北京时间 6月17日晚，截至22：30发稿，美股理想汽车跌2.85% 。同一天，理想汽车港股收 盘价报108.60港元/股，跌幅达2.34%，总市值为2325亿港元。 | | 108.600 -2.600 -2.34% | 99.263 (CNY) | | | | 理想汽车-W 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2015 交易 | | HKEX HKD 16:08:55 | | | | | | | 道 √ △ + | | 美(LI) | 28.200(+1.59%) U/H:+1.92% | | | 交生 | 15.59% 120日 | | 27.09% | | 委比 | 26.62% 委差 | | 3654 | RE | -6.94% 250日 | | 39.05% | | 卖五 | 109.000 6.67万 （ | | 11 ) | 20日 | -2.16% 52周高 | | 138.30 | | 卖四 | 108.900 4.28万 | | 15 ) | 60日 | -3.21% 52周低 ...

披露易显示， 6 月 10 日至 6 月 13 日，王兴累计减持理想汽车 573.7 万股，套现 6.53 亿港元，持股比例降至 20.61% 。 | 股權披露 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 披露楼益 | | | | | | | | | | 在指明期間內大股東所提交的披露權益通知一覽表 - 現有上市證券 | | | | | | | | | | | | | | | | 説明注釋 目 友善列印 昌 | | | | 胎份代號: | | 02015 | | | | | | | | 上市法國名稱: | | 理想汽車 - W | | | | | | | | 日期(日 / 月 / 年): | | 17/06/2024 - 17/06/2025 | | | | | | | | 如欲觀看披露權益通知之內容,請於「有關事件的日期」欄按下有關連結。 | | | | | | | | | | * 註解：( L ) - 好倉. ( S ) - 淡倉. ( P ) - 可供循出的股份 | | | | | | | | | ...

昔日占据抗流感药物市场半壁江山的奥司他韦陷入风波。近日，浙江省医保局公布一则药品价格调整公 示，包括Natco Pharma Limited、东阳光长江药业、成都倍特、普利制药、罗欣药业等企业生产的磷酸 奥司他韦胶囊均面临价格调整或被暂停挂网。名单在列的"可威"品牌磷酸奥司他韦胶囊，是东阳光长江 药业当家品种之一。虽未公布具体调价幅度，但浙江省医保局明确提及"涉及价格投诉"。在集采之前， 公开资料显示，磷酸奥司他韦胶囊的售价为百余元。2022年奥司他韦胶囊被纳入第七批国家集采，最低 中选价格每粒不到1元。其中东阳光长江药业母公司广东东阳光药业股份有限公司（以下简称"东阳光 药"）报价0.99元/片，对比该规格13.01元的最高有效申报价，降幅高达92%。（21财经） 我国磁悬浮技术获新突破 3只公募REITs集中发布停复牌公告 由于价格涨幅过大触及停牌规则，6月17日，3只公募REITs集中发布停复牌公告。国泰君安济南能源供 热REIT发布基金停复牌及交易风险提示的公告。为了保护基金份额持有人的利益，该基金自6月17日上 海证券交易所开市起停牌1天，并于6月18日上海证券交易所开市起复牌。（新浪财经） 人形机 ...

Investment Rating - The report maintains a recommendation for the domestic automotive industry, indicating an improvement in profitability and a pursuit to catch up with overseas automakers [2]. Core Insights - Overseas automakers have a higher average adjusted net profit margin than domestic independent brands by approximately 5 percentage points (PP) in 2024. The trend shows that while overseas automakers experienced a decline in 2023, domestic automakers improved, reflecting similar trends in gross margins [3][21]. - The report highlights that overseas automakers have higher gross margins than domestic independent brands by about 7PP in 2024, with the gap narrowing over recent years [19][21]. - The analysis indicates that domestic automakers are benefiting from the scale-up of new energy vehicle sales, leading to improvements in both gross and net profit margins [10][21]. Summary by Sections 1) Profitability - In 2024, overseas ordinary vehicles are projected to sell 4.79 million units, domestic independent brands 1.7 million units, and overseas luxury vehicles 1.42 million units, showcasing the larger sales volume of overseas automakers [18]. - The report notes that the average adjusted gross margin for overseas luxury vehicles is 21%, overseas ordinary vehicles 20%, and domestic independent brands 13%, with overseas automakers maintaining a significant margin advantage [21][26]. 2) Cost Structure: Input Perspective - The total cost structure for automakers is approximately 100% = COGS 86% + sales expenses 6% + management expenses 3% + R&D expenses 5% + financial expenses 0% [12]. - The report indicates that overseas automakers have higher management and sales expense ratios, primarily due to significantly higher labor costs [4][12]. 3) Cost Structure: Transformation Perspective - The report emphasizes that domestic automakers have increased their investment in sales and R&D, while overseas automakers have seen a decrease in these ratios due to rising material costs [12][22]. - The analysis suggests that despite the current profitability and product structure advantages of overseas automakers, domestic brands are enhancing their competitiveness through electric and intelligent transformations [11][12]. 4) Summary and Investment Recommendations - The report concludes that domestic automakers have substantial growth potential in terms of sales, market share, average selling price (ASP), and profitability, driven by advancements in electric and intelligent vehicle technologies [10][11]. - Recommended stocks include BYD, Geely, Li Auto, and JAC Motors, with a focus on structural opportunities in the short term [10].

业内人士认为，从具体行动上看，这是王兴作为个人投资者的一种资金调配行为，他不参与理想汽车 管理，使得该公司被当作更好的减持对象。而从过去两年来看，理想汽车单车平均净利润不断下滑， 让投资者产生了该公司业绩"并不理想"的印象。 6月17日上午，理想汽车下跌1.62%，报收109.4港元。 再套现6亿港元 2025.06. 17 本文字数：1594，阅读时长大约3分钟 作者 | 第一财 经 李隽 四天的时间里，累计减持超过570万股，套现超过6亿港元，美团-W（03690.HK）首席执行官兼理 想汽车非执行董事王兴，最近几天再次套现理想汽车（02015.HK）。 王兴此次套现的时间，是在6月10日到13日。而在过去两年间，王兴已多次减持理想汽车。该公司 披露2025年一季报后，王兴的减持动作开始加速。 港交所权益披露信息显示，6月10日至6月13日，王兴累计减持了573.7万股理想汽车，减持均价在 109港元到118港元之间，套现金额总共超过6亿港元，持股比例则从20.94%下降到20.61%。 另一方面，理想汽车最近两年的一季报披露时间，也在持续延后。该公司披露2023年一季报，是在 同年5月10日，2024年 ...

政策信息 1、海关总署:今年前5个月我国出口电动汽车增长 19%,工业机器人增长 55.4% 2、广汽能源与穗开电业达成战略合作,将推动"补能网、微电网、能源交易网"三网 融合 3、中钢协:维护产业链整体利益 共同抵制"内卷式"竞争 点 击 蓝 字 关 注 我 们 目 录 行业信息 10、贵州省能源局发布关于公开征求《贵州省电动汽车充（换）电基础设施建设运营管 理办法》意见的通知 11、苏州市市场监督管理局正式发布《苏州市电动汽车充电桩产品质量监督抽查实施细 则》(2025年版) 4、宁德时代正式宣布量产交付 587Ah 电芯 5、2025年5月我国动力电池装车量 57.1GWh,同比增长 43.1% 6、宁德时代投资布局 换电领域竞争加剧 7、宁德时代第 100万台理想专属电池包下线 8、全国充电桩累计数量破 1400 万台 9、亿纬锂能计划赴港上市 10、全国首个 L4 级自动驾驶公交白皮书发布,首条线路将在成都推出 11、全球新能源车销量暴涨 24%！中国市场首破百万大关 12、工业和信息化部:支持车企"60天账期"承诺促进产业健康发展 13、宁德时代巧克力标准化换电模式将落地香港,计划明年底前建成 1 ...

理想汽车(02015.HK)：6.9-6.15，理想汽车周销量0.79万辆。 ...

Core Viewpoint - The article highlights the significant impact of the "old-for-new" policy on the automotive market, driving demand and enhancing the penetration of new energy vehicles (NEVs), while also emphasizing the profitability boost from high-end products and international expansion [2][3][10]. Group 1: Review of 2025 H1 - In the first half of 2025, the cumulative wholesale sales of passenger cars reached 8.584 million units, a year-on-year increase of 11.7%, with NEV sales up by 44.3% [2][58]. - The penetration rate of NEVs remained stable, with a wholesale penetration rate of 46.8%, up by 10.6 percentage points year-on-year [2][33]. - The "old-for-new" policy continued to stimulate demand, with significant sales increases observed in January to April 2025 [14][58]. Group 2: Outlook for 2025 H2 - The continuation of the "old-for-new" policy is expected to support demand, with projected insurance sales of 24.4 million units, a year-on-year increase of 7.0%, and wholesale sales of 29.3 million units, up by 6.4% [3][9]. - NEV penetration is anticipated to accelerate, with expected insurance sales of 14.7 million units, a year-on-year increase of 35.7% [3][9]. Group 3: Competitive Landscape - The market is becoming clearer, with domestic brands expected to exceed 70% market share, particularly in the under 150,000 yuan segment [4][11]. - High-end market dynamics are shifting, with brands like Huawei and Xiaomi poised to capture market share from traditional luxury brands [4][44]. Group 4: Smart Technology - The first half of 2025 saw advancements in smart driving technology, with companies like Xiaopeng and Leap Motor launching high-end smart driving products [5][51]. - Trends in 2025 H2 include price reductions for smart driving features and increased hardware capabilities [5][51]. Group 5: International Expansion - Despite challenges in the Russian market, companies like BYD are experiencing growth in international sales, with expectations for passenger car exports to reach 5.7 million units, a year-on-year increase of 17.0% [6][49]. - The establishment of overseas factories by companies like BYD and Changan is expected to enhance their international presence [6][49]. Group 6: Profitability - Overall profitability in the automotive sector is improving, driven by scale effects and high-end product offerings [53][54]. - In Q1 2025, the net profit of seven sample companies reached 16.59 billion yuan, a year-on-year increase of 21.1% [54][55].

理想给的25Q2交付指引为123000-128000，4月交付33939,5月交付40856。即6月交付指引 为48205-53205。 25年 5.26-6.1/6.2-8/6.9-15理想三周周上险分别为12020/8270/7874。 按高估版本计算，即假设6.1 上险量为5.26-6.1的日均， 即12020/7=1717。 则高估版本的理想6.1-15号上险量为1717+8270+7874=17861。 则剩余15天，理想周均上险需要维持在(48205-17861)/15*7=14160的水平。 理想历史上仅有6次周上险超13000，3次周上险超14000，历史最高两周上险之和是28020。 分别是24年12月9-29日，三周上险分别为14100/13920/13400。24年10月7-13日的13400,24年9月23-29 日的14160，23年12月25-31日的14100。 可以看到仅在24年12月实现过连续两周周上险超13000，即连续两周周上险14160*2=28320，需要月 均有5.8-6.0以上销量的基本面。25年6月的理想不具备这个基本面，将无法完成25Q2交付指引下限。 如果理 ...

Group 1 - The report highlights that the demand for passenger vehicles in 2025H1 was driven by the continuation of the old-for-new policy, leading to a significant increase in sales, particularly in the new energy vehicle (NEV) segment, which saw a year-on-year growth of 44.3% [1][21] - The overall wholesale sales of passenger vehicles reached 8.584 million units in the first four months of 2025, reflecting an 11.7% increase year-on-year, while traditional fuel vehicles experienced a decline of 6.3% [1][21] - The penetration rate of new energy vehicles remained stable, with a wholesale penetration rate of 46.8% in 2025M1-4, up by 10.6 percentage points year-on-year [1][44] Group 2 - Looking ahead to 2025H2, the report forecasts that the continuation of the old-for-new policy will support demand, with expected insurance sales of 24.4 million units, a 7.0% increase year-on-year, and wholesale sales of 29.3 million units, a 6.4% increase [2][11] - The report anticipates that the penetration rate of new energy vehicles will accelerate, predicting insurance sales of 14.7 million units and wholesale sales of 16.5 million units for new energy vehicles in 2025H2, representing year-on-year increases of 35.7% and 34.6%, respectively [2][11] Group 3 - The competitive landscape is shifting, with domestic brands accelerating their rise and capturing market share from joint ventures, which are expected to see their market share drop below 30% [3][12] - The report notes that domestic brands are expected to exceed 70% market share in 2025, with significant growth in the mid-to-high-end segments, particularly for brands like Geely and Xiaomi [3][12] - The high-end market is experiencing pressure from domestic brands, with BBA (Benz, BMW, Audi) facing challenges in maintaining pricing power due to increasing competition from brands like Huawei and Xiaomi [3][13] Group 4 - The report identifies four major trends in the smart driving sector for 2025H2, including price reductions for smart driving features, accelerated deployment of VLA large models, enhanced hardware capabilities, and the widespread adoption of Door2Door intelligent driving [4][14] - Companies like Xiaopeng, Li Auto, and Huawei are expected to strengthen their competitive edge in smart driving through technological advancements [4][14] Group 5 - The report emphasizes the potential for domestic brands to expand their international presence, with expectations for passenger vehicle exports to reach 5.7 million units in 2025, a 17.0% increase year-on-year [4][12] - The report highlights that companies like BYD and Changan are establishing overseas factories, which will enhance their export capabilities and profitability [4][12]