Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.8.25-2025.8.31 2 证券研究报告 汽车周观点： 8月第3周乘用车环比+9.4%，继续看好汽车板块 ◼ 本周复盘总结：八月第三周交强险47.0万辆，环比上周/上月周度+9.4%/+6.8% 。 ➢ 本周细分板块涨跌幅排序:SＷ商用载货车(+1.6%) > SW商用载客车(+0.8%) >SW汽 车零部件(+0.4%) >SW乘用车（+0.3%）>SW摩托车及其他(+0.1%) 。本周已覆盖 标的威迈斯、蔚来-SW、雅迪控股、经纬恒润-W、立讯精密涨幅前五。 ◼ 本周团队研究成果：外发汽车智能化9月投资策略、重卡月报，外发赛力斯、中鼎股 份、华达科技、双环传动、恒帅股份、银轮股份、旭升集团、爱柯迪、上汽集团、拓 普集团、精锻科技、中集车辆、宇通客车、隆鑫通用、爱玛科技、江淮汽车、沪光股 份、福耀玻璃、长安汽车Q2业绩点评。 ◼ 本周行业核心变化：1）小鹏新P7上市，全系标配三图灵芯 ...

福建华策品牌定位咨询创始人詹军豪在接受《证券日报》记者采访时表示，研发投入对上市公司发展至 关重要，是推动创新和技术进步的主要动力，能助力企业开发新产品、改进现有产品，从而提升竞争 力。 A股上市公司2025年半年报披露收官。中国上市公司协会数据显示，上半年，上市公司加快培育创新动 能，全市场研发投入超8100亿元。 以比亚迪为例，2025年上半年，公司研发投入为308.8亿元，同比增长53.05%，远超同期净利润增速。 公司称，上半年坚守"技术为王、创新为本"的发展理念，成功在电池、电子及新能源汽车等多个领域持 续创新，不仅打破了海外品牌长期垄断，更推动全球汽车市场格局重塑。 半导体等行业研发强度居前 据中国上市公司协会数据，今年上半年，全市场上市公司研发投入同比增长3.27%，增速较去年同期提 升近2个百分点。整体研发强度为2.33%，同比小幅提升。 苏商银行特约研究员武泽伟对《证券日报》记者表示："全市场上市公司的研发投入连续增长。政策层 面，国家创新驱动发展战略的深入实施，为企业研发提供了政策支持和税收优惠。资本市场层面，市场 对科技企业的估值也进一步激励企业加大创新投入。展望未来，随着科技创新在国家 ...

Group 1 - The core viewpoint of the article emphasizes the importance of R&D investment for the development of listed companies in China, with a total R&D expenditure exceeding 810 billion yuan in the first half of 2025 [1] - R&D investment among listed companies increased by 3.27% year-on-year, with an overall R&D intensity of 2.33%, reflecting a slight improvement [2] - The semiconductor and other high-tech industries are leading in R&D intensity, with the ChiNext, STAR Market, and Beijing Stock Exchange showing intensities of 4.89%, 11.78%, and 4.63% respectively, indicating a stronger focus on technology [2] Group 2 - Six companies reported R&D expenditures exceeding 10 billion yuan in the first half of 2025, including BYD, China State Construction, ZTE, China Mobile, SAIC Motor, and CATL [3] - BYD's R&D investment reached 30.88 billion yuan, a 53.05% increase year-on-year, highlighting its commitment to innovation in the electric vehicle sector [3] - CATL invested 10.095 billion yuan in R&D, a 17.84% increase, and has established multiple R&D centers globally, reinforcing its leadership in the battery industry [3] Group 3 - Traditional industries are also increasing their R&D investments significantly, with companies like Jiaozuo Wanfang Aluminum reporting a staggering 869.97% increase in R&D spending [4][5] - The article suggests that technological innovation is crucial for maintaining competitive advantage, especially in high-tech and advanced manufacturing sectors [4] - Future trends indicate that competition in fields such as artificial intelligence, new energy, and biomedicine will drive companies to continuously increase their R&D expenditures [5]

Core Insights - The automotive industry in China has shown steady growth in the first half of 2025, with total revenue reaching 2.05 trillion yuan, a year-on-year increase of 7.93%, and net profit attributable to shareholders at 860.63 billion yuan, up 3.02% [1] - The transition towards electric and intelligent vehicles is a key driver of this growth, with significant advancements in technology and market share for domestic brands [1][4] Revenue and Market Dynamics - The revenue landscape is characterized by a concentration of leading companies, with BYD leading the industry with 371.28 billion yuan in revenue, a 23.30% increase year-on-year [2] - The "billion yuan club" is expanding, with companies like SAIC Motor and Weichai Power also reporting significant revenues, while over 30 companies have surpassed 10 billion yuan [2] - New energy vehicle (NEV) sales have surged, with companies like BAIC Blue Valley reporting a 153.21% increase in revenue due to a doubling of NEV sales [2] Profitability Trends - BYD remains the profit leader with a net profit of 15.51 billion yuan, a year-on-year growth of 18.01% [3] - Despite overall profitability, some traditional automakers like GAC Group and BAIC Blue Valley are facing losses due to declining sales in traditional fuel vehicles and high costs in transitioning to new energy models [3] - Automotive parts manufacturers are experiencing significant growth, with companies like Southern Precision achieving a net profit of 22.9 million yuan, a turnaround from losses the previous year [3] Technological Advancements - NEVs are identified as the core engine driving industry transformation, with production and sales reaching 6.968 million and 6.937 million units respectively, marking year-on-year growth of 41.4% and 40.3% [4] - Leading companies are focusing on technological breakthroughs, with BYD investing over 12 billion yuan in R&D to enhance its competitive edge in battery technology and hybrid systems [4] Global Expansion - Chinese automakers are entering a new phase of global expansion, with NEVs becoming key products for overseas markets, as evidenced by a 10.4% increase in total vehicle exports to 3.083 million units, including a 75.2% surge in NEV exports [5] - Companies are establishing localized production and R&D capabilities abroad, with BYD setting up a research center in Germany and SAIC Motor expanding its sales network globally [5] - Challenges remain, including the potential reduction of government incentives for NEVs and increased price competition in the market [5]

Core Viewpoint - SAIC Group is aggressively implementing a pricing strategy to accelerate the commercialization of its semi-solid-state battery technology, supported by a recent equity structure adjustment in its battery joint venture [2][3]. Group 1: Pricing Strategy and Product Launch - SAIC Group announced the pricing of its new MG4 model at 99,800 RMB for the semi-solid-state battery version after limited-time subsidies, significantly lower than market expectations for similar new technologies [2]. - The battery supplier for this model is the joint venture SAIC Qingtao, established with solid-state battery technology company Qingtao Energy [2]. Group 2: Equity Structure Adjustment - Two days prior to the pricing announcement, SAIC Group's subsidiary Huayu Automotive announced the acquisition of 49% of SAIC Qingtao from its parent company for 206 million RMB, changing the shareholder identity from a complete vehicle manufacturer to a parts supplier [2][3]. - This adjustment is seen as a key step in SAIC's strategy to neutralize its battery supply chain, allowing SAIC Qingtao to better attract external customers without concerns related to its "SAIC system" identity [3]. Group 3: Investment and Production Plans - SAIC Group and its investment funds have invested over 2.9 billion RMB in Qingtao Energy, making it the largest industrial investor with approximately 15.29% ownership [3]. - Qingtao Energy plans to establish its first full solid-state battery production line by the end of 2025, with an initial capacity of 0.5 GWh, indicating a steady transition from semi-solid to full solid-state technology [3]. Group 4: Market Expansion and Competitiveness - Qingtao Energy is expanding its customer base, supplying semi-solid-state batteries to companies like Nanjing Iveco and Beiqi Foton for commercial vehicles [3]. - The company is also extending its reach into upstream raw materials and downstream energy storage markets, with a 50,000-ton solid-state battery material project entering trial production and a recent contract for a large energy storage project valued at 440 million RMB [4].

转自：新华财经 全系标配160公里纯电续航、满电满油综合续航实测突破2143公里、用户周通勤成本低至7元……8月29日，上汽荣威M7 DMH在第二十八届成都国际汽车展 览会正式亮相并开启预售。新车定位"长续航中大型豪华轿车"，共推出3款车型，预售价9.78万元起，以越级产品力进军中大型混动市场，构筑10万级混动 家轿新标准。 值得一提的是，"DMH"一词谐音"大美好"，概括了荣威M7 DMH的核心产品理念——车子够大、设计够美、技术够好。上汽乘用车常务副总经理俞经民介 绍道，这并非偶然，而是荣威对用户价值的洞察与承诺，新车围绕这三点打造：以近5米车长和2820毫米轴距诠释"大"空间；由前劳斯莱斯设计师操刀演 绎"美"学设计；凭借超2000公里综合续航和超低油耗兑现"好"技术，真正将"大美好"的体验带给用户，更延续了品牌"体面、超值、信赖"的核心价值。 超值品价比：重塑混动市场竞争力格局 在综合续航方面，荣威M7 DMH综合续航达2050公里，仅用55升油箱就实现了这一成绩，跑同样的路程，用油更少，意味着荣威M7 DMH在实际使用中能为 用户节省更多燃油费用，展现出更好的经济性。用"超值"定义国民车新标准，丈量 ...

8月29日正式开幕的2025成都车展正在进行之中。此次车展上，上汽大众不仅带来帕萨特家族、途观家 族等燃油车主力阵容，更有"油车智能化代表"Pro家族与新能源ID.家族同台，而全新凌渡LGTS的上 市，成为品牌在燃油车个性化赛道的关键落子，同时也释放出"油电同进、品质优先"的战略信号。在车 展期间，上汽大众——大众品牌举办媒体交流会，品牌营销事业执行总监李俊、用户与营销数字化高级 总监陈历、主流车型GTM高级总监李赟共同出席，详解参展阵容、全新凌渡LGTS核心优势及品牌战略 布局。 直击年轻用户核心需求 作为凌渡车系上市十周年、累计销量破百万后的重磅车型，全新凌渡LGTS以13.99万元起的定价，打破 高性能轿跑的价格壁垒，成为年轻人"第一台GTS"的优选。 李俊对《证券日报》记者表示，在新能源渗透率提升的当下，上汽大众仍坚定投入燃油车研发，"中国 近50%燃油车市场中，有大量内燃机爱好者，他们对驾驶、操控、动力有更高追求，全新凌渡LGTS正 是为满足这一需求而来"。 性能层面，全新凌渡LGTS搭载与高尔夫GTI同源的EA8882.0T高功率发动机，最大功率162kW，峰值扭 矩350N m，配合DQ381双 ...

Group 1 - The best-selling vehicles this year are pure electric compact cars, with Geely Xingyuan and BYD Seagull leading sales, surpassing Tesla Model Y [1] - The MG brand has launched its pure electric compact car MG4 at the Chengdu Auto Show, priced between 65,800 to 99,800 yuan, offering two range options of 437 km and 530 km, with the top model featuring a semi-solid battery [1][3] - The Chengdu Auto Show has become a competitive platform for pure electric compact cars, with several models including MG4, Geely Xingyuan, and Wuling Bingo S showcased [3] Group 2 - The demand for pure electric compact cars is driven by factors such as the increasing need for second vehicles among Chinese families and a younger purchasing demographic [3] - A0-class sedans have replaced B-class sedans as the fastest-growing segment in the new energy market, with nearly 450,000 units sold in the first half of the year, reflecting a year-on-year growth rate of 107.3% [3] - The market for pure electric compact cars is becoming increasingly competitive, with the top four models capturing nearly 85% of the market share, and the leading model exceeding 40% [3] - MG4 has received over 45,000 orders within 24 days of its launch, with the company aiming for a monthly sales target of 15,000 units [4]

Group 1 - BYD plans to expand its production capacity with two new projects in Zhengzhou, including a battery production line and a liquid cooling plate production line, with a total investment of 5 billion RMB [3][4] - Zhengli New Energy reported a significant turnaround, achieving a revenue of 3.172 billion RMB in the first half of 2025, a year-on-year increase of over 71.9%, and a net profit of 220 million RMB, marking a profit from a loss [5] - Realme and Zhuhai Guanyu launched the world's first 100% silicon-carbon anode battery, boasting an energy density of 1200 Wh/L, which is over 30% higher than traditional silicon-carbon batteries [6][7] Group 2 - CATL and China National Petroleum Corporation established a new company focused on energy storage technology and battery manufacturing, with a registered capital of 77 million RMB [8][9] - Sungrow announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand influence, reporting a record revenue of 43.533 billion RMB in the first half of 2025, a 40.34% increase year-on-year [10][11] - DoubleDeng Group officially listed on the Hong Kong Stock Exchange, focusing on lithium-ion battery production and overseas market expansion [12] Group 3 - Major South Korean conglomerates, including Hyundai and Kia, are collaborating with LG Energy Solution, SK On, and Samsung SDI to enhance electric vehicle safety through joint research and development [13] - CATL signed a strategic cooperation agreement with Changzhou to develop a zero-carbon ecological city and expand its microgrid industry cluster [14] - Haibo Shichuang reported a revenue increase of 22.66% in the first half of 2025, driven by new product launches in the domestic and overseas markets [15][16] Group 4 - Chuangneng New Energy and Better Ray signed a strategic cooperation agreement to develop high-performance anode materials and solid-state battery technologies [18] - Hunan Youneng reported a revenue of 14.358 billion RMB in the first half of 2025, a year-on-year increase of 33.17%, despite a decline in net profit [19] - Jiangxi Shenghua has an annual production capacity of 300,000 tons of high-density lithium iron phosphate [20] Group 5 - Fujian Del's IPO on the Shanghai Stock Exchange has been terminated after two years of progress [21][22] - Jiangsu Guotai announced the termination of a 400,000-ton lithium battery electrolyte project [23] - Jiangsu Yicai's solid-state battery core material project has commenced production, focusing on sulfide solid electrolytes [24] Group 6 - Jiayuan Technology reported a revenue of 3.963 billion RMB in the first half of 2025, a 63.55% increase, with a production capacity of over 130,000 tons of copper foil [25] - Leading lithium battery equipment manufacturer Xianlead Intelligent reported a 61.19% increase in net profit in the first half of 2025 [27] - Liyuanheng's revenue for the first half of 2025 was 1.529 billion RMB, with a focus on high-quality and sustainable development [28] Group 7 - Haimeixing reported a revenue of 1.664 billion RMB in the first half of 2025, a 30.5% decline, resulting in a net loss of 708 million RMB [29] - Lianying Laser achieved a revenue of 1.533 billion RMB in the first half of 2025, with a 13.16% increase in net profit [30] - Baishike's battery recycling project in Jiangsu has commenced, aiming to process 300,000 tons of waste batteries annually [32] Group 8 - Qinghai Dingneng's lithium battery recycling project has started, with an investment of 220 million RMB and a target of producing 5,000 tons of industrial-grade lithium carbonate annually [33] - Hubei's new lithium battery recycling production lines are being established, covering an area of 157.73 acres [34] - Princeton Energy's advanced black powder recycling plant in South Carolina has commenced operations, marking a significant development in battery recycling technology [35] Group 9 - Leap Motor and Zhongchuang Innovation established a joint battery company with a registered capital of 1 billion RMB [37] - Porsche has suspended its self-developed high-performance battery project due to economic feasibility concerns [38] - Geely plans to establish a 70 GWh production capacity for its new generation "blade" lithium iron phosphate battery by 2027 [39] Group 10 - BYD reported a revenue of 371.28 billion RMB in the first half of 2025, surpassing Tesla's revenue for the first time [40] - Huayu Automotive plans to acquire a 49% stake in SAIC Qingtao for 206 million RMB [41] - Chery's IPO in Hong Kong is nearing completion, with plans to issue up to 699 million shares [42]