Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4] Core Insights - July saw strong performance in the new energy vehicle (NEV) sector, with sales growth remaining high due to ongoing stimulus policies and increasing consumer demand [11][28] - Total vehicle sales in July reached 2.593 million units, a year-on-year increase of 14.7%. Cumulative sales from January to July amounted to 18.269 million units, reflecting a 12% year-on-year growth [11] - NEV sales in July were 1.262 million units, up 27.4% year-on-year, with a penetration rate of 48.7%. For the first seven months of 2025, NEV sales totaled 8.22 million units, marking a 38.5% increase year-on-year and a penetration rate of 45.0% [11] Summary by Sections Weekly Discussion - The automotive market continues to show positive momentum, with new model releases and sustained consumer purchasing demand contributing to a favorable market environment [11] Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the vehicle and parts sectors due to improving performance, as well as key players in the NEV electrification and intelligence sectors. Recommended companies include BYD, Changan Automobile, Geely, and Li Auto [2][28][31] - The report highlights opportunities arising from domestic substitution due to the "dual circulation" strategy, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of particular interest [2][31] Market Review - The automotive sector experienced a weekly increase of 3.08%, ranking 9th among 31 sectors in the Shenwan classification. The sector outperformed the CSI 300 index, which saw increases of 1.70% [30][36] - In the sub-sectors, automotive services, parts, passenger vehicles, commercial vehicles, and motorcycles had varying weekly performance, with automotive services declining by 1.35% [30][32]

Group 1 - The core viewpoint of the article highlights a decline in the military equipment restructuring concept, which fell by 2.11%, ranking among the top declines in the concept sector [1] - Within the military equipment restructuring concept, companies such as Changcheng Military Industry, Construction Industry, and Dong'an Power experienced significant declines [1] - The article provides a table showing the daily performance of various concept sectors, with combustible ice leading with a gain of 3.12%, while rare earth permanent magnets and military equipment restructuring both saw declines [1] Group 2 - The military equipment restructuring concept faced a net outflow of 737 million yuan from main funds, with six stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] - Changcheng Military Industry had the highest net outflow of 269 million yuan, followed by Chang'an Automobile, Construction Industry, and Dong'an Power with net outflows of 203 million yuan, 139 million yuan, and 64.9 million yuan respectively [1] - A detailed table lists the stocks within the military equipment restructuring concept, showing their daily performance, turnover rates, and main fund flow, indicating a negative trend for most stocks [1]

从资金流向上来看，当日乘用车板块主力资金净流出11.16亿元，游资资金净流入3.34亿元，散户资金净 流入7.82亿元。乘用车板块个股资金流向见下表： 证券之星消息，8月21日乘用车板块较上一交易日下跌0.09%，北汽蓝谷领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601633 | 长城汽车 | 25.84 | 2.78% | 50.28万 | 12.92 Z | | 000572 | 海马汽车 | 4.61 | 0.88% | 71.93万 | 3.30 Z | | 601127 | 赛力斯 | 132.00 | 0.15% | 30.02万 | 39.93 Z | | 600104 | ┣汽集团 | 19.80 | 0.00% | 141.43万 | 28.06亿 | | 601238 | 广汽集团 | 7.83 | -0.51% | 32.33万 | 2. ...

Investment Rating - The report maintains a positive outlook on companies with global capabilities, including BYD, Geely, Great Wall, SAIC, and Changan, as well as companies like Li Auto, Xpeng, and NIO that have strong product definition capabilities in smart electric vehicles [4][5][6]. Core Insights - Since 2020, China's automobile export volume has rapidly increased, reaching 6.41 million units in 2024, making it the world's largest exporter, with a year-on-year growth of 22.7%. In the first half of 2025, exports continued to grow by 10.4%, totaling 3.08 million units [5][10][13]. - Chinese automakers are accelerating overseas localization to avoid tariffs and reduce costs, with brands like BYD, Changan, and Geely establishing factories abroad and localizing operations [5][15]. - Chinese automakers benefit from high research and investment efficiency, leading to significant cost advantages. In 2024, the average R&D amortization per vehicle for Chinese companies was 7,660 yuan, significantly lower than foreign companies [3][35]. Summary by Sections 1. Export Growth and Globalization - The export of complete vehicles has seen rapid growth, with a monthly export volume increasing from 70,000 units in early 2020 to 550,000 units by May 2025, a nearly sevenfold increase. In 2024, exports surpassed Japan, marking a significant milestone [10][13]. - Major markets for Chinese automobile exports include Russia (1.158 million units), Mexico (445,000 units), and emerging markets like the UAE and Brazil, which saw over 100% growth [13][15]. 2. Profitability Analysis - The report highlights that Chinese automakers achieve significant excess profits due to their R&D and investment efficiency. For instance, the net profit per vehicle for Chinese companies is 11,217 yuan, compared to 4,349 yuan for foreign companies [3][5]. - The report anticipates that by 2030, overseas sales of Chinese automobiles could exceed 10 million units, with local production becoming the mainstream approach [3][5]. 3. R&D and Investment Efficiency - Chinese automakers have a shorter new model development cycle of about 18 months, which is half that of foreign companies. This efficiency allows for quicker market responses and reduced R&D costs [35][43]. - The average depreciation and amortization per vehicle for Chinese companies in 2024 was 8,901 yuan, significantly lower than that of foreign brands, which often exceed 14,000 yuan [47][50]. 4. Localization and Supply Chain Trends - The trend towards localization is driven by the need to mitigate tariff impacts and optimize supply chains. Chinese parts manufacturers are increasingly establishing production facilities in key regions like Mexico and Southeast Asia [24][27]. - The report emphasizes that local production can eliminate high import tariffs, making it a more sustainable profit engine compared to exporting [30][32].

中银证券指出，预计2025年国内新能源汽车销量有望保持高增，带动电池和材料需求增长。碳酸锂价格 近期上涨明显，有望带动相关环节盈利修复，建议重点关注电池、正极材料环节。新技术方面，固态电 池在新能源汽车和储能应用上均取得成果，产业化趋势明确，后续关注固态电池相关材料和设备企业验 证进展。 新能车ETF(515700)，场外联接(平安中证新能源汽车ETF发起联接A：012698；平安中证新能源汽车 ETF发起联接C：012699；平安中证新能源汽车ETF发起联接E：024504)。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 8月20日，乘联分会发布数据，8月1-17日，全国乘用车市场零售86.6万辆，同比去年8月同期增长2%， 较上月同期增长8%；今年以来累计零售1,361.1万辆，同比增长10%。8月1-17日，全国乘用车新能源市 场零售50.2万辆，同比去年8月同期增长9%，较上月同期增长12%，全国乘用车新能源市场零售渗 ...

央视网消息：8月21日的《活力中国调研行》关注重庆。重庆最亮眼的产业是什么？从一组数据中可见答案。今年上半年，重庆规模以上 工业增加值比上年增长5.6%，其中汽车产业增加值增速达8.4%，对规上工业增长的贡献率为30.1%。更为突出的是，新能源汽车表现抢眼—— 今年上半年产量48.9万辆，同比增长25%。记者在调研时发现，当地新能源汽车的发展不仅仅是在产量上，还要让这个本身就代表着"绿色"的 产业变得更"绿"。如何做到的呢？先从一辆车的新设计说起。 此前的新能源汽车门环设计，普遍需要几十个零件拼接完成。不仅工艺流程复杂，生产过程能耗还一直很高。 如果想要把这些焊缝都取消变成一个整体的门环，就要找到一种新的材料，既要轻薄又要抗压，还要打破过去习惯的思路，重新设计。北 京理工大学和长安汽车组成的科研团队，每天都往各个企业的生产车间里跑，看不同车型的门环设计。 经过反复实验，用无镀层、抗氧化热成形钢材料可以实现将原来20多个零件的拼接减少到5个零件，能减重4公斤。 相关负责人告诉记者，过去几年，企业新能源汽车销量稳步增长，但同时，他们也面临着产业发展共同的难题：一辆新能源汽车在生产环 节的能耗相对传统燃油汽车要高不 ...

作为新央企新长安首款全球经典车型，长安第四代逸动带着3项同级独有+22项同级领先配置而来，硬是把经济型家轿的标准抬了一个台阶。今 天我们就来看看，第四代逸动如此的底气从何而来。 纵横万象理念 打造灵动家轿设计 这次，该新车采用纵横万象的设计理念，尤其是前脸造型极为个性，含88颗LED灯珠的前大灯采用数字瀑布光柱的设计，配合会发光的车标，科技感再 次拉满。无边界前格栅略显复杂，但再次呼应"纵横万象"的设计理念，两侧导流槽的加入再次强化前脸运动气息。 车身侧面线条流畅，没有前脸那么多装饰元素，除了车身长度略微增加15mm以外，其余车身尺寸均没有变化，传统的机械式门把手主打一个安全实 用。 尾灯同样经过重新设计，贯穿式尾灯没有缺席，只不过内部结构经过重新设计，采用前大灯同款设计，配合会发光的车标logo，点亮之后辨识度更高。 更令人惊喜的是，第四代逸动配备了可智能随速自适应调节得电动尾翼，高速疾驰时，尾翼自动展开13.5度，最大可提供223N下压力，强化抓地力的同 时，还能精准抑制车身晃动与侧倾。同时，这块尾翼也支持手动3档调节、运动最大角度开启、迎宾解锁等多种模式，自由掌控开合节奏。 天枢智慧座舱 人人可享的智能 ...

Investment Rating - The report maintains a positive outlook on Chinese automotive companies with global capabilities, including BYD, Geely, Great Wall, SAIC, and Changan, as well as companies like Li Auto, Xpeng, and NIO that have strong product definition capabilities in smart electric vehicles [4][3]. Core Insights - Since 2020, China's automotive export volume has rapidly increased, reaching 6.41 million units in 2024, making it the world's largest exporter, with a year-on-year growth of 22.7%. In the first half of 2025, exports continued to grow by 10.4%, totaling 3.08 million units [3][5]. - Chinese automotive companies are accelerating overseas localization to avoid tariffs and reduce costs, with brands like BYD, Changan, and Geely establishing factories abroad [3][20]. - Chinese companies benefit from high research and investment efficiency, leading to significant cost advantages. In 2024, the average R&D amortization per vehicle for Chinese companies was 7,660 yuan, significantly lower than foreign companies [3][39]. - The report predicts that from 2021 to 2030, the export market will evolve in three phases, with southern markets (Middle East, ASEAN) becoming the core growth area, expected to account for 65.7% by 2027 [3][4]. Summary by Sections 1. Domestic Exports & Overseas Factories - The automotive export volume has seen a significant increase, with monthly exports reaching 550,000 units by May 2025, a nearly sevenfold increase since early 2020 [14]. - In 2024, Russia was the largest market for Chinese automotive exports, with 1.158 million units, followed by Mexico with 445,000 units [17][3]. - Chinese brands are rapidly increasing their global presence, with BYD leading the growth in the first half of 2025, exporting 472,000 units, a 128% increase [17][3]. 2. Profitability Analysis of Overseas Expansion - The report highlights that the profitability of Chinese automotive companies is driven by localization, which allows them to avoid high import tariffs and reduce logistics costs [30][33]. - Local production in Europe can increase profit margins significantly compared to exporting, with examples showing profit margins improving by over 7 percentage points [33][30]. 3. Excess Returns Analysis for Chinese Automotive Companies - Chinese automotive companies are achieving excess returns due to their R&D and investment efficiencies, with net profits per vehicle significantly higher than foreign competitors [3][39]. - The report suggests that if overseas operations replicate domestic management models, excess returns could reach 26,000 yuan per vehicle under optimistic assumptions [3][39]. 4. Key Conclusions and Investment Recommendations - The report recommends investing in companies with strong global capabilities and those excelling in smart electric vehicle product definitions, such as BYD, Geely, Great Wall, SAIC, Changan, Li Auto, Xpeng, and NIO [4][3].

Core Viewpoint - Intelligent driving has evolved from a technical highlight to a crucial factor for product differentiation among automakers and the commercialization of mobility services. The depth of technology, iteration speed, and scale of implementation will significantly influence the future competitive landscape and determine how automakers build sustainable competitive advantages in the "software-defined vehicle" arena [2][7]. Group 1: Intelligent Driving Development - Intelligent driving capabilities are becoming a battleground for automakers to shape brand premium, win user choices, and capture market share. The speed of implementation and penetration rate of intelligent driving systems create a technological gap among automakers, impacting the commercialization process [7]. - The commercialization process is accelerating, with increased regional pilots and favorable policies driving the rollout of L3 intelligent driving. The price range of 100,000 to 200,000 yuan is expected to dominate sales, with only 5% of models in this price range equipped with advanced intelligent driving features by 2024 [3][4]. - The "intelligent driving equity" trend is expected to drive the conversion of intelligent driving advantages into sales growth, with the Robotaxi market projected to reach hundreds of billions by 2030, showcasing significant potential [11]. Group 2: Technological Paradigms and Competition - The VLA (Vision-Language-Action) model is at the core of current intelligent driving solutions, integrating perception, cognition, and action. This model requires breakthroughs in world model construction and reinforcement learning to enhance its capabilities [8][9]. - The demand for computing power is surging, with the transition from L2 to L3 autonomous driving requiring a leap from 100+ TOPS to 500-1,000+ TOPS. The competition is shifting from single-vehicle computing power to the capabilities of vehicle chips and cloud supercomputing centers [9][52]. - Tesla has established a significant generational advantage through its fully self-developed closed-loop technology system, while domestic automakers are accelerating their catch-up efforts. The integration of VLA models is becoming a key focus for companies like Li Auto and Xiaopeng [10][12]. Group 3: Investment Recommendations - The establishment of a clear responsibility system under top-level policies and the maturation of intelligent driving technology towards L3 standards are promising. The trend of "intelligent driving equity" is expected to create a structural sales inflection point for intelligent driving vehicles [4]. - Companies with full-stack self-research capabilities, such as Li Auto, Xiaopeng, and Xiaomi Group, are recommended for investment, along with those employing self-research combined with third-party cooperation like BYD and Geely [4].

Core Insights - The Chinese pickup truck industry is experiencing significant growth in global markets, with exports surpassing domestic sales for the first time, indicating a strong export momentum [2][4][5] Group 1: Export Performance - In July, domestic pickup sales were 20,157 units, a year-on-year decline of 6.5%, while exports reached 22,948 units, marking a year-on-year increase of 12.9% [2] - From January to July, total domestic pickup sales were 158,140 units, down 4.1% year-on-year, while exports totaled 180,467 units, up 27.6% [2][3] - Major brands like Great Wall and SAIC Maxus showed strong export figures, with Great Wall exporting 35,340 units in the first seven months, a 63.77% increase year-on-year [3] Group 2: Market Potential - The pickup market is projected to reach over 1 million units in domestic demand by 2030, with total sales (domestic and export) potentially hitting 2 million units [4] - The pickup truck segment is seen as a new blue ocean for the Chinese automotive industry, with ongoing policy support and market demand driving growth [4][5] Group 3: Competitive Advantages - Chinese pickup trucks are gaining recognition for their quality and performance in overseas markets, particularly in regions like South America, the Middle East, and Southeast Asia [8][9] - The shift towards electric and hybrid pickups is creating new opportunities, as global markets are increasingly favoring environmentally friendly vehicles [10][14] - The export of diesel pickups remains strong, while electric pickups have seen a dramatic increase in demand, with a year-on-year growth of 186.18% in July [13] Group 4: Industry Trends - The trend towards electrification and smart technology in pickups is accelerating, with all major manufacturers introducing electric models [11][14] - The competitive landscape is evolving, with Chinese brands positioned to capitalize on the global shift towards greener vehicles, as traditional brands lag in their transition [8][10]