核心竞争力：出口先发构筑高护城河，发动机技术创新业内领先，华为赋能智能化向上。①出口：先发 优势明显，销量稳增，区域优化，主要增长聚焦欧洲、拉美、东南亚区域。目前海外工厂产能约100 万，其中，土耳其、西班牙、泰国工厂还在投产/扩产中。②技术创新：新一代鲲鹏发动机发布，48% 热效率居全球第一，基于此发动机的生产线年产能达到50 万台，预计2026 年产能将提升至100 万台。 此外，华为发布乾崑智驾ADS 4 等解决方案，智界品牌深度赋能，智能化能力行业领先。 整车厂核心能力探讨及投研方法论转变：由多车型到胜率。自主与合资充分内卷后21年起快速持续提份 额，格局变化后"产品周期"将逐渐失效，需求把控和电动化节奏对中期提份额重要性显现，需求把控能 力的核心是跳出"轴距-种类"固有体系重新研究和规整用户的能力，以及后期推出的产品引起所定义用 户的共情程度。 成长复盘：17 年后前瞻布局出口+国内多品牌发力，市占率高增。①早期（08-12 年）： 依赖国内市场，靠低价小型车迅速扩张，但品质和品牌溢价不足。②转型阵痛期（13-16年）：主动战 略调整，追求品质提升，同时出口开始稳步发展。③复苏与增长期（2017-2 ...

Core Viewpoint - Chery Automobile Co., Ltd. has launched the Fengyun A9L, a luxury electric hybrid sedan, marking a significant step for Chinese brands in the new energy luxury car sector with a price range of 139,900 to 197,900 yuan [1] Group 1: Product Launch and Features - The Fengyun A9L is built on a high-performance luxury electric hybrid E platform, offering four variants and nine limited-time purchase benefits [1] - The vehicle features a length of 5,150mm and a wheelbase of 3,100mm, providing D-class interior space with a rear knee room of 165mm [2] - The powertrain includes the Kunpeng Super Energy Electric Hybrid CDM 6.0, achieving a pure electric range of 260km and a comprehensive range exceeding 2,500km [2] - The A9L can accelerate from 0 to 100 km/h in 4 seconds, showcasing the performance potential of electric hybrid technology [2] Group 2: Safety and Technology - The vehicle's body structure consists of 88% high-strength steel and aluminum, ensuring a solid passive safety foundation [2] - The Falcon Intelligent Driving Assistance System, supported by Momenta, enhances safety with capabilities such as active braking at 130 km/h and high-speed evasive maneuvers at 135 km/h [2] - The chassis system features advanced suspension technology, providing a balance of comfort and handling performance [3] Group 3: User-Centric Development - Since becoming an independent brand in November 2023, Fengyun has collected feedback from over 5 million users, incorporating 1,278 suggestions into the A9L's development [3] - The company emphasizes a user-driven research and development model, aiming to align product features with customer needs [3] Group 4: Company Vision and Future - Chery's chairman, Yin Tongyue, stated the company's commitment to genuine values, solid technology, and a focus on user experience, aiming for high-quality development [4] - The Fengyun A9L represents Chery's aspiration to position itself on the global stage, showcasing the appeal of Chinese brands [4]