从资金流向上来看，当日乘用车板块主力资金净流入6.9亿元，游资资金净流出2.81亿元，散户资金净流 出4.1亿元。乘用车板块个股资金流向见下表： 证券之星消息，8月20日乘用车板块较上一交易日上涨2.76%，上汽集团领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。乘用车板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 19.80 | 10.00% | 206.88万 | 39.65 Z | | 601633 | 长城汽车 | 25.14 | 2.86% | 32.55万 | 8.07亿 | | 601238 | 广汽集团 | 7.87 | 2.21% | 50.24万 | 3.91亿 | | 000625 | 长安汽车 | 13.19 | 1.70% | 166.4 ...

对于亏损原因，北汽蓝谷方面表示，一方面，为应对新能源汽车行业激烈的竞争形势，北汽蓝谷持续强化产品布 局，不断加大产品研发投入力度，同时快速扩张销售渠道，影响短期业绩。另一方面，规模经济尚未充分体现。 北汽蓝谷半年报显示，上半年北汽蓝谷研发费用为10.7亿元，同比增长62.94%。新京报贝壳财经记者梳理北汽蓝 谷近年财报也发现，2020-2024年其研发费用从9.73亿元增长至17.6亿元。另一方面，北汽蓝谷持续扩张渠道，截 至今年6月30日，享界门店超700家，极狐品牌累计运营一级门店数量370家。研发与渠道方面的投入短期内难以完 全转化为盈利。 销量与营收翻倍、但仍增收不增利，成为北汽蓝谷（600733）今年上半年业绩的写照。 北汽蓝谷2025年中期报告显示，今年上半年北汽蓝谷营收95.17亿元，同比增长154.38%。北汽蓝谷方面表示，营 收的增长主要原因是整车销量增加。从销量表现来看，今年上半年，北汽蓝谷的销量为67152辆，同比增长 139.73%。 好在北汽蓝谷亏损在收窄。北汽蓝谷方面表示，下半年一方面以新产品为抓手，扩大销售基盘；另一方面，推进 享界和极狐的品牌建设，提升知名度。 上半年净亏损23 ...

格隆汇8月19日｜开源证券研报指出，北汽蓝谷2025H1营收同比增长154.38%，"三年跃升计划"迈出坚 实第一步。考虑到公司积极推动新车发布及销量上量，高端车占比有望提升，维持"买入"评级。 2025Q2，公司销量达3.94万辆，同环比+120.5%/42.3%，极狐、享界齐放量：（1）极狐：Q2销量达2.90 万辆，同环比+95.6%/20.2%。其中αS5销量达1.12万辆，同环比+792.8%/36.0%，αT5销量达1.03万辆， 同环比+10.2%/27.9%，2025款改款后产品力继续提升推升销量；（2）享界：S9增程版上市后续航焦虑 缓解，售价低至30.8万元起，相较纯电版吸引力大幅提升，推动享界S9全系6月交付4154台，环比 +94.7%，位列30万以上新能源轿车品类第一，Q2销量环比+248.2%。产品方面，公司即将迎来强势新 车周期。其中，享界在S9增程版的基础上，享界S9T预订1小时小订破1万台，突破享界历史纪录。新车 预售价32.8万元起，拥有纯正旅行车的优雅身型，新车标"寰宇之星"首次上车，同时搭载华为ADS4、 副驾零重力座椅、全系满配空悬+CDC+华为途灵平台3.0等，此外 ...

在新能源汽车行业深度调整的2025年，北汽蓝谷（北汽新能源）以一份"量质齐飞"的半年答卷引发行业 关注。今年上半年公司累计销量达6.72万台，同比激增139.73%；营业收入95.17亿元，同比增长 154.38%，其中整车收入增幅高达206.66%。更关键的是，归母净利润较上年同期减亏2.63亿元，盈利能 力持续改善。 值得关注的是，这是一波"量质齐飞"的双线增长。北汽蓝谷做到了销量上涨同步带动营收增长，同时高 端智能品牌占比上升，营收增速大于销量增速，品牌结构持续优化。这一成绩单归功于"极狐+享界"双 品牌战略的精准落地，也离不开技术普惠与高端突破的双向发力，更是这家"国企新势力"在新能源赛道 上从"拐点"迈向"跃升"的清晰信号。 双品牌战略显效：主流与高端市场双线爆发 2025年的新能源汽车市场，正经历从"普惠式增长"到"结构性分化"的深刻变革——30万以上高端市场与 10万-20万主流市场成为核心战场，中间地带竞争白热化。北汽蓝谷的"极狐+享界"双品牌战略，恰好精 准卡位这一趋势，形成了"规模上量"与"价值上攻"的协同效应。 "杀"入豪华旅行车蓝海市场，享界持续深挖品牌护城河 新能源汽车市场虽发展迅猛 ...

Core Viewpoint - Despite significant revenue and sales growth, Beiqi Blue Valley has not managed to escape its loss spiral [2][5]. Revenue and Sales Growth - In the first half of the year, Beiqi Blue Valley reported revenue of 9.517 billion yuan, a year-on-year increase of 154.38% [3]. - The company sold 67,000 vehicles during the same period, representing a year-on-year growth of 139.73%, with the Arcfox brand being a key contributor, selling 56,000 units, up 211.06% [3]. - The high-end brand, Xiangjie, is still in the ramp-up phase, with 4,154 units delivered in June, while total sales for the first half were not disclosed, but reached 9,703 units according to sales rankings [3]. Product Positioning and Pricing - The disparity in sales between Arcfox and Xiangjie is attributed to product positioning and pricing strategies, with Arcfox models priced between 90,000 to 300,000 yuan, benefiting from subsidies [3]. - Xiangjie S9, the first product of the high-end brand, initially priced at 400,000 yuan, saw improved sales after the launch of a range-extended version with a starting price of 309,800 yuan [3][4]. Financial Performance and Losses - Despite revenue and sales increases, Beiqi Blue Valley reported a gross margin of -5.47% for the first half of the year, with first and second quarter margins at -7.51% and -4.14%, respectively [6]. - The company’s net loss for the period was 2.308 billion yuan, a slight improvement from 2.571 billion yuan in the same period last year [6]. - Cumulative losses from 2020 to 2024 amounted to nearly 32 billion yuan, with annual losses of 6.482 billion yuan, 5.244 billion yuan, 5.465 billion yuan, 5.4 billion yuan, and 6.948 billion yuan respectively [7]. Research and Development Investment - Beiqi Blue Valley's R&D expenses reached approximately 1.07 billion yuan in the first half of the year, a year-on-year increase of 62.94%, reflecting a continuous upward trend in R&D investment [6]. - The company has introduced self-developed technologies such as Aurora batteries and 800V high-voltage/5C supercharging, enhancing market recognition [6]. Sales and Market Strategy - Sales expenses amounted to 856 million yuan, a year-on-year increase of 10.51%, with store expansion being a key strategy for market growth [6]. - By 2024, the Arcfox brand plans to operate 320 stores, while the Xiangjie brand aims to increase its total to 567 stores, with an additional 80 stores planned for Arcfox by 2025 [6].

营收与销量双双增长，也没能帮助北汽蓝谷摆脱亏损。 8月15日，北汽蓝谷发布上半年业绩报告，销量的大幅增长带动了公司营收增长，但仍未摆脱亏损旋 涡。 销量、营收双增长 上半年，北汽蓝谷营收95.17亿元，同比增长154.38%。 享界作为双方合作的高端品牌，其首款产品享界S9起售价高达40万元，销量表现一般。直至今年4月， 该车推出增程版本，起售价下调至30.98万元，根据享界的销量曲线显示，该版本推出后，销量开始明 显爬坡。 华为常务董事余承东强调，享界S9增程版的推出是华为进军高端豪华轿车市场的重要一步。 巨额亏损压顶 营收与销量的双增还是没能帮助北汽蓝谷摆脱亏损的压力。 作为与华为合作的"五界"之一，享界仍处爬坡阶段，6月交付4154辆，但上半年的具体数字北汽蓝谷并 未公布。根据懂车帝的销售榜单数据，享界上半年累计销量达到9703辆。 销量相差巨大的原因在于产品定位与产品售价。当前极狐旗下拥有阿尔法T5、阿尔法T6、阿尔法S5、 阿尔法S6、考拉和考拉S等车型，售价在9万至30万元区间不等，叠加各项补贴，售价还将进一步下 压。 此外，北汽蓝谷还有专门面对网约车市场的BEIJING品牌，目前在售产品包括EU ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Core Viewpoint - The company's Q2 2025 performance met expectations, with significant revenue growth and improvements in sales volume and gross margin despite ongoing losses [1][2][4]. Financial Performance Summary - **Revenue**: In Q2 2025, the company achieved revenue of 5.744 billion yuan, representing a year-on-year increase of 156.8% and a quarter-on-quarter increase of 52.2% [1]. The sales volume reached 39,000 units, with a year-on-year growth of 120.5% and a quarter-on-quarter growth of 42.3% [2]. - **Net Profit**: The net profit attributable to the parent company for Q2 2025 was -1.355 billion yuan, an improvement from -1.555 billion yuan in Q2 2024 and -0.953 billion yuan in Q1 2025 [1]. The adjusted net profit was -1.374 billion yuan [1]. - **Gross Margin**: The gross margin for Q2 2025 was -4.14%, showing improvements in both year-on-year and quarter-on-quarter comparisons [2]. - **Expense Ratios**: The company reported significant improvements in expense ratios for Q2 2025, with sales, management, and R&D expense ratios at 8.8%, 3.7%, and 10.2%, respectively [2]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to -3.8 billion, -1.5 billion, and 1.3 billion yuan, respectively, due to intensified industry competition [4]. However, the potential for increased sales volume of the Xiangjie model remains promising, leading to a maintained "buy" rating [4].

开源证券股份有限公司赵旭杨,徐剑峰近期对北汽蓝谷（600733）进行研究并发布了研究报告《公司信息 更新报告："享界+极狐"新车周期强势开启，业绩改善可期》，给予北汽蓝谷买入评级。 公司发布2025年半年报，实现营收95.17亿元，同比+154.4%；归母净利-23.08亿元，亏损同比收窄2.63亿 元。单Q2实现营收57.44亿元，同环比+156.8%/52.2%；归母净利-13.55亿元，亏损同比收窄2.00亿元。鉴 于行业竞争仍激烈，我们小幅下调/维持2025-2026/2027业绩预测，预计2025-2027年营收为 315.5(-2.0)/628.6(-4.2)/949.0亿元，当前股价对应PS为1.7/0.8/0.6倍，但考虑到公司积极推动新车发布及销 量上量，高端车占比有望提升，维持"买入"评级。 | 报告日期 | 机构简称 研究员 | | 沂三年业绩 | 研报数 覆盖时长 | | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company has initiated a strong new car cycle with the launch of models such as the "Extreme Fox" 2025 αS5, αT5, and the "Enjoy World" S9 extended range version, which is expected to drive performance improvement [3][5] - The company reported a revenue of 9.517 billion yuan for H1 2025, a year-on-year increase of 154.4%, with a narrowing net loss of 2.308 billion yuan [4][5] - The company is focusing on enhancing its high-end vehicle offerings and expanding its overseas business while aiming to improve profitability through cost reduction and new revenue streams [6] Financial Summary - For H1 2025, the company achieved a revenue of 9.517 billion yuan, with a year-on-year growth of 154.4% [4] - The net loss for H1 2025 was 2.308 billion yuan, which is a reduction of 263 million yuan compared to the previous year [4] - The company expects revenues for 2025, 2026, and 2027 to be 31.55 billion yuan, 62.86 billion yuan, and 94.90 billion yuan respectively, with corresponding year-on-year growth rates of 117.4%, 99.2%, and 51.0% [4][8] - The projected net profit for 2025 is a loss of 4.685 billion yuan, improving to a profit of 2.251 billion yuan by 2027 [8][10] Sales Performance - In Q2 2025, the company sold 39,400 vehicles, representing a quarter-on-quarter increase of 120.5% and a year-on-year increase of 42.3% [5] - The sales of the "Extreme Fox" models reached 29,000 units in Q2 2025, with the αS5 model alone selling 11,200 units, marking a significant increase of 792.8% quarter-on-quarter [5] - The "Enjoy World" S9 extended range version has gained traction, with 4,154 units delivered in June, a quarter-on-quarter increase of 248.2% [5] Strategic Initiatives - The company plans to expand its dealership network to 400 stores by 2025, aiming for comprehensive coverage in cities of all tiers [6] - The strategic focus includes leveraging scale effects while enhancing profitability and developing high-end models under the "Enjoy World" brand [6]