北汽蓝谷（600733）公告，预计2025年半年度归属于上市公司股东的净利润为-24.5亿元到-22亿元，预 计2025年半年度归属于上市公司股东的扣除非经常性损益后的净利润为-24.8亿元到-22.3亿元。 ...

Core Viewpoint - The launch of the new brand logo "寰宇之星" (Universe Star) for the Xiangjie brand by BAIC Group and Huawei marks a significant milestone in the high-end electric vehicle market, indicating a shift from leveraging existing brands to establishing an independent identity [2][3]. Group 1: Brand Development - The new logo's design was influenced by extensive user feedback, aiming to enhance brand recognition and visual consistency while incorporating elements of Chinese culture [3][4]. - The logo symbolizes the brand's aspiration to achieve a high-end luxury positioning, with a design inspired by the concept of "hand reaching for the stars" [3][4]. Group 2: Market Positioning - The Xiangjie S9, positioned as a panoramic smart flagship sedan, offers both range-extended and pure electric versions, with the latter achieving a maximum CLTC range of 816 km [5][6]. - As of June 2025, the Xiangjie brand delivered 4,154 vehicles, leading the sales in the 300,000 yuan and above electric vehicle segment in China [6]. Group 3: Strategic Initiatives - BAIC Group is fully committed to the Xiangjie brand, emphasizing a comprehensive approach that includes organizational structure, resource allocation, R&D investment, and channel development [6]. - The establishment of dedicated sales networks for Xiangjie is underway, with plans to recruit numerous dealers across major cities, aiming to enhance brand visibility and market penetration [6].

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2025-050 北汽蓝谷新能源科技股份有限公司 关于向特定对象发行股票申请获得上海证券交易所受理的公告 特此公告。 北汽蓝谷新能源科技股份有限公司 董事会 2025 年 7 月 11 日 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。 北汽蓝谷新能源科技股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理北 汽蓝谷新能源科技股份有限公司沪市主板上市公司发行证券申请的通知》 （上证上审（再融资）〔2025〕203 号），上交所依据相关规定对公司报送的 沪市主板上市公司发行证券的募集说明书及相关申请文件进行了核对，认 为该项申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 公司本次向特定对象发行股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方 可实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及 其时间尚存在不确定性。公司将根 ...

Core Viewpoint - Beijing Automotive Blue Valley (600733) has received a notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities on the main board [1] Group 1 - The company submitted its fundraising prospectus and related application documents to the Shanghai Stock Exchange for review [1] - The Shanghai Stock Exchange has decided to accept the application and will conduct a legal review [1] - The issuance of shares to specific targets is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1]

Core Insights - Huawei is transitioning its "Xiangjie" brand towards independent development, indicating a shift in strategy where Huawei is granting more autonomy to its partner, BAIC Group [3][4] - The establishment of the Xiangjie brand's independent sales channels marks a significant change in Huawei's management approach, moving from a dominant role to a more collaborative one [6][7] Group 1: Brand Development and Strategy - The Xiangjie brand, a collaboration between Huawei and BAIC, is now prioritizing its independent growth, as evidenced by the recent unveiling of its new logo at a dedicated event [2][3] - BAIC has restructured its organization to elevate the Xiangjie brand, creating a dedicated division and appointing a new president to lead its efforts [4] - The sales strategy for Xiangjie includes a focus on building a network of dedicated user centers in various cities to enhance market presence [6] Group 2: Sales Performance and Market Position - BAIC's overall sales performance has shown significant growth, with a 139.73% year-on-year increase in sales, reaching 67,100 units in the first half of the year [4] - The Xiangjie S9 model has become a top seller in the luxury electric vehicle segment, achieving a monthly delivery of 4,154 units in June [5] - The sales strategy aims to increase the proportion of high-margin models, with a target ratio of Xiangjie to other brands shifting from 1:10 to approximately 1:3 [5] Group 3: Market Trends and Consumer Insights - The Xiangjie S9 has attracted a younger demographic, with 60% of its owners being young individuals, which contrasts with its initial positioning as a luxury executive sedan [10] - The brand is shifting its focus from a business-oriented image to a family-friendly approach, as indicated by the upcoming launch of a travel vehicle designed for leisure and outdoor activities [11] - The market for family-oriented vehicles is expanding, with predictions of significant growth in the off-road vehicle segment by 2030 [11]

Core Viewpoint - Huawei's HarmonyOS Intelligent Driving ecosystem is expanding, with the recent launch of the new "Xiangjie" car logo, indicating a deeper collaboration with BAIC Blue Valley and a clearer strategic direction for the HarmonyOS Intelligent Driving initiative [1][2]. Group 1: Company Developments - The "Xiangjie" brand, co-created by Huawei and BAIC Blue Valley, targets the administrative sedan market priced above 300,000 yuan [2]. - BAIC Blue Valley has committed 5.532 billion yuan for the development of the "Xiangjie" model, with 700 million yuan allocated from raised funds for three upgraded vehicle products [2]. - The "Xiangjie S9" model achieved sales of 4,154 units in June, leading the sales of new energy sedans priced above 300,000 yuan [3]. Group 2: Strategic Positioning - The HarmonyOS Intelligent Driving ecosystem consists of five brands, including "Xiangjie," which fills a gap in the administrative sedan market, differentiating itself from other models like "Wenjie" and "Zun Jie" [3][4]. - The five brands cover a market range from 100,000 to 1 million yuan, creating a closed loop of high-end (Zun Jie/Xiangjie), mid-range (Wen Jie/Zhi Jie), and entry-level (Shang Jie) vehicles [4]. - Huawei's automotive business has established a clear division of labor with traditional automakers, focusing on R&D, intelligent driving, and marketing, while manufacturers handle production [4].

行 业 研 究 2025 年 07 月 06 日 重磅车型持续推出，本土品牌竞争力持续强化 ——行业周报 （4）看好智驾强势主机厂及业绩优异产业链标的。整车：强产品打造能力、强 产品周期叠加强智驾能力玩家有望拥有持续优异销量表现。零部件：受益于国产 替代及出海，龙头公司业绩表现优异并有望延续高增长。 本周热点：问界 M9 大定破 6 万；理想 i8/小米 YU7 等将逐步亮相 比亚迪王朝、海洋网智驾版新车型降价。乘联分会：5 月狭义乘用车零售预计 185.0 万辆，新能源占比过半。比亚迪 4 月欧洲纯电车销量首次击败特斯拉，同比大涨 169%，匈牙利工厂 2025 年底将生产纯电小车海鸥等。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。吉利银河家族旗舰 M9 发布，综合续航超 1500km；星 愿小车上市 200+天，销量突破 20 万辆，刷新纯电车型最快纪录。小米汽车首款 SUV 车型 YU7 发布，预计 7 月上市。 投资建议 智驾逐步开启商业化落地，有关主机厂和零部件公司有望持续受益，智驾强 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [3]. Core Views - The company has established a dual-brand strategy and is implementing a three-year leap plan aimed at increasing both volume and profitability. The focus is on structural optimization and cost reduction while improving revenue and profit margins [8][19]. - The company is experiencing significant growth in revenue and profit margins, with a notable increase in sales for its high-end brand, Xiangjie, particularly after the launch of the S9 extended-range version [9][52]. - The company aims to position itself among the top players in the new energy vehicle market by 2027, with ambitious sales targets for both its brands [19]. Summary by Sections 1. Company Overview - The company is the first publicly listed new energy vehicle company in China and has established a deep partnership with Huawei, enhancing its product offerings and market presence [13]. - The dual-brand strategy involves the simultaneous development of the Extreme Fox and Xiangjie brands, with a clear three-year plan to boost operations [16]. 2. Financial Performance - The company has transitioned from B2C to C2C products, with revenue growth driven by improved product structure. Revenue for 2023 and 2024 is projected at 14.32 billion and 14.51 billion yuan, respectively, with a significant year-on-year growth rate of 50% and 1% [22]. - The company has implemented cost control measures while ensuring R&D investment, leading to a recovery in net profit margins to their highest levels since 2020 [26]. 3. Xiangjie Brand Development - The Xiangjie brand is gaining recognition in the high-end market, with the S9 extended-range version showing significant sales improvement. The brand is positioned to compete directly with established luxury brands [9][49]. - The company is leveraging its partnership with Huawei to enhance its product offerings and market positioning, aiming to capture a larger share of the high-end sedan market [30]. 4. Extreme Fox Brand Expansion - The Extreme Fox brand is expanding its sales channels and enhancing its online presence, resulting in a doubling of store numbers and significant sales growth. The brand's sales reached over 13,500 units in May 2025, reflecting a year-on-year increase of 200% [10][19]. - The company is set to launch multiple new models, which are expected to further boost sales and market penetration [10]. 5. Market Positioning and Future Outlook - The company is well-positioned to capture market share in the high-end electric vehicle segment, with a focus on improving brand recognition and product offerings. The high-end sedan market is identified as a blue ocean opportunity with limited competition [55]. - The company anticipates that the Xiangjie brand will be able to replace some of the market share held by traditional luxury brands due to its growing recognition and competitive product offerings [55].

Core Viewpoint - The company is implementing a dual-brand strategy, aiming for significant revenue and profit growth by 2025-2027 through structural optimization and cost reduction measures [1][3]. Group 1: Dual-Brand Strategy and Financial Performance - The company, Beiqi Blue Valley, was the first domestic electric vehicle stock listed in 2018 and is now focusing on a dual-brand strategy for parallel development [1]. - The company has set a three-year leap plan from 2025 to 2027, prioritizing volume increase and profit improvement through structural optimization and cost control [1]. - In Q1 2025, the company reported a 151% year-on-year revenue growth, a 4.1 percentage point increase in gross margin, and a reduction in net loss by 60 million yuan [1]. Group 2: Market Position and Product Recognition - The Xiangjie brand is expected to replace joint venture high-end sedans, as it has established recognition among consumers, being perceived as a premium brand alongside BBA [1]. - The launch of the Xiangjie S9 extended-range version has led to significant sales improvements, indicating a strong market acceptance of the brand [2]. - The company is poised to capture market share from joint venture brands due to the limited supply of high-end sedans from domestic brands [2]. Group 3: Channel Expansion and Sales Growth - The company has doubled the number of its offline stores to 394 by the end of 2024, achieving 100% coverage in cities of tier three and above [3]. - The integration of new media strategies has effectively increased brand awareness and translated into market sales, with over 13,500 units sold in May 2025, surpassing December 2024 peak season data [3]. - The company anticipates continued monthly sales growth due to an expanded product lineup and enhanced channel strategies [3]. Group 4: Revenue Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 38.39 billion, 59.76 billion, and 76.57 billion yuan, respectively, with corresponding price-to-sales ratios of 1.1, 0.7, and 0.5 [3].

Group 1 - The Central Financial Committee meeting has outlined six major tasks to deepen the construction of a unified national market and promote high-quality development of the marine economy, which aims to leverage China's comparative advantages and scale effects to enhance economic growth potential [2] - The new development pattern emphasizes domestic circulation as the mainstay, which involves smooth supply-demand cycles and building a unified market, benefiting both demand stimulation and supply quality improvement [2] Group 2 - In July, 32 brokerages recommended a total of 232 A-share stocks across various sectors, with Kaiying Network being the most recommended stock, followed by Zijin Mining, Huadian Technology, and Muyuan Foods [3] - Analysts believe that the selection logic of brokerages is primarily driven by industry prosperity, policy and market environment empowerment, and the competitive moat of companies, aligning with the resonance opportunities of industrial cycles and policy guidance [3] - The market is expected to show an upward trend in July, although short-term movements are likely to be volatile, focusing on structural opportunities [3] Group 3 - Circle Internet Group, known as the first stablecoin stock, saw its share price drop nearly 40% after a month of speculation, following a significant initial surge post-IPO [4] - The stock price peaked at $298.99 shortly after its June 5 listing, but has since fallen to $181.29 by June 30, reflecting a cumulative decline of approximately 40% [4] Group 4 - Four unprofitable companies have had their IPO applications accepted in the past half month, indicating a potential trend for unprofitable companies to go public, although the standards for listing remain high [5][6] - Despite the opening of IPO doors for unprofitable companies, many still prefer to list on the Hong Kong Stock Exchange due to its perceived certainty [6] Group 5 - The North Star 50 index has been on the rise, nearing its historical peak, with a year-to-date increase of 39.45% [7] - As of July 1, the index closed at 1457.07, just 3% below its historical high of 1500.31 recorded on May 12 [7] Group 6 - The photovoltaic glass market is experiencing a price decline due to reduced demand, prompting leading companies to consider a new round of joint production cuts to stabilize prices [8] - Some companies have already begun reducing production or conducting maintenance on older furnaces, although specific cutback ratios have yet to be determined [8] Group 7 - 644 listed companies have disclosed their market value management strategies, with over 40% being state-owned enterprises, indicating a steady progress in market value management [14] - The majority of these disclosures occurred before the end of April this year, reflecting a proactive approach to enhancing company valuations [14] Group 8 - The banking sector has shown strong performance, with significant buying activity from insurance funds, which are expected to continue favoring high-dividend bank stocks [19] - The market is currently at a critical juncture, with economic recovery, market index recovery, and increased willingness of external funds to enter the market all contributing to a solid foundation for the A-share market in the second half of the year [20]