金十数据5月13日讯，汇丰环球研究发报告指，由于销量预期增加及规模经济效应改善，上调小鹏汽车 (09868.HK)2026年盈测25%，并首次引入2027年预测。基于贴现现金流模型，上调集团H股目标价6%， 由101港元升至107港元，维持"买入"评级。另外，据更新的盈利及现金流预测和最新的汇率，上调集团 ADS目标价5.8%，由25.9美元升至27.4美元。报告表示，受惠于小鹏汽车强大的产品周期，汇丰预计强 劲的销售动能在第二季持续。同时，更高的规模效应及毛利率改善应有助于公司接近盈亏平衡。 汇丰升小鹏汽车目标价6% 料销售动能在第二季持续 ...

Market Overview - Southbound funds recorded a net sell of HKD 18.528 billion in Hong Kong stocks on May 12, marking the highest single-day net sell since February 24, 2021, and the second-largest in history [1] - The net sell of Tencent Holdings reached HKD 36.65 billion, while Xiaomi Group saw a net sell of HKD 21.16 billion [2] Company-Specific Insights - BYD Electronics experienced a net buy of HKD 121 million, while China National Offshore Oil Corporation had a net buy of HKD 113 million [2] - Tencent Holdings is expected to report a steady first-quarter performance with a projected revenue growth of 10% year-on-year to HKD 175.3 billion, driven by growth in gaming and advertising sectors [5] - Xiaomi Group faced challenges with its SU7 Ultra model, leading to a wave of returns due to issues with the carbon fiber hood not enhancing performance as claimed [6] - XPeng Motors announced a significant milestone with its flying car division, XPeng Huitian, as it received acceptance for its production license application from the Civil Aviation Administration [6] Investment Recommendations - Analysts suggest focusing on high-growth and high-dividend companies in the oil sector, particularly the "three barrels of oil," due to favorable market conditions and potential tax reforms in refined oil consumption [5] - The overall sentiment in the consumer electronics sector is improving, with expectations of valuation recovery if tariff policies do not deteriorate further [5]

Group 1 - The Hang Seng Technology HKETF (513890) opened up over 2% on May 12, 2025, with a turnover of 5.66% and a transaction value of 23.15 million yuan, while the Hang Seng Technology Index (HSTECH) rose by 1.26% [1] - Key stocks such as Sunny Optical Technology (02382) increased by 4.66%, BYD Electronics (00285) by 4.65%, and NIO-SW (09866) by 4.58%, indicating strong performance in the technology sector [1] - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange announced the launch of the "Tech Company Fast Track" on May 6, aimed at facilitating the listing of specialized technology and biotech companies, which is expected to encourage more companies to list in Hong Kong [1] Group 2 - Dongwu Securities expressed optimism about AI technology and domestic consumption, suggesting a focus on high-dividend stocks for defensive positioning due to ongoing overseas risks [2] - The report highlighted that the overall overseas risks remain, and a potential decline in US tech stocks could impact Hong Kong stocks, while a dividend payout wave is anticipated in the second quarter [2] - The political bureau meeting at the end of April emphasized the need to expand consumption and enhance its role in economic growth, reinforcing the focus on domestic consumption as a key theme for the year [2] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to help investors capitalize on quality tech companies globally, driven by the AI wave [3] - The actively managed funds focus on emerging industry trends, AI opportunities, and sectors like the new energy vehicle supply chain and humanoid robots [3] - The passive investment options include the Morgan Hang Seng Technology ETF (QDII) and other funds targeting innovative pharmaceutical companies and global tech leaders [4]

中国主场，德企应变加速 德国汽车工业协会（VDA）主席穆希雅（Hildegard Müller） 在辅助驾驶、AI座舱、绿色制造等新兴领域，双方也各具优势。中国企业在快速迭代与用户驱动方面 具备先发优势，而德国企业在合规架构、核心算法、系统稳定性方面拥有深厚积淀。若能形成"场景落 地+系统协同"的战略合作模型，将有望构建全球领先的新型产业生态。 汽车纵横全媒体 在全球汽车产业加速转型的今天，2025年上海国际车展成为观察全球汽车格局变动的重要窗口。德国汽 车工业协会（VDA）主席穆希雅（Hildegard Müller）在车展期间接受媒体访谈，展现了德方行业组织 对于中国市场变化的敏锐洞察，以及对中德产业深度合作未来的坚定期待。在她看来，中德合作已经走 到一个更深层、更系统的关键时刻。 2025年上海车展吸引了来自26个国家和地区的近千家中外知名企业参展，展览总面积超过36万平方米， 其中汽车科技与供应链展区达到10万平方米。展出车辆1366台，其中新能源车型占比超过七成，创下历 届之最。 与此同时，德系车企也在积极应变，正通过更"充分"的本土化战略，应对中国市场竞争格局的持续演 变。 例如，大众集团展出了首 ...

Core Insights - The April sales data for various new energy vehicle companies shows a continued upward trend for both traditional brands and new car manufacturers, indicating a robust market performance during the holiday period [1] Traditional Brands' Performance - BYD sold over 380,100 new energy vehicles in April, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4%. The main brands, Dynasty and Ocean, contributed over 340,000 units, growing by 16.5% [2] - Geely's total sales reached 234,112 units in April, a 53% increase year-on-year. New energy vehicle sales reached 125,563 units, up 144%, accounting for 54% of total sales, marking a historical high [4] - Chery Group's total sales were 200,760 units, a 10.3% increase. New energy vehicle sales reached 61,223 units, up 85.5% [6] - Great Wall Motors' wholesale sales were 100,061 units, a 5.55% increase, with new energy vehicle sales at 28,813 units, up 28.42% [8] New Forces in the Market - Leap Motor achieved a delivery volume of 41,039 units in April, a 172% year-on-year increase, driven by its competitive pricing strategy and new model launches [9] - XPeng Motors maintained a delivery volume of over 30,000 units, reaching 35,045 units, a 273% increase, supported by the popularity of models like MONA M03 and P7+ [11] - Li Auto delivered 33,939 new vehicles, a 31.6% increase, with a total of 126,800 units delivered in the first four months, achieving 18% of its annual target [13] - Xiaomi Auto delivered over 28,000 units in April, indicating stable consumer demand, with new models expected to drive future growth [13] Other Notable Performances - GAC Aion's sales reached 28,301 units, showing year-on-year growth but a decline compared to the previous month [15] - Lantu Motors achieved sales of 10,019 units, a 150% increase, with plans to launch an upgraded model soon [17] - NIO delivered 23,900 vehicles in April, a 53% year-on-year increase, benefiting from promotional policies [17]

如果把过去十年中国商业地产的变化压缩为一部纪录片，新能源汽车一定会在"首层场景革新"这一章节中占据主角位置。从2013年特斯拉首进北京侨福芳 草地，到理想、蔚来、小鹏、小米在全国核心城市购物中心高调开店，新能源汽车成为购物中心首层最显眼的"新物种"。 这是一场始于消费体验变革的"场景革命"。它打破了"汽车=4S店"的销售逻辑，将高单价商品嵌入消费者日常生活路径之中；也是一场运营模式的转折， 让传统零售的"坪效"逻辑让位于"体验+转化+品牌"的复合模型。在购物中心普遍追求高毛利、强互动的当下，新能源汽车提供了一个可被量化的"人车场 景"模型，几乎一度成为首层空间的刚需业态。 然而，2024年以来，越来越多的购物中心开始重新审视这个曾被奉为"金主"的租户类型。头部品牌收缩门店，中腰部品牌融资承压，用户热度趋缓，甚至 有项目反映"车越来越多，客反而变少"。与此同时，首层的美妆集合店、潮流科技体验、国际IP快闪店等新势力正在重新争夺"首层C位"，让原本为新能 源汽车"量身打造"的展厅空间，陷入前所未有的业态博弈。 新能源汽车还能继续占据购物中心首层吗？它的价值是否已经透支？又或者，它是否正在向一个更适合的"新位置"迁 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 法国公司Mistral AI推出新模型Medium 3。法国AI初创公司Mistral AI宣布推出新模型Mistral Medium 3。据介绍，在各项基准测试中，该模型性能达到或超过Claude Sonnet 3.7的90%，而成本更低（每百万 token输入0.4美元/输出2美元）。定价方面，无论是API还是自部署系统，该模型都优于DeepSeek V3等 模型。 淘宝天猫与小红书达成战略合作。5月7日，淘宝天猫与小红书宣布签订战略合作，打造"红猫计划"。双 方共同新增小红书笔记下方"广告挂链"功能。加入试点的优质品牌在小红书投放种草笔记，可直接跳转 至淘宝APP。同时，小红书和淘宝天猫首次开放UD合作，新增效果广告模式，也可以帮助品牌商家实 现内容投放直接引流至淘宝天猫店铺/商品。淘宝天猫将在效果广告链路提供数字化能力的支持，助力 营销转化。 理想汽车CEO谈特斯拉FSD：基本功非常扎实。理想汽车官微发布对其CEO兼董事长李想的访谈实 录。李想在访谈中 ...

完整早报音频，请点击标题下方小耳机收听 【理想汽车回应董事长李想6.39亿元天价年薪：说法不准确】 5月7日，理想汽车方面回应称，2024年，公司创始人、董事长兼CEO李想的税前薪酬达6.39 亿元的说法不准确。近日，市场传言李想2024年从理想汽车领取6.39亿元"天价年薪"，引发市场广泛关注。年报显示，李想2024年从理想汽车获取的税前 薪酬由三部分构成，分别是266.5万元的薪金、津贴和实物福利，16万元的退休金计划供款，以及6.36亿元的股份支付薪酬费用。 | 截至2024年12月31日止年度 | | 薪金,津贴 | | 股份支付 | 退休金 | | | --- | --- | --- | --- | --- | --- | --- | | | 袍金 | 和實物福利 | 膜金 | 薪酬費用 | 計劃供款 | 薪酬總額 | | | 人民幣 | 人民幣 | 人民幣 | 人民幣 | 人民幣 | 人民幣 | | 李想 | | 2,665 | | 636,309 | 160 | 639,134 | | 馬東輝 | - | 3,092 | 2,400 | 34,622 | 160 | 40,274 | | 李戴 ...

Group 1: Policy and Market Dynamics - The Guangdong provincial government has announced measures to stimulate automobile consumption, including relaxing vehicle purchase restrictions and increasing purchase quotas [1] - The automotive industry has received strong momentum from various national and local policies aimed at boosting consumption, with first-quarter production and sales reaching 7.561 million and 7.47 million units, respectively, representing year-on-year growth of 14.5% and 11.2% [1] - New energy vehicles (NEVs) accounted for 41.2% of total new car sales, with production and sales of NEVs reaching 3.182 million and 3.075 million units, reflecting year-on-year growth of 50.4% and 47.1% [1] Group 2: Regional Promotions and Consumer Behavior - Regions such as Hunan, Fujian, and Sichuan are launching new automotive promotion policies to capitalize on the second quarter's consumption peak, enhancing subsidy details to better meet consumer needs [2] - The recent May Day holiday served as a significant opportunity for the automotive market, with several companies reporting substantial order increases, such as Hongmeng Zhixing achieving over 22,000 orders, doubling year-on-year [2] - GAC Trumpchi received 12,295 orders during the May Day holiday, a 10% increase year-on-year, while Geely Galaxy reported over 31,000 orders [3] Group 3: Company Performance and Sales Data - BYD reported April production of approximately 385,100 NEVs, a year-on-year increase of 15.28%, with total sales of about 380,100 units, up 21.34% [4] - Li Auto delivered 33,939 vehicles in April, marking a 31.6% year-on-year increase, with a cumulative delivery of 1,260,675 vehicles as of April 30, 2025 [4] - Xpeng Motors delivered 35,045 smart electric vehicles in April, a significant year-on-year growth of 273%, with total deliveries for the first four months reaching 129,053 units, up 313% [5] - NIO delivered 23,900 vehicles in April, a 53% increase year-on-year, with a total of 65,994 vehicles delivered in 2025 so far, reflecting a 44.5% growth [5]

突发！极氪拟从美股退市 【今日推荐】 5月7日，吉利汽车控股有限公司宣布，计划收购极氪智能科技有限公司已发行全部股份。吉利汽车 目前持有极氪约65.7%的股份，如交易完成，极氪将与吉利汽车实现完全合并，实现私有化并于纽交 所退市。对此，吉利控股集团方面回应称，此举是进一步落实《台州宣言》，聚焦汽车主业，提升资 源利用效率，深化品牌协同的重要步骤。 联想杨元庆回应产品是否涨价 在5月7日的联想TechWorld上，联想集团董事长杨元庆被问及作为一家全球化公司，接下来联想的产 品是否会涨价？杨元庆表示，这肯定没有一个绝对的回答，零部件的供需情况是很重要的考量因素。 大家关心的是关税的影响会反映在产品定价上，如果没有更进一步的政策改变，可能对价格影响还不 大。但未来不确定性非常大。 英伟达称中国500亿美元市场不容错过 当地时间5月6日，英伟达CEO黄仁勋在美国拉斯维加斯参加ServiceNow公司的全球科技峰会 Knowledge大会。当天，英伟达与ServiceNow联合推出了面向企业级AI智能体（AI agent）的新服 务。黄仁勋谈及人工智能的潜力和英伟达最新发布的推理大模型，并再次强调了中国是人工智能的重 ...