以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 平价车大反杀。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨金 玙 璠 编辑 丨魏佳 来源丨定焦One 新晋黑马也在搅动战局 ：小米 仍未公布具体数据，仅宣布交付超过2.9万辆， 排进前五； 背靠长 安的深蓝汽车（24371辆）则凭借同比87%的增速， 闯进了2万辆俱乐部。 在万辆俱乐部里，几方势力同样暗潮汹涌： 极氪 （15422辆） 、蔚来（15039辆） 组成1.5万辆阵营，在中高端市场暗暗厮杀。 比亚迪腾势（12620辆）、华为加持的阿维塔（10475辆）和东风岚图（10012辆）组成"万辆三剑 客"。 其中，阿维塔、岚图找到了各自的细分市场，开始上量。 尾部阵营的智己汽车（上汽集团、张江高科和阿里巴巴共同打造） 处境略显尴尬，未破万的成绩单 （5029辆）与其他玩家差距越拉越大。 4月1日， 造车新势力陆续公布3月交付量。 3月的造车江湖上演了一场"剧情大反转"，一张令人意外的成绩单浮出水面： 比亚迪汽车（33.7万辆）在 连续领跑 国内车市后，3月被上汽集团（38.6万辆）反超。 我们重点关注新势力品牌的排名变 ...

以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产 业主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新 材料等。 摘要 比亚迪销售37万+，小鹏汽车大涨268%。 随着各企业新能源车型的密集上市，产品迭代加速，叠加"以旧换新"和"报废更新 "补贴政策的进 一步刺激，终端消费需求进一步释放。 在GGII跟踪统计的12家企业披露的数据中显示，3月新能源车销量同环比增速均为正增长。其中， 比亚迪销售约37.7万辆，同比增长24.8%，小鹏、零跑、 阿维塔 销量同比增长均在一倍以上。 | | | | 2025年3月新能源车销量&交付量排名 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 品牌 | 3月 (辆) | 环比增速 | 同比增速 1-3月 (辆) | | 同比增速 | | 1 | 比亚迪 | 377420 | 16.9% | 24.8% | 1000804 | 59.8% | | 2 | 零跑 | 370 ...

Group 1 - The core viewpoint of the article highlights Leap Motor's successful financial performance, achieving positive net profit in Q4 of the previous year and setting a new record for quarterly gross margin at 13.3% [2] - The company aims to expand its international market presence by increasing its channel network to over 550 locations this year [2] - Leap Motor is focusing on localizing manufacturing in Europe, potentially at Stellantis' factories, with a target to avoid 20.7% tariffs through local production by 2026 [3] Group 2 - As of the end of 2024, Leap Motor plans to establish over 400 sales and service points globally, with more than 350 in Europe, exceeding initial targets [3] - The European electric vehicle market is facing challenges, with a 5.9% decline in new electric vehicle sales, while hybrid vehicle sales have increased by 20.9% [3][4] - Leap Motor is diversifying its market strategy beyond Europe, targeting regions such as the Middle East, Asia-Pacific, and South America, with different export models based on regional demands [4] Group 3 - The company has set an export target of over 50,000 vehicles this year, following a successful export of over 13,700 vehicles last year [5][6] - Leap Motor is enhancing its product offerings, with plans to unveil an exciting new model at the Munich IAA Mobility International Auto Show in September [6] - The company is collaborating with Stellantis Financial Services to provide financial services to dealers and consumers, and has established a robust parts distribution network [6] Group 4 - Leap Motor aims to differentiate itself in the competitive landscape by focusing on advanced intelligent driving features rather than competing solely on price [7]

Core Viewpoint - The Hong Kong automotive stocks experienced a general increase, with significant gains observed in several companies, particularly in the context of their recent delivery performance and financial results [1][2][3]. Group 1: Stock Performance - Geely Automobile rose over 4%, while Li Auto and NIO saw increases of over 1% [2]. - Leap Motor surged by 12.98%, reaching a historical high, with its stock price increasing over 70% year-to-date, adding approximately 87.57 billion HKD (around 81.84 million RMB) to its market capitalization [3]. Group 2: Delivery Performance - NIO reported a delivery of 15,039 vehicles in March 2025, marking a year-on-year increase of 26.7%, with a total of 42,094 vehicles delivered in Q1 2025, up 40.1% year-on-year [6]. - XPeng Motors delivered 33,205 vehicles in March 2025, a remarkable year-on-year growth of 268%, achieving a record of over 30,000 deliveries for five consecutive months [7]. - Li Auto delivered 36,674 vehicles in March 2025, reflecting a year-on-year increase of 26.5%, with a total of 92,864 vehicles delivered in Q1 2025, up 15.5% year-on-year [7]. - Leap Motor achieved a delivery volume of 37,095 vehicles in March, representing a year-on-year growth of over 154% [7]. Group 3: Financial Results - Leap Motor reported a revenue of 32.164 billion RMB for the year, a significant increase of 92.06%, and achieved a net profit of 0.8 billion RMB in Q4, becoming the second new force in car manufacturing to achieve quarterly profitability [10]. - The CEO of Leap Motor indicated that the application of the LEAP 3.5 technology architecture has further reduced costs, contributing to the company's profitability [10]. - Jianyin International maintained a "outperform" rating for Leap Motor, raising the target price from 46.1 HKD to 73.2 HKD, while Citigroup also maintained a "buy" rating, increasing the target price from 50.1 HKD to 74.2 HKD [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Shanghai copper main contract fluctuated weakly, with a decrease in open interest, a premium in the spot market, and a strengthening basis. Internationally, there are concerns about economic recession risks and the impact of tariffs on inflation and employment. Domestically, policies are promoting the use of intelligent terminal consumer goods. Fundamentally, the processing fees for copper concentrates continue to decline, and the supply of raw materials may become tighter. The domestic supply may decrease due to smelter maintenance and import window closure. On the demand side, the "Golden March and Silver April" peak season and positive macro - policies are expected to boost demand, but the impact of rising copper prices on downstream purchasing should not be ignored. Overall, the fundamentals of Shanghai copper may be in a stage of slightly reduced supply, steadily increasing demand, and positive expectations. In the options market, the sentiment is relatively balanced, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows red bars converging below the 0 - axis. The operation suggestion is to go long on dips with a light position and control the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract was 79,890 yuan/ton, down 540 yuan; the LME 3 - month copper price was 9,695 dollars/ton, up 2 dollars. The spread between the main contract months was 30 yuan/ton, up 20 yuan; the open interest of the Shanghai copper main contract was 196,044 lots, down 2,275 lots. The net position of the top 20 futures holders of Shanghai copper was - 6,313 lots, up 905 lots. The LME copper inventory was 213,275 tons, up 1,900 tons; the Shanghai Futures Exchange (SHFE) cathode copper inventory was 235,296 tons, down 21,032 tons; the SHFE cathode copper warrant was 130,379 tons, down 2,856 tons [2] Spot Market - The SMM 1 copper spot price was 80,055 yuan/ton, up 40 yuan; the Yangtze River Non - Ferrous Metals Market 1 copper spot price was 80,115 yuan/ton, up 100 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 98 dollars/ton, unchanged; the average premium of Yangshan copper was 66 dollars/ton, down 0.5 dollars. The basis of the CU main contract was 165 yuan/ton, up 580 yuan; the LME copper cash - to - 3 - month spread was - 71 dollars/ton, down 16.5 dollars [2] Upstream Situation - The import volume of copper ore and concentrates was 218.25 million tons, down 34.88 million tons. The TC of domestic copper smelters was - 24.14 dollars/thousand tons, down 1.26 dollars. The price of copper concentrates in Jiangxi was 70,380 yuan/metal ton, up 110 yuan; in Yunnan, it was 71,080 yuan/metal ton, up 110 yuan. The processing fees for crude copper in the south and north were 1,100 yuan/ton and 900 yuan/ton respectively, up 250 yuan and 100 yuan [2] Industry Situation - The output of refined copper was 124.20 million tons, up 10.90 million tons. The import volume of unwrought copper and copper products was 420,000 tons, unchanged. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai was 0 yuan/ton, down 57,590 yuan; the price of 2 copper (94 - 96%) in Shanghai was 67,750 yuan/ton, up 100 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 600 yuan/ton, unchanged [2] Downstream and Application - The output of copper products was 227.28 million tons, up 13.23 million tons. The cumulative completed investment in power grid infrastructure was 436.20 billion yuan, down 5,646.38 billion yuan. The cumulative completed investment in real estate development was 10,719.74 billion yuan, down 89,560.48 billion yuan. The monthly output of integrated circuits was 4,277,402,800 pieces, up 521,990,500 pieces [2] Options Situation - The 20 - day historical volatility of Shanghai copper was 14.02%, up 0.21 percentage points; the 40 - day historical volatility was 12.25%, up 0.12 percentage points. The implied volatility of the at - the - money options in the current month was 14.76%, up 0.0035 percentage points. The call - to - put ratio of at - the - money options was 1.11, up 0.0426 [2] Industry News - The US "reciprocal tariff" is about to be implemented on April 2. The EU has a counter - measure plan. Fed officials are concerned about the impact of tariffs on inflation and employment. The Caixin China Manufacturing PMI in March was 51.2, up 0.4 points from February. The Ministry of Commerce promotes the work of consumer goods replacement. The added value of the above - scale electronic information manufacturing industry from January to February increased by 10.6% year - on - year. New energy vehicle companies released their March sales results, with some achieving significant growth [2]

智通财经APP获悉，市场观望美国即将公布的对等关税政策，港股早盘探底回升，恒科指数一度涨 1.8%，随后涨幅逐步收窄，恒指及国指午后集体翻绿。截止收盘，恒生指数跌0.02%或4.31点，报 23202.53点，全日成交额2165.98亿港元；恒生国企指数跌0.07%，报8531.51点；恒生科技指数涨 0.35%，报5426.44点。 中信证券指出，受近期个别企业的配售和对关税问题的担忧，港股自3月中旬持续调整。但该行判断这 两个因素更多为短期的情绪扰动，并不会改变港股延续反转的中长期行情。该行认为，从4月中旬起， 若海外开始交易新一轮的美联储降息预期，且国内也开始抢跑月底的政治局会议，港股有望重拾上行趋 势。 蓝筹股表现 盘面上，大型科技股涨跌互现，小米续跌超4%，快手则涨超2%。苹果AI功能拓展至更多语言和地区， 苹果概念股集体上扬；机构称险企资负两端均有改善机会，新华保险涨近5%领跑内险股；部分AI概念 股活跃，万国数据涨超5%，金山云涨超4%；新势力3月销量放榜，零跑汽车首夺新势力销冠，股价大 涨近13%创新高，吉利汽车涨超4%；重型机械、半导体、建材水泥股等飘红。另一边，有色金属、医 药股等陷入调整 ...

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Technology Index initially rising by 1.8% but ultimately closing up only 0.35% [1][3] - The Hang Seng Index and the China Enterprises Index ended the day nearly flat after a brief rebound [1] Company Performance - Major technology stocks saw most of them increase, with Kuaishou rising over 2% and Baidu up more than 1% [3] - JD.com, NetEase, and Alibaba also recorded slight gains [3] - Xiaomi's stock fell over 4% due to the ongoing fallout from the SU7 incident, while Meituan's stock was in the red [3] - Heavy machinery stocks performed well, with SANY International rising by 6.5% and Zoomlion (000157) increasing by 5.5% [3] - Apple-related stocks generally rose following the expansion of AI features to more languages, including Chinese [3] - Domestic insurance stocks collectively rose, supported by a report from Dongwu Securities (601555) indicating strong performance driven by asset-liability resonance [3] Sector Performance - The semiconductor sector, Chinese brokerage stocks, home appliance stocks, shipping stocks, and paper industry stocks mostly saw gains [3] - Conversely, gold stocks were sluggish amid increasing risks of a significant price drop for gold, while copper and aluminum stocks declined [3] - Biopharmaceutical stocks, which had surged the previous day, experienced a full retreat [3] - Robotics and photovoltaic stocks also faced widespread declines [3]

Group 1 - The Hong Kong stock market experienced a rapid rise on April 2, with the Hang Seng Index and Hang Seng Tech Index turning positive, the latter increasing by over 1% [1] - The Hong Kong Stock Connect Tech ETF (513860) saw a significant increase, rising over 1.1% at one point and closing with a gain of 0.97%, with a turnover rate exceeding 7% and a trading volume over 100 million [1] - Notable individual stocks included Li Auto, which rose over 8%, and Sunny Optical Technology and Geely Automobile, both increasing by over 5% [1] Group 2 - According to Wind Financial Terminal data, the Hong Kong Stock Connect Tech ETF (513860) had net inflows for 3 out of the last 5 days [3] - Southbound funds have aggressively purchased 160 billion HKD worth of stocks, particularly in the technology and consumer sectors, with a total net buy of 438.65 billion HKD year-to-date, surpassing half of last year's total net purchases [3] - In March, southbound funds recorded a net buy of 160.28 billion HKD, marking the third consecutive month with net purchases exceeding 100 billion HKD, the second-highest historical peak after January 2021 [3] Group 3 - West Securities reported that the breakthrough of DeepSeek technology diminishes the valuation monopoly of AI in the U.S., raising concerns about the U.S. economy due to tariffs imposed by Trump, leading to a shift in expected returns between China and the U.S. [4] - The Hang Seng Tech Index is currently trading at a lower price-to-earnings ratio compared to global tech stocks and is at a historical low for itself [4] - The emergence of DeepSeek positions Chinese technology firms as core competitors rather than mere followers, enhancing expectations for profitability [4]

13家车企交卷，销量同环比全部正增长！ ▲2025年3月中国主要车企新能源车型销量 在智能化升级与价格策略的双重驱动下，新能源汽车市场呈现出"强者恒强"的竞争格局。 头部品牌通过技术迭代巩固优势，其他车企则凭借差异化路线加速追赶。 目前国内车企的竞争还在持续加剧，随着上海车展的临近，各家车企还有不少新车有待发布。这也为目前的汽车市场增添了一丝不确定性。 | | | 国内主要车企2025年3月新能源车型销量(车东西制图) | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 车企 | 3月 | 2月 | 同比 | 环比 | | 1 | 比亚迪 (全球) | 377420 | 322846 | 23.10% | 17% | | 2 | 吉利新能源 | 119696 | 98433 | 167% | 22% | | 3 | 零跑 | 37095 | 25287 | 154% | 47% | | 4 | 理想 | 36674 | 26263 | 26.53% | 40% | | 5 | 埃安 (全球) | 34082 | 20863 | 4.80% | 63% | ...

雷军和小米汽车回应小米 SU7 高速交通事故。 4 月 1 日，小米公司发言人微博表示，2025 年 3 月 29 日 22 时 44 分，一辆小米 SU7 标准版在德上 高速公路池祁段行驶过程中遭遇严重交通事故，并造成 3 人死亡。据初步了解，事故发生前车辆处 于 NOA 智能辅助驾驶状态，以 116km/h 时速持续行驶。 据小米汽车公告，事发路段因施工修缮，用路障封闭自车道、改道至逆向车道。车辆检测出障碍物 后发出提醒并开始减速。约 1 秒后，驾驶员接管车辆进入人驾状态，NOA 功能退出。驾驶员持续 减速并操控车辆转向，随后车辆与隔离带水泥桩发生碰撞，碰撞前系统最后可以确认的时速约为 97km/h。 4 月 1 日晚间，小米汽车发布公告，称基于目前已知情况，仅能确定事故车起火并非自燃，推测系 猛烈撞击隔离带水泥桩后，整车系统严重受损导致，并表示由于尚未接触到事故车辆，暂时无法进 一步分析起火原因，以及事故时车门是否可以打开。雷军也首次公开回应此事，称 "代表小米承 诺：无论发生什么，小米都不会回避，我们将持续配合警方调查，跟进事情处理的进展，并尽最大 努力回应家属和社会关心的问题。" OpenAI 向免 ...