CATL ：储能 市场增长高于动力 加入社群 往期推荐 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 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。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

Core Viewpoint - The integration of Zeekr and Lynk & Co. post-Taizhou Declaration indicates that Geely is refocusing its strategy, which is expected to enhance the group's profitability, making it a potential investment opportunity alongside Xiaomi [1]. Group 1: Marketing and Brand Strategy - Xiaomi is creating significant traffic for Geely, compelling a reform in Geely's marketing system. The next five years are anticipated to be a period of growth for Chinese brands as joint venture brands exit the market. Although Geely's brand power is not as strong as Xiaomi's, the collaboration has introduced a symbiotic relationship, enhancing Geely's market presence [2]. - Geely's product line is strategically segmented across various price ranges, with models like Galaxy priced between $10,000-$20,000, Zeekr between $20,000-$50,000, and Volvo/Polestar/Lotus above $50,000. This segmentation is effective as it caters to different consumer demographics, distinguishing Geely from traditional competitors like Great Wall and Chery [2]. Group 2: Technological Advancements - The automotive industry is witnessing a surge in investment in autonomous driving, with rapid advancements in algorithms and significant movement of engineers. Geely aims to align with top chip suppliers and adopt varied supplier strategies across different price segments to enhance its smart driving experience [3]. Group 3: Historical Development and Strategic Milestones - Geely has undergone several phases of development since its inception in 1986, transitioning from a small startup to a major player in the automotive industry. Key milestones include becoming the first private car manufacturer in China in 2001 and acquiring Volvo in 2010, which significantly boosted its technological capabilities and global presence [4][5]. - The company has set ambitious goals for 2027, aiming for total vehicle sales to exceed 5 million units, following the strategic focus outlined in the Taizhou Declaration [5].

核心内容： 4、AI 时代需保留人性多样性并关注 "人的连接"。 要点总结： 一、VLA 司机大模型：从辅助到替代的驾驶革命 1、三阶段进化：1.0规则算法和高精地图，能力受限(昆虫智能)；2.0端到端(E2E)模仿人类，能力提升（哺乳 动物智能)；3.0融合3D/2D视觉、语言推理和行动控制，类人决策。 2、训练体系：训出云端 VL 基座模型，蒸馏成3.2B 端侧 MoE 模型；后训练，加入Action模仿学习模型规模 近4B；强化训练，融入人类驾驶习惯，产出车端运行的VLA 模型。 1、VLA 司机大模型是实现全自动驾驶的 "生产工具级" 技术突破； 2、AI 价值升级需从 "信息工具" 迈向 "生产工具"； 3、技术合作与开源加速行业进步； 二、AI 发展新认知：从工具分级到产业协同 1、AI工具三级价值论：信息工具，存在数据失真与效率瓶颈；辅助工具，提升局部效率，但需人类干预；生 产工具，独立完成专业任务。 2、开源逻辑：开放自研四年的整车操作系统，推动技术共享，目标成为汽车领域的 "安卓生态"。 三、创业逻辑与个人成长：聚焦 "解决问题" 与 "人的能量" 1、创业核心方法论：坚持解决行业痛点，技术 ...

一 、 理想汽车 ： 销量登顶 ， 性价比路线显成效 五月首周 ， 理想汽车以1.14万辆的销量成绩 ， 强势占据兵器榜首位 ， 较上周增长2800台 。 具体车型方面 ， L6贡献5620台 ， L7达2560台 ， L8为1530台 ， L9则售出1465台 。 理想汽车的成功 ， 得益于其出色的交 付服务体系 —— 交付即可完成上牌流程 ， 无需车主前往车管所 ， 有效避免了五一假期车管所休假对交付量 的影响 。 此外 ， L7 、 L8 、 L9换代搭载雷神芯片后 ， 老款车型加大库存清理力度 ， 优惠幅度进一步扩大 ， 凭借高性价比策略赢得了消费者青睐 。 不过 ， 销量的亮眼表现未能有效提振股价 ， 目前理想市值较去 年同期下跌50% ， 股价从150跌至100 ， 如何提升资本市场信心 ， 成为李想亟待解决的问题 。 二 、 特斯拉汽车 ： 政策利好下的交付波动 特 斯拉以7290台的销量位列第二 ， 但较上周减少2990台 。 尽管特斯拉推出免息新政策 ， 吸引了大量订单 ， 但受五一假期车管所休息的影响 ， 交付进度受阻 。 不过 ， 随着车管所恢复正常办公 ， 预计特斯拉下周 销量将回升至 ...

Group 1: Hong Kong Stock Issuance - The scale of the Hong Kong stock issuance is approximately 5 billion USD, with 50% allocated to cornerstone investors, primarily targeting sovereign and long-term investors. The current PE ratio is 15-16 times, offering high cost-performance for overseas investors. Hong Kong stocks are priced by foreign capital, and with a small circulation, the valuation is expected to recover post-listing [1]. - The institutional subscription multiple exceeds 10 times, with an expected discount of less than 5% [2]. - The timeline includes setting the upper limit the day after tomorrow, confirming cornerstone investors tomorrow, and public offering from next Monday to Wednesday [2]. Group 2: Demand and Shipment - The total shipment volume for the year is expected to exceed 580 GWh, with a growth rate of over 20%, and a long-term compound annual growth rate of over 20%. Even after excluding the U.S. business in 2025, profits are still expected to reach over 60 billion [2]. Group 3: Power and Energy Storage - In Q1, domestic new energy vehicle sales grew by 47%, with commercial vehicles increasing by 60%. The market share remains stable, and the battery swap business is expanding into markets below 150,000 [3]. - In overseas markets, Europe saw a growth rate of over 20% in Q1, with a market share exceeding 40%. Non-U.S. markets in Europe and Southeast Asia also experienced growth rates above 20% [3]. - In energy storage, large-scale projects in the Middle East, Europe, and Australia are growing at rates of 40%-50%, with Australia holding a market share exceeding 70%. The U.S. market is stagnating due to tariffs, but other markets are filling the gap [3]. Group 4: Battery Swap Business - The company plans to build 1,000 battery swap stations by 2025, leveraging Sinopec's 30,000 gas stations and NIO's 3,000 swap stations, with a long-term goal of 10,000 stations by 2030 [4]. - Eight car manufacturers have over 20 battery swap models, promoting standardized batteries for vehicles priced below 150,000, which is expected to increase market share by 10-15 percentage points [4]. - The battery swap model reduces the initial purchase cost of vehicles priced below 150,000 by over 30% and saves insurance costs by 1,000-2,000 yuan per year [5]. Group 5: New Products and Markets - The company has a research team of over 1,000 focused on solid-state batteries, particularly in the aviation sector where high energy density batteries are in demand [6]. - Sodium batteries are prioritized for heavy trucks and energy storage applications, with expectations to achieve an energy density of 175 Wh/kg and 10,000 cycles within the year [6]. - The company has established a robotics and low-altitude economy division to develop batteries for 8-hour endurance robots, with potential applications in inland shipping [8].

主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 CATL ：储能 往期推荐 市场增长高于动力 加入社群 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。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 ...

Market Positioning and Product Strategy - Leap Motor focuses on the mass market priced between 100,000 to 200,000 yuan, emphasizing high cost-performance models like the C series (C10, C11, C16) to attract family users with a "half-price ideal" strategy [1] - Xpeng Motors targets the mid-to-high-end market priced between 150,000 to 350,000 yuan, highlighting smart features and driving experience with models like P7+ and MONA M03 [2] Technology Route and R&D Investment - Leap Motor adopts a "fully self-research" model with a vertical integration rate of 70%, significantly reducing production costs, and has a lower R&D expenditure of 1.92 billion yuan in 2023, only 36% of Xpeng's [3] - Xpeng Motors leads in smart driving technology with its XNGP system but faces ongoing losses due to high R&D costs of 5.28 billion yuan in 2023 [4] Financial Status and Profitability - Leap Motor achieved its first quarterly profit in Q4 2024, with annual revenue exceeding 30.5 billion yuan and a gross margin of 8.1%, aiming for a sales target of 500,000 units in 2025, a 70% year-on-year increase [5] - Xpeng Motors remains in a loss phase, reporting total revenue of 16.11 billion yuan in Q4 2024, a 23.4% year-on-year increase, while narrowing its net loss to 1.33 billion yuan [6] Cooperation and Internationalization Strategy - Leap Motor established a joint venture "Leap International" with Stellantis to leverage global channels for overseas market expansion, with plans to launch the B10 model in Europe [7] - Xpeng Motors partnered with Volkswagen to enhance brand value and technical recognition, receiving a capital injection of 700 million USD [8] Future Challenges and Opportunities - Leap Motor needs to overcome low brand recognition and avoid being categorized as a "niche brand," while facing challenges in high-end market attempts [9] - Xpeng Motors must address the cycle of increasing sales leading to greater losses and maintain its competitive edge through continued technological leadership [10] Summary - Leap Motor's strategy focuses on cost control and mass market penetration, achieving profitability first, while Xpeng relies on technological advancement and high-end positioning but must balance R&D investment with profitability goals [11]

Group 1: Sales Performance of Major Automakers - BYD sold 373,000 passenger cars in April, with a year-on-year increase of 45.3% and a month-on-month increase of 0.3%, totaling 1.359 million units in 2025 [1] - Geely's April sales reached 234,100 units, up 49.1% year-on-year, with electric vehicle sales at 126,000 units, a year-on-year increase of 137.7% [1] - Great Wall Motors sold 100,000 units in April, with a year-on-year decline of 3.6%, while electric vehicle sales increased by 11.9% year-on-year [1] - NIO's sales in April were 23,900 units, reflecting a year-on-year increase of 44.5% [1] - Li Auto sold 33,900 units in April, with a year-on-year increase of 19.4% [1] - Xpeng Motors achieved sales of 35,000 units in April, marking a significant year-on-year increase of 313.4% [1] - Leap Motor sold 41,000 units in April, with a year-on-year increase of 165.6% [1] Group 2: Export Performance - BYD's overseas sales reached 78,700 units in April, with a year-on-year increase of 104.8% [1] - Geely's exports were 24,000 units in April, down 10% year-on-year [1] - Great Wall Motors exported 32,200 units in April, with a year-on-year decline of 4.5% [1]

以"移动精装大平层"概念重构空间认知——6.16㎡舱内面积配合独创双180°旋转座椅，打造96种百变场 景；第三排实现舒适平权，超越同级五座二排体验。 性能维度搭载2.0T三电机系统，零百加速4.3秒，纯电续航280km+综合续航1443km，更配备20°后轮转 向与蟹行模式。 智能座舱首创双8295芯片架构，30英寸6K双巨幕与哈曼卡顿31扬音响构建沉浸式交互生态，还全球首 发了Thor-U芯片，算力高达700TOPS。 安全层面延续沃尔沃基因，32983N·m/deg扭转刚度+100%车侧热成型钢覆盖，标配激光雷达与母婴级健 康座舱认证，构筑多维防护体系。 上市专属权益 【选配礼】 0元享至高25,000元选装配置 | 1.5T Halo | 30.99 万元 | | | --- | --- | --- | | 1.5T Ultra | 33.69 万元 | 31.69 门元 | | 2.0T Ultra | 36.69 万元 | 34.69 力元 | | 2.0T 探索版 | 41.69 万元 | 39.69 月元 | 即刻下订 即可享受至高价值87,200元上市专属权益 超级现金权益 【限时领享金】 ...

周度更新：4.21-4.27，乘用车总量45.2万辆，环比增长16.73%，新能源23.8 ，环比增长16.03%，新能源 渗透率52.58% 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。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 往期推荐 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 ...