Core Viewpoint - The motorcycle industry is experiencing significant growth, with a notable increase in sales across various displacement categories, indicating a positive trend for investors in this sector [1][2][8]. Sales Data Observation - In May 2025, sales of motorcycles with a displacement of over 250cc reached 101,000 units, representing a year-on-year increase of 31.1% and a month-on-month increase of 8.9%. Cumulative sales from January to May totaled 399,000 units, up 50.4% year-on-year [1]. - For motorcycles with a displacement between 250ml and 400ml, May sales were 53,000 units, up 21.4% year-on-year and 20.7% month-on-month, with cumulative sales of 212,000 units from January to May, reflecting a 55.2% year-on-year increase [2]. - Motorcycles with a displacement between 400ml and 500ml sold 30,000 units in May, a year-on-year increase of 23.3% and a month-on-month increase of 1.0%, with cumulative sales of 104,000 units, up 15.6% year-on-year [2]. - Sales of motorcycles with a displacement between 500ml and 800ml reached 16,000 units in May, showing a remarkable year-on-year increase of 96.6% but a month-on-month decrease of 5.5%, with cumulative sales of 72,000 units, up 105.9% year-on-year [2]. - For motorcycles with a displacement over 800cc, May sales were 2,600 units, a year-on-year increase of 109.6% but a month-on-month decrease of 11.5%, with cumulative sales of 12,000 units, up 167.4% year-on-year [2]. Company Performance - Chuanfeng Power sold 22,000 units in May, a year-on-year increase of 48.1%, with a market share of 21.5%, slightly down by 2.6 percentage points month-on-month. Cumulative market share from January to May was 21.7%, up 1.9 percentage points compared to the entire year of 2024 [2]. - Longxin General sold 13,000 units in May, a year-on-year increase of 20.7%, with a market share of 12.9%, up by 0.2 percentage points month-on-month. Cumulative market share from January to May was 13.2%, down 1.0 percentage points compared to the entire year of 2024 [2]. - Qianjiang Motorcycle sold 14,000 units in May, a year-on-year increase of 6.4%, with a market share of 14.0%, down by 2.2 percentage points month-on-month. Cumulative market share from January to May was 14.6%, down 2.2 percentage points compared to the entire year of 2024 [2]. Industry Outlook - The motorcycle industry is expected to continue its upward trajectory, driven by strong sales performance and market dynamics. The focus on larger displacement motorcycles is particularly noteworthy, as it reflects changing consumer preferences and potential growth opportunities for leading companies in this segment [1][8].

本篇报告重点分析理想在高端市场中的品牌护城河如何形成，以及高端市场的竞争格局，结合公司纯电 产品和智能化能力，看好公司通过品牌壁垒维持高端市场份额，并迎来销量利润的再次向上。 高端市场地位稳固，品牌力为第一层护城河。2024 年25 万元以上市场空间380.7 万辆，同比-5.9%；公 司在25 万元以上价格带中份额为自主品牌第一，约为10%；核心原因为：1）公司已经建立以品牌为核 心的护城河，并非可通过模仿产品轻易超越；2）当前公司依靠销量和智能化技术能力奠定品牌基础， 并通过高端家庭形象塑造品牌社会属性。因此，公司在高端市场中的品牌护城河逐步加深，避免落入单 纯的价格博弈，在中长期时间内有望持续强化在高端市场中的地位。远期来看，高端市场品牌为核心竞 争要素，且难以突破。油车时代，BBA长期占据25 万元以上市场超过60%的份额；新能源时代，头部 集中度有望高于电车，我们认为公司远期有望获得超过25%的份额，对应约为100 万辆销量。 基础建设配套能力+纯电产品定义形成公司第二层护城河。当前限制纯电产品发展的两大主要痛点为里 程焦虑和补能焦虑。公司纯电产品在现有技术条件下提供行业领先的解决方案：1）通过超低 ...

原文来自有个理想： 上周，不少人都在社交媒体平台上追更了一部"连续剧"。在虎跳峡，因路面情况和操作失误，一位 车主驾驶理想L6 Pro不慎冲下悬崖，车辆极限前后翻滚三十多米着地，相当于从十几层楼的高度下 落。 图源小红书用户@Somers' eyes 从事故现场可以看到，车辆前后虽受损严重，但乘员舱结构保持完整、电池没有燃烧、气囊正常弹 出、四个车门都能顺利打开……为车内保留了充足的安全空间，保护两名乘员和一只小狗全部平 安。 图源小红书用户@Somers' eyes 据车主回忆，在车辆翻滚期间，因车辆气囊对乘员的良好防护效果， 他本人所感受到的冲击力其实 并不大，"全程就像有一堆气球挤着我"。 图源小红书用户@Somers' eyes 根据网友判断，虎跳峡此处悬崖最少三五十米，车辆从满是碎石的坡面翻滚而下，连个缓冲的树丛 都没有，光是看着就让人心惊！某种程度上，博主真是全靠理想才捡回一条命。 另一位网友发现了盲点——车都那样了，人竟然还能站出来拍照！ 明明网上人人都说理想"皮薄"， 每次遇上车祸都虚得很，实在想不到现实中的理想有这么皮实。博主本人也站出来为理想发声：比 起传统豪华车，无论是驾乘体验，还是安全 ...

声明: 本文不是给理想献策，而是分析为什么理想暂时实现不了自身目的。 理想销售近期一系列改革目的是让销售专注价值传递，从而形成良性订单循环。 TOP2下两个判断： 1.理想目前解决问题的思路暂时无法实现其目的。(本文会详细论述原因) 理想本轮改革在形式上做了很多点尝试让销售专注价值传递，包括但不限于 取消销售PIP制度，更严 格抓返佣， 强要求全员更细化掌握产品知识 全员(含店长、销售经理、片区总，及中台人员) 等。 但是，面对实际存在的订单压力，理想目前的现状五大战区总高频逼单下面的战区总，下面的战区总 高频逼单销售经理，销售经理高频逼单店长，店长实际上也只能高频逼单销售。 层层加码下，高的店每小时要被逼一次单，少的店一天也要被逼一次单。 越逼单，越在意短期立马成交，越没法向客户价值传递。 2.理想经过一段时间后，一定可以实现自身目的，时间有可能会比较长，在此之前销量会受影响。 (由于种种原因，不方便进行论述。) 要让大量销售专注价值传递，核心要以店长为中心形成3个观点共识： 1.店长从心底里认同专注传递价值，一定能让订单形成良性循环。 2.天天催，每小时催订单，一定会让订单恶化，动作变形。 3.店长内心要 ...

Group 1: Industry Performance - In May, China's automobile production and sales reached 2.649 million and 2.686 million units, respectively, with month-on-month growth of 1.1% and 3.7%, and year-on-year growth of 11.6% and 11.2% [1] - In the same month, the production and sales of new energy vehicles (NEVs) were 1.27 million and 1.307 million units, showing year-on-year increases of 35% and 36.9%, with NEVs accounting for 48.7% of total new car sales [2] - From January to May, NEV production and sales totaled 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44% [2] Group 2: Market Dynamics - The automotive market is experiencing a "green transformation" driven by the "Two New" policies, with a focus on enhancing consumption vitality through new product launches and promotional events [2] - A collective action among major automotive companies aims to shorten payment terms to suppliers to within 60 days, addressing financial pressures and promoting a healthier industry ecosystem [3][6] Group 3: Regulatory Environment - The Ministry of Industry and Information Technology has emphasized the need for stricter regulations to combat industry chaos, including the establishment of new safety standards for NEVs and addressing hidden safety risks [4] - The China Automobile Industry Association has called for maintaining fair competition and addressing the negative impacts of price wars on consumer rights and industry health [4][5]

Group 1 - Tesla's next-generation Full Self-Driving (FSD) chip AI 5 has entered mass production, achieving a computing power of approximately 2500 TOPS, which is 4-5 times higher than AI 4 and surpasses Nvidia's Thor-X chip [1][39] - NIO plans to introduce strategic investors for its self-developed chip division and has launched its first mass-produced 5nm intelligent driving chip, Shenji NX9031, with a computing power exceeding 1000 TOPS [2][18] - The competition among eight major automakers in chip development has intensified, marking a significant shift in the industry [3][9] Group 2 - Xiaopeng Motors announced that its G7 Ultra model will feature three Turing AI chips, with a combined computing power exceeding 2200 TOPS, significantly higher than the Nvidia Orin-X chips [5][14] - Xiaomi is also developing automotive chips, with plans to launch them soon, indicating a broader trend of automakers venturing into chip development [7][16] - The self-developed chip initiatives by various automakers reflect a growing trend in the industry, with eight companies reportedly pursuing their own intelligent driving chip projects [10][11] Group 3 - The global intelligent driving chip market is currently dominated by Nvidia, which holds a 39.8% market share with its Drive Orin-X series [11][13] - The demand for higher performance chips is increasing as automakers aim to enhance their intelligent driving capabilities, leading to a surge in self-developed chip production [13][39] - The competition in chip development is characterized by two main strategies: companies like BYD and Leap Motor focus on self-sufficient chip production for mainstream markets, while NIO and Xiaopeng target the high-end market with advanced chip solutions [20][29] Group 4 - The future direction of chip development in the automotive industry will focus on increasing performance, reducing costs, and competing for talent [21][30] - The high cost of developing automotive-grade chips poses significant challenges, with estimates suggesting that a minimum investment of 1 billion yuan is required for basic chip development [25][29] - The competition for talent in chip development is critical, with many companies actively recruiting experienced professionals from leading tech firms [30][34] Group 5 - The evolution of self-developed chips in the automotive industry has gone through five key phases over the past decade, starting from the initial efforts by Tesla to the current competitive landscape [37][41] - The shift towards self-developed chips is driven by the need for supply chain security, performance optimization, cost reduction, and data security [39][40] - The rise of domestic self-developed chips signifies a transformation in the Chinese automotive industry, moving from reliance on external technologies to fostering independent innovation [54]

华尔街见闻获悉，日前工信部已经公示理想家庭五座纯电SUV理想i6的部分参数信息，新车车身尺寸4950*1935*1655/1670mm，轴距3000mm；新五座SUV 形态，运动感与大空间兼得。大曲率弧线贯穿车顶，运动溜背造型；全系标配5C，超2500座5C超充站，充电；理想i6全系标配全新一代5C磷酸铁锂电池。 ...

➢ 投资建议：公司三重护城河逐步形成，我们看好公司在中高端市场凭借品牌 力占据稳固的市场份额，并维持高盈利能力；逐步在纯电基础建设及智能化能力 方面加大投入强化优势，驱动销量的稳步提升。我们预计公司 2025-2027 年收 入分别为 1,583.0/1,930.2/2,269.8 亿元，归母净利润为 101.2/145.7/184.1 亿 元，对应 2025 年 6 月 19 日收盘价 101.9 港元/股（港元兑人民币汇率 1:0.92）， PE 分别为 20/14/11 倍，维持"推荐"评级。 ➢ 风险提示：车市下行风险；新车型销量、需求不及预期；行业竞争加剧风险； 出海进度不及预期。 [盈利预测与财务指标 Table_Forcast] | 单位 / 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 144,460 | 158,301 | 193,015 | 226,982 | | 增长率（%） | 16.6 | 9.6 | 21.9 | 17.6 | | 归属母公司股东净利润（百万 ...

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 作者丨阿狸 编辑丨园长 图源丨Midjouney 更令人匪夷所思的是，全国各地的知名企业也前来凑热闹，争抢赛事赞助合作商。 刺猬公社 . 互联网内容行业观察与研究 来源丨 刺猬公社（ID：ciweigongshe） 上个周末，全国人民蹲在直播间观看一场草根足球比赛 ——"苏超"，要知道，在一个月前，这还是 一场无人问津的足球比赛。 根据苏州官方发布的数据，苏超第四轮比赛的场均观众已达 25802 人，而一个月前的首轮比赛，场 均观众仅有 7745 人。 增加的大部分观众，很有可能都是来凑热闹的，但作为一场由官方主导的省级足球赛事，因为各式各 样的段子出圈，在社交媒体上吸引泼天流量，在国内，这还是头一回见。截至 2025 年 6 月 16 日，抖音上关于"苏超"及"苏超联赛"的话题播放量已超过 70 亿次。 6 月 6 号，"江苏省城市足球联赛"公众号公布了最新的赛事赞助商名单，在这份名单里，除新增一 个类别的赞助商——公益支持单位（其中仅有一家），赛事的赞助商扩容至 19 个，是首轮的三倍。 品牌的狂欢，反向验证着比赛的热度，但并不是谁都有资格成为苏超的合作伙伴， ...

智通财经APP获悉，中银国际发布港股策略报告，香港金融市场流动性保持充裕，港股今年以来交易额 上升。截至今年6月18日，平均每日成交额达2,401亿港元，远高于去年同期的1,108亿港元及2024年全年 的1,318亿港元。恒生科技指数2025年以来累涨16.7%。该行建议投资者密切关注南向交易中一些活跃股 票，包括：阿里巴巴-W(09988)、美团-W(03690)、中国移动(00941)、腾讯控股(00700)、中芯国际 (00981)及理想汽车-W(02015)。 该行指，香港金融市场流动性充裕，隔夜拆借利率(HIBOR)接近零。尽管近几个月地缘政治风险上升， 但香港金融市场流动性充足，有助于稳定股市并改善市场情绪。自今年5月初以来，香港金管局通过外 汇市场操作向银行系统注入约1,289亿港元流动性，银行业总结余从2025年5月2日的446亿港元大幅增至 6月18日的1,735亿港元。同时，隔夜拆借利率从5月2日的4.22%骤降至6月18日的0.01%，显示香港金融 市场流动性极为充裕。 此外，香港首次公开募股(IPO)市场在市场流动性上升的背景下蓬勃发展。据WIND数据，2025年迄今香 港股市IPO ...