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].

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].

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]

公司全球化布局加速。6 月期间，公司实现出口4.0 万辆，同比+12%。1-6月公司累计实现出口18.4 万 辆，同比-8%。从市场布局来看，吉利积极拓展全球版图。2024 年期间，公司已在中东、亚太、非洲、 拉美、欧洲等区域深入布局，在沙特阿拉伯、阿联酋、哈萨克斯坦、巴拿马等重点市场推出16 款高端 主力车型，并在81 个国家布局了891 个销售及服务网点。 2025 年公司还计划新增300 多个海外销售及服务网点。整体来看，吉利汽车在海外市场的认可度不断提 升，市场份额有望逐步扩大，或成为公司远期核心增量来源。 6 月销量持续上行，同比增速达42%。6 月吉利汽车实现总销量23.6 万辆，同比+42%。按能源划分，公 司实现新能源汽车销量12.2 万辆，同比+86%，占比52%；其中，实现纯电销量8.5 万辆，同比+129%， 实现插混销量3.7 万辆，同比+30%。按品牌划分，中国星销量达10.3 万辆，环比+18%；吉利银河9.0 万 辆，同比+202%；领克2.6 万辆，同比+8%；极氪1.7 万辆。1-6 月公司累计实现销量140.9 万辆，同比 +47%。 新品持续推出，全年销量目标上调11%。 ...

6月9日，2025年重庆国际车展现场，深蓝汽车总经理邓承浩演示了深蓝S09第二排配备的双零重力独立座椅；无独有偶，5月31日，在2025年 粤港澳大湾区车展上，问界举办M9大五座零重力座椅版车型交付仪式。零重力座椅成为产品的突出卖点频繁出现在公众视野当中。 据记者不完全统计，除上述两款车型外，今年上半年，理想MEGA Home、问界M8、阿维塔06、全新魏牌高山等多款车型都在发布时重点提及零 重力座椅这一配置。零重力座椅是座舱内座椅相关创新的一部分，座椅的布局样式、旋转滑动等功能，更让座舱内曾经"呆板"的空间变起魔术。 例如，理想MEGA Home不仅配备零重力座椅，还支持第二排座椅多角度旋转；领克900实现第二排座椅90°侧倾、180°前后对坐；更早一些发布的 极氪MIX则支持主副驾270°无级旋转。 怎么才算"零重力" "想要明确什么是'零重力'座椅，我们应该回溯这类产品出现时的行业背景。"佛吉亚汽车座椅事业部亚太区研发总监兰晹在接受记者采访时表 示，提升驾乘体验、追求极致舒适性，可看作是产品出现的两个主要驱动因素。因此，当我们在试图厘清定义时，这些能帮助驾乘人员处于高舒 适性，能提供（相比较传统座椅而言 ...

Core Viewpoint - The "2025 Han Hong Love · 100 People Aid Xinjiang" medical assistance initiative successfully concluded, highlighting the role of the Lynk & Co 900 vehicles in supporting healthcare in remote areas of China [1][3]. Group 1: Medical Assistance Initiative - The initiative lasted for 13 days and covered 2300 kilometers, utilizing 10 Lynk & Co 900 SUVs to transport volunteer celebrities and medical experts [1]. - The program aimed to enhance grassroots healthcare in remote regions, demonstrating a commitment to public welfare [1][3]. Group 2: Technological Empowerment - Lynk & Co has transitioned its support for public welfare from "functional support" to a "technology empowerment" phase, with the addition of the Lynk & Co 900 [3]. - The vehicles are equipped with advanced safety features and a Super AI digital chassis, ensuring safe travel through challenging terrains [5]. Group 3: Humanitarian Efforts - The medical team conducted nine large-scale free clinics, serving 19,362 individuals and performing 333 cataract surgeries and one glaucoma surgery [7]. - The Lynk & Co 900 served as a "mobile workstation" for the medical team, facilitating the delivery of quality healthcare resources to remote pastoral areas [7]. Group 4: Vehicle Features - The Lynk & Co 900 boasts an impressive range of over 1400 kilometers under CLTC conditions, making it suitable for long-distance medical missions [9]. - The vehicle's spacious interior and health-focused features, including a "mother-baby level health cabin," provide comfort for both medical staff and volunteers during long journeys [9][11]. Group 5: Commitment to Public Welfare - The initiative reflects a long-term commitment to public welfare, with Lynk & Co's chairman emphasizing the importance of sustained efforts in charitable activities [3]. - The collaboration aims to extend healthcare access to underserved areas, addressing the "last mile" challenge in medical resource distribution [11].

■ 投资逻辑 摘要 投资逻辑 公司经历底部反转后经营势头持续向上 ：根据公司官方的披露， 2025 年 4 月，公司销售乘用车 23.41 万辆，同 / 环比 +52.7%/+0.8% ， 25 年累计 93.8 万辆，同比 +49.1% ；其中电车 12.6 万辆，同 / 环比 +144.2%/+4.9% ， 25 年 1-4 月累计 46.5 万辆，同比 +137.7% ；公司销量表现持续强势，其中电车饱受价格战影响但持续平稳， 销量连续破新高，燃油车则仍在逆势上扬。 公司困境反转的核心原因来自 ： 1 ）低成本路线落地：推出 GEA 平台和 EM-i 超级混动技术，产品爆款能力大幅增强； 2 ）强爆款周期：公司在爆款打造能力增强的 同时，从 24 年下半年起进入轰轰烈烈的新车周期，吉利银河 E5/ 吉利星愿 / 吉利银河星舰 7 均成市场爆款， 25 年起更是有 10 款新车推出，其中吉利银河 5 款； 3 ）内 部整合后经营持续向上， 24 年下半年公司发布台州宣言，并大规模开启整合，关联交易、内部资源浪费大幅减少，因而大幅增强公司盈利能力。因而在 24Q3 开始，公 司虽然经历俄罗斯市场萎缩、市场价 ...

4)分品牌：5月银河/极氪/领克批发10.2/1.9/2.8万辆，同比+273%/+2%/+27%，环比+5.4%/+0.1%/+38%。 银河领克亮眼，极氪新车拉动销量。5)出口：5月3万辆;1-5月累计14.3万辆，同比+14%。 下半年推多款重磅新品，带动产品周期持续强劲上升 智通财经APP获悉，招商证券国际发布研报称，考虑吉利汽车(00175)下半年有银河领克极氪重磅新款推 出，估计公司或上调年度目标销量(当前271万辆)，成为股价催化剂。公司5月新能源高增长，同环比均 跑赢行业，高端燃油车中国星显著增长，维持盈利预测不变，维持"增持"评级，目标价27.5港元，对应 17.6x FY25P/E，较历史平均16x溢价约10%，行业首推股。当前估值仅为11.2x FY25P/E，远低于历史平 均的16x，估值吸引。 招商证券国际主要观点如下： 5月新能源销量大幅跑赢行业，中国星显著增长 1)总销量强劲：5月批发量为23.5万辆，同比/环比+46.4%/+0.5%，创历史新高。1-5月累计批发117万 辆，同比+49%，已完成全年271万辆销量目标的约43%，有望超额完成目标。 2)新能源销量飞增：5月新能 ...