6月12日恒生指数下跌1.36%，南向资金全天合计成交金额为1297.36亿港元，其中，买入成交676.60亿 港元，卖出成交620.76亿港元，合计净买入金额55.85亿港元。具体来看，港股通（深）累计成交金额 467.96亿港元，买入成交242.65亿港元，卖出成交225.31亿港元，合计净买入金额17.33亿港元；港股通 （沪）累计成交金额829.40亿港元，买入成交433.96亿港元，卖出成交395.44亿港元，合计净买入金额 38.51亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是泡泡玛特，合计成交额63.24亿港元， 阿里巴巴-W、小米集团-W成交额紧随其后，分别成交59.78亿港元、58.50亿港元。以净买卖金额统 计，净买入的个股共有8只，小鹏汽车-W净买入额为7.67亿港元，净买入金额居首，该股收盘股价下跌 6.66%，信达生物净买入额为4.37亿港元，建设银行净买入额为3.98亿港元。净卖出金额最多的是阿里 巴巴-W，净卖出16.40亿港元，该股收盘股价下跌3.21%，腾讯控股、快手-W遭净卖出8.32亿港元、8.17 亿港元。 | 代码 | 简称 | 成交金额（万港元 ...

Market Overview - The US-China talks concluded with President Trump claiming positive progress, but the US stock market showed a lackluster response, leading to a decline in Hong Kong stocks by 1.36% [1] - China's response to the rare earth issue indicates that it has not fully relaxed its export controls, as stated by the Ministry of Commerce [1] - The EU has prepared countermeasures against over $100 billion worth of US goods, with measures set to take effect by July 14 if negotiations fail [1] Currency and Commodities - The dollar's status as a reserve asset is declining, with its share in global reserves dropping from over 70% in 2000 to 57.8% in 2024 [2] - Gold is becoming a preferred safe-haven asset, with its share in global official reserves reaching 20% in 2024, second only to the dollar [2] - Companies like WanGuo Gold Group and Zijin Mining have seen significant stock price increases, reflecting the trend towards gold investment [2] Geopolitical Tensions - Tensions in the Middle East are escalating, with reports of Israel preparing for military action against Iran, which could impact oil prices [3] - Oil prices surged, with US crude rising by 5.11% and Brent crude by 4.58% [3] - The recent crash of a Boeing 787-8 in India has negatively impacted Boeing's stock, reflecting broader concerns about US manufacturing confidence [3] Automotive Industry - Multiple regions in China have announced the suspension of vehicle replacement subsidy programs, impacting the automotive sector [4] - The total sales driven by the vehicle replacement program reached 1.1 trillion yuan, with 4.12 million applications for subsidies [4] - Automotive stocks, including XPeng Motors, have seen declines as the market awaits new policy stimuli [4] Pharmaceutical Sector - China National Pharmaceutical Group is focusing on external licensing as a key strategic goal, with a significant deal expected soon [5] - The company’s stock surged over 19%, reaching a three-year high, indicating strong market confidence [5] - Other innovative pharmaceutical companies also experienced stock price increases, reflecting a positive trend in the sector [5] Gaming Industry - Zhejiang province has introduced favorable policies to stimulate the gaming industry, with expectations of similar actions from other provinces [6] - Kingsoft's new game project has garnered significant pre-launch interest, with over 520,000 pre-registrations [6] - Tencent Music's acquisition of Ximalaya for $1.26 billion is expected to enhance its content offerings, leading to a stock increase [6] Automotive Innovations - GAC Toyota and Huawei are deepening their collaboration, launching a flying car with a price cap of 1.68 million yuan, positively impacting GAC's stock [7] Financial Policies - The People's Bank of China and the State Administration of Foreign Exchange have issued measures to support cross-strait economic integration, benefiting local real estate companies and financial institutions [8] Company Performance - Chow Tai Fook reported a revenue of HKD 89.66 billion for FY2025, a 16.8% increase year-on-year, with a net profit of HKD 5.92 billion, up 9% [9] - Despite a decline in sales, the company has shown resilience in profitability, indicating effective management strategies [9] - The company is adjusting its store network, closing 406 stores while maintaining a focus on high-value products [10]

中国内地有11家整车企业参展，除上汽集团、比亚迪、东风汽车等大型汽车集团外，零跑汽车和小鹏两家新势力车企也参加了本届国际汽车及供应链博览会 （香港）（下称"车博会"）。多家企业带来了旗下在售的热门车型，飞行器、机器人、机器狗，也成为本届博览会上的吸睛亮点，引来市民纷纷打卡。 近年来，香港不断加大电动车推行力度，广汽、长安等多家内地车企纷纷登陆香港市场，零跑、小鹏等新势力车企也在这里加速全球化的布局。美丽的"东 方之珠"，正在成为内地车企向世界展示中国技术的最佳舞台。 "右舵"市场大秀肌肉 一场由中国内地车企集体秀肌肉的博览会，在香港亚洲国际展览馆开幕。 2025年6月12日，热带气旋来临前的香港，阳光耀眼。一场由中国内地车企集体秀肌肉的博览会，在香港亚洲国际展览馆开幕。 "50万（港币）以下的汽车有减税政策，内地的汽车现在技术发展也很好，价格也有优势。"一位香港市民向第一财经记者表示，电视、网络及APP上有很多 电车的广告推送，他本人目前考虑在年底置换将家中燃油车置换为电车。 本次车博会主题为"新汽车新征程"，展会面积超5.5万平方米，设置了全球汽车、供应链、低空经济、香港创新科技、内地创新科技、文化活动、香 ...

汽车 2025 年 6 月 12 日 小鹏汽车 (9868 HK) 交银国际研究 消息快报 小鹏 G7 首搭图灵 AI 芯片，算力跃升，瞄准 25 万元级纯电 SUV 市场 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 事件：6 月 11 日，小鹏 G7 正式亮相并开启预售。作为 2025 年小鹏首款全 新车型，小鹏 G7 定位家庭 SUV，软硬件加持下，具备高度智能化。新车 共推出 Max 和 Ultra 两个版本，预售价 23.58 万元（人民币，下同），今 年 3 季度上市交付。 新车型首搭图灵 AI 芯片，具备 L3 级别算力。算力是检验智能辅助驾驶能 力的第一标准，目前，行业主流有效算力在 80-700TOPS 之间。硬件层面 ，小鹏 G7 搭载 3 颗 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 41.89 亿元 | -11.80 亿元 | | 泡泡玛特(09992) | 40.61 亿元 | -5804.06 万元 | | 小米集团-W(01810) | 39.29 亿元 | +1.53 亿元 | | 建设银行(00939) | 20.81 亿元 | +3.98 亿元 | | 美团-W(03690) | 20.70 亿元 | -2.96 亿元 | | 快手-W(01024) | 16.87 亿元 | -6675.04 万元 | | 腾讯控股(00700) | 16.32 亿元 | -1.39 亿元 | | 小鹏汽车-W(09868) | 16.00 亿元 | +5.94 亿元 | | 中国银行(03988) | 15.35 亿元 | +1.39 亿元 | | 中国海洋石油(00883) | 15.25 亿元 | -3.91 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 泡泡玛特(09992) | ...

港股通(深)活跃成交股 智通财经APP获悉，6月12日港股市场，北水成交净买入55.85亿港元，其中港股通(沪)成交净买入38.51 亿港元，港股通(深)成交净买入17.33亿港元。 北水净买入最多的个股是小鹏汽车-W(09868)、信达生物(01801)、建设银行(00939)。北水净卖出最多的 个股是阿里巴巴-W(09988)、 腾讯(00700)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 15.05 乙 | 26.84亿 | 41.89亿 | | HK 09988 | | | -11.80 乙 | | 泡泡玛特 | 20.01亿 | 20.59亿 | 40.61亿 | | HK 09992 | | | -5804.06万 | | 小米集团-W | 20.41亿 | 18.88亿 | 39.29 乙 | | HK 01810 | | | +1.53 亿 | | 建设银行 | 12.39 乙 | 8.41 乙 | 20.81亿 | | HK 00939 | | | +3 ...

Core Viewpoint - The article discusses the recent developments in the Chinese automotive market, highlighting the government's intervention to curb price wars and promote high-quality industry growth through measures such as regulating supplier payment terms [4][6]. Group 1: Market Trends and Performance - From January to April, the profit margin of the Chinese automotive industry was 4.1%, increasing to 4.4% in April, compared to 3.9% in Q1 and 3.5% in March, indicating a positive trend [7]. - In May, the retail sales of passenger vehicles reached 1.932 million units, a year-on-year increase of 13.3% and a month-on-month increase of 10.1%, surpassing the level of 1.81 million units in May 2018 [9]. - Cumulative retail sales from January to May reached 8.811 million units, up 9.1% year-on-year [9]. Group 2: Sales Data and Company Performance - In the first five months, sales of Chinese brand passenger vehicles reached 7.562 million units, a year-on-year increase of 26.3%, accounting for 68.8% of total passenger vehicle sales [10]. - The top ten automotive groups sold 10.708 million units in total, representing 84% of the overall market, with varying performance among individual companies [11]. - In May, BYD sold 382,476 units, a year-on-year increase of 15.35%, while SAIC Group sold 366,000 units, up 10.25% [13][14]. Group 3: Competitive Landscape - The article notes that some companies engaged in aggressive pricing strategies, leading to a temporary surge in market activity, but this has raised concerns about sustainability [12]. - The sales performance of major companies varied, with some like Geely and Changan showing significant growth, while others like GAC and Dongfeng experienced declines [14][39]. - New energy vehicle sales are highlighted as a key growth area, with companies like Changan and BYD reporting substantial increases in this segment [29][37].

Core Insights - XPENG has launched new versions of its Ultra Smart Coupe SUV XPENG G6 and Ultra Smart Premium SUV XPENG G9 for the European market, showcasing innovation and advanced AI technology [1][3] Product Features - Both models feature an upgraded full-domain 800V high-voltage SiC platform and a 5C supercharging battery, enabling ultra-fast charging capabilities of up to 525 kW for the G9 and 451 kW for the G6, leading their class [2][5] - The new XPENG G6 includes a complete overhaul with a new color option, Stellar Purple, and will be displayed at Le Mans Village in France [3][10] - The upgraded 5C lithium iron phosphate (LFP) batteries eliminate the need for cobalt and nickel, making the vehicles more sustainable without compromising performance [4] Charging and Performance - The charging speed for both models allows a 10-80% State of Charge (SOC) in just 12 minutes, setting new benchmarks in the EV market [5][7] Intelligent Driving Technology - XPENG continues to lead in intelligent driving technology with a fully upgraded intelligent driving suite, including advanced driving chips and a MicroFiber capacitance steering wheel [6][8] Design Enhancements - The new XPENG G6 features a stylish exterior with a 1942 mm full-width Starlight Wing LED light bar and a redesigned rear diffuser [9] - The interior of the G6 has been re-imagined with premium materials and immersive technology, transforming 60% of the cabin [13] Comfort Features - The new XPENG G6 offers front seats with a massage function and lumbar support, while the G9 features luxury comfort upgrades including a three-layer heat-insulating panoramic sunroof and 10-point massage seats [16]

智通财经APP获悉，港股三大指数集体走软，午后跌幅有所扩大，恒指险守两万四关口，恒科指尾盘跌 超2%。截止收盘，恒生指数跌1.36%或331.56点，报24035.38点，全日成交额为2444.12亿港元；恒生国 企指数跌1.53%，报8729.96点；恒生科技指数跌2.2%，报5331.33点。 中信证券指出，考虑到中美博弈仍具复杂性，且外围市场不确定性尚存，三季度港股或呈震荡向上的趋 势。而四季度预计随着国内稳增长政策的加码带来港股业绩上修的契机；以及AI产业催化的落地重塑 科技板块估值，叠加全球流动性环境改善，港股或迎来估值和盈利的双重修复。 蓝筹股表现 中国生物制药(01177)领跑蓝筹。截至收盘，涨19.29%，报5.69港元，成交额28.15亿港元，贡献恒指 15.04点。中国生物制药在第46届高盛全球医疗健康年会上透露，目前，公司针对多款具备全球商业化 潜力的创新资产，已与多家跨国药企与明星生物科技公司展开深度洽谈，并有一笔标志性的重磅对外授 权交易将于近期落地。 1. 医药股全天强势。截至收盘，荣昌生物(09995)涨20.1%，报57.65港元；中国生物制药(01177)涨 19.29%，报 ...

广汽集团彼时还表示，接下来还将孵化成立一家全新的科技公司，展开广汽集团在低空经济领域业务， 计划2025年正式启动飞行汽车产品的适航认证。 在广汽之前，小鹏汽车也在推动飞行汽车商业化落地。小鹏汇天"陆地航母"飞行汽车预售单价在200万 元以内，规划产能为年产1万台。据上海证券报，在今年4月23日开幕的2025年上海国际车展期间，记者 在小鹏汽车展台采访获悉，小鹏汇天分体式飞行汽车"陆地航母"在去年完成全球首次公开飞行后，已进 入商业化落地的关键攻坚阶段。2026年，全球首款分体式飞行汽车"陆地航母"将正式上市并启动大规模 交付。 万亿级低空经济正推动飞行汽车加速发展，国内包括吉利汽车、长安汽车、等多家车企正布局飞行汽车 领域。在上述2025香港国际汽车及供应链博览会上，深蓝汽车CEO邓承浩表示，长安汽车将在2025年年 底完成飞行汽车试飞。在国际市场，飞行汽车的参与者既有大众、丰田等跨国头部车企，也有谷歌、腾 讯、英特尔等科技巨头。 飞行汽车目前仍处于发展初期阶段，但市场前景十分广阔。国际投行摩根士丹利预测，未来20年是飞行 汽车的飞速发展期，到2030年，飞行汽车行业将创造3000亿美元市场规模，2050年 ...