以下文章来源于晚点Auto ，作者特约作者 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 在这样的人生阶段划分之下，可以对应出 8 类产品（以新能源为例）。纯电代步小车、年轻人首台刚 需车、年轻个性需求、针对小家庭的实用车和精致车、面向多孩家庭或三代同住家庭的六座或七座 SUV 或 MPV、以及独具特性的针对家庭的多功能个行车。 多孩家庭与城市移民，撑起新能源大六座SUV的半壁江山。 特约作者 丨 Evan 2025 年 9 月，对于想要买一辆大 SUV，特别是想要一台大六座 SUV 的用户来说，是一个绝对不能错 过的时期。 9 月 17 日 2026 款腾势 N9 和银河 M9 同时发布，银河 M9 官方宣布 24 小时大定突破 2.3 万。9 月 20 日全新蔚来 ES8 正式发售，虽然蔚来没有对外公布订单的习惯，但已有明确消息现实大定可能已 经超过了今年准备的 4 万产能。 在 9 月最后的一周内，还有两款重量级的产品——全新问界 M7 和极氪 9X 会发布，问界 M7 此前官 宣 8 天小订突破 19 万，极氪 9X 也官宣 1 小时收获小订超过 4 万。如果 ...

Investment Rating - The report rates the automotive industry as "Positive" [4] Core Insights - The adjustment of the vehicle replacement policy will slightly weaken demand, but the reduction in vehicle purchase tax will promote early purchases, leading to a competitive demand scenario in Q4. As of September 10, 2025, the number of applications for vehicle replacement reached 8.3 million, indicating a significant policy-driven effect. Despite the adjustments in the replacement policy, the pressure from the tax reduction is expected to encourage consumers to purchase new energy vehicles earlier. The report forecasts that China's new energy vehicle sales will reach 16.25 million units in 2025, representing a year-on-year growth of approximately 26% [2][18]. Monthly Focus - The adjustment of the vehicle replacement policy has increased application difficulty. Since June, applications for vehicle replacement have been suspended due to the exhaustion of funds, but recent funding has led to adjustments in the policy across various regions. The adjustments mainly include changes in application methods and subsidy standards, with some regions reducing the subsidy amount per vehicle [14][15]. - There is a significant funding gap for Q4, as the distribution of funds does not account for seasonal consumption patterns. The central government will allocate 69 billion yuan for Q4, which is the same as Q3, but the demand for vehicle consumption is typically stronger in the second half of the year, leading to an amplified funding gap for Q4 [16][17]. Key Data Tracking - In August, the sales of new energy vehicles in China reached 1.4 million units, a year-on-year increase of 27%. The penetration rate for new energy vehicles was 49%, remaining stable compared to the previous month. However, the sales of plug-in hybrid vehicles (PHEVs) experienced a decline for two consecutive months, primarily due to pressure on sales from major manufacturers [20][28]. - The report highlights that commercial vehicles and exports continue to maintain high growth rates, with new energy commercial vehicle sales in August reaching 70,000 units, a year-on-year increase of 52% [34][35]. - The report also notes that the export of new energy vehicles has been robust, with August exports reaching 224,000 units, a year-on-year increase of 104% [46][48]. Industry and Company Changes - The report indicates progress in the overseas production capacity of automotive companies, with several manufacturers establishing production bases in regions like Brazil and Austria. Additionally, companies like Chery and HeSai have listed on the Hong Kong stock exchange, while Dongfeng Group plans to privatize and spin off its Lantu brand to maintain its listing status [3][45].

理想L9、问界M9、领克900、银河M9四款车型最顶配版本的核心参数对比，数据综合自官方及权威媒体评测： 一、价格与定位 理想L9：Ultra智能焕新版 43.98万（约+1.4万购置税） 定位： 家庭豪华增程SUV 目标用户： 追求舒适与家庭场景 问界M9：增程Ultra六座版 53.98万（约+2.4万购置税） 定位： 科技旗舰增程SUV 目标用户： 华为生态爱好者 领克900： 2.0T探索版 41.69万（约+11700个购置税） 定位：全能跨界电混SUV 目标用户： 多场景需求用户 银河M9：四驱领航版 23.88万（选空悬+1.3万） 定位：高性价比插混SUV 目标用户： 预算有限的科技控 二、动力性能 - 理想L9：1.5T四缸涡轮增压增程器（仅发电，不参与驱动），双电机四驱。 - 问界M9：1.5T四缸涡轮增压增程器（仅发电），双电机四驱。 - 领克900：2.0T四缸涡轮增压发动机+三电机插混系统，3挡DHT Pro变速箱，发动机可直驱前轮（高速场景）。 - 银河M9：1.5T四缸涡轮增压增程器+三电机插混系统，3挡DHT Pro变速箱，发动机可直驱。 性能参数 理想L9： 总功率 330k ...

Core Viewpoint - The demand for large six-seat SUVs is significantly driven by multi-child families and urban immigrants, indicating a robust market potential for this segment in the coming years [2][10][11]. Group 1: Market Dynamics - The launch of several new models, including the 2026 Tengshi N9 and Galaxy M9, has generated substantial pre-order interest, with Galaxy M9 achieving over 23,000 orders in 24 hours [3]. - The large six-seat SUV market has seen rapid growth, with the market size expected to reach 600,000 units in 2024 and potentially exceed 1 million units by 2027 [13]. - The market is characterized by a significant imbalance among different energy types, with range-extended vehicles dominating sales due to their practicality and user experience [16][17]. Group 2: Consumer Segmentation - The primary consumers of large six-seat SUVs are multi-child families, particularly those with two or three generations living together, who require spacious vehicles for daily use and long-distance travel [6][10]. - Urban immigrants, often with busy lifestyles, also contribute to the demand for large six-seat SUVs, as they may need to transport multiple family members [7][10]. - The demand for these vehicles typically emerges when the youngest child reaches the age of 3-6 years, indicating a lag in immediate purchasing following the birth of a second child [11]. Group 3: Energy Type Trends - The market is divided into three main energy types: pure electric, range-extended, and plug-in hybrid, with range-extended vehicles currently leading in sales [14][16]. - The pure electric segment is expected to grow as more models enter the market, but it is anticipated that the overall scale will remain smaller compared to range-extended and hybrid vehicles due to cost and consumer preferences [22]. - The plug-in hybrid market faces challenges from traditional fuel vehicles, making rapid market penetration difficult despite the presence of several competitive models [21]. Group 4: Future Outlook - The large six-seat SUV market is projected to continue growing, with new entrants and technological advancements expected to drive sales, particularly in the entry-level hybrid and mid-range electric segments [27]. - However, the market's growth may face limitations due to practical challenges associated with larger vehicles, such as parking and operational costs [28]. - The potential market ceiling for large six-seat SUVs is estimated at around 3 million units annually, indicating significant room for growth compared to current projections [28].

Core Insights - The core conclusion of the report indicates that in the second week of September, the compulsory insurance for vehicles reached 450,000 units, representing a week-on-week increase of 24.9% and a month-on-month increase of 4.9% [2][3] - The performance of various automotive sub-sectors showed that SＷ automotive parts increased by 4.3%, followed by SW automotive at 3.0%, SW passenger vehicles at 1.9%, while SW commercial passenger vehicles and SW commercial freight vehicles decreased by 0.5% and 1.2% respectively [2][3] Industry Developments - Key industry changes include the official launch dates for several new models: the Ideal i6 on September 26, the Xiangjie S9T with 10,000 pre-orders in 72 hours, and the Geely Galaxy M9 with over 23,000 pre-orders [3] - Xiaoma Zhixing announced its entry into the Singapore market, partnering with ComfortDelGro Corporation to deploy autonomous vehicles and related services [3] - The company also received Belgium's first federal-level L4 autonomous driving test license for its Robobus [3] Investment Opportunities - The automotive sector is currently witnessing three main lines of investment opportunities, with a focus on the performance of A-H shares in the automotive market, particularly in the parts sector, which has shown the best growth [4] - The report highlights the importance of new vehicle orders and internal demand, with significant pre-order numbers for the new models indicating potential growth drivers [4] Strategic Recommendations - The report outlines key investment targets within the Robotaxi and Robovan supply chains, including integrated models and technology providers [6] - It also identifies core beneficiaries among consumer vehicle manufacturers, emphasizing companies like Xpeng Motors, Li Auto, and NIO as key players in the smart vehicle market [6] - The report suggests a focus on automotive parts suppliers, particularly those involved in AI and robotics, as promising investment opportunities [5][6]

Core Viewpoint - The motorcycle industry is experiencing significant growth, particularly in the sales of larger displacement motorcycles, with a notable increase in year-on-year sales figures for August 2025 [2][4]. August Data Observation - For motorcycles with displacement over 250cc, August sales reached 84,000 units, representing a year-on-year increase of 23.6% but a month-on-month decrease of 4.4%. Cumulative sales from January to August totaled 675,000 units, up 36.0% year-on-year [2]. - In the 250ml to 400ml displacement category, August sales were 47,000 units, up 28.5% year-on-year and 6.5% month-on-month, with cumulative sales of 356,000 units from January to August, reflecting a 36.5% year-on-year increase [3]. - For the 400ml to 500ml category, August sales were 17,000 units, down 28.5% year-on-year and 27.9% month-on-month, with cumulative sales of 170,000 units, showing a slight year-on-year increase of 0.9% [4]. - In the 500ml to 800ml category, August sales reached 19,000 units, a significant year-on-year increase of 231.4% and a month-on-month increase of 0.8%, with cumulative sales of 131,000 units, up 130.2% year-on-year [4]. - For motorcycles over 800cc, August sales were 1,000 units, down 39.4% year-on-year and 16.6% month-on-month, with cumulative sales of 17,000 units, up 77.6% year-on-year [4]. Company Performance - Chuanfeng Power sold 15,000 units in August, a year-on-year increase of 14.4%, with a market share of 17.4%, down 3.5 percentage points month-on-month. The cumulative market share from January to August was 21.0%, an increase of 1.2 percentage points compared to the full year of 2024 [5]. - Longxin General sold 14,000 units in August, a year-on-year increase of 29.0%, with a market share of 16.9%, up 1.0 percentage points month-on-month. The cumulative market share from January to August was 14.2%, unchanged from the full year of 2024 [5]. - Qianjiang Motorcycle sold 9,000 units in August, a year-on-year decrease of 18.5%, with a market share of 10.2%, down 1.3 percentage points month-on-month. The cumulative market share from January to August was 13.1%, down 3.7 percentage points compared to the full year of 2024 [5]. Industry Outlook - The industry is advised to focus on key companies such as Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Chuanfeng Power, and others as potential investment opportunities [6][10][12].

Core Viewpoints - The automotive sector is experiencing a mixed performance with a notable increase in new energy vehicle sales, while traditional passenger car sales show a decline year-on-year [2][43] - The market is expected to benefit from new vehicle launches and government policies aimed at stimulating demand, particularly in the context of trade tensions and competition [4][39] Weekly Data - In the second week of September 2025, passenger car sales reached 458,000 units, down 4.7% year-on-year but up 24.7% month-on-month; new energy vehicle sales were 271,000 units, up 6.2% year-on-year and 22.8% month-on-month; new energy penetration rate was 59.3%, down 0.9 percentage points [2][43] - The automotive sector in A-shares rose by 3.1% from September 15 to 19, outperforming the market, with sub-sectors like auto parts and services showing significant gains [3][38] Investment Recommendations - Focus on quality domestic brands that are accelerating in smart technology and globalization, recommending companies such as Geely, Xpeng, Li Auto, BYD, and Xiaomi [4][16] - In the auto parts sector, recommend companies involved in smart driving and intelligent cockpits, as well as those in the new energy vehicle supply chain [7][18] New Model Launches - Recent launches include the Xiangjie S9T and the Galaxy M9, both achieving significant pre-order numbers shortly after their release, indicating strong market interest [6][14] - Upcoming models from various manufacturers are expected to further boost sales and market presence, particularly in the high-end segment [14][16] Robotics and Automation - Tesla's upcoming Optimus V3 robot is anticipated to be a major catalyst for the robotics sector, with production targets set to reach hundreds of units by the end of 2025 [5][19] - The domestic robot manufacturers are accelerating their IPO processes, which could serve as a new catalyst for market sentiment [5][20] Liquid Cooling Technology - The global liquid cooling market is projected to grow at a CAGR of 27.6% from 2024 to 2030, driven by the increasing demand for high-performance computing [22][24] - Liquid cooling technology is becoming essential for data centers, especially with the rise of AI applications requiring high power density [22][24] Motorcycle Market - The motorcycle market is seeing a surge in demand for mid to large displacement models, with significant year-on-year growth in sales [25][27] - Recommended companies in this sector include Chunfeng Power and Longxin General, which are positioned to benefit from this trend [25][27] Heavy Truck Market - The heavy truck market is expected to recover due to expanded government subsidies for replacing older vehicles, with sales showing a year-on-year increase [28][29] - Companies like China National Heavy Duty Truck and Weichai Power are recommended for their strong market positions [30][31] Tire Industry - The tire industry is experiencing a positive outlook with strong demand and ongoing globalization efforts among leading manufacturers [31][33] - Recommended companies include Sailun Tire and Senlong, which are well-positioned to capitalize on these trends [31][33]

Core Viewpoint - Geely is undergoing significant internal restructuring to enhance efficiency and reduce resource duplication, particularly in its smart driving teams, as part of its "One Geely" strategy [1][2][9] Group 1: Organizational Changes - Geely has consolidated multiple smart driving teams into a single entity called "Qianli Zhijia" to address issues of resource dispersion and redundancy [2][3] - The establishment of Qianli Zhijia aims to integrate AI capabilities from Qianli Technology with Geely's mass production experience [2][10] - A new subsidiary, "Qianli Haohan," will be created under Qianli Zhijia to provide smart driving services specifically for Geely [2][11] Group 2: Product Strategy - Geely has clarified its brand positioning, with Zeekr targeting luxury technology, Lynk focusing on mid-to-high-end performance, and Galaxy catering to mainstream high-value products [3][8] - The Galaxy M9, a large six-seat SUV priced under 200,000 yuan, exemplifies Geely's ability to control costs while breaking market barriers [3][20] - The company emphasizes a "Three Nine Plan" to ensure distinct market positioning for its various brands [3][22] Group 3: Financial Performance and Goals - Geely has raised its annual sales target to 3 million units, reflecting confidence in its growth trajectory, with a 47% year-on-year increase in sales from January to August [7][25][26] - The company has seen significant growth in the domestic market, exceeding 60% year-on-year [25] - The Galaxy brand has achieved over 1.33 million cumulative sales, marking it as the fastest-growing new energy brand to reach this milestone [7][26] Group 4: Competitive Landscape - The Chinese automotive market is highly competitive, with local brands capturing nearly 90% of the new energy vehicle market share by mid-2025 [6] - Geely faces pressure from competitors like BYD, particularly in the 100,000 to 200,000 yuan price segment [7][25] - The company is accelerating product launches, including the upcoming Zeekr 9X and Xingyao 6 models, to maintain market competitiveness [7][26]

Core Insights - The launch of the Galaxy M9 marks a significant entry into the competitive six-seat SUV market, showcasing advanced AI technologies and aiming to capture a substantial market share [1][2] - The M9 has received strong pre-order interest, with over 40,000 orders within 24 hours of its pre-sale announcement [1] - The vehicle is positioned within a price range of 173,800 to 238,800 yuan, targeting a broad consumer base [1][5] Product Features - The Galaxy M9 offers a spacious interior with a maximum storage capacity of 2,171 liters when the second and third rows are folded down, and 359 liters of storage space with all seats occupied [2] - It is equipped with the new generation Raytheon EM-P AI hybrid system, achieving a 0-100 km/h acceleration in 4.5 seconds and a low fuel consumption of 4.8L under CLTC conditions, with a comprehensive range exceeding 1,500 kilometers [2] - The vehicle features cutting-edge AI capabilities, including a global first end-to-end AI voice model and advanced driver assistance systems [2] Market Dynamics - The six-seat SUV segment in China has seen increased competition, with numerous brands entering the market since 2021, primarily focusing on hybrid and extended-range electric vehicles [3][4] - The market is projected to exceed one million units sold this year, driven by the introduction of more six-seat electric SUVs [4] - The Galaxy M9 faces intense competition within the mainstream price range, with over 11 competing models being considered by potential buyers [5] Sales Performance - Galaxy brand achieved a sales figure of 110,666 units in August, representing a 173% year-on-year increase, with total sales exceeding 750,000 units in the first eight months of the year [5] - The brand aims to launch five new products this year, with a target of reaching one million units in annual sales [5]

Core Viewpoint - The article provides an overview of new vehicle models set to launch in September 2025, detailing specifications, market segments, and pricing strategies for various manufacturers in the automotive industry. Group 1: New Vehicle Launches - BYD Auto is set to launch the Yangwang U8L on September 12, 2025, categorized as a D SUV with a starting MSRP of 1.28 million yuan [6] - Ronglan Auto will introduce the Ronglan Blue Balloon on September 13, 2025, classified as an A00 HB with a price range of 46,900 to 50,900 yuan [14] - FAW Car will release the Benteng Yueyi 03 on September 15, 2025, an A SUV priced at 88,800 yuan [22] - Dongfeng Motor will launch the Lantu Dreamer on September 15, 2025, a C MPV with prices ranging from 329,900 to 439,900 yuan [30] - Great Wall Motors will debut the Haval Big Dog PLUS on September 15, 2025, a B SUV with a price range of 135,800 to 186,800 yuan [38] Group 2: Specifications and Features - The Yangwang U8L features a 2.0T range extender engine, EVT transmission, and offers a pure electric range of 180 km [6] - The Ronglan Blue Balloon is powered by a pure electric engine with a battery capacity of 17.03 kWh, providing a range of 210 km [14] - The Benteng Yueyi 03 is equipped with a pure electric engine and has a battery capacity of 61.47 kWh, allowing for a range of 565 km [22] - The Lantu Dreamer offers both pure electric and plug-in hybrid options, with a pure electric range of 700 km [30] - The Haval Big Dog PLUS includes a 1.5T engine and offers various configurations, including a plug-in hybrid version with a range of 105 to 150 km [38] Group 3: Market Segmentation and Pricing Strategy - The new models span various market segments, including A00 HB, A SUV, B SUV, C MPV, and D SUV, indicating a broad strategy to capture different consumer preferences [2][4] - Pricing strategies vary significantly, with entry-level models like the Ronglan Blue Balloon starting at 46,900 yuan, while premium models like the Lantu Dreamer can reach up to 439,900 yuan [14][30] - The article highlights the competitive landscape as manufacturers aim to differentiate their offerings through technology, performance, and pricing [2][4]