Core Insights - Mercedes-Benz's global automotive and van sales declined by 9% year-on-year, totaling 547,100 units in Q2 2025, with a significant drop in battery electric vehicle (BEV) sales by 18% to 41,900 units [1][3] - The North American market saw a 14% decrease in sales, while the Chinese market experienced a severe decline of 19%, contributing significantly to the overall performance downturn [1][3] Sales Performance - Total sales for Mercedes-Benz Group in Q2 2025 were 547,100 units, reflecting a 3% increase from Q1 2025 but a 9% decrease compared to Q2 2024 [3] - BEV sales specifically dropped by 8% from Q1 2025 and 18% from Q2 2024, totaling 41,900 units [3] - Sales by segments showed a mixed performance, with the Top-End segment remaining flat at 64,800 units, while the Core segment increased by 4% to 273,800 units [3] Regional Sales Breakdown - In Europe, sales increased by 7% to 159,700 units, with Germany showing a notable 16% rise [3] - Asia's sales decreased by 5% to 189,200 units, with China experiencing a significant 19% drop to 140,400 units [3] - North America saw a 5% increase in sales to 80,600 units, with the U.S. market up by 11% [3] Quality and Trust Issues - Mercedes-Benz faced quality and trust crises, including recalls affecting 16,100 vehicles due to safety hazards related to the fuse box and battery management system [3][4] - The company also dealt with widespread issues in its vehicle navigation systems, impacting several popular models [4] Strategic Adjustments - To address market changes, Mercedes-Benz plans to reduce production costs by 10% by 2027 and is focusing on enhancing its electric vehicle lineup [5] - The company aims to launch new models, including pure electric and plug-in hybrid vehicles, starting in 2025, and plans to introduce several models tailored for the Chinese market [5] - Despite challenges, Mercedes-Benz remains committed to the Chinese market, with plans for additional investments exceeding 14 billion RMB to enhance local product offerings [5]

Core Viewpoint - The luxury automotive market, particularly the German trio of BBA (Benz, BMW, Audi), is experiencing a significant price drop due to the rise of electric vehicles and strong competition from domestic brands, leading to a collective price war that undermines their traditional premium positioning [3][4][6]. Price Cuts and Market Dynamics - Since 2025, BBA has engaged in aggressive price reductions, with Mercedes-Benz GLC seeing discounts up to 199,000 yuan, and the EQC dropping from 620,000 yuan to 220,000 yuan, a staggering decrease of 400,000 yuan [4][5]. - Audi's A4L has seen its price drop to the 200,000 yuan range, while the Q7's entry price has fallen below 500,000 yuan for the first time [4]. - BMW's 525Li has dropped to below 290,000 yuan, representing a 34% discount from its original price [5]. - The overall luxury car market is witnessing a collapse in pricing, with models like the Porsche Cayenne and Macan also seeing significant price reductions [5]. Impact of Electric Vehicles and Domestic Brands - The price decline is primarily driven by the competitive pressure from domestic electric vehicle brands, which are advancing rapidly in technology and market share [6][10]. - Domestic brands like Li Auto and AITO are offering advanced features that BBA's models lack, such as superior intelligent driving systems [7][8]. - BBA's sales in China are declining, with Mercedes-Benz down 7% to 683,600 units, BMW down 13.3% to 714,500 units, and Audi down 10.9% to 649,000 units in 2024 [10]. Challenges in Transformation - BBA is struggling with the transition to electric and smart vehicles, with significant investments required while their net profits are declining: Mercedes-Benz down 28.4%, BMW down 36.9%, and Audi down 33.1% [12]. - The lack of in-house battery production capabilities forces BBA to rely on expensive external suppliers, impacting their cost structure [12]. - BBA's attempts to collaborate with tech companies like Huawei for smart driving solutions may lead to a loss of brand identity and autonomy [13]. Strategic Responses - In response to the crisis, BBA plans to launch 36 new products from 2025 to 2027, with BMW aiming for a 20% efficiency improvement and Audi collaborating with Porsche on a new electric platform [11][12]. - Initial signs of recovery are noted, with models like the Audi Q4 e-tron and BMW i3 seeing increased orders after integrating advanced technologies [13]. Conclusion - The luxury car market's definition is shifting, and BBA's ability to reclaim its former status is increasingly uncertain, suggesting a potential long-term decline in brand value and consumer trust [14].

Core Viewpoint - Mercedes-Benz is facing a series of technical and trust crises in the Chinese market, highlighted by widespread failures of in-car navigation and CarPlay functions, followed by a recall of 16,100 vehicles due to safety concerns, indicating a significant delay in the company's smart transformation efforts [1][2][3] Group 1: Technical Failures - On June 12, numerous Mercedes-Benz owners reported a sudden failure of in-car navigation and CarPlay functions, with the central screen going black and displaying error messages [2] - Mercedes-Benz acknowledged the issue was due to a backend failure and attempted to rectify it, but many users continued to experience problems, leading to dissatisfaction with the company's response [2][3] - Following the technical failures, the State Administration for Market Regulation issued three recall notices affecting 16,100 vehicles, further damaging the brand's reputation in China [2][3] Group 2: Recall Details - The recalls included 252 domestic C-Class and GLC SUVs due to incorrect fuse boxes that could lead to loss of power and airbag failure, posing a fire risk [3] - Additionally, 13,447 domestic EQC vehicles were recalled due to software defects in the battery management system that could cause thermal runaway in extreme conditions [3] - 2,151 imported A-Class, CLA-Class, and GLA-Class vehicles were recalled for non-compliant turbocharger nozzles, which posed emission risks [3] Group 3: Strategic Challenges - The series of technical incidents reflects a systemic lag in Mercedes-Benz's smart transformation, with the company struggling to implement its self-developed MB.OS operating system and collaborate effectively with local tech firms [1][3] - Despite plans to invest over 14 billion yuan in R&D in China, the company's progress in smart technology has been minimal compared to competitors like Volkswagen and Audi, who have made significant advancements [3][4] - Mercedes-Benz's electric vehicle sales in China dropped 23% in 2024, with overall sales declining by 7% to 683,600 units, indicating challenges in adapting to the "software-defined vehicle" era [1][4] Group 4: Financial Performance - In 2024, Mercedes-Benz's global sales fell by 3% to 1.983 million units, with revenue decreasing by 8.5% [4] - The company announced a shift in strategy, abandoning its 2030 full electrification plan and restarting the development of fuel vehicles to recover profits [4] - To address ongoing challenges, Mercedes-Benz initiated the "Next Level Performance" cost-saving plan, aiming to reduce costs by 5 billion euros by 2027 [4][5] Group 5: Industry Perspective - Industry experts suggest that Mercedes-Benz urgently needs to restructure its technology R&D system and improve user response mechanisms to remain competitive in the smart vehicle market [5] - The company's failure to address basic issues, such as OTA upgrades and battery management, has resulted in significant customer dissatisfaction, particularly during widespread technical failures [5]

6月13日，国家市场监督管理总局缺陷产品召回技术中心发布三条关于奔驰的召回信息，涉及进口A 级、CLA级、GLA级、国产EQC、国产C级和GLC SUV汽车等，共计1.61万辆，其召回原因包括存在安 全隐患、排放危害风险。 在5月，奔驰因安全隐患召回了3.34万辆汽车，包括进口G级汽车、国产E级汽车。 在此次大规模召回前，奔驰还出现了大面积车机故障。据媒体报道，6月12日，全国多地的奔驰车主遭 遇大面积车机故障，导致其车载导航、CarPlay等无法使用，甚至有车主反映语音控制功能也受到影 响。 频繁召回、大面积车机故障，也让奔驰在中国的情况更加艰难。2024年，奔驰在中国销量68.36万辆， 同比减少7.3%。2025年第一季度，奔驰在中国销量15.28万辆，同比下降10%。 降价难改销量下滑 C级、GLC和E级是奔驰在中国市场的三大销量支柱，近年来也不断降价。指导价33.48万元的2025年款 改款C200L运动版，经销商报价23.48万元；指导价35.68万元的2025年款改款C260L，经销商报价25.68 万元。 综合来看，C级经销商报价相比指导价降幅在10万元左右。 据媒体报道，指导价42.78万- ...

■ 蚂蚁依托自身支付网络和国际合作基础，有能力将稳定币作为下一代支付通道嵌入至 跨境电商、海 外汇款、国际资金池管理等核心场景 。 ■ 尽管香港已有如京东币链、渣打银行等玩家参与稳定币沙盒，但从 区块链技术成熟度、资金流规 模、监管协同经验 等多个维度看，蚂蚁明显处于优势地位。 ■ 蚂蚁拥有AI与区块链多年积累、自研智能合约平台和数亿级跨境支付用户，形成了一个可迅速导 流、测试并规模部署的强大网络效应。 ■ 若牌照落地，其业务推进速度和市场覆盖率有望远超其他竞争者，可能在港构建出一个"技术-应用- 清算"全流程闭环的稳定币生态系统。 3、 《 工业金属的交易机会在哪？》摘 要 ■ 2025年4月特朗普提出 对等关税政策 ，引发工业金属恐慌性下跌；后续90天实施延期释放"谈判 信号"，叠加美联储 降息预期升温 ，有色板块出现反弹，整体已回升至关税冲击前的 起跌位 。 ■ 虽然近期中美贸易关系出现短暂缓和迹象，市场定价"软着陆"和降息，但 美方24%对等关税并未取 消，仅延期90天 ，加之欧美通胀/就业数据偏强， 中期利好兑现难度加大 。 4、 《 奔驰召回1.34万辆EQC 》 摘 要 ■ 2025年6月13日 ...

Group 1 - Beijing Benz Automotive Co., Ltd. has filed a recall plan with the State Administration for Market Regulation in accordance with the Regulations on the Recall of Defective Automotive Products [1] - The recall, numbered S2025M0092I, will affect 13,447 units of domestically produced EQC vehicles manufactured between November 30, 2018, and September 17, 2022 [1] - The recall is initiated due to a design flaw in the battery management system software, which may lead to thermal runaway of the high-voltage battery under extreme conditions, posing a fire hazard [1] Group 2 - The recall action follows a defect investigation initiated by the State Administration for Market Regulation [1] - Beijing Benz will upgrade the battery management system software of the affected vehicles through authorized dealers to eliminate safety risks [1] - Users are advised to set the vehicle's charging limit to no more than 80% until the formal recall measures are implemented to ensure safety [1]