（文/观察者网 张家栋 编辑/高莘） 1月29日，梅赛德斯-奔驰正式公布了2027款奔驰S级的官方拍摄图片以及产品配置、参数等细节。 尽管奔驰将新款奔驰S级定义为一款中期改款车型，但如果将它放在奔驰近两年的产品与电动化战略调 整中观察，这款旗舰轿车所呈现出的变化，已经远不止配置升级那么简单。 它更像是一枚清晰的信号：在经历了EQ电动车子品牌的激进扩张与现实修正之后，奔驰正在回到以核 心车型为中心、油电并轨的产品策略轨道。 不过，从多家外媒的爆料来看，2027款S级本身并没有直接"取代"任何EQ车型，它依然是一款以燃油和 插电混动为主的传统旗舰。但与去年推出的全新一代CLA一样，这些在EQ战略推出后推出的全新车 型，仍是观察奔驰战略转向的最佳切口。 过去几年，奔驰试图通过EQS等车型建立一个与S级并行、但在设计语言、命名体系乃至品牌表达上都 相对独立的电动旗舰序列。然而市场反馈并不完全符合预期，其中的原因已经被市场反复验证：EQS在 产品力层面并不失败，但有别于S级长期以来塑造的旗舰形象，始终是其在全球电动化转型浪潮中难以 绕开的问题。 2027款奔驰S级 文中图片均来自梅赛德斯-奔驰官网 与此同时，奔驰也在新 ...

Core Insights - Mercedes-Benz Group reported weaker results for Q3 2025, with a 7% decline in group revenue to €32.14 billion ($37.37 billion) and a 70% drop in EBIT to €750 million, impacted by reduced gross profitability and significant special charges [1][2] Financial Performance - Group revenue decreased by 7% to €32.14 billion ($37.37 billion) [1] - EBIT fell 70% to €750 million, while adjusted EBIT decreased 17% to €2.09 billion [1] - Net profit declined by 31% to €1.19 billion, resulting in earnings per share of €1.22, a 33% drop [1] Special Charges and Legal Proceedings - Legal proceedings and related measures amounted to €427 million, a significant increase from €20 million, primarily recognized at Mercedes-Benz Mobility [3] - The group increased other provisions related to the UK's motor finance redress scheme by a mid-three-digit million-euro amount in Q3 2025 [3] Segment Performance - Mercedes-Benz Cars revenue fell 7.3% to €23.74 billion, with adjusted EBIT at €1.13 billion, down from €1.20 billion [4] - The division sold 441,453 vehicles in the quarter, affected by market conditions in China and tariff policies in the US [4] - Mercedes-Benz Vans revenue decreased by 13.2% to €4.04 billion, with adjusted EBIT at €412 million; electric van sales increased by 96% [5] - Mercedes-Benz Mobility's revenue slipped 3.4% to €5.80 billion, but adjusted EBIT improved to €313 million from €285 million [5] Overall Trends - Over the first nine months of 2025, group revenue decreased by 8% to €98.52 billion [5] - EBIT dropped 59% to €4.31 billion, with adjusted EBIT falling 35% to €6.63 billion, and net profit halved to €3.87 billion [6]

Group 1 - The core viewpoint is that European automakers are continuing to show significant growth in electric vehicle (EV) sales in the first half of 2025, with major brands like Volkswagen, Renault, and BMW leading the charge [1] - Volkswagen Group's BEV deliveries in Europe increased by 89% year-on-year, while Renault's BEV sales rose by 57%, and BMW's new energy vehicle sales grew by 35% [1] - Stellantis saw a substantial improvement in sales, with some brands like Citroën achieving a 185% year-on-year increase in pure electric sales, while Mercedes-Benz's new energy vehicle sales remained flat [1] Group 2 - European automakers are set to continue launching new electric vehicle models in 2025-2026, which is expected to solidify and extend the trend of electrification [2] - Renault plans to release multiple electric models, including the Alpine A390 and Renault 4, while Stellantis will introduce several models based on new platforms [2] - Volkswagen, BMW, and Mercedes-Benz are also preparing to showcase or begin production of their next-generation electric vehicles, with significant product launches planned for 2025 and 2026 [2]

Group 1: Chinese Luxury Car Dealers - UBS analysts noted a recent stock price increase for Zhongsheng Group and Yongda Automotive, with respective rises of approximately 20% and 5% over the past five days, attributed to expectations of improved new car profit margins and market speculation on industry consolidation [2][3] - The Chinese government's crackdown on irrational competition is expected to stabilize retail prices and improve profit margins for dealers, which are sensitive to changes in new car profit margins [3][4] - Traditional luxury car brands are facing declining sales, with a 14% year-on-year drop in the first half of 2025, as domestic brands capture a larger market share, leading to potential further retail price discounts [4][5] Group 2: Chinese Insurance Industry - Following recent anti-involution measures, the Chinese life insurance sector saw a 9.1% increase in H-shares over four trading days, outperforming the Hang Seng Index [7] - Rising interest rates are expected to benefit life insurance companies in the long term, enhancing net asset value and reducing risks associated with interest spreads [8] - UBS anticipates that the upcoming lower pricing interest rate benchmark may make dividend-type policies more attractive, benefiting insurers with strong investment and distribution capabilities [8][9] Group 3: Chinese E-commerce Industry - The second quarter saw a 6.3% year-on-year increase in online retail sales, indicating a shift towards high-quality growth, with improved return rates attributed to policy changes on e-commerce platforms [11][12] - Instant retail investments by Alibaba and JD.com have led to a recovery in daily active users, although the conversion rate of new traffic remains lower compared to traditional channels [13][14] - UBS favors Alibaba in the e-commerce sector due to its potential in artificial intelligence-related businesses and expects significant value realization if execution is successful [18]

Core Viewpoint - The traditional luxury car brands represented by BBA (BMW, Benz, Audi) are facing significant challenges in the Chinese market, with local luxury brands rapidly gaining market share and altering consumer perceptions of luxury vehicles [1][3][20]. Group 1: Market Dynamics - The global sales of BBA brands are declining, with BMW and Benz experiencing the largest drops in China, with sales down 13% and 7% respectively, while Audi's sales fell by approximately 11% [1][3]. - The Chinese luxury car market is evolving, with the segment priced between 200,000 to 300,000 yuan experiencing a 92% growth from 1.982 million units in 2018 to 3.822 million units in 2024 [3][18]. - In 2024, domestic high-end brand passenger car sales are projected to reach 4.738 million units, reflecting a 2.3% year-on-year increase [3][18]. Group 2: Audi's Strategic Shift - Audi is launching a new AUDI brand in China, aiming to attract younger consumers and differentiate itself in the luxury market [2][3]. - The AUDI E5 Sportback, which debuted shortly before the Shanghai Auto Show, represents Audi's commitment to electric and intelligent vehicle technology, with a focus on local partnerships for battery and smart driving solutions [2][4][7]. - Audi's collaboration with local suppliers like CATL for battery systems and Momenta for intelligent driving technology highlights a strategic pivot towards leveraging Chinese innovation [2][9][11]. Group 3: Competitive Landscape - Traditional luxury brands are increasingly adopting Chinese smart automotive solutions, with BBA brands collaborating with local companies to enhance their technological offerings [9][10][21]. - The shift towards smart and electric vehicles is not just limited to BBA; other foreign brands are also forming partnerships with Chinese suppliers to adapt to the rapidly changing market [10][13]. - The competitive landscape is intensifying, with the Chinese market leading in the adoption of new energy vehicles, achieving over 50% penetration, while other regions lag behind [18][20]. Group 4: Future Outlook - The success of BBA brands in China is seen as critical for their global strategy, with significant investments planned for new electric models and local R&D initiatives [17][20]. - The rapid development of smart and electric vehicles in China is expected to influence global automotive trends, with Chinese solutions beginning to penetrate international markets [21].

Core Viewpoint - The luxury car market in China is experiencing significant challenges for German brands BMW, Mercedes-Benz, and Audi (BBA), as they face declining sales and increased competition from domestic brands that offer higher configurations at lower prices. The definition of luxury is evolving, and BBA must adapt to maintain their brand value and consumer willingness to pay a premium for their products [2][3]. Group 1: Market Challenges - In 2024, BBA's sales in China have declined, indicating a generational gap in product competitiveness compared to domestic brands [3]. - Despite price reductions, BBA has struggled to retain market share, highlighting the need for improved product strength and innovation [3]. - The luxury brand definition emphasizes technological innovation, consumer desires beyond functionality, and the willingness to pay a premium, which BBA must address [2]. Group 2: Product Development and Strategy - BBA has introduced new models at the 2025 Shanghai Auto Show, reflecting over two years of internal development focused on new platforms, electronic architectures, and integrated driving technologies [3][19]. - Volkswagen Group is shifting its strategy in China, moving away from a "global model" approach to a more localized development strategy, leveraging local partnerships and suppliers [21][19]. - BMW and Mercedes-Benz continue to follow a "global model" strategy, with their German headquarters leading product development while incorporating local market needs [19][24]. Group 3: Technological Innovations - Volkswagen's ID. AURA, developed on a new electric platform, represents a significant technological advancement tailored for the Chinese market [7]. - Audi's A5L features Huawei's intelligent driving technology, marking a collaboration that reflects the brand's adaptation to local market demands [9][11]. - BMW's new generation models emphasize driving control and user experience, with innovations such as a panoramic HUD display and a focus on driver-centric design [24][25]. Group 4: Competitive Positioning - BBA's ability to reclaim market share and brand value will depend on their product strength and the ability to differentiate from domestic competitors [3][5]. - The introduction of new models with advanced technologies is crucial for BBA to maintain their luxury status and attract consumers willing to pay a premium [3][19]. - The distinct strategies of BBA highlight their individual brand identities and approaches to the evolving Chinese automotive market [28][29].