11月24日，极氪正式启动了用户众筹为特定车型进行智能软硬件更换。该项目的窗口期为一个月，极氪称后续不再开放众筹。 极氪发布的公告显示，此次可以参与众筹的是搭载激光雷达、且非千里浩瀚辅助驾驶系统的2024款极氪001和极氪009车主。此次软硬件更换的工程量很 大，需要将原体系大改为基于NVIDIA DRIVE Thor-U平台进行开发的千里浩瀚H7软硬件方案。从官方列出的清单来看，极氪001需更换53个零部件。 极氪001车主实际需支付款项13500元，目标3000人；极氪009车主需支付18500元，目标人数为1500人。参与众筹人数达到目标数量，极氪将启动对应车型 的软硬件系统更换的开发和验证工作。这样的大跨度升级并不多见，价格区间也被夸赞"有诚意"，但不少车主仍不买账。 随着车型更新换代加快，这样的争议在汽车行业内已经十分普遍。如果不更新，老车主的不满情绪会越来越大。明明购买时间只差一年、甚至几个月，新 车型不仅更便宜、智能化功能还更加强大。特别是智能座舱、辅助驾驶等功能，由于硬件要求高，老车型即便想通过软件OTA追赶，也常常因硬件条件受 限而"心有余而力不足"。 如果更新，又会有更多矛盾产生。例如10 ...

2025年11月26日，随着理想汽车2025年第三季度财报发布，这家新势力车企延续近三年的盈利神话被打破。 财报数据显示，公司当季营收274亿元，同比下滑36.2%；净亏损6.24亿元，终结了自2022年第四季度以来连续11个季度的盈利纪录，这也是其规 模化盈利后的首次季度亏损。 2025年6月18日，"活力中国调研行"采访团走进理想汽车北京基地，探访焊装车间和总装车间。图为理想MEGA汽车到达下线工位。 中新社记者 王紫儒 摄 理想汽车的2025年亏损并非偶然，而是内外部因素叠加的结果。 财报数据显示，三季度93211辆的交付量同比下滑39%，直接导致车辆销售收入同比下降37.4%至259亿元，成为营收下滑的核心推手。 这一交付颓势源于产品周期的尴尬交替。主销的L系列增程车型面临问界等竞品的激烈分流，2025款问界M9、M8凭借超1300km的综合续航和华 为ADS 3.3智驾系统，持续挤压L系列市场空间；而寄予厚望的纯电产品矩阵尚处产能爬坡期，三季度上市的纯电SUV i8和i6虽累计订单突破10万 辆，但实际交付占比仅达总交付量的18%，未能及时填补增程车型的销量缺口。 MEGA车型的召回事件则成为亏损的 ...

而资本市场的助力，更为问界M9的长远发展增添了坚实底气。随着赛力斯成功登陆港股，公司实现 了"A+H"双资本平台布局，战略进一步清晰：将港股募集资金的30%专用于新车型研发，持续丰富高端 产品矩阵；同时，问界M9已开启海外拓展元年，港股上市将为国际化进程注入强劲动力。未来，公司 将聚焦东盟与中东等核心市场，凭借成熟的技术积累与渠道布局，推动问界M9等核心产品的海外扩 张，提升全球市场竞争力。 作为赛力斯（601127）与华为联合打造的科技旗舰，问界M9自启动大规模交付以来，累计交付已突破 26万台，持续稳居50万级豪华车市场销冠。今年3月，问界M9 2025款焕新上市，携十大亮点重构豪华 标准，为用户带来了全方位的极致出行体验。国海证券在研报中指出，问界精准锚定高净值客户人群， 通过问界M9等高端车型成功实现品牌向上突围。 凭借产品力、品牌力与资本市场的三重驱动，问界将持续巩固在高端新能源汽车市场的领跑地位，助力 中国汽车品牌加速实现全球高端市场的突破。 竞争日趋白热的2025年豪华车市场迎来年度收官阶段，问界M9再次创下50万级车型交付新纪录，不仅 标志着问界持续引领高端市场格局，更引发资本市场高度关注。今 ...

Core Insights - The company has achieved strong sales growth in the competitive Chinese electric vehicle market, with total deliveries surpassing 900,000 units, establishing itself as a leader in the high-end SUV segment [1][2] - Key models have shown impressive performance, with the Wanjie M9 delivering over 260,000 units, the M8 exceeding 130,000 units, and the M7 surpassing 350,000 units, indicating significant market acceptance and explosive growth potential [1][2] - Industry experts predict that Wanjie’s annual sales could reach 450,000 units by 2025 and further increase to 500,000-600,000 units by 2026, achieving a stable monthly sales level of 40,000-50,000 units [1] Competitive Advantages - Wanjie’s growth is supported by two core competitive advantages: a deepening brand moat and a product lineup that precisely matches user needs in the highly competitive 300,000-500,000 RMB price range [2] - The brand has transitioned from a "pioneer" to a "leader," with the M9 establishing itself as a luxury flagship, while the M7 has achieved significant scale [2] - The Wanjie M9 scored 85.2 points in the Net Promoter Score (NPS) rankings, indicating strong user loyalty and brand confidence, further solidifying its market position [2] Future Development Plans - The company has outlined a clear development plan funded by its Hong Kong stock market listing, allocating approximately 20% of the funds for new model development and 10% for adapting models for overseas markets [3] - This marks a significant acceleration of the company’s globalization strategy, with expectations for a second growth curve following its success in the domestic high-end market [3]

中证报中证网讯（龚梦泽 熊永红）2025广州车展正如火如荼进行，问界全系车型重磅亮相。其中，问 界M9凭借强大产品实力，吸引了大量观众驻足围观，成为展会焦点。截至目前，问界M9全系累计交付 突破26万辆，创下50万级豪华车交付新纪录。 品牌塑造方面，根据杰兰路《2025年度上半年新能源汽车品牌健康度研究》，问界M9稳居新能源全车 型用户净推荐值（NPS）榜首。同时，中国汽车流通协会报告显示，问界M9连续三个月位列中国插电 混动（含增程）车型保值率第一。 数据显示，今年10月，问界在30万元以上豪华细分市场中的销量表现尤为突出。预计全年问界将占据约 21%的豪华车市场份额，打破了以往由BBA等合资品牌主导的豪华车市场格局。中信建投最新研报指 出，当前问界品牌正处于强产品周期阶段，问界M8以及全新问界M7持续保持热销态势，推动公司盈利 结构实现质的跃升，盈利能力持续增强。 ...

Core Insights - The concept of "luxury" is shifting from mere symbols and material accumulation to tangible daily value in the automotive market [1][3] - The traditional luxury brand dominance in the mid-to-high-end SUV market (400,000 to 500,000 RMB) is being challenged by new entrants focusing on user experience and technology [2][3] Market Dynamics - The rise of smart and electric vehicles is changing consumer priorities towards real-world usage experiences, such as reliable assisted driving and effective cabin interaction [2] - The introduction of the AITO Wenjie M8 and M9 models aims to redefine the value framework in the mid-to-high-end SUV segment, emphasizing a comprehensive high-end experience [2][4] Product Strategy - AITO's dual flagship strategy with the M8 and M9 models addresses different consumer needs, focusing on smart technology, efficiency, safety, and comfort [4][12] - The M9 targets business and personal commuting needs, while the M8 is designed for family use, showcasing a clear division of product logic based on user scenarios [4][8] Design and Features - The M9 features a cohesive design with advanced technology, while the M8 emphasizes family-oriented space and usability [5][8] - Both models incorporate high safety standards and innovative features, such as the HUAWEI XHUD for risk prediction and a sophisticated multimedia system tailored for family interaction [11][12] Competitive Landscape - The competition in the luxury SUV market is transitioning from brand prestige to system integration capabilities and user experience [13] - AITO's models have achieved significant sales milestones, with the M9 surpassing 260,000 units and the M8 exceeding 130,000 units, indicating a successful market reception [15]

这套逻辑不仅打破了传统豪华品牌的心智垄断，也预示着中高端SUV竞争进入了"体系化能力"的新时代。"豪华"正在从堆料与符号的象征，转向真正可感知 的日常价值。 "豪华"正在从堆料与符号的象征， 转向真正可感知的日常价值。 在中国汽车市场，40万至50万元的中高端SUV领域长期由传统豪华品牌占据心智，品牌认知、历史背书、社会符号，长期构成了一套隐形的价值标尺和定价 体系。 但这套逻辑，正在迅速松动。 近年来，智能化、电动化技术加速发展，新能源汽车渗透率不断提升，消费者的关注点正悄然转向真实使用体验：辅助驾驶是否可靠、座舱交互是否高效、 极端场景下是否安全等。单纯依靠真皮缝线或木纹饰板，已难以赢得新一代中高端用户的长期认可。 在此背景下，问界正通过问界M8与问界M9"双旗舰"产品矩阵，重塑这片市场的价值坐标体系。 问界M9以旗舰级技术和极致安全、空间进化等覆盖全场景，问界M8以空间效率、影音娱乐、智能交互等满足家庭需求，共同带来全链路高端体验。 近期，这两款车型还频繁亮相世界互联网大会乌镇峰会、金鸡百花电影节、广州车展等高端场合，并多次斩获行业重磅奖项，加之在销量上连续取得的突 破，显示出市场对问界"智慧重塑豪华" ...

Core Viewpoint - The Chinese liquor industry is currently experiencing a downward trend, with most companies facing significant challenges, and innovation is essential for overcoming these difficulties [2][4]. Industry Overview - The liquor industry has been in a decline since 2022, with the current situation being particularly challenging due to regulatory pressures such as the "Eight Provisions" [4]. - Only a few companies, like Fenjiu, are managing to grow amidst this downturn, indicating a stark contrast within the industry [5]. Innovation Strategies - The company emphasizes the need for creating "super products" and implementing innovative business models, including "super channels, super communication, and super experiences" to achieve growth despite the industry cycle [2][5]. - A successful example includes the "Zunyi Forum," which has hosted 71 events with 9,000 participants and generated 500 million yuan in new product returns [5]. Product Development - The company has developed a high-value product in the sauce liquor category priced at 600 yuan, which competes with products priced at 2,000-3,000 yuan [7]. - The introduction of a new beer product has also gained significant popularity in both online and offline markets [7]. Market Positioning - The company aims to establish itself as a leading global liquor and beverage company by focusing on the development of "super products" [9]. - The brand "Zhenjiu" is recognized as one of the four major national banquet liquors, enhancing its market prestige [8]. Organizational Structure - The company operates as a learning organization and has implemented employee stock ownership plans to motivate its workforce [7][8]. - The collaboration with nearly 3,700 partners through the "Wanshang Alliance" is a key aspect of its distribution strategy [7]. Case Studies - The success of LABUBU, which significantly increased its market value through the creation of a super product, serves as a model for the liquor industry [8][9]. - The rise of the "Old Shop" brand in Hong Kong, which saw an 11-fold increase in value, illustrates the potential of innovative product offerings [9].

"2025年乘用车市场在政策持续推动、新能源汽车渗透率提升以及出口持续增长下，持续释放增长动 能，全年销量有望创下新高。"近日，中原证券研究所最新研报预测，2026年中国乘用车市场将持续向 高质量发展转型，自主品牌份额持续巩固于高位，维持行业"强于大市"投资评级，并推荐关注赛力斯， 看好其发展潜力。 在行业转型浪潮中，赛力斯旗下问界品牌不仅成功穿越价格战与内卷漩涡，更以持续领跑的姿态，稳居 高端新能源市场第一梯队。截至目前，问界全系累计交付已突破90万辆。其中问界M9的表现堪称现象 级，累计交付突破26万辆，创50万元级车型交付新纪录，打破外资品牌垄断高端市场的格局；问界M8 累计交付超13万辆，蝉联40万级豪华车销冠；全新问界M7更凸显"爆款基因"，短短41天大定订单突破9 万台，全系累计交付已突破35万辆。问界全系产品在各自细分市场均展现出强大的竞争力。 问界车型的热销，也带动了赛力斯盈利能力的显著提升。2025年前三季度，赛力斯实现营业收入 1105.34亿元，归属于上市公司的股东净利润达53.12亿元，同比增长31.56%，盈利能力持续增强。中原 证券研究所在研报中指出，以赛力斯为代表的新能源汽车企业 ...

本以为 "多生孩子好打架" 是主流品牌的内卷套路，没想到超豪华品牌也玩起了这套。 据"36氪汽车"报道，尊界品牌明年将推出 SUV 和 MPV 车型，且两款车均提供标轴、长轴版本，尊界 S800 还会追加高定版（高级定制版）车型。 算上现款尊界 S800，明年尊界的产品矩阵将扩充至三款系列、六款车型。 报道进一步指出，计划推出的 SUV 和 MPV 在定位上会略低于尊界 S800，但还是会面向高端市场。 图源：电车通摄制 根据上述信息，我们不难梳理出三大关键动向： 超豪华品牌本质上经营的是"影响力生意"，"密集推新"未必等于稳赢。尊界明年以六款车型强攻市场，在电车通看来，这场激进的布局，既承载着重塑超豪 华市场格局的野望，也面临着品牌能否支撑全线溢价的现实考验。 尊界加速扩张，技术、产能、资金兜底 尊界一年内连推五款新车的"激进"策略，绝非盲目自信，其背后是首款车型 S800 打下的坚实市场基础。 定价 70.8 万元起的尊界 S800，上市 175 天大定突破 18000 辆，10 月单月交付就达 1970 辆，相当于同价位蔚来ET9的十倍以上，早已超越了迈巴赫 S 级、 保时捷 Panamera 等传统豪 ...