2025.07. 11 "豪车平替"成为了市场的取胜法则，也成为了市场竞争日趋白热化后，车企走捷径的一条重要路径。 原创需要巨大投入，领克曾宣称每款车的设计投入都是"亿"级，但是原创并不意味着成功。 高度还原了领克The Next Day概念车元素的领克Z10，原本是对标小米SU7的市场，但6月销量不到 370辆。而今年4月底上市、外号"杭州湾揽胜"的领克900，今年6月销量突破了5300辆，在全尺寸高 端混动SUV品类中，位列第二，仅低于问界M9的月销量，已经超越了理想L9。而该细分行业销冠问 界M9，也曾因与奔驰迈巴赫GLS侧面设计相似而陷入舆论旋涡。 今年上海车展上，首次亮相的极氪旗舰SUV极氪9X就受到了较高市场关注，并得名"杭州湾库里 南"。7月9日该车开启先享计划，2小时就有1万人预订。 或许是看到了国产平替的市场，还有一大批国产"揽胜"来袭，包括"番禺揽胜"（广汽传祺S7）、"坪 山揽胜"（腾势N9）。除此之外，国产"库里南"也不遑多让，包括"保定库里南"（坦克800）。另外， 小米汽车第三款车型小米YU9近日测试车谍照已在网上传开。从谍照看，市场预计这也是一款全尺 寸SUV，外观轮廓与库里南相 ...

Core Viewpoint - The rise of "big brand alternatives" in the Chinese automotive market, exemplified by models like Xiaomi's SU7 and YU7, raises concerns about the potential regression of the industry towards imitation rather than innovation [1][5]. Group 1: Market Trends - Xiaomi's SU7 has become a phenomenon, securing the top sales position in the mid-to-large sedan category within a year, while the YU7 has surpassed it with over 240,000 orders in just 18 hours [1]. - The trend of creating "luxury car alternatives" is becoming a significant strategy for automakers in a highly competitive market, where original design requires substantial investment [1][2]. - The Zeekr 9X SUV received significant attention at the Shanghai Auto Show, with 10,000 pre-orders in just 2 hours, indicating strong market interest in domestic alternatives [2]. Group 2: Legal and Ethical Considerations - Historical cases of design infringement in the automotive industry show that legal definitions of imitation are often ambiguous, with several high-profile cases resulting in no penalties for alleged infringers [3]. - The protection period for design patents in China is 15 years, which can impact the longevity of claims against design similarities [3]. Group 3: Industry Evolution - The Chinese automotive industry has made significant strides in moving away from a reliance on imitation, with domestic brands capturing nearly 70% of the market share and China being the largest automobile exporter for two consecutive years [5]. - The resurgence of "copycat" incidents poses risks to the long-term development of the industry and could hinder the global competitiveness of Chinese automakers [5].

Group 1 - The company sold 236,000 vehicles in June, representing a year-over-year increase of 42.1% [1] - For the first half of the year, the company achieved total vehicle sales of 1.41 million, a year-over-year increase of 47.4% [2] - The company raised its annual sales target to 3 million vehicles, which is a 38% increase compared to the previous year [1][2] Group 2 - The company held a technology launch event for the Zeekr 9X on July 9, introducing the world's first full-stack 900V high-voltage hybrid architecture, SEA-S [1][3] - The Zeekr 9X is expected to start pre-sales at the end of August and is positioned as the brand's flagship hybrid model [3] - The Zeekr 9X features a maximum engine power of 205 kW and a thermal efficiency exceeding 46%, with a 20%-80% battery recharge time of only 9 minutes [3] Group 3 - The company expects to see significant profit growth, with net profits for 2025, 2026, and 2027 projected at 13.84 billion, 17.9 billion, and 22.3 billion yuan respectively, reflecting year-over-year increases of 47%, 30%, and 24% [1][3] - The current stock price corresponds to P/E ratios of 11, 8.6, and 7 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [1][3]

2025 年 7 月 10 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(港币) | 22 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/07/9) | | 17.00 | | 恒生指数(2025/07/9) | | 23,892.3 | | 股价 12 个月高/低 | | 19.97/7.33 | | 总发行股数(百万) | | 10,084.17 | | H 股数(百万) | | 10,084.17 | | H 市值(亿元) | | 1,352.41 | | | | Proper Glory | | 主要股东 | | Holding | | | | Inc.(25.24%) | | 每股净值(元) | | 8.71 | | 股价/账面净值 | | 1.95 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -1.11% | 29.11% 97.11% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2 ...

Core Viewpoint - Zeekr's flagship SUV, the Zeekr 9X, is positioned as a key product for the company over the next three years, aiming to elevate the brand and the broader Geely Group in the luxury electric vehicle market [2][6]. Group 1: Product Features and Technology - The Zeekr 9X is marketed as a "flagship SUV of the new energy era," featuring advanced technologies such as the Haohan-S hybrid architecture, which supports a 900V high-voltage system, 6C ultra-fast charging, and a maximum power output exceeding 1000 kW [2][3]. - The vehicle boasts the longest pure electric range for hybrid SUVs, achieving a CLTC range of 380 kilometers, enhancing the hybrid experience across performance, range, and charging [2][3]. - The 9X incorporates a self-developed AI digital chassis designed to provide both stability and comfort akin to luxury brands like Rolls-Royce and off-road capabilities similar to Land Rover [3][4]. Group 2: Market Positioning and Strategy - Zeekr aims to challenge the traditional luxury SUV market, which has been dominated by imported brands, by offering a competitive alternative in the high-end segment [6][8]. - The company has set an ambitious annual sales target of 790,000 units, with Zeekr responsible for 320,000 units, although it has only achieved 90,000 units in the first half of the year, falling short of expectations [7][8]. - The introduction of the 9X is seen as a critical move to demonstrate Zeekr's capabilities and attract attention in the competitive luxury SUV market [8][26]. Group 3: Consumer Engagement and Marketing - Zeekr emphasizes the importance of consumer interaction and feedback in its marketing strategy, moving away from traditional one-way communication to a more engaging approach [11][12]. - The company plans to leverage the advanced technologies of the 9X to enhance the overall driving experience for consumers, with the potential for these technologies to be integrated into more affordable models in the future [6][10][22]. Group 4: Future Outlook and Development - The Zeekr 9X is positioned as a pivotal model that will not only elevate the brand's image but also serve as a precursor for future models, showcasing the company's commitment to innovation and luxury [6][24]. - The company is focused on long-term growth in the luxury market, aiming to establish itself as a top player in the segment while balancing product features to meet diverse consumer needs [24][26].

奕派科技成立后，奕派品牌、纳米品牌、风神品牌将紧密联动。 要闻提示 1、东风汽车宣布成立奕派汽车科技公司 2、卓驭科技CEO沈劭劼：Tier1需具备兜底能力 3、比亚迪首款旅行车上市 4、新款奇骏上市，东风日产稳住燃油车基盘 5、比亚迪与上海乐高乐园达成战略合作 2、卓驭科技CEO沈劭劼：Tier1需具备兜底能力 近期，卓驭科技CEO沈劭劼在一场论坛上表示，在10万元以下的车型中，消费者对辅助驾驶功能的需求 相对较弱，更关注车辆的其他基本性能和性价比。在价格相对较高的车型，消费者开始对辅助驾驶功能 表现出浓厚的兴趣。作为Tier1供应商需要具备兜底能力，对智能辅助驾驶子系统的各个环节可能出现 的问题负责。这不仅要求企业在技术上具备深厚的积累和实力，还需要在供应链管理、资源整合等方面 也有综合能力。 一财点评：随着汽车市场智能化需求增加，辅助驾驶功能的平权问题越发受到重视。当前，辅助驾驶平 权仍面临诸多技术挑战和协同难题，需要车企与上下游共同解决。沈劭劼提到，要实现辅助驾驶的真正 平权，解决技术挑战是前提条件。而随着技术的不断突破和进步，预计在一年内有望在中算力方案中实 现对高难度场景的有效应对，从而推动辅助驾 ...

Group 1: Traditional Automakers Performance - BYD remains the sales leader with 2.146 million units sold in the first half of 2025, achieving a year-on-year growth of 33% and a strong export growth of 80.6% [2][3] - Geely Automotive shows impressive growth with a total sales of over 1.4 million units, marking a 47% year-on-year increase, and its new energy vehicle sales have doubled [3][4] - Changan Automobile reaches its highest sales in nearly eight years with 1.355 million units sold, reflecting a 2% year-on-year growth, while its new energy vehicle sales grow by 48.8% [4] - Chery Group achieves a total sales of approximately 1.26 million units, a 14.5% increase, with new energy vehicle sales rising by 98.6% [4][6] - Great Wall Motors experiences slight growth with total sales of about 569,000 units, a 1.84% increase, although some brands like Ora and Tank show declines [6] Group 2: New Forces in the Automotive Market - Leap Motor tops the new energy vehicle segment with a remarkable 155.7% growth, delivering 221,700 units, surpassing Li Auto for the first time [7][9] - Xiaomi Automotive shows significant potential with a staggering 456% growth, delivering over 150,000 units, and aims for a revised target of 350,000 units [11] - Xpeng Motors also demonstrates strong performance with a 279% increase in sales, delivering 197,200 units [10][12] - NIO achieves a 30.6% year-on-year growth with over 110,000 units delivered [12] - Huawei's AITO brand, under the new forces, faces challenges with a heavy reliance on the Wenjie brand, which accounts for 80% of its total sales [10] Group 3: Market Trends and Future Outlook - The competition in the automotive market is intensifying, with a clear focus on new energy and smart technology as the main battleground [13] - Traditional and new automakers are accelerating their product and technology deployments to prepare for the second half of the year [13]

Group 1 - The core focus of the investment strategy is to address supply-demand mismatches, with a shift in policy emphasis from demand stimulation to supply control. Future capacity approvals are expected to become more challenging [1] - Unique products that can stimulate potential demand are essential to breaking the "price war," with Xiaomi's YU7 serving as a successful example. Brands offering differentiated products in the mid-to-high-end market, such as Li Auto, JAC, Seres, and Xiaomi, are expected to gain excess returns [1] - Fuda Co., Ltd. is projected to achieve an operating performance of 65 million to 75 million yuan in Q2, representing a year-on-year growth rate of 70% to 80%. The growth is driven by the continued volume increase of BYD's crankshafts and successful business expansion with Seres and Chery [1] Group 2 - Jifeng Co., Ltd. is in a continuous performance realization phase, with Q2 earnings expected to grow to 120 million to 130 million yuan, significantly year-on-year. The growth is primarily driven by domestic seat business, with contributions from models like Li Auto's L6 and NIO's ES6 and EC6 [2] - Great Wall Motors is anticipated to report strong Q2 performance, with sales increasing by 56,000 units compared to Q1. The estimated net profit for Q2 is expected to rise from 1.7 billion yuan in Q1 to nearly 4.2 billion yuan [2] - The investment analysis suggests focusing on domestic leading manufacturers like BYD, Geely, and XPeng, as well as companies involved in smart technology trends such as Huawei's HarmonyOS [3] Group 3 - The investment strategy includes recommendations for state-owned enterprise reforms, highlighting companies like SAIC Motor, Dongfeng Motor, and Changan Automobile [3] - Companies with strong performance growth and capabilities in robotics or overseas expansion, such as Fuyao Glass and New Spring Co., Ltd., are also recommended for attention [3]

乘用车制动系统新规发布，加入"单踏板制动"相关要求 央视新闻消息，据工信部，《乘用车制动系统技术要求及试验方法》强制性国家标准正式发布，将于 2026年1月1日起开始实施。 记者注意到，新发布的《乘用车制动系统技术要求及试验方法》相较于2008年发布的旧版本新增加了电 力传输制动系统、电力再生制动要求、紧急制动信号要求等内容，同时对驻车解除、制动衬片磨损检 查、电子驻车制动电气失效等内容做出了修改。 其中为规避误操作风险，新标准加入了"单踏板制动"相关要求。标准规定，默认状态下不可通过松开油 门踏板减速至停车，驾驶员需通过制动踏板完成车辆刹停，这标志着"单踏板模式"在国家标准层面得到 了明确规范。 专家表示，随着车辆电动化和智能化的快速发展，乘用车制动系统的结构形式也进行了多个阶段的迭代 和升级，为适应制动技术发展的新趋势，对标准中部分指标和要求进行修订可有效推动、引导和规范我 国汽车制动产品发展。 蔚来与江淮汽车合资公司注销？知情人：与蔚来独立生产相关 据第一财经，7月7日，一则关于蔚来汽车与江淮汽车合资公司注销的消息引发关注。从接近蔚来人士处 得知，此次合资公司注销与蔚来汽车实现独立生产相关。上述接近蔚来 ...

Group 1 - Geely Auto raised its annual sales target by 10.7% from 2.71 million to 3 million units, reflecting the company's confidence in its growth for the year [1] - In June, Geely's total sales reached 236,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 0.4% [1] - New energy vehicle sales in June were 122,400 units, showing a year-on-year growth of 85.5%, although there was a month-on-month decrease of 11.3% [1] Group 2 - The sales of the Geely brand in June were 193,000 units, representing a year-on-year increase of 58.8% and a month-on-month increase of 2.3% [2] - Geely Galaxy's sales in June reached 90,200 units, a significant year-on-year increase of 201.8%, despite a month-on-month decrease of 11.4% [2] - The Galaxy A7, featuring advanced technology and competitive pricing, is expected to boost the sales of Geely's new energy vehicles further [2] Group 3 - Zeekr brand sales in June were 16,700 units, a year-on-year decrease of 16.9% and a month-on-month decrease of 11.7% [3] - Lynk & Co brand sales in June were 26,300 units, showing a year-on-year increase of 7.7% but a month-on-month decrease of 4.8% [3] - The introduction of the Zeekr 9X, featuring innovative hybrid technology, is anticipated to positively impact Zeekr's sales in the upcoming quarters [3]