Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with several experiencing year-on-year declines in sales [1] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Major Players in the Market - BYD remains the leader in sales among the "self-owned five strong," with over 340,000 units sold in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [2][4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time since its launch [7] - Ideal and NIO showed fluctuations in sales, with Ideal delivering 30,700 units and NIO 21,000 units [7] Group 3: Joint Venture Brands - Joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, and both Toyota brands achieving sales of 60,000 units each [9] - SAIC-GM saw significant growth, with sales increasing by 181.68% year-on-year to 42,300 units, driven by strong performance from the Buick brand [9] - Several joint venture new energy models are gaining traction, with GAC Toyota's pure electric SUV and Dongfeng Nissan's N7 showing promising sales figures [9] Group 4: Market Outlook - Despite seasonal challenges, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [10]

汽车行业分城市零售跟踪 2Q25 低线城市占比同比持续提升 证 券 研 究 报 告 中国汽车终端零售量近年在波动中增长，并在一二三四线城市中出现分化，我 们持续跟踪季度分车系分城市零售数据，以便投资者更好理解销量状态。 2Q25 零售情况： 同比角度： 绝对增量上看，自主品牌同比贡献最多，其中自主豪华增长主要来自新一线、 二线城市，自主普通在所有线级城市均有所增长，其中四线增长最多；合资豪 华在各级城市均有所下降。 环比角度： 绝对增量上看，自主和合资普通环比贡献最多，其中自主普通增长主要来自新 一线、二线城市，合资普通增长主要来自新一线、二线城市。 市占率角度： 环比变动：合资豪华≈合资普通-0.5PP<特斯拉-0.4PP<自主+0.5PP<自主 豪华+0.9PP。 自主不断蚕食合资市场，受季节性影响低线城市占比有所下滑。 详细内容可参考正文图表。 行业研究 汽车 2025 年 08 月 07 日 推荐（维持） 华创证券研究所 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 行业基本数据 ...

Core Viewpoint - The recent social media exchange between NIO's senior vice president and Li Auto's executives highlights the intense competition and rivalry in the electric vehicle market, particularly between the newly launched models, NIO's L90 and Li Auto's i8 [1][5][7]. Group 1: Company Competition - The launch of Li Auto's i8 and NIO's L90 has led to a public dispute, with both companies' executives engaging in a war of words over their respective vehicles' merits [5][7]. - Li Auto's i8 received nearly 6,000 pre-orders in its first week, while NIO's L90 achieved 1,976 deliveries within three days of its launch, indicating strong market interest in both models [8]. - The competitive landscape is further complicated by Li Auto's recent price adjustments, reducing the i8's price from 349,800 yuan to 339,800 yuan to counter NIO's lower-priced L90, which starts at 265,800 yuan [9][10]. Group 2: Market Dynamics - The rivalry is fueled by overlapping market positioning, as both models target similar consumer segments, leading to heightened scrutiny and comparisons [7]. - The ongoing disputes and public exchanges serve to draw consumer attention to both brands, potentially benefiting their sales despite the aggressive competition [7]. - NIO's financial struggles are evident, with a reported net loss of 6.891 billion yuan in the first quarter, emphasizing the pressure on the company to achieve sales targets with the L90 [10].

Group 1 - The latest stock price of Dongfeng Motor Corporation is 7.34 yuan, with a slight increase of 0.01 yuan or 0.14% compared to the previous trading day [1] - Dongfeng Motor Corporation operates in the automotive sector, focusing on the research, production, and sales of commercial vehicles, passenger cars, and automotive parts [1] - A joint statement was released by Li Auto, China Automotive Technology & Research Center, and Dongfeng Liuzhou Motor regarding the collision test of the Li Auto i8, indicating that they have reached a resolution concerning the controversy [1] Group 2 - On the same day, the net outflow of main funds for Dongfeng Motor Corporation was 13.48 million yuan, with a total net outflow of 67.76 million yuan over the past five days [2]

Core Viewpoint - Klépierre has released its first-half 2025 financial report, highlighting its position as a leading European shopping mall operator with a significant portfolio value and commitment to sustainability [2][4]. Company Overview - Klépierre is the European leader in shopping malls, focusing exclusively on continental Europe [3]. - The company's portfolio is valued at €20.6 billion as of June 30, 2025, comprising large shopping centers in over 10 countries [3]. - Klépierre attracts more than 700 million visitors annually to its shopping centers [3]. - The company is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20 and EPRA Euro Zone Indexes [3]. - Klépierre is recognized in various ethical indexes, including CAC SBT 1.5, MSCI Europe ESG Leaders, and FTSE4Good, reflecting its commitment to sustainable development and climate change initiatives [3].

8月5日，理想汽车称，首款纯电SUV理想i8上市一周后调整价格和配置。因Pro版订单少、性价比不 足，统一配置为i8Max，售价从34.98万元降至33.98万元，赠价值1万的铂金音响，后舱娱乐屏套装选装 价1万；原Ultra版用户34.98万元享原配置；原Pro版用户可退订或升级。 本文源自：智通财经网 智通财经获悉，周三，理想汽车(LI.US)跌逾5%，报24.25美元。消息面上，8月6日，理想汽车、中国汽 研、东风柳汽三方发布"关于理想i8碰撞测试相关事件的联合声明"，共同呼吁杜绝诸如贬损性对比等任 何形式的不当竞争行为。在联合声明中，理想汽车表示，公司无意冒犯，也从未刻意想通过此次测试质 疑或影射东风柳汽的车辆产品质量与安全性。理想汽车将进一步采取措施，避免再次引发类似争议。 ...

8月5日，理想汽车称，首款纯电SUV理想i8上市一周后调整价格和配置。因Pro版订单少、性价比不 足，统一配置为i8Max，售价从34.98万元降至33.98万元，赠价值1万的铂金音响，后舱娱乐屏套装选装 价1万；原Ultra版用户34.98万元享原配置；原Pro版用户可退订或升级。 周三，理想汽车(LI.US)跌逾5%，报24.25美元。消息面上，8月6日，理想汽车、中国汽研（601965）、 东风柳汽三方发布"关于理想i8碰撞测试相关事件的联合声明"，共同呼吁杜绝诸如贬损性对比等任何形 式的不当竞争行为。在联合声明中，理想汽车表示，公司无意冒犯，也从未刻意想通过此次测试质疑或 影射东风柳汽的车辆产品质量与安全性。理想汽车将进一步采取措施，避免再次引发类似争议。 ...

8月5日，理想汽车称，首款纯电SUV理想i8上市一周后调整价格和配置。因Pro版订单少、性价比不 足，统一配置为i8Max，售价从34.98万元降至33.98万元，赠价值1万的铂金音响，后舱娱乐屏套装选装 价1万；原Ultra版用户34.98万元享原配置；原Pro版用户可退订或升级。 智通财经APP获悉，周三，理想汽车(LI.US)跌逾5%，报24.25美元。消息面上，8月6日，理想汽车、中 国汽研、东风柳汽三方发布"关于理想i8碰撞测试相关事件的联合声明"，共同呼吁杜绝诸如贬损性对比 等任何形式的不当竞争行为。在联合声明中，理想汽车表示，公司无意冒犯，也从未刻意想通过此次测 试质疑或影射东风柳汽的车辆产品质量与安全性。理想汽车将进一步采取措施，避免再次引发类似争 议。 ...

Core Viewpoint - The recent collision test incident involving Li Auto's i8 has garnered significant attention, leading to a joint statement from Li Auto, China Automotive Engineering Research Institute, and Dongfeng Liuzhou Motor Co., Ltd. to clarify the situation and address public concerns [2][5]. Group 1: Li Auto's Position - Li Auto stated that the purpose of the collision test was to verify and enhance the passive safety performance of the i8, and it was not intended to question the safety and quality of any other vehicle brands [2]. - The company expressed sincere apologies for inadvertently involving Dongfeng Liuzhou's brand in negative public sentiment, which could harm its brand image [2]. - Li Auto committed to taking further measures to prevent similar controversies in the future [2]. Group 2: China Automotive Engineering Research Institute's Role - China Automotive Engineering Research Institute acknowledged that it failed to clearly communicate to the public that the Dongfeng Liuzhou vehicles were used solely as "mobile barrier vehicles" for the test, and the test did not evaluate their safety and quality [5]. - The institute admitted to a lack of foresight in managing potential risks associated with incomplete information dissemination and expressed regret for the misunderstanding caused [5]. - As a third-party testing organization, it plans to improve its testing management mechanisms [5]. Group 3: Dongfeng Liuzhou Motor's Response - Dongfeng Liuzhou emphasized its commitment to continuous innovation and strengthening core technologies to provide better transportation solutions and create value for customers [8]. - The company stated its dedication to resisting unfair competition and adhering to legal and compliant business practices [8]. Group 4: Joint Statement and Industry Call - The joint statement from the three parties called for strict self-discipline within the automotive industry, urging adherence to integrity principles and commercial ethics in product development, testing, and promotion [10]. - It emphasized the need for testing and certification organizations to maintain professional standards, ensuring that testing processes are scientific and information released is accurate and complete [10]. - The statement encouraged the industry to focus on enhancing vehicle safety performance, core technology innovation, and improving user experiences to elevate the overall image and competitiveness of the Chinese automotive industry [10].

Core Viewpoint - The recent collision test involving the Li Auto i8 and a third-party vehicle (Dongfeng Liuzhou Automobile's乘龙 brand) has sparked widespread public concern regarding the transparency of automotive product testing information, standard execution, and brand image protection [2] Group 1: Company Statements - Li Auto clarified that the purpose of the test was to verify and enhance the passive safety performance of the Li Auto i8, and it was not intended to question the safety and quality of any other brand's vehicles [2] - Li Auto expressed sincere apologies for the unintended negative impact on the Dongfeng Liuzhou brand due to the test, acknowledging the potential brand association risks and public misunderstandings [2] - China Automotive Engineering Research Institute (China Automotive Research) admitted that it failed to clearly communicate that the Dongfeng Liuzhou second-hand vehicle was used solely as a "mobile barrier vehicle" for the test, which led to public misconceptions [3] Group 2: Industry Initiatives - The three parties jointly called for the automotive industry to adhere to self-discipline, emphasizing the importance of integrity and commercial ethics in product development, testing, and promotion [4] - The industry is encouraged to focus resources on enhancing vehicle safety performance, core technology innovation, and optimizing user experience to drive industry upgrades and improve the overall image and competitiveness of the Chinese automotive sector [4] - The three parties expressed their commitment to building a safe, technology-driven, and integrity-based automotive ecosystem, promoting high-quality and sustainable development in the Chinese automotive industry [5]