1909年，威廉·迈巴赫，这个为戴姆勒发明了第一台高速汽油发动机的德国工程师，和他的儿子卡尔成 立了自己的公司，生产航空发动机。 迈巴赫的火，是因为它满足了一个时代的情绪需求，是一面镜子，照出了人们对身份的焦虑、对财富的 渴望，甚至是虚荣。 我一直觉得，网上有一个未解之谜，那就是迈巴赫。 网红爆火之后，先要提一辆迈巴赫；微商想忽悠你，会贴出迈巴赫合影；短剧里的霸总出场，也是从迈 巴赫里走出来；就连国产新能源车开发布会，也要踩一脚迈巴赫。 我就纳闷了，世界上的豪车这么多，为什么偏偏是迈巴赫呢？ 本期我们来聊聊，迈巴赫到底是怎么火起来的。 01 与很多人的理解不同，迈巴赫其实是一个很新的品牌。 尽管它的历史确实可以「追溯」到百年之前，但实际上，今天的消费者知道的这个迈巴赫品牌，满打满 算只有20年左右的时间。 1921年，迈巴赫推出多款高性能汽车，买家包括了当时的德国工业巨头、好莱坞明星、印度王公。 然而，二战的爆发改变了一切。 在进入汽车领域二十年后，迈巴赫工厂被征用生产坦克发动机，从此之后不再生产汽车。迈巴赫作为豪 车品牌的历史，到此就结束了。到了60年代，戴姆勒奔驰看中了迈巴赫的技术遗产，把它收入了囊中。 ...

Core Insights - The Hongmeng Zhixing announced that its ultra-luxury sedan, the Zun Jie S800, has surpassed 15,000 pre-orders just four months after its launch, with an average of 100 new orders per day [1][4] - The Zun Jie S800's performance is competitive in the luxury car market, nearing the sales figures of traditional luxury brands like Mercedes-Benz S-Class and BMW 7 Series within a short time frame [4] - The target demographic for the Zun Jie S800 primarily consists of high-net-worth individuals, with a significant male majority aged 40-50 [6] Sales Performance - The Zun Jie S800 achieved over 15,000 pre-orders, with a notable increase from 14,000 in just ten days [1] - In comparison, the 2024 Mercedes-Benz S-Class sold 16,121 units, the BMW 7 Series 10,452 units, and the Audi A8L 9,022 units in the Chinese market [4] Customer Profile - The majority of Zun Jie S800 owners are high-net-worth individuals, with 80% being male and primarily aged between 40-50 [6] - 50% of the customers are repeat buyers, while 30% are switching from other ultra-luxury brands like Rolls-Royce and Maybach [6] Configuration Preferences - 40% of customers opted for the four-seat Xinghui Executive version, while 20% chose the top-tier four-seat Xingyao Executive version, and the remaining 20% were split between two five-seat models [7] Customization Trends - Users of the Zun Jie S800 show a strong preference for rear privacy and intelligent features, with over 70% opting for privacy curtain kits and rear intelligent interaction systems, and over 60% choosing the intelligent starry sky roof [10] - Many customers compared the Zun Jie S800 with the Mercedes-Benz or Maybach S-Class but ultimately chose it due to Huawei's advantages in smart technology and a sense of national pride [10] Product Specifications - The Zun Jie S800 is a D+ class executive sedan with dimensions of 5480mm x 2000mm x 1542mm and a wheelbase of 3370mm, featuring all-wheel drive and offering dual and tri-motor versions with maximum power outputs of 390kW and 635kW respectively [13] - It incorporates several Huawei technologies, including the second-generation Tuling Longxing platform, innovative time-space reasoning suspension, and HUAWEI ADS 4 full-dimensional fusion perception system, equipped with 36 sensors for a premium intelligent driving experience [13]

Core Viewpoint - The news discusses the production and market performance of the Jianghuai Zunji S800, a luxury vehicle developed in collaboration with Huawei, highlighting its strong demand and production goals despite rumors of a support plan that was denied by the company [1][3][4]. Group 1: Production and Market Performance - Jianghuai Zunji S800 has achieved significant market traction, ranking first in the luxury sedan category priced above 700,000 yuan with 331 units registered from September 1 to 7 [3]. - The vehicle aims for a monthly production target of 3,000 units in September, with a long-term goal of reaching 4,000 units by year-end [3]. - Since its launch, the Zunji S800 has seen a rapid increase in orders, with 1,600 units reserved within 24 hours and over 6,500 units in the first month [3]. Group 2: Sales Forecast and Market Position - Huachuang Securities projects that the Zunji S800 could achieve stable monthly sales of 1,500 to 2,000 units, which would alleviate delivery bottlenecks and support ongoing order conversion [4]. - CITIC Securities estimates that the domestic market for passenger cars priced above 600,000 yuan has an annual sales volume of approximately 450,000 units, with Zunji expected to capture a 20% market share, translating to annual sales of 80,000 to 100,000 units [4]. - The Zunji brand is viewed as a critical entry point for both Huawei and Jianghuai into the ultra-luxury market, with plans for additional models in development [4]. Group 3: Stock Performance - On September 10, Jianghuai Automobile's stock reached a record high of 56.88 yuan, closing at 55.4 yuan, with a total market capitalization of 120.99 billion yuan [5].

Core Viewpoint - Jianghuai Automobile reported a significant decline in both revenue and net profit for the first half of 2025, with a net loss of 7.73 billion yuan, marking a year-on-year drop of 356.89% [2][4]. Financial Performance - The company achieved operating revenue of 193.6 billion yuan, a decrease of 9.1% compared to the same period last year [2][3]. - The net profit attributable to shareholders was -7.73 billion yuan, a decline of 356.89%, the largest drop in several years [2][3]. - The net profit after excluding non-recurring items was -9.16 billion yuan, a decrease of 1096.63% from the previous year [2][3]. - The net cash flow from operating activities was -3.15 billion yuan, a significant drop from 60.6 million yuan in the same period last year [12]. Sales and Production - Total vehicle sales for the first half of 2025 were 190,600 units, down 7.54% year-on-year, with passenger vehicle sales at 66,000 units, a decline of 16.12% [4][5]. - The average price of passenger vehicles sold was approximately 75,000 yuan, showing minimal increase from 73,000 yuan in 2024 [13]. Investment and R&D - Jianghuai Automobile has heavily invested in the high-end intelligent electric vehicle project, "Zun Jie," with over 10 billion yuan allocated for a new super factory and related developments [7][9]. - R&D expenses for the first half of 2025 reached 2.216 billion yuan, an increase of 34.47% year-on-year, accounting for 11.44% of operating revenue [12]. Market Context - The decline in performance is attributed to increasing international competition and challenges in the export market, alongside the ongoing ramp-up of production capacity for high-end electric vehicles [4][6]. - Despite the poor financial results, the Zun Jie S800 model has received over 10,000 pre-orders, indicating potential future revenue, although these orders have not yet impacted current financial results [11][13].

Core Viewpoint - The article discusses the impact of severe rainfall and flooding across various regions in China, leading to significant vehicle damage and the subsequent rise in the market for water-damaged cars [2][3]. Group 1: Flood Impact and Vehicle Damage - Since the onset of the rainy season, many areas in China have experienced above-average rainfall, with some regions facing extreme flooding that has caused substantial property damage, particularly to vehicles [2]. - In Beijing's Miyun District, extreme rainfall resulted in the damage of approximately 6,994 vehicles, highlighting the severity of the flooding [3]. Group 2: Vehicle Auction Market - A vehicle auction platform has reported a continuous influx of water-damaged cars, with over 4,000 new listings daily, featuring a range of models from budget to luxury vehicles [3][4]. - The platform has implemented an emergency response mechanism to assist in the assessment and recovery of water-damaged vehicles, ensuring efficient processing and management of these vehicles [4]. Group 3: Insurance and Damage Assessment - Following the 2020 reform in car insurance, water-damaged vehicles can now be covered under comprehensive car damage insurance, eliminating the need for separate water damage coverage [6]. - Insurance companies categorize water-damaged vehicles into six levels based on the extent of water exposure, with higher levels indicating more severe damage and potential total loss [8][9]. Group 4: Differences in Damage Assessment for Vehicle Types - The assessment and handling of water-damaged vehicles differ between traditional fuel vehicles and electric vehicles, primarily due to their distinct operational mechanisms [10]. - Electric vehicles are designed with some waterproofing features, but they still require thorough inspection post-flood to ensure critical components are undamaged [11].

Core Viewpoint - The new luxury car tax regulation, effective from July 20, 2023, lowers the tax threshold to vehicles priced at 900,000 yuan (excluding VAT), leading to a surge in luxury car purchases as consumers rush to buy before price increases take effect [1][3]. Group 1: Tax Regulation Changes - The new luxury car consumption tax now applies to vehicles with a retail price of 900,000 yuan and above, down from the previous threshold of 1.3 million yuan [3]. - The effective price range affected by this change is between 1.017 million yuan and 1.469 million yuan for new cars [3]. Group 2: Impact on Sales - There has been a significant increase in sales activity, particularly for brands like Porsche, with reports of sales staff experiencing a surge in customer inquiries and purchases [6]. - The luxury car market, represented by brands such as Porsche and Mercedes-Benz, is expected to be most impacted by the new tax regulation [5]. Group 3: Manufacturer and Dealer Responses - Jaguar Land Rover has announced a full subsidy for the luxury car tax for specific models purchased before July 31, 2023, to mitigate the impact of the new tax [8]. - Some dealers are also offering to cover the luxury car tax for models like the Maybach S-Class and Mercedes-Benz S-Class [11].

Group 1: Tesla and New Energy Vehicles - The Ministry of Industry and Information Technology, along with other government bodies, has launched a campaign for new energy vehicles to enter rural markets, with 124 models including Tesla's Model 3 and Model Y being selected [1] - Tesla's entry into the rural market is driven by increasing demand for quality, performance, and environmental attributes among rural consumers, supported by improved infrastructure and stable electricity coverage [1] - Tesla's pricing strategy aligns well with the needs of rural consumers, providing an attractive purchasing option and enhancing its competitive edge in this market [2] Group 2: Luxury Car Market Dynamics - The automotive industry is experiencing a price war, with traditional luxury brands like Mercedes-Benz and BMW facing declining sales, prompting them to seek partnerships with local Chinese companies [4][5] - In 2024, the combined global investment of luxury brands (BBA) is projected to exceed €35 billion (approximately ¥270 billion), indicating their commitment to maintaining competitiveness in the Chinese market [4] - The ongoing price reductions by luxury brands create challenges for new entrants in the automotive market, suggesting that the competition is far from over [5] Group 3: Consumer Trends and Product Categories - During the 618 shopping festival, sunscreen clothing emerged as a hot-selling category, with various subcategories being highlighted on e-commerce platforms [7] - The UPF (Ultraviolet Protection Factor) is a critical factor for consumers when purchasing sunscreen clothing, but the increasing number of small and unregulated manufacturers has led to inconsistent UPF labeling [7][8] - The high-end ice cream market in China is becoming increasingly competitive, with Häagen-Dazs facing challenges from brands like DQ, which offers lower prices and a larger number of stores [10] Group 4: Digital Transformation in E-commerce - Digital influencers have transitioned from being supplementary to primary figures in live-streaming sales, with a penetration rate exceeding 60% in the market [13] - JD.com's digital influencers have shown a significant impact on sales, with an average conversion rate increase of 30% during the 618 shopping festival [14] - The ability of digital influencers to operate continuously without downtime provides a competitive advantage in the e-commerce landscape [14] Group 5: Consumer Behavior and Market Impact - The national subsidy program has stimulated consumer spending in various categories, but its recent tapering has led to a split in consumer behavior, with some rushing to purchase before the subsidy ends [16][17] - The subsidy program has primarily benefited larger brands and distributors, exacerbating the market divide and impacting smaller players negatively [17] - The emotional consumption trend among younger consumers is driving significant market growth, with the emotional consumption market projected to reach ¥1.2 trillion this year [19]

Core Viewpoint - The article discusses the significant price cuts in the luxury car market, particularly focusing on BMW, and highlights the challenges faced by traditional luxury brands in the context of increasing competition from domestic manufacturers and changing consumer preferences [3][5][11]. Group 1: BMW's Price Cuts - BMW's recent price cuts have led to a dramatic drop in the value of its vehicles, with the BMW 5 Series seeing a price reduction of up to 180,000 yuan, causing distress among loyal customers [5][10]. - The company's first-quarter financial results for 2025 showed a total revenue of 33.758 billion euros, a year-on-year decline of 7.8%, and a net profit of 2.173 billion euros, down 26.4% [6]. - In China, BMW's sales dropped by 17.2% year-on-year, making it the only major market where sales declined, highlighting the brand's struggles in its largest single market [6][13]. Group 2: Market Dynamics - The luxury car market is experiencing intense price wars, with brands like BYD and Geely launching discounts on over 70 models within a week, forcing traditional luxury brands to respond [19]. - The decline in sales for luxury brands like BMW, Mercedes-Benz, and Audi in China is attributed to the rise of domestic competitors and changing consumer preferences, with sales figures showing significant year-on-year drops [13][14]. - The shift towards electric vehicles and smart technology is challenging traditional luxury brands, which must adapt to remain competitive in a rapidly evolving market [14][22]. Group 3: Future Outlook - Despite current challenges, traditional luxury brands like BMW, Audi, and Mercedes-Benz are investing heavily in partnerships and technology, with a total investment exceeding 35 billion euros in 2024, indicating a long-term strategy to regain market competitiveness [23]. - The article suggests that the ongoing price cuts and market dynamics may lead to a significant transformation in the luxury car segment, with the potential for new entrants to disrupt established players [19][23].

Core Viewpoint - The launch of the ZunJie S800, priced between 708,000 to 1,018,000 yuan, positions it as a competitive option in the luxury D-class sedan market, aiming to attract both traditional luxury car buyers and new-age consumers seeking advanced technology and privacy features [1][3][42]. Group 1: Target Audience - The ZunJie S800 is designed for affluent consumers who value luxury, comfort, safety, and advanced technology, with a focus on features like spaciousness and high-quality materials [6][22]. - The vehicle aims to cater to two primary user groups: "creative generation" industry leaders and "second-generation" tech-savvy elites, emphasizing privacy and intelligent features [36][40]. Group 2: Product Features - The S800 boasts unique features such as ActiveSafe zero-gravity seats, a high-end sound system with 43 speakers, and an air purification system that can eliminate harmful gases [11][12][19]. - It includes innovative privacy features like a 40-inch retractable screen and soundproofing technology, addressing the privacy concerns of high-end users [26][28]. Group 3: Pricing Strategy - The starting price of 708,000 yuan is seen as a strategic move to penetrate a competitive market, with some analysts suggesting it could have been priced higher to reflect brand value [42][43]. - The pricing strategy is compared to Xiaomi's approach, using an initial high expectation followed by a competitive price to capture market share [45]. Group 4: Market Context - The D-class sedan market is facing intense competition, with traditional luxury brands like BMW and Audi offering lower-priced models, making the S800's pricing critical for its success [43][44]. - The S800's initial booking numbers indicate strong interest, with over 1,600 units reserved within 24 hours, suggesting a positive market reception [48]. Group 5: Industry Evolution - The automotive industry is shifting towards smart and digital features, with the ZunJie S800 exemplifying this trend by integrating advanced technology into luxury vehicles [55][56]. - The focus on intelligent design and high-quality materials reflects a broader movement within Chinese brands to redefine luxury and compete with established foreign brands [55].

Core Viewpoint - The launch of the ZunJie S800, positioned in the million-level luxury car market, marks a significant shift with a starting price reduced to 708,000 yuan, nearly 300,000 yuan lower than the previous pre-sale price of 1 million yuan, indicating a competitive strategy against traditional luxury brands [2][3]. Group 1: Company Overview - ZunJie is a joint automotive brand launched by Jianghuai Automobile and Huawei, representing one of Huawei's "Five Realms" [2]. - The ZunJie S800 is the first model from this brand, offering both range-extended and pure electric versions with dual or tri-motor configurations, and features Huawei's advanced technologies [2]. Group 2: Market Dynamics - The D-class sedan market has traditionally been dominated by luxury fuel models such as Maybach S-Class, Mercedes-Benz S-Class, Audi A8, and BMW 7 Series, with only a few domestic brands like Hongqi entering the competition [2]. - The entry of more domestic brands into the D-class sedan market, including the ZunJie S800 and Yangwang U7, reflects a growing trend towards competition in this segment [2]. Group 3: Industry Trends - The Chinese high-end new energy brand market is rapidly developing, leading to a significant increase in the market share of new energy passenger vehicles [3]. - Data from the China Association of Automobile Manufacturers (CAAM) indicates that from January to April 2025, sales of new energy D-class vehicles reached 71,000 units, with a year-on-year growth rate of 15.9%, and vehicles priced at 500,000 yuan saw a growth rate of 27.7% [3].