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 ...

Market Overview - The US labor market remains strong, and Powell reiterated a wait-and-see approach, leading to reduced expectations for interest rate cuts by the Federal Reserve [2][10] - US Treasury prices fell, with the 10-year yield rising over 4 basis points and the 2-year yield increasing by about 6 basis points [2][6] - The Dow Jones Industrial Average rose over 400 points, while the Nasdaq 100 experienced a decline [2] - Tech stocks faced investor withdrawals, while small-cap stocks performed well [2] Key News - The US Senate narrowly passed the "Big Beautiful" bill, which does not include new taxes on imported components for clean energy, resulting in a rise in solar stocks [3][9] - Elon Musk criticized the "Big Beautiful" bill, threatening to mobilize supporters against Republican lawmakers who voted for it [3][9][16] - Powell did not rule out the possibility of a rate cut in July, citing tariffs' potential impact on inflation [10] - The European Central Bank's Lagarde indicated that the rate-cutting cycle is nearing its end, praising Powell's handling of criticism [10] - The US is reportedly narrowing its negotiation goals to avoid reintroducing tariffs, with a temporary trade agreement with India expected soon [11][12] Market Closing - The S&P 500 index fell by 0.11%, closing at 6198.01 points, while the Dow Jones rose by 0.91% to 44494.94 points [4] - The Nasdaq closed down 0.82% at 20202.89 points, and the European STOXX 600 index decreased by 0.21% to 540.25 points [4] Economic Indicators - The US ISM manufacturing PMI for June showed contraction for the fourth consecutive month, with a reading of 49 [12] - The JOLTS job openings report for May exceeded expectations, indicating a rise in job vacancies [13] - The Eurozone manufacturing PMI reached a 34-month high, with Germany showing continued recovery while France faced pressure [13] Domestic Macro - China's June Caixin manufacturing PMI returned to expansion at 50.4, indicating improved supply and demand [14] - The Chinese government emphasized the importance of building a unified national market and promoting high-quality development in the marine economy [14] Domestic Companies - Morgan Stanley noted that Xiaomi's Yu7 electric vehicle is driving demand similar to the Labubu trend, appealing to young female consumers [15] - In June, BYD sold 382,600 new energy vehicles, while Xiaomi delivered 25,000 units, and XPeng saw a 224% year-on-year increase in deliveries [15] Industry Insights - The demand for HBM (High Bandwidth Memory) is expected to grow significantly due to the rapid development of AI, with its share in DRAM projected to rise from 8% in 2023 to 34% by 2025 [20] - The beverage sector showed resilience in the first quarter, with soft drinks outperforming other categories, indicating strong demand [20]

Market Overview - The U.S. stock market showed mixed results with the Nasdaq down 0.82%, while the Dow Jones rose by 0.91% [5] - International gold prices increased, with spot gold rising by 1.06% to $3337.33 per ounce [7] - International oil prices also saw a slight increase, with WTI crude oil rising by 0.65% to $65.53 per barrel [8] Economic Policies and Developments - The Central Financial and Economic Committee of China emphasized the need to advance the construction of a unified national market, focusing on legal and regulatory measures to improve product quality and phase out outdated production capacity [10] - The U.S. Federal Reserve Chairman Jerome Powell acknowledged that the current tariff system creates uncertainty, which may delay interest rate cuts [6] Automotive Industry Performance - BYD reported a 17.5% year-on-year increase in June sales, totaling 382,600 new energy vehicles [22] - Leap Motor achieved a record high of 48,000 deliveries in June, marking a 138% year-on-year increase [22] - Xpeng Motors delivered 34,600 vehicles in June, a significant increase of 224% year-on-year [23] - NIO delivered 24,900 vehicles in June, reflecting a 17.5% year-on-year growth [26] Corporate Changes - Gree Group appointed "post-80s" Zhao Hui as the new chairman, succeeding "post-70s" Kang Hong, indicating a potential shift in corporate strategy [28] - Baidu announced the appointment of He Haijian as the new CFO, which may bring new perspectives to the company's financial management [30] Industry Trends - The photovoltaic glass industry is experiencing a collective production cut of 30% by major manufacturers, which is expected to help stabilize prices after a period of losses [15] - The competitive landscape in the new energy vehicle market is intensifying, with various companies adjusting strategies in response to sales fluctuations [27]

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]

Summary of Key Points Core Viewpoint The report provides an overview of the electric vehicle (EV) delivery performance of various new car manufacturers in June 2025, highlighting significant growth and declines in sales across different companies. Company Performance - Xiaomi Auto delivered over 25,000 vehicles in June [1] - Lynk & Co sold 26,310 vehicles, marking an 8% year-on-year increase [1] - Zeekr Technology reported sales of 16,702 vehicles, a 17% decline compared to the previous year [1] - Lantu Auto achieved sales of 10,053 vehicles, reflecting an 83% year-on-year growth [1] - Avita Auto sold 10,153 vehicles, with a remarkable 117% increase year-on-year [1] - NIO delivered 24,925 vehicles, up 17.5% year-on-year [1] - Li Auto's deliveries totaled 36,279 vehicles, down 24% year-on-year [1] - Zhiji Auto delivered 6,027 new vehicles in June [1] - Deep Blue Auto achieved total deliveries of 29,893 vehicles, a 79% year-on-year increase and a 17% month-on-month growth [1] - Hongmeng Zhixing set a new monthly sales record with 52,747 vehicles delivered [1] - BYD's new energy vehicle sales reached 382,600 units, up from 341,700 units in the same month last year [1] - Leap Motor delivered 48,006 vehicles, showing over 138% year-on-year growth, with total deliveries exceeding 220,000 units in the first half of the year [1] - Xpeng Motors delivered 34,611 new vehicles, achieving a 224% year-on-year increase and maintaining over 30,000 deliveries for eight consecutive months [1]

Core Viewpoint - The new energy vehicle (NEV) market is experiencing significant sales differentiation among various brands, with Xiaopeng Motors being the only new force brand to meet its mid-year sales target, achieving over 50% completion rate [1][3]. Group 1: Sales Performance - In June, overall sales remained stable compared to May, but individual brand performances varied significantly [1]. - Hongmeng Zhixing (including Wenjie, Zhijie, Xiangjie, and Zunjie) achieved the highest month-on-month sales growth of 18.66%, followed by Deep Blue with a 17.01% increase [1]. - Xiaopeng Motors' cumulative delivery volume for the first half of the year exceeded last year's total, making it the only new force brand with over 50% of its sales target achieved [3]. Group 2: Brand-Specific Insights - Hongmeng Zhixing's "Four Realms" sold 52,747 units in June, setting new monthly and daily sales records, and became the monthly sales champion among new force brands [1]. - Leap Motor delivered 48,006 units in June, marking a 6.52% month-on-month increase, ranking second among new force brands [1]. - Xiaomi's vehicle deliveries fell to over 25,000 units in June, a decrease of approximately 3,000 units from the previous month, primarily due to delivery challenges rather than sales [2]. Group 3: Cumulative Delivery Data - In the first half of the year, besides Leap Motor, both Zeekr and Li Auto also surpassed 200,000 cumulative deliveries, while Xiaopeng Motors approached this figure [3]. - Xiaomi's official data indicates a cumulative delivery of at least 110,000 units, falling short of its target of 350,000 units, with future deliveries dependent on the capacity of its second-phase factory [3].

Sales Performance Summary - Multiple automotive companies released their June sales data, showcasing significant growth in sales figures across the board [2][3][4][5][6][7][8][9][10][11][12] Company-Specific Highlights - SAIC Motor Corporation sold 365,331 vehicles in June, with a total of 2.053 million vehicles sold in the first half of the year, marking a 12.4% year-on-year increase [2] - Geely Automobile reported June sales of 236,036 vehicles, a 42% increase year-on-year, and raised its 2025 sales target from 2.7 million to 3 million vehicles [3] - Great Wall Motors sold 110,690 vehicles in June, with a cumulative production of 571,181 vehicles in the first half of the year, reflecting a 1.84% increase [4] - Leap Motor achieved a record delivery of 48,006 vehicles in June, representing over a 138% year-on-year growth, with a total of 221,664 vehicles delivered in the first half of 2025 [5] - Li Auto delivered 36,279 vehicles in June, with a total of 111,074 vehicles delivered in the second quarter [6] - Xpeng Motors delivered 34,611 vehicles in June, a 224% year-on-year increase, and achieved a record quarterly delivery of 103,181 vehicles in Q2 [7] - Deep Blue Automotive reported June deliveries of 29,893 vehicles [8] - Xiaomi Automotive announced June deliveries exceeding 25,000 vehicles, indicating strong consumer recognition [9] - NIO delivered 24,925 vehicles in June, a 17.5% year-on-year increase [10] - BAIC Blue Valley's subsidiary reported June sales of 11,991 vehicles, with a cumulative production of 68,009 vehicles in the first half of 2025, reflecting a 269.61% increase [11] - Qianli Technology reported June sales of 10,102 vehicles, with a cumulative sales increase of 61.62% in the first half of the year [12]

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 ...