Global Research First Read ab 2 September 2025 NIO Inc 25Q2: Results broadly inline, outlook improving Q: How does the result compare to expectation? Inline. Nio reported 25Q2 operating loss of Rmb4,909m, narrowing 24% q/q and 6% y/ y, albeit 3-6% wider than UBSe and consensus expectation of Rmb4,638-4,769m. 25Q2 GAAP net loss came in at Rmb5,141m, narrower 25% q/q and flattish y/y, 4-6% wider than UBSe and street expectations. Excluding share-based compensation and Rmb442m organizational optimization charg ...

◆国内新闻 重庆市智能网联新能源汽车芯片产业联盟正式成立 9月2日，据重庆市人民政府网站消息，9月1日，重庆市智能网联新能源汽车芯片产业联盟在渝成立。联盟由66家整车企 业、汽车芯片企业、科研院所等共同组成，将建立产业链上下游信息沟通渠道，打通国产汽车芯片上车应用的技术通道和产业 通道，创建"立足重庆，服务全国"的汽车芯片产业创新生态圈。联盟选举赛力斯集团股份有限公司作为联盟理事长单位，重庆 长安汽车股份有限公司、华为技术有限公司等6家企业为副理事长单位，重庆赛宝工业技术研究院有限公司为秘书长单位。 上海：支持人工智能高性能训练、推理芯片及端侧芯片的研发应用 9月2日，上海市经济和信息化委员会发布《关于贯彻落实国家"人工智能+"行动 组织开展2025年度上海市"人工智能+"行动 项目申报工作的通知》。其中提出，加强智能算力供给服务能力。支持人工智能高性能训练、推理芯片及端侧芯片的研发应 用，支持建设人工智能基础软硬件系统，支持适配异构芯片训练、推理协同优化和加速技术，加快超大规模智算集群技术突破 和组网应用。 ◆国际新闻 韩国上半年电动汽车销量同比大增42% 9月2日，据日媒报道，随着韩国汽车制造商现代汽车集 ...

Market Overview - On September 2, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3858.13 points, down 0.45%. The Shenzhen Component Index fell 2.14% to 12553.84 points, and the ChiNext Index dropped 2.85% to 2872.22 points. Over 4000 stocks declined, with a total trading volume of 2.87 trillion yuan, an increase of 125 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced a slight rise before retreating, with the Hang Seng Index closing down 0.47% at 25496.55 points and a total trading volume of 328.12 billion HKD. The Hang Seng China Enterprises Index fell 0.15% to 9108.12 points, while the Hang Seng Tech Index decreased by 1.22% to 5728.46 points [1] - In the U.S. stock market, all three major indices closed lower, with the Dow Jones Industrial Average down 0.55% at 45295.81 points, the S&P 500 down 0.69% at 6415.54 points, and the Nasdaq Composite down 0.82% at 21279.63 points, with all indices experiencing a drop of over 1% at one point during the trading session [1] New Stock Information - There were no new stock subscriptions or listings on this day [2] Important News - On September 2, 2025, the Ministry of Finance and the State Taxation Administration announced tax policies to support the transfer of state-owned equity and cash income to bolster the social security fund. The policies state that all interest income and financial product transfer income obtained from loans related to the transferred state-owned equity and cash income will be exempt from value-added tax [3] - NIO released its Q2 2025 financial report on September 2, 2025, reporting a revenue of 19.01 billion yuan, a quarter-on-quarter increase of 57.9%. The company delivered 72,056 vehicles in Q2, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2%. The gross margin for Q2 was 10.0%, showing significant improvement, while the other sales gross margin turned positive at 8.2%, a record high. Cash reserves reached 27.2 billion yuan, with a quarter-on-quarter increase. R&D expenditure was 3.01 billion yuan. For Q3, the delivery guidance is set at 87,000 to 91,000 vehicles, representing a year-on-year increase of 40.7% to 47.1%, with revenue guidance of 21.81 billion to 22.88 billion yuan, both setting historical highs [3]

蔚来汽车（NIO.US）于北京时间 2025 年 9 月 2 日美股盘前，港股盘后发布了 2025 年第二季度财报。二季度业绩虽然同样不及预期，但已经在边际改 善，来详细看一下： | ¥100mn | 1023 | | 40.25 | 30,28 | 4023 | 1022 | 2024 | 3024 | 4000 | 1025 | 2022 | | 2025E 2025 Gap | 30251 | 302 8/2 5/ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Total revs | 106.8 | | 87.7 | 190.7 | 171.0 | 99.1 | 174.5 | 186.7 | 197.0 | 120.3 | 190.1 | 196.5 | -3.3 % | | 241.3 218.12-228.76 | | | yoy 7.7% | -14.8% | | 46.696 | 6.5% | -7.2% | 98.996 | -2.1 ...

9月4日-8日,2025齐鲁秋季车展暨第五十二届齐鲁汽车展览交易会将在山东国际会展中心举行。本届车 展不仅有以旧换新的利好政策加持,众多厂家还纷纷推出限时特惠政策,以真金白银助力消费者轻松买 车。在即将到来的齐鲁车展上,消费者将迎来年度最实惠的购车时机。 记者 郭书梅 济南报道 北京越野 优惠政策:蔚来乐道L60购车即享3年免费换电、5年免费NOA领航辅助,乐道L90购车享5年NOA领航辅助 驾驶功能使用权、3项选装6折优惠。 吉利 特价车型:吉利第四代博越L、吉利星瑞、吉利第四代帝豪 优惠政策:吉利第四代博越L售价9.29万元起,厂家置换补贴至高18000元,吉利星瑞售价9.27万元起,厂家置 换补贴至高20000元。吉利第四代帝豪,4.89万元起,厂家现金优惠13000元。 红旗 优惠政策:北京越野展台订车即送5000元专属精品礼包还可参与现场抽奖,置换购车可享至高4万元补贴, 老客户介绍新客户送800元京东卡。 长安汽车 特价车型:第三代UNI-V 优惠政策:长安汽车第三代UNI-V超感智能运动轿跑叠加现金礼后仅需9.79万元,更有燃擎五重礼、燃擎 进阶礼火热放送。 蔚来 特价车型:乐道L60、乐道L9 ...

Core Insights - The wholesale sales of new energy passenger vehicles in China reached 1.3 million units in August, marking a year-on-year increase of 24% and a month-on-month increase of 10% [1] - Cumulative wholesale sales from January to August totaled 8.93 million units, reflecting a year-on-year growth of 34% [1] - Major automakers are expected to launch several new models in Q3 and Q4 of 2025, which will enhance market supply [1][4] Group 1: Market Performance - BYD maintained its leading position with sales of 373,600 units in August, nearly matching last year's performance, with pure electric vehicle sales exceeding 199,600 units [2] - Geely's new energy vehicle sales reached 147,300 units, a 38% year-on-year increase, with the Galaxy model achieving a record high of 110,600 units, up 173% [2] - SAIC Group reported new energy vehicle sales of 129,800 units, a 49.89% increase year-on-year, with its Zhiji brand also showing strong performance [2] Group 2: New Entrants and Emerging Brands - Leap Motor achieved a record high delivery of 57,100 units, becoming a standout among new entrants [3] - Xiaopeng Motors and NIO delivered 37,700 and 31,300 units respectively, both setting historical highs [3] - Xiaomi Auto delivered over 30,000 units, leveraging brand influence and supply chain capabilities to establish a market presence [3] Group 3: Market Trends and Future Outlook - The upcoming "Golden September and Silver October" sales season is expected to boost new energy vehicle sales, with various automakers introducing promotional policies [1][4] - The retail market for narrow passenger vehicles in August was approximately 1.94 million units, with new energy vehicles expected to account for 1.1 million units, achieving a penetration rate of about 56.7% [4] - The market is stabilizing with the introduction of new subsidy policies and the resumption of trade-in programs, enhancing consumer purchasing potential [4]

智通财经APP获悉，9月2日，据乘联分会消息，根据月度初步乘联数据综合预估，8月全国新能源乘用 车厂商批发销量130万辆，同比增长24%，环比增长10%；今年1-8月累计批发893万辆，同比增长34%。 交银国际指出，2025年三季度和四季度多款新车待上市，包括理想i6、蔚来ES8、问界M7等，将进一步 丰富市场供给。随着"金九银十"传统销售旺季临近，各家车企陆续推出优惠政策，交银国际看好9月新 能源车销售。 乘联分会指出，随着近期主力车企的电动化突破和部分爆款新品的推出，带动8月车市结构性高增长。8 月的吉利汽车、零跑汽车、东风汽车、小鹏汽车、蔚来汽车、东风日产、广汽丰田等厂商新能源批发销 量创出历年各月新高，而长城汽车、一汽红旗等车企也创出历年各月月度次新高的优异表现。很多二线 车企的表现极其优秀，推高了新能源车的总体销量。 新势力阵营方面，零跑汽车(09863)以5.71万辆的交付量创历史新高，成为新势力最大黑马。小鹏汽车 (09868)和蔚来(09866)也分别交付3.77万辆和3.13万辆，同样创下历史最佳成绩。华为支持的鸿蒙智行8 月全系交付新车44579辆，成交均价高达38万元，实现了量价齐飞。 ...

周二热门中概股多数上涨，纳斯达克金龙中国指数涨0.52%。阿里涨超2%，拼多多、京东涨超1%，理 想、贝壳涨超4%，蔚来涨超3%，小鹏跌超1%，携程跌超2%。 来源：滚动播报 ...

Group 1 - The article discusses the author's investment philosophy, focusing on undervalued and disliked companies with strong fundamentals and good cash flows [1] - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns [1] - The author expresses a preference for long-term value investing while occasionally engaging in deal arbitrage opportunities [1] Group 2 - The author emphasizes a lack of understanding in high-tech businesses and certain consumer goods, indicating a preference for more traditional investments [1] - There is a clear skepticism towards cryptocurrencies, with the author questioning their investment viability [1] - The article aims to foster a community of investors seeking superior returns and informed decision-making through platforms like Seeking Alpha [1]

从某种意义上讲，蔚来开始做上一次危机后就该做的事。 文 丨 赵宇 编辑 丨 龚方毅 在今晚举行的蔚来 2025 年二季度业绩会上，有分析师少见地以 "祝贺" 开场。除了预期中的增收、减 亏， 或许还因为它终于开始理性经营。 今年 4-6 月，蔚来新车交付量大幅反弹至 7.2 万台，推动汽车销售收入环比大增 62.4% 至 161.4 亿 元。销量的回暖直接带来了财务改善，净亏损环比收窄 26.0% 至 49.9 亿元。管理层乐观预期三季度 至多交付 9.1 万辆新车，根据 7、8 月交付数据倒推，蔚来 9 月将挑战 3.5 万辆以上的交付。 蔚来管理层的信心主要来自两款核心新品，全新蔚来 ES8 和乐道 L90。董事长兼 CEO 李斌说，公司 产能必须优先保障这两款车型，甚至将原定的 L60 产能转移至 L90。规划显示，L90 在 10 月将达到 月产 1.5 万辆，ES8 在 12 月也将提升至 1.5 万辆。蔚来四季度目标是实现月均交付 5 万辆。 在产能紧张背景下，蔚来将四季度三大品牌的合计产能目标设为 5.6 万辆：蔚来品牌 2.5 万辆、乐道 2.5 万辆、萤火虫 6000 辆。原定今年投放的 L ...