Core Viewpoint - The launch of the new high-end electric MPV model, Gaoshan 7, by Great Wall Motors' premium brand Wey, marks a strategic move to strengthen its position in the competitive 300,000 RMB market segment, emphasizing advanced features like laser radar and intelligent driving capabilities [1] Group 1: Product Launch and Features - The Gaoshan 7 is highlighted as the "only MPV under 300,000 RMB equipped with standard laser radar," enabling parking assistance from space to space, directly competing with higher-end models in terms of intelligent driving [1] - The pricing strategy for Gaoshan 7 is set below 300,000 RMB, avoiding direct competition with popular models like the Denza D9, while aiming to solidify Wey's market position with its unique combination of "laser radar + intelligent four-wheel drive" [1] Group 2: Market Performance - Wey has achieved over 10,000 units sold for two consecutive months, with total sales exceeding 40,000 units from January to July this year, indicating a return to the mainstream of the high-end electric vehicle market [1] Group 3: Future Developments - At the auto show, Wey announced the upcoming launch of the next-generation all-power intelligent super platform, which is based on Great Wall Motors' 35 years of technological accumulation and will support five different power forms [1] - The new platform will feature advanced technologies, including a dual 4-second 2.0 hybrid system, 800V hybrid architecture, large hybrid battery packs, and a pure electric range exceeding 400 kilometers [1]

9月1日，长城汽车盘中上涨2.05%，截至11:22，报26.38元/股，成交3.89亿元，换手率0.24%，总市值 2257.85亿元。 资金流向方面，主力资金净流出350.83万元，特大单买入1181.27万元，占比3.04%，卖出2752.87万元， 占比7.07%；大单买入7329.18万元，占比18.83%，卖出6108.41万元，占比15.70%。 分红方面，长城汽车A股上市后累计派现346.96亿元。近三年，累计派现89.50亿元。 机构持仓方面，截止2025年6月30日，长城汽车十大流通股东中，中国证券金融股份有限公司位居第三 大流通股东，持股1.97亿股，持股数量较上期不变。香港中央结算有限公司位居第四大流通股东，持股 8551.92万股，相比上期减少193.69万股。易方达消费行业股票（110022）位居第五大流通股东，持股 5107.64万股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持股 2235.00万股，相比上期增加191.92万股。易方达沪深300ETF（510310）位居第九大流通股东，持股 1585.41万股，相比上期增加154.14万股 ...

Core Viewpoint - The automotive sector underperformed the market this week, with A-share automotive stocks rising only 1.7%, ranking 18th among Shenwan sub-industries, compared to the 4.3% increase in the CSI 300 index [1][2]. Weekly Data - In the week of August 18-24, 2025, passenger car sales reached 478,000 units, up 4.5% year-on-year and 9.3% month-on-month. New energy passenger car sales were 268,000 units, up 11.0% year-on-year and 8.1% month-on-month, with a penetration rate of 56.0%, down 0.6 percentage points [2]. Market Performance - The automotive sector's performance this week was weaker than the market, with specific segments showing varied results: commercial trucks up 4.7%, auto parts up 1.9%, passenger cars up 1.4%, motorcycles and others up 1.2%, and commercial passenger vehicles up 0.9%. However, automotive services declined by 3.2% [1][2]. Company Performance - Notable performances were reported by companies such as SAIC Motor and Great Wall Motors in Q2 2025. SAIC Motor's revenue was 158.73 billion yuan, up 12.1% year-on-year and 12.7% month-on-month, with a net profit of 2.58 billion yuan, up 334.6% year-on-year. Great Wall Motors reported revenue of 52.316 billion yuan, up 7.7% year-on-year and 30.7% month-on-month, with a net profit of 4.59 billion yuan, up 19.4% year-on-year and 161.9% month-on-month [3]. New Model Orders - Several new models have shown strong order performance, with significant pre-sale numbers: Great Wall Tank 500 secured 12,257 orders in 2 hours; AITO M8 electric version received over 7,000 orders in 2 hours; and XPeng P7 surpassed 10,000 orders in 7 minutes. Upcoming models include AITO M7, SAIC's H5, NIO ES8, and Geely's Zeekr 9X, expected to boost sales further [3]. Investment Recommendations - The report suggests focusing on key stocks in the automotive sector, including Geely, XPeng, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, New Spring, Hu Guang, and Chunfeng Power [2]. - For the parts sector, recommendations include intelligent driving companies like Bertley and Horizon Robotics, and new energy vehicle supply chain companies like Xingyu and Hu Guang [5]. - In the motorcycle segment, the report recommends leading companies like Chunfeng Power and Longxin General [6]. - For tires, the recommendation includes Sailun Tire and Senki Lin [7]. - In heavy trucks, the report suggests focusing on China National Heavy Duty Truck [8].

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

8月29日，备受瞩目的第二十八届成都国际汽车展览会拉开帷幕。 作为下半年首场A级车展，成都车展立足"金九银十"这一黄金档期，其战略地位早超越了单纯的展会范畴。它就像是一个全国车市的年中"体检中 心"，在这里，各大车企交出上半年的成绩单，同时发布下半年的战略规划。它也是中西部地区连接全球产业链、推动消费升级的核心枢纽，吸引着来自 世界各地的目光。 本届成都车展以"领潮而立 向新而行"为主题，汇聚近120个汽车品牌，展出车辆逾1600辆，展区面积22万平方米，涵盖整车、改装车、人形机器人、 三电系统等产业热点。 自主品牌此次以"专馆集结"的强势姿态亮相，仿佛在向世界宣告从追随者到规则制定者的身份转变。 e STERY 6 3 e . 长安猎手新价值分享匿K50金东上市发布会 1) 8 3 : . 日 12 Caloo 长安启德E07 深蓝S09车型的中控台单独被拿来做了一个"移动中岛"储存饮料并发放给观展观众 中国长安以10号馆为主秀场，旗下长安、长安马自达、长安启源、阿维塔、深蓝等品牌集结亮相。 e r @ 0 8 in 历 万 就 自 纵 模 8 最佳11 15-12 19 奇瑞集团五大品牌齐发，其所在的5号 ...

都江堰传承千年不衰，不仅在于工程体系完美，更在于其蕴含尊重自然规律的生态观和长期主义价值观。长城汽车坚定长期主义，立志把长城Hi4 打造成为中国汽车技术的"都江堰"。成立35年来，一直以实干为路径的长城汽车，坚持"为民"价值取向，未来仍将以科技创新为核心，为全球市 场持续提供高价值、高可靠的技术和产品。 问道青城山，拜水都江堰。2300年前，都江堰以科学治水，将成都平原变成沃野千里的"天府之国"。如今，长城汽车将都江堰"因势利导、旱涝皆 安、顺势而为、和谐共生"的治水哲学，巧妙融入汽车产业的新能源与智能技术探索中，致敬都江堰跨越千年的中国智慧。 面对新能源时代用户痛点，长城汽车坚持以民为本，在技术研发上充分发挥因势利导、顺势而为的中华智慧，研发出全球首创的长城Hi4智能四驱 电混技术体系。该技术以"惠民"为导向，让用户以两驱的价格享受四驱的体验，驾驶更安全、动力更强劲。以全新坦克500搭载的Hi4-Z为例，其 采用功率分流架构，与都江堰"四六分水"设计一致，能在驱动车辆时利用另一路动力发电并存储，用户在加速、爬坡等场景时，强劲动力随用随 有，同时发动机保持高效运作，实现省油又省电。 8月27日，央视新闻《首屈 ...

2025 年Q1 营业收入400.19 亿元，同比下降6.63%；归母净利润17.51 亿元，同比下降45.60%；毛利率 17.84%，净利率4.38%。各指标下降的主要原因是报告期处于产品换代升级周期，销量同比下降，且直 营体系建设投入增加。 插混技术服务于品牌，Hi4/Hi4-T/Hi4-z 插混技术赋能打造差异化竞争优势2023 年公司正式推出全新智 能四驱电混Hi4 系统，四驱的体验，两驱的价格。 采用前后轴双电机串并联四驱架构，实现3 擎9 模智能动态切换，主打更具性价比的四驱效果，结合自 身哈弗SUV 等车型产品定位，打造差异化竞争优势。另外推出坦克平台专用Hi4-T、Hi-4Z 插混技术， 助力坦克车型在硬派越野领域抢占更多市场份额。 产品定位清晰，聚焦哈弗SUV+硬派越野+高端新能源细分赛道，打造差异化竞争优势。插混技术服务 于品牌建设，Hi4/Hi4-T 主打高性价比四驱混动系统，助力突出产品个性化标签定位。依托国内较强产 品实力，开拓高毛利海外汽车市场，提升公司整体盈利能力。 全球化产业布局，依托强产品力打开高毛利海外汽车市场，2025 第一季度各指标稍有下降 2024 年公司毛利率水平 ...

丨 2025年9月1日 星期一 丨 NO.1 8月中国汽车经销商库存预警指数为57.0% 每经记者｜裴健如 每经编辑｜余婷婷 点评：锐胜汽车独立亮相并聚焦MPV市场，未来5年投入200亿研发资金，这一举措将重塑其发展路 径。凭借更多自主权，其有望在产品、营销等方面创新，提升市场竞争力与品牌影响力，为企业价值带 来想象空间。从行业板块看，将加剧MPV市场竞争，推动产品优化升级，促使行业资源重新配置。对 股市整体而言，为汽车板块注入新活力，引发投资者对MPV细分领域的关注。 NO.3 长城创始人魏建军肯定"普通车"价值 近期，长城汽车创始人魏建军在交流中谈到普通车和高级车的价值时表示："我们不是非得提供高级产 品，我们要提供能为用户创造价值的产品。比方说在一些低消费地区，你非得弄个高级车去，人家也买 不起，这产生不了价值。不是高级车就能创造价值，普通车不管是作为乘坐工具还是生产工具，能为用 户创造价值，能帮他挣钱，那也很好啊。" 点评：魏建军此番言论，体现出长城汽车的发展思路。这会使长城汽车更贴合不同消费群体，有助于拓 展市场份额，增强投资者对其经营策略合理性的信心。从行业板块看，能引导车企重新审视产品定位， 推 ...

Core Insights - The automotive industry in China has shown steady growth in the first half of 2025, with total revenue reaching 2.05 trillion yuan, a year-on-year increase of 7.93%, and net profit attributable to shareholders at 860.63 billion yuan, up 3.02% [1] - The transition towards electric and intelligent vehicles is a key driver of this growth, with significant advancements in technology and market share for domestic brands [1][4] Revenue and Market Dynamics - The revenue landscape is characterized by a concentration of leading companies, with BYD leading the industry with 371.28 billion yuan in revenue, a 23.30% increase year-on-year [2] - The "billion yuan club" is expanding, with companies like SAIC Motor and Weichai Power also reporting significant revenues, while over 30 companies have surpassed 10 billion yuan [2] - New energy vehicle (NEV) sales have surged, with companies like BAIC Blue Valley reporting a 153.21% increase in revenue due to a doubling of NEV sales [2] Profitability Trends - BYD remains the profit leader with a net profit of 15.51 billion yuan, a year-on-year growth of 18.01% [3] - Despite overall profitability, some traditional automakers like GAC Group and BAIC Blue Valley are facing losses due to declining sales in traditional fuel vehicles and high costs in transitioning to new energy models [3] - Automotive parts manufacturers are experiencing significant growth, with companies like Southern Precision achieving a net profit of 22.9 million yuan, a turnaround from losses the previous year [3] Technological Advancements - NEVs are identified as the core engine driving industry transformation, with production and sales reaching 6.968 million and 6.937 million units respectively, marking year-on-year growth of 41.4% and 40.3% [4] - Leading companies are focusing on technological breakthroughs, with BYD investing over 12 billion yuan in R&D to enhance its competitive edge in battery technology and hybrid systems [4] Global Expansion - Chinese automakers are entering a new phase of global expansion, with NEVs becoming key products for overseas markets, as evidenced by a 10.4% increase in total vehicle exports to 3.083 million units, including a 75.2% surge in NEV exports [5] - Companies are establishing localized production and R&D capabilities abroad, with BYD setting up a research center in Germany and SAIC Motor expanding its sales network globally [5] - Challenges remain, including the potential reduction of government incentives for NEVs and increased price competition in the market [5]