每经AI快讯，8月12日，零跑汽车在其官方微博宣布，2025年1-7月出口24980台。 ...

北京商报讯（记者刘晓梦）8月12日，零跑汽车公众号发布消息称，据乘联会统计的中国新能源海外销 量数据显示，今年前7个月零跑汽车出口量为2.5万辆。 （文章来源：北京商报） ...

Core Viewpoint - Leap Motor announced the export of 24,980 vehicles from January to July 2025, indicating a significant growth in its international market presence [1] Group 1 - The company achieved an export figure of 24,980 units in the first seven months of 2025 [1]

Group 1 - In July, China's automobile production and sales reached 2.591 million and 2.593 million units, respectively, marking year-on-year increases of 13.3% and 14.7% [1] - From January to July, automobile production and sales totaled 18.235 million and 18.269 million units, reflecting year-on-year growth of 12.7% and 12% [1] - In the new energy vehicle (NEV) sector, July production and sales were 1.243 million and 1.262 million units, with year-on-year growth of 26.3% and 27.4% [1] Group 2 - NEV sales accounted for 45% of total new car sales in July [1] - Xiaopeng Motors and Leap Motor reported significant growth in deliveries, with Xiaopeng delivering 36,717 vehicles (up 229% year-on-year) and Leap Motor delivering 50,129 vehicles (over 126% year-on-year) in July [1] - Xiaopeng's stock price increased by 10.93% in August and has risen 70.18% year-to-date, while Leap Motor's stock price rose 5.36% in August and 96.31% year-to-date [1] Group 3 - In the first seven months of 2025, the NEV market in China showed significant brand performance disparities, with Xiaomi and Seres standing out [2] - Xiaomi's vehicle deliveries exceeded 30,000 units in July, while Seres achieved 45,000 units in July, totaling 217,000 units from January to July [2] - In the secondary market, several automotive stocks saw significant increases, with Zhongtai Auto up 21.65% and Qianli Technology up 17.15% [2] Group 4 - Xiaopeng Motors' CEO highlighted advancements in visual systems for autonomous driving, claiming they can identify small objects that current lidar technology struggles with [2] - The computing power of new vehicles has increased approximately tenfold compared to previous models, with expectations for further exponential growth in the next 5 to 10 years [2] - By 2027, the debate over the superiority of lidar versus pure vision technology is expected to be resolved [2]

8月11日，中国汽车工业协会（简称"中汽协"）信息发布会在北京召开，2025年1—7月汽车产销数据及 经济运行情况在会上公布。中汽协最新统计显示，7月，中国汽车销量同比增长14.7%，在7—8月的行 业传统淡季呈现淡季不淡的新态势。 中汽协有关负责人表示，从行业市场环境看，以旧换新政策效果继续显现，行业综合整治"内卷"工作取 得积极进展，企业新车型持续投放，助力车市平稳运行，同比实现增长。 另外，华为鸿蒙智行最新数据显示，2025年7月鸿蒙智行全系交付新车突破4.7万辆，位居"新势力第一 阵营"，同比增长8.3%。其中，赛力斯和华为合作的问界系列7月交付突破4万辆，占据主力。 中国汽车月度销量及增长率数据 1—7月，新能源汽车产销累计完成823.2万辆和822万辆，同比分别增长39.2%和38.5%，新能源汽车新车 销量达到汽车新车总销量的45%。在新能源汽车主要品种中，与上年同期相比，氢燃料电池汽车产销明 显下降，其他大类新能源汽车品种产销呈不同程度增长。 在汽车出口方面，7月，中国汽车出口57.5万辆，环比下降2.8%，同比增长22.6%。2025年1—7月，汽车 出口368万辆，同比增长12.8%。 " ...

Core Insights - In July 2025, the domestic narrow passenger car market retail sales reached 1.837 million units, representing a year-on-year increase of 6.9% but a month-on-month decrease of 11.9% [1] - Cumulative sales from January to July 2025 totaled 12.74 million units, showing a year-on-year growth of 10.2% [1] - The retail penetration rate of new energy vehicles (NEVs) in July reached 53.7%, driven by policies such as tax exemptions and trade-in incentives [1] Sales Data Summary - July 2025 sales: 1.837 million units, YoY ↑ 6.9%, MoM ↓ 11.9% [2] - Cumulative sales (Jan-Jul 2025): 12.74 million units, YoY ↑ 10.2% [2] - NEV sales in July: 986,000 units, YoY ↑ 12.0%, MoM ↓ 11.3% [2] Manufacturer Performance - BYD Auto led July sales with 341,030 units, a decrease of 9.7% MoM but a slight increase of 0.1% YoY, holding a market share of 15.2% [4] - Geely Auto and Chery Auto followed with sales of 237,735 and 215,278 units respectively, with Geely showing a 0.7% increase MoM and Chery a 4.2% decrease [4] - Cumulative sales for BYD from January to July reached 2.454 million units, a 26.0% increase YoY, maintaining a market share of 15.8% [6] New Energy Vehicle Market - In July 2025, BYD's NEV sales were 341,030 units, with a market share of 28.7% [10] - Geely's NEV sales increased significantly by 120.4% YoY to 130,142 units [10] - Cumulative NEV sales for BYD from January to July were 2.454 million units, representing a 26.0% increase YoY [11]

Core Viewpoint - The domestic narrow passenger car market in China showed a retail sales volume of 1.837 million units in July 2025, representing a year-on-year increase of 6.9% but a month-on-month decrease of 11.9%. Cumulative sales from January to July reached 12.74 million units, up 10.2% year-on-year [2][4]. Sales Performance - July 2025 saw record highs in retail, export, wholesale, and production for passenger car manufacturers. The price war in the car market has calmed down, and the penetration rate of new energy vehicles (NEVs) reached 53.7% due to supportive policies [4]. - The overall car market is expected to follow a "low in the front, high in the middle, and flat in the back" trend for the year [4]. Wholesale Sales Rankings (July 2025) - BYD Auto led with wholesale sales of 341,030 units, a decrease of 9.7% month-on-month but a slight increase of 0.1% year-on-year, capturing 15.2% market share [5]. - Geely Auto and Chery Auto followed with 237,735 units (up 57.7% year-on-year) and 215,278 units (up 13.8% year-on-year), respectively [5]. Retail Sales Rankings (July 2025) - BYD Auto also topped the retail sales with 274,644 units, down 22.0% month-on-month and down 11.9% year-on-year, holding a 14.9% market share [7]. - Geely Auto achieved 202,447 units, reflecting a year-on-year increase of 71.0% [7]. New Energy Vehicle Sales Rankings (July 2025) - In the NEV wholesale segment, BYD Auto again led with 341,030 units, while Geely Auto saw a significant year-on-year increase of 120.4% with 130,142 units [11]. - Tesla China reported 67,886 units, down 8.4% year-on-year [11]. Cumulative Sales Rankings (January to July 2025) - BYD Auto maintained its lead with 2.454 million units sold, a year-on-year increase of 26.0% and a market share of 15.8% [6]. - Geely Auto and Chery Auto followed with 1.647 million units (up 48.8% year-on-year) and 1.429 million units (up 14.6% year-on-year), respectively [6].

Group 1: Core Insights - The third batch of "old-for-new" national subsidies has resumed application across various regions, with weekly data showing gradual improvement. Currently, the exemption for new energy vehicles is 30,000 yuan, which will be adjusted to half (15,000 yuan) in 2026-2027. This is expected to benefit strong new car cycles and high-end brands priced above 300,000 yuan [1] - The passenger car sector is experiencing a favorable product cycle due to reduced competition, allowing leading manufacturers to price new vehicles effectively. The launch of the JAC Refine S800 has seen over 10,000 orders within 76 days, indicating a blue ocean market for domestic high-end brands [2] - The L4 autonomous driving sector is at a turning point in terms of cost and technology, with the upcoming release of the L2 strong standard draft indicating national endorsement. This shift is expected to enhance the quantifiable brand power of intelligent vehicles [3] Group 2: Sector Performance - The robotics sector is maintaining a strong performance following the World Robotics Conference in 2025, with high market attention and strong individual stock movements. Companies entering the Tesla supply chain or representing technological advancements are likely to be favored by investors [4] - The bus and heavy truck sectors have seen significant growth in Q2, primarily due to increased exports. With domestic subsidies accelerating since May, both core sectors are expected to maintain strong fundamentals, with further growth anticipated in Q3 [5]

Group 1 - The Hong Kong automotive stocks have strengthened, with XPeng Motors leading the rise with over 8% increase, followed by NIO with nearly 4%, and Geely with nearly 3% [1] - According to the China Passenger Car Association, the retail sales of passenger cars in China for July 1-31 reached 1.834 million units, a year-on-year increase of 7%, but a month-on-month decrease of 12%. Cumulatively, retail sales for the year have reached 12.736 million units, representing a year-on-year growth of 10% [1] - The China Passenger Car Association has slightly raised its annual industry forecast for 2025 [1] Group 2 - XPeng Motors' first extended-range model, the X9, has entered the new vehicle public announcement list by the Ministry of Industry and Information Technology on August 8, indicating that the vehicle is closer to launch. The CEO of XPeng Motors announced that the "super electric vehicle" X9 will officially launch in the fourth quarter [1] - NIO's second model under the brand "Lao Dao," the L90, was officially launched at the end of July. The CEO of NIO stated that within three days of the L90's launch and delivery, it entered the top three in large SUV weekly sales and is accelerating production and delivery [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.70%, Green Power Environmental (01330) at 70.03%, and China Shenhua (01088) at 68.18% [1] - Tencent Holdings (00700), Alibaba-W (09988), and Kuaishou-W (01024) saw the largest increases in holding amounts over the last five trading days, with increases of +2.39 billion, +2.11 billion, and +1.60 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -7.82 billion, Hang Seng China Enterprises (02828) at -4.88 billion, and China Mobile (00941) at -1.34 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.368 billion shares, 74.70% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.03% holding ratio [1] - China Shenhua (01088): 2.303 billion shares, 68.18% holding ratio [1] - Other notable companies include Tianjin Chuangye Environmental (01065) at 64.43% and New天绿色能源 (00956) at 63.76% [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +2.39 billion, +4.2595 million shares [1] - Alibaba-W (09988): +2.11 billion, +18.1194 million shares [1] - Kuaishou-W (01024): +1.60 billion, +20.1638 million shares [1] - Other companies with significant increases include China Shenhua (01088) and China Life (02628) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -7.82 billion, -30.82404 million shares [1] - Hang Seng China Enterprises (02828): -4.88 billion, -5.35312 million shares [1] - China Mobile (00941): -1.34 billion, -1.54265 million shares [1] - Other companies with notable decreases include Southbound Hang Seng Technology (03033) and Guotai Junan International (01788) [1]