每经编辑｜蒙锦涛 在新能源汽车行业竞争白热化的当下，理想汽车"以用户价值为先"的理念再次引发关注。 日前，理想汽车宣布对上市发布仅7天的i8车型进行重大调整：取消多版本配置，以i8 Max为标准配置统一版本，并将用户呼声最高的冰箱、高阶智能辅 助驾驶全面标配，同时价格调整至33.98万元，让理想i8重新回归"性价比"。 · 辅助档 · AD Pro* 调整后 EE 7 8 售价33.98万元 选装 后舱娱乐屏套装 +10.000元 · 高级辅助驾驶AD Max* · 智能冷暖双用冰箱 · 高级辅助驾驶AD Max* · 智能冷暖双用冰箱 · 铂金音响系统 · 21.4英寸后舱娱乐屏 · 标配97.8度三元锂5C超充电池 · CLTC综合工况续航里程720公里* · 标配理想高级辅助驾驶AD Max(含VLA司机大模型) * · 标配双电机智能四驱,零百加速4.5秒。 · 标配双腔魔毯空气悬架 · 标配全车座椅电动调节和加热,一二排通风按摩。 · 标配二排右侧零重力座椅 · 标配前排双15.7英寸超清屏+超清HUD抬头显示 · 标配20扬声器7.3.4铂金音响系统,带主驾智能音箱。 · 标配智能冷暖双用冰箱 " ...

Core Insights - The article highlights the advancements in intelligent driving technology, specifically focusing on the VLA (Vision-Language-Action) model, which integrates visual perception, language understanding, and action decision-making [4][6][16] - Both Li Auto's i8 and Xpeng's P7 are utilizing VLA technology to enhance their autonomous driving capabilities, marking a shift from traditional rule-based algorithms to AI-driven systems [1][3][16] Group 1: VLA Technology Overview - VLA stands for Vision-Language-Action, which combines visual perception, language understanding, and action decision-making into a unified system [4] - The model processes data from cameras and LiDAR to recognize road conditions, traffic signs, and the positions of other vehicles and pedestrians [4][8] - VLA improves upon traditional models by creating a closed-loop system that enhances adaptability to various driving scenarios [7][10] Group 2: Practical Applications of VLA - VLA can analyze complex traffic situations, such as determining whether to stop for pedestrians or proceed through a green light, mimicking human-like decision-making [8][10] - The technology allows for smoother driving experiences, including automatic risk assessment, stable acceleration and deceleration, and efficient maneuvering in tight spaces [10] - VLA enables continuous communication with the vehicle, allowing it to execute multiple driving commands in sequence [10] Group 3: Psychological Basis of VLA - The functioning of VLA aligns with human cognitive processes, where information is perceived, understood, and acted upon in a structured manner [11][15] - The model aims to replicate human-like perception and decision-making in driving, enhancing the overall driving experience [15][16] Group 4: Future Prospects and Challenges - The introduction of VLA signifies a transition from mere functional enhancements to a more integrated cognitive approach in intelligent driving [16] - Current limitations include the computational power required to run such extensive AI models, indicating a clear area for future technological advancements [16]

大型蓝筹股多数上涨，汇丰控股收报100.791港元，较香港收市涨0.84%；腾讯控股收报558.587港元，较香港收市跌0.43%。 | | 全部落股 | 百,主板 | | 创业板 | 恒生指数 | W | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | ADR最新价(美元) A | | 1 | 腾讯控股 | O 00700 | 558.587 | -2.413 | -0.43% | 71.160 | | 2 | 阿里巴巴-W | 09988 | 116.412 | -2.088 | -1.76% | 118.640 | | 3 | 建设银行 | 00939 | 7.905 | -0.025 | -0.32% | 20.140 | | 4 | 汇丰控股 | 00005 | 100.791 | +0.841 | 0.84% | 64.200 | | 5 | 小米集团-W | 01810 | 50.317 | -0.483 | -0.95% | 32.050 | | 6 | ...

Core Viewpoint - The recent increase in tariffs on technology products by the US has accelerated the urgency for domestic substitution in China, while the central bank's liquidity release is expected to support the technology and automotive sectors [2][4][21]. Group 1: Market Performance - On August 7, US imposed approximately 100% tariffs on technology products, exempting domestic manufacturers, which has heightened the urgency for domestic substitution [2]. - The People's Bank of China announced a 0.5% reduction in the reserve requirement ratio, releasing about 1 trillion yuan in long-term funds, and conducted a 700 billion yuan reverse repurchase operation to support technology innovation, consumption, and small enterprises [2]. - Following these developments, the three major stock indices in China turned positive, with over 70% of 101 Chinese automotive stocks rising, averaging a price increase of 3.23% [4][21]. Group 2: Automotive Sector Highlights - The total market capitalization of Chinese automotive stocks increased by 35.35 billion yuan to 10.76 trillion yuan, despite declines in major stocks like BYD and Xiaomi [5]. - The intelligent driving sector saw a significant weekly increase of 6.02%, likely due to the World Robot Conference and supportive policies in Shanghai [5]. - Notable stock performances included Cao Cao's rise of 30.09%, benefiting from an 18.11% surge on August 7, and Dongfeng Group's unexpected stock price increase despite a 90% drop in expected net profit [6][7][8]. Group 3: Individual Stock Performances - Cao Cao's stock price increased by 30.09%, while Dongfeng Group's stock rose by 22.84% despite a significant profit drop [7][8]. - Other notable performers included Hesai with a 20.82% increase and multiple stocks like Zhongtai and Wuling rising over 15% [6][7]. - Conversely, Jianghuai Auto led the decline with a 7.22% drop, while other major players like BYD and Xiaomi also experienced declines [17][18]. Group 4: Future Outlook - The liquidity release and foreign capital inflow are expected to inject confidence into the market, particularly benefiting sectors focused on intelligence and embodied intelligence [21]. - The ability of automotive companies to navigate the challenges of domestic substitution and embrace intelligent transformation will be crucial for their long-term success [21].

Core Viewpoint - The ability to "respond quickly" is essential for the survival and growth of automotive companies in the rapidly changing Chinese automotive market [3][4]. Market Dynamics - The Chinese automotive market is characterized by nearly 100 new car launches each year, rapid iterations in cabin and assisted driving capabilities, and unprecedented intensity in price competition [3][8]. - As the penetration rate of new energy vehicles surpasses 50%, consumer expectations and evaluation criteria for automotive companies have evolved, necessitating a shift from traditional user education strategies to dynamic adaptation capabilities [10]. Company Strategy - Li Auto has successfully implemented the principle of rapid response in its operations, exemplified by the swift adjustment of configurations for its new electric model, the i8, within a week of its launch [4][6][13]. - The i8 targets the 300,000 to 400,000 yuan six-seat SUV market, focusing on replacement users who demand improved space and experience at competitive prices [6][20]. Product Features - The i8's configuration strategy includes making high-demand features standard while offering non-essential features as optional, enhancing product value perception and price competitiveness [13][20]. - The i8 features a spacious third row with a height of 333 mm, addressing common complaints about third-row seating in traditional SUVs [23]. - The VLA driver model in the i8 represents a significant advancement in assisted driving technology, capable of handling complex scenarios and providing a safer user experience [24]. Competitive Landscape - In the 300,000 to 400,000 yuan pure electric SUV segment, Li Auto's sales have surpassed traditional luxury brands, indicating a strong market presence [27]. - The i8 aims to fill a strategic gap in the market, where no dominant domestic player currently exists, particularly in the six-seat SUV category [20][27].

8月11日，中国汽车工业协会（简称"中汽协"）信息发布会在北京召开，2025年1—7月汽车产销数据及 经济运行情况在会上公布。中汽协最新统计显示，7月，中国汽车销量同比增长14.7%，在7—8月的行 业传统淡季呈现淡季不淡的新态势。 中汽协有关负责人表示，从行业市场环境看，以旧换新政策效果继续显现，行业综合整治"内卷"工作取 得积极进展，企业新车型持续投放，助力车市平稳运行，同比实现增长。 另外，华为鸿蒙智行最新数据显示，2025年7月鸿蒙智行全系交付新车突破4.7万辆，位居"新势力第一 阵营"，同比增长8.3%。其中，赛力斯和华为合作的问界系列7月交付突破4万辆，占据主力。 中国汽车月度销量及增长率数据 1—7月，新能源汽车产销累计完成823.2万辆和822万辆，同比分别增长39.2%和38.5%，新能源汽车新车 销量达到汽车新车总销量的45%。在新能源汽车主要品种中，与上年同期相比，氢燃料电池汽车产销明 显下降，其他大类新能源汽车品种产销呈不同程度增长。 在汽车出口方面，7月，中国汽车出口57.5万辆，环比下降2.8%，同比增长22.6%。2025年1—7月，汽车 出口368万辆，同比增长12.8%。 " ...

Core Viewpoint - The market for electric SUVs priced above 300,000 is characterized by a supply shortage, and the Li Auto i8 is expected to capture additional market share in this segment [1][2]. Group 1: Product Launch and Market Response - The Li Auto i8 was launched on July 29, and within a week, the company adjusted its pricing and configuration strategy based on market feedback, reducing the price from 349,800 to 339,800 yuan and standardizing features [3][7]. - The rapid decision-making process reflects Li Auto's commitment to understanding user needs and responding quickly to market feedback, showcasing a user-driven organizational capability [4][5][12]. Group 2: Market Dynamics and Competitive Landscape - The 300,000 to 400,000 yuan electric vehicle market is currently a blue ocean, with Tesla's Model Y being the only significant competitor, averaging monthly sales of just over 7,000 units [18][19]. - If the i8 achieves monthly sales exceeding 4,000 units, it will become the second best-selling electric vehicle in this price range, and surpassing 7,000 units would set a new sales record for Chinese brands in this segment [21][22]. Group 3: Strategic Positioning and Value Proposition - Li Auto's strategy focuses on providing high value and certainty to consumers, ensuring that users feel they are getting a good deal without the complexity of multiple configurations [25][26]. - The i8's approach is to eliminate choice paralysis by offering a fully equipped model at a clear price point, reinforcing the brand's value perception [26][28]. Group 4: Long-term Vision and Infrastructure - The i8 serves as a critical test for Li Auto's electric vehicle strategy, aiming to validate the company's product logic in the pure electric segment while also enhancing brand presence [33][40]. - Li Auto has invested heavily in infrastructure, with over 3,000 supercharging stations established, and plans to invest over 6 billion yuan in artificial intelligence this year, laying the groundwork for a comprehensive electric ecosystem [38][39]. Group 5: Organizational Agility and Future Outlook - The swift adjustments made for the i8 highlight Li Auto's agility and ability to recalibrate its strategies based on user feedback, reinforcing its brand image as responsive and practical [47][48]. - The success of the i8 is crucial for Li Auto's ambitions in the pure electric market, as it seeks to replicate the success of its previous models and achieve higher market goals by 2025 [40][42].

上市短短一周， " 三合一 " 的听劝版理想 i8 火速上阵。 8 月 5 日，理想 汽车 宣布 i8 车系重发配置和定价，统一版本且 " 标配即顶配 " 。不少老车主直 呼梦回理想 ONE ， " 不用纠结配置，不用选择困难症 " 。 i8 发布才一周就 " 改配 " ，理想 汽车 的出发点很简单 ——98% 用户选择 Max 和 Ultra ，同时 Pro 版缺少冰箱， Max 版无法选装后排娱乐屏。 理想汽车 董事长李想直接点出， i8 的多版本策略 是陷入了原先惯性思维， " 走偏了 " 。 事实上， i8 此前的配置和定价策略，很大程度上参照了理想 L8 ，用冰箱和后排娱乐屏区分高低 配，价格层面几乎是 " 油电同价 " 。然而，今年各大车企都在布局大六座 SUV ， i8 要想在纯电车 型中脱颖而出，标志性的 " 冰箱、彩电、大沙发 " 就要给足诚意，且重押未来的 AI 配置也得拉 满。 面对用户提出的诉求，理想 汽车 当即决定将显性配置拿出来摆上台前。 对理想 汽车 而言，看似简单的配置整合，背后却牵扯到供应商、定价、排产等一系列因素，其中的 取舍难度可见一斑。但这也恰恰是高度竞争时代下，头部玩 ...

据乘联分会最新销量数据统计，2025年7月份国内狭义乘用车市场零售销量达183.7万辆，同比增长 6.9%，环比下降11.9%；1-7月份累计销量1274.0万辆，同比增长10.2%。 具体看，7月乘用车厂商零售、出口、批发和生产均创当月历史新高。随着反内卷的深入，今年车市价 格战稍显平和。"两新政策"叠加厂补加码等措施让7月新能源车国内零售渗透率升到53.7%，新能源车呈 现出了由报废更新、以旧换新叠加新能源免征购置税等普惠政策托底背景下的新能源平稳强势增长。今 年总体车市预计朝着"前低中高后平"的走势发展。 | NO. | 自 厂商 | 2025.7 | 环比 | 目比 | 份额 | | --- | --- | --- | --- | --- | --- | | 1 | 比亚迪汽车 | 341,030 | -9.7% | 0.1% | 15.2% | | 2 | 吉利汽车 | 237,735 | 0.7% | 57.7% | 10.6% | | 3 | 奇瑞汽车 | 215,278 | -4.2% | 13.8% | 9.6% | | ব | 长安汽车 | 136,484 | -1.5% | 41.6% ...

Core Viewpoint - The domestic narrow passenger car market in China showed a retail sales volume of 1.837 million units in July 2025, representing a year-on-year increase of 6.9% but a month-on-month decrease of 11.9%. Cumulative sales from January to July reached 12.74 million units, up 10.2% year-on-year [2][4]. Sales Performance - July 2025 saw record highs in retail, export, wholesale, and production for passenger car manufacturers. The price war in the car market has calmed down, and the penetration rate of new energy vehicles (NEVs) reached 53.7% due to supportive policies [4]. - The overall car market is expected to follow a "low in the front, high in the middle, and flat in the back" trend for the year [4]. Wholesale Sales Rankings (July 2025) - BYD Auto led with wholesale sales of 341,030 units, a decrease of 9.7% month-on-month but a slight increase of 0.1% year-on-year, capturing 15.2% market share [5]. - Geely Auto and Chery Auto followed with 237,735 units (up 57.7% year-on-year) and 215,278 units (up 13.8% year-on-year), respectively [5]. Retail Sales Rankings (July 2025) - BYD Auto also topped the retail sales with 274,644 units, down 22.0% month-on-month and down 11.9% year-on-year, holding a 14.9% market share [7]. - Geely Auto achieved 202,447 units, reflecting a year-on-year increase of 71.0% [7]. New Energy Vehicle Sales Rankings (July 2025) - In the NEV wholesale segment, BYD Auto again led with 341,030 units, while Geely Auto saw a significant year-on-year increase of 120.4% with 130,142 units [11]. - Tesla China reported 67,886 units, down 8.4% year-on-year [11]. Cumulative Sales Rankings (January to July 2025) - BYD Auto maintained its lead with 2.454 million units sold, a year-on-year increase of 26.0% and a market share of 15.8% [6]. - Geely Auto and Chery Auto followed with 1.647 million units (up 48.8% year-on-year) and 1.429 million units (up 14.6% year-on-year), respectively [6].