Market News - The three major US stock indices closed higher, with the Dow Jones up 0.19%, Nasdaq up 1.21%, and S&P 500 up 0.73%. Notable tech stocks saw significant gains, including Apple rising over 5%, adding approximately $160 billion to its market cap. Amazon increased by 4%, Tesla by over 3%, and Broadcom by nearly 3% [1] - The Nasdaq Golden Dragon China Index rose by 0.93%, with most popular Chinese concept stocks also increasing, such as Alibaba up over 3% and NIO up over 2% [1] - COMEX gold futures fell by 0.08% to $3431.8 per ounce, while silver futures rose by 0.3% to $37.935 per ounce. WTI crude oil futures dropped over 2% to $63.7 per barrel, and Brent crude oil futures also fell over 2% to $66.3 per barrel [1] - Major European stock indices closed collectively higher, with Germany's DAX30 up 0.21%, the UK's FTSE 100 up 0.27%, France's CAC40 up 0.18%, and the Europe Stoxx 50 up 0.22% [1] Industry Insights - The National Data Standardization Technical Committee recently solicited public opinions on two technical documents related to the National Integrated Computing Network, marking a transition from planning to implementation in the construction of the computing network. This sector is crucial in the digital economy, with significant growth expected in areas like AI training, the metaverse, and smart cities [2] - The robotics sector is witnessing a surge in activity, with a recent breakthrough study challenging traditional views on data diversity in robotic learning. The upcoming 2025 World Robot Expo and the China Embodied Intelligent Robotics Industry Conference are set to showcase advancements in the field [3] - Tesla is advancing its autonomous driving technology, with plans to release a new FSD model that is ten times more capable than the current version. The rollout of FSD across the US is expected this year, with further enhancements anticipated by 2026 [4][5]

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。 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。 ...

近期，理想i8碰撞测试相关事件引发广泛关注。 8月6日，北京理想汽车有限公司、中国汽车工程研究院股份有限公司、东风柳州汽车有限公司就理想i8碰撞测试事件 相关情况达成一致，并发布联合声明。 理想汽车表示，本次测试目的是验证和提升理想i8的被动安全性能，并不针对任何其他品牌车辆的安全和质量性能。 测试过程导致东风柳汽乘龙品牌被意外卷入舆情争议，对相关内容的传播可能引发的品牌关联风险预估不足。对于导 致东风柳汽乘龙品牌无端陷入负面舆情，对其品牌形象造成损害，带来不良影响，理想汽车表示诚挚的歉意。 理想汽车表示，公司无意冒犯，也从未刻意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。公司将进一 步采取措施，避免再次引发类似争议。 图片来源："理想汽车"微博 中国汽研表示，作为本次测试的委托执行机构，中国汽研在本次测试中，未能及时、清晰地向公众阐明东风柳汽乘龙 二手车辆仅作为符合特定标准要求的"移动壁障车"使用，测试本身并非、也不构成对其产品安全和质量性能的评价， 导致关键信息缺失，引发公众误解。在流程管控上，未充分预判并规避因信息发布不完整可能带来的潜在风险，中国 汽研对此表示抱歉。中国汽研作为第三方检测机构 ...

转自：京报网_北京日报官方网站 #理想向东风柳汽道歉#【#理想称未刻意质疑东风柳汽车辆质量#】8月6日，@理想汽车 发布《关于理 想i8碰撞测试相关事件的联合声明》。 理想汽车称，本次测试目的是验证和提升理想i8的被动安全性 能，并不针对任何其他品牌车辆的安全和质量性能；理想汽车将进一步采取措施，避免再次引发类似争 议。中国汽研称，在流程管控上，未充分预判并规避因信息发布不完整可能带来的潜在风险，中国汽研 对此表示抱歉。东风柳汽表示，自觉抵制不正当竞争，坚守合法合规经营底线，坚持实事求是原则，为 实现我国从汽车大国向汽车强国的历史性跨越贡献力量。三方共同倡议：严守自律底线，共塑良性竞 合:呼吁汽车行业严格自律，在产品研发、测试验证及宣传推广中，恪守诚信原则与商业道德，杜绝诸 如贬损性对比等任何形式的不当竞争行为。检测认证机构应坚守专业准则，确保测试流程科学严谨，信 息发布真实、准确、完整共同维护风清气正的市场秩序。（视频：环球网） ...

8月6日，理想汽车、中国汽研、东风柳汽就理想i8碰撞测试相关事件相关情况达成一致，发布联合声明。 理想汽车称，本次测试目的是验证和提升理想i8的被动安全性能，并不针对任何其他品牌车辆的安全和质量性能。 中国汽研称，在流程管控上，未充分预判并规避因信息发布不完整可能带来的潜在风险，中国汽研对此表示抱歉。 东风柳汽表示，自觉抵制不正当竞争，坚守合法合规经营底线，坚持实事求是原则，为实现我国从汽车大国向汽车强国的历史性跨越贡献力量。 三方共同倡议：严守自律底线，共塑良性竞合:呼吁汽车行业严格自律，在产品研发、测试验证及宣传推广中，恪守诚信原则与商业道德，杜绝诸如 贬损性对比等任何形式的不当竞争行为。检测认证机构应坚守专业准则，确保测试流程科学严谨，信息发布真实、准确、完整共同维护风清气正的 市场秩序。 中国汽研: 二〇二五年八月六日 东风柳汽: 东风柳汽作为东风汽车旗下重要的商用车和乘用车事业单元, 始终坚守"自立自强、创优创新、同心同德、为国为民"的企业精 神,坚持"高品质+可信赖"的质量方针,将通过持续创新不断强化 关键核心技术,一如既往地踏踏实实做好产品、勤勤尽恳做好服 务,以更好的交通运输解决方案为客户创造 ...

Core Viewpoint - The company emphasizes a user-centric approach in the production and delivery of the Li Auto i8, transitioning to order-based manufacturing to enhance customer satisfaction and operational efficiency [1][4][5]. Group 1: Product Launch and Delivery - The Li Auto i8 will not have "immediate delivery upon launch" as the company prioritizes user test drives and customization options, aiming for a production-to-delivery timeframe of 7 to 10 days [1]. - All vehicles from the Li Auto i8 onwards will adopt an order-based production model, allowing customers to select their preferred vehicle color and features [1]. Group 2: Design and User Experience - The design of the Li Auto i8 is described as having a "high-end relaxed feel," indicating a focus on luxury and comfort [2]. - Exclusive benefits for Li Auto i8 owners at charging stations include priority reservations, better pricing, energy management, route planning, and parking fee reductions [3]. Group 3: Customer Feedback and Adaptation - The company made significant adjustments to the i8's configuration and pricing shortly after its release, responding to user feedback regarding complexity and desired features [4]. - The rapid decision-making process is attributed to the company's commitment to understanding and addressing the real needs of paying customers, ensuring that the offerings exceed user expectations [5]. Group 4: Communication Channels - The company actively engages with users through various channels, including direct conversations with customers who travel from other cities and discussions with representatives from owner groups [6].