Group 1 - The Chinese automotive market in 2025 is experiencing intense competition, with domestic brands capturing 65% market share in 2024, and monthly market share nearing 70% [2] - The automotive industry is facing a historical low profit margin of 4.5%, significantly below the average of 6.1% for downstream industrial enterprises [2] - New entrants like Jin Yu Automobile and Chu Neng New Energy are struggling with insufficient initial investments, which are below 5 billion yuan, in a sector where R&D investments often exceed 10 billion yuan [3] Group 2 - The automotive industry is undergoing unprecedented consolidation, with major players like Geely and BYD dominating the market, as the top 15 companies hold 82% of the market share [3] - The average capacity utilization rate in the new energy vehicle sector is only 65%, indicating a significant overcapacity issue [4] - The competition has evolved from merely electrification to a dual challenge of "electrification + intelligence," raising the technical barriers for new entrants [7] Group 3 - There are theoretical opportunities for new players who can innovate and have sufficient resources, particularly in niche markets where targeted strategies can yield growth [9] - Technological breakthroughs in areas like solid-state batteries and autonomous driving chips could disrupt the current competitive landscape [9] - Expansion into overseas markets is seen as a potential growth area, with a projected 10% increase in Chinese passenger car exports in 2025 [10] Group 4 - The automotive industry has entered a phase characterized by high barriers to entry, high investment, and high risk, moving from a fragmented market to a more concentrated one [11] - The future of the Chinese automotive market will focus on technological innovation and the evolution of business models rather than merely increasing the number of companies [12]

6月4日，由中国汽车标准化研究院主办，保定市市场监督管理局、长城汽车（601633）股份有限公司承 办的"中国越野汽车国家标准体系建设需求启动会"在保定成功举办。作为中国越野汽车领域的领军品 牌，长城坦克持续领跑国内高端硬派越野领域，为推动中国越野汽车标准体系的完善做出切实贡献。 依托35年的技术积淀，长城汽车已构建哈弗、坦克、长城炮三大越野品牌矩阵，覆盖从城市SUV到专业 越野的全场景需求。特别是在四驱技术、底盘设计、动力系统等核心领域，长城汽车已形成"人-车- 场"三位一体的越野分级标准体系，为行业标准制定提供了重要参考。未来，长城坦克将继续携手行业 伙伴，加速推进国家标准落地，推动中国越野汽车产业的高质量发展。 本次启动会汇聚了来自保定市市场监督管理局、中汽中心标准院、长城汽车、一汽、长安、吉利等60余 名行业专家，共同探讨中国越野汽车标准体系的建设需求。随着越野汽车市场的快速发展，行业对工况 适应性、试验场景及关键部件标准化的需求日益迫切。此次会议的召开，标志着中国越野汽车标准化工 作迈入新阶段。 作为中国越野汽车产业的核心参与者，长城汽车技术中心副总经理王超在会上分享了行业洞察。他指 出，2024年 ...

Group 1 - The 2025 China Langfang International Economic and Trade Fair commenced on June 16, featuring four main sections: integrated import and export goods exhibition, smart logistics technology and equipment exhibition, new energy vehicle exhibition, and a multi-format consumer market [1] - The fair attracted over 550 enterprises from nearly 30 countries and regions, showcasing thousands of agricultural products, food items, and handicrafts, promoting deeper economic and trade cooperation [1] - The smart logistics technology and equipment exhibition included over 120 quality enterprises demonstrating new equipment and solutions aimed at reducing logistics costs and increasing efficiency, with a focus on transportation, warehousing, and management [2] Group 2 - The integrated import and export goods exhibition featured over 50 enterprises from 25 countries, showcasing nearly 30 new products, while the export exhibition organized over 260 enterprises displaying more than 3,000 specialty products [4] - The new energy vehicle exhibition included 28 enterprises such as Great Wall and Changan, presenting over 50 vehicle models, and promoting consumer incentives through trade-in policies [8] - The event aims to enhance trade transactions by inviting nearly 8,000 buyers and implementing a comprehensive matching process through pre-event roadshows and professional buyer invitations [8]

汽车 比较研究系列 以长板优势推进品牌进阶，智驾强监管筑牢安全底座 强于大市（维持） 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@pingan.com.cn 平安观点： 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 2025 年 06 月 11 日 发挥长板以实现品牌进阶。当前车企的高端化策略大致分为两类：一是具 有明显长板的车企深耕自身优势领域，并持续扩大领先，产品策略以及技 术路线不盲从，典型代表理想汽车、长城汽车、小米汽车。理想 MEGA 坚持品牌旗舰定位，通过推出家庭特别版将家庭用户体验发挥得更加极 致；长城汽车深耕越野品类，推出大功率发动机，高端化突破方式不走寻 常路；小米汽车推出 SU7 Ultra，进一步强化用户对 SU7 的运动属性认知； 二是对标思路，2025 年上 ...

在新能源 "全线飘红" 的表象下，一场围绕市场份额的激烈角 逐正悄然改变格局——新势力头部阵营洗牌、传统车企加速转 型，行业进入深度调整期。 作者：周菊 封图：图虫创意 近日，国内各新能源汽车生产企业陆续公布5月销量数据。在"五一"小长假等因素的带动下，几乎所有车企都实现了销量增长。据乘联会初步推算，5 月新能源零售预计可达98万辆，同比增长22%，新能源汽车渗透率维持在52.9%左右。 在新能源 "全线飘红" 的表象下，一场围绕市场份额的激烈角逐正悄然改变格局 —— 新势力头部阵营洗牌、传统 车 企加速转型，行业进入深度调整 期。 | 序号 | 新势力车企 | 5月销量(万辆) | 同比 | 1-5月销量(万辆) | 同比 | | --- | --- | --- | --- | --- | --- | | 1 | 零跑汽车 | 4.5 | 148% | 17.4 | 161% | | വ | 理想汽车 | 4.1 | 17% | 16.7 | 19% | | 3 | 赛力斯问界 | 3.7 | 35% | - | - | | 4 | 小鹏汽车 | 3.4 | 230% | 16.3 | 293% | | 5 ...

"这就是为什么以前一到季末、年末，零公里二手车会大量出现在市场上的原因，因为经销商要在这个 时间去冲业绩。现在新增了一个节点，就是新老车型换代。"钟亚表示。 那么4S店为何不自己降价销售？钟亚解释说，库存车对经销商的现金流很不友好。对于汽车流通行业 来说，现金流就是生命，经销商必须快速回笼资金，才能维持业务的健康运转。 长城汽车董事长魏建军日前在接受访谈时抨击汽车行业"零公里二手车"的乱象，掀开了行业灰色流通环 节的隐秘一角。 二手车业内人士钟亚（化名）对智通财经记者表示，零公里二手车泛滥的实质，就是披着"准新车"外衣 的渠道库存转移，其根源是车企对销量的过度追求。 中国汽车流通协会二手车行业专家潘磊向智通财经记者介绍，零公里二手车，其实市场上早就存在，早 些年称为"包牌包税车"，厂家为了清理库存而产生，价格确实也比正常价格偏低，这类车源也很好地补 充了市场需求。 但他强调，现在的汽车市场格局已经发生了变化，产能出现过剩，大批量甚至超大批量的零公里二手车 出现，必然会让本就竞争激烈的汽车市场雪上加霜。其打击面之广，新车市场和二手车市场都会被波 及，整个汽车市场价格体系都将遭到侵蚀。 为什么会出现大量"零公里二 ...

2025 年 4 月，中国新能源乘用车零售渗透率突破 51%，意味着汽车市场正式进入 "油电并行" 的新纪 元。当加油站与充电桩在城市版图上交织成网，选择燃油车还是新能源车，早已不是简单的技术偏好， 而是收入水平、生活方式、价值观念等多重因素的投射。这场看似普通的消费选择，实则勾勒出一幅复 杂多元的社会图景。 性别差异则呈现出有趣的消解与重构：新晋宝妈成为家庭购车决策主力，蔚来 ES6 因 "紫外线杀菌空 调" 和 "隐私座舱" 成为母婴社群热门；而在硬派越野领域，女性车主占比从 2020 年的 8% 升至 2025 年 的 23%，长城坦克 500 的女车主坦言："穿越沙漠时，燃油车的轰鸣声能带来独特的掌控感。" 三、职业与价值观：实用主义与身份认同的角力 在浙江义乌小商品市场，新能源车是老板们的 "商业名片"。批发商陈女士发现，开五菱缤果谈生意 时，客户会默认她 "更懂成本控制"，议价空间平均多出 2%。这种 "电车 = 精明经营者" 的认知，让临 沂商贸城新能源车渗透率达 40%，远超当地乘用车平均水平。 一、收入与地域：平行世界的消费逻辑 在上海陆家嘴的高端写字楼车库，蔚来 ET7 与特斯拉 Mode ...

Core Viewpoint - The recent comments from EPA Administrator Lee Zeldin suggest that the automatic start-stop technology, commonly used in new vehicles, may be reevaluated or potentially phased out due to widespread dissatisfaction among drivers [4][10]. Group 1: Automatic Start-Stop Technology - Automatic start-stop technology has been around since the 1970s but gained popularity in the early 2000s, with about 65% of new cars sold in the U.S. currently equipped with this feature, up from approximately 60% in 2022 [5]. - The technology is designed to reduce CO2 emissions by approximately 2.2 grams per mile (about 5.2 liters per kilometer) and improve fuel economy by 4% to 5%, particularly in congested traffic [7]. - Despite its intended benefits, the technology has faced criticism for operational issues, including frequent failures that have led to recalls and investigations, as well as user dissatisfaction due to performance inconsistencies [9][10]. Group 2: Consumer Experience and Safety Concerns - Users often report negative experiences with the automatic start-stop system, including engine vibrations and noise during restarts, and issues with air conditioning performance during frequent engine shutdowns [9]. - The system's sensitivity can lead to safety concerns, such as the engine shutting off before the vehicle has come to a complete stop, which may pose risks during low-speed maneuvers [9]. - The EPA's potential reevaluation of the technology may lead manufacturers to reconsider its value, especially if customer satisfaction becomes a priority over marginal fuel savings [12]. Group 3: Shift in Automotive Design Trends - The article discusses a broader trend in automotive design, highlighting the shift towards touchscreens and hidden door handles, which have received mixed reviews from consumers regarding usability and safety [16][25]. - Touchscreens, while aesthetically pleasing, can distract drivers and complicate vehicle operation, leading to calls for a return to physical controls [16][20]. - Hidden door handles, while improving aerodynamics and design, raise safety concerns in emergency situations, prompting regulatory scrutiny and potential new standards in China [29][30].

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

摘要 ► 2025 上海车展：" 拥抱创新 共赢未来"。 第二十一届上海国际汽车工业展览会将于 2025 年 4 月 23 日至 5 月 2 日举办，主题为"拥抱创新 共赢未来"。本届车展规模超 36 万平方米，吸引全球近 1 , 000 家企业 参展，海内外主流品牌悉数亮相，覆盖 26 个国家及地区，预计发布超 100 款全球首发新车。我们拟通过本报告梳理亮点车企，解读整车新技术，洞察产业新趋势。 ► 自主新趋势：技术驱动品牌向 上 混动 + 智驾双线突破 比亚迪： 王朝网汉 L/唐L双旗舰搭载"天神之眼"智驾系统（激光雷达+双Orin-X），第五代DM混动实现1 , 400km续航；方程豹钛3以硬派设计+云辇底盘拓展个性化市 场，技术赋能全价位覆盖。 吉利： 银河星耀 8、极氪9X依托雷神EM-P混动与Thor芯片，实现13万元至百万元级市场布局；领克900以激光雷达+天地门设计定义豪华 新标杆。 长安 /长城/上汽： 长安深蓝 S09、长城坦克400Hi4-Z、上汽智己LS6等差异化产品矩阵，聚焦增程、越野与智能赛道，自主供给呈现高端化、科技化特征。 投资建议 乘用车： 看好 智能化、全球化加速突破的优 ...