光大证券：4月新势力改款+新车相继发布关注节后终端优惠变化

智通财经2025-05-07

智通财经APP获悉，光大证券发布研报称，4月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，小鹏(09868)交付量同环比提升主要受益于改款车型上市提振，理想(02015)交付稳健、蔚来(09866)环比提升主要由于终端优惠延续。展望后市，预计以旧换新驱动的2025E国内销量提振前景依然可期，建议持续关注订单、以及终端优惠变化；智驾+机器人共振，智能化主题有望持续发酵，看好已在车端积累...

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href=http://www.zhitongcaijing.com/content/detail/1290116.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，光大证券发布研报称，4月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，小鹏(09868)交付量同环比提升主要受益于改款车型上市提振，理想(02015)交付稳健、蔚来(09866)环比提升主要由于终端优惠延续。展望后市，预计以旧换新驱动的2025E国内销量提振前景依然可期，建议持续关注订单、以及终端优惠变化；智驾+机器人共振，智能化主题有望持续发酵，看好已在车端积累...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1290116.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014674.SGD","symbol_name":"Nikko AM All China Equity A 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changes","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"81211":0.6,"601788":1,"06178":1,"09868":0.9,"002594":0.6,"GELYY":0.6,"00175":0.9,"EVS.SI":0.6,"HYDD.SI":0.6,"BYDDY":0.6},"content_text":"智通财经APP获悉，光大证券发布研报称，4月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，小鹏(09868)交付量同环比提升主要受益于改款车型上市提振，理想(02015)交付稳健、蔚来(09866)环比提升主要由于终端优惠延续。展望后市，预计以旧换新驱动的2025E国内销量提振前景依然可期，建议持续关注订单、以及终端优惠变化；智驾+机器人共振，智能化主题有望持续发酵，看好已在车端积累充足智驾算法/芯片自研能力的车企、以及延伸布局机器人的配套产业链；持续关注关税政策。光大证券主要观点如下：4月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量1)小鹏交付量同比+273.1%/环比+5.5%至35,045辆(我们测算Mona M03交付1万辆以上、P7+交付8,000辆以上)；2)理想交付量同比+31.6%/环比-7.5%至33,939辆；3)蔚来交付量同比+53.0%/环比+58.9%至23,900辆(乐道L60交付环比-8.7%至4,400辆)。小鹏交付量同环比提升主要受益于改款车型上市提振，理想交付稳健、蔚来环比提升主要由于终端优惠延续。车展前后改款+新车密集发布1)小鹏：3/13新款G6/G9上市，4/15新款X9上市并于4/23开启交付，4/23 P7+超长续航Max旗舰版上市；2)理想：4/23L6智能焕新版、MEGA Ultra智能焕新版、以及MEGA Home家庭特别版上市；3)蔚来：4/19萤火虫正式上市。新势力车展前后改款+新车上市有望稳定销量。五一新势力购车权益总体稳定特斯拉：国产Model 3交付周期维持1-3周，焕新版Model Y交付周期维持2-5周;Model 3后驱版及长续航全驱版的5年0息购车优惠延长至6/30、且全系享限时补贴8,000元，焕新版Model Y优惠扩大至6/30前购车可享全系5年0息金融政策。新势力：1)理想：L6智能焕新版预计将于5月开启交付、MEGA Ultra和Home交付周期为11-15周，预计智能焕新版L7/L8/L9将于5/8上市；理想L6可享5/8前预定金1,000元抵扣3,000元优惠、MEGA可享5,000元抵扣1万元+3年0息/5年超低息等限时购车优惠。2)蔚来：预计ET9交付周期>10周、其余车型交付周期<4周，乐道L60交付周期维持2-4周，萤火虫交付周期为2-3周；乐道5月延续5年0息金融优惠等权益、萤火虫7/31前下定可享价值超2万元限时购车礼。3)小鹏：小鹏2025款X9交付周期为3-6周，P7+超长续航Max旗舰版交付周期为3-5周，P7+长续航及超长续航Max版/P7i交付周期维持1-2周，2025款G6和G9交付周期分别缩短至2-4周和3-5周(vs.4月交付周期分别为4-6周和5-8周)，MonaM03交付周期缩短至1-2周(vs.4月交付周期为2-4周)。4)小米：4月小米交付量超2.8万辆，SU7交付周期缩短至36-46周(vs.4月交付周期为42-49周)，SU7 Ultra交付周期缩短至18-21周(vs.4月交付周期为21-24周)；5月小米SU7延续限时权益。5)华为：鸿蒙智行4月交付数据暂未披露，4/16问界M8正式上市、上市后13天大定突破6万台。标的方面整车：推荐小鹏汽车(09868)，建议关注吉利汽车(00175)、比亚迪(01211)。零部件：推荐福耀玻璃(600660.SH)，建议关注博俊科技(300926.SZ)、沪光股份(605333.SH)、继峰股份(603997.SH)。风险提示政策波动；供应链不及预期；行业需求不及预期；爬坡不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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光大证券：4月新势力改款+新车相继发布 关注节后终端优惠变化

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光大证券：4月新势力改款+新车相继发布关注节后终端优惠变化