Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company reported a total revenue of 299.6 billion yuan in the first half of 2025, a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% year-on-year [2][8]. - The second quarter of 2025 showed a robust performance with sales reaching 1.11 million vehicles, a year-on-year increase of 12% and a quarter-on-quarter increase of 17% [8]. - The company is optimistic about the upcoming launch of the 尚界 H5 model, which has already received a positive market response with over 50,000 pre-orders within 18 hours of its announcement [8]. - The company is undergoing a transformation with a focus on both fuel and new energy vehicles, aiming to enhance operational efficiency and reduce costs [8]. Financial Summary - The revenue forecast for 2025-2027 has been adjusted upwards to 665.1 billion yuan, 761.0 billion yuan, and 818.5 billion yuan respectively [8]. - The net profit forecast for the same period has also been revised to 14.3 billion yuan, 17.3 billion yuan, and 20.0 billion yuan respectively, indicating significant growth potential [8]. - The company is expected to achieve a price-to-earnings (P/E) ratio of 15.4 times in 2025, with a target price set at 24.84 yuan, representing a potential upside of 30% [8].

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 阿里巴巴是第一大股东。 作者丨 鲁智高 来源丨 东四十条资本 在阿里巴巴和上汽联手打造下，一家上海明星独角兽来到港交所门前。 近日，斑马智行申请在港上市。成立近十年后，他们的智能座舱解决方案已在60个主机厂的超800万辆车上搭载，覆盖超过 14个国家。 他们的这番成绩背后，除了得益于阿里巴巴和上汽的庞大资源，还离不开国投创新（国投招商）、云锋基金、恒旭资本、上海 国和投资、国寿投资、一汽产业基金等投资者的大力支持。 最终，在拿到近50亿元融资后，斑马智行估值达到220亿元。 到了2016年7月，上汽便联合阿里巴巴发布了搭载斑马智行自研的汽车操作系统的荣威RX5。作为中国首款互联网汽车，荣威 RX5刚一上市就受到市场追捧，首月订单超过2.5万辆，同时销量一路走高。 眼见形势一片大好，这家公司又与名爵、大通、神龙、福特汽车等更多品牌达成合作，并在短短数年时间让全球近百万辆搭载 斑马系统的互联网汽车行驶在路上。 阿里 ...

2025 年 09 月 01 日 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 申万宏源研究微信服务号 珍惜牛市行情下滞涨板块,以及 秀自马标的的底部区间 -- 2025/8/25-2025/8/29 汽车周报 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 观点：牛市行情下，我们认为在 TMT 领涨之后，以科技为驱动的板块都有望跟涨，包 ● 含机器人、低空经济等。1）对于机器人板块,我们的观点是跟随特斯拉相关的产业标 的,上半年业绩承压,下半年都有望迎来反弹,建议关注拓普、爱柯迪、三花、新泉 等;其次国内机器人产业链相关标的以"新" +"产业积累"的优秀公司为主,建议关 注敏实、宁波华翔等。2) 对于低空经济板块,今年上半年缺少催化,但 7 月 4 号民航 局成立通用航空和低空经济工作领导小组，我们认为随着资金轮动亦有望迎来板块行 情，建议关注万丰奥威、宗申动力等前期白马标的。3 ...

Group 1: Sales Performance of New Energy Vehicle Manufacturers - Leap Motor achieved a delivery volume of 57,066 units in August, marking a year-on-year growth of over 88% and setting a new historical high, making it the top seller among new energy vehicle manufacturers [2] - Hongmeng Zhixing delivered 44,579 units in August, with a cumulative delivery exceeding 900,000 units, and an average transaction price of 380,000 yuan, leading among new energy manufacturers [2] - Xiaopeng Motors delivered 37,709 units in August, a year-on-year increase of 169%, driven by the launch of the new Xiaopeng P7 [2] - NIO delivered 31,305 units in August, a year-on-year increase of 55.2%, achieving historical highs across its various brands [2] - Xiaomi Motors surpassed 30,000 units in August, marking the second time it achieved this milestone in a single month [3] Group 2: Traditional Automakers' Performance - BYD continued to lead the new energy vehicle market with sales of 373,600 units in August, remaining stable compared to the previous year, while cumulative sales for the first eight months reached 2,863,900 units, a year-on-year increase of 23% [4] - SAIC Group reported total vehicle sales of 363,400 units in August, with new energy vehicle sales reaching 129,800 units, a year-on-year growth of 49.89% [4] - Geely's total sales in August were 250,200 units, a year-on-year increase of 38%, with significant growth in its electric vehicle segment [4][5] Group 3: Market Conditions and Challenges - The overall automotive market is facing high inventory levels, with the inventory warning index at 57.0% in August, indicating increased sales pressure [7] - The macroeconomic environment continues to exert pressure on automotive dealers, leading to prolonged purchase cycles and lower-than-expected transaction conversions [7] - Despite challenges, the market is expected to improve in September due to traditional peak season effects and the rollout of subsidy policies [7]

零跑实现"领跑"，新势力格局生变 汽车行业销量之争愈发激烈，8月车企销量榜单再次洗牌，新势力格局生变。 进入9月，各大车企如期公布了8月销量。新势力阵营名次生变，零跑汽车以5.7万辆的交付量位居榜首，再创历史新高，鸿蒙智行销量超4.4万 辆 ，小鹏、蔚来、小 米交付量均破3万 辆 。传统车企中，比亚迪继续领跑，但吉利、长城、奇瑞等车企也保持稳定增长势头。 8月，零跑汽车交付量达57066辆，同比增长超88%，创下历史新高，稳居造车新势力销量榜首。今年以来持续的销量增长也让零跑汽车成为了第二家盈利的造车新 势力，2025年上半年，零跑汽车净利润0.3亿元，实现扭亏，零跑汽车预计年度净利润将达到5亿元到10亿元。 鸿蒙智行全系车型8月交付量达44579辆，位居新势力第二名，全系累计交付量突破90万辆，8月成交均价达38万元，位居新势力榜首。其中，问界系列8月全系交 付量达40012辆，问界家族获得了40万元到50万元级别SUV品类销量冠军。 小鹏汽车位居新势力第三名，8月份新车交付量达37709辆，同比增长169%，单月交付量创下历史新高。这一成绩也受新车上市带动，8月27日全新小鹏P7正式上 市，上市7分钟大定 ...

新能源：8月1-24日，全国乘用车新能源市场零售72.7万辆，同比去年8月同期增长6%，较上月同期增长 7%，全国乘用车新能源零售渗透率56.6%，今年以来累计零售718.2万辆，同比增长27%;8月1-24日，全 国乘用车厂商新能源批发71.1万辆，同比去年8月同期增长11%，较上月同期增长3%，全国乘用车厂商 新能源批发渗透率53%，今年以来累计批发834.5万辆，同比增长33%。 智通财经APP获悉，国元证券发布研报称，近期多个领先品牌新车发布，品牌力带动订单数据火热。随 着技术的跃进式提升，叠加硬件和软件成本的不断下降，智能驾驶辅助功能搭载率不断提升。关注领先 车企在各自差异化市场的竞争力提升，以及持续积累品牌口碑后的滚雪球效应。关注智能车与AI融合 发展的未来机遇。 国元证券主要观点如下： 8月淡季批发零售差扩大，静待金九银十 乘用车：8月1-24日，全国乘用车市场零售128.5万辆，同比去年8月同期增长3%，较上月同期增长3%， 今年以来累计零售1403.1万辆，同比增长10%;8月1-24日，全国乘用车厂商批发134.1万辆，同比去年8月 同期增长12%，较上月同期增长5%，今年以来累计批发16 ...

Core Insights - The 28th Chengdu International Auto Show highlights the strong presence of domestic automotive groups, particularly in the electric vehicle (EV) sector, contrasting with the absence of many international luxury brands [2] - Major Chinese automotive groups like SAIC, Changan, and others have shown significant growth in their EV segments, indicating a successful transformation towards new energy vehicles [3][4][5][6] Group Performance - The top 15 automotive groups in China sold a total of 7.82 million new energy vehicles (NEVs) from January to July, marking a 41.1% year-on-year increase and accounting for 95.1% of total NEV sales [3] - China FAW's NEV sales reached 28,500 units in July, a 129.03% increase year-on-year, contributing to a total of 209,000 units sold in the first seven months, up 27.9% [4] - SAIC's total vehicle sales in July were 338,000 units, a 34.2% increase, with NEV sales reaching 117,000 units, up 64.9% [5] - Changan's total vehicle sales reached 1.566 million units in the first seven months, with NEV sales at 531,700 units, a 52.34% increase [6] Strategic Collaborations - Automotive groups are increasingly collaborating with technology companies like Huawei to enhance their EV offerings, moving away from a solely self-reliant development model [8][9][10] - SAIC and Huawei have signed a deep cooperation agreement to develop new intelligent EVs, with the first model, the Shangjie H5, receiving over 50,000 pre-orders within 18 hours of its announcement [9] Internal Restructuring - Major automotive groups are undergoing internal restructuring to consolidate resources and enhance efficiency in their NEV segments [11][12][13] - Dongfeng has restructured its brands into a new entity focused on NEVs, while Changan has improved resource allocation and decision-making efficiency following its elevation to a central enterprise [12] Global Expansion - China's NEV exports reached 1.308 million units from January to July, a year-on-year increase of 84.6%, indicating a strategic shift towards international markets [14] - Changan's "Haina Baichuan" plan aims to expand its global footprint, with a target of exporting 56,000 units by 2025 [14] - Dongfeng's strategy includes launching over 30 overseas models by 2027, while GAC Aion is also accelerating its international market entry [15][16]

证券代码：600104 证券简称：上汽集团 公告编号：临2025－040 上海汽车集团股份有限公司2025年8月份产销快报 注3：其他主要含上海申沃客车有限公司、上汽红岩汽车有限公司、南京依维柯汽车有限公司等。 上海汽车集团股份有限公司董事会 2025年9月2日 上海汽车集团股份有限公司2025年8月份产销快报数据如下： ■ 注1：上表数据仅为公司产销快报数据，未经审计确认，具体数据以公司定期报告为准。 注2：上汽大通汽车有限公司产销数据包含跃进品牌。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ...

湖北省委书记王忠林会见吉利控股集团董事长李书福一行 中国一汽：8月销售整车27.78万辆，同比增长3.7% "湖北发布"微信公众号消息，9月1日下午，湖北省委书记、省人大常委会主任王忠林在武汉会见吉利控 股集团有限公司董事长李书福一行。 王忠林说，武汉经济技术开发区与吉利控股集团签署吉利新车型项目合作协议，这是湖北与吉利深化合 作、共谋发展的又一重要举措，必将有力促进双方互利共赢。希望吉利控股集团继续支持湖北、深耕湖 北，在汽车产业转型升级、新能源船舶生产应用、汽车赛事经济发展等方面与湖北深化合作。李书福表 示，将以此次签约为契机，加快吉利武汉工厂新车型导入，深化上下游供应链合作，进一步丰富在鄂产 品矩阵，持续拓展醇氢船舶、智慧出行、汽车赛事等合作领域。 比亚迪：8月新能源汽车销量37.36万辆 比亚迪9月1日公告，2025年8月新能源汽车销量37.36万辆，上年同期为37.31万辆；1-8月新能源汽车累 计销量为286.4万辆，同比增长23%。 上汽集团：8月整车销量36.34万辆，同比增41.04% 上汽集团9月1日公告，2025年8月整车产量37.69万辆，同比增44.05%；销量36.34万辆，同比增 ...

【隔夜行情】 •周一（2025年9月1日），A股市场三大指数集体收涨，截至收盘，沪指报3875.53点，涨0.46%；深证成 指报12828.95点，涨1.05%；创业板指报2956.37点，涨2.29%。总体来看，个股涨多跌少，上涨个股超 3200只。沪深两市全天成交额2.75万亿元，较上个交易日缩量483亿元。 •周一（2025年9月1日），港股恒指及恒科指均大涨超2%。截止收盘，恒生指数涨2.15%或539.8点，报 25617.42点，全日成交额为3802.31亿港元；恒生国企指数涨1.95%，报9121.87点；恒生科技指数涨 2.2%，报5798.96点。 •周一（当地时间2025年9月1日），美股因劳动节假期休市一天。 【今日新股】 今日无新股申购，无新股上市。 【重要新闻】 【《人工智能生成合成内容标识办法》今起施行】9月1日，国家网信办等四部门联合制定的《人工智能 生成合成内容标识办法》正式施行。要求服务提供者对生成合成内容添加显式和隐式标识。任何组织和 个人不得恶意删除、篡改、伪造、隐匿办法规定的生成合成内容标识，不得为他人实施上述恶意行为提 供工具或者服务。 【暑运期间全社会跨区域人员流 ...