Core Viewpoint - Li Auto's vehicle deliveries have significantly declined, with June deliveries at 36,300 units, down 11% month-over-month and down 24% year-over-year, raising concerns about the company's performance and market position [1][2]. Group 1: Delivery Performance - In June, Li Auto delivered 36,300 vehicles, a decrease of 11% from May's 40,800 units, which had a year-over-year growth of 16.7% [1]. - For Q2, the total vehicle deliveries were 111,000, slightly lower than the 108,600 units delivered in the same period last year, indicating a decline of over 2,000 units [1]. Group 2: Market Competition - The competitive landscape is intensifying, with rivals like Seres and Leap Motor enhancing their range-extended technology, posing a threat to Li Auto's market share [3][4]. - Major competitors are planning significant financing through Hong Kong listings, which could increase pressure on Li Auto's operations and market share [4]. Group 3: Financial Performance - Li Auto's average net profit per vehicle has been declining, dropping from 17,800 yuan in Q1 2023 to below 7,000 yuan by Q1 2025, a cumulative decline of over 60% [4]. - Rising costs of raw materials, such as copper and aluminum, have added pressure on automotive companies, making it difficult to pass these costs onto consumers [4]. Group 4: Executive Actions - CEO Wang Xing has been reducing his stake in Li Auto, selling 5.737 million shares between June 10 and June 13, totaling over 600 million HKD, which has raised concerns among investors [6][7]. - Other executives, including the CFO and co-founder, have also sold shares, which may lead to investor apprehension regarding the company's future performance [7].

Group 1 - The new regulation from the Civil Aviation Administration of China prohibits passengers from carrying power banks without 3C certification on domestic flights, while high-speed rail does not require such checks [2][3] - The 12306 customer service confirmed that power banks can be carried on high-speed trains as long as they are clearly marked and have an energy rating of no more than 100Wh [2][3] Group 2 - Beijing has announced a new AI education curriculum for primary and secondary schools, set to begin in the fall of 2025, with a minimum of 8 class hours per year [4][5] - The curriculum aims to enhance students' AI literacy and includes topics on AI awareness, application, innovation, ethics, and social responsibility [4][5][10] Group 3 - Elon Musk has reportedly abandoned his political vision of Mars colonization, as stated by investor Peter Thiel, marking 2024 as the year Musk no longer believes in the feasibility of Mars immigration [6] - Musk's xAI has completed a new funding round totaling $10 billion, which includes $5 billion in debt and $5 billion in equity financing [6][7][8] Group 4 - Huawei has announced the open-source release of its large-scale MoE model inference deployment technology, Omni-Infer, designed for high-performance enterprise-level inference capabilities [12][13] Group 5 - Meta has established the Meta Superintelligence Labs (MSL) to integrate its AI research and product teams, with plans to invest significantly in AI infrastructure and talent acquisition [14][15] Group 6 - The sales figures for June show significant growth for various automotive companies, with NIO delivering 24,925 vehicles, XPeng 34,611 vehicles, and BYD 382,585 vehicles, reflecting year-on-year increases [26] - Tesla has raised the price of its Model 3 Long Range version by 10,000 yuan, now priced at 285,500 yuan, while the standard version remains unchanged [18] Group 7 - The global sales of the Nintendo Switch 2 reached 5 million units in its first month, nearly doubling the first-month sales of the previous model [42][43]

1. 长春高新拟发行H股并在香港联交所上市。 2. 紫金矿业(02899.HK)建议分拆紫金黄金国际至联交所主板上市。 3. 吉利汽车(00175.HK)6月汽车总销量为23.6万部，同比增长约42%。 4. 长城汽车(02333.HK)6月汽车销量约11.07万台，同比增长12.86%。 5. 小鹏汽车(09868.HK)：6月交付新车34611台，同比增长224% 。 6. 蔚来(09866.HK)第二季度交付72056辆汽车，同比增长25.6%。 7. 理想汽车(02015.HK)：6月交付新车36279辆，二季度共交付111074辆。 8. 据小米集团(01810.HK)微博消息，2025年6月，小米汽车交付量超过25000台。 9. 中国人寿(02628.HK)：今年上半年，公司寿险赔付超1214万件，赔付金额超302亿元，获赔率99.6%。 10. 比亚迪股份(01211.HK)上半年新能源汽车销量约214.6万辆，同比增长33.04%。 11. 零跑汽车(09863.HK)：6月交付达48006台，同比增长超138%，上半年累计交付超22万台。 个股新闻： 金十数据整理：每日港股市场要闻速递（7 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国劳动力市场强劲叠加鲍威尔重申观望，美联储降息预期减弱，美债价格走低。投资者撤离科技股，道指涨逾400点，罗素小盘股表现优异，纳指100下 挫。 特马再度反目，特斯拉一度跌超7%。最新版"大漂亮"法案中没有针对风能和太阳能的税收，光伏股全面走高。华尔街大行提高股息、增加回购，盘后银行 股延续当日涨势。 10年期美债收益率上行逾4个基点，2年期上行约6个基点。美元先跌后涨，日内较低点一度涨超0.6%，尾盘有所回落。黄金两连涨，涨超1%。原油震荡。 亚洲时段，A股全天分化，创新药午后爆发，国债上涨，人民币再创去年11月以来新高，商品下跌。 要闻 万斯"一票破局"，美国参议院惊险通过"大漂亮"法案，还有众议院投票关。清洁能源松口气，美参院终版"大漂亮"法案不含进口相关组件新征 税，光伏股走高。 关键时刻，马斯克猛喷"大漂亮法案"，誓言"全力让支持者明年输掉中选"。特朗普炮轰马斯克：没有补贴你早就回南非了；马斯克回应：全部削 减，就现在！是否驱逐马斯克？特朗普："得看一下"。 鲍威尔未排除7月降息可能，称若非关税已降息，关税料将对通胀 ...

Core Insights - The performance of new energy vehicle companies in June shows significant differentiation among them, with BYD maintaining a leading position in sales [1][11] - The overall sales data for the first half of 2025 indicates that only XPeng has exceeded 50% of its annual sales target [2][11] Group 1: BYD Performance - BYD's June sales reached 382,585 units, a year-on-year increase of 11.98%, with a total of 2.146 million units sold in the first half of 2025, up 33.04% year-on-year [4][10] - BYD's pure electric vehicle sales exceeded 1 million units in the first half of 2025, with a growth rate of over 40% [10] - BYD's overseas sales have also reached new highs, with June's overseas sales accounting for 23.54% of total sales [10] Group 2: Other New Energy Vehicle Companies - Leap Motor led the new energy vehicle segment with June deliveries of 48,006 units, a year-on-year increase of 138.65% [12][14] - Li Auto's June deliveries were 36,279 units, down 24.06% year-on-year, indicating a declining trend in monthly deliveries [15] - Xiaomi's June deliveries fell to over 25,000 units, continuing a downward trend [18] Group 3: Market Trends and Future Plans - The competition among new energy vehicle companies is intensifying, particularly in the SUV market, with several companies planning new product launches [25][26] - Upcoming models include the 2026 version of Leap Motor's C11, XPeng's G7 AI smart SUV, and Li Auto's i8 and i6 electric SUVs [26][28] - NIO plans to launch three new models in the second half of 2025, including the third-generation ES8 and the L90 flagship SUV [28]

1. 小米汽车：6月小米汽车交付量超过25000台。 2. 领克汽车：6月销量26310辆，同比增长8%。 3. 极氪科技：6月销量16702辆，同比下降17%。 4. 岚图汽车：6月销量10053辆，同比增长83%。 5. 阿维塔汽车：6月销量10153辆，同比增长117%。 6. 蔚来汽车：6月交付车辆24925辆，同比增长17.5%。 7. 理想汽车：6月交付36279辆汽车，同比下降24%。 8. 智己汽车：6月共交付新车6027台。 9. 深蓝汽车：6月全系交付新车29893台，同比增长79%，环比增长17%。 10. 鸿蒙智行：6月单月全系交付52747辆，刷新鸿蒙智行单月销量历史新高。 11. 比亚迪股份：6月公司新能源车销量为38.26万辆，去年同期为34.17万辆。 12. 零跑汽车：6月交付达48006台，同比增长超138%，上半年累计交付超22万台。 13. 小鹏汽车：6月共交付新车34611台，同比增长224%，连续8个月交付量超3万台。 金十整理：2025年6月造车新势力"成绩单"一览 ...

7月1日，新势力车企纷纷公布上月的交付成绩单。 蔚来汽车：6月交付车辆24,925辆，同比增长17.5%；2025年第二季度交付车辆72,056辆，同比增长25.6%。截至2025年6月30日，蔚来汽车(NIO.N)累计交付 量已达785,714辆。其中，蔚来品牌累计交付新车725,248台；乐道品牌累计交付新车52,623台；firefly萤火虫品牌累计交付新车7,843台。 理想汽车：6月交付量36279辆，同比下降24%。第二季度的交付量达到11.1万辆。 小鹏汽车：6月共交付新车34611台，同比增长224%，连续8个月交付量超3万台。2025年第二季度，小鹏汽车累计交付新车共103181台，再创单季度历史新 高；2025年1-6月，小鹏汽车累计交付新车197189台，超过2024年全年交付量。 封面图片来源：每经 小米汽车：6月小米汽车交付量超过25000台。 零跑汽车：2025年6月全系交付创历史新高，达48006台，同比增长超138%；上半年累计交付221664台。 岚图汽车：6月销量10053辆，同比增长83%。 北汽蓝谷：公司子公司北京新能源汽车股份有限公司6月份销量11991辆，同比增长2 ...

Financial Performance - In Q1 2025, the company achieved operating revenue of 10.02 billion yuan, a year-on-year increase of 187% [1] - The gross margin reached 14.9%, up 1.5 percentage points quarter-on-quarter, marking a historical high [1] - The improvement in gross margin is attributed to strategic partnerships, product mix optimization, and increased sales volume [1] - The net profit attributable to shareholders was a loss of 130 million yuan, reducing losses by 820 million yuan year-on-year [1] New Product Launches - The company launched three new models in 2025: B10, C10, and C16, all performing well with ongoing new car cycles [1][2] - The B10 was launched on April 10, 2025, priced between 99,800 and 129,800 yuan, featuring high cost-performance with advanced technology [1] - The new C10, launched on May 15, 2025, includes multiple upgrades and a price reduction of 6,000 yuan compared to the previous model, with pre-sale orders exceeding 15,500 within 24 hours [2] - The new C16, set to launch on June 18, 2025, retains the six-seat version and adds a five-seat version, also featuring significant upgrades and a price reduction [2] Sales Performance and Market Position - The company has ranked first in new force sales for three consecutive months, with wholesale volumes of 37,000, 41,000, and 45,000 units from March to May 2025 [3] - Cumulative export volume exceeded 17,200 units from January to May 2025, maintaining the top position in cumulative export sales among new forces [3] - The company has rapidly expanded its channel network, with over 1,500 global outlets, indicating a strong growth trajectory in both domestic and international markets [3] Profit Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders of 110 million, 2.57 billion, and 5.07 billion yuan for 2025-2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10][13] Core Insights - The company has exceeded expectations in its turnaround progress, achieving positive profitability in overseas markets for the first quarter of 2025 [3][4] - The domestic gross margin has significantly improved, and the company is accelerating its international expansion [3][4] - The company has launched three new models (B10, new C10, and new C16) in 2025, all performing well, with the new car cycle still ongoing [6][8] - The company has maintained a strong sales momentum, ranking first among new forces in sales for three consecutive months, with rapid expansion of its distribution network [9][10] Financial Performance Summary - In Q1 2025, the company achieved revenue of 10.02 billion yuan, a year-on-year increase of 187%, with a gross margin of 14.9%, marking a historical high [5] - The gross margin improvement is attributed to strategic partnerships, product mix optimization, and increased sales scale effects [5] - The net loss attributable to shareholders in Q1 2025 was 130 million yuan, a reduction in loss of 820 million yuan year-on-year [5] - Revenue projections for 2023A to 2027E are 16.747 billion, 32.164 billion, 63.021 billion, 80.661 billion, and 96 billion yuan respectively, with growth rates of 35%, 92%, 96%, 28%, and 19% [3][10][12] - The net profit attributable to shareholders is projected to turn positive in 2025E with 105 million yuan, and increase to 5.065 billion yuan by 2027E [3][10][12] Product Launch and Market Strategy - The B10 model launched on April 10, 2025, priced between 99,800 to 129,800 yuan, has shown strong sales performance [7] - The new C10 model launched on May 15, 2025, features multiple upgrades and a lower starting price, resulting in over 15,500 pre-orders within 24 hours [8] - The new C16 model launched on June 18, 2025, has expanded its customer base with the introduction of a five-seat version, enhancing market demand [8] Sales and Distribution - The company has achieved wholesale volumes of 37,000, 41,000, and 45,000 vehicles from March to May 2025, maintaining its leading position in the new forces sales ranking [9] - Cumulative export volume from January to May 2025 exceeded 17,200 vehicles, ranking first among new forces in cumulative export sales [9]

Market Overview - The Hang Seng Index closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]