Group 1 - Hong Kong automotive stocks experienced an upward trend, with Leap Motor rising over 5% [1] - Li Auto increased nearly 4%, while Xpeng Motors and Xiaomi Group both saw gains of over 3% [1] - Beijing Automotive and NIO both rose by more than 2% [1]

Group 1 - BYD reported a value of 1583.74 with a decrease of 10.36, indicating a decline in performance [2] - Ferrari's value stands at 867.42, showing a slight decrease of 2.7 [2] - Volkswagen experienced an increase of 7.49, reaching a value of 570.91 [2] - Mercedes-Benz reported a value of 565.48, with a significant increase of 19.12 [2] Group 2 - BMW's value is 560.88, reflecting an increase of 12.66 [3] - Porsche's value is 483.99, with an increase of 7.2 [3] - General Motors reported a value of 476.97, showing a notable increase of 20.28 [3] - Mahindra Automotive's value is 438.87, with an increase of 17.33 [3] - Honda's value stands at 435.85, reflecting an increase of 6.48 [3] - Ford's value is 419.53, with an increase of 10.75 [3] - Hyundai's value is 337.81 [3] - Tata Motors reported a value of 312.69, with an increase of 5.35 [3] - Stellantis' value is 301.59, reflecting an increase of 18.43 [3] - Li Auto's value is 284.75, with an increase of 17.55 [3] - SAIC Motor's value stands at 267.71, reflecting an increase of 2.73 [3] - Kia's value is 263.74, with an increase of 3.1 [3] - Suzuki's value is 245.79, showing an increase of 10.9 [3] - Geely's value is 240.91, reflecting a decrease of 4.67 [3] - Great Wall Motors reported a value of 239.73, with a slight decrease of 0.1 [3] - Xpeng Motors' value is 202.01, reflecting an increase of 14.25 [3] Group 3 - Renault's value is 153.69, with a slight increase of 0.73 [4] - Changan Automobile reported a value of 150.77, reflecting a minor decrease of 0.24 [4] - Subaru's value stands at 140.06, with an increase of 4.92 [4] - GAC Group's value is 115.22, reflecting an increase of 0.99 [4] - NIO's value is 94.59, with an increase of 5.18 [4] - VinFast Auto reported a value of 87.71, reflecting an increase of 0.7 [4] - Nissan's value stands at 84.45, with an increase of 2.62 [4] - Zeekr's value is 73.18, reflecting an increase of 1.78 [4]

零跑汽车 20250512 摘要 • 零跑汽车 4 月批售 41,000 辆，连续两月位居新势力车企批发销量榜首， 环比增长 4,000 台，主要受益于 B10 完整交付月及海外批发高增长，其 中海外出口 6,086 台，位居新势力第一，显示出海战略加速。 • 五一期间零跑汽车订单量创新高，5 月 1 日至 5 日总订单超 18,000 台，5 月 5 日单日订单突破 3,700 台，反映市场需求强劲，预示未来销量增长潜 力。 • B 平台第二款新车 B01 在上海车展亮相，定位紧凑型纯电轿车，预计售价 更具竞争力，续航达 650 公里，搭载 LIP3.5 架构、激光雷达、高通 8,295 座舱芯片及 8,650 智驾芯片，强化智驾平权策略。 • 新款 C10 已开启预售，纯电版续航提升至 605 公里，采用 800 伏高压快 充平台，电机功率提升至 220 千瓦，搭载 LIP3.5 架构，售价区间为 12.98 至 14.98 万元，降价增配提升市场竞争力。 • 零跑汽车与中国一汽签署战略合作备忘录，将在新能源乘用车联合开发、 零部件技术融合及资本合作等方面展开深入合作，一汽采购红旗品牌 G117 产品整车 ...

Market Performance - The Shanghai and Shenzhen 300 Index increased by 2.00%, while the automotive sector rose by 1.85%, ranking 20th among A-share industries [1] - The SW passenger vehicle index saw a rise of 1.83%, whereas the SW commercial vehicle index decreased by 0.18% [1] - The SW automotive parts index increased by 2.42%, with Chengfei Integration and Wanxiang Qianchao leading the gains [1] Industry Highlights - Hongmeng Zhixing's total order volume during the May Day holiday increased by 100% year-on-year, surpassing 22,000 units [2] - Leap Motor achieved record high orders during the May Day holiday, exceeding 18,000 units, with a single-day order of over 3,700 units on the last day [2] - BYD's cumulative sales of new energy vehicles from January to April increased by 46.98%, totaling 1.3809 million units [2] - Chinese automakers are increasing their plug-in hybrid vehicle offerings in Europe to mitigate tariffs on pure electric vehicles [2] - Chery Automobile plans to raise approximately $1.5 billion through an IPO in Hong Kong [2] - SAIC Motor reported a year-on-year sales increase of 4.6% in April, marking four consecutive months of growth [2] - Geely plans to privatize Zeekr by acquiring all its shares, aiming for a complete merger [3] - BYD's registered capital increased from approximately 2.909 billion RMB to about 3.039 billion RMB [3] - BYD aims for 50% of its sales to come from overseas markets by 2030, focusing on expansion in Europe and Latin America [3] - UK automotive manufacturers will benefit from a 10% preferential tariff rate on exports to the US under a new trade agreement [3] - SAIC-GM-Wuling plans to adopt solid-state battery technology by 2027 [3] - iFlytek and Chery have established a joint venture to enhance collaboration in the automotive acoustic technology sector [3] - The Ministry of Industry and Information Technology is soliciting opinions on safety standards for automotive door handles [4] Future Outlook - The acceleration of electric and intelligent vehicle development among major automakers, combined with favorable policies, is expected to sustain steady growth in industry sales [5] - The inclusion of National IV heavy trucks in the subsidy program may catalyze domestic sales in the heavy truck sector [5] - Recommended companies for investment include BYD, Great Wall Motors, Leap Motor, and others in the passenger vehicle segment, as well as major players in the commercial vehicle and parts sectors [5]

Core Insights - The research and development (R&D) expenditures and R&D expense ratios of 13 listed automotive companies for the 2024 fiscal year have become focal points in the industry, reflecting their commitment to technological innovation and long-term competitiveness [1][6]. R&D Expenditures - BYD leads with a substantial R&D expenditure of 54.161 billion, indicating its strong commitment to innovation in the electric vehicle sector [1]. - SAIC Motor and Great Wall Motors follow with R&D expenditures of 21.813 billion and 14.465 billion, respectively [1]. - Haima Automobile's R&D expenditure is significantly lower at only 0.086 billion, highlighting a stark contrast with leading companies [1]. R&D Expense Ratios - BAIC Blue Valley has the highest R&D expense ratio at 33.62%, while NIO and Xpeng also exceed 15%, demonstrating their focus on R&D despite smaller revenue scales [3]. - SAIC Motor's R&D expense ratio is relatively low at 3.50%, placing it among the lower performers in this regard [3]. Sales Performance and Market Position - Companies with higher R&D expenditures, such as BYD, are experiencing steady sales growth, translating their R&D investments into market advantages [6]. - Great Wall Motors also maintains a certain market share in the SUV segment due to its significant R&D investments [6]. - Conversely, Haima Automobile's low R&D spending has resulted in weakened market competitiveness and poor sales performance [6]. Long-term Implications - Companies with low R&D expenditures may save costs in the short term but face significant long-term operational risks, including inadequate technological innovation and diminished product competitiveness [6][7]. - The automotive industry is rapidly evolving towards electrification, intelligence, and connectivity, making it crucial for companies to increase R&D investments to keep pace with industry trends [6][7]. - Low R&D investment can hinder brand image enhancement, as consumers increasingly value technological sophistication and innovation in vehicles [6][7]. Conclusion - The disparities in R&D expenditures and expense ratios among the 13 listed automotive companies are profoundly impacting their sales and future development [7]. - Companies with lower R&D investments must find a balance between short-term cost savings and long-term growth by increasing their R&D efforts to enhance competitiveness, or they risk being marginalized in a highly competitive automotive market [7].

校对： 李凌锋 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 5月7日晚间 ，针对近日网传的"零跑汽车董事长朱江明2024年薪811.9万元"，朱江明在个人视频号发 布了 一段接受采访的视频。 视频中，朱江明称自己当前年薪为8万元，仅用于每月缴纳社保，与网传年薪811.9万元信息不符。 朱江明还透露，从创立零跑到现在，自己总共领的薪酬可能不到200万元。 零跑汽车是浙江零跑科技股份有限公司旗下的科技型智能电动汽车品牌，成立于2015年12月24日。2019 年，零跑汽车被评选为独角兽企业。2021年，零跑获得谷歌Waymo 2021自动驾驶算法挑战赛第一名；零 跑C11获得2021中国十佳车身大奖"最佳结构奖"。 5月1日，零跑汽车公布的最新交付数据显示：4月交付量41039辆，同比增长173%。 综合自：九派新闻、朱江明个人抖音号 责编：李丹 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大 ...

Core Insights - The April sales data for various new energy vehicle companies shows a continued upward trend for both traditional brands and new car manufacturers, indicating a robust market performance during the holiday period [1] Traditional Brands' Performance - BYD sold over 380,100 new energy vehicles in April, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4%. The main brands, Dynasty and Ocean, contributed over 340,000 units, growing by 16.5% [2] - Geely's total sales reached 234,112 units in April, a 53% increase year-on-year. New energy vehicle sales reached 125,563 units, up 144%, accounting for 54% of total sales, marking a historical high [4] - Chery Group's total sales were 200,760 units, a 10.3% increase. New energy vehicle sales reached 61,223 units, up 85.5% [6] - Great Wall Motors' wholesale sales were 100,061 units, a 5.55% increase, with new energy vehicle sales at 28,813 units, up 28.42% [8] New Forces in the Market - Leap Motor achieved a delivery volume of 41,039 units in April, a 172% year-on-year increase, driven by its competitive pricing strategy and new model launches [9] - XPeng Motors maintained a delivery volume of over 30,000 units, reaching 35,045 units, a 273% increase, supported by the popularity of models like MONA M03 and P7+ [11] - Li Auto delivered 33,939 new vehicles, a 31.6% increase, with a total of 126,800 units delivered in the first four months, achieving 18% of its annual target [13] - Xiaomi Auto delivered over 28,000 units in April, indicating stable consumer demand, with new models expected to drive future growth [13] Other Notable Performances - GAC Aion's sales reached 28,301 units, showing year-on-year growth but a decline compared to the previous month [15] - Lantu Motors achieved sales of 10,019 units, a 150% increase, with plans to launch an upgraded model soon [17] - NIO delivered 23,900 vehicles in April, a 53% year-on-year increase, benefiting from promotional policies [17]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 存货和存货周转天数高企的车企往往面临着较大的经营风险。 近期，13 家上市车企 2024 年年报部分数据出炉，其中存货和存货周转天数这两项关键指标备受关注。这两项指标不仅反映了车企的库存管理水平，更对企 业的经营风险和未来发展有着深远影响。 存货是指企业在日常活动中持有以备出售的产成品或商品、处在生产过程中的在产品、在生产过程或提供劳务过程中耗用的材料和物料等。对于车企而言， 存货包括汽车成品、零部件以及在生产线上的半成品等。存货水平的高低直接关系到企业的资金占用和运营成本。 从存货数据来看，比亚迪以 1160.36 亿元的存货规模位居首位，上汽集团以 772.77 亿元紧随其后，长城汽车、吉利汽车和长安汽车的存货规模也均超过百 亿。而海马汽车的存货规模最小，仅为 4.27 亿元。这表明不同车企的生产规模和市场布局存在较大差异。比亚迪作为新能源汽车领域的领军企业，其较高 的存货规模可能与大规模的生产扩张以及应对市场需求的战略储备有关。而上汽集团作为传统汽车巨头，庞大的产品线和市场份额也导致了较高的存货水 平。 存货周转天数则是指企业从取 ...

Group 1: Transportation and Mobility Trends - The Ministry of Transport reported that during the Labor Day holiday from May 1 to May 5, the total cross-regional movement of people reached 1.46594 billion, averaging 29.319 million per day, a year-on-year increase of 7.9% compared to the same period in 2024 [1] - During the same holiday period, the application volume for the vehicle trade-in subsidy exceeded 60,000, driving new car sales to 8.8 billion [2] - Leap Motor announced that it achieved over 18,000 orders from May 1 to May 5, setting a new record, with over 3,700 orders on May 5 alone [7] Group 2: Automotive Industry Developments - Ford Motor Company projected a loss of $1.5 billion due to tariffs imposed by the U.S. government, leading to the withdrawal of its previous earnings forecast for 2025 [3] - Volvo's battery subsidiary, NOVO Energy, announced a 50% workforce reduction as part of a restructuring effort following the bankruptcy of its technology partner, Northvolt [4] - Chery Automobile plans to conduct an initial public offering (IPO) in Hong Kong, aiming to raise approximately $1.5 billion [8] Group 3: Strategic Partnerships and Innovations - Tesla stated that over 95% of the parts for its Model 3 and refreshed Model Y are produced in China [9] - WeRide and Uber announced an expansion of their strategic partnership, planning to deploy Robotaxi services in 15 new international cities over the next five years [11] - Xiaomi's automotive division rebranded its "Intelligent Driving" feature to "Assisted Driving" in response to national standards for driving automation [6]

1. 车企董事长薪酬曝光！李想6.4亿元，吉利李书福仅37.6万元 2.阿里通义应用视觉团队负责人薄列峰离职，入职某互联网大厂，任多模态部门负责人 3. 宣传三元锂，装车变成磷酸铁锂？问界回应M8出厂合格证印错 4.曝苹果智能国行版将在iOS 18.6上线，百度、阿里巴巴提供支持 5.乐道员工炫耀"卖爆了"被沈斐批评：绝不应该轻易立flag 6.京东骑手招募规则悄然改变：「目前」由公司承担所有五险一金 7.美国盯上"对华特供芯片"，拟立法跟踪英伟达芯片定位 8.苹果据称考虑调整iPhone发布节奏：标准版、Pro版机型或错开发布 再来看民营车企，最受关注的当属比亚迪。财报显示，董事长、执行董事、总裁王传福税前报酬总额 765.5万元，在公司高管中排名第9，薪酬最高的是执行副总裁李柯，达1689万元，执行副总裁罗红斌、 高级副总裁何志奇税前工资同样均超千万元。吉利汽车集团CEO桂生悦、吉利控股集团CEO李东辉薪资总 额分别为3201万元、1967万元，而作为掌舵者的李书福，其全年薪酬仅37.6万元。长城财报显示，长城 汽车董事长魏建军全年薪酬568.56 万元，与2023年持平，长城汽车副总经理、副董事长赵国庆 ...