乘用车企业25Q2业绩表现亮眼自主高端化催化密集。本周，新势力整车催化密集，小 米、小鹏、零跑发布25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损 从5亿元收窄至3亿元，单车毛利达6.7万元；小鹏25Q2毛利率创新高，达17.3%，同比 +3.3pct；零跑25Q2毛利率升至14.1%，创半年度毛利率新高，业绩整体表现亮眼。此外，蔚 来全新ES8正式发布并开启预售，BaaS方案售价30.88-45.68万元；控股股东何小鹏增持小鹏 汽车310万股港股（每股作价80.49港元，总金额约2.5亿港元），强化发展信心。展望后续， 问界M8/坦克500将于8月25/27日上市，问界M7、上汽尚界H5、蔚来ES8、吉利极氪9X将于9 月上市，魏牌旗舰SUV（搭载元戎启行VLA模型）将于25Q3上市，预计后续伴随新车密集 上市、交付上量，自主高端化车型有望加速上量。 NVIDIA携手富士康布局机器人具身智能催化可期。本周，NVIDIA携手富士康布局人工 智能机器人市场，人形机器人量产在即；智元机器人宣布具身智能迈入商用元年，计划今年 出货数千台，并在未来几年实现年产几十万台。全年来看，1）客户 ...

M STATE 8 11 s and the sta y ITY Children - L P OF 1 - 194 2 1572 street , 198 21 and a and n and 254 0) 37 当家庭用户还在为20万级SUV的"将就"选择而纠结时，吉利银河M9以"旗舰重构者"的姿态强势入局——19.38万元的门槛预售价不仅刷新了行业认知， 更以"三大旗舰实力+三大AI科技"的组合拳，直接将价值标杆拉升至50万级水准。这款基于GEA Evo原生架构打造的AI科技大六座旗舰SUV，用实力证明20 万级家庭用车，从此不必妥协。 价格策略：颠覆性定价重构市场规则 空间表现更是颠覆想象。5.2㎡的车内面积配合88.3%的"得房率"，直接可对标全尺寸SUV。但真正令人惊艳的是三排平权的设计理念——当竞品还在用 伪六座概念糊弄消费者时，银河M9的第三排座椅却实现了150°躺倒角度和0.15㎡勃朗峰舷窗，配合隐藏式杯托和电动踏板，彻底告别第三排只能是"储物 间"的尴尬。更妙的是"百变魔方空间"，从沙滩椅模式到大床房模式，只需一键切换，这种空间魔术堪称带娃神器和移动办公室的结合。 安全方面，吉利再次展现安 ...

Group 1: Key Recommendations - Semiconductor industry: SMIC (688981) is positioned as a leading domestic wafer foundry, with expected growth driven by the explosion in demand for AI chips and the trend of localization in chip production [5] - Automotive industry: Geely Auto (00175) is anticipated to enter a phase of dual growth in volume and profit, supported by a strong new car cycle in the second half of the year [7] - Electronics industry: Zhao Chi Co., Ltd. (002429) is recognized for its successful integration in the electronics manufacturing sector, with new growth potential in the optical communication field [8] Group 2: Important Insights - SMIC's revenue forecast for 2025-2027 is projected at 67.573 billion, 78.360 billion, and 89.721 billion CNY, with a revenue growth rate of 16.9%, 16.0%, and 14.5% respectively, and net profit growth rates of 44.7%, 19.0%, and 17.0% [5] - Geely Auto's revenue forecast for 2025-2027 is expected to reach 378.380 billion, 449.380 billion, and 521.762 billion CNY, with growth rates of 57.53%, 18.76%, and 16.11% respectively [7] - Zhao Chi Co., Ltd.'s revenue for 2025-2027 is estimated at 20.934 billion, 26.557 billion, and 34.642 billion CNY, with growth rates of 2.99%, 26.86%, and 30.45% respectively [9] Group 3: Catalysts - For SMIC, key catalysts include orders for semiconductor equipment and breakthroughs in process yield [5] - For Geely Auto, catalysts involve new car launches and the completion of shareholding integration [7] - For Zhao Chi Co., Ltd., catalysts include performance recovery in the second half of the year and progress in customer integration for optical communication projects [9] Group 4: Market Trends - The macroeconomic outlook indicates a return to equilibrium for the Federal Reserve's dual objectives, with a focus on maintaining a balanced approach to monetary policy [12] - The A-share strategy emphasizes a balanced allocation between large financials and technology sectors, while also increasing attention to previously lagging sectors like real estate [15]

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Period**: First half of 2025 Key Points Sales and Financial Performance - Geely's sales reached **1.41 million vehicles** in the first half of 2025, with **operating profit** of approximately **3.1 billion RMB** in Q2 and a total of **6.6 billion RMB** for the first half, meeting market expectations [2][13] - The company raised its full-year sales forecast to **3 million vehicles**, expecting an operating profit of **14 billion RMB**, driven by new model launches and high-end product releases in the second half [2][14] Market Position and Growth - Despite a shrinking market for fuel vehicles, Geely achieved growth, becoming the top-selling brand in the domestic fuel vehicle segment, with exports expected to reach **450,000 vehicles**, 20% of which are to the Russian market [2][4] - The Galaxy series products, particularly the Galaxy M9, exceeded expectations with over **40,000 orders** in 24 hours, indicating strong market acceptance of high-end products [3][9] Product Strategy and New Releases - Geely launched several high-end SUVs, including the Galaxy M9, Lynk & Co 900, and Zeekr 9X, targeting different price segments [2][9] - The company plans to integrate Zeekr and Lynk & Co to streamline costs, with Zeekr achieving profitability in Q1 2025 [2][10] Sales Performance of Key Models - The Wish model saw sales rise to **40,000 units** in June 2025, while the Galaxy E5 maintained monthly sales of **13,000 to 15,000 units** [8] - The Starry 8, a B-class plug-in hybrid positioned at A-class pricing, achieved monthly sales exceeding **10,000 units** [8] Resource Integration and Cost Management - Geely's integration of Zeekr and Lynk & Co has led to cost reductions through streamlined processes and procurement [10] - The company plans to fully incorporate Zeekr into the listed entity by September 2025 to further reduce costs [10] Electric Vehicle Progress - In Q1 2025, Geely sold **340,000** new energy vehicles, with **240,000** being pure electric and **100,000** plug-in hybrids; Q2 sales increased to **386,000** [12] - The Galaxy series accounted for **40%** of total sales in Q2, with five new models expected to launch this year [12] Future Outlook - Geely anticipates launching over five new Galaxy series models in 2026, aiming for annual sales exceeding **1 million vehicles** [15] - The company is positioned for growth in electric, high-end, and global markets, with a favorable long-term outlook [15] Valuation - Based on the forecasted operating profit of **14 billion RMB**, Geely's current valuation is approximately **12 times** this figure, with positive market sentiment regarding its future performance [16]

中国青年报客户端讯（中青报·中青网记者 张真齐）吉利汽车近日透露，旗下的吉曜通行已拥有行业最 大的短刀电池先进产能，目前在全国拥有8大生产基地，到2027年将形成70GWh产能规模。 今年4月，吉利汽车整合旗下电池业务成立"吉曜通行"，将原有的金砖电池、神盾短刀电池，统一为神 盾金砖电池品牌。神盾代表吉利汽车领先的电池安全系统，金砖代表吉利汽车行业出色的电芯技术，实 现吉利汽车自研自产电池安全系统与电芯产品的"强强合体"。 神盾金砖电池聚焦超行业标准的短刀技术路线，现有产品包含超级快充系列、高能量密度系列、超级混 动系列等。其中，神盾金砖电池超级混动系列拥有超安全、超快充、超倍率、超长寿命等行业领先的技 术优势，将在吉利汽车旗下的极氪、领克、银河等品牌上搭载。 据吉利汽车此前发布的2025年中期财报显示，其在新能源汽车市场的表现亮眼，上半年新能源汽车总销 量超72万辆，同比增长126%。 来源：中国青年报客户端 ...

乘用车 25Q2 业绩亮眼 自主高端化提速 2025 年 08 月 24 日 ➢ 周度数据：2025 年 8 月第 3 周（8.11-8.17）乘用车销量 43.7 万辆，同比 +8.2%，环比+14.2%；新能源乘用车销量 24.8 万辆，同比+15.1%，环比+13.0%； 新能源渗透率 56.7%，环比-0.6pct。 ➢ 本周行情：汽车板块本周表现强于市场。本周（8 月 18 日-8 月 22 日）A 股 汽车板块上涨 7.2%，在申万子行业中排名第 6 位，表现强于沪深 300（4.8%）。 细分板块中，商用载货车、汽车零部件、乘用车、摩托车及其他、汽车服务、商 用载客车分别上涨 8.7%、7.7%、6.9%、6.1%、3.7%、3.1%。 ➢ 本周观点：本月建议关注核心组合【吉利汽车、小鹏汽车、理想汽车、比亚 迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 乘用车企业 25Q2 业绩表现亮眼 自主高端化催化密集。本周，新势力整车 催化密集，小米、小鹏、零跑发布 25Q2 业绩，小米汽车业务毛利率从 Q1 的 23.2%提升至 26.4%，经营亏损从 5 亿元收窄至 3 亿元， ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector in the upcoming months [1]. Core Insights - The automotive industry is expected to gradually enter a seasonal peak as new car launches begin in the second half of the year, with price resilience observed against a backdrop of reduced competition [1]. - The market has absorbed much of the anticipated policy effects for next year, leading to significant gains in automotive stocks, suggesting a shift towards focusing on alpha stocks rather than beta stocks [2]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for companies like Xiaopeng, which saw a year-on-year increase of 229.4%, while BYD's deliveries were 344,296 units, up 0.6% year-on-year but down 10% month-on-month [4][14]. - Traditional automakers also reported strong sales, with Geely's sales reaching 238,000 units, a 57.6% increase year-on-year [4][20]. - The average discount rate in early August was 10.1%, reflecting a slight increase from the previous period, with an average discount amount of 22,542 yuan [4]. Industry News - The report highlights several key developments, including the launch of the Mengshi M817, which features advanced driving technologies and a starting price of 319,900 yuan [27]. - A survey by the China Automobile Dealers Association indicated that 52.6% of automotive dealers reported losses in the first half of 2025, with independent new energy vehicle brands performing better than traditional fuel brands [27]. - The report also notes that NIO has invested over 18 billion yuan in charging and battery swap infrastructure over the past decade, with more than 8,100 stations built nationwide [28]. Market Performance - The automotive sector saw a weekly increase of 4.94%, ranking 6th among 29 sectors, with significant gains in both the parts and passenger vehicle segments [7].

从车身比例来看，车窗与车身比例达到1：1.2，接近豪华车型的视觉效果，营造出挺拔的姿态。通过优化车身线条与细节 处理，该车实现了0.285Cd的超低风阻系数，在保障设计美感的同时，有助于降低能耗、提升续航表现。此外，新车提供6种外 观车色与2种内饰颜色选择，满足消费者个性化需求。空间表现上，吉利银河M9车身尺寸为5205mm×1999mm×1800mm，轴距 超过3米，车内面积达5.2㎡，得房率为88.3%，在同级别车型中处于领先水平。该车采用"三排平权"的六座布局设计，通过差异 化配置满足不同座位的使用需求。 为适配多样化用车场景，该车开发了"百变魔方舒享空间"系统，支持常用空间模式一键8调，包括双侧沙滩椅模式、三排 观影沙发模式及后排大床房模式等。同时，车辆可实现满配六座与尊享四座的灵活切换，覆盖家庭出行、休闲娱乐等多种场 景。 本报讯 （记者刘钊）8月23日，吉利银河品牌旗下首款"AI科技大六座旗舰SUV"——吉利银河M9正式启动全球预售。此次 共推出6个版型，涵盖210km四驱领航版、230km两驱探索版、230km两驱智航版、100km两驱智航版、230km两驱远航版及 100km两驱启航版，预售价 ...

Core Insights - The Geely Galaxy M9, the first flagship SUV from Geely Galaxy, has officially launched global pre-sales with a price range of 193,800 to 258,800 yuan, marking a significant milestone for Geely after achieving one million sales [2][4] - The M9 is built on the GEA Evo architecture and features advanced AI technology, emphasizing flagship aesthetics, space, and safety [2][3] Group 1: Product Features - The M9 boasts dimensions of 5205mm in length, 1999mm in width, and 1800mm in height, with a wheelbase exceeding 3 meters, providing a spacious interior area of 5.2m² and a room utilization rate of 88.3% [2] - It incorporates a high-strength star-shaped cage body structure for safety, equipped with nine airbags and advanced battery safety features, surpassing the new national safety standards established in 2026 [2][3] Group 2: AI Technology - The M9 features an AI intelligent cockpit powered by the Qualcomm 8295P flagship chip and introduces the world's first large-scale deployable emotional intelligent agent, Eva, capable of self-judgment and task execution [3] - The vehicle includes a comprehensive perception system with 11 high-definition cameras, 3 millimeter-wave radars, 1 laser radar, and 12 ultrasonic radars, enhancing driving safety with over 40 L2-level safety functions [3] Group 3: Market Positioning - The M9's starting price of 193,800 yuan positions it competitively against similar models like the Deep Blue S09 and Li Auto L9, which start at significantly higher price points [4] - The growing demand for three-row SUVs, driven by consumer preferences for larger vehicles and family needs, indicates a potential market shift, with competitors needing to either lower prices or enhance configurations to remain competitive [4]

Group 1 - Lantu Automotive is set to list on the Hong Kong Stock Exchange through an introduction listing, with Dongfeng Group simultaneously completing its privatization and delisting [1][3] - Dongfeng Group will distribute its 79.67% stake in Lantu Automotive to all shareholders, followed by a cash compensation for minority shareholders, with an overall acquisition price of HKD 10.85 per share, including HKD 6.68 in cash and HKD 4.17 in Lantu equity [3] - Lantu achieved quarterly profitability last year, showing significant improvements in brand, product, technology, and channel capabilities, which is reflected in its sales performance [6] Group 2 - Dongfeng Fengxing's Xinghai V9 Yuexiang series has been launched, with prices ranging from RMB 179,900 to RMB 199,900 [4][6] - The new model features a design inspired by Eastern aesthetics, with dimensions of 5230mm in length, 1920mm in width, and 1820mm in height, positioning it as a 7-seat large plug-in hybrid MPV [8] - The vehicle is equipped with a 12.3-inch central control screen, Qualcomm 8155 chip, and a dual-layer soundproof glass, among other features [10] - The powertrain includes a Mahle dual-engine hybrid system with a 1.5T engine achieving a thermal efficiency of 45.18%, a 150kW electric motor, and a 34.9kWh lithium iron phosphate battery, offering a WLTC fuel consumption of 6.2L/100km and a pure electric range of 200km [13] Group 3 - Geely's Galaxy M9 has opened for pre-sale, with prices ranging from RMB 193,800 to RMB 258,800 [3][22] - The new model adopts Geely's latest "Star Ripple" design philosophy, with dimensions of 5205mm in length, 1999mm in width, and 1800mm in height, featuring a 2+2+2 six-seat layout [16] - The interior includes a 30-inch 6K central control screen, a 32-inch AR-HUD, and a 27-speaker sound system, with all seats supporting electric adjustment [18] - The powertrain is based on the GEA architecture, featuring a new generation of Raytheon EM-P super hybrid system, with a maximum power of 520kW for the four-wheel-drive version and a 0-100 km/h acceleration time of 4.5 seconds [20]