一场由汽车碰撞视频引发的舆论风浪，随着三方和解暂时画上句号。 8月6日晚，《关于理想i8碰撞测试相关事件的联合声明》对外发布。声明中，理想汽车与中国汽研就此次碰撞测试给东风柳汽造成的负面影响致以歉意。同 时，三方共同发出倡议，呼吁行业严守自律底线，共塑良性竞合生态，聚焦核心技术创新，回归产品本质。 最终，在各方积极调解下，局势逐渐朝着缓和的方向发展。8月6日晚，《关于理想i8碰撞测试相关事件的联合声明》对外发布。理想汽车、中国汽研、东风 柳汽经充分沟通达成一致，以友好理性的方式握手言和。至此，这场由理想i8碰撞测试引发的舆论风波暂时落下帷幕。 碰撞视频成舆论焦点 这场事件的起因，源于7月29日晚理想i8上市发布会播放的一段碰撞视频。该视频本为展示新车被动安全性能，却因碰撞结果极具争议性，引发公众对涉事 卡车安全性的质疑，进而演变为全网关注的舆论事件。 视频中，理想i8与测试卡车以100公里／小时的相对速度正面碰撞。碰撞瞬间，卡车4轮离地弹起，驾驶舱因惯性向前翻转，与底盘发生明显分离；而反观理 想i8，除车头损毁外，车身其余部分基本完好，A柱几乎未出现变形。如此强烈的对比，瞬间点燃网友讨论热情。 理想汽车发布的 ...

Investment Rating - The report maintains a rating of "Buy" for SAIC Motor Corporation Limited (600104) [1] Core Insights - The report highlights the strengthening brand power of SAIC in overseas markets, particularly in Europe and Southeast Asia, with a focus on the transition to new energy vehicles [6][18] - The company has achieved significant export milestones, being the top Chinese automaker in exports for eight consecutive years, with cumulative sales exceeding 5.5 million vehicles [6][7] - The report emphasizes the importance of the company's three main growth drivers: independent brands, new energy vehicles, and overseas operations, which are expected to facilitate the transition from traditional to new business models [6] Financial Data and Profit Forecast - Total revenue projections for 2024, 2025, and 2026 are estimated at 627.59 billion, 700.95 billion, and 749.58 billion CNY respectively, with a year-on-year growth rate of 11.7% for 2025 [5] - The net profit attributable to shareholders is forecasted to be 1.67 billion, 10.49 billion, and 12.00 billion CNY for 2024, 2025, and 2026 respectively, reflecting a significant year-on-year growth of 529.2% in 2025 [5] - Earnings per share are projected to be 0.15, 0.91, and 1.04 CNY for 2024, 2025, and 2026 respectively, with a corresponding price-to-earnings ratio of 19, 17, and 15 [5] Overseas Market Performance - SAIC's monthly sales in overseas markets have fluctuated between 30,000 and 60,000 units, with Europe being the largest market, accounting for over 50% of total overseas sales [6][9] - The company has seen a rise in monthly sales of new energy vehicles in overseas markets, increasing from 8,520 units in January 2023 to a peak of 27,738 units in March 2025, with the proportion of new energy vehicles reaching around 45% [18][6] - In Europe, the MG 4, MG HS, and MG ZS SUV are the main sales models, with MG 4 previously achieving peak sales of 8,791 units in June 2024 [61][62] Market Share and Competitive Landscape - In the UK, SAIC maintains a market share of around 20%, while in Italy, the market share is on an upward trend [35][52] - The report notes that while SAIC's brand presence in Europe has been strong, there has been a gradual decline in market share since 2023 [28] - The competitive landscape includes notable rivals such as BYD and Ford, with the MG ZS SUV being a leading model in the hybrid small SUV segment [61][73]

8月5日，在MG发布"All in新能源"战略的1个月后，全新MG4开启预售，其中一个车型版本将配装 上汽自研、全球首发量产的半固态电池，并于9月公布价格，年内批量交付。 随着固态电池概念不断走热，半固态电池的应用也搭上"便车"。公开资料显示，除了刚刚发布的全新 MG4，岚图追光、蔚来ET9等都有计划推出采用半固态电池的车型版本。半固态电池新车陆续登场，不 仅为消费者提供了新的产品选择，也引发行业对半固态电池是否迎来装车元年的热烈讨论。 半固态电池装车正加速渗透 在预售发布会上，上汽MG品牌事业部总经理陈萃表示，全新MG4将配装上汽清陶的第2代半固态电 池。这一被称为"安芯版"的车型，在低温放电功率、低温能量保持率等指标上非常优异；安全方面，借 助半固态电解质等底层材料的技术突破，电池包在极为严苛的10针三向穿刺试验中依然不冒烟、不起 火，可从根源上杜绝自燃。 具体来看，这款70kWh半固态电池仅含5％的液体电解质，远超行业现有半固态电池占比10％～15％的 水平，能量密度达180Wh/kg，CLTC工况续驶里程达537公里，相比传统磷酸铁锂电池在-7°C低温下续 驶里程保持率提升13.8％。同时，由于该款半 ...

Core Insights - The Aion RT is positioned as a competitive player in the 100,000 yuan pure electric sedan market, appealing to consumers with its impressive range, smart features, and attractive design [2][6] - The vehicle features a sleek design with a length of 4865mm and a wheelbase of 2775mm, optimizing aerodynamics with a drag coefficient of 0.208Cd [2] - Aion RT's interior includes a 14.6-inch floating central control screen and an 8.88-inch digital instrument panel, powered by the ADiGO5.0 intelligent cockpit system, enhancing user experience with seamless operation [3] Design and Features - The exterior design incorporates a coupe-like body style, a closed front grille, and distinctive lighting elements, contributing to its aggressive appearance [2] - The interior is designed with soft-touch materials and features a spacious storage layout, including a trunk capacity of 540L, expandable to 1300L with rear seats folded [3] Performance and Technology - The Aion RT is equipped with a 165kW permanent magnet synchronous motor, achieving a peak torque of 240N·m and a 0-100 km/h acceleration time of 7.7 seconds [4] - It utilizes a 68.1kWh lithium iron phosphate battery, offering a CLTC range of 650km and fast charging capabilities, reaching 80% charge in just 18 minutes [4] - The vehicle's driving dynamics are tailored for comfort, with a suspension system designed to provide a smooth ride [4] Intelligent Features - Aion RT boasts advanced intelligent configurations, including 27 sensing hardware components and the NVIDIA Orin-X chip, providing a comprehensive 360° perception network [5] - The ADiGO PILOT 3.0 system supports various autonomous driving features, enhancing safety and convenience for users [5] - The vehicle targets a young consumer demographic seeking high-tech experiences combined with long-range performance, positioning itself as a "people's hero" in the A-class electric sedan market [6]

8月11日，中国汽车工业协会（简称"中汽协"）信息发布会在北京召开，2025年1—7月汽车产销数据及 经济运行情况在会上公布。中汽协最新统计显示，7月，中国汽车销量同比增长14.7%，在7—8月的行 业传统淡季呈现淡季不淡的新态势。 中汽协有关负责人表示，从行业市场环境看，以旧换新政策效果继续显现，行业综合整治"内卷"工作取 得积极进展，企业新车型持续投放，助力车市平稳运行，同比实现增长。 另外，华为鸿蒙智行最新数据显示，2025年7月鸿蒙智行全系交付新车突破4.7万辆，位居"新势力第一 阵营"，同比增长8.3%。其中，赛力斯和华为合作的问界系列7月交付突破4万辆，占据主力。 中国汽车月度销量及增长率数据 1—7月，新能源汽车产销累计完成823.2万辆和822万辆，同比分别增长39.2%和38.5%，新能源汽车新车 销量达到汽车新车总销量的45%。在新能源汽车主要品种中，与上年同期相比，氢燃料电池汽车产销明 显下降，其他大类新能源汽车品种产销呈不同程度增长。 在汽车出口方面，7月，中国汽车出口57.5万辆，环比下降2.8%，同比增长22.6%。2025年1—7月，汽车 出口368万辆，同比增长12.8%。 " ...

转自：证券时报 香港保监局行政总监张云正表示，这已是2025年内第二次有该类公司获发授权。香港保监局已制定策 略，专注内地国有和私人企业，以及本地跨国集团不断变化的风险管理需要。同时，正研究纳入额外专 属自保保险公司的架构，以及扩大风险保障范围的可行性，从而增加香港的环球竞争力。 人民财讯8月11日电，近日，香港保险业监管局（保监局）向由上海汽车集团股份有限公司成立的专属 自保保险公司——上海汽车集团保险有限公司发出授权。 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights the potential of robotics in reducing costs and expanding applications in various fields, including home companionship, healthcare, logistics, and industrial sectors. It suggests that the robotics market will experience a surge similar to the early days of autonomous driving [4]. - The report emphasizes the importance of companies with strong scene implementation capabilities and suggests focusing on high-end markets and strong alpha enterprises such as NIO, JAC, Li Auto, and Xiaomi [4]. - The automotive market is expected to see numerous new model launches and deliveries in August, driven by supply and strong alpha performance [4]. Industry Updates - In the week of July 28 to August 3, 2025, retail sales of passenger cars reached 462,000 units, a month-on-month increase of 5.24% but a year-on-year decrease of 1.28%. Traditional energy vehicles sold approximately 217,000 units, while new energy vehicles sold 245,000 units, with a penetration rate of 53.03% [4]. - The automotive industry recorded a total transaction value of 523.07 billion yuan, with the automotive index rising by 2.68% during the week [4][22]. - The report notes that traditional and new energy raw material price indices have both increased recently, indicating rising costs in the industry [4]. Market Situation - The automotive industry index outperformed the Shanghai Composite Index, ranking 7th among all sectors in terms of weekly growth [22]. - A total of 259 automotive stocks rose, while 31 fell, with the largest gainers being Zhongma Transmission, Huami New Materials, and Aerospace Science and Technology [28]. Key Events - The 2025 World Robot Conference showcased advancements in embodied intelligence and robotics, highlighting the potential for industrial applications [5]. - BYD announced an OTA upgrade for its Song L EV model, enhancing its intelligent driving capabilities [10]. - The launch of the Geely Galaxy A7 fills a gap in the mid-size car market, with a price range of 81,800 to 117,800 yuan [17][18]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as Li Auto, NIO, Xiaomi, and Xpeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [4]. - It suggests monitoring component manufacturers with strong performance growth and robotics capabilities, recommending companies like Fuyao Glass and New Spring [4].

（文章来源：新华财经） 新华财经香港8月11日电 香港保险业监管局11日公布，已向由上海汽车集团股份有限公司成立的专属自 保保险公司——上海汽车集团保险有限公司发出授权。 香港保监局行政总监张云正表示，这是2025年内第二次有该类公司获发授权，反映市场回响正面，清楚 显示保监局锐意将香港发展成具活力专属自保保险基地的势头正在增强。他指出，保监局已制定策略， 专注内地国有和私人企业，以及本地跨国集团不断变化的风险管理需要。"我们正研究纳入额外专属自 保保险公司的架构，以及扩大风险保障范围的可行性，从而增加香港的环球竞争力。"他说。 据悉，目前香港是六家自保公司的注册地，前四家由内地大型国有能源企业成立；第五家为2025年4月 获授权、属汇丰集团旗下的自保公司，是首家由扎根香港的跨国企业成立的自保公司。 香港保监局表示，香港作为国际金融中心，不但能够提供全面专业服务以便利自保公司运作，更可让企 业的自保公司与其他金融职能（如企业财资和资产管理等）发挥潜在协同效应，有利企业更有效地处理 财务和投资事宜。长远而言，更多企业在香港成立自保公司，将可以带动再保险、保险经纪和其他专业 服务的业务需要，有助孕育蓬勃的自保生态 ...

Group 1 - The China Securities Car Networking Theme Index (930725) has seen a strong increase of 1.64%, with significant gains in constituent stocks such as Wutong Technology (002331) up 10.06%, Aerospace Science and Technology (000901) up 10.03%, and Dongfeng Technology (600081) up 4.89% [1] - BYD continues to lead the market with July sales of 344,300 vehicles, showing a year-on-year growth of only 0.6%, but cumulative sales for the year are approaching 2.5 million units, indicating sustained scale effects [1] - SAIC Motor's vehicle sales reached 338,000 units in July, marking a year-on-year increase of 34.2%, achieving seven consecutive months of growth [1] - Geely Automobile Group reported July sales of 237,700 vehicles, a year-on-year increase of 58%, with sales exceeding 200,000 units for 11 consecutive months [1] - The new energy vehicle sector showed remarkable performance with monthly sales of 130,100 units, a year-on-year increase of 120%, and a penetration rate of 55% [1] - New entrants in the market, such as Leap Motor and Xpeng, have experienced significant growth driven by popular products [1] Group 2 - Everbright Securities highlights that the commercialization scale of domestic and international Robotaxi may reach a turning point, favoring autonomous driving companies with advantages in technology, ecosystem, and operations [2] - The industry is expected to shift from price-cutting strategies to technology upgrades and cost reductions, with attention on the implementation of anti-involution strategies at the local level [2] - The Smart Connected Vehicle ETF closely tracks the China Securities Car Networking Theme Index, which includes companies related to content and service providers, software providers, hardware providers, and automobile manufacturers to reflect the overall performance of car networking listed companies [2] - As of July 31, 2025, the top ten weighted stocks in the China Securities Car Networking Theme Index include SAIC Motor (600104), CATL (300750), Hongfa Technology (600885), Dahua Technology (002236), Desay SV (002920), iFlytek (002230), Huichuan Technology (300124), Huayu Automotive (600741), OFILM (002456), and BYD (002594), collectively accounting for 49.41% of the index [2]

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in investment weight towards automotive dividend style configurations for the second half of 2025 [2][3]. Core Insights - The automotive sector is experiencing a recovery, with a 5.0% week-on-week increase in compulsory insurance for passenger vehicles, totaling 462,000 units in the last week of July [2][50]. - The report highlights significant developments in the industry, including the launch of new models from major players like Xiaopeng and Li Auto, which are expected to enhance market competitiveness [2][3]. - The report anticipates a structural market opportunity as the industry transitions towards electric and intelligent vehicles, with a recommendation to focus on companies leading in AI and robotics innovation [3][54]. Summary by Sections Weekly Market Review - The automotive sector ranked 6th in A-shares and 21st in Hong Kong stocks for the week, with motorcycles showing the best performance [7][15]. - The report notes that the SW motorcycle and other segments increased by 9.6%, while the SW passenger vehicle segment decreased by 0.7% [2][16]. Industry Changes - Key changes include the unveiling of Xiaopeng's new P7 model and pricing adjustments for Li Auto's i8, which aims to enhance customer appeal [2][3]. - The report discusses the introduction of new policies to support vehicle scrappage and replacement, which are expected to boost domestic consumption [51][59]. Sales and Forecasts - The report projects a total of 23.69 million passenger vehicles to be sold in 2025, reflecting a year-on-year growth of 4.1% [51][52]. - The penetration rate of new energy vehicles is expected to reach 60.6% by 2025, with significant growth in both domestic and export markets [52][59]. Investment Recommendations - The report suggests increasing allocations in sectors benefiting from the automotive dividend, including buses, heavy trucks, and two-wheelers, while also focusing on AI and robotics components [3][54]. - Specific stocks recommended include Spring Power, Yutong Bus, and major players in the electric vehicle market such as Xiaopeng and Li Auto [3][64].