January 6, 2026 11:02 AM GMT 上汽集团 业务协同助推复苏步伐；超配 在整个集团旗下，上汽集团 (上汽) 的整车业务覆盖范围广 泛，既包括产业链上下游，也涵盖周边业务。这样的业务布 局有助于上汽在销量回升时能够参与到更广泛的产业链价值 创造。 要点 一体化商业模式预计将在2026年发挥作用：上汽自主品牌在2025年实现了显著的 销量回升，得益于国内产品升级、新品牌推出，以及稳定的海外销售贡献。上汽 大众和上汽通用的前景保持稳健，预计将受益于即将到来的产品周期、改善的新 能源转型前景，以及更健康的销售网络。随着销量趋势改善，我们预计上汽将通 过其在产业链上游（汽车零部件）和下游（销售及汽车金融）以及对汽车相关企 业的战略和财务投资，在中国的汽车产业链中捕捉更多价值创造。上汽独特的商 业模式应有助于在转型期维持盈利能力，并增强复苏势头。 改善来自何处？除了华域和汽车金融业务（预计2026年恢复）的稳定贡献，我们 还看到以下边际改善：1）自主品牌运营改善，亏损减少；2）合资企业在2024年 亏损扩大后，盈利前景趋稳；3）业务整合相关成本在2023/2024年得到明显释 放，后续资产减值正常 ...

1月4日，上汽集团发布的最新数据显示，2025年，其销售整车约450.7万辆，同比增长12.3%，终端零售 销量约467万辆。 其中，上汽集团自主品牌销量约292.8万辆，同比增长21.6%，在集团整体销量中的占比达到65%，较 2024年提高了5个百分点；新能源汽车销售约164.3万辆，同比增长33.1%；海外市场销量约107.1万辆， 同比增长3.1%。其中，在欧洲市场，上汽集团MG品牌销量超30万辆，同比增长近30%。 ...

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced adjustments to several indices, including the inclusion of SAIC Motor Corporation into the SSE 50 Index, effective after market close on December 12, 2025, following a recovery in sales after a challenging 2024 [1] Group 1: Company Performance - In 2024, SAIC Motor faced significant operational pressure, with a 28.3% year-on-year decline in self-owned passenger vehicle sales and a halving of sales for the joint venture SAIC-GM [1] - From January to November 2025, SAIC Motor's total sales reached 4.108 million vehicles, a year-on-year increase of 16.4%, with November sales at 461,000 vehicles, marking the second position among Chinese brands and achieving four consecutive months of month-on-month growth [1] - The company benefited from international expansion, with overseas sales in the first eleven months of 2025 reaching 969,000 vehicles, a year-on-year increase of 3.4%, and November sales of 107,000 vehicles, up 13.9% year-on-year [1] - The MG brand emerged as the best-selling Chinese brand in the European market, with cumulative deliveries of 285,000 vehicles in 2025, representing over 25% year-on-year growth [1] Group 2: Market Dynamics - The passenger vehicle retail sales in November 2025 were approximately 2.25 million units, reflecting an 8.7% year-on-year decline, indicating a potential bottoming out of pessimistic expectations in the sector [2] - SAIC Motor's stock price has experienced a significant correction, with a nearly 30% decline from its peak earlier in the year, and the current price-to-book ratio (PB) stands at 0.60, with expected price-to-earnings ratios (PE) of 15.6 and 12.8 for 2025 and 2026, respectively, below the industry average [2] Group 3: Strategic Initiatives - In February 2025, SAIC signed a deep cooperation agreement with Huawei to develop the Shangjie brand, with the first model, H5, launched in September 2025, achieving over 10,000 deliveries within 43 days [2] - The H5 model saw sales of 5,712 and 12,029 units in September and October, respectively, indicating a trend of continuous growth [2] - The Shangjie brand plans to launch multiple new models in 2026, which is expected to enhance user base and contribute positively to sales and valuation [2] Group 4: Financial Projections - Revenue projections for SAIC Motor from 2025 to 2027 are estimated at 651.43 billion, 739.83 billion, and 822.04 billion yuan, representing year-on-year growth rates of 3.8%, 13.6%, and 11.1% respectively [3] - The projected net profit attributable to shareholders for the same period is 11.39 billion, 13.45 billion, and 15.51 billion yuan, with year-on-year growth rates of 583.6%, 18.1%, and 15.3% respectively [3]

Group 1 - SAIC Group's wholesale sales achieved a year-on-year increase for four consecutive months, with April sales at 376,500 units, up 4.6% year-on-year but down 2.4% month-on-month; total sales from January to April reached 1.3214 million units, a 10.7% increase year-on-year [1] - SAIC Passenger Vehicles reported April wholesale sales of 67,900 units, a 7.3% year-on-year increase and a 0.1% month-on-month increase; cumulative sales from January to April were 231,700 units, up 2.6% year-on-year [2] - SAIC-GM-Wuling's April wholesale sales were 151,000 units, a 22.8% year-on-year increase and a 2.0% month-on-month increase; cumulative sales from January to April reached 504,000 units, a 45.2% increase year-on-year [2] Group 2 - The company's April sales of new energy vehicles reached 128,100 units, a 71.7% year-on-year increase and a 1.9% month-on-month increase; cumulative sales from January to April were 401,100 units, up 40.9% year-on-year [2] - SAIC's overseas and export sales in April were 86,700 units, down 5.9% year-on-year; cumulative overseas and export sales from January to April were 305,700 units, down 4.1% year-on-year [2] - The company launched significant strategies during the Shanghai Auto Show, including the new brand "SAIC Shangjie" in collaboration with Huawei, and showcased several new models expected to boost sales and profitability [2] Group 3 - Sales of joint venture brands faced slight pressure, with SAIC Volkswagen's April sales at 82,500 units, down 10.3% year-on-year and 8.3% month-on-month; cumulative sales from January to April were 310,700 units, down 8.6% year-on-year [3] - SAIC GM's April sales were 42,100 units, down 15.3% year-on-year and 4.0% month-on-month; cumulative sales from January to April were 151,100 units, down 6.3% year-on-year [3] - Several key new models were unveiled at the Shanghai Auto Show, including the new energy MPV Buick GL8 and various electric vehicles, which are expected to drive a recovery in joint venture brand sales [3]

Core Insights - The company reported a revenue of 627.59 billion yuan for 2024, a year-on-year decrease of 15.7%, and a net profit of 1.67 billion yuan, down 88.2% year-on-year [1] - In Q4 2024, the revenue was 197.11 billion yuan, a decline of 11% year-on-year, with a net profit of -5.24 billion yuan [1] - For Q1 2025, the revenue was 140.9 billion yuan, a slight decrease of 1.6% year-on-year, while net profit increased by 11.4% to 3.02 billion yuan [1] - The company is experiencing a turning point in Q1 2025, with a sales volume of 945,000 vehicles, up 13.3% year-on-year, and an improved net profit margin of 2.91% [1] Financial Performance - The company faced a profit decline in 2024 primarily due to reduced sales and asset impairment provisions [1] - The impairment provisions have allowed the company to "lighten its load" for future development [1] - The revenue and profit figures for 2025 have been adjusted, with revenue forecasted to decrease from 805.2 billion yuan to 700.1 billion yuan, and profit forecasted to drop from 21.3 billion yuan to 10.5 billion yuan [3] Strategic Developments - The joint venture brands showed performance divergence, with SAIC Volkswagen maintaining stable profits while SAIC GM faced challenges due to sales declines and impairment provisions [2] - The company is undergoing deep reforms in its self-owned brands, establishing a "large passenger vehicle sector" to enhance operational efficiency [2] - A collaboration with Huawei in the smart vehicle sector is set to launch a new brand, "Shangjie," focusing on new energy smart vehicles [2] Market Expansion - The company is accelerating its overseas expansion, particularly in Europe, by establishing production bases and sales channels [2] - The MG brand plans to launch six new models in 2025, targeting a price range of 80,000 to 300,000 yuan to meet diverse market demands [2] - Both SAIC Volkswagen and Audi are actively transitioning to new energy vehicles, introducing multiple hybrid and electric models to enhance market competitiveness [2] Future Outlook - The company has set a sales target of 4.5 million vehicles for 2025, with a focus on increasing R&D investment to around 3% annually [3] - The company aims for over 1.1 million overseas sales and over 1.6 million new energy vehicle sales, indicating a commitment to transformation [3] - The profit forecasts for 2026 and 2027 are set at 120 billion yuan and 140 billion yuan, respectively, with corresponding PE ratios indicating potential for growth [3]

Group 1: Event Overview - The 2025 Shanghai International Automobile Industry Exhibition attracted nearly 1,000 renowned automotive industry enterprises from 26 countries and regions, showcasing over 100 new car models [1][2][3] - The theme "Embrace Innovation, Win Together" highlights the global trend of open innovation and the attractiveness of the Chinese market to global enterprises [1][3] Group 2: Market Performance - In 2024, China's automobile production and sales reached 31.28 million and 31.43 million units respectively, maintaining its position as the world's largest market for the second consecutive year [2] - In the first quarter of 2025, cumulative automobile production and sales reached 7.561 million and 7.47 million units, representing year-on-year growth of 14.5% and 11.2% respectively [2] Group 3: Domestic Brands and Innovations - Domestic brands showcased luxury models at the exhibition, with vehicles like the Zeekr 9X and BYD's luxury model Yangwang U8L debuting, indicating a shift in focus from economy cars to high-end offerings [3] - Foreign and joint venture brands are also adapting to local market demands, with new high-end electric vehicle models being introduced [3][4] Group 4: Technological Advancements - The exhibition emphasized technological innovations, with companies like CATL unveiling sodium-ion batteries capable of operating at -40°C, and collaborations between Bosch and local tech firms for advanced driver assistance systems [4][5] - The automotive technology and supply chain exhibition area covered approximately 100,000 square meters, showcasing the importance of technology in transforming the automotive industry [5] Group 5: Investment Trends - Shanghai remains a favored investment destination for global automotive manufacturers, as evidenced by Toyota's announcement of a 14.6 billion yuan investment in a new electric vehicle and battery R&D facility [7][8] - The automotive supply chain is increasingly consolidating in China, with companies like BASF investing in local production capabilities to support the growing electric vehicle market [8][9] Group 6: Global Collaboration and Future Outlook - Global automakers are increasingly adopting Chinese technologies and collaborating with local suppliers for electric vehicle development [9] - The Chinese government is committed to creating a favorable environment for foreign investment, with plans to eliminate restrictions on foreign capital in the manufacturing sector by 2024 [9]

Group 1 - The core viewpoint of the articles highlights SAIC Group's strategic reform focusing on its MG brand, aiming for significant growth in the domestic market amidst increasing competition [1][2]. - SAIC MG plans to launch new products rapidly, with a timeline of 18 months from concept to market, to enhance its product lineup [1]. - The leadership changes at SAIC Group, including the appointment of Wang Xiaoqiu as chairman and Jia Jianxu as president, mark a new phase of intensive reforms, particularly in the autonomous brand sector [1]. Group 2 - MG brand aims for a doubling of domestic sales, with a strategic focus on the "4 P's" approach: Product, Price, Promotion, and Place [2]. - The product strategy includes a "3+3+1" plan, targeting three sedans, three SUVs, and one unique vehicle, with a goal of achieving monthly sales of 30,000 units across these models [2]. - MG's current distribution network consists of over 240 stores, which is deemed insufficient for the brand's growth ambitions, especially as it transitions to a fully electric vehicle lineup [2][3]. Group 3 - To strengthen its channel development, MG has initiated a reinvestment program for investors, with 30 investors completing reinvestments in the first quarter [3]. - A new investment plan of 700 million yuan has been launched, with 500 million yuan aimed at helping managers transition to investors and 200 million yuan for supporting county-level managers in establishing specialized stores [3]. - In Q1 2025, MG's domestic sales reached 25,839 units, a year-on-year increase of 13.1%, with March sales exceeding 10,000 units, reflecting an 82.6% growth [3].

往期推荐 1、关于国内与海外市场布局：MG国内海外要两手抓，上汽搭乘用车板块成立后，MG品牌在国内销量 很快会追上海外。 2、关于产品：规划了"3+3+1"，3台轿车+3台SUV+1台与众不同的车，保证六款产品，确保每台5000辆 以上。 3、关于品牌竞争力：从品牌到产品，从市场营销到渠道，都要紧扣"年轻"。 4、关于渠道：在目前240多家门店的基础上，MG还在推动网内投资人再投资，一季度已经有30家投资 人再投资。另外，MG还准备拿出5亿资金帮助有意向的职业经理人减小建店压力成为投资人。面向新 晋创业经销商，MG也准备通过方面举措为其助力。 5、关于社区店：在苏州、杭州、上海试点第一批社区店的基础上，未来MG会把社区店推广到全国。 6、关于如何强化全新一代MG4的竞争力：将大空间、长续航、真智趣作为三大长板。 7、关于海外挑战：MG不是靠低价去竞争海外市场，MG未来要靠品牌，包括辅助驾驶系统去竞争全球 市场。 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 加入社群 CATL ：储能市场增长高于动力 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报 告和精准人脉。 本 ...