关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 零跑B01上市 售价8.98-11.98万元 7月24 日， 零跑B01上市。新车共推出6款车型，售价8.98-11.98万元。具体售价及权益如下： 尺寸方面，新车长宽高分别为4770/1880/1490mm，轴距2735mm。其外观延续了零跑的家族式设计语言，提供8款时尚配色，前脸采用封闭式设计，车顶 可配备激光雷达。 内饰方面，零跑B01采用了简约设计风格，提供幻月紫、纤云灰两款配色，并 配备8.8英寸全液晶仪表盘、14.6英寸2.5K中控屏，以及B10同款的百变副驾。 配置方面，新车配备座椅加热/通风、方向盘加热、12扬声器音响、256色氛围灯、360°全景影像、电动尾门等。 零跑B01上市，售价8.98-11.98万元 ； 新款银河E5上市，售价10.98-14.58万元 ； 特斯拉公布二季度财报，营收、利润大幅下滑 ； 零跑的定价，从来不会让人失望。作为B系列的第二款车型，B01也延续了B10主打性价比的玩法， ...

Group 1 - Geely Galaxy A7 has launched two new basic assisted driving versions: the 70km Luxury Edition priced at 97,800 yuan and the 150km Premium Edition priced at 113,800 yuan, with pre-sales starting at 97,800 yuan [2] - The vehicle features the latest Geely Raytheon AI Hybrid 2.0, which includes a hybrid engine with the highest thermal efficiency of 47.26% globally, and the industry's first AI scenario engine-based intelligent power domain system, "Starry AI Cloud Power 2.0" [2] - The Galaxy A7 boasts an impressive range of over 2100km in a full fuel and battery state, and achieves a fuel consumption of only 2.67L per 100km under CLTC conditions, addressing range anxiety for users [2] Group 2 - The Galaxy A7 is equipped with the new Galaxy Flyme Auto intelligent cockpit system, supported by a computing power of 23.5 EFLOPS from the Starry Intelligent Computing Center [3] - It features a new cockpit interaction intelligent system that supports voice blind operation, enhancing user interaction convenience [3] - The vehicle includes high-definition navigation from Amap, which offers visual lane guidance and traffic light predictions, ensuring accurate road condition forecasting [3]

Core Insights - Geely Holding Group has reported impressive results for the first half of 2025, achieving significant growth in both new energy and fuel vehicles, with a total sales volume exceeding 1.93 million units, a year-on-year increase of 30% [1][2] - The company has raised its annual sales target from 2.71 million to 3 million units, marking it as the first automaker this year to adjust its sales forecast upward [2] - Geely's rapid growth in the new energy sector is attributed to its strategic initiatives, including the "Two Blue Geely Actions" and "Smart Geely 2025" [4] Sales Performance - In the first half of 2025, Geely's new energy vehicle sales surpassed 1 million units, reflecting a remarkable year-on-year growth of 73% [2] - The Galaxy brand achieved sales of 548,000 units, a staggering increase of 232%, while Lynk & Co and Zeekr brands also reported sales growth of 22% and strong momentum, respectively [2] - Geely's fuel vehicle sales reached approximately 616,000 units, maintaining its position as the leading domestic brand for 16 consecutive months [2] Market Expansion - Geely's overseas sales reached 184,000 units in the first half of 2025, showcasing its competitive strength in global market expansion [2] - The company is expected to continue its global expansion efforts, supported by the launch of several new models in the second half of the year [3] Brand Integration and Efficiency - Geely is undergoing a strategic transformation to optimize brand integration, aiming to clarify brand positioning and enhance resource utilization efficiency [4][5] - The merger of Geely Auto Holdings and Zeekr Smart Technology is a significant step towards achieving a unified brand strategy [4] - Cost savings from integrated R&D and procurement efforts are projected to be in the billions, enhancing the company's competitive edge [5] Technological Innovation - Geely is actively embracing AI technology across various automotive domains, becoming a leader in comprehensive AI integration within the industry [6] - The company's focus on intelligent electric vehicle transformation is expected to yield substantial returns, with ongoing efforts in smart technology and governance showing positive results [6]

Group 1 - The 2025 Fortune China 500 list features 19 automotive companies, with significant rankings improvements, particularly among new energy vehicle manufacturers [2][3] - BYD rose from 40th to 27th place, indicating a strong market position and leadership effect [2] - Geely Group improved from 54th to 41st, showcasing its competitive strength in the market [2] Group 2 - New energy vehicle companies demonstrated remarkable growth, with significant advancements in technology and market penetration [3] - The overall ranking changes reflect a profound transformation in the Chinese automotive industry, with traditional manufacturers successfully transitioning to new energy [3] - The increasing investment and layout in the new energy sector by Chinese automotive companies suggest a stronger competitive edge in the global market [3]

Core Insights - The 2025 Fortune China 500 list highlights the significant rise of new energy vehicle (NEV) companies, showcasing a collective upward trend among them, while state-owned enterprises (SOEs) generally underperformed [1][2][3] Group 1: New Energy Vehicle Companies - New entrants like Seres, NIO, Xpeng, Li Auto, and Leap Motor saw substantial ranking increases, with Seres jumping from 404th to 169th, achieving a revenue of $20.177 billion, a 298.5% increase [1] - Xpeng rose from 452nd to 351st with a revenue of $5.68 billion, up 31.1% year-on-year; Li Auto's revenue reached $20.077 billion, a 14.8% increase, while NIO climbed from 312th to 269th with a revenue of $9.136 billion, up 16.3% [2] - Leap Motor, making its debut on the list, ranked 423rd with a revenue of $4.47 billion, soaring 89% [2] Group 2: Private Enterprises - BYD improved its ranking from 40th to 27th, with revenue and profit growth of 26.9% and 31.8% respectively; Geely Holdings moved from 54th to 41st with a 13.6% revenue increase and a slight profit rise of 2.8% [2] - Great Wall Motors climbed from 158th to 140th, reporting a revenue increase of 14.9% and a profit surge of 77.8% [2] Group 3: State-Owned Enterprises - SOEs like Dongfeng Motors fell from 64th to 73rd, with a revenue decline of 10.9% but managed to turn a profit of $318 million from a previous loss of $391 million [3] - SAIC dropped from 30th to 38th, with a revenue decrease of 17.1% and an 88.4% profit drop; FAW fell from 35th to 43rd, with a 13.1% revenue decline and a 70.8% profit drop [3] - GAC Motors slid from 53rd to 66th, with a revenue drop of 21.5% and a staggering 168% profit decline [3] Group 4: Export Performance - Chery Motors saw a significant ranking increase from 100th to 49th, with a revenue of $59.694 billion, up 52.7%, largely due to its export performance, which grew by 21.4% [3] - Yutong Bus also experienced a notable ranking rise from 488th to 375th, with a revenue increase of 35.4% and a profit growth of 122.9% [3] Group 5: Profitability Concerns - Despite rising rankings, some companies face profit declines, such as Li Auto, which reported a profit of $1.116 billion, down 32.5%, and Chery, with a profit drop of 21.7% [4] - The ongoing price war in the automotive sector is expected to lead to further differentiation and consolidation among companies [4] Group 6: Battery and Supply Chain Companies - CATL's ranking fell by 9 places to 77th, with an 11.2% revenue decline but a 13.2% profit increase; Guoxuan High-Tech rose from 442nd to 394th, with a revenue increase of 10.2% and a profit rise of 26.5% [4] - Companies in the intelligent driving supply chain, such as Joyson Electronics and Desay SV, also showed strong performance, with Joyson moving up to 300th and Desay entering the list at 474th with a revenue of $3.838 billion, up 24% [4]

Investment Rating - The report maintains an "Outperform" rating for Geely Automobile Holdings with a target price of HK$28.85 [2][4][15]. Core Insights - Geely's vehicle sales reached 1.409 million units in the first half of 2025, with expectations for significant growth in the second half due to a faster rollout of new models, likely exceeding the revised target of 3 million units for the year [4][15]. - The merger with Zeekr is expected to enhance Geely's core EV assets and strengthen its group platform strategy, aligning with the "One Geely" vision [5][16][17]. - The report forecasts vehicle deliveries of 3.11 million, 3.56 million, and 4.00 million units for 2025, 2026, and 2027, respectively, with NEV penetration rates of 56%, 57%, and 65% [4][15]. Financial Projections - Revenue is projected to grow from RMB 240.19 billion in 2024 to RMB 322.07 billion in 2025, with a year-on-year growth rate of 34% [9][10]. - Net profit is expected to remain stable at RMB 16.61 billion in 2025, with projected EPS of RMB 1.65, RMB 1.91, and RMB 2.07 for 2025, 2026, and 2027, respectively [9][10][13]. - The gross profit margin is anticipated to improve gradually, reaching 16.5% in 2025 and 16.8% by 2027 [9][10]. Strategic Merger Details - The merger with Zeekr, finalized on July 15, 2025, involved Geely acquiring all outstanding shares of Zeekr for approximately US$2.4 billion, with shareholders given the option of cash or stock [5][16]. - This merger is seen as a strategic move to consolidate resources, enhance operational efficiency, and secure core assets under Geely's control [6][19]. Product Launch Pipeline - Geely plans a robust product launch schedule in the second half of 2025, including several new models across its brands, which is expected to support the sales target of 3 million units [7][17].

宁波吉利罗佑发动机零部件有限公司，成立于2013年，位于宁波市，是一家以从事汽车制造业为主的企 业。企业注册资本28280万人民币。通过天眼查大数据分析，宁波吉利罗佑发动机零部件有限公司共对 外投资了1家企业，参与招投标项目171次，专利信息995条，此外企业还拥有行政许可7个。 极光湾科技有限公司，成立于2012年，位于宁波市，是一家以从事铁路、船舶、航空航天和其他运输设 备制造业为主的企业。企业注册资本50000万人民币。通过天眼查大数据分析，极光湾科技有限公司共 对外投资了10家企业，参与招投标项目62次，财产线索方面有商标信息4条，专利信息983条。 金融界2025年7月22日消息，国家知识产权局信息显示，浙江吉利控股集团有限公司、吉利长兴自动变 速器有限公司、宁波吉利罗佑发动机零部件有限公司、极光湾科技有限公司取得一项名为"动力控制方 法、装置、系统及车辆"的专利，授权公告号CN120039244B，申请日期为2025年04月。 天眼查资料显示，浙江吉利控股集团有限公司，成立于2003年，位于杭州市，是一家以从事汽车制造业 为主的企业。企业注册资本103000万人民币。通过天眼查大数据分析，浙江吉利 ...

Group 1 - The core viewpoint of the articles highlights Geely Holding Group's advancements in methanol hydrogen technology, showcasing a series of innovative achievements in the green methanol industry [1][2] - Geely has been deeply involved in the methanol industry chain for over 20 years, establishing a comprehensive green ecosystem covering carbon capture, methanol preparation, transportation, refueling, and vehicle application [1] - The company has scaled up the operation of over 50,000 methanol hydrogen electric vehicles, accumulating a total mileage of over 23 billion kilometers and holding more than 400 core patents [1] Group 2 - Geely's core brand for new energy commercial vehicles, Farizon, focuses on promoting comprehensive solutions for methanol hydrogen electric products, driving innovation in the commercial sector with a unique technological path [1] - The 260kW methanol hydrogen electric powertrain developed on the Methanol Hydrogen 3.0 platform is the first in the country to meet dual certification standards from the Ministry of Industry and Information Technology and the Ministry of Ecology and Environment, achieving a maximum thermal efficiency of over 53% [1] - The lowest power generation cost for this system is only 0.85 yuan/kWh, with an optimal methanol-electric conversion ratio exceeding 2.2 kWh/L, suitable for various applications including trunk logistics and bulk transportation [1] Group 3 - At the supply chain expo, Geely showcased the 420kW ship methanol hydrogen electric system, which offers longer range and lower initial investment compared to pure electric solutions, targeting coastal and inland waterway applications [2] - The Farizon mobile power supply vehicle provides uninterrupted power using green methanol fuel, with generation costs over 50% lower than diesel [2] - The Lei Shen EF methanol hydrogen electric technology allows for simultaneous refueling of methanol and gasoline through the same nozzle, intelligently recognizing and mixing the fuels in any proportion for efficient combustion and low emissions [2]

电力设备及新能源 新能源车零售渗透率连续超 50%，国产自主品牌始终保持强势 证券研究报告 | 行业动态点评 2025 年 07 月 21 日 事件：乘联会数据显示，6 月新能源车在国内总体乘用车的零售渗透率 53.3%，较去年同期提升 4.8个百分点。6月新能源乘用车产销分别达到 120.0 万辆和 111.1 万辆，同比分别增长 28.3%和 29.7%，生产环比增长 2.0%， 零售环比增长 8.2%；1-6 月累计生产 645.7 万辆，增长 38.7%；1-6 月累计 零售 546.8 万辆，增长 33.3%。1-6 月新能源车市场销量数据持续走高显示 出其强势发展趋势。 新能源车平均售价逐步下降，全价格带市场占比升高。 根据乘联会数据， 2024 年全体乘用车（燃油+新能源）均价是 17.7 万元，2025 年 1-6 月全体 乘用车（燃油+新能源）均价是 17.1 万元，其中 6 月份全体乘用车（燃油+ 新能源）均价 17.4 万元，6 月份均价较同期下降 0.7 万元。新能源车的均价 近期也逐步下降，从 2023 年的均价 18.4 万元，下降到 2024 年的均价 17.1 万元，再到目前 ...

Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].