Core Insights - The automotive market is expected to face intense competition in the first half of next year, particularly in the first quarter, due to policy rollbacks and preemptive consumer spending [1] - The company aims to shift from scale competition to a focus on brand value and operational efficiency, emphasizing value marketing rather than engaging in price wars [1] - The company’s brand positioning for Roewe is centered around "quality technology and exceptional trust," ultimately aiming for reliability [1] Group 1 - The Roewe M7 DMH has quickly become the third best-selling model in the B-class hybrid market, following BYD Qin L and Galaxy A7, with 82% of sales coming from high-end models [1] - The M7 DMH utilizes advanced technologies such as the DMH 6.0 super hybrid system and semi-solid state batteries to achieve high cost-effectiveness while controlling costs [1] - The integration of engine control within the PICU allows for precise energy management, showcasing the company's unique position in hybrid engine control [2] Group 2 - The recent OTA update for the Roewe M7 DMH has significantly increased the daily usage rate of its voice function from 60% to 90%, indicating successful integration of advanced technology [2] - The company is transitioning from a connectivity-focused approach to an AI-driven model, with the core competitive advantage of the deep thinking model being its ability to understand context and user emotions [3] - The introduction of AI in the automotive sector marks a shift towards a more intuitive user experience, with the company aiming to redefine its influence in the mainstream Chinese automotive market through technology and value recognition [3]

Core Insights - SAIC Roewe has officially launched the Doubao Deep Thinking Model, which is integrated into the Roewe M7 DMH, enhancing the vehicle's interactive capabilities to provide a more human-like experience [1][3]. Group 1: Product Features - The Doubao AI vehicle system has achieved 159 million monthly active users and holds a 49.2% market share as of Q3 2025, making SAIC Roewe the first automotive brand to fully integrate this model into its technology and user experience [3]. - The Doubao AI vehicle system offers three core capabilities: 1. Fuzzy semantic understanding, covering 15 scenarios and accurately recognizing inverted sentences, negations, and multi-intent commands [3]. 2. Memory continuity, allowing the system to automatically relate context in ongoing conversations and understand complex user needs [3]. 3. Complex vehicle control, supporting over 300 vehicle control functions that can be activated with a single command [3]. Group 2: User Engagement and Performance - Following the OTA full push of the Doubao Deep Thinking Model on November 17, the daily usage rate of the voice function in the Roewe M7 DMH increased significantly from 60% to 90% [5]. - The Roewe M7 DMH is positioned as a mid-to-large luxury hybrid sedan, featuring the DMH 6.0 hybrid system, with a pure electric range of 160 kilometers and a comprehensive range of 2050 kilometers [5]. - The vehicle is equipped with comfort-enhancing features such as mousse pressure-relief seats and mCDC intelligent dynamic suspension [5]. Group 3: Service Expansion - By the end of 2025, SAIC Roewe plans to add 238 new service outlets, bringing the total to over 600, aimed at providing users with more convenient and comprehensive service experiences [5].

Core Insights - The 23rd Guangzhou International Auto Show opened on November 21, showcasing SAIC Roewe's global debut of the Doubao Deep Thinking Model and its application scenarios, alongside the Roewe M7 DMH luxury sedan equipped with this system, highlighting significant advancements in AI interaction capabilities in the automotive sector [1] Group 1: AI Technology and User Experience - The Doubao AI vehicle system features capabilities such as reasoning, emotional understanding, and a shift from traditional command-response to intention-driven interactions, marking a breakthrough in AI cognitive and emotional interaction technology in the automotive field [1] - The Doubao Deep Thinking Model is projected to have 159 million monthly active users and a 49.2% market share by Q3 2025, making it the leading AI model in China, with SAIC Roewe being the first automotive brand to fully integrate this model from the technical foundation to user interaction [4] - The AI system includes three core capabilities: fuzzy semantic understanding covering 15 scenarios, memory continuity for context-aware conversations, and complex vehicle control supporting over 300 functions, allowing users to operate multiple features with a single command [4] Group 2: Enhanced User Engagement and Practical Applications - Following the OTA update on November 17, the voice function usage rate of the Roewe M7 DMH increased from 60% to 90%, demonstrating significant user engagement improvements [6] - The system has developed four high-frequency travel scenarios, with features like "High-Level Child Interaction" and "Warm Travel Guardian" gaining popularity, showcasing the practical value of the intelligent system in family travel and vehicle safety [6] - In the "High-Level Child Interaction" scenario, the system can engage in long-term interactions with children, adjusting content based on age, while the "Warm Travel Guardian" mode utilizes extensive automotive knowledge and real-time data to respond to user inquiries about vehicle status [6] Group 3: Product Performance and Market Positioning - The Roewe M7 DMH, a key model for the brand, is equipped with the DMH 6.0 super hybrid system, offering a pure electric range of 160 kilometers and a comprehensive range of 2050 kilometers, showcasing advanced technology [8] - The vehicle features unique comfort configurations, including the mCDC intelligent dynamic suspension and pressure-relief seats, enhancing the driving experience [8] - Recent results from the "True 2L Ultra-Low Fuel Consumption Challenge" indicated that over half of the participants managed to keep fuel consumption below 2 liters per 100 kilometers, validating the M7's energy efficiency [8] Group 4: Service and Market Expansion - In addition to product strength, SAIC Roewe has expanded its service network by adding 238 new channels this year, with expectations to exceed 600 service points by year-end, enhancing the user purchase experience [9] - The Guangzhou Auto Show will continue until November 30, providing a platform for showcasing the latest advancements in smart connectivity and new energy, serving as an important observation window for industry technology evolution and market consumption upgrades [9]

Core Insights - The 23rd Guangzhou International Auto Show has officially opened, showcasing SAIC Roewe's global debut of the Doubao AI vehicle system and the Roewe M7 DMH luxury sedan, marking a significant milestone in the integration of AI cognitive and emotional interaction technologies in vehicles [1] - According to Quest Mobile's TRUTH database, the Doubao deep thinking model is projected to have 159 million monthly active users and a 49.2% market share by Q3 2025, positioning it as the leading AI model in China [1] Group 1 - The Doubao AI vehicle system features three core capabilities: fuzzy semantic understanding, memory continuity, and complex vehicle control, enabling it to cover 15 scenarios and support over 300 vehicle control functions [2] - The voice functionality usage rate of the Roewe M7 DMH has significantly increased from 60% to 90% following the OTA full push of the Doubao deep thinking model on November 17 [2] - Roewe has expanded its channels by 238 this year, expecting to exceed 600 by the end of the year, and has implemented a nationwide uniform pricing strategy for the Roewe M7 DMH to streamline the purchasing process for users [2]

Core Viewpoint - The launch of the Roewe M7 DMH redefines the value standards for hybrid family sedans in the 100,000 RMB price range, offering advanced features and comfort previously thought unattainable in this segment [3][14]. Group 1: Redefining Comfort - The Roewe M7 DMH introduces luxury-level seating quality in a 100,000 RMB vehicle through innovative materials and engineering, featuring a mousse pressure-relief seat with Surflex® anti-gravity foam and Ultra Touch material, enhancing comfort for long journeys [5][6]. - The vehicle includes a "panoramic sofa reclining chair" function, allowing the front passenger seat to transform into a long leg rest for rear passengers, creating a mobile relaxation area [5][6]. - The mCDC dynamic suspension system provides unique comfort technology in the 100,000 RMB market, scanning and adjusting damping 200 times per second to enhance ride quality [8]. Group 2: Intelligent Interaction - The Roewe M7 DMH utilizes the Doubao deep thinking model for advanced human-vehicle interaction, evolving from command-driven to intention-driven communication, allowing for more natural and context-aware exchanges [10][12]. - The system supports multi-command recognition and has memory capabilities, enabling it to understand complex requests and provide relevant responses [10][12]. Group 3: Setting New Standards - The Roewe M7 DMH sets a new benchmark in the 100,000 RMB market by offering superior seat materials, spacious design, AI capabilities, and advanced suspension, challenging the notion that budget vehicles must compromise on quality [14][16]. - The vehicle's features cater to family users' needs, emphasizing long electric range, low energy consumption, and overall lifecycle value, thus establishing a new standard for hybrid vehicles in this price segment [14][16]. - The introduction of the Roewe M7 DMH is expected to create a "catalyst effect" in the market, pushing competitors to enhance their offerings in terms of comfort and intelligence [16].

Core Insights - The competition in the new energy vehicle market is intensifying, particularly in the plug-in hybrid segment, attracting more entrants [2] - In August, the wholesale penetration rate of new energy vehicle manufacturers reached 52.2%, an increase of 3.3 percentage points compared to August 2024 [2] - The sales of narrow-sense plug-in hybrids in August reached 368,000 units, representing a year-on-year growth of 5.0% and a month-on-month increase of 8.9% [2] Company Developments - Leading automakers like Geely and BYD have launched star products to strengthen their position in the plug-in hybrid market, achieving significant sales breakthroughs [2] - The launch of the Roewe M7 DMH, positioned as a "long-range mid-to-large luxury sedan," has garnered industry attention due to its competitive pricing of 85,800 yuan [2] - Roewe M7 DMH aims to penetrate the mid-to-large hybrid sedan market, emphasizing "super long range, ultra-low energy consumption, and full life cycle guarantee" as key consumer demands [2][4] Technical Features - The Roewe M7 DMH is equipped with the advanced DMH 6.0 super hybrid system, achieving a CLTC pure electric range of 160 km, surpassing the mainstream range of 100-150 km [3] - The vehicle offers a comprehensive range of 2050 km with full fuel and battery, and its fuel consumption is as low as 2L, costing less than 0.2 yuan per kilometer [3] - Unlike many competitors, Roewe M7 DMH provides a lifetime warranty on five major components, including the engine and battery pack, without mileage limits for the first non-commercial owner [3][4] Innovation and Market Strategy - The Roewe M7 DMH features the world's first "deep thinking AI model" and AI-assisted driving system, enhancing user interaction with advanced semantic understanding capabilities [4] - The company aims to offer a premium experience at a competitive price point, positioning the M7 DMH as a vehicle that provides a 200,000 yuan experience for a price of 100,000 yuan [4] - The emphasis on scaling production is seen as crucial for the brand's survival and growth in the competitive market [4]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [33]. Core Insights - The launch of the SAIC Roewe M7 DMH, which features the Doubao deep thinking model, marks a significant advancement in smart cockpit technology, redefining human-vehicle interaction from command-based to natural interaction [11][12]. - Figure AI has raised over $1 billion in Series C funding, achieving a post-money valuation of $39 billion, highlighting the growing interest in humanoid robotics and its potential applications in both domestic and commercial settings [13][15]. - NVIDIA is pushing for the development of a new microchannel liquid cooling plate (MLCP) technology due to the high power consumption of new AI platforms, which could become a strategic material in the industry [16][18]. Summary by Sections Smart Cockpit - The SAIC Roewe M7 DMH integrates the Doubao deep thinking model, enhancing its ability to understand ambiguous commands and execute complex vehicle control tasks, thus improving user experience significantly compared to conventional models [11][12]. - The smart cockpit is evolving from a simple command execution system to a more intuitive and emotionally engaging partner for users, indicating a shift in the automotive industry's competitive landscape towards data, computing power, and algorithm capabilities [12][11]. Humanoid Robotics - Figure AI's recent funding round reflects strong market confidence in humanoid robots, with plans to expand their production and deployment capabilities for both household and commercial applications [13][15]. - Despite the high valuation, concerns remain regarding Figure AI's ability to convert demonstration capabilities into actual delivery and operational success in real-world scenarios [14][15]. Cooling Technology - NVIDIA's MLCP technology is expected to address the cooling challenges posed by high-power AI platforms, with costs projected to be 3 to 5 times higher than traditional cooling solutions, indicating a shift in the cooling technology landscape [16][18]. - The introduction of MLCP is seen as a necessary evolution in the industry, as traditional cooling methods are becoming inadequate for the increasing power demands of AI hardware [17][18].

Core Viewpoint - The launch of the Roewe M7 DMH at a starting price of 85,800 yuan aims to re-establish the brand in the mainstream market, focusing on family users' needs with features like 160 km pure electric range and lifetime warranty on key components [1][4]. Product Strategy - Roewe emphasizes a user-centric approach, addressing real family needs such as comfort in the second-row seats and low operating costs, moving from a technology-driven to a market-driven product philosophy [4]. - The M7 DMH incorporates advanced technology, including the "Doubao Deep Thinking Model" for personalized AI services, showcasing Roewe's commitment to innovation in smart cockpit features [3][4]. Pricing and Market Positioning - The pricing strategy aims to eliminate user hesitation within the 100,000 yuan range, reflecting Roewe's determination to gain market share through volume sales [2]. - The M7 DMH's competitive pricing is seen as a double-edged sword, raising concerns about maintaining profitability while ensuring product quality and service standards [4]. Technological Development - Roewe has developed its hybrid technology over five generations since 2013, with the latest DMH 6.0 focusing on higher integration, smarter algorithms, and sustainable OTA updates [2]. - The company claims to have full control over its core technologies, including hardware, software, chips, and algorithms, positioning itself against competitors like BYD and Geely [2][3]. Market Strategy and Future Plans - Roewe plans to launch at least one new vehicle each quarter, covering various powertrain options, to keep pace with market demands [3]. - The establishment of 150 new 4S stores in the past three months indicates a strategic move to enhance service and experience alongside new product offerings [3]. Conclusion - The successful market entry of the M7 DMH could revitalize Roewe's sales and mark a significant turning point for the brand's return to the mainstream automotive sector [4][5].

Group 1 - AI technology is driving a deep transformation in the automotive industry, with smart cockpits becoming a core competitive area [2] - The launch of the Roewe M7 DMH features an AI smart cockpit capable of deep thinking, utilizing the Doubao deep thinking model, and supports multiple vehicle control interfaces [2] - The Roewe M7 DMH's fuzzy semantic understanding allows the vehicle to transition from "command-driven" to "intention-driven," achieving the highest scene coverage in the industry across 15 key scenarios [2] Group 2 - The vehicle's memory capability transforms it from a "stranger" to a "best partner," remembering vehicle status, geographical location, and user interaction history, while supporting contextual memory [4] - The Roewe M7 DMH also features complex vehicle control capabilities, enabling it to understand nuanced user requests and manage multiple control needs in complex scenarios [4] - As AI technology matures, user demand for smart vehicles is shifting from "having functions" to "understanding me," prompting a deep collaboration between Roewe and Volcano Engine to integrate advanced AI capabilities into automotive applications [4]

Group 1 - The core product, the Roewe M7 DMH, was officially launched on September 17, with a price range of 97,800 to 114,800 yuan. A limited-time offer allows consumers to secure a price between 85,800 and 102,800 yuan if they complete a deposit and lock in their order by October 31 [1][3] - The Roewe M7 DMH features the first implementation of the Doubao deep thinking model, which significantly improves understanding accuracy by 14 times compared to traditional models, covering 15 core scenarios [3] - The vehicle is equipped with the DMH 6.0 super hybrid system, achieving a pure electric range of 160 kilometers and a combined range of 2,050 kilometers when fully fueled and charged [3] Group 2 - The Roewe M7 DMH offers a lifetime warranty on five key components, including the engine, transmission, drive motor, motor controller, and battery pack, with no limits on years or mileage for the first non-commercial vehicle owner [3]