舆论场有人称赞，上汽销量反超比亚迪，是一次意义重大的胜利，象征着燃油+新能能源全动力产品布局赛过了全系新能源的产品布局。但比起 销量数字的此消彼长，数字所代表的内涵值得细究，上汽胜利反超背后的"含金量"值得商榷。 比亚迪靠着全系新能源产品长期位居中国车企销量榜首，其代表中国自主车企的销量高点和新能源技术高点。上汽集团的合资品牌贡献了不少销 量，而上汽核心的自主乘用车业务，与比亚迪差距较大，从全行业看也表现一般。 合资板块贡献不小 上汽集团合资板块的复苏，特别是上汽通用的高速增长，为上汽集团9月整体销量做出不小的贡献。9月，上汽通用销量为4.94万辆，同比增长 124.38%。1至9月，上汽通用累计销量为38.1万辆，同比增长36.7%，展现出持续改善的势头。 过去几个月，上汽通用集中推出多个新架构、新平台、新能源动力路线以及新产品，成为"合资车企开始反攻"的代表案例。今年9月，作为上汽通 用首款完全由本土研发团队主导定义和开发的车型，豪华增程轿车别克至境L7正式上市，低至16.99万的价格出乎很多人意料。 9月，上汽大众销量为9.4万辆，同比增长0.09%。上汽大众主力燃油车系复苏明显，其中凌渡L上市首月销量 ...

今年9月，上汽集团销量为43.97万辆，同比增长40.39%，而 比亚迪9月销量为39.62万辆。由此，上汽集团重新夺回中国 车企"销冠"之位。 作者： 濮振宇 封图：图虫创意 中国汽车市场格局在金秋时节悄然生变。官方产销快报显示，今年9月，上汽集团销量为43.97万辆，同比增长40.39%，而比亚迪9月销量为39.62万 辆。由此，上汽集团重新夺回中国车企"销冠"之位。 自主乘用车"向下"发展 自主板块是上汽集团9月销量增长的重要引擎，但该部分当中包括商用车和乘用车。在上汽集团9月销量中，上汽通用五菱的贡献超过三分之一，其业 务包括商用车和乘用车，目前五菱和宝骏品牌均面临品牌向上的难题。主打商用车板块的上汽大通9月销量为2.08万辆，同比增长35.82%。 比亚迪靠着全系新能源产品长期位居中国车企销量榜首，其代表中国自主车企的销量高点和新能源技术高点。上汽集团的合资品牌贡献了不少销量，而 上汽核心的自主乘用车业务，与比亚迪差距较大，从全行业看也表现一般。 合资板块贡献不小 上汽集团合资板块的复苏，特别是上汽通用的高速增长，为上汽集团9月整体销量做出不小的贡献。9月，上汽通用销量为4.94万辆，同比增长 12 ...

中国证券报记者还从上汽集团方面了解到，上汽还组建了500人的专业团队，与锦江集团、久事集团深 入沟通、密切协作，共同制定运营服务方案，部署应急保障网络，做到"全天候响应、全时段服务、全 方位保障"。三方将紧密携手，打造绿色智能、舒适便捷的高品质出行体验，为中国国际进口博览会增 光添彩。 中证报中证网讯(龚梦泽熊永红)2025年11月5日至10日，第八届中国国际进口博览会将在上海召开。作 为"中国智造"的品质代表，上汽集团（600104）将提供750辆接待用车，并向全球嘉宾展示中国智造的 可靠品质和创新魅力。 据悉，第八届进博会接待用车包括荣威M7DMH、荣威iMAX8EV、全新智己L7、大通MAXUS大家9超 混、大通MAXUS新途V90、奥迪A7L、凯迪拉克新CT6、别克GL8新陆尊等众多车型，将让与会嘉宾充 分体验上汽技术创新的最新成果。 ...

Core Viewpoint - The automotive market is experiencing an unprecedented surge in new energy vehicle (NEV) launches as companies rush to capitalize on the impending reduction of the purchase tax exemption policy, which will halve from January 1, 2026, leading to increased consumer costs and heightened competition among manufacturers [1][2][4]. Group 1: Market Dynamics - Over 70 new energy models are being launched in September, with an average of two new cars released daily, significantly higher than the previous year's figure of less than 40 models [2]. - The upcoming reduction in the purchase tax exemption, which has been in place for ten years, will result in consumers facing an additional burden of up to 15,000 yuan per vehicle starting in 2026 [2][4]. - The competition in the high-end segment is intensifying, with brands like Zeekr and NIO introducing advanced models that enhance performance and technology [2]. Group 2: Consumer Behavior - The impending tax policy change is influencing consumer purchasing decisions, with many opting to buy now to avoid higher costs in the future [5]. - Companies are implementing various promotional strategies, including financial incentives and trade-in subsidies, to attract consumers and alleviate their concerns [3][4]. Group 3: Sales Pressure - Many manufacturers are facing challenges in meeting their annual sales targets, with companies like Li Auto, NIO, and XPeng reporting completion rates below 60% for their goals [4]. - The competitive landscape is shifting towards aggressive financial strategies, including low or zero-interest loans, to lower the barriers for consumers [4]. Group 4: Future Outlook - The current market dynamics signify a transition towards a more competitive environment post-policy changes, where product quality, brand strength, and cost management will become critical [6]. - The ongoing promotional efforts are not only aimed at capturing the last of the policy benefits but also at preparing for a more challenging market landscape in the coming years [6].

东方证券研报指出，上汽集团8月海外及出口销量8.83万辆，同比增长10.5%，环比增长7.5%；1-8月海 外及出口累计销量66.44万辆，同比增长2.3%9月公司将在英国市场推出MGIM两款新车，进一步丰富欧 洲产品矩阵，同时积极开拓中亚、非洲等新兴市场。预计MG品牌在海外市场的影响力以及公司在多动 力领域的技术优势将为公司开拓海外市场提供保障，海外市场未来仍将是大自主板块重要增长点。上汽 自主乘用车销量同环比增速亮眼，多款自主车型订单较好，期待9月尚界H5上市表现。认为全新MG4、 荣威M7DMH、新智己LS6等车型在同级别车型中同样具备竞争力，有望与尚界H5形成共振，共同促进 公司自主板块销量及盈利能力提升。该行预测2025-2027年EPS分别为1.05、1.17、1.31元，维持可比公 司25年PE平均估值25倍，目标价26.25元，维持"买入"评级。 ...

● 龚梦泽熊永红 9月17日，荣威M7DMH正式上市。这款产品以近5米车长、超2000公里综合续航等硬指标，直面比亚迪 （002594）、奇瑞等头部选手。 在新车发布会后，上汽乘用车常务副总经理俞经民和荣威品牌事业部总经理钱漾共同接受了中国证券报 记者的采访，就M7DMH的产品定位、技术平台、品牌焕新等话题展开深度交流。俞经民表示，荣威品 牌要重回主流赛道，M7DMH在技术方面最具核心含金量的一点是从硬件到底层软件实现了全栈自研。 新品聚焦"大美好" 2024年8月，俞经民等新的管理团队调任上汽乘用车，至今已一年有余。从销量层面来看，上汽乘用车 已经摆脱了下滑态势。今年前8个月，上汽乘用车累计销量约为50.23万辆，同比增长17.65%。而2024 年，上汽乘用车销量约为70.7万辆，同比下滑28.3%。 过去一年以来，上汽乘用车发生的最大变化是在内部。自今年开始，上汽集团（600104）对自主品牌乘 用车进行了一体化管理。"此举是为了构建更灵活高效的运营体制机制，提高市场响应速度。"有上汽集 团内部人士向中国证券报记者透露。 尽管M7DMH已经将价格压到极致，但荣威仍希望从细节方面增加用户的舒适度体验。舒适 ...

Core Viewpoint - SAIC Motor Corporation is demonstrating strong growth and transformation in the smart electric vehicle era, with significant increases in sales, profitability, and market share for its self-owned brands [1][2]. Financial Performance - In the first half of 2025, SAIC reported total revenue of 299.59 billion yuan, a year-on-year increase of 5.2% - The net profit attributable to shareholders was 6.018 billion yuan, while the net profit excluding non-recurring items surged by 432.2% to 5.43 billion yuan - Operating cash flow reached 21.04 billion yuan, up 85.9% year-on-year, indicating improved profitability and operational efficiency [2]. Sales and Market Position - SAIC's total vehicle sales reached 2.053 million units in the first half of 2025, a 12.4% increase year-on-year - In August alone, vehicle sales were 363,400 units, marking a 41.04% year-on-year growth, achieving eight consecutive months of sales increases - From January to August, cumulative vehicle sales were 2.753 million units, up 17.9% year-on-year [2][3]. Growth Drivers - The "new three driving forces" of SAIC—self-owned brands, new energy vehicles, and overseas markets—are identified as the core engines of growth - From January to August 2025, self-owned brand sales reached 1.75 million units, a 26.3% increase, accounting for 63.6% of total sales - In August, self-owned brand sales were 232,000 units, up 49.5% year-on-year, while new energy vehicle sales reached 130,000 units, a 49.9% increase [3][4]. Product Launches - The H5 model from the new brand "Shangjie," co-developed with Huawei, has received over 80,000 orders, indicating strong market interest - Other brands under SAIC, such as MG and Roewe, have also launched successful new models, contributing to overall sales growth [3][4]. Global Strategy and Innovation - SAIC's products are sold in over 170 countries, with significant sales in Europe and other key markets - In August, overseas vehicle sales were 88,000 units, a 10.5% increase year-on-year, with cumulative sales of 664,000 units from January to August, up 2.3% [6]. - The company is focusing on key technology advancements, including solid-state batteries and smart cockpit development, enhancing its competitive edge [6][7]. Market Sentiment - Following the announcement of the H5 pre-sale, SAIC's stock price experienced a rare surge, reflecting positive market sentiment - Analysts maintain "buy" or "recommend" ratings for SAIC, anticipating a turnaround in revenue and performance due to internal reforms and external collaborations [7].

Core Insights - SAIC Motor Corporation reported a significant increase in vehicle sales for August, with total sales reaching 363,000 units, marking a year-on-year growth of 41% and a month-on-month increase of 7.7% [1] - The cumulative vehicle sales from January to August reached 2.753 million units, representing a year-on-year growth of 17.9% [1] - The company has seen a continuous improvement in its production and sales structure, driven by reforms and innovation in its self-owned brands, new energy vehicles, and overseas markets [1] Sales Performance - In August, SAIC's self-owned brand sales reached 232,000 units, a year-on-year increase of 49.5%, with a cumulative total of 1.75 million units sold from January to August, up 26.3% [2] - The self-owned brands accounted for 63.6% of total sales, an increase of 9.7 percentage points compared to the same period last year [2] - Notable models such as the new generation IM LS6 and the all-new MG4 have received strong pre-sale orders, indicating potential for continued sales growth [2] New Energy Vehicle Sales - In August, SAIC sold 130,000 new energy vehicles, reflecting a year-on-year growth of 49.9% and a month-on-month increase of 10.7% [3] - Cumulatively, 893,000 new energy vehicles were sold from January to August, representing a year-on-year increase of 44.4% [3] - The sales of new energy vehicles from various divisions, including SAIC Passenger Cars and SAIC-GM-Wuling, showed substantial growth, with some divisions experiencing increases of over 200% [3] Overseas Market Performance - SAIC's overseas sales reached 88,000 units in August, a year-on-year increase of 10.5%, with a cumulative total of 664,000 units sold from January to August, up 2.3% [3] - The MG brand has become the best-selling Chinese brand in the European market, with significant sales growth in countries like Norway, Spain, and the Czech Republic [3]

Core Viewpoint - SAIC Motor Corporation Limited reported a consolidated revenue of 299.59 billion yuan for the first half of 2023, marking a year-on-year increase of 5.2% and a net profit attributable to shareholders of 6.02 billion yuan [1] Financial Performance - The company achieved a total vehicle wholesale of 2.053 million units, reflecting a year-on-year growth of 12.4% [1] - Retail sales of vehicles reached 2.207 million units, maintaining the top position in the domestic industry [1] - The sales of self-owned brands amounted to 1.304 million units [1] Business Strategy - SAIC has implemented integrated management for its passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [1] - The large passenger vehicle segment has adopted Huawei's Integrated Product Development (IPD) and Integrated Product Management System (IPMS) methodologies [1] New Product Development - SAIC launched a new brand "SAIC Shangjie" in collaboration with Huawei, featuring Huawei's smart travel solutions and leveraging SAIC's advanced manufacturing capabilities [1] - The company is actively advancing the development of second-generation solid-state batteries and has partnered with OPPO to create a new intelligent cockpit, with these technologies already in mass production in the new MG4 model [1] International Market Performance - The MG brand has successfully navigated challenges such as the EU's anti-subsidy tax, achieving a total delivery of 153,000 units in Europe, a year-on-year increase of 16%, making it the best-selling Chinese brand in the European market [1] Future Outlook - Upcoming models include the Roewe M7DMH, the new MG4, the next-generation LS6 and LS9 from Zhiji, the first model from the SAIC-Huawei collaboration, the Shangjie H5, the Audi E5 Sportback, and the Buick high-end sub-brand "Zhijing" [1]