Core Viewpoint - The Bloomberg Electric Vehicle Price Return Index has decreased by 1.37%, closing at 2458.70 points, marking a second consecutive day of decline as of 21:30 Beijing time on the opening of US markets [1] Group 1: Market Performance - The index experienced a gap down at the market open, indicating a bearish sentiment [1] - Component stocks generally fell, with notable declines including Plug Power down 6.80%, Tesla down 6.79%, and American Battery Technology down 3% [1] - Other companies such as MP Materials, Rivian, and Lucid Group saw declines ranging from 2.54% to 2.31% [1] Group 2: Positive Performers - In contrast, Zeekr's ADR rose by 0.04%, while Hong Kong-listed Geely Automobile Holdings increased by 0.49% [1] - NIO Group and XPeng Motors saw gains of 0.56% and 2.68% respectively, with Li Auto up by 2.80% [1] - Zhejiang Leapmotor Technology experienced the highest increase among the mentioned companies, rising by 5.28% [1]

极氪将于下半年迎来混动车型，预计YU7 影响相对可控。6 月极氪品牌销量1.67 万辆，同比减少 16.9%，环比减少11.7%；上半年极氪品牌销量9.07 万辆，同比增长3.3%。6 月领克品牌销量2.63 万辆， 同比增长7.7%，环比减少4.8%；上半年领克品牌销量15.41 万辆，同比增长22.3%。市场担心小米YU7 订单爆发将对极氪品牌销量形成冲击，我们认为极氪品牌受到的影响相对可控：一方面YU7 交付排期 近1年时间，预计部分YU7 用户将转向选择极氪001、极氪7X等竞品车型；另一方面极氪品牌超豪华 SUV 极氪9X 预计将于3 季度正式上市，极氪9X 将首搭革新混动技术——浩瀚超级电混，有望驱动极氪 品牌销量向上。 机构：东方证券 研究员：姜雪晴/杨震/袁俊轩 吉利汽车上调全年销量目标，彰显公司发展信心。6 月吉利汽车总销量23.60 万辆，同比增长42.1%，环 比增长0.4%；其中新能源汽车销量12.24 万辆，同比增长85.5%，环比减少11.3%；出口4.00 万辆，同比 增长11.7%，环比增长33.3%。根据乘联会初步统计，6 月1-22 日全国乘用车批发同比增长14%，环比增 ...

点 击 蓝 字 关 注 我 们 本文全文共 1333 字，阅读全文约需 4 分钟 销量表现 01 乘用车市场整体表现 5月，乘用车市场销量为186.6万辆，同比上涨9.6%，环比上涨10.0%；新能源市场销量约 为96.5万辆，同比上涨22.9%，环比上涨10.8%，表现略好于整体市场。 5月，新能源市场的销量占总体乘用车销量的51.7%，较上月增加0.4%，相比去年同期上 涨5.6%。 新能源市场整体表现 新能源乘用车市场销量TOP10城市 5月，纯电动销量约57.9万辆，同比上涨19.6%，环比上涨5.3%；插电混动销量约38.6万 辆，同比上涨28.2%，环比上涨20.2%。 2025年新能源累计销量416.5万辆，累计同比上涨30.3%。 5月，TOP 10城市销量占比为25.5%，与上月一致；TOP 3城市分别是：上海市、深圳 市、成都市。 分燃料类型看，TOP 10 城市除深圳市和西安市外，销量均以纯电动居多；从产权归属 看，以个人用户居多。 本月TOP 10城市新能源渗透率均超过50%，其中TOP3城市为：深圳市(67.7%)、武汉市 (62.7%)和西安市(61.3%)；渗透率最低的城市是成都 ...

国海证券7月6日就 吉利汽车(00175.HK)发布研报称，基于上半年销量表现好于预期，公司将全年销量 目标上修 10.7%。旗下车型 吉利银河销量持续同比高增，规模效应将促进其盈利能力提升。维持吉 利"买入"评级，给予目标价24.69港元。 ...

NO.2 全球首条GWh级固态电池线样件下线 7月4日，安徽安瓦新能源科技有限公司宣布，其自主研发的全球首条GWh级新型固态电池生产线首批 工程样件成功下线。该生产线核心装备集成八大功能，总长超35米，设计产能1.25GWh，首批下线的新 型固态1.0电池样件通过多项测试。目前，公司第一代产品能量密度超300Wh/kg，第二代产品进入试 制，计划2027年推出第三代产品。 点评：安徽安瓦新能源科技公司成功下线全球首条GWh级固态电池样件，展现出其技术创新能力，可 能提升其市场竞争力。这一进展不仅将推动固态电池行业的相关发展，同时也有助于增强整体新能源板 块的投资信心，促进市场对未来新能源技术的积极展望。 NO.3 深蓝汽车正式进入欧洲市场 近日，小米集团创始人、董事长兼CEO雷军在直播时透露，因国内排队等待小米汽车交付的用户众多， 未来两年小米将优先解决国内交付问题，预计2027年再考虑出海。 点评：雷军透露小米汽车优先解决国内交付，2027年再考虑出海，显示其优先聚焦国内市场的战略。同 时，这也反映出国内新能源汽车市场竞争激烈，小米汽车面临交付压力。对汽车行业板块而言，这或许 意味着国内竞争将进一步加剧，行 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

摘要 ► 本 周数据： 2025年6月第4周（6.23-6.29）乘用车销量57.9万辆，同比+8.0%，环比+3.7%；新能源乘用车销量29.8万辆，同比+26.7%，环比+4.4%；新能源渗透率51.6%，环比 +0.3pct。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（6月30日-7月4日）A股汽车板块上涨0.65%，在申万子行业中排名第22位，表现弱于沪深300（+1.80%）。细分板块中，商用载客车、汽车零部件、汽车服 务、摩托车及其他、乘用车、商用载货车分别上涨4.91%、-0.62%、1.70%、5.68%、1.43%、0.69%。 ► 本周观点： 本月建议关注核心组合【吉利汽车、比亚迪、理想汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 2024全球汽车零部件百强：德、日主导，中国零部件空间可期 乘用车： 看好智能化、全球化加速突破的优质自主，推荐 【吉利汽车、比亚迪、理想汽车、小米集团（与电子组联合覆盖）、小鹏汽车、赛力斯】 。 零部件：1）智能化： 推荐智能驾驶- 【伯特利、地平线机器人、科博达】 ，推荐智能座舱- 【继峰股份】；2）新势力产业链： ...

Core Insights - The article highlights significant developments in the global market, focusing on companies expanding their international presence and innovative product launches, particularly in e-commerce and electric vehicles. Group 1: E-commerce Developments - TikTok Shop launched in Japan, allowing users to buy and sell products directly within the app, enhancing the shopping experience through video and live streams [2][3] - TikTok Shop's summer promotion in Europe saw a peak daily GMV increase of 200%, with top merchants in the UK experiencing over 600% growth [5][6] - Temu resumed advertising on Meta and Google platforms after a pause, significantly increasing its active ads from 4 to over 900 [7][8][9] - AliExpress in South Korea surpassed 9 million active users, aided by the launch of a travel channel offering extensive booking options [11] Group 2: Automotive Industry Expansion - BYD's first vehicle rolled off the production line at its new factory in Brazil, with plans to produce 150,000 electric and hybrid vehicles annually [22] - Geely signed a distribution agreement to enter the Italian market, launching two electric vehicle models despite Italy lagging in EV adoption compared to other European countries [16][17] - The Chinese government is promoting the export of used cars, aiming to develop a healthy second-hand car market [28] Group 3: Technology and AI Investments - Morgan Stanley reported that Elon Musk's xAI raised $10 billion, including $5 billion in strategic equity investment, to support AI development [46] - Siemens announced the lifting of U.S. export restrictions on chip design software to China, restoring full access for Chinese clients [29] Group 4: Global Market Trends - PwC forecasts that Hong Kong will reclaim the top spot for IPO fundraising globally in 2025, with over 200 companies already applying to list [44] - Cato Networks raised $359 million in funding, achieving a valuation exceeding $4.8 billion, focusing on AI-driven security solutions [51][56]

吉利汽车 00175.HK 公司研究 | 动态跟踪 | 上调全年销量目标，预计规模效应将促进 | | --- | | 盈利能力提升 | 核心观点 盈利预测与投资建议 ⚫ 略调整收入等，预测 2025-2027 年 EPS 分别为 1.50、1.76、2.13 元（原为 1.36、 1.54、1.94 元），维持可比公司 25 年 PE 平均估值 15 倍，目标价 22.50 元人民 币，24.69 港元（1 港元=0.9115 元人民币），维持买入评级。 风险提示 吉利、领克、极氪品牌销量低于预期风险、成本控制不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 179,204 | 240,194 | 319,444 | 381,363 | 442,685 | | 同比增长 (%) | 21.1% | 34.0% | 33.0% | 19.4% | 16.1% | | 营业利润(百万元) | 3,806 | 7,644 | 14,116 | ...

Group 1 - Meizu's recent social media account name change does not affect the company's name or entity, focusing on the Meizu and Flyme brands for more efficient communication [1] - In the first half of 2025, Chinese electric vehicles dominated the Israeli market, with 21,252 units sold, accounting for 81.2% of total electric vehicle sales in Israel [2][1] - The top-selling electric vehicle in Israel was the XPeng G6, with 3,164 units sold, followed by BYD's ATTO 3 and Chery's Omoda 5 [1] Group 2 - The China Football Association reported over 25,487 registrations for the "China Football Association Player Self-Recommendation System," with 6813 submitting personal information [3] - Musk's proposal to establish a third political party in the U.S. faces significant legal and logistical challenges, according to election experts [4] - The latest version of WeChat for HarmonyOS aims to align with and potentially surpass Android and iOS functionalities [5][6] Group 3 - Shunde Rural Commercial Bank has withdrawn its IPO application, leading to the termination of its listing review by the Shenzhen Stock Exchange [8] - SF Holding completed the placement of 70 million new H-shares, raising approximately HKD 29.33 billion, increasing its total issued H-shares to 240 million [9] - CATL and Geely have signed a comprehensive strategic cooperation agreement to deepen collaboration in battery technology and supply chain development [10][11] Group 4 - ST Huike is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [12] - Jinan has established a Robot Industry Empowerment Alliance, releasing a list of 87 application scenarios for robots across 12 sectors, with an annual investment of 142.6 billion yuan [13][14] - Tencent's stake in Zhong An Online has decreased from 8.09% to 7.99% after selling approximately 1.48 million shares [15] Group 5 - Douyin has implemented new regulations prohibiting minors under 16 from live streaming, requiring parental consent for those aged 16 to 18 [16]