attention [34][39] - The BYD brand reported strong sales for the Tang model, with over 20,000 units sold in October alone, indicating robust consumer interest [39] - The SUV market is evolving into a competitive landscape where product quality and value will be the key differentiators moving forward [60][61]