天眼查显示，重庆千里智驾科技有限公司是一家合资公司，于今年6月27日正式成立。该公司是千里科 技（601777）在上市公司之外，与吉利、旷视等合资成立的一家以智驾业务为主体的公司，其中重庆江 河启兴、吉利和旷视各占股30%，为公司主要三大股东，路特斯持股5%。 在"一个吉利"战略整合思路下，自去年二季度开始，吉利对采购、供应链、智能座舱、整车平台等前后 端资源进行了整合。而智能驾驶业务涉及内外部5个团队，整合人数规模超过3000人，是相对难的一 环。 一场智驾业务的大整合正在吉利内部展开。 《21汽车·一见Auto》独家获悉，吉利控股集团近期对吉利系内部智驾公司、团队进行了一轮大整合。 极氪智驾团队、吉利研究院、以及旷视旗下的智驾品牌"迈驰智行"，将一同合并进入重庆千里智驾。 伴随智能驾驶业务的整合，"一个吉利"加速成形。曾经的"自主一哥"吉利，正向着500万辆野心、重回 一哥的目标加速冲锋。 3000人智驾团队待整合 一位接近吉利的高级别知情人士告诉《21汽车·一见Auto》，周五下午，宁波杭州湾，吉利面向三方团 队高级别员工召开了一次誓师大会，千里科技CEO印奇、千里科技联席总裁王军、吉利汽车CEO淦家 ...

金十数据8月4日讯，吉利控股集团近期对吉利系内部智驾公司、团队进行了一轮大整合。极氪智驾团 队、吉利研究院、以及旷视旗下的智驾品牌"迈驰智行"，将一同合并进入重庆千里智驾。当前极氪团队 将近1500人、吉利研究院将近1000人，加上迈驰智行的500人团队，完成合并后，重庆千里智驾团队将 达到近3000人的规模。 （21财经） 吉利智驾整合：吉利研究院等三大团队并入新公司，规模3000人 ...

千里科技的汽车销量也在此过程中发生显著变化，最新数据显示，千里科技7月公司汽车整车合计销量10222辆，同比增长 142.34%；本年累计销量48950辆，同比增长73.7%。 今年2月12日，在力帆科技2025年第一次临时股东大会上，公司《关于变更公司名称、证券简称及修订〈公司章程〉的议案》获 得参会股东一致通过。2月12日下午，力帆科技正式完成关于公司名称变更的工商登记并发布相关公告。 3月2日，千里科技同意公司与两江产业基金、重庆产业母基金、江河汇、吉利、迈驰、路特斯共同签订《车BU投资框架协 议》，指定公司全资子公司与两江产业基金或其指定关联方、重庆产业母基金及江河汇指定主体共同出资15亿元发起设立有限 合伙企业。 千里合伙企业设立后，将以15亿元现金向由关联方吉利或其指定主体、关联方迈驰、关联方路特斯或其指定主体及为员工激励 目的设立的员工持股平台共同投资设立的重庆千里智驾有限公司进行增资。 6月27日，千里科技发布公告称，公司全资子公司智骐鑫旺与两江产业基金、重庆产业母基金及江河乾达，依照前期协议约定共 同设立重庆江河启兴企业管理合伙企业(有限合伙)，注册资本15亿元，并已于6月27日完成工商注册 ...

Key Points - DJI's first panoramic camera, Osmo 360, has reported fogging issues, which the company attributes to user error in humid conditions, stating that the fogging is an isolated incident [4][5] - Li Auto responded to public backlash regarding a crash test involving its i8 model, clarifying that the test was not intended to compare with other brands and that it does not compete directly with Dongfeng Liuzhou [7][8] - Gree Electric Appliances has denied allegations of financial misconduct involving its executives, stating that the claims are false and have been reported to the police [10] - Zunpai Technology was fined for stealing Huawei's chip technology, with 14 former employees sentenced and a total fine of 13.5 million yuan imposed [10][11] - Silicon-based Intelligence has addressed rumors of layoffs, asserting that it has a stable research and sales team and plans to expand its workforce significantly by 2026 [12][13] - Geely has restructured its intelligent driving teams, integrating the Zeekr team into Qianli Technology, indicating a strategic shift towards a unified technology platform [15][16] - Neta Auto has resumed full operations, with 47 potential investors expressing interest in funding its restructuring efforts, despite significant debts [17] - Faraday Future has denied allegations of copying Great Wall Motors, emphasizing its collaborative development approach [18] - Major Chinese food delivery platforms, including Meituan and JD, have collectively called for an end to cutthroat competition in the industry, promising to regulate subsidy practices [19] - IM Motors has introduced a new range-extended electric vehicle system, claiming significant improvements in efficiency and range [20][21] - Apple reported a 10% increase in total revenue, with a notable 4% growth in revenue from the Greater China region, attributed partly to government subsidies [30][31] - TikTok has merged its core product and trust safety teams to better address uncertainties in the U.S. market [33] - Intel is undergoing significant leadership changes in its wafer foundry business, with three senior executives set to retire [34][35] - Shein reported over $10 billion in revenue for Q1 2025, benefiting from a rush of consumer purchases before new tariffs take effect [36] - Tim Cook has officially become the longest-serving CEO in Apple's history, surpassing Steve Jobs [37]

【头条要闻】 下半年货币政策如何发力稳增长？ 降准降息均有空间 近期召开的多个会议"定调"下半年货币政策。作为宏观调控的一大"主角"，下一阶段的货币政策可能盯 住哪些目标，又面临哪些掣肘？为巩固拓展经济回升向好势头，货币政策在总量、价格、结构上还将如 何发力？ 业内专家认为，宏观经济形势、银行息差水平、宏观杠杆率水平、主要发达经济体货币政策等因素，可 能影响我国下半年货币政策操作的"相机抉择"。货币政策有望在促进社会综合融资成本下行、助力经济 结构调整优化等方面进一步发力。降准降息均有操作空间和落地可能性。 多家国有大行表态落实国常会贴息政策 助推消费升级与服务业焕新 在7月31日召开的国务院常务会议部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策后， 《证券日报》记者了解到，多家国有大行率先表态，将切实做好个人消费贷款和服务业经营主体贷款贴 息政策的传导落实。 在业内人士看来，此次会议部署是国家提振内需、激发市场活力、保障和改善民生的又一重要举措。政 策从需求和供给两端发力，通过财政金融协同，有效降低居民消费融资成本、缓解服务业经营主体融资 压力，畅通经济循环，为巩固经济回升向好态势注入强劲动能。 ...

Core Insights - The Chinese electric vehicle (EV) market continued its high growth trajectory in July, with traditional automakers and new energy vehicle (NEV) companies showing different development paths [1] Group 1: Traditional Automakers Performance - BYD maintained its leading position with sales of 344,300 units in July, a year-on-year increase of 0.6%, and cumulative sales approaching 2.5 million units this year [2] - SAIC Motor Corporation achieved total vehicle sales of 338,000 units in July, a 34.2% year-on-year increase, marking its seventh consecutive month of growth [2] - Geely's sales reached 237,700 units in July, up 58% year-on-year, with NEV sales of 130,100 units, reflecting a 120% increase [2] - China FAW Group's total vehicle sales exceeded 252,400 units in July, a 6.5% year-on-year increase, with NEV sales surging 129.03% [3] - Chery's sales reached 224,400 units in July, a 14.7% increase, with exports of 119,100 units growing by 31.9% [3] - Changan Automobile sold over 210,000 units in July, with NEV sales of 79,000 units, a 73% increase [3] - Great Wall Motors sold 104,400 units in July, a 14.34% increase, with NEV sales of 34,600 units, up 43.27% [3] Group 2: New Energy Vehicle Companies Performance - New energy vehicle companies experienced significant changes in July, with brands like Leap Motor and Xpeng achieving remarkable growth [4] - Leap Motor's sales reached 50,100 units in July, a year-on-year increase of over 126%, marking its first month of sales exceeding 50,000 units [4] - Xpeng achieved a record monthly delivery of 36,700 units in July, a 229% year-on-year increase, with cumulative sales of 233,900 units this year, up 270% [4] - Xiaomi Auto emerged as a strong competitor, with July sales surpassing 30,000 units, driven by the launch of its first SUV, the Xiaomi YU7 [4] - NIO's sales reached 21,000 units in July, with the introduction of new models expected to boost future sales [5] - Li Auto faced challenges with sales of 30,700 units in July, a nearly 40% year-on-year decline [6] Group 3: Market Trends and Future Outlook - The market strategy of traditional automakers focuses on comprehensive price range coverage and global expansion, while new energy vehicle companies target niche markets [6] - Upcoming events like the 818 Car Purchase Festival and Chengdu Auto Show are expected to positively impact terminal sales and consumer demand [7]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a total wholesale sales volume of 238,000 vehicles in July, representing a year-on-year increase of 57.7% and a month-on-month increase of 0.7% [3]. - The company has raised its annual sales target from 2.71 million to 3 million vehicles, reflecting confidence in achieving sales growth in the second half of the year [4]. - The company is set to launch the Galaxy A7 on August 8, 2025, which is expected to enhance its product lineup in the hybrid vehicle segment [4]. - The company plans to privatize its high-end electric vehicle brand, Zeekr, to consolidate resources and improve operational efficiency [5]. Sales Performance - In July, the company sold 130,124 new energy vehicles, a year-on-year increase of 120.4%, with a penetration rate of 54.7% [3]. - For the first seven months of the year, the cumulative sales of new energy vehicles reached 855,000, up 125.5% year-on-year [4]. - The sales figures for the Geely brand in July were 194,000 vehicles, while Zeekr and Lynk & Co sold 16,977 and 27,216 vehicles, respectively [5]. Financial Forecast - The company expects revenues of 404.78 billion, 489.69 billion, and 572.83 billion RMB for 2025, 2026, and 2027, respectively [6][7]. - The projected net profit for the same years is 16.21 billion, 22.09 billion, and 25.98 billion RMB, with corresponding EPS of 1.61, 2.19, and 2.58 RMB [6][7]. - The report indicates a P/E ratio of 10, 7, and 6 for the years 2025, 2026, and 2027, respectively [6][7].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7] Core Views - The company is expected to benefit from marketing reforms and new vehicle launches, which will enhance sales market share [2][11] - The forecasted EPS for 2025-2027 is 1.50, 1.76, and 2.13 RMB respectively, with a target price set at 22.50 RMB or 24.70 HKD [4][7] Financial Performance Summary - Revenue projections for 2023A to 2027E are 179,204 million, 240,194 million, 319,444 million, 381,363 million, and 442,685 million RMB, reflecting growth rates of 21.1%, 34.0%, 33.0%, 19.4%, and 16.1% respectively [6][12] - Operating profit is expected to grow from 3,806 million RMB in 2023A to 20,314 million RMB in 2027E, with a significant increase of 100.8% in 2024A [6][12] - Net profit attributable to the parent company is projected to be 5,308 million RMB in 2023A, increasing to 21,451 million RMB by 2027E, with a notable growth of 213.3% in 2024A [6][12] - The gross margin is expected to improve from 15.3% in 2023A to 16.7% in 2027E, while the net margin is projected to stabilize around 4.7% to 4.8% during the same period [6][12] Market Position and Sales Performance - In July, Geely's total sales reached 237,700 units, a year-on-year increase of 57.7%, with new energy vehicle sales growing by 120.4% [11] - The company's market share is expected to continue rising, with a reported market share of approximately 11% in the first half of 2025, an increase of nearly 3 percentage points year-on-year [11] - The Galaxy series is showing strong sales performance, with July sales of 95,000 units, a year-on-year increase of 469.0% [11]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, BYD, Li Auto, and Xpeng Motors as core recommendations [5]. Core Insights - The upcoming World Robot Conference is expected to catalyze interest in the robotics sector, with significant developments from Tesla and JD.com in the field of intelligent robotics [2][10]. - The report emphasizes the potential for improvement in the passenger vehicle market due to government policies aimed at reducing competition and enhancing quality [3][11]. - The report suggests that the automotive industry is entering a phase of reduced competition, which could lead to a more favorable market environment for key players [11]. Summary by Sections 1. Weekly Insights - The World Robot Conference is set to take place, with expectations of increased activity in the robotics sector, particularly with Tesla's Optimus V3 production goals [2][10]. - The report recommends focusing on high-quality domestic car manufacturers that are accelerating their global presence and technological advancements [12]. 2. Market Performance - The automotive sector underperformed the market, with a decline of 1.88% in the A-share automotive sector during the week of July 28 to August 1, 2025 [26]. 3. Sales Data - In the fourth week of July 2025, passenger car sales reached 448,000 units, representing a year-on-year increase of 4.5% and a month-on-month increase of 13.1% [3][35]. 4. Investment Recommendations - For passenger vehicles, the report recommends companies that are advancing in smart technology and global expansion, including Geely, BYD, Li Auto, and Xpeng Motors [4][12]. - In the parts sector, the report highlights companies involved in intelligent driving and new energy vehicle supply chains, such as Berteli and Top Group [4][13]. - The report also identifies opportunities in the motorcycle sector, particularly for leading companies in the mid-to-large displacement category, such as Chunfeng Power [18][19]. 5. Policy Impact - The report discusses the impact of government policies aimed at stimulating demand through vehicle replacement subsidies, which are expected to support the automotive market [35][36].

Core Insights - The article discusses the current state of competition in the Chinese automotive market, particularly focusing on the pause in price wars and the shift towards product differentiation and quality as key competitive factors [1][7][8]. Industry Overview - In July, major automakers like BYD and Geely shifted away from aggressive pricing strategies, providing breathing room for smaller new energy vehicle (NEV) manufacturers [1]. - The overall sales performance in the first half of the year shows that most automakers are still far from their sales targets set at the beginning of the year, with only Xiaomi and XPeng showing significant improvements [1][3]. Sales Data - July sales data for various NEV brands indicates significant fluctuations: - Leap Motor achieved a record delivery of 50,129 units, a 126% year-on-year increase [3]. - Xiaomi's sales exceeded 30,000 units, marking a 200% increase compared to the previous year [3]. - BYD's total sales reached 344,296 units in July, with a 9.7% decrease from June [4]. - Geely's NEV sales surpassed 130,000 units, with the Galaxy brand contributing 95,043 units, a 237% year-on-year increase [5]. Competitive Landscape - The article highlights that the second half of the year will be crucial for automakers to secure their market positions before the end of the current purchasing cycle [1][6]. - The competition is expected to intensify as companies focus on product quality and customer service rather than relying solely on price reductions [7][8]. - New product launches are anticipated, with several brands preparing to introduce new models to capture the growing demand for electric vehicles [9]. Future Outlook - The upcoming months are seen as a critical period for automakers to leverage the existing demand for electric vehicles, particularly in the family segment, as new models are set to enter the market [9].