| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601127 | 赛力斯 | 5.76 Z | 3.60% | -7.33 Z | -4.58% | 1.57亿 | 0.98% | | 002594 | 比亚迪 | 2.39 Z | 2.89% | -1.19 Z | -1.45% | -1.19亿 | -1.45% | | 000625 长安汽车 | | 1.67 Z | 9.69% | -9951.76万 | -5.77% | -6755.93万 | -3.92% | | 601238 广汽集团 | | 2138.45万 | 8.26% | -3159.20万 | -12.21% | 1020.74万 | 3.94% | | 000572 海马汽车 | | 1691.06万 | 3.01% | -2806.13万 | -4.99% | 1115.06万 | 1.98% | | 601633 长城汽车 | | 1 ...

Core Insights - The automotive industry is experiencing a significant divergence in performance among companies, with some achieving growth in both revenue and net profit, while others face declines or stagnant profits [1][4] Revenue and Profit Performance - In the first half of 2025, the automotive industry generated revenue of 50,917 billion yuan, a year-on-year increase of 8%, while costs rose to 44,780 billion yuan, up 9% [4] - BYD leads the industry with revenue of 371.281 billion yuan, a 23.3% increase, and a net profit of 15.511 billion yuan, up 13.79% [3][4] - Traditional automakers like Geely, Great Wall, and SAIC Motor reported revenue growth but experienced declines in net profit, with declines around 10% [1][4][5] Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan due to a previous asset sale [4][5] - Great Wall's revenue increased by 0.99% to 92.335 billion yuan, but net profit decreased by 10.21% to 6.337 billion yuan [5] - Changan Automobile reported a revenue decline of 5.25% to 72.691 billion yuan and a net profit drop of 19.09% to 2.291 billion yuan [6] New Energy Vehicle Collaborations - The collaboration with Huawei under the "Five Realms" initiative shows mixed results, with Seres (赛力斯) achieving significant profit growth, while others like BAIC Blue Valley and Jianghuai faced losses despite revenue increases [8][9] - Seres reported revenue of 62.402 billion yuan, down 4.06%, but net profit surged by 81.03% to 2.941 billion yuan, driven by high-end model sales [8] Emerging Players - Among the new energy vehicle startups, Li Auto continues to lead with revenue of 56.17 billion yuan, while NIO and Xpeng struggle with profitability [13][14] - Li Auto has maintained profitability for 11 consecutive quarters, with a net profit of 1.743 billion yuan, while Zero Run achieved its first half-year profit of 0.033 billion yuan [13][14] Market Trends and Future Outlook - The overall market is seeing a shift towards high-end electric vehicles, with companies like Chery and SAIC focusing on strategic partnerships with Huawei to enhance their product offerings [10][11] - The industry is expected to continue evolving, with companies adjusting their strategies to meet changing consumer demands and competitive pressures [1][4]

Core Viewpoint - The automotive industry in China is undergoing a significant transformation as leading companies like SAIC, Chery, and Geely are merging their marketing resources to enhance efficiency and collaboration, marking a shift from individualistic strategies to a more integrated approach [2][4][10]. Group 1: Mergers and Restructuring - Geely has announced the privatization of Zeekr, with 95.14% of independent shareholders approving the move, which is expected to be completed by the end of the year [3][10]. - Chery has established a domestic business group that consolidates four major divisions, aiming for better resource allocation and management [3][10]. - SAIC is preparing to create a "large passenger car marketing company" to integrate the marketing resources of its brands, including Roewe and Feifan [2][3]. Group 2: Market Dynamics and Challenges - The automotive market in China is facing intense price competition, with over 200 models experiencing price cuts in 2024, leading to a decline in profit margins [6][7]. - The industry's revenue grew by only 2% from January to October 2024, while profits fell by 3.2%, resulting in a profit margin of just 4.5% [6][7]. - Companies are recognizing the need to optimize resource allocation and improve operational efficiency to combat internal competition and resource wastage [7][10]. Group 3: Strategic Focus and Future Outlook - The restructuring efforts are aimed at enhancing long-term competitiveness by focusing on user needs and efficient resource integration [10][12]. - The shift towards a user-centric approach and data-driven marketing strategies is seen as essential for transitioning from merely selling cars to managing customer relationships [12]. - Industry experts anticipate a return to the essence of vehicle manufacturing, emphasizing the importance of understanding user demands and building resilient systems [8][10].

这是半佛仙人的第1882篇原创 1 讲真，智己刚发布新款LS6的时候，我其实没太在意，哪怕听说它两周预售4.8万辆，我也 觉得一切正常。 但是当我看到它作为一个增程车，纯电部分的吹拉弹唱（c lt c）续航4 5 0公里+的时候，我 懵了。 大脑一瞬间宕机了。 哥们，你是增程车啊，烧油的知道吗？ 你的纯电续航可以是5 0，也可以是150，300，但你不能是45 0。 因为我真有续航4 5 0公里的纯电车，你这样显得我像250。 就是说，我四年前买的全球"最强"电动车。 搁现在的智己面前，只配当个电池包。 这属于胖虎唱歌。 不着调，还离谱。 更别提加满油能跑1 5 0 0公里。 当年唐朝要是有这个，杨贵妃吃个荔枝也就是一箱油的事情。 6 6度的电池，你不说，我还以为是开水呢。 你说你是增程车，隔壁纯电车都笑了。 尴尬的笑。 如果你这个叫增程，那我叫什么？ 半程？ 说到了技术路线各玩各的，井水不犯河水。 这头河水直接往井里倒灌。 还能玩么？ 过去是油箱可以不用，但不能没有，没有我焦虑。 现在增程车是油箱可以有，但绝对不能用，我用了更焦虑。 就跟空气炸锅一样，但凡额外放一滴油，都算我输。 我都买了这么大的电池，我出 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601127 | 赛力斯 | 148.65 | 3.70% | 62.43万 | 91.41亿 | | 002594 | 比亚迪 | 107.50 | 1.69% | 69.35万 | 74.22 亿 | | 601238 | 广汽集团 | 7.62 | 0.26% | 26.53万 | 2.01亿 | | 601633 | 长城汽车 | 24.40 | -0.41% | 14.45万 | 3.53亿 | | 000572 | 出於印與 | 5.52 | -0.54% | 95.89万 | 5.37亿 | | 000625 | 长安汽车 | 12.08 | -0.74% | 62.25万 | 7.53亿 | | 600733 | 北汽蓝谷 | 7.84 | -1.01% | 98.70万 | 7.77 亿 | | 600104 | ┣汽集团 | 17.16 | -2.83% | 112.66万 | 19.50亿 | 证券之星消息，9月25日乘用车板 ...

Core Insights - The automotive industry is experiencing a significant performance divergence among companies in the first half of 2025, with some achieving growth in both revenue and net profit, while others face declines in both metrics [1][4]. Revenue and Profit Performance - Among 16 A/H share listed automotive companies, 11 reported revenue growth, and 9 achieved profitability, with over half of the companies being profitable [1][4]. - BYD leads the industry with revenue of 371.281 billion yuan, a year-on-year increase of 23.3%, and a net profit of 15.511 billion yuan, up 13.79% [3][4]. - Traditional automakers like Geely, Great Wall, and SAIC maintained net profits above 6 billion yuan, but all experienced approximately 10% declines in net profit [1][4][5]. - The overall automotive industry revenue reached 509.17 billion yuan, a year-on-year increase of 8%, while costs rose by 9% to 447.8 billion yuan, resulting in a profit of 24.44 billion yuan, up 3.6% [4]. Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan, attributed to a previous asset sale in 2024 [4][5]. - Great Wall's revenue was 92.335 billion yuan, a slight increase of 0.99%, with net profit declining by 10.21% to 6.337 billion yuan [5]. - Changan, Dongfeng, and GAC faced performance pressures due to challenges in joint ventures, with Changan's revenue down 5.25% to 72.691 billion yuan and net profit down 19.09% to 2.291 billion yuan [5][6][7]. - GAC reported a revenue decline of 7.95% to 42.166 billion yuan and a net loss of 2.538 billion yuan, a significant drop of 267.39% [7]. New Energy Vehicle Collaborations - Companies collaborating with Huawei on the "Five Realms" brand, particularly Seres, have shown significant performance improvements, with Seres achieving a net profit increase of 81.03% to 2.941 billion yuan [8][9]. - Other companies like BAIC Blue Valley and Jianghuai faced challenges, with Jianghuai's revenue down 9.1% to 19.36 billion yuan and a net loss of 777 million yuan, marking a 356.89% decline [9]. Emerging Players Performance - Among the new energy vehicle startups, Li Auto continues to lead with a revenue of 56.17 billion yuan, down 2%, and a net profit of 1.743 billion yuan, up 2.8% [13][14]. - Xpeng and NIO reported revenues of 34.09 billion yuan and 31.043 billion yuan, respectively, with Xpeng showing a significant growth of 132.51% [13][14]. - Leap Motor achieved its first half-year profit of 33 million yuan, while NIO and Xpeng continue to struggle with profitability [13][14]. Market Trends and Future Outlook - The overall market is seeing a shift towards high-end models, with Seres' high-end models leading sales in their respective price segments [8]. - Companies are focusing on cost control and operational efficiency to improve profitability, with NIO implementing a comprehensive cost reduction plan [14].

截至发稿，柳军累计任职时间16年118天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 132.78%， 任职期间最差基金回报-45.64%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华泰柏瑞基金旗下1只基金位居上汽集团十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持643.18万股，持有股数8223.65万股，占流通股的比例为0.71%。根据测算，今日浮亏损失约 4111.82万元。连续4天下跌期间浮亏损失1.72亿元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益18.58%， 同类排名2846/4220；近一年收益39.35%，同类排名2369/3820；成立以来收益112.19%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 9月25日，上汽集团跌2.83%，截至发稿，报17.16元/股，成交19.50亿元，换手率0.9 ...

Core Viewpoint - DHL has deepened its cooperation with SAIC Maxus by ordering an additional 500 units of the MAXUS eDELIVER3 (EV30) electric logistics vehicles, highlighting SAIC Maxus's role as a key partner in DHL's global green logistics strategy and showcasing the international competitiveness of Chinese new energy technology [1][7]. Group 1 - The recent order of 500 EV30 vehicles follows a previous order of 300 units in July, making SAIC Maxus the largest Chinese brand in DHL's European procurement [1][2]. - DHL's senior executives, including Matthias Schwarz, praised the performance of SAIC Maxus vehicles during their visit, indicating a high level of trust and product reliability [2][5]. - The EV30 features a dedicated electric platform with a range exceeding 400 km and can be fast-charged to 80% in 30 minutes, meeting the stringent demands of European logistics companies [5][6]. Group 2 - SAIC Maxus products are now available in 27 European countries, with several models leading the sales charts for Chinese commercial vehicles in Europe, achieving over 50% market share in multiple new energy segments [7]. - The 500-unit order supports DHL's goal of electrifying 60% of its fleet by 2030 and signifies a shift for SAIC Maxus from "product output" to "technology output," contributing to the global green transformation of logistics [7].

ACEA数据显示，8月欧盟、英国和欧洲自由贸易联盟（EFTA）的汽车销量增长4.7%，达到80万辆。大 众汽车和雷诺的汽车登记数量同比分别增加4.8%和7.8%；Stellantis增加2.2%，自2024年2月以来首次增 长。特斯拉在欧盟的销量下降36.6%，市场份额从一年前的2%萎缩至1.2%。比亚迪销量飙升201.3%， 市场份额达到1.3%。同样来自中国的8月销量猛增59.4%，年初至今的市场份额达到1.9%，跻身欧盟第 十大畅销车企。欧盟汽车总销量增长5.3%。纯电动汽车、混合动力汽车和插电式混合动力汽车的登记 数量分别增长30.2%、54.5%和14.1%，合计占欧盟汽车登记量的62.2%，高于去年同期的52.8%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 欧洲汽车工业协会（ACEA）周四公布的数据显示，中国电动汽车制造商8月欧盟市场的新车销量是去 年同期的三倍，且连续第二个月超过美国 ...

同日焕新开业的"奥迪之城"旗舰店，是上汽奥迪探索未来出行的创新实践。融合AUDI品牌视觉元素， 以时尚、未来感的空间设计，前沿数字科技和个性化服务流程，重构豪华品牌与用户的互动生态，为消 费者提供全新的购车、用车体验场景。 上汽奥迪在服务网络拓展上也稳步前行。目前，全国近200家展厅已完成形象升级，预计2025年底，将 在超100座城市建成240余家全功能用户中心，持续提升服务的广度和深度。线上服务同样不断优化，今 年4月升级的品牌App推出"奥迪品牌世界"，针对E5 Sportback车主定制6大等级、16项专属权益，涵盖 充电、娱乐、流量等多方面，全方位满足用户需求。 上汽奥迪E5 Sportback的交付和"奥迪之城"的焕新，是品牌发展的重要节点。它见证了上汽奥迪在豪华 智电领域的创新成果，也彰显了品牌以用户为中心的发展理念。随着新车交付的全面提速，上汽奥迪有 望在竞争激烈的豪华电动车市场中脱颖而出，为消费者带来更多优质选择，推动豪华智电汽车行业的发 展。 （丁延吉） 9月20日，上汽奥迪迎来重要时刻：E5 Sportback首批车主交付仪式在焕新开业的"奥迪之城"旗舰店举 行。这不仅标志着新车正式驶入 ...