齐鲁晚报·齐鲁壹点记者 张雪 朱洪蕾 金秋九月，购车黄金季！随着国家"以旧换新"政策持续加码、汽车市场产销数据飙升，2025齐鲁车展（秋季）暨第52届齐鲁汽车展览交易会将于9月4日-8日 在山东国际会展中心盛大举办。这场集结行业巨头、释放重磅优惠、融合前沿科技与汽车文化的年度盛会，正以超强阵容为车市注入新动能，成为消费者看 车、购车、玩车的绝佳时机！ 政策加持 省钱正当时 今年前7个月，国内汽车市场在"以旧换新"政策驱动下实现产销同比两位数增长：汽车产销分别达1823.5万辆和1826.9万辆，同比增长12.7%和12%；新能源 车更以39.2%的增速领跑，渗透率突破45%！政策红利叠加主机厂补贴、金融支持，消费者换车成本大幅降低。无论是升级燃油车享受舒适驾乘，还是拥抱 新能源响应环保趋势，此刻购车都能"省下一大笔"！ 走过26载辉煌历程的齐鲁车展，已从单纯的交易平台跃升为汽车文化的象征。本届车展组委会精心打造了文化活动与购车优惠，让观众在赏车购车的同时， 深度感受汽车文化的独特魅力。 在往届的成功基础上，本届齐鲁车展再次推出"万人购车大团购"活动，由齐鲁晚报·齐鲁壹点强强联手多款汽车品牌，共同为消费者献上一 ...

2025 年 08 月 21 日 线传寸/分别 相关研究 《"反内卷" 下的投资逻辑更新 -- -- 图- 刻钟，大事快评 (W115)》 2025/07/15 《关税影响推演;冷静看待需求 -- 一周 一刻钟，大事快评（W101)》 2025/04/08 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 載文杰 (8621)23297818× daiwj@swsresearch.com 本期投资后示 2020 年后中国汽车出口量快速增长，2024 年达 641 万辆，成为全球第一，同比+ 22.7%; 2025H1 出口 308 万辆, 同比增 10.4%。分地区看, 2024 年俄罗斯 (115.8 万辆,占比近 1/5）、墨西哥(44.5 万辆) 是主要市场;阿联酋 (+106.6%)、巴西(+106.1%)等新兴市场增速显著。分品牌, 2025 年上半年比亚 迪 (47.2 万辆, +128%)、上汽 (43.8 万辆) 居前三。同时,为规避关税、降低成 本,中国车企加速海外本地化生产。比亚迪、长安、吉利等作为自主汽车品牌的代表之 一，正通过海外建厂 ...

原作者：微博用户大懒货 原文链接： https://weibo.com/2062985282/Q0LWSft0j 以下为原文： 写一点 #理想mindvla让每个人都有专职司机# 到底是不是 真的VLA❓ 或者更加收敛一点： 是不是机器人领域 基于一个大语言模型LLM作为主干网络，串行的神经网络实现：多模态信息整 合编码【包含但不限于视觉、激光雷达、语言、地图、定位】后，基于大语言模型整合后输出决策并将决 策转换成轨迹后再转换成控制细节❓ 这类狭义的VLA 根据目前短暂本地体验，并对比了和E2E+VLM的差异 我认为是狭义的VLA 这里用几个场景差异来作证这个观点【如果觉得不对，那就是我错了~】 ①：VLA后具备了非常好【比较少漏报或者虚惊】情况下的防御性驾驶，即在无遮挡的十字路口 会开的比较快且稳健；在有遮挡的、视野不佳的路口会出现明显的基于可行驶剩余距离丝滑减速的防御性 驾驶。 而过去E2E模型很难学会这种丝滑的减速，加上了VLM模块是可以实现特定场景，例如丁字路口 的强制减速，但是体感上能感受到是一脚略微比较急的刹车。 而在VLA里面，这个减速的G值是根据剩余距离的长短进行调整，而且在这个短暂体验中没有 ...

Core Insights - Li Auto officially announced the delivery of its family-oriented six-seat electric SUV, the Li Xiang i8, starting today [1] - The delivery process has been initiated in 44 cities across the country [1] - A notable user insight shared by the founder indicates a shift in decision-making dynamics, with female users becoming the core influencers for the i8 model, contrasting with the male-dominated decision-making for the L series [1] Product Positioning - The Li Xiang i8 is positioned as a family six-seat pure electric SUV, with a starting price of 339,800 yuan [1] - The company aims to deliver over 8,000 new vehicles by the end of September and is collaborating with supply chain partners to achieve a monthly delivery target of 10,000 units [1] - The design philosophy of the i8 focuses on creating a "home-like" feel, integrating luxury and relaxation [1] Brand Philosophy - Li Auto acknowledged and embraced the common user sentiment described as "meat buried in rice," which reflects the brand's consistent product philosophy [1]

Group 1 - The core point of the news is that Li Auto is undergoing significant organizational changes in its sales and service system, moving away from the "five major regions" model to a direct management structure with 23 regions [2] - The company has faced multiple challenges in 2023, including a significant decline in vehicle deliveries, with July's figures showing a year-on-year drop of 39.7% and a month-on-month drop of 15.3% [2] - Li Auto's total deliveries from January to July were 234,669 vehicles, reflecting a year-on-year decrease of 2.21%, indicating a struggle to meet the annual target of 640,000 vehicles [2] Group 2 - The launch of the Li Auto i8 has faced challenges, including negative public sentiment following a collision test video, which has led to a wave of criticism from the online community [2] - The competitive landscape for the Li Auto i8 is intense, with direct threats from newly released models such as the Leado L90 and the upcoming AITO M8, as well as the Tesla Model Y L [3] - The upcoming Li Auto i6 is expected to play a crucial role in driving sales, with a lower price point than the i8 and targeting the mid-size SUV market, competing against established brands like Mercedes-Benz, BMW, and Audi [3]

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]

Core Viewpoint - The QDII funds have strategically adjusted their holdings in response to the global market dynamics, focusing on technology and consumer sectors in the US and Hong Kong, while also capitalizing on opportunities in European high-end manufacturing and energy sectors [4][15]. Summary by Sections US Market - In Q2 2025, QDII funds increased their positions in AI-related technology stocks such as Nvidia, Microsoft, and Apple, which collectively have a market capitalization exceeding 440 billion [4]. - Significant reductions were made in holdings of Pinduoduo, with a decrease of approximately 1.34 million shares, marking it as the most significantly reduced stock among the top 20 [5]. Hong Kong Market - QDII funds reduced their stakes in Tencent, Alibaba, and Xiaomi, with Tencent seeing a decrease of about 12.73 million shares and Alibaba a reduction of approximately 5.13 million shares [6][7]. - Conversely, there was a notable increase in holdings of Meituan, NetEase, and JD.com, indicating a structural adjustment within the internet sector [7]. A-Share Market - Some QDII funds maintained positions in A-shares, with top holdings including Wuliangye, Luzhou Laojiao, and Kweichow Moutai, all held by Zhang Kun's E Fund Quality Selection Mixed Fund [9]. UK Market - QDII funds have focused on energy and financial stocks, significantly increasing their holdings in Shell and HSBC, reflecting a strategy to capture energy profits amid ongoing geopolitical tensions [12]. Other Regions - In Q2 2025, QDII funds concentrated on high-end manufacturing in Europe and semiconductor leaders in the Asia-Pacific region, with notable holdings in Airbus, SAP, and TSMC [13]. - The funds have shown a keen sensitivity to market rotations, reallocating investments towards sectors with higher visibility and reasonable valuations [13][15].

Group 1 - The Nasdaq Golden Dragon China Index declined by 0.9% on Tuesday [1] - TSMC fell over 3%, while Alibaba, NetEase, JD.com, Baidu, and Bilibili each dropped over 1% [1] - Futu Holdings decreased by more than 2%, and Li Auto fell nearly 1% [1] Group 2 - Xpeng and NIO saw gains of over 4% [1]

Core Insights - The first episode of Luo Yonghao's podcast "Luo Yonghao's Crossroads" features Li Xiang, founder of Li Auto, discussing his 25-year entrepreneurial journey, which includes significant achievements and challenges [1][2]. Group 1: Entrepreneurial Journey - Li Xiang began his entrepreneurial journey in high school, earning 20,000 yuan per month at the age of 18 and becoming a billionaire by 24, despite facing numerous challenges [1][2]. - He founded Autohome in 2005, driven by market opportunities as the computer industry faced decline, despite having no prior interest in automobiles [1][2]. - Autohome quickly became the industry leader by the end of 2006 and went public on the New York Stock Exchange in 2013, reaching a market value of over $5 billion [2]. Group 2: Challenges and Support - After founding Li Auto in 2015, the company faced severe challenges, including cash flow issues and production shortages, while also dealing with negative publicity [2][3]. - Li Xiang expressed gratitude towards Wang Xing, founder of Meituan, who provided crucial support during a difficult period, investing $285 million in Li Auto's $530 million Series C funding round in August 2019 [3]. Group 3: Product Philosophy and Management - Li Xiang addressed criticisms regarding the design of the Li MEGA, emphasizing the company's commitment to its product philosophy despite negative feedback [3]. - He explained the rationale behind the configuration of the Li i8, stating that excessive options could confuse consumers and increase development costs, with 90% of sales typically coming from two main configurations [3]. - Li Xiang highlighted the importance of focusing on three key tasks daily for effective management, contrasting his work ethic with that of Lei Jun, founder of Xiaomi, who is known for his exceptional diligence [3].

Core Viewpoint - The podcast features a conversation between Li Xiang, CEO of Li Auto, and Luo Yonghao, discussing Li's entrepreneurial journey, financial successes, and challenges faced in the automotive industry [3]. Group 1: Li Xiang's Background and Achievements - Li Xiang revealed that he earned 20,000 yuan per month at the age of 18 and became a billionaire by 24, although he faced financial difficulties during his entrepreneurial journey, including a time when his bank account balance dropped to 50,000 yuan and even reached zero [6]. - He has been involved in over 40 companies across various sectors, including automotive and investment, with nearly half of them currently operational [8]. Group 2: Insights on the Automotive Industry - Li Xiang chose to enter the automotive industry due to its complexity and the challenge of succeeding in a standardized product market, contrasting it with real estate and tourism, which he found less product-driven [11]. - He mentioned that the recent backlash against Li Auto and its customers was orchestrated by competitors, indicating a competitive and sometimes hostile market environment [11]. Group 3: Personal Reflections and Work Ethic - Li Xiang expressed gratitude towards Wang Xing, highlighting him as a significant supporter during his entrepreneurial journey [9]. - He discussed the importance of focusing on three key tasks daily for success, contrasting his work ethic with that of Lei Jun, who is known for his exceptional diligence [14][16].