（4）零跑汽车 ：8月交付57,066辆，同比增长88%，连续多月突破5万辆，新车型B10等推动销量增长。 零跑正在加速全球化进程，今年以来的出口销 量稳居新势力前列，近期欧洲订单更是创下历史新高。 （5）小鹏汽车： 8月交付37,709辆，同比增长169%，连续10个月交付超3万辆。 1-8月，累计交付新车271,615辆，同比增长251.79%。其中，小鹏G7 截至8月累计交付超万辆；小鹏MONA M03在8月交付超15,000辆，总交付量突破16万辆。 （6）蔚来： 8月交付31,305辆，同比增长55.2%，其中乐道品牌L90首月交付破万，推动整体销量增长。 （1）比亚迪： 8月，比亚迪汽车销售373626辆，同比增长0.1%，环比增长8.5%；1-8月份累计销量约286.4万辆，同比增长23%。 | | | 商量 | | | | 銷量 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目類別 | 本月 | 去年同期 本年累計 去年累計 | | 累計同比 | 本月 | 去年同期 本年累計 去年累計 累計同比 | | | 新能源汽車 | 3 ...

Core Insights - Domestic automakers in China reported record delivery numbers for August 2025, with several companies achieving significant year-on-year growth in electric vehicle sales [1][5][11][12][13][16][17][18][19][20] Group 1: BYD - BYD's electric vehicle sales reached 373,626 units in August 2025, a decrease from 373,100 units in the same month last year, but cumulative sales for the first eight months of 2025 increased by 23% to 2.864 million units [1] - In August, BYD exported a total of 80,813 electric vehicles [1] Group 2: Geely - Geely's total vehicle sales for August 2025 were 250,200 units, marking a 38% increase year-on-year [5] - Pure electric vehicle sales reached 93,400 units, up 98% year-on-year, while plug-in hybrid vehicle sales were 54,000 units, up 90% [5] - Geely's new energy vehicle sales exceeded 147,000 units in August, with cumulative sales surpassing one million units for the year [5] Group 3: SAIC Motor - SAIC Motor reported electric vehicle sales of 129,800 units in August 2025, a year-on-year increase of 49.89% [11] - The total vehicle production for August was 376,900 units, up 44.05% year-on-year, with cumulative production for the year reaching 2.8346 million units, a 22.58% increase [11] Group 4: Great Wall Motors - Great Wall Motors sold 115,600 vehicles in August 2025, a 22% increase year-on-year, with electric vehicle sales at 37,500 units [12] - Cumulative vehicle sales for the year are approximately 790,000 units, reflecting a 5.94% increase [12] Group 5: Leap Motor - Leap Motor delivered 57,066 vehicles in August 2025, achieving over 88% year-on-year growth [13] Group 6: NIO - NIO delivered 31,305 vehicles in August 2025, a 55.2% increase year-on-year, with cumulative deliveries reaching 838,000 units [13] - The August deliveries included 10,525 high-end smart electric vehicles and 16,434 family smart electric vehicles [13] Group 7: Xpeng Motors - Xpeng Motors delivered 37,709 smart electric vehicles in August 2025, a 169% year-on-year increase, setting a new monthly delivery record [16] - Cumulative deliveries for the first eight months of 2025 reached 271,615 units, up 252% from the previous year [16] Group 8: Li Auto - Li Auto delivered 28,529 new vehicles in August 2025, with a total cumulative delivery of 1,397,070 vehicles [17] - The CEO expressed confidence in achieving sales targets for new electric SUV models [17] Group 9: Xiaomi Auto - Xiaomi Auto continued to deliver over 30,000 vehicles in August 2025, with plans to expand its retail presence [18] Group 10: Lantu Motors - Lantu Motors delivered 13,505 vehicles in August 2025, marking a 119% year-on-year increase [19] Group 11: Harmony Auto - Harmony Auto reported total new vehicle deliveries of 44,579 in August 2025, with cumulative deliveries surpassing 900,000 units [20]

Core Insights - The electric vehicle market in August experienced a significant rebound, with brands like Leapmotor, Xpeng, and NIO achieving historical sales highs, while Li Auto faced a decline for three consecutive months [2] Group 1: Company Performance - BYD sold 373,626 vehicles in August, a slight increase from 373,083 units year-on-year, with overseas sales growing by 146.4% to 80,464 units [3][5] - SAIC-GM-Wuling's total sales reached 132,000 units, up 18.5% year-on-year, with new energy vehicle sales increasing by 10.6% to 80,611 units [8][12] - Leapmotor achieved a record high of 57,066 deliveries in August, marking an over 88% year-on-year growth [18] - Xpeng delivered 37,709 vehicles, a 169% increase year-on-year, setting a new monthly delivery record [21] - NIO's deliveries reached 31,305 units, a 55.2% year-on-year increase, also a historical high [24] - Xiaomi maintained a delivery volume exceeding 30,000 units for two consecutive months, indicating strong market performance [28] - Li Auto delivered 28,529 vehicles, experiencing a decline for three consecutive months [30][31] - Lantu delivered 13,505 vehicles, achieving a 119% year-on-year growth [34] - Avita's sales reached 10,565 units, a 185% increase year-on-year [37] - Zhiji delivered 6,108 vehicles, with the new Zhiji L6 performing well in the market [42] - Jishi delivered 1,358 vehicles, marking a continuous growth trend [44] - Hongmeng Zhixing delivered 44,579 vehicles, with total deliveries surpassing 900,000 units, showcasing strong market acceptance [50]

Core Viewpoint - BYD's August sales stagnated, while competitors like SAIC and Geely are rapidly increasing their electric vehicle sales, highlighting a shift towards pure electric models in the industry [2][6][8]. Sales Performance - In August, BYD's new energy vehicle sales reached 373,626 units, a year-on-year increase of 0.15% and a month-on-month increase of 8.52% [4][5]. - BYD's cumulative sales for the first eight months of 2025 were 2,863,876 units, reflecting a 23% year-on-year growth [4]. - In contrast, SAIC's new energy vehicle sales reached 129,771 units in August, up 49.89% year-on-year, while Geely's sales surged by 95.20% to 147,347 units [8][11]. New Energy Vehicle Trends - The new energy vehicle market is witnessing a clear trend towards pure electric models, as evidenced by the performance of companies like NIO and Xpeng [5][20]. - NIO's August deliveries reached 31,300 units, marking a 55.16% year-on-year increase, while Xpeng delivered 37,700 units, a 168.66% increase [17][20]. - Li Auto's deliveries fell below 30,000 units for the first time, indicating a shift in consumer preference towards pure electric vehicles [5][25]. Competitive Landscape - Leap Motor led the new car-making forces with 57,100 deliveries in August, reflecting an 88.31% year-on-year increase [15]. - Xpeng and NIO are also seeing significant growth, with both surpassing 30,000 deliveries in August, while Li Auto struggles to maintain its previous momentum [5][20]. - The competitive landscape is intensifying, with companies like Leap Motor and Xpeng focusing on international expansion and new model launches to capture market share [14][15]. Future Outlook - BYD's overseas sales peaked in June but have since declined, indicating potential challenges in maintaining growth in international markets [8]. - The industry is expected to continue evolving towards pure electric vehicles, with advancements in technology and infrastructure reducing consumer concerns about range anxiety [24].

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 - 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].

（原标题：21现场｜何小鹏说全新小鹏P7价格定低了！） 8月29日，成都车展现场，何小鹏接受媒体快采，谈及小鹏P7上市21.98万元的定价时，何小鹏称：发布 会后与同事交流时说，感觉"定价定低了"。 据小鹏汽车，这款车型上市仅 7 分钟大定便突破 1 万台，创小鹏销售新纪录。 何小鹏表示，已参与多台 P7 交付，首批车主中不乏复购小鹏或从 BBA 转购的用户，他特别感谢车主 支持，称 "P7 是小鹏旗舰车型，买了、开了都会开心"。同时他透露，自己也订了一台哑光银 P7，期待 早日提车体验。 （视频编辑：柳润瑛） ...

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]

Core Viewpoint - The automotive sector underperformed the market this week, with A-share automotive stocks rising only 1.7%, ranking 18th among Shenwan sub-industries, compared to the 4.3% increase in the CSI 300 index [1][2]. Weekly Data - In the week of August 18-24, 2025, passenger car sales reached 478,000 units, up 4.5% year-on-year and 9.3% month-on-month. New energy passenger car sales were 268,000 units, up 11.0% year-on-year and 8.1% month-on-month, with a penetration rate of 56.0%, down 0.6 percentage points [2]. Market Performance - The automotive sector's performance this week was weaker than the market, with specific segments showing varied results: commercial trucks up 4.7%, auto parts up 1.9%, passenger cars up 1.4%, motorcycles and others up 1.2%, and commercial passenger vehicles up 0.9%. However, automotive services declined by 3.2% [1][2]. Company Performance - Notable performances were reported by companies such as SAIC Motor and Great Wall Motors in Q2 2025. SAIC Motor's revenue was 158.73 billion yuan, up 12.1% year-on-year and 12.7% month-on-month, with a net profit of 2.58 billion yuan, up 334.6% year-on-year. Great Wall Motors reported revenue of 52.316 billion yuan, up 7.7% year-on-year and 30.7% month-on-month, with a net profit of 4.59 billion yuan, up 19.4% year-on-year and 161.9% month-on-month [3]. New Model Orders - Several new models have shown strong order performance, with significant pre-sale numbers: Great Wall Tank 500 secured 12,257 orders in 2 hours; AITO M8 electric version received over 7,000 orders in 2 hours; and XPeng P7 surpassed 10,000 orders in 7 minutes. Upcoming models include AITO M7, SAIC's H5, NIO ES8, and Geely's Zeekr 9X, expected to boost sales further [3]. Investment Recommendations - The report suggests focusing on key stocks in the automotive sector, including Geely, XPeng, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, New Spring, Hu Guang, and Chunfeng Power [2]. - For the parts sector, recommendations include intelligent driving companies like Bertley and Horizon Robotics, and new energy vehicle supply chain companies like Xingyu and Hu Guang [5]. - In the motorcycle segment, the report recommends leading companies like Chunfeng Power and Longxin General [6]. - For tires, the recommendation includes Sailun Tire and Senki Lin [7]. - In heavy trucks, the report suggests focusing on China National Heavy Duty Truck [8].