Group 1 - The core viewpoint of the news highlights a significant rise in Chinese electric vehicle (EV) stocks, particularly Xpeng Motors, NIO, and Li Auto, following strong performance in the US market [1] - Xpeng Motors saw a notable increase of over 13%, while NIO rose by over 10%, and Li Auto increased by over 1% [2] - Xpeng Motors announced that its co-founder and CEO, He Xiaopeng, purchased 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [1] Group 2 - NIO launched the pre-sale of its new ES8 model, with prices starting at CNY 416,800 for the luxury version and CNY 308,800 for the battery-as-a-service (BaaS) option [1] - The new ES8 is set to officially launch and begin deliveries in late September 2025 [1] - Leap Motor reported a total delivery volume of 221,664 vehicles for the first half of 2025, marking a year-on-year increase of 103.8% [1]

隔夜美股中概股新能源汽车股大涨，带动港股汽车股集体走强，尤其是小鹏汽车大涨超13%表现最佳， 蔚来汽车大涨超10%紧随其后，零跑汽车涨近4%，长城汽车、比亚迪股份、理想汽车涨超1%。 消息上，小鹏汽车公告，公司联合创始人、执行董事、董事长、首席执行官兼控股股东何小鹏于2025年 8月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited在公开市场购买了310万股A类普通 股，平均价为每股A类普通股80.49港元。 蔚来全新ES8预售发布。行政豪华版六座/七座预售价为416,800元起，采用BaaS电池租用方式购买，预 售价为308,800元起。全新ES8将于2025年9月下旬正式上市并开启交付。 零跑汽车2025H1总交付量达221,664辆，同比增长103.8%。2025年7月，公司交付量再次突破新高，达 到50,129辆，连续5个月位居新势力销量榜首。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 09868 | 小鹏汽车-W | 91.800 | 13.47% | | 09866 | 蔚来-SW | ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 7.071 billion, Hang Seng China Enterprises (02828) with 3.310 billion, and Southern Hang Seng Technology (03033) with 1.714 billion [1] - The top three stocks with net outflows are Dongfang Zhenxuan (01797) with -0.578 billion, SMIC (00981) with -0.487 billion, and Leap Motor (09863) with -0.363 billion [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 67.83%, followed by Honghua Smart Energy (01083) at 63.98%, and Anhui Wanshan Expressway (00995) at 58.06% [1] - The top three stocks with the highest net outflow ratios are Kangji Medical (09997) at -68.79%, China Power (02380) at -43.21%, and Poly Property Group (00119) at -41.60% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 7.071 billion with a net inflow ratio of 32.30% and a closing price of 25.620 [2] - Hang Seng China Enterprises (02828) saw a net inflow of 3.310 billion with a net inflow ratio of 29.79% and a closing price of 92.060 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 1.714 billion with a net inflow ratio of 29.36% and a closing price of 5.445 [2] Net Outflow Rankings - Dongfang Zhenxuan (01797) experienced a net outflow of -0.578 billion with a net outflow ratio of -6.16% and a closing price of 34.320 [2] - SMIC (00981) had a net outflow of -0.487 billion with a net outflow ratio of -12.37% and a closing price of 50.050 [2] - Leap Motor (09863) faced a net outflow of -0.363 billion with a net outflow ratio of -15.93% and a closing price of 73.350 [2] Additional Net Inflow Ratios - Qin Port Co. (03369) had a net inflow ratio of 67.83% with a net inflow of 565,800 and a closing price of 2.250 [3] - Honghua Smart Energy (01083) recorded a net inflow ratio of 63.98% with a net inflow of 57,090 and a closing price of 3.930 [3] - Anhui Wanshan Expressway (00995) achieved a net inflow ratio of 58.06% with a net inflow of 5,090 and a closing price of 12.200 [3] Additional Net Outflow Ratios - Kangji Medical (09997) had a net outflow ratio of -68.79% with a net outflow of -42,833.5 and a closing price of 8.700 [3] - China Power (02380) recorded a net outflow ratio of -43.21% with a net outflow of -45,233.1 and a closing price of 3.140 [3] - Poly Property Group (00119) faced a net outflow ratio of -41.60% with a net outflow of -13,472.1 and a closing price of 1.630 [3]

零跑汽车发布《截至2025 年6 月30 日止六个月的中期业绩公告》。 公司25H1 实现营收242.5 亿元，同比+174.0%；实现净利润0.3 亿元，首次实现半年度净利润转正，成 为中国造车新势力中第二家实现半年度盈利的企业。分季度来看，公司25Q2 实现营收142.3 亿元，同比 +165.5%，环比+42.0%；实现净利润1.6 亿元，同环比均转正。 业绩表现亮眼：交付量与毛利率创历史新高，半年度净利润转正。 机构：国泰海通证券 研究员：刘一鸣/张觉尹/潘若婵 本报告导读： 零跑汽车发布2025 年中期业绩公告，业绩表现亮眼。考虑到新车周期开启驱动销量提升，海外市场拓 展加速，维持"增持"评级。 投资要点： 维持"增持" 评级。考虑到新车周期开启驱动销量提升，海外市场拓展加速， 我们上调公司2025/26/27 年营业收入预测至653/1098/1545 亿元，归母净利润为13/48/76 亿元。我们用PS 法为公司估值，参考可 比公司，我们上调公司2025 年估值至1.6 倍PS，对应目标价85.78 港元（按1 港元=0.9106 人民币汇率换 算）。维持"增持"评级。 2025H1，零跑汽车累 ...

机构：方正证券 研究员：文姬 事件：2025 年8 月18 日，公司发布25H1 财务报告，披露公司于25H1 实现营业收入242.50 亿元，同比 +174.17%；实现归母净利润0.33 亿元，公司首次实现归母净利润半年度转正。业绩基本符合预期。 半年度毛利率历史新高，盈利能力持续向好。25H1 期间，公司实现毛利率14.13%，同比+13pcts，为历 史最高水平。我们认为公司毛利率增长主要得益于前期新老车型已完成交替、当期降本工作成效显著及 战略合作深化。报告期内，公司销售/管理/研发费用随销量增长而增长，规模分别达14.05/7.9/18.94 亿 元，对应费用率5.79%/3.26%/7.81%，未来预计稳定下降。整体来看，公司核心经营指标持续改善，毛 利率有望持续上行，结合当前经营趋势判断，公司全年有望实现扭亏为盈，且盈利规模具备可观空间。 销量同比大幅提升，全新系列持续扩充产品矩阵。销量方面，公司25Q2实现销量13.41 万辆，同比 +151.68%。其中，C 系列/B 系列车型分别占销量的57.61%/24.35%。此外，截至25H1，公司销售服务网 络已覆盖286 个城市，较去年同期新增 ...

研究员：高伊楠/王子豪 机构：长江证券 零跑汽车全球强势新车周期正当时，智驾规划加速，看好未来销量及盈利双升。目前公司覆盖5-20 万 价格带不同细分市场，并实现T03 和C10 出海，预计9 月B10 海外上市。 未来三年公司将每年在全球推出2-3 款产品，其中2025 年B10 和B01 已上市，后续2025 年计划再推出B 系列的1 款车型，价格在10-15 万元。渠道端，零跑国内坚持"1+N"渠道发展模式，截至2025 年6 月30 日，零跑共有806 家销售门店，其中315 家零跑中心，491 家体验中心，461 家服务门店，覆盖286 个城 市；海外方面，1-7 月出口2.5 万辆，目前已有超过600 家销售及服务网点，覆盖欧洲、中东、非洲及亚 太等超过24 个国际市场，计划在在2026 年实现欧洲本地化制造。智驾方面，公司加大对智驾领域投 入，2025H1 智驾团队规模和算力资源投入均提升近100%，计划2025 年年底前实现城市NOA 组合辅助 驾驶能力。 国内持续强势新车周期及极致品价比推动销量持续成长，海外与Stellantis 反向合资开启全球大征程。 1）国内：公司以技术底蕴打造极致品 ...

7 月公司月销规模破5 万，销量规模稳步提升: 1-7 月，公司累计销售汽车27.2 万辆，YOY+150%，其中 7 月销量为50129 辆，首次破5 万辆，YOY+127%。今年公司新推出的两款B 系列车型具备较强的市场 竞争力，7月B01 和B10 分别销售8576 辆和7244 辆。目前公司各款车型销量增长较为均衡，公司产品在 10-20 万元价格区间已经具备较好的市场认可度，市占率稳步提升。公司计划明年Q1 将发布D 系列产 品，定位高于C 系列，售价预计超20 万，已规划的车型有SUV 和MPV。此外，公司正在加速拓展销售 渠道，截止上半年公司已有806 家销售门店和461 家服务店。随着新车投放和渠道拓展，公司2026 年销 量目标为100 万辆，较2025 年目标增长54%-72%。 公司产品定位走量市场，特点是高性价比，目前在10-20 万左右价格区间确立了产品的差异化竞争优 势。公司坚持全域自研，占整车成本70%以上的核心零部件自研自造，为公司提供高性价比产品奠定了 基础，也支持了产品快速迭代。此外，Stellantis 在2023 年底入股零跑，在提升品牌知名度和拓展海外 销售渠道方面提 ...

机构：华泰证券 研究员：宋亭亭/张硕 公司发布半年报，25H1 营收242.50 亿元（yoy+174.15%），归母净利0.33亿元（同比转正），扣非净 利-0.58 亿元（yoy-97.47%）；Q2 营收142.30亿元（yoy+165.48%、qoq+42.01%），归母净利+1.63 亿元 （24Q2 和25Q1分别为-12.00/-1.30 亿）。考虑到公司销量强力持续向上&看好ABCD 四大平台车型竞争 力&海外市场拓展加速&战略合作和零部件业务等增厚业绩，我们预计公司25-27 年营收将保持高速增 长并逐步释放盈利弹性，我们本次上调公司盈利预测并上调目标价。维持买入评级。 收入：销量连创新高&结构优化，B/C 平台销量占比提升 1）25-26 年迎强势新车周期： B 平台3 款车型在25 年内密集投放，C 平台车型也将更新换代，首款D 平台车型年内将亮相；A 平台以及D 平台其他车型也将在26 年上市。2）渠道端提前布局下沉：截至 25Q2 国内已布局806 家门店并覆盖286 城，较24Q2 新覆盖88 城且单店店效提升50%，目标25 年底再新 增覆盖60 城，国内城市覆盖率提升至90%。 ...

机构：东北证券 研究员：康杭/李恒光 风险提示：新车型发布节奏不及预期；车型销量不及预期；海外销量不及预期；原材料价格波动；行业 价格战加剧。 零跑汽车发布2025H1 业绩公告：2025H1 公司实现总营业收入 242.50亿元，同比增长174.15%；税前利 润为0.33 亿元，同比增长101.49%；实现净利润0.33 亿元，同比增长101.49%。2025H1 首次实现半年度 净利润转正，毛利率提升至14.1%，创下历史新高。零跑汽车2025H1 总交付量达221,664 辆，同比增长 103.8%。2025 年7 月，公司交付量再次突破新高，达到50,129 辆，连续5 个月位居新势力销量榜首。 新车周期强劲，销量持续高增。2025 上半年，公司先后推出B10、B01两款全新车型，并完成C10、C11 与C16 的改款升级，形成了覆盖5-20W价格带主流市场的完善产品矩阵。其中，C 系列在15-20W 价格 带持续热销，新推出的B 系列则凭借极致性价比切入12W 以下价格带高销量市场，零跑B10 在今年6 月 份销量达到1.43 万辆，已经成为现象级的爆款车型。在今年年底前，零跑还将推出B 系列的第 ...