7 月 16 日，上汽与华为合作打造的 " 尚界 " 品牌首款车型 H5 以及 上汽智己旗下的全新车型 LS9、 上汽通用别克至境Electra L7， 出现 在最新一批次工信部新车申报名录中，上汽集团 的新车攻 势即将到来 。 上半年的业绩已经增长显著，但种种迹象都强烈地预示着，下半年的上汽带给市场的 还有更多惊喜。 今年 1-6 月，上汽集团实现了整车批售达 205.3 万辆，同比 实现两位数增长达 1 2.4 % ； 单月 销量实现"六连涨"； 终端交 付层面，上汽集团更是以 220.7 万辆 位列行业第一 ，呈现出稳步上行 的持续动能。 在国内汽车市场深陷内卷困局、车企普遍承压的背景下，上汽集团的持续增长更显不易。这一势头在 下半年不仅有望延续，甚至可能加速跃升 ——依托 多款 战略级新车 的密集投放，上汽正蓄力引爆 新一轮市场增长极。 下半场 的产品攻势 作为上汽与华为强强联合、双向赋能之作，尚界品牌自诞生起便成为了业界焦点 。 工信部 发布 的 公示 信息显示 ，尚界 H5 的车身尺寸为 4780*1910*1664mm ，轴距达到 2840mm 。其宽大的 车身宽度赋予后排 " 真三座 " 设计 ...

Group 1 - BMW Group announced a partnership with Momenta to develop next-generation intelligent driving assistance solutions specifically for the Chinese market, focusing on AI-based software for driving assistance functions [2] - The new driving assistance system will support full-scenario, point-to-point navigation assistance, enabling cross-city travel from parking to destination [2] - Currently, BMW's existing models only support basic driving assistance features, with advanced functionalities like highway ramp access and traffic light navigation not yet available [2] Group 2 - At the Shanghai International Auto Show, several multinational car manufacturers, including Buick and Toyota, announced strategic partnerships with Momenta, highlighting the company's prominence in intelligent driving solutions [3] - Buick's L2 urban driving assistance technology will utilize a data-driven approach without relying on high-precision maps, showcasing the integration of advanced AI models [3] - The collaboration between multinational car manufacturers and local tech firms like Huawei is indicative of a trend where foreign brands are increasingly adopting local innovations in smart driving technology [3][4] Group 3 - The penetration rate of L2-level intelligent driving assistance vehicles in China reached 55.7% in the first half of last year, reflecting a growing consumer demand for smart features in vehicles [5] - The rising consumer expectations for intelligent cabins and personalized configurations are reshaping global automotive technology innovation [5] - The validation of local suppliers' capabilities is attracting more multinational car manufacturers to collaborate with Chinese tech firms [5]

（原标题：为保"中国方案"稳定落地 大众中国CEO贝瑞德续约三年） 一个月后，大众汽车集团宣布对中国的管理架构进行调整，大众汽车集团（中国）全新董事会成为大众 汽车集团在华的跨品牌中枢决策组织，以提升决策效率和决策灵活度；同时，加速在中国的研发工作， 加强跨品牌协调能力。 贝瑞德成为这一全新战略的核心人物。2022年8月1日，贝瑞德以大众汽车集团管理董事会成员的身份， 从大众乘用车品牌全球CEO的职务上，转任大众汽车集团（中国）总裁兼首席执行官和大众汽车集团 （中国）董事会主席。 新的架构赋予大众集团中国区更多的决策权和自主权，54岁首次来到中国的贝瑞德也信心百倍，为传递 大众"在中国、为中国"的战略部署，他成为使用社交媒体最积极的跨国车企中国总裁之一。 过去三年，被大众集团定义为"全速推进在华业务重塑"的关键过渡期。战略的核心是快速推动智能电动 车的本土化研发，深度融入本土生态。在高达500亿元的总投资下，大众在中国的布局有了重大变化： 在合肥设立的研发中心"大众汽车（中国）科技有限公司"（VCTC），与大众安徽一起，构成了大众在 中国的新总部基地；奥迪与上汽合作推出了AUDI电动车品牌，并与华为建立技术合 ...

Core Insights - The demand for intelligent transformation in the new energy sector is driving technological innovation across the supply chain, with companies like CATL, Huawei, and Horizon becoming key players [1] - The relationship between automakers and suppliers is evolving from a traditional buyer-supplier dynamic to a partnership model, emphasizing the importance of a stable supply chain for market competitiveness [1][3] - SAIC Volkswagen has been a significant influence in optimizing supply chains and fostering technological upgrades in the automotive industry over the past 40 years [2][3] Supply Chain Dynamics - The structure of electric vehicles is more centralized compared to traditional fuel vehicles, leading to a reshaping of the automotive supply chain [3] - Traditional suppliers are actively transforming, while innovative suppliers are emerging, particularly in the fields of power batteries and intelligent driving [3] - The collaboration between automakers and suppliers is evolving into a comprehensive cooperative mechanism that spans research, manufacturing, and service [3] Market Competition - The stability of the supply chain is crucial for the quality of the final product and overall market competitiveness, especially in the context of intense price wars [4] - The Chinese automotive industry is facing challenges from price wars that threaten supply chain stability, as highlighted by the China Association of Automobile Manufacturers [4] SAIC Volkswagen's Strategy - SAIC Volkswagen emphasizes the importance of a stable supply chain as a foundation for development, ensuring product quality consistency through rigorous supplier management [5][6] - The company has achieved significant sales milestones, with over 1.2 million units sold in 2024, and a 15.1% year-on-year increase in June sales [6] - SAIC Volkswagen's reputation for quality has led to a perception of its approved components as "exempt from inspection" by other manufacturers [7] Technological Partnerships - SAIC Volkswagen has formed strategic partnerships with leading technology companies to innovate and provide new intelligent mobility solutions [7] - The company is set to launch new models, including the ID.ERA and upgraded versions of popular models, as part of its multi-brand strategy [8]

Group 1: Overall Performance - Volkswagen Group reported global vehicle deliveries of 4.41 million units in the first half of 2025, representing a year-on-year growth of 1.3% [1] - The sales of electric vehicles (EVs) surged by 47% year-on-year, reaching 465,500 units, which accounted for 11% of the total sales, up from 7% in the same period last year [1] Group 2: Market Performance in China - In the Chinese market, Volkswagen Group delivered 1.31 million vehicles, a slight decline of 2.3% year-on-year, but June sales showed a recovery with 247,000 units sold, marking a 9% increase [1] - Volkswagen brand (including Jetta) delivered 996,000 units in the first half of 2025, a year-on-year increase of 1.1%, with significant contributions from the Sagitar and Passat models [2] Group 3: Strategic Initiatives - Volkswagen Group plans to launch approximately 30 new energy vehicles by 2027 and increase this number to 50 by 2030, covering a range from A-class to C-class products [1][3] - The company is set to initiate its largest-ever new energy product offensive in China at the 2025 Shanghai International Auto Show, with new intelligent connected vehicles scheduled for delivery starting in the second half of 2025 [3] Group 4: Future Strategy - Volkswagen aims to implement the "In China, For the World" strategy, leveraging China's production capacity and technological advantages to expand its overseas market presence [4]

Core Insights - Volkswagen Group achieved impressive results in the first half of the year, driven by the launch of new models and cost-reduction measures, with electric vehicle sales growing nearly 50% year-on-year [1] Sales Performance - In the first half of the year, Volkswagen Group delivered 4.41 million vehicles globally, a year-on-year increase of 1.3% [1] - Electric vehicle sales rose by 47% to 465,500 units, increasing their share of total sales from 7% to 11% compared to the same period last year [1] - Total order volume increased by approximately 20%, with electric vehicle orders growing over 60% [1] Regional Performance - In Europe, electric vehicle sales surged by 89%, making Volkswagen the leader in the European electric vehicle market [3] - In the U.S. market, electric vehicle deliveries increased by 24% year-on-year [3] - In China, the delivery volume slightly decreased by 2.3% to 1.31 million units, although June saw a 9% year-on-year increase with 247,000 units delivered [3][4] Strategic Focus - Volkswagen Group emphasized profitability over market share, focusing on strengthening its position in the fuel vehicle market while continuing to invest in future technologies [4] - The Volkswagen brand (including Jetta) delivered 996,000 units in China, a year-on-year increase of 1.1%, with significant contributions from the Sagitar and Passat models [4] Future Plans - By 2026, Volkswagen plans to accelerate its "delivery model" in China, launching over 20 new intelligent connected models across various powertrains [5] - By 2027, approximately 30 new energy models will be introduced in the Chinese market, with the number increasing to around 50 by 2030, including about 30 pure electric models [5]

在中国市场，大众汽车集团上半年共交付131万辆新车，同比微降2.3%，但6月单月交付24.7万辆，同比 增长9%，显现出明显的复苏趋势。具体到品牌表现，大众汽车品牌（含捷达）上半年累计交付99.6万 辆，同比增长1.1%，其中速腾与帕萨特持续领跑各自细分市场，6月单月销量达18.73万辆，同比增长 15.1%；奥迪品牌则保持高端市场前三地位。 当前，大众正加速推进"在中国，为中国"的本土化战略。根据大众汽车集团与中国一汽签署技术合作升 级协议，双方计划从2026年开始，为中国市场推出超过11款全新车型。同时，大众的新能源车将引入全 新的CMP等电动平台和电子架构CEA，加速智能电动车的转型。 产品规划上，大众汽车集团（中国）在2025年下半年将率先推出奥迪E5 Sportback、Q6L e-tron（纯电） 及奥迪A5L/A5L Sportback（燃油）等新车型，2026年前计划在华推出超20款智能网联车型，覆盖多种 动力形式。到2027年，大众的新能源车型将扩充至约30款，2030年进一步提升至约50款，其中纯电车型 占30款。 封面图片来源：每经记者 李星 摄 每经记者｜刘曦 每经实习编辑｜余婷婷 7 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Viewpoints - The governance of "involution" competition is expected to promote healthy development in the industry, with continued focus on companies within the Huawei supply chain [1][13] - June sales in the automotive industry benefited from consumption promotion policies, with significant year-on-year growth observed [11][17] - The report suggests that companies related to the Huawei supply chain will be less affected by price competition, indicating a stable order growth for models like the Hongmeng Zhixing S800 [12][19] Summary by Sections Investment Suggestions and Targets - The report recommends continued attention to the Huawei supply chain, including complete vehicles and auto parts, with a focus on competitive domestic brands and new forces in intelligent driving technology expected to expand market share by 2025 [2][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, and several others in the automotive and parts sectors [15][16] Sales Tracking - In June, the wholesale sales of passenger cars reached 1.235 million units, a year-on-year increase of 15%, while retail sales reached 763,000 units, a year-on-year increase of 3% [17] - Notable sales growth was reported for several new energy vehicle brands, with Hongmeng Zhixing delivering 52,747 units in June, marking a new monthly high [19] Industry Dynamics - The automotive industry is taking proactive measures to combat "involution" competition, including shortening supplier payment terms to 60 days and implementing various actions to stabilize pricing and improve profitability [13][22] - The report highlights that the central government is focusing on eliminating low-price disorderly competition and enhancing product quality across the industry [13] Market Performance - The automotive sector's overall performance has been relatively flat, with the motorcycle and other segments showing better performance [22] - The report notes that the automotive industry has underperformed compared to the broader market indices, indicating a need for strategic adjustments [24]

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

Core Insights - SAIC Motor Corporation has reported strong performance in the first half of 2025, with a significant rise in sales across its three main segments: domestic brands, new energy vehicles, and overseas markets [1][4][5] Group 1: Sales Performance - In the first half of 2025, SAIC's total vehicle sales reached 2.053 million units, marking a year-on-year increase of 12.4% [4] - Sales of SAIC's own brands reached 1.304 million units, a year-on-year increase of 21.1%, accounting for 63.5% of total sales, up 4.6 percentage points from the previous year [4] - The sales figures for individual brands include 368,000 units for SAIC Passenger Cars (up 9.8%), 107,000 units for SAIC Maxus (up 11.2%), and 753,000 units for SAIC-GM-Wuling (up 32.2%) [4] Group 2: New Energy Vehicles - SAIC's new energy vehicle sales reached 646,000 units in the first half of 2025, a substantial year-on-year increase of 40.2% [5] - In June alone, new energy vehicle sales hit 121,000 units, reflecting a year-on-year growth of 29.2% [5] - Notable performances include 6,000 units delivered by Zhiji Auto in June and 16,000 units sold by SAIC Passenger Cars, which represents a 44.1% increase [5] Group 3: Overseas Market - Despite challenges such as anti-subsidy tariffs, SAIC's overseas sales reached 494,000 units in the first half of 2025, a slight increase of 1.3% [5] - The European market has been a key growth area, with the MG brand achieving over 150,000 units in deliveries, marking double-digit growth [5] Group 4: Strategic Reforms - Since the second half of 2024, SAIC has initiated comprehensive reforms to adapt to industry changes and market pressures, focusing on resource integration and collaborative marketing [6] - The company aims to implement its "Comprehensive Reform Work Plan (2024-2027)" to achieve high-quality development [6] Group 5: Dual-Driven Model - The combination of strong domestic brand growth and the transformation of joint ventures is central to SAIC's high-quality development strategy [7] - Technological advancements, such as solid-state batteries and integrated vehicle control platforms, are enhancing market competitiveness [7][8] Group 6: "Shangjie" Project - The "Shangjie" project, developed in partnership with Huawei, aims to disrupt the market by offering high-level intelligent driving features at a competitive price point of around 200,000 yuan [9][10] - This initiative is expected to redefine the smart vehicle market in the 200,000 yuan segment, addressing consumer demand for advanced features without excessive costs [9][11] Group 7: Vertical Integration - The "Shangjie" project benefits from SAIC's comprehensive supply chain and manufacturing capabilities, allowing for competitive pricing in the high-end smart vehicle market [11] - The collaboration with Huawei involves deep integration of technology and manufacturing expertise, enhancing product offerings [10][11]