汽车行业 超配（维持） 汽车行业双周报（2025/06/13-2025/06/26） 行 业 小米 YU7 正式发布，特斯拉 Robotaxi 自动驾驶开启服务 2025 年 6 月 27 日 投资要点： 申万汽车行业指数走势 证 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年6月26日，申万汽车板块近两周 下跌1.66%，跑输沪深300指数3.04个百分点，在申万31个行业中排名第 24名；申万汽车板块从6月初至今下跌0.35%，跑输沪深300指数3.11个 百分点，在申万31个行业中排名第22名；申万汽车板块从2025年初至今 上涨8.19%，跑赢沪深300指数7.91个百分点，在申万31个行业中排名第 4名。 周 报 行 业 研究助理：吴镇杰 SAC 执业证书编号： S03 ...

Market Overview - The FTSE China A50 Index components showed a significant decline, with many stocks closing in the red, particularly in the banking sector [1][5]. Insurance Sector - China Pacific Insurance had a market capitalization of 387.40 billion, with a trading volume of 1.207 billion, experiencing a decrease of 0.68 (-1.81%) [3]. - China Life Insurance had a market capitalization of 355.57 billion, with a trading volume of 3.833 billion, down by 0.62 (-1.08%) [3]. - Ping An Insurance reported a market capitalization of 1,037.26 billion, with a trading volume of 10.68 billion, declining by 0.24 (-2.67%) [3]. Alcohol Industry - Kweichow Moutai had a market capitalization of 1,762.56 billion, with a trading volume of 54.04 billion, down by 3.19 (-1.78%) [3]. - Wuliangye Yibin reported a market capitalization of 215.28 billion, with a trading volume of 19.14 billion, decreasing by 0.55 (-0.46%) [3]. - Shanxi Fenjiu had a market capitalization of 462.61 billion, with a trading volume of 9.74 billion, down by 16.91 (-1.19%) [3]. Semiconductor Sector - Northern Huachuang had a market capitalization of 232.26 billion, with a trading volume of 17.24 billion, decreasing by 3.40 (-0.78%) [3]. - Cambricon Technologies reported a market capitalization of 244.42 billion, with a trading volume of 48.08 billion, down by 25.00 (-4.10%) [3]. - Haiguang Information had a market capitalization of 323.08 billion, with a trading volume of 23.89 billion, declining by 2.75 (-1.94%) [3]. Automotive Sector - BYD had a market capitalization of 282.79 billion, with a trading volume of 46.33 billion, down by 3.20 (-0.95%) [3]. - Great Wall Motors reported a market capitalization of 1,836.54 billion, with a trading volume of 3.08 billion, remaining unchanged [3]. - Beijing-Shanghai High-Speed Railway had a market capitalization of 182.56 billion, with a trading volume of 6.01 billion, down by 0.07 (-1.20%) [3]. Oil and Shipping Sector - China COSCO Shipping had a market capitalization of 686.25 billion, with a trading volume of 7.22 billion, down by 0.12 (-1.37%) [3]. - Sinopec reported a market capitalization of 1,577.64 billion, with a trading volume of 10.47 billion, increasing by 0.04 (+0.27%) [3]. - China National Petroleum Corporation had a market capitalization of 232.97 billion, with a trading volume of 8.30 billion, down by 0.05 (-0.88%) [3]. Coal Industry - China Shenhua Energy had a market capitalization of 793.35 billion, with a trading volume of 59.85 billion, down by 0.11 (-0.27%) [3]. - Shaanxi Coal and Chemical Industry reported a market capitalization of 187.11 billion, with a trading volume of 9.74 billion, down by 1.80 (-0.71%) [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) had a market capitalization of 1,144.34 billion, with a trading volume of 7.75 billion, increasing by 0.23 (+1.21%) [3]. Other Sectors - China Nuclear Power had a market capitalization of 192.10 billion, with a trading volume of 4.50 billion, down by 0.89 (-2.86%) [4]. - Yangtze Power reported a market capitalization of 739.43 billion, with a trading volume of 6.81 billion, down by 0.04 (-0.43%) [4]. - Dongfang Fortune had a market capitalization of 364.13 billion, with a trading volume of 194.29 billion, down by 0.09 (-0.39%) [4].

以下文章来源于牲产队 ，作者牲产队长 牲产队 . 挣工分，磨洋工，舒服一会儿是一会儿 芯片超人 组织的 德国商务考察活动 正在招募！ 9 月 4 日至 9 月 14 日 ， 实地走访德国五个城市，重点聚焦 全球两大顶级展会 ， 带大家一起走进欧洲电子产业最 前沿！ 点击上图查看活动详情，或联系客服咨询：ICSuperman88。 本文授权转载来自：牲产队，作者：牲产队长 比亚迪海外销量暴增，逼近 8 万辆！它是怎么做到的？都卖给谁了？ 在刚刚过去的 4 月份，比亚迪海外销量首次突破 7.8 万辆，创造历史新高。 可去年的 4 月份，比亚迪海外销量才 4.1万 辆，全年加起来也只有 41 万辆。现在，第一季度就卖了 21.4 万辆了。相当于三个月，卖了半年的 量。这是怎么做到的呢？ 第一，本土化建厂。比亚迪已经确认的就有九座海外工厂，其中，已投产的就有巴西工厂、泰国工厂、乌兹别克工厂以及印度工厂。这四座工厂满负 荷运转下，年度产能就能超过 60 万辆。 在建工厂也有四座，分别是匈牙利工厂、印尼工厂、柬埔寨工厂以及土耳其工厂。另外，墨西哥工厂也在谈判中，规划产能 15 万辆。其实，比亚迪 在美国也有一座工厂，不过 ...

近年来，常州市立足本地产业优势，充分发挥品牌效应对经济发展的拉动作用，不断深耕品牌建设，激 发品牌创建活力，探索出了一条符合市场需求和产业方向的品牌发展之路。 战略引领统筹规划 厚植品牌强市势能 常州市将品牌建设全面融入市"十四五"规划，在全市创新发展大会、产业发展大会中就相关工作重点部 署，并定期督查督办，积极构建"政府主导、部门联合、企业主责、社会参与"的工作格局。 近年来，先后出台《关于促进创新发展的若干政策》《关于促进产业高质量发展的若干政策》《常州市 深化质量强市建设重点任务分工方案》等文件，激发经营主体提质创牌热情，持续扩大"常州制造"品质 影响力。 同时，着力构建"三链三平台"（"三链"即创新链、人才链、服务链，"三平台"即质量创新联合体平台、 首席质量官平台、质量基础设施平台）产业链供应链质量联动提升模式，以链主企业为核心，组建了动 力电池、轨道交通、光伏3条产业链质量创新联合体。 创新驱动价值内涵 做强品牌服务链条 常州市通过深入实施质量强市、品牌兴市和标准化战略，致力于支持企业角逐中国质量奖、省长质量 奖、市长质量奖等荣誉，进一步增强"常州制造"在国内外市场的影响力。 持续推进品牌强企强链 ...

6月25日下午，方程豹汽车深圳罗湖4S店开展了一场丰富的媒体体验日活动。作为比亚迪旗下的新能源 个性品牌，方程豹汽车的技术实力和驾乘体验，让现场参加活动的各位媒体老师连连称赞。 方程豹的实力究竟如何，真体验才有真感受。活动现场，媒体分成多组进行试乘试驾，体验了方程豹 5、豹8以及钛3三大明星车型。跟随试车员一起，在门店安排的专属试乘试驾路线上，深度体验到属于 方程豹汽车的硬核实力。结束后，大家纷纷为方程豹汽车的驾乘体验点赞，空间大，舒适度高，智能化 技术强。更有媒体老师感叹，比亚迪目前的品牌中高端化不断加速，市场已经给出了答案。 方程豹区域经理刘杰林首先向大家介绍了方程豹家族三款车型，豹5、豹8和钛3组成的产品矩阵和技术 亮点。豹5作为方程豹的明星车型之一，豹5智驾版拥有2大智能科技，用户可选择搭载华为乾崑智驾 ADS 3.0版本以及比亚迪自研的天神智驾版本，豹8则全系搭载华为乾崑智驾ADS 3.0智能驾驶辅助系 统。方程豹5、豹8依托比亚迪自研的DMO电驱越野开创平台和云辇-P液压悬架系统，打造智能硬派越 野旗舰，让越野全面进入电动、智能新时代。 方程豹钛3是方程豹为加强紧凑型SUV车型市场布局所推出的一款 ...

金十图示：2025年06月27日（周五）富时中国A50指数成分股午盘收盘行情一览：银行股多数飘绿，保险、酿酒、半导体等多个 板块全线下跌 -0.14(-2.4/%) -0.20(-2.28%) -0.08(-1.8/90) 保险 中国太保 中国平安 12,000 中国人保 ■ 3909.40亿市值 3596.08亿市值 10452.67亿市值 6.80亿成交额 21.21亿成交额 6.52亿成交额 37.38 57.40 8.84 -0.26(-0.69%) -0.18(-0.31%) -0.16(-1.78%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17781.48亿市值 2177.51亿市值 4645.90亿市值 18.80亿成交额 4.15亿成交额 9.29亿成交额 119.69 1415.50 178.49 -4.50(-0.32%) -1.16(-0.65%) -0.04(-0.03%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2335.32亿市值 2495.31亿市值 3267.55亿市值 8.54亿成交额 31.06亿成交额 13.67亿成交额 597.74 140.58 436.9 ...

截至6月26日，市场融资余额合计1.83万亿元，较前一交易日增加93.30亿元，这已经是融资余额连续4个 交易日持续增加，其中，沪市融资余额9202.44亿元，较前一交易日增加34.35亿元；深市融资余额 9005.43亿元，较前一交易日增加57.14亿元；北交所融资余额57.66亿元，较前一交易日增加1.81亿元。 证券时报·数据宝统计显示，具体到个股，6月26日共有2094只股获融资净买入，净买入金额在千万元以 上的有534只，其中21只融资净买入额超亿元。国泰海通融资净买入额居首，当日净买入4.73亿元，其 次是拉卡拉、新易盛，融资净买入金额分别为3.35亿元、2.75亿元，融资净买入金额居前的还有比亚 迪、新国都、宏创控股等。 分行业统计，获融资客净买入超亿元个股中，非银金融、计算机、通信等行业最为集中，分别有4只、4 只、3只个股上榜。板块分布上，大手笔净买入个股中，主板有11只，创业板有10只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为5.03%，融资余额占比 最高的是江淮汽车，该股最新融资余额83.74亿元，占流通市值的比例为9.36%，融资余额占比较高的还 有东方 ...

Core Viewpoint - The tourism sightseeing vehicle industry in China is experiencing significant growth, with the market size expected to reach 541 million yuan in 2024, representing a year-on-year increase of 36.5% [1][11]. Group 1: Industry Overview - Tourism sightseeing vehicles are essential in modern tourism, providing convenient transportation and enhancing the travel experience for tourists [1][11]. - The demand for sightseeing vehicles is increasing, particularly in popular tourist areas and cities, driven by the continuous prosperity of the domestic tourism market [1][11]. - The industry is expected to see upgrades and replacements of older vehicles due to performance and safety concerns, further driving market growth [1][11]. Group 2: Industry Chain - The upstream of the tourism sightseeing vehicle industry includes suppliers of raw materials and core components, such as steel, aluminum, plastic, rubber, and glass, which are crucial for manufacturing [5]. - The midstream involves the production and assembly of sightseeing vehicles, where manufacturers utilize advanced production equipment and quality control systems [5]. - The downstream application of sightseeing vehicles primarily occurs in tourist attractions [5]. Group 3: Market Dynamics - The number of A-level tourist attractions in China is projected to reach 16,541 in 2024, an increase of 820 from 2023, which will likely boost the demand for sightseeing vehicles [9]. - Sightseeing vehicles are particularly beneficial for tourists visiting multiple attractions, as they reduce physical exertion and time consumption [9]. Group 4: Competitive Landscape - The Chinese tourism sightseeing vehicle market features diverse competition, with established automotive manufacturers and specialized sightseeing vehicle manufacturers as key players [13]. - Notable companies in the industry include BYD, Yutong Bus, Xiamen King Long, Zhongtong Bus, and Anhui Ankai, which are primarily located in Guangdong, Henan, Fujian, Shandong, and Anhui [13]. Group 5: Industry Trends - The trend towards electrification is prominent, with electric sightseeing vehicles becoming mainstream due to their zero emissions and low noise, aligning with global environmental goals [20]. - The industry is also witnessing advancements in smart technology, enhancing the driving and management of sightseeing vehicles, which improves operational efficiency and visitor satisfaction [21]. - Customization is becoming increasingly important, with manufacturers offering tailored services to meet diverse consumer needs, including unique designs for different themes and accessibility features [22].

港股汽车股多数低开，小鹏汽车(09868.HK)开跌3.71%，比亚迪股份(01211.HK)开跌2.15%，理想汽车 (02015.HK)、零跑汽车(09863.HK)、吉利汽车(00175.HK)等多股低开。 ...

Core Insights - Despite a slowdown in demand for pure electric vehicles, the overall demand for power devices is on the rise, driven by hybrid electric vehicles (HEV and PHEV), photovoltaics, battery energy storage systems (BESS), data center power (especially for AI services), electric vehicle DC chargers, and railway and high-voltage direct current transmission projects [1][4][6] - The global power electronics market is expected to grow steadily, with a projected increase of over $15 billion by 2030, fueled by electric vehicles, renewable energy, and industrial applications [1][4] - The market share of power modules is rapidly increasing, but power discrete devices will continue to dominate the market, with the automotive and mobility sectors remaining the largest segments [1][4] Market Dynamics - The leading position of the top 20 global power device suppliers is still held by companies from the EU, US, and Japan, including Infineon, ON Semiconductor, STMicroelectronics, and Mitsubishi Electric, while Chinese companies are increasing their influence and market share [3][4] - Infineon, STMicroelectronics, and ON Semiconductor remain the top three manufacturers, holding significant shares in both discrete devices and modules [4][6] Strategic Shifts - The power electronics industry is facing a reality check, necessitating strategic adjustments to align with changing market conditions, including a focus on cost competitiveness, a shift from vertical integration to more flexible business models, and increased importance of multi-sourcing [6][9] - Companies are gradually phasing out underperforming enterprises, implementing layoffs and restructuring, and shifting investment priorities [6][9] Technological Advancements - The industry is witnessing a transition towards larger diameter wafers and local manufacturing strategies, with a growing interest in medium voltage levels and ultra-high voltage applications [9][10] - New, more powerful device types are emerging, such as bidirectional GaN devices and SiC superjunction MOSFETs, with a trend towards advanced cooling technologies and modular power converter architectures [10][11] Future Outlook - The demand for SiC and GaN solutions is expected to grow rapidly due to the increasing need for efficient and high-density power systems driven by electric vehicles and renewable energy [1][4][9] - The industry is evolving with new entrants, regional adjustments, and the reshaping of competitive dynamics due to the rise of compound semiconductor materials like SiC and GaN [9][10]