以下为研究报告摘要： 周度数据：2025年8月第4周（8.18-8.24）乘用车销量47.8万辆，同比+4.5%，环比 +9.3%；新能源乘用车销量26.8万辆，同比+11.0%，环比+8.1%；新能源渗透率56.0%，环 比-0.6pct。 本周行情：汽车板块本周表现弱于市场。本周（8月25日-8月29日）A股汽车板块上涨 1.7%，在申万子行业中排名第18位，表现弱于沪深300（4.3%）。细分板块中，商用载货 车、汽车零部件、乘用车、摩托车及其他、商用载客车分别上涨4.7%、1.9%、1.4%、 1.2%、0.9%，汽车服务下跌3.2%。 本周观点：本月建议关注核心组合【吉利汽车、小鹏汽车、理想汽车、比亚迪、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 新车型订单表现亮眼自主高端化提速。本周，多车企公布2025Q2业绩，其中长城汽车、 上汽集团业绩表现较好：上汽集团2025Q2营收1,587.3亿元，同比+12.1%，环比+12.7%；扣 非归母25.8亿元，同比+334.6%，环比+9.4%；长城汽车25Q2营收523.16亿元，同比+7.7%， 环比+30.7%；归母45.9亿元， ...

今年上半年以来，问界新品持续迭代升级。问界新M5 Ultra、问界M9 2025款、问界M8相继上市，深受 市场认可及用户喜爱。8月底，问界M8纯电版上市，2 小时大定即突破7000 台，树立40 万级纯电新标 杆。9月初，新问界M7也即将上市。 平安证券指出，下半年多款新车上市，全新问界M7 升级力度大，上市后有望成为公司在30 万级市场的 又一爆款车型，进一步释放公司的业绩潜力。民生证券也认为，中高端市场扩容下产品结构上移，叠加 交付潜力释放，公司进入"量价双升"新阶段。 对于后市成长，机构研报纷纷看好赛力斯盈利能力显著增强、核心车型驱动业绩高增下的强劲势头。招 商证券认为，上半年赛力斯经营指标优异，二季度业绩环比大幅提升，是国内头部的高端车企，看好后 续新品放量带来新增长动能。方正证券指出，赛力斯锚定高端品牌盈利韧性凸显，M8二季度垂直上量 推动盈利能力提升，随着问界M8/2025款M9抢占豪华市场，新车周期预计为业务端带来增量支撑，公 司有望开启业绩上行通道。 对于赛力斯盈利持续提升的原因，多家研报认为锚定高端智能电动汽车主航道，坚持高端战略是推动赛 力斯业绩增长的核心因素。 民生证券分析认为，赛力斯 ...

8月29日晚，赛力斯发布2025年半年报，营业收入624.02亿元，归属于上市公司股东的净利润29.41亿 元，同比增长81.03%；研发投入51.98亿元，同比增长154.9%。 赛力斯是中国新能源汽车领域持续进取型车企代表。2025年1—6月，赛力斯新能源汽车销量达172,108 辆。 赛力斯对问界的投入已超3年，在新能源汽车赛道上，从"传统豪华+科技豪华"两方面，持续探索新豪华 汽车。赛力斯坚持软件定义汽车，积极构建万物互联的汽车生态体系，联合世界级品牌供应商，探索集 成化、集聚化的汽车产业供应链模式，联合探索汽车产业的中国方案和赛力斯AITO问界实践。 上半年，问界系列新品持续迭代升级，问界新M5 Ultra、问界M9 2025款、问界M8相继上市。 得益于全链体系能力提升，问界继续刷新中国新能源豪华品牌交付速度。截至2025年8月，问界全系累 计交付已超75万辆。其中，问界M9累计交付超22万辆，稳居50万级豪华车市场销冠；问界M8上市即热 销，累计交付突破7万辆，上市4个月蝉联40万级销量冠军。 此前，赛力斯相继落地了赛力斯魔方技术平台、赛力斯超级增程、赛力斯超级工厂等一系列技术成果， 构筑了坚实 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 62.402 billion yuan and net profit at 2.941 billion yuan, marking a year-on-year increase of 81.03% [1] - The company's R&D investment surged to 5.198 billion yuan, reflecting a 154.9% increase, indicating a strong commitment to innovation and product development [1][3] - The sales of new energy vehicles reached 172,108 units in the first half of 2025, driven by the success of high-end intelligent electric vehicles [1] Sales Performance - The AITO brand's new models, including the M9 and M8, have achieved significant market success, with the M9 becoming the best-selling model in the 500,000-level luxury car market, delivering over 220,000 units [2] - The M8 has also performed well, with over 70,000 units delivered within four months of its launch, securing the top position in the 400,000-level sales category [2] - Cumulatively, the AITO brand has delivered over 750,000 vehicles as of August 2025, showcasing strong consumer demand and brand loyalty [2] Technological Innovation - The company emphasizes high-intensity R&D investment, with 6,984 R&D personnel, accounting for 36% of the total workforce, reflecting a focus on technological advancement [3] - The introduction of the intelligent safety system at the Shanghai Auto Show highlights the company's commitment to safety and innovation, establishing a new industry benchmark [3] - The establishment of the "factory within a factory" model in the super factory enhances product integration and innovation capabilities [3] Brand Value and Market Position - The company has significantly improved its brand value, ranking 169th in the 2025 Fortune China 500 list, a rise of 235 places from the previous year [4] - It also ranked 92nd in the TopBrand 2025 China Brand 500 list, with a brand value of 175.523 billion yuan, placing it among the top ten in the automotive sector [4] - The company is recognized as the fourth global new energy vehicle manufacturer to achieve profitability, indicating strong market confidence [4][5] Market Outlook - The capital market remains optimistic about the company's growth potential, with nearly 40 brokerage firms issuing "buy" ratings, anticipating continued high growth in the second half of the year [5]

Core Viewpoint - Li Auto is facing significant challenges in the current market, with declining sales and increased competition impacting its growth strategy [2][5][17]. Financial Performance - In Q2, Li Auto reported revenue of 30.2 billion yuan, a year-on-year decrease of 4.5% [2]. - The company expects to deliver between 90,000 to 95,000 vehicles in Q3, which is lower than the same period last year [2]. - The vehicle gross margin remained high at 19.4% in Q2, with expectations to maintain around 19% in Q3 [2]. Market Competition - Li Auto's sales are under pressure from competitors like AITO and Xiaomi, with the L9 model's sales dropping below 5,000 units and the L6 model declining from nearly 27,000 to around 15,000 units [5][7]. - The market for new energy vehicles in China is becoming increasingly competitive, with a penetration rate hovering around 50%, leading to a fierce battle for market share [7]. Product Strategy - The launch of the Li i8 has not met expectations, with the company attempting to educate consumers on its value proposition, but market feedback indicates that price is currently more critical [8][10]. - Li Auto is considering a significant price reduction for the i6 model, potentially below 230,000 yuan, to enhance competitiveness [14][17]. Organizational Changes - Li Auto is restructuring its sales and service teams to improve efficiency and address internal management issues that have affected sales performance [8][9]. - The company aims to enhance its direct store experience and has made adjustments to its organizational structure to better support sales operations [9][10]. Future Outlook - Li Auto is focusing on its i6 model as a key product to drive sales, while also investing in self-developed chips and expanding into overseas markets [14][17]. - The company has established R&D centers in Germany and the U.S. and is building a sales and service network for international markets [14].

Core Viewpoint - Li Auto is facing significant challenges in the current market, with declining sales and increased competition impacting its growth strategy. The company is at a critical juncture, needing to adapt quickly to maintain its market position [1][3][15]. Financial Performance - In Q2, Li Auto reported revenue of 30.2 billion yuan, a year-on-year decrease of 4.5% [1]. - The company’s gross margin for vehicles remained high at 19.4% in Q2, with expectations to maintain around 19% in Q3 [1]. Sales and Market Competition - The sales of the Li L series are under pressure, with L9 sales dropping below 5,000 units and L6 sales declining from nearly 27,000 units to around 15,000 units [3][7]. - The launch of the Li i8 has not met expectations, and the company anticipates Q3 deliveries of 90,000 to 95,000 vehicles, which is lower than the same period last year [1][2]. Product Strategy and Challenges - Li Auto is currently focusing on maintaining gross margins while facing pressure from competitors like AITO and Xiaomi, which are aggressively targeting its market share [1][6]. - The company is contemplating a pricing strategy for the i6, weighing the option of maintaining a 20% gross margin against a more attractive pricing approach to boost sales volume [8][10]. Organizational and Management Issues - Li Auto has acknowledged internal management challenges, including adjustments to its sales service system that have affected L series sales [7]. - The company is restructuring its sales organization to improve efficiency and customer experience, but the effectiveness of these changes remains to be seen [7][14]. Future Outlook and Strategic Initiatives - Li Auto is preparing for the launch of the i6, with internal sales expectations set at 25,000 to 30,000 units per month [8]. - The company is also investing in self-developed chips and expanding its overseas presence, with plans to enter markets in the Middle East, Central Asia, and Europe by 2025 [11][12]. Marketing and Operational Strategy - The company aims to streamline its product offerings and enhance digital marketing efforts to improve customer engagement and sales conversion [14]. - Li Auto is focusing on reducing SKU numbers and enhancing product quality to provide better value to customers [14].

每经记者｜刘曦 每经编辑｜裴健如 8月29日，第二十八届成都国际汽车展览会（以下简称成都车展）正式拉开帷幕。作为下半年国内首个A级车展，成都车展不仅是车企 冲刺"金九银十"销售旺季的重要舞台，更承担着推动技术落地、链接全球产业链与激活区域消费的特殊使命。 受访者供图 当前，全球汽车产业正全面迈入智能化竞争新阶段。中国电动汽车百人会副理事长兼秘书长张永伟指出，我国在智能驾驶技术应用方 面已处于全球领先地位，L2级辅助驾驶渗透率突破50%，位居世界第一。随着智能驾驶商业化迎来关键拐点，行业正从"技术验证"加 速转向"场景落地"。 在这一新旧动能转换背景下，车展的功能也在被重新定义——它不再仅是产品展示的窗口，更成为技术验证和商业化推广的关键平 台。尤其在全球新能源汽车蓬勃发展的浪潮中，成都车展正成为众多新兴车企竞相展示最新智能化技术的重要舞台。 智驾竞逐进入"成都时间" 中汽协数据显示，2025年1月~7月，新能源汽车产销分别完成823.2万辆和822万辆，其中，新能源汽车新车销量占汽车新车总销量的 45%。四川省汽车流通协会数据显示，今年1月~6月，四川全省汽车销售达54.4万辆，成都同期汽车销量达30万辆，占 ...

Core Viewpoint - Hongmeng Zhixing launched multiple new vehicles at the autumn product launch event, indicating a strategic shift and investment in the brand's development, particularly in the context of competition with established players like Tesla and new entrants in the electric vehicle market [1][2][3]. Group 1: Product Launch Details - The new models include the updated Zhijie R7 and S7, with price reductions of 20,000 yuan, and the introduction of the Aito M8 electric version, priced between 359,800 to 449,800 yuan [1][2]. - The Zhijie R7 offers both pure electric and range-extended versions, while the new S7 is exclusively a pure electric model, both equipped with the HUAWEI ADS 4 driver assistance system [1][3]. - The Aito M8 features a 100 kWh battery with a maximum CLTC range of 705 km and a 149L electric front trunk, showcasing advancements in electric vehicle technology [3]. Group 2: Strategic Developments - The partnership between Chery and Huawei has entered a new phase with the signing of the Zhijie brand strategic 2.0 cooperation agreement, committing over 10 billion yuan and a 5,000-person R&D team to the brand [2]. - The launch of new models is seen as a critical move for Zhijie to revitalize sales and compete effectively in a crowded market, particularly against models like Tesla's Model 3 and Model Y [2][3]. Group 3: Market Challenges - The high-end pure electric SUV market is facing challenges, with competitors like Li Auto, Tesla, and NIO vying for market share, making it difficult for the Aito M8 to gain traction [3]. - The internal competition among the various brands under Hongmeng Zhixing, such as Zhijie and Aito, may lead to overlapping products and potential market confusion [4][5]. Group 4: Future Outlook - Analysts predict that the new models will help Hongmeng Zhixing's sales growth to outperform the industry average in the second half of the year, despite the competitive landscape [4]. - The company is focusing on leveraging successful strategies from the Aito brand to enhance the capabilities of other brands within its portfolio, indicating a long-term vision for brand development [5][6].

Group 1 - The Chengdu International Auto Show serves as a crucial platform for car manufacturers to boost sales and showcase new technologies, especially in the context of the upcoming peak sales season in September and October [1][2] - China's automotive industry is entering a new phase of intelligent competition, with L2-level assisted driving penetration exceeding 50%, making it the highest globally [1][2] - The auto show is redefining its role from merely a product display to a key platform for technology validation and commercialization, particularly for emerging car companies showcasing their latest intelligent technologies [1][2] Group 2 - In the first seven months of 2025, China's new energy vehicle sales accounted for 45% of total new car sales, with Sichuan province's auto sales reaching 544,000 units, and Chengdu contributing 300,000 units [2] - Several car manufacturers, including Huawei and BYD, are actively launching new models and technologies ahead of the auto show to gain market advantage [2][3] - Huawei's smart driving system has achieved significant milestones, with over 90,000 units delivered and 16.7 billion kilometers driven, avoiding over 2.15 million potential collisions [3] Group 3 - The auto show highlights advancements in intelligent cockpit technologies, with companies like Geely and Roewe showcasing AI-driven systems that enhance user experience [6] - Battery technology is also making strides, with CATL introducing sodium-ion batteries that can operate in extreme temperatures, reducing reliance on lithium resources [8] - Chengdu is recognized as a leading city for automotive ownership and has been selected as a pilot city for integrated vehicle-road-cloud applications, supporting the development of intelligent connected vehicles [9][10] Group 4 - Chengdu's automotive industry is supported by a complete supply chain, with numerous major manufacturers and component suppliers located in the region [9] - The city has implemented policies to promote the testing and application of intelligent connected vehicles, with 680 kilometers of testing roads opened for various driving conditions [10] - The Chengdu Auto Show has evolved into a strategic platform for industry discussions, focusing on sustainable technological barriers in global competition [10]

（文/观察者网 张家栋 编辑/高莘） 8月25日，鸿蒙智行秋季新品发布会正式举办，虽然发布会以智界与问界的新品发布定义，但鸿蒙智行 多界齐发早已成为发布会的共识。 本次发布会聚焦智慧出行，新款智界R7、智界新S7、问界M8纯电版上市；问界新M5发布跃影红新车 色；享界S9T、尚界H5开启预售，全新问界M7官宣发布时间。 这次，包含"智界、问界、享界、尚界"四界七车的发布展现着华为的技术储备与对合作车企的赋能能 力。 从7款产品的共同点来看，今年4月发布的HUAWEI ADS 4智能驾驶辅助系统已经成为鸿蒙智行全系产品 的标配，这也证明，高阶智驾辅助仍然是鸿蒙智行最核心的产品力。 智界品牌大使刘亦菲亮相发布会 观察者网 多达7款新车的最新资讯，以及智界品牌大使刘亦菲的亮相，都成为了本次发布会此前不曾透露的惊 喜，但与此同时，伴随着鸿蒙智行产品体系与生态的扩张，华为全面赋能背后的品牌定位与市场竞争的 隐忧，也开始逐渐浮出水面。 7车齐发，智能化的话语权高地 相比今年的多款单车发布，秋季发布会更像是鸿蒙智行秀肌肉的舞台。华为常务董事、终端BG董事长 余承东开场便介绍了鸿蒙智行成绩单，证实鸿蒙智行模式对销量的强势贡献 ...