Industry Information - The second phase of the Envision AESC battery super factory in Cangzhou has commenced construction, with an annual production capacity of 20GWh planned for 2026 [8] - The total number of electric vehicle charging piles planned for Zhengzhou this year is 85,000 [10] - The total production of new energy vehicles in China exceeded 13 million units in 2024, with a target to further develop smart connected new energy vehicles [11] Policy Information - The first annual inspection standard for new energy vehicles has been implemented, focusing on battery safety testing [17] - The Shenzhen government has launched an action plan to accelerate the development of artificial intelligence and smart driving technologies [16] - The Ministry of Commerce reported that over 1 million applications for vehicle scrapping and replacement subsidies have been received since 2025 [12] Company Information - GAC Group's chairman proposed to enhance the promotion of battery swap models for electric vehicles during the Two Sessions [22] - BYD has launched the "Lingyuan" car-mounted drone system, becoming the first company to mass-produce such technology [23] - Xiaomi's SU7 Ultra has received over 19,000 orders within three days of its launch, exceeding its annual sales target [24] - Geely has signed a framework agreement to establish a joint venture for smart driving technology [25] - NIO has partnered with the University of Science and Technology of China to tackle efficiency challenges in large visual language models [31]

2月分析: 今年总体基调是"整治内卷式竞争，提振汽车消费"，加上"双新政策"从年初就续上了，1-2 月份车企们也在主动稳定价格体系，因此消费者消费心态相对平稳。由于去年2月销量基数偏低，本月乘 用车批零售均实现了同比大幅度增长，出现了少有的"节后开门红" 。 点 击 蓝 字 关 注 我 们 本文全文共 541 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新 零售 销量数据统计，2025年2月份国内狭义乘用 车市场 零售 销量达138.2万辆，同比增长25.6%，环比下降26.4%；1-2月份累计销量317.6万辆，同比增长 1.1%。 | | 一汽丰田 ◇ | 41,315 | 29,131 | 41.8% | 2.9% | | --- | --- | --- | --- | --- | --- | | 10 % | 北京奔驰 | 35,097 | 36,992 | -5.1% | 2.5% | 2025年1-2月厂商零售销量排行榜 单位:辆 本文数据是基于 中国汽车流通协会乘用车市场信息联席分会 月报表-初稿。 | | | 2025年2月厂商批发销量排行榜 | | | | | -- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total delivery of 30,453 vehicles in February 2025, representing a year-on-year increase of 570.0% and a month-on-month increase of 0.3% [3][5]. - Cumulative deliveries for January and February 2025 reached 61,000 vehicles, showing a year-on-year growth of 375.2% [3][5]. - The company is expected to see steady sales growth driven by strong new vehicle launches, including the MONA M03 and P7+, alongside improvements in marketing and channel strategies [5]. - The company anticipates a revenue of 85.7 billion yuan in 2025, corresponding to a price-to-sales ratio of 1.8X, indicating a significant improvement in financial performance [5]. Summary by Sections Sales Performance - February 2025 saw the company achieve over 30,000 deliveries for the fourth consecutive month, with MONA M03 and P7+ maintaining strong delivery numbers [5]. - The MONA M03 delivered over 15,000 units in February alone, setting a record for new energy vehicle deliveries [5]. - The P7+ has achieved over 30,000 cumulative deliveries within three months of its launch, breaking the record for the fastest delivery in its class [5]. Strategic Developments - The company is enhancing its marketing and channel strategies, which are expected to contribute to sustained sales growth [5]. - The launch of the first right-hand drive model, the G6, in the UK is set to begin deliveries in March 2025, indicating the company's commitment to expanding its international presence [5]. - The establishment of a fast-charging network in Southeast Asia is planned for 2025, further supporting the company's global energy system layout [5]. Technological Advancements - The company reported a monthly active user penetration rate of 86% for its XNGP urban intelligent driving system in February 2025 [5]. - The total mileage and duration of intelligent driving increased by 98.2% and 103.5% year-on-year, respectively, with a user penetration rate of 93.3% [5]. - The 2025 model of the G6 was officially unveiled, featuring advanced capabilities and design improvements [5].

Pro、Max、Plus、Ultra……这些英文后缀在苹果、小米等品牌的电子产品中已经是"家常便饭"。 事实上，对于手机、平板电脑等品类，英文后缀名称都具有明确的定位指向，Pro为Professional的缩 写，代表专业版，通常在屏幕尺寸、摄像头配置及成像质量等方面优于标准版；Plus则强调尺寸优势， 专为偏好大屏体验的用户设计；Pro Max作为Pro与Max的结合体，集专业性能与超大尺寸于一身；Ultra 则寓意极致性能，代表该系列中的旗舰机型，配置与售价均达到最高水准。 在陈明看来，科技产品采用英文后缀命名，旨在凸显产品的专业属性与技术迭代价值。 在小米SUltra（车型）发布引发市场热烈反响之后，3月3日，"广东小鹏汽车申请注册'P7Ultra'商标"登 上热搜。 种种现象或表明，产品名称添加英文后缀的趋势正从电子产品领域向新能源汽车行业延伸。 从品牌角度分析，这些英文后缀有哪些作用？如何影响消费者心智？新能源汽车产品名称后缀是否呈现 出与科技产品趋同的趋势？对此，每经品牌价值研究院采访了工信部品牌培育专家、华南理工大学工商 管理学院教授陈明和华东理工大学商学院教授、中国高等院校市场学研究会执委会C ...

2025 年 03 月 05 日 小鹏汽车-W (09868) ——2 月销量"淡季不淡"，强势新车周期来袭 上 市 公 司 汽车 资料来源：Bloomberg 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 研究支持 邵翼 A0230524120001 shaoyi@swsresearch.com 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 04 日 | | --- | --- | | 收盘价（港币） | 78.90 | | 恒生中国企业指数 | 8367.47 | | 52 周最高/最低（港币） | 90.00/25.50 | | H 股市值（亿港币） | 1,499.46 | | 流通 H 股（百万股） | 1,551.74 | | 汇率（人民币/港币） | 1.0841 | 一年内股价与基准指数对比走势： -30% 70% 170% 03/04 04/04 05/04 06/04 07/04 08/04 09/04 10/04 11 ...

Core Viewpoint - The article provides an update on the motorcycle industry data for January 2025, highlighting significant sales growth in certain segments and the overall market trends [1][3]. January Data Observation - The sales of two-wheeled fuel motorcycles with a displacement of 250cc reached 59,000 units in January, representing a year-on-year increase of 52.9% but a month-on-month decrease of 12.9% [1]. - Breakdown of sales by displacement: - For 250ml < displacement ≤ 400ml: 35,000 units sold, up 89.7% year-on-year, down 9.6% month-on-month [1]. - For 400ml < displacement ≤ 500ml: 10,000 units sold, down 18.1% year-on-year, down 51.1% month-on-month [1]. - For 500ml < displacement ≤ 800ml: 12,000 units sold, up 47.9% year-on-year, up 57.9% month-on-month, driven by new multi-cylinder high-end models [1]. Recent Industry Insights - Recommended core investment portfolio includes BYD, Geely Automobile, XPeng Motors, Xiaomi Group, Bertley, Top Group, New Spring Co., and Huguang Co. [3]. - Tesla's Autopilot city navigation feature has been rolled out in China, marking a significant step in the localization of fully autonomous driving technology [3][4]. - The demand for passenger vehicles has shown strong recovery, with notable sales figures for various companies in February, including BYD's record high exports [5]. Investment Recommendations - For passenger vehicles, the focus is on high-quality domestic brands that are accelerating in smart technology and globalization, recommending BYD, Geely, XPeng, SAIC Group, and Seres [6]. - In the motorcycle sector, the recommendation is to focus on leading companies in the mid-to-large displacement category, particularly Chuanfeng Power [6].

宁德时代在安徽成立新公司 近日，时代骐骥新能源科技（宣城）有限公司成立，法定代表人为熊洪瑞，注册资本500万人民币，经营范围含新兴能源技术研发、新能源汽 车换电设施销售、在线能源计量技术研发、合同能源管理、电池销售、信息系统运行维护服务、充电桩销售、机动车充电销售等。 3月1日，福鼎时代锂离子电池生产基地5号超级工厂项目正式封顶。 福鼎时代5号超级工厂项目厂房单体建筑面积达23万平方米，布局了4条国际领先的新能源电池超级生产线及智能制造设备，年产能力将达到 25GWh新能源动力电池。项目于2024年10月21日正式开工，预计2025年8月投产。 亿纬锂能增资锂电材料头部企业 天眼查App显示，近日，贝特瑞新材料科技有限公司发生工商变更，新增亿纬锂能为股东，注册资本由5亿人民币增至6亿人民币，同时，法定 代表人及多位高管均发生变更。 资料显示，贝特瑞（四川）新材料科技有限公司成立于2020年5月，法定代表人为田立斌，经营范围含合成材料制造、合成材料销售、石墨及 碳素制品制造、石墨及碳素制品销售、电池制造、塑料制品制造、电子专用材料制造等。 亿纬锂能与三一重卡合作升级 近日，三一重卡与亿纬锂能2025年战略研讨会 ...

小鹏汽车-W获南向资金连续4天净买入，累计净买入金额为8.45亿港元，股价累计上涨10.45%。 （数据宝） 证券时报•数据宝统计显示，2月28日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 738.40亿港元，净买入金额为15.89亿港元。 2月28日上榜的成交活跃股中，小鹏汽车-W通过港股通渠道成交金额为12.21亿港元，净买入金额为0.84 亿港元，不仅如此，该股已连续4日出现成交净买入，累计净买入金额为8.45亿港元，其间股价上涨 10.45%。 ...

撰 文 / 路 行 设 计 / 赵昊然 2025年春节期间，DeepSeek横空出世，国人狂喜，美股轰动——彼时周一开盘，纳斯达克市值前十 的科技公司总市值亏损近1万亿美元。2月6日，OpenAI宣布向所有用户开放ChatGPT搜索，无需注 册。 此后，吉利、岚图、东风、智己、奇瑞、长城、比亚迪、长安等车企相继宣布与DeepSeek AI大模 型深度合作，这场围绕着智能驾驶算法、车载AI系统、用户生态构建的"技术联姻"，将中国汽车产 业在智能化下半场的生态级竞争推向新的阶段。 而从年初就打响的智驾之战，正迅速蔓延到整个汽车市场。2月9日，长安汽车发布"北斗天枢 2.0"智能化战略，深蓝汽车将高阶智驾下探到10万元车型；次日，比亚迪发布"天神之眼"智驾系 统，7.88万元的海鸥将搭载，号称开启全民智驾时代。 尽管业内对于高阶智驾的定义尚未形成统一定论，但无论如何，从辅助驾驶的普及到高阶自动驾驶 的突破，从单一技术迭代到全产业链协同革新，一场以人工智能为核心的变革浪潮已势不可挡。 中国在这一领域正在实现领跑。L2级自动驾驶功能渗透率增速迅猛，城区NOA功能从高端车型下 沉至10万元级市场，端到端大模型的落地让"全 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a record high in monthly sales for four consecutive months, with December deliveries reaching 36,695 units, representing a year-on-year increase of 82.4% and a month-on-month increase of 18.8% [2][4]. - Cumulative deliveries for the year 2024 reached 190,000 units, marking a year-on-year growth of 34.2% [2][4]. - The company is expected to see steady sales growth driven by strong new vehicle cycles, enhanced marketing systems, and channel transformations [2][6]. - The introduction of models like MONA M03 and P7+ is expected to further boost sales [2][6]. - The company is projected to generate revenue of 41.5 billion in 2024, with a price-to-sales ratio of 2.0X, indicating significant financial improvement [6]. Summary by Sections Sales Performance - December 2024 saw a total of 36,695 vehicles delivered, with Q4 deliveries exceeding guidance limits, totaling 91,500 units, a year-on-year increase of 52.1% [4][6]. - The MONA M03 model achieved a delivery of 15,000 units in December, with total deliveries surpassing 50,000 units, setting a record for new energy vehicle production speed [6]. Market Expansion - The company has made significant strides in international markets, completing its 10,000th vehicle delivery in Europe and opening its first flagship store in Australia [6]. Technological Advancements - The monthly active user penetration rate for the XNGP urban intelligent driving system reached 85% in December [6]. - The company launched a significant OTA update for the P7+, enhancing its software capabilities [6].