1、习近平：中方愿同各方共同建设好人工智能应用合作中心 重要程度：★★★★★ 国家主席习近平在"上海合作组织+"会议上发表讲话，提出全球治理倡议，旨在推动构建更加公正合理的 全球治理体系，携手迈向人类命运共同体。中方愿同各方共同建设好人工智能应用合作中心，共享人工智 能发展红利。欢迎各方使用北斗卫星导航系统，请有条件的国家参与国际月球科研站建设。 2、8月电车成绩单：蔚来交付同比增55.2% 比亚迪销量37.36万辆 重要程度：★★★★ 9月1日，各家车企8月销售成绩单陆续出炉。 小鹏汽车：8月交付新车37709台，同比增长169%，连续第十个月交付量超过3万辆； 蔚来：交付新车31305台，同比增长55.2%，创历史新高； 零跑汽车：8月交付达57066台，同比增长超88%，再创历史新高； 3、张坤、葛兰等百亿基金经理隐形重仓股曝光 分别聚焦哪些板块？ 重要程度：★★★★ 随着2025年基金半年报的披露，公募基金的隐形重仓股逐渐浮出水面。 数据显示，由张坤管理的易方达蓝筹精选目前仍是管理规模最大的公募基金，最新规模达到349.43亿元， 半年报显示，截至2025年年中，易方达蓝筹精选的隐形重仓股包括分众传媒 ...

Core Insights - The Chengdu International Auto Show, which opened on August 29, is seen as a platform for preparing for the peak sales season in September and October, with Leapmotor showcasing its achievements as the top-selling new energy vehicle brand in China for five consecutive months [2] - Leapmotor announced two significant milestones: the delivery of its 10,000th B01 vehicle within just 37 days of its launch and the unveiling of the B10 model in a new color, reinforcing its youthful and fashionable brand image [2] - Leapmotor's sales exceeded 50,000 units in July, and by August 21, cumulative deliveries surpassed 900,000 units, marking a turnaround to profitability in the first half of the year, making it the second new energy vehicle company in China to achieve this [2] Product Strategy - Leapmotor's core strategy focuses on providing better configurations and quality for the same price, with over 40% of B01 buyers being female and more than 80% opting for the long-range version [2] - The B series has seen significant success, with over 50% of buyers choosing the laser radar version, indicating market acceptance of its "high configuration at low price" strategy [2] Technology and Innovation - Leapmotor emphasizes "full self-research" in its development, utilizing advanced technology such as the Qualcomm 8650 chip and laser radar for high-level driving assistance features [3] - The smart cockpit employs the Qualcomm 8295 chip and Leapmotor OS 4.0 Plus, with daily usage rates of its dual AI voice models exceeding 80% [3] - The company plans to enhance its driving assistance capabilities to be among the top in the industry by the first half of next year, focusing on hardware and software integration [3] Global Expansion - Leapmotor is transitioning from "export" to "localized operations," with the first batch of B10 vehicles heading to Europe and plans to enter over 20 countries and regions by the end of the year [3] - The company has established nearly 600 sales outlets in Europe, laying a solid foundation for future sales growth [3] Future Product Lines - Leapmotor aims to expand its product lineup with the introduction of the A series (targeting the market below 100,000 yuan) and the D series (aiming for the 300,000 yuan market), creating a comprehensive product spectrum [4] - The D series is positioned to offer competitive features typically found in vehicles priced at 500,000 yuan, maintaining Leapmotor's commitment to high value [4]

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - The overall trend indicates a robust growth in the new energy vehicle sector, with several companies achieving record monthly deliveries and substantial year-to-date growth [1][5] Company Performance - Leap Motor delivered 57,066 vehicles in August, with a total of 328,859 vehicles delivered from January to August, reflecting a year-on-year growth of 136.4% [1][2] - Xpeng Motors followed closely with 37,709 vehicles delivered in August, a year-on-year increase of 168.7%, and a total of 271,615 vehicles delivered year-to-date, up 330% [2][5] - NIO delivered 31,305 vehicles in August, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,036 vehicles [5][6] - Xiaomi Motors achieved over 30,000 deliveries in August, marking its second month surpassing this figure since starting deliveries [5] - Li Auto delivered 28,529 vehicles in August, with a total of 1,397,070 vehicles delivered to date [5][6] - Zeekr reported sales of 44,843 vehicles in August, a year-on-year increase of 11% [11] Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [12] - The penetration rate of narrow new energy passenger vehicles reached 56.7%, with an estimated 1.1 million units sold [12] - The market is expected to perform better in September, driven by government subsidies and local purchase incentives, indicating a potential recovery in consumer sentiment [13]

Investment Rating - The report suggests a structural allocation strategy in the automotive sector, emphasizing a shift towards "dividend style" investments in the second half of 2025 [3]. Core Insights - The automotive industry is at a crossroads, with the electric vehicle (EV) boom nearing its peak and the smart vehicle sector still in its early stages. Historical transitions in 2011 and 2018 indicate potential for structural market opportunities [3]. - The report highlights a mixed performance across different segments, with passenger vehicles showing strong retail and export growth, while heavy trucks and buses are experiencing a rise in demand due to policy support [4][7][8]. - The overall financial indicators for the automotive sector improved in Q2 2025, but the performance of leading passenger vehicle manufacturers fell short of expectations due to intensified competition and pricing pressures [4]. Summary by Sections Passenger Vehicles - The passenger vehicle sector experienced a high growth phase, with retail, export, and wholesale figures increasing by 14%, 15%, and 14% year-on-year respectively in Q2 2025. This growth was supported by a low base from the previous year [4][30]. - Despite the overall positive growth, the penetration rate of new energy vehicles remained below expectations, influenced by competitive pricing strategies from traditional fuel vehicle brands [4][31]. - Leading companies like BYD and Great Wall Motors showed strong export performance, particularly in non-Russian markets [4][30]. Heavy Trucks - The heavy truck segment saw a slight increase in wholesale sales, with a year-on-year growth of 18.3% in Q2 2025, driven by the effectiveness of trade-in policies [7]. - The report anticipates continued growth in the heavy truck sector due to supportive government policies and a recovering market after a prolonged downturn [7]. Buses - The bus sector's performance was mixed, with leading companies like Yutong achieving excess returns despite overall market challenges. The report suggests that the second half of 2025 may see improved demand due to policy incentives [8]. Motorcycles - The motorcycle industry experienced significant growth in exports, particularly in the large displacement segment, with a year-on-year increase of 22% in Q2 2025. However, domestic sales showed a decline [9]. - The report indicates a favorable outlook for exports, with the potential for continued growth in the overseas motorcycle market [9]. Components - The component sector displayed resilience, with varying performance across companies. The report notes that companies with strong management and competitive structures are better positioned to navigate cost pressures [14]. - The report emphasizes the importance of cost reduction and efficiency improvements as key trends in the component sector [13]. Robotics - The robotics segment showed a mixed performance, with some companies benefiting from structural changes while others faced challenges due to market conditions. The report highlights the potential for growth in the human-robot collaboration space [15].

Core Insights - Leap Motor has significantly increased its sales, achieving a delivery volume of 57,000 units in August, up from 25,000 units in January, and aims to surpass 100,000 annual sales next year [2][3] - The company has become the second new force in the electric vehicle market to achieve profitability, outpacing competitors like NIO and Xpeng [2] - Leap Motor's competitive strategy focuses on high-quality features at lower prices, which has allowed it to capitalize on market opportunities amid intense price competition [2][4] Sales and Production Strategy - Leap Motor's Vice President, Cao Li, outlined a strategic blueprint for achieving the ambitious sales target of over 1 million units annually, with expectations for the B series to reach monthly sales of 30,000 to 40,000 units and the C series contributing around 40,000 units [3][24] - The company plans to introduce a new product line, LAFA, aimed at the personalized market, with the first model, LAFA5, set to debut at the Munich Auto Show [4][25] Market Positioning - Leap Motor aims to capture the mainstream market segment priced between 100,000 to 300,000 yuan, indicating a strategic shift towards more personalized offerings while maintaining a focus on volume [4][24] - The D series is positioned in the 300,000 yuan and above segment, which is highly competitive, but the company believes there is significant market potential as consumer spending trends upward [8][20] Brand Development and International Expansion - The company is working to enhance its brand recognition in international markets, particularly in Europe, where it has established nearly 600 sales outlets through partnerships [9][10] - Leap Motor emphasizes the importance of localizing production to meet market demands and reduce costs, with plans to localize production of the B10 model in Europe by next year [12][15] Financial Performance and Profitability - Leap Motor's gross margin has reached 14.1%, with a focus on maintaining reasonable margins to support sustainable growth while aiming for a larger market share [20][21] - The company prioritizes scaling its operations over pursuing high margins, with a long-term goal of becoming a top global automotive brand [20][23]

Group 1 - The 2025 IAA Mobility in Munich is set to showcase a strong presence of Chinese electric vehicle manufacturers, aiming to expand in the European market [1][3] - Chinese automakers like BYD, Xpeng, and Leap Motor are preparing to launch a series of hybrid and electric vehicles at the upcoming auto show, building on their recent successes [1][3] - Data from Dataforce indicates that in July, the market share of Chinese electric vehicles in Europe reached 9.9%, with a total automotive market share of 5.3% [1][3] Group 2 - The European automotive market is experiencing a significant shift, with plug-in hybrid vehicle sales soaring by 52% and electric vehicle registrations increasing by 34% in July [4] - BYD has surpassed Tesla in European sales and is establishing factories in Hungary and Turkey to avoid EU tariffs, showcasing its new models at the Munich show [4][5] - Chinese automakers are adapting to new regulations by introducing hybrid models and forming local partnerships, while European companies are collaborating with Chinese competitors to maintain technological leadership [5][6] Group 3 - The previous Munich auto show highlighted the rapid advancement of Chinese battery technology, prompting European manufacturers to reassess their competitive stance [6][8] - Experts have noted that Chinese automakers are poised to become global leaders in the automotive industry within a few years, as they aggressively enter the European market [8] - The Chinese government emphasizes that the success of its electric vehicles is due to technological innovation and quality, rather than subsidies, advocating for a fair and open market environment [9]

（原标题：零跑汽车8月交付再创新高达57066台，连续六个月领跑新势力品牌） 零跑汽车创始人、董事长兼CEO朱江明在销量视频中为广大"零居"们带来了惊喜预告：零跑正在加速全 球化布局，今年以来的出口销量也稳居新势力前列，近期的欧洲订单更是创下历史新高。9月，零跑将 再次亮相德国慕尼黑车展，我们为年轻人准备了一款零跑全新个性战略新品——零跑Lafa5，即将迎来 全球首秀！ 2025年9月1日，零跑汽车公布最新交付数据：8月，零跑汽车全系交付再创新高达57066台，同比增长超 88%，连续六个月稳居新势力品牌月销领先位置。今年以来，零跑汽车以持续向好的发展势头，展现出 强劲的市场竞争力，持续成为大众化新能源消费市场的理性智选。 8月29日，2025成都车展现场，"年轻人高品质智能轿车"零跑B01第一万台正式交付。同时，零跑全球化 车型B10揭幕全新外观配色——摩根粉。作为零跑销量向上的支柱之一，零跑B10自4月上市以来，便 以"全球智趣长续航SUV"的定位快速抢占市场,累计交付已超5万台；8月首批车型已启程发往欧洲，9月 亦将亮相德国慕尼黑车展，年内计划登陆超20个国家与地区。 8月28日，全国工商联发布了202 ...

零跑汽车创始人、董事长兼CEO朱江明在销量视频中为广大"零居"们带来了惊喜预告：零跑正在加速全球化布局，今年以 来的出口销量也稳居新势力前列，近期的欧洲订单更是创下历史新高。9月，零跑将再次亮相德国慕尼黑车展，我们为年轻 人准备了一款零跑全新个性战略新品——零跑Lafa5，即将迎来全球首秀! 2025年9月1日，零跑汽车(09863)公布最新交付数据：8月，零跑汽车全系交付再创新高达57066台，同比增长超88%，连续 六个月稳居新势力品牌月销领先位置。今年以来，零跑汽车以持续向好的发展势头，展现出强劲的市场竞争力，持续成为 大众化新能源消费市场的理性智选。 8月29日，2025成都车展现场，"年轻人高品质智能轿车"零跑B01第一万台正式交付。同时，零跑全球化车型B10揭幕全新外 观配色——摩根粉。作为零跑销量向上的支柱之一，零跑B10自4月上市以来，便以"全球智趣长续航SUV"的定位快速抢占 市场,累计交付已超5万台；8月首批车型已启程发往欧洲，9月亦将亮相德国慕尼黑车展，年内计划登陆超20个国家与地区。 8月28日，全国工商联发布了2025中国民营企业500强三张榜单，零跑汽车首次上榜"中国民营企业500 ...

Core Insights - Leap Motor announced record deliveries of 57,066 vehicles in August, representing a year-on-year increase of over 88% [1] - The company will unveil its new strategic model, Lafa5, at the Munich Auto Show on September 8 [1] - Leap Motor reported a net profit of 30 million yuan for the first half of the year, marking its first semi-annual profit and making it the second new force in the industry to achieve this milestone [1] Financial Performance - Leap Motor's revenue for the first half of the year reached 24.55 billion yuan, a significant year-on-year increase of 174% [1] - In July, the company achieved a delivery volume of 50,129 vehicles [1] Product Development - The company showcased a group photo of 20 vehicles undergoing summer testing in Turpan, including several new models with varying degrees of camouflage [1] - More new models are expected to be launched in the fourth quarter of this year [1]

Core Insights - Leap Motor (零跑汽车) achieved a record delivery of 57,066 vehicles in August, marking an over 88% year-on-year growth and maintaining its position as the leading new force brand in monthly sales for six consecutive months [1] - The company is accelerating its global expansion, with export sales ranking among the top in the new force segment, and recent European orders reaching a historical high [4] - Leap Motor was included in the "Top 500 Private Enterprises in China" list for the first time, reflecting its growing influence in the market [7] Delivery and Sales Performance - In August, Leap Motor delivered 57,066 vehicles, achieving a year-on-year growth of over 88% [1] - The cumulative delivery volume surpassed 900,000 units as of August 20 [10] - The B10 model has been a significant contributor to sales, with over 50,000 units delivered since its launch in April [4] Financial Performance - Leap Motor reported its first half-year net profit, becoming the second new force carmaker in China to achieve profitability in the first half of the year [10] - Revenue for the first half of 2025 saw a significant year-on-year increase, with the gross margin reaching a record high since the company's inception [10] Product Development and Market Strategy - The company is set to unveil a new model, the Leap Lafa5, at the Munich Auto Show, targeting the youth market with high-quality smart sedans [4] - Leap Motor emphasizes its commitment to self-research and development, aiming to provide high-quality, well-priced products to a global audience [10] Industry Recognition - Leap Motor's inclusion in the "Top 500 Private Enterprises in China" and the "Top 500 Private Manufacturing Enterprises in China" highlights its status as a key player in the new technology sector [7][8]