证 券 研 究 报 告 行业研究 汽车 2025 年 07 月 13 日 汽车行业周报（20250707-20250713） 反内卷叠加行业去库，预计下半年市场状态 推荐（维持） 良好 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 7-8 月行业进入传统淡季，但我们预计下半年终端市场有望继续旺销，叠加"反内卷"以 及近期行业去库，下半年价格战风险下降。不过在投资端，市场对明年电车补贴所致销 量波动已有担忧，明显压制了板块行情，我们建议积极观察情绪消化后的板块布局机会。 ...

近日，奇瑞风云A9L上市，共推出4个版型，价格区间为14.99-20.79万元，超级置换抢购价为13.99-19.79 万元。此前新车已在2025上海车展期间亮相，同时也已开启盲定，35天订单量超53565辆。奇瑞还于当 天宣布，将旗下新能源序列风云升级为独立品牌。 奇瑞风云A9L基于奇瑞高性能电混E平台打造，定位中大型轿车，采用插电混合动力，CLTC纯电续航 230公里。 奇瑞高性能电混E平台历时6年研发，投入超100亿元。基于该平台打造的风云A9L四驱版最大功率达 470kW，最大扭矩达854N·m，百公里4秒内。同时，风云A9L搭载鲲鹏超能电混CDM 6.0系统，实测纯 电续航260km，综合续航可达2500km+，14.5分钟内可从30%充电至80%。新车悬架采用前铝合金双叉 臂、后五连杆结构，并具备CDC电磁减振器、数字底盘、预瞄系统。 此前7月7日，有媒体报道奇瑞汽车宣布进行品牌整合，成立奇瑞品牌国内业务事业群，下设星途、艾 虎、风云、QQ四大事业部，其中风云事业部的定位奇瑞新能源专属序列，专攻主流混动市场。奇瑞官 方回应，此次调整为内部机构调整，不涉及品牌定位，主要是为了实现战略聚焦、资源整合、 ...

Core Viewpoint - Chery is undergoing significant organizational changes as it approaches its IPO, including the establishment of a domestic business group and the elevation of the Fengyun series to an independent brand, aimed at enhancing strategic focus and resource integration [1][2][6]. Group 1: Organizational Changes - Chery has formed a domestic business group under the Chery brand, which includes four divisions: Starway, Aihou (Aiyre and Ruichu), Fengyun, and QQ [2][6]. - The Starway brand remains positioned as Chery's high-end brand despite being integrated into the Chery brand domestic business group [2][6]. - The Fengyun series has been upgraded from a product line to an independent brand, reflecting its historical significance and the company's commitment to innovation and user demands [3][4][6]. Group 2: Sales and Market Performance - Starway's sales have grown significantly from under 20,000 units in its founding year to 126,000 units in 2023, with a projected 141,000 units in 2024 [3][8]. - In the first half of 2023, Starway achieved cumulative sales of 63,000 units, marking a year-on-year increase of 15.1% [3][8]. - Chery's overall sales for 2024 are expected to reach approximately 2.6039 million units, representing a year-on-year growth of 38.4% [8]. Group 3: Market Response and Financial Outlook - Following the organizational adjustments, some brokerages have raised their IPO pricing for Chery by 12%, indicating positive market sentiment [5][8]. - Chery's revenue for 2022 and 2023 was reported at 92.618 billion yuan and 163.205 billion yuan, respectively, with a significant increase in revenue for the first three quarters of 2024 [8]. - The company's net profit attributable to shareholders for the same periods was 6.266 billion yuan, 11.953 billion yuan, and 11.222 billion yuan [8].

点 击 蓝 字 关 注 我 们 | 目录 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 细分市场及车身结构 | | 工程更改规模 | | 1 | 蔚来汽车 | 蔚来 ET5 | 2025 / 07 / 04 | B NB | NM | | 2 | 蔚来汽车 | 蔚来 ET5T | 2025 / 07 / 04 | B Wagen | NM | | 3 | 蔚来汽车 | 蔚来 EC6 | 2025 / 07 / 09 | A NB | MCE1 | | র্য | 奇瑞汽车 | 风云A9L | 2025 / 07 / 08 | C NB | NP | | 5 | 吉利汽车 | 帝豪 400万纪念款 | 2025 / 07 / 09 | A NB | MCE1 | | 6 | 零跑汽车 | 零跑 C11 | 2025 / 07 / 10 | B SUV | MCE3 | | 7 | 智马达汽车 | smart精灵#3 | 2025 / 07 / 10 | A SUV | MCE1 | | 注:工改授定义 全新产 ...

Core Viewpoint - The article discusses the clearance sales of older car models, highlighting their cost-effectiveness and the significant discounts available for various models [1][29]. Group 1: BYD Models - The BYD Qin L DMI non-intelligent driving model has a clearance discount of 28,000, with the full price after subsidies ranging from 80,000 to 90,000 [2]. - The BYD Sea Leopard 06 DMI non-intelligent driving model has a guide price of 119,800, with a clearance price of 91,800 after a discount of 28,000 [5]. - The BYD Song L DMI non-intelligent driving model offers a clearance discount of 35,000, with final prices ranging from 90,000 to 100,000 [8]. - The BYD Han DMI non-intelligent driving model has a guide price of 175,800, with a clearance price of 141,800 after a discount of 34,000 [11]. - The BYD Tang DMI non-intelligent driving model has a clearance discount of 36,000, with final prices around 130,000 [14]. Group 2: Other Models - The Equation Leopard 5 non-intelligent driving model has a guide price of 239,800, with a clearance price of 217,800 after a discount of 22,000 [17]. - The Galaxy E8 old model has a clearance discount of approximately 48,000, with final prices ranging from 120,000 to 130,000 [20]. - The Wind Cloud T9 old model offers a guide price of 146,900, with a clearance price of 118,900 after a discount of 28,000 [23]. - The Wind Cloud A8L new model has a guide price of 129,900, with a clearance price of 101,900 after a discount of 28,000 [27]. Group 3: Market Dynamics - The article notes that the clearance models are primarily from the second half of 2024, with limited color availability and fast inventory turnover [29]. - It emphasizes that these clearance vehicles are a good purchase option, as they offer significant savings compared to new models, making them attractive for budget-conscious consumers [29].

瑞的。 " 。 终于，智界车主们的怒火被点燃。他们认为，奇瑞吃相太难看，甚至直播间不少人喊话"扣掉奇瑞汽车尾标扣掉，换上鸿蒙智行！""我们花三十多 "在与华为的合作中，听华为的我们就顺利，不听华为的我们就遇到挫折。所以我们现在的原则是：有分歧的时候听华为的，意见一致的时候听奇 奇瑞汽车董事长尹同跃，曾如此形容与华为在智界上的合作。这句话也赢得了不少车主的好感，纷纷称赞奇瑞"听劝" 不过，接二连三的事件，让很多智界车主发现"尹同跃有些心口不一"： 首先，业内一直有传言奇瑞与华为合作不顺利、未能保障智界产能；其次，奇瑞的月销量战报都会将智界排在最后，这与其他与华为合作的车企战 报形成反差；再次，在智界和星纪元的蓝牙钥匙上，智界又搞起了"双标"；而就在最近，奇瑞还使用智界品牌账号宣传起了奇瑞的新车…… 万买智界，可不是冲着奇瑞品牌的！" 今年6月，智界品牌销量也下滑至2459辆，创下多月新低。智界车主们认为，这是奇瑞对智界品牌的战略摇摆所致。 用智界账号宣传奇瑞， 三条道歉不管用 7月8日，奇瑞举行风云A9L全球上市发布会。但不少智界车主注意到，智界智行的视频号也直播了此次发布会。 "后面必须严格管住！各位智界挚友 ...

Core Viewpoint - Chery is undergoing significant adjustments, including the establishment of a domestic business group and the elevation of its new energy series "Fengyun" to an independent brand, indicating a strategic focus on the new energy vehicle market [2][5]. Group 1: Brand Development - The Fengyun series, which started as Chery's first car model in 1999, has been redefined as a luxury independent brand targeting the new energy sector [2][3]. - The launch of the Fengyun A9L on July 8, 2023, marks a critical moment for the brand, with a price range of 139,900 to 197,900 yuan, and it is expected to perform well in the market [2][4]. - The Fengyun brand aims to enhance its market presence by introducing multiple models, including the A8, T9, and T10, with the A9L positioned as a potential bestseller [4]. Group 2: Strategic Adjustments - Chery has restructured its passenger vehicle business into four divisions, including the Fengyun division focused on new energy, while the Xingtou brand has been integrated into the Chery brand, indicating a shift in strategic focus [5][6]. - The integration of the Xingtou brand into the Chery brand aims to streamline operations, reduce costs, and enhance resource sharing, particularly in supply chain and manufacturing [7]. - The restructuring is seen as a response to the slowing growth of the Xingtou brand and aims to optimize the company's positioning ahead of its planned IPO [6][7].

Core Viewpoint - The launch of Xiaomi's YU7 has sparked significant consumer interest, achieving 200,000 pre-orders in just three minutes, indicating a shift towards online car purchasing models [1][5][6] Group 1: Sales and Delivery Challenges - Xiaomi aims to deliver 350,000 YU7 units this year, with over 150,000 already delivered by mid-year, leaving a gap of 200,000 units to be fulfilled in the second half [2][5] - The estimated delivery time for the standard YU7 is currently 59-62 weeks, which may improve with the ramp-up of production capacity [2][5] - The inability to cancel orders after a 7-day grace period and the requirement for detailed personal information at the time of order have raised concerns among consumers [2][5] Group 2: Market Dynamics and Competition - The presence of scalpers reselling YU7 orders on platforms like Xianyu highlights the high demand and potential market inefficiencies [3][5] - Comparatively, traditional car manufacturers like Volvo rely on a network of over 200 dealerships, allowing for a more transparent and efficient sales process [8] - The "three-minute 200,000 orders" phenomenon is partly attributed to Xiaomi's unique online-only purchasing model, which differs from the traditional car sales approach [6][9] Group 3: Consumer Behavior and Expectations - Consumers generally expect to wait no longer than 1-2 months for vehicle delivery, and extended wait times can lead to order cancellations [9][10] - Reports indicate that over 70,000 orders for the YU7 have been canceled, primarily due to long delivery times and impulsive purchasing behavior [9][10] - The automotive industry has a history of "hunger marketing," where high demand leads to increased prices and delivery challenges, which could affect consumer loyalty [10]

Core Viewpoint - Chery's new model, the Fengyun A9L, is positioned as a global luxury flagship vehicle, showcasing advanced hybrid battery technology from Guoxuan High-Tech, marking a significant collaboration in the high-end new energy vehicle sector [1][5]. Group 1: Product Features - The Fengyun A9L features a hybrid battery system that allows for an 80% charge in just 14.5 minutes, with a pure electric range of 260 km and a combined range exceeding 2500 km when fully fueled and charged [4]. - The battery system incorporates innovative safety measures, including a thermal runaway prevention system that has passed rigorous testing, ensuring no thermal runaway risk and eliminating battery fire hazards [4]. - The vehicle's battery casing is made from aerospace-grade T6 aluminum alloy, providing high impact resistance and rapid disconnection of high voltage power within 2 milliseconds during collisions [4]. Group 2: Strategic Collaboration - The partnership between Guoxuan High-Tech and Chery has evolved from strategic consensus to substantial industrial collaboration, with Guoxuan supplying 60% of the hybrid systems for Chery's models in 2024 [5]. - Guoxuan High-Tech is deeply involved in the development of battery systems for Chery's high-end new energy platforms, contributing to multiple models including the Fengyun A9L and the Star Era ES [5]. - In the first half of 2025, Guoxuan High-Tech delivered over 52,000 battery systems for Chery's hybrid and extended-range vehicles, covering several key models [5].

Core Insights - The domestic automotive market is experiencing significant changes, with BYD and SAIC leading traditional automakers with over 2 million units sold, while Geely shows a remarkable growth rate of 47% [1][2] - New energy vehicle (NEV) sales are driving growth, with companies like Leap Motor and Xiaomi making notable gains, while NIO and Lantu face sales pressures [1][2][3] - The second half of the year is expected to see intensified competition across various dimensions, including product offerings, technology, cost control, and supply chain resilience [1] Group 1: Traditional Automakers - BYD leads the market with 2.146 million units sold in the first half of 2025, with 470,000 units coming from overseas, marking a 132% year-on-year increase [2] - SAIC follows closely with 2.053 million units sold, achieving a 21.1% year-on-year growth in its domestic brand sales [2] - Geely's total sales reached 1.409 million units, with NEV sales contributing significantly, totaling 725,200 units, a 126% increase year-on-year [2] Group 2: New Energy Vehicle Makers - Leap Motor emerged as a dark horse with a 221.6% year-on-year increase, delivering 221,700 units in the first half of 2025 [1][3] - Xiaomi's SU7 achieved over 150,000 deliveries, with the new YU7 model receiving over 200,000 orders within three minutes of its launch [3] - NIO's sales were only 114,000 units, with Lantu and other brands struggling to meet sales targets, indicating a growing divide in the new energy vehicle sector [3] Group 3: Market Trends and Future Outlook - The automotive market is benefiting from government subsidies, with over 4.12 million applications for vehicle trade-in subsidies, of which over 53% are for NEVs [4] - A total of 138 billion yuan in central funding will be distributed in the second half of the year to support the market [4] - New models are set to launch in July, including vehicles from XPeng, Chery, and others, as companies aim to meet their annual sales targets [4] - The industry forecast for 2025 has been revised upward, predicting retail sales of 24.05 million passenger vehicles, a 5% year-on-year increase [5]