比亚迪吉利都在用的雷达玩家，准备赴港IPO了。 深圳承泰科技（以下简称承泰），其创始团队出身华为，近期向港交所递交了招股书，计划通过18C章程上市，冲刺港股"毫米波雷达第一股"。 所谓18C章程，就是港股针对特专科技公司开设的上市通道，像芯片商黑芝麻智能就是通过18C章上市，我们介绍过的希迪智驾、仙工智能等等也正在通 过这种方式递表。 如今，承泰成立9年，收获8轮融资，累计融资3.59亿，最新估值已达13.2亿。 到2024年，这家公司刚刚实现扭亏为盈，成为中国最大的车载前向毫米波雷达供应商。 但硬币的另一边，超九成收入系于比亚迪一家，现金及等价物只剩1586.5万元。 专注车载毫米波雷达，比亚迪为第一大客户 位于深圳的承泰，是一家车载毫米波雷达供应商，提供标准化硬件和可定制化软件的雷达。 其核心产品为前向雷达和角雷达（后向及侧向雷达），支持从L0到L2+的辅助驾驶能力。 前向毫米波雷达方面，承泰面向乘用车和商用车推出了不同系列。 乘用车的CTLRR-220系列，有标准版和升级版两款。 标准版的探测范围达220米，支持L2的辅助驾驶能力；而升级版，则搭载了下一代射频互补金属氧化物半导体基础的SoC，最大探测范 ...

7月4日，超混旅行车——比亚迪海豹06DM-i旅行版正式上市，官方指导价格为10.98万-12.98万元。新车搭载比亚迪第五代DM技术，采用标准 旅行车造型，既保留了轿车的灵动驾控基因又有SUV级的大空间，以颜值、空间、操控、智能、舒享五大维度优势及超70项全系标配，为主流用户 带来轿车和SUV之外的全新选择，开创全民新旅时代。 即日起，订购海豹06DM-i旅行版可享美好钜惠礼、美好焕新礼、美好充电礼等在内的多重购车礼遇。 | 美好钜惠礼 | · 0首付:最低0首付,至高5年超长贷 • 0利息:首付50%起,24期0息 | 美好煥新礼 | · 置换补贴至高25000元:国家补贴至高200 比亚迪置换补贴至高5000元 | | --- | --- | --- | --- | | 美好充电礼 | · 首任车主（非营运）,自交车之日起可享受2年内免费7kW 充电桩及安装服务(不含80KM尊贵型) | 美好无忧礼 | · 非营运车辆三电系统终身保修(首任车主) 修期6年或15万公里,以先到为准 · 诚选延保:可选择购买"1年/3万公里"或 | | | | | 公里"原厂延保服务 | | 美好智联礼 | · 全系2年免 ...

出品 | 搜狐财经 作者 | 王泽红 宁德时代之后，亿纬锂能（300014.SZ）也走上"A+H"之路，6月底向港交所递交招股书。与此同时，欣旺达(300207.SZ)也计划发行H股股票，并在港交所主 板上市。 此次赴港二次IPO，亿纬锂能拟发行不超过总股本10%的H股，并保留15%的超额配售权。按宁德时代H股募资407.6亿港元、稀释3.5%股本推算，亿纬锂能 发行10%股本，预计募资规模约300亿港元。 在此之前，其已发行股本总额为20.46亿元，包括20.46亿股A股，其中约39.85%由惠州首富刘金成与骆锦红夫妇持有。 其中，刘金成持有亿纬锂能约3.79%股权，骆锦红持有约4.04%，由其二人控制的西藏亿纬则持有约32.02%。最终，刘金成、骆锦红夫妇持有亿纬锂能 39.85%投票权。 根据胡润2025年全球富豪榜，刘金成、骆锦红夫妇身价为410亿元，较去年增加约35亿元，全球排名625位，排名下滑12位。 但此次IPO无关造富，亿纬锂能剑指全球化，融资谋求产能扩张，带着一份二线电池厂商"突围"的野心，试图在宁德时代、比亚迪主导的行业格局中走出一 条差异化突围之路。 动力电池"拖后腿"，储能业务超越比 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Core Viewpoint - The S&P 500 and Nasdaq indices reached all-time highs, while the Chinese concept stocks showed mixed performance, with brain regeneration technology soaring nearly 122% [2][3][4]. Market Performance - On July 3, U.S. stock indices closed higher, with the Dow Jones up 0.77% at 44,828.53 points, the S&P 500 up 0.83% at 6,279.35 points, and the Nasdaq up 1.02% at 20,601.1 points, marking new historical highs for both the S&P 500 and Nasdaq [5][6][7]. - Major technology stocks mostly rose, with the Wande American Technology Seven Giants Index increasing by 1.03%. Amazon rose by 1.59%, Microsoft by 1.58%, and Nvidia by 1.33% [10]. Chinese Concept Stocks - Chinese concept stocks exhibited mixed results, with the Nasdaq Golden Dragon China Index up 0.4% and the Wande Chinese Technology Leaders Index down 0.98%. Notable declines included Xiaomi down 3.61%, Meituan down 2.56%, and Alibaba down 1.87% [12][13]. Legislative Developments - The U.S. House of Representatives passed the "Big and Beautiful" bill, which includes significant tax cuts and spending measures. The bill passed with 218 votes in favor and 214 against, and is expected to be signed into law by President Trump [18][19][21]. Economic Indicators - U.S. Treasury yields rose across the board, with the 2-year yield increasing by 9.92 basis points to 3.880%, and the 10-year yield rising by 6.30 basis points to 4.342%. This increase is attributed to strong labor market data, which diminished expectations for a Federal Reserve rate cut [22][23]. - Following the release of strong non-farm payroll data, gold prices fell, with spot gold down 0.92% to $3,326.085 per ounce [24]. Notable Stock Movements - Brain regeneration technology stocks surged nearly 122%, with a year-to-date increase of nearly 18,000% [15][17].

随着主流车企年中考陆续"交卷"，零跑汽车领跑"顶流"的新造车板块，同时在"百万辆俱乐部"的巨头之 争中，比亚迪成为自主大厂"围追"的目标。7月3日，北京商报记者梳理发现，今年上半年，比亚迪、上 汽、一汽、吉利、长安、奇瑞六家车企集团销量超百万辆。其中，比亚迪更以214.6万辆稳居榜首。 "百万辆"已成为车企能否跻身销量年中"大考"前五的硬性标准。随着比亚迪的销量"一骑绝尘"，如何在 激烈的国内车市竞争中争夺更多份额，成为各自主品牌大厂的KPI之一，"围追"比亚迪，成为比亚迪。 头部之争 214.6万辆，比亚迪再夺车市上半年销冠，毫无悬念。2022年3月，比亚迪宣布全面"断油"，当年便以全 年186.3万辆、同比增长达208.64%的成绩反超"南北"大众跻身头部车企。随后，比亚迪开始加速产品投 放，从王朝、海洋网到腾势与仰望，凭借多品牌战略的全面落地，迅速占领市场份额。数据显示，仅今 年6月，比亚迪的销量便高达38万辆。 在一众追赶者中，上汽集团的半年销量同样迈过200万辆关口。数据显示，今年上半年，上汽集团销量 为205.3万辆，同比增长12.35%。不过，相较比亚迪仅凭新能源车型夺冠，上汽集团则以"自主+合 ...

其中，目前凭借"海洋网"与"王朝网"车型的布局，比亚迪在6万—30万元区间的主销市场占据份额，而 该价格区间也成为各车企加码的重点。今年上半年，长安汽车旗下阿维塔品牌推出的阿维塔06车型，杀 入30万元以内市场，被外界认为将成为阿维塔的走量车型，对标车型直指比亚迪热门车型——比亚迪 汉。"阿维塔06是长安与华为联合打造、联合上市的标杆案例。"长安汽车董事长朱华荣表示。 随着主流车企年中考陆续"交卷"，零跑汽车领跑"顶流"的新造车板块，同时在"百万辆俱乐部"的巨头之 争中，比亚迪（002594）成为自主大厂"围追"的目标。7月3日，北京商报记者梳理发现，今年上半年， 比亚迪、上汽、一汽、吉利、长安、奇瑞六家车企集团销量超百万辆。其中，比亚迪更以214.6万辆稳 居榜首。 "百万辆"已成为车企能否跻身销量年中"大考"前五的硬性标准。随着比亚迪的销量"一骑绝尘"，如何在 激烈的国内车市竞争中争夺更多份额，成为各自主品牌大厂的KPI之一，"围追"比亚迪，成为比亚迪。 头部之争 214.6万辆，比亚迪再夺车市上半年销冠，毫无悬念。2022年3月，比亚迪宣布全面"断油"，当年便以全 年186.3万辆、同比增长达208.6 ...

随着主流车企年中考陆续"交卷"，零跑汽车领跑"顶流"的新造车板块，同时在"百万辆俱乐部"的巨头之 争中，比亚迪成为自主大厂"围追"的目标。7月3日，北京商报记者梳理发现，今年上半年，比亚迪、上 汽、一汽、吉利、长安、奇瑞六家车企集团销量超百万辆。其中，比亚迪更以214.6万辆稳居榜首。 多家车企提速杀入消费级车型市场，均瞄准该市场的增长潜力。据统计，今年5月，国内B级电动车批 发量同比增长11%，环比增长10%，A级电动车批发量同比增长1个百分点，占纯电动车型整体份额的 23%。中国汽车流通协会乘用车市场信息联席分会秘书长崔东树表示："经济型电动车增长是可持续 的，只有经济型电动车普及才能真正拉动车市增量。" "百万辆"已成为车企能否跻身销量年中"大考"前五的硬性标准。随着比亚迪的销量"一骑绝尘"，如何在 激烈的国内车市竞争中争夺更多份额，成为各自主品牌大厂的KPI之一，"围追"比亚迪，成为比亚迪。 头部之争 214.6万辆，比亚迪再夺车市上半年销冠，毫无悬念。2022年3月，比亚迪宣布全面"断油"，当年便以全 年186.3万辆、同比增长达208.64%的成绩反超"南北"大众跻身头部车企。随后，比亚迪开始加速 ...

Core Viewpoint - Tesla's global vehicle deliveries in Q2 were approximately 384,000, representing a 14% year-over-year decline, marking the second consecutive quarter of negative growth. However, the delivery figures exceeded market pessimistic forecasts, leading to a nearly 5% increase in Tesla's stock price and a market capitalization increase of $48.1 billion in one day [1] Group 1: Delivery Performance - Tesla's Shanghai factory achieved its first year-over-year delivery growth in 2025, with June deliveries from Shanghai reaching 71,599 vehicles, a 0.8% increase year-over-year and a 16% increase month-over-month [1] - In the U.S., the "Big and Beautiful" bill proposed by the Trump administration may lead to a reduction of 100,000 vehicles in Tesla's annual sales due to cuts in clean energy spending and electric vehicle subsidies [1] - Tesla's sales in Europe have been declining for five consecutive months, with market share dropping from 1.8% to 1.2% year-over-year [3] Group 2: Market Challenges - In key European markets, Tesla's sales have seen significant declines, with a 45% year-over-year drop in the UK and a 67% decline in France in May [3][4] - The overall automotive market in the EU saw a 0.6% decline in total sales, while registrations for battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV) increased by 26.1%, 15%, and 19.8% respectively [3] - Tesla's reliance on a single model has put it at a disadvantage, as competitors are launching new hybrid models that address infrastructure limitations in Europe [4] Group 3: Competitive Landscape - Chinese automaker BYD's sales in Europe surged by 397% in May, surpassing Tesla's sales for the first time [7] - Chinese brands collectively saw an 85% increase in sales in Europe, with a market share rising from 2.9% to 5.9% year-over-year [7] - The shift towards hybrid models has allowed Chinese automakers to navigate EU tariffs on pure electric vehicles, as hybrids are not subject to the same tariffs [8] Group 4: Future Outlook - Tesla's introduction of the Robotaxi service is seen as a potential game-changer, but regulatory hurdles in Europe may delay its rollout [5] - Despite recent sales rebounds in some European countries, Tesla continues to face challenges in markets like France, Sweden, Denmark, and Italy, where sales have declined for six consecutive months [6] - The competitive landscape in Europe is becoming increasingly crowded, with both local and Chinese manufacturers ramping up their hybrid offerings [9]

Investment Rating - The investment rating for BYD is "Buy-A" with a target price of 454.25 CNY over the next six months [4]. Core Insights - BYD's domestic sales in June 2025 showed a slight increase of 11% year-on-year, with total sales of 378,000 vehicles, including 207,000 pure electric vehicles (up 43% year-on-year) and 171,000 plug-in hybrids (down 12% year-on-year) [1]. - The company is experiencing strong growth in its high-end brands, with sales of the Tengshi brand increasing by 29% year-on-year and the Fangchengbao brand skyrocketing by 605% year-on-year [2]. - BYD's overseas sales reached 90,000 units in June, marking a 234% increase year-on-year, driven by new model launches and expanded shipping capacity [3]. - The company is expected to continue its upward trajectory in 2025, with projected net profits of 55.21 billion CNY, 64.39 billion CNY, and 81.24 billion CNY for 2025, 2026, and 2027 respectively [4]. Summary by Sections Domestic Sales Performance - In June 2025, BYD sold 378,000 vehicles, with pure electric sales at 207,000 units (up 43% year-on-year) and plug-in hybrid sales at 171,000 units (down 12% year-on-year) [1]. - The decline in domestic sales is attributed to inventory reduction efforts, with an estimated retail of 336,000 units in June [1]. High-End Brand Growth - Tengshi brand sales reached 16,000 units (up 29% year-on-year), while Fangchengbao brand sales surged to 19,000 units (up 605% year-on-year) [2]. - New models like Fangchengbao Tai 7 are expected to further enhance sales and profitability [2]. International Expansion - BYD's overseas sales reached 90,000 units in June, a 234% increase year-on-year, with significant market penetration in regions like the Americas, Europe, Asia, and Africa [3]. - The company has launched several models in new markets, contributing to its international growth [3]. Future Outlook - BYD is expected to leverage its scale and cost advantages, with a focus on smart driving technology and high-end model launches to enhance competitiveness [4]. - The company anticipates continued high growth in exports, driven by a rich matrix of overseas models and better profitability compared to domestic sales [4].