金十数据7月30日讯，今日早间恒指跳空低开后一度跌逾300点，最低见25213.40点，随后震荡回升收复 失地，跌幅收窄至不足100点。恒生科技指数盘初一度跌逾2%。截至午间收盘，恒指收跌0.43%，报 25414.72点，科指收跌1.57%，报5556.04点，恒指大市成交额达142.24亿港元。盘面上，医药股延续强 势，石油股涨幅居前，汽车股、半导体板块承压明显，跌幅居前。个股方面，药明康德(02359.HK)收涨 2.24%，中国石油股份(00857.HK)收涨2.26%，理想汽车(02015.HK)收跌10.51%，宁德时代(03750.HK)收 跌6.75%，中芯国际(00981.HK)收跌3.94%。 港股午评：恒指跳空低开企稳 汽车股承压跌幅居前 ...

Key Points - Xiaomi's AI glasses project, initiated by CEO Lei Jun, aims for an annual shipment of 5 million units within three years, with initial sales exceeding expectations [1][2] - BYD's Fangchengbao model showcased its durability during a rescue operation, with the vehicle sustaining no deformation [2][3] - Zhou Hongyi criticized Apple for failing in the AI battle, while noting Google's core search business is being eroded by AI [5] - Li Xiang, CEO of Li Auto, clarified he never used the phrase "stupid technology" and emphasized the importance of valuable technology [6] - Alibaba Cloud's founder Wang Jian predicted that 90% of current AI applications may disappear within ten years, urging developers to focus on innovative applications [7] - Antigravity, a new brand by Ying Shi, announced the upcoming public testing of its first panoramic drone [8] - Samsung and Tesla signed a $16.5 billion chip supply agreement for AI6 chips to be produced in the U.S. [29][30] - Tesla confirmed the ongoing development of the Roadster project, with a significant demonstration planned for the end of the year [34] - Intel plans to spin off its NEX networking division, indicating a strategic shift away from direct competition with Nvidia [36]

Core Insights - The Chinese luxury car market is experiencing a significant shift, with domestic high-end brands gaining market share and challenging traditional luxury brands [2][12][15] - In the first half of 2025, the total sales of luxury cars in China are projected to be around 1.6 million units, showing a slight decline of 5%-7% year-on-year, while domestic high-end brands report a growth of approximately 35% [2][14] - The key factor driving this change is the increasing importance of "intelligent features" in consumer decision-making, with brands that excel in smart technology gaining a competitive edge [2][16] Domestic High-End Brands Performance - Domestic high-end brands achieved total sales of approximately 920,000 to 950,000 units in the first half of 2025, marking a significant increase and filling the gap left by declining traditional luxury brands [14][15] - Notable performers include Li Auto with 208,000 units, AITO with 206,000 units, and a combined total of over 250,000 units from brands like NIO, Xpeng, and Xiaomi in the 300,000 yuan and above segment [14][15] - BYD leads the industry with total sales of 2.146 million units, including around 120,000 units from high-end models [14] Traditional Luxury Brands Performance - Traditional luxury brands, particularly the German trio (BBA: Benz, BMW, Audi), are experiencing significant declines in sales, with Benz down 14.2%, BMW down 19.6%, and Audi down 15% in the first half of 2025 [5][6][7] - Lexus stands out as the only traditional luxury brand showing growth, with sales of 85,000 units, maintaining its position as the top-selling imported luxury brand for five consecutive years [5][6] - The super-luxury segment is also facing challenges, with brands like Porsche and Bentley reporting declines of 28% and significant drops in sales across other super-luxury brands [10][11] Market Dynamics and Consumer Behavior - A shift in consumer preferences is evident, with buyers prioritizing technology and practicality over brand prestige, leading to increased demand for vehicles equipped with advanced smart features [16] - Policy changes, such as the adjustment of consumption tax for super-luxury cars, have raised costs for high-priced models, further impacting sales of traditional luxury brands [11][16] - The competitive landscape is evolving, with domestic brands leveraging local supply chains and rapid software updates to position "smart luxury" as a core selling point [3][16]

7月17日，中央第四指导组赴中汽协调研，要求龙头企业依法合规竞争，发挥行业示范作用。 7月18日，三部门联合会议宣布建立价格监测体系，开通"车企账期问题线上投诉窗口"，将供应链稳定 纳入督查范围。 从市场反应看，诸多网友认为，尽管理想i8的外观和配置没有明显短板，但该产品缺乏让人眼前一亮 的"爆点"。比如，理想i8的小定用户几乎没有什么特别优惠，只有优先排产的权益。并且Pro版本不能 选装后排电视、冰箱等配置，实际体验甚至差于售价更低的L7、L6等车型。值得注意的是，发布会后 理想汽车官方并未晒出理想i8的大定数据，似乎从侧面说明，该产品的销量表现并不理想。 事实上，汽车行业愈演愈烈的"内卷式竞争"引发国家层面高度关注。7月以来，多部委密集出台措施遏 制非理性价格战： 7月16日，国务院常务会议首次将"整治新能源汽车非理性竞争"纳入议程，要求建立成本监测机制，严 查偷工减料行为，并明确车企供应链账期不得超过60天。 周三早盘，港股汽车股普遍承压下行，理想汽车-W跌幅显著早盘跌幅一度跌超11%，截止发稿，理想 汽车下跌10.09%报107.80港元，市值2184亿港元。 周二晚，理想汽车发布首款纯电SUV——理 ...

Core Viewpoint - Morgan Stanley's report indicates that Li Auto-W (02015) has launched its long-awaited electric SUV, the i8, with a price range of 321,800 to 369,800 RMB, which is viewed as a positive surprise due to being 8% lower than the previously announced expected price [1] Pricing Analysis - The entry-level i8 is priced the same as the L8 range-extended electric vehicle, while the high-end version is approximately 10,000 RMB higher than the L8 [1] Performance Outlook - The report maintains a positive outlook on Li Auto, anticipating strong performance in the second half of the year, and reiterates a "Buy" rating with a target price of 135 HKD [1]

智通财经APP获悉，摩根大通发布研报称，理想汽车-W(02015)推出其期待已久的电动运动型乘用车 (SUV)i8，并公布售价32.18万至36.98万元人民币。该行认为定价为正面惊喜，因较公布预售价低8%。 i8入门车款定价与其L8增程电动车售价相同，但高端版本较L8高约1万元人民币。该行重申对理想正面 观点及预期下半年表现强劲，重申对理想"增持"评级及135港元目标价。 ...

Group 1 - The Hong Kong stock market indices collectively declined, with technology and new energy vehicle stocks mostly falling, including significant drops in Li Auto and Xpeng Motors [1] - Li Auto's first pure electric SUV, the Li i8, was officially launched with a price range of 321,800 to 369,800 yuan, which is lower than the previously announced pre-sale price of 350,000 to 400,000 yuan [1] - Morgan Stanley's view indicates that the initial price of the Li i8 is slightly above expectations, with market focus on the competitiveness of hardware specifications, particularly for the Pro version [1] Group 2 - As of July 29, the latest valuation of the Hang Seng Technology Index ETF (513180) is 22.16 times, which is below 76% of the time since the index was launched on July 27, 2020, indicating a relative undervaluation [2] - The Hang Seng Technology Index is currently in a historically undervalued range, with characteristics of high elasticity and high growth, suggesting greater upward momentum [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

| | 10360.15 ↓ -141.78 | | --- | --- | | 车 | 2434.58 + -38.33 | | 1. | 1015 01 = | t 数据 金十图示：2025年07月30日（周三）全球汽车制造商市值变化 | India | | | | | --- | --- | --- | --- | | > 小鹏汽车 | 177.11 | + -5.2 | 18.4 | | 长安汽车 | 162.75 | ↑ +0.73 | 1.86 | | Rivian | 156.45 | + -8.62 | 13.06 | | JAC 江淮汽车 | 154.96 | + -0.58 | 7.1 | | 斯巴鲁 | 138.07 | -1.73 | 18.89 | | 雷诺 | 136.28 | ↑ +1.04 | 39.58 | | 蔚来汽车 | 107.84 | + -2.74 | 4.71 | | 和泰汽车 | 105.48 | + +0.75 | 18.93 | | nzusi 五十铃 | 92.88 | +0.17 | 13.07 | | 广汽集团 == | 92.59 | 1 +0.12 ...

Release Event - The event lasted approximately 110 minutes, with Li Xiang discussing traditional automotive aspects, Lang Xiangpeng covering driver models, and Fan Haoyu presenting the Ideal Classmate Agent [1] - Li Xiang effectively explained the traditional advantages of a vehicle, including the reasons for battery weight and the benefits of a yacht-like design, showing clear progress compared to MEGA and L6. However, the i8's high-speed endurance achievement rate was only 58%, which is underwhelming. A lower average speed of around 100 km/h could yield different results [2] - Lang Xiangpeng and Fan Haoyu's presentations were relatively bland, lacking new insights compared to previous interviews and promotional materials. The Ideal Classmate Agent's practical applications were limited to ordering takeout and parking fees, which may not resonate with family users [3] - The delay in the delivery of the Ideal i8 was not addressed [4] Market Reaction - The audience's reaction during the event was generally subdued, with excitement only at the announcement of the price. In contrast, other events, like Huami's, generated more enthusiasm with each feature release [5] - Some neutral reviewers who were invited to test the i8 seemed to favor competing products, focusing on price and storage space [6] - Following the announcement of specifications and pricing, there was significant criticism. Some believed the price was too high and should be set below 300,000 yuan, while others felt the configuration was unreasonable [7] - The evaluation of the configuration indicated that the product matrix of the L series may have constrained the i8's offerings. Adjustments to this matrix could be complex [8] - The pricing criticism was deemed unfounded. Comparisons were made with the Aion M8 priced at 378,000 yuan, questioning why the i8's pricing was scrutinized. The industry norm shows that pure electric vehicles are generally 20,000 yuan more expensive than range-extended models. The expectation for the i8's pure electric version to be cheaper than the range-extended model was seen as illogical [8] - The pricing strategy for the i8 was predicted to be accurate, as the pure electric model lacks advantages over the range-extended version. Li Xiang aimed to compensate for this disadvantage with larger space at the same price, but users may not see the value in spending more for similar driving quality while facing greater charging anxiety [9]

| 25 | | 金蝶国际 | 77.06 | 1 4 | | --- | --- | --- | --- | --- | | 26 | | 新东方 | 76.45 | 1 1 | | 27 | | 万国数据 | 75.02 | 11 | | 28 | | 用友网络 | 71.64 | 1 t | | 29 | | 巨人网络 | 65.55 | 1 t | | 30 | m | 美图公司 | 63.41 | 1 1 | | 31 | | 金山软件 | 62.27 | 2 t | | 32 | | 昆仑万维 | 62.24 | 2 1 | | 33 | | 中国软件 | 62.24 | -1 - | | 34 | | 好未来 | 62.22 | | | 35 | | 同程旅行 | 61.28 | 11 | | 36 | | 深信服 | 59.74 | 1 1 | | 37 | | 润和软件 | 59.69 | -2 1 | | 38 | | 恺英网络 | 56.34 | 11 | | 39 | | 拓维信息 | 55.83 | -1 | | 40 | | 柏楚电子 | 54.06 | | | 41 | 3) | ...