来源：证券时报网 作者：郭洁 二季度机构加仓的汽车整车概念股出炉。 9月2日晚，东芯股份(688110)发布公告称，公司股票因股票交易异常波动及严重异常波动情形，自8月29日起停牌核查，预计停牌时间不超过3个交易日。 核查工作已完成，公司股票将于9月3日复牌。 公告指出，公司股票价格剔除大盘和板块整体因素后的实际波动幅度较大，可能存在非理性炒作，投资者参与交易可能面临较大的市场风险。此外，公司 基本面未发生重大变化，主营业务未发生重大变化，内外部经营环境未发生重大变化。公司还提醒投资者注意二级市场交易风险，理性决策，审慎投资。 此前，凭借参股砺算科技，东芯股份获市场资金的关注，股价自7月29日起持续上涨，截至8月28日停牌前最后一个交易日，累计涨幅达207.85%。8月31 日晚间，东芯股份公告称，拟与亨通集团有限公司等共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中公司拟通过自有资金人民币约2.11亿 元向上海砺算增资，认购其新增注册资本约80.99万元，本次增资完成后公司持有上海砺算约35.87%的股权。据悉，7月26日，砺算科技在上海发布其首款 6nm GPU芯片"7G100"系列及首款显卡产品 ...

文｜雷递网 雷建平 蔚来汽车(NYSE:NIO;HKEX:9866;SGX:NIO)今日发布截至2025年6月30日的财报，财报显示，蔚来汽车2025年上半年营收为310.43亿元（约43.33亿美 元），较上年同期的273.55亿元增长13.5%。 | | | 截至下列日期止六個月 | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | | | 6月30日 | 6月30日 | 6月30日 | | | 人民幣 | 人民幣 | 美元 | | 收入： | | | | | 汽車銷售 | 24.060.941 | 26.075.419 | 3.639.988 | | 其他銷售 | 3,293.663 | 4.967.975 | 693.503 | | 收入總額 | 27,354,604 | 31,043,394 | 4,333,491 | | 銷售成本: | | | | | 汽車銷售 | (21,386,680) | (23.398.863) | (3.266.355) | | 其他銷售 | (3,791,478) | (4,827,454) | (673, ...

蔚来方面预计，今年第三季度新车交付量在87000至91000辆之间，总收入在218.12亿元至228.76亿元之 间，同比增长约16.8%至22.5%。 "和平时期"的CEO专注于全局，赋予员工做出详细决策的权力；"战时CEO"会做任何事情，旨在保证公 司当前的主要目标得以执行。蔚来当前最主要的目标就是四季度盈利。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。 为L90、ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术路线，其次是产品规划，最 后是产品定义。蔚来在技术路线和产品规划方面做得非常好。在产品定义方面过去有很多经验教训。新 一代产品，比如乐 ...

"从三季度开始，销量的增长将来源于多品牌战略的落地和实施。" 随着乐道L90、蔚来全新ES8的热销，蔚来驶出"危险期"的信号还在释放。 9月2日晚间，美股开盘前，蔚来汽车发布2025年第二季度业绩报告，财报显示多项指标趋势向好，降本 增效显著，并瞄准第四季度实现非GAAP口径盈亏平衡。 具体来看，得益于二季度交付量同比增长25.6%，环比增长71.2%至72056台；蔚来二季度总营收达到 190.1亿元，同比增长9.0%，环比大幅增长57.9%。 美东时间9月2日，美股开盘后，蔚来股价先跌后涨，当日收盘价为6.595美元，上涨3.37%。为L90、 ES8产能让路 时隔8个月，蔚来月交付量再次突破3万台，时隔34个月后首次在销量上超过理想。最新数据显示，8月 蔚来品牌交付10525台；乐道品牌交付16434台，环比增长175%；萤火虫品牌交付4346台，环比增长 84%。其中，乐道L90首月交付10575，成为蔚来公司历史上销量破万最快的车型。 在市场端，最新推出的两款大三排SUV产品乐道L90、蔚来ES8都订单火爆。蔚来汽车CEO李斌在财报 电话会上指出："汽车行业产品竞争力取决于三个层次的能力：首先是技术 ...

Core Insights - The Chinese new energy vehicle market showed significant differentiation in August, driven by policy support and technological innovation, with various new players redefining market rules through differentiated strategies [1] Group 1: Company Performance - Leap Motor achieved a record delivery of 57,066 vehicles in August, marking a year-on-year increase of over 88%, and has surpassed 900,000 cumulative deliveries, setting a solid foundation for its annual target of 580,000 to 650,000 vehicles [3] - Hongmeng Zhixing delivered 44,579 vehicles in August, with a cumulative total exceeding 900,000, and an average transaction price of 380,000 yuan, indicating strong competitiveness in the high-end market [5] - Xiaopeng Motors delivered 37,709 vehicles in August, a year-on-year increase of 169%, and announced an expansion of its strategic cooperation with Volkswagen Group, enhancing its technological output capabilities [7] - NIO delivered 31,305 vehicles in August, a year-on-year increase of 55.2%, with the Leado brand surpassing the NIO brand in sales for the first time, driven by the new model Leado L90 [9] - Xiaomi Motors maintained a delivery level above 30,000 vehicles for two consecutive months, with plans to expand its store network significantly [11] - Li Auto delivered 28,529 vehicles in August, falling out of the "30,000 club," highlighting challenges in its transition to pure electric vehicles [13] - Zeekr brand sold 17,626 vehicles in August, with strong competition in its segment, while Lantu Motors delivered 13,505 vehicles, achieving a historical high with a year-on-year increase of 119% [15] - Avita's sales reached 10,565 vehicles in August, a year-on-year increase of 185%, driven by strong performance from models Avita 07 and 06 [17] - IM Motors delivered 6,108 vehicles in August, facing challenges compared to leading brands, but saw promising pre-sale orders for its new LS6 model [19] Group 2: Market Trends - The new energy vehicle market is experiencing intensified competition among new players, with various companies launching new models and expanding their market presence [19] - The overall performance of new energy vehicle companies indicates a shift towards high-end markets and differentiated product offerings, reflecting changing consumer preferences and technological advancements [1][5][7]

Core Viewpoint - Zhongyin International's research report indicates that NIO's total revenue for the second quarter increased by 58% quarter-on-quarter, meeting expectations [1] Financial Performance - The vehicle profit margin remained stable, but the overall gross margin increased by 2.4 percentage points to 10% due to new high-profit technology research and development services [1] - The company provided guidance for the third quarter, suggesting that September deliveries will reach a record 35,000 to 39,000 vehicles [1] Management Goals - Management reiterated fourth-quarter targets, including achieving an average monthly sales volume of 50,000 vehicles and a vehicle profit margin of 16% to 17%, aligning with the non-GAAP break-even target [1] Sales and Revenue Forecasts - Sales forecasts for this year and next year have been raised to 335,000 and 450,000 vehicles, respectively [1] - Revenue forecasts for this year have been increased by 6.4% to 83.5 billion yuan, while next year's revenue forecast has been raised by 10% to 117.3 billion yuan [1] Stock Price Target - The target price for NIO's U.S. stock has been raised from $9.5 to $10.5, with a rating of "Buy" [1]

招银国际发表研究报告指，认可蔚来在成本削减方面的努力，这在今年第二季度财报中已部分反映。该 行将蔚来2025财年销量预测上调至34.5万辆，其中，第四季度销量预计为15.8万辆，车辆毛利率为 15.7%。该行维持蔚来"持有"评级，美股目标价从4美元上调至7美元，H股目标价由31港元上调至55港 元。 ...

恒指涨0.64%，恒生科技指数涨0.99%。蔚来、理想汽车涨超3%，京东集团、百度集团涨超2%，小米集 团涨近2%。 (本文来自第一财经) ...

摩根大通发表研究报告指，蔚来管理层透露2026财年新车型推出计划及成本控制措施，重申目标在第四 季实现季度销量15万辆及非通用会计准则经营收支平衡。摩通对蔚来维持正面看法，相信通过控制成本 及推出新车型等一系列举措，蔚来竞争力将得以提升，财务表现将改善，预期市场将上调盈利预测，维 持"增持"评级，目标价为8美元。 ...

作者 | 王泽红 随着蔚来披露2025年中期财报后，国内主流上市车企半年报均已出炉。 回顾上半年的汽车行业，车企价格战频发，"反内卷"随之升级，手段包括成本调查和价格监测、60天支付账期承诺、降低经销商库存及 缩短返利兑现账期等。 当中，最为外界关注的便是，17家车企集体承诺，将供应商账期压缩至不超过60天，以缓解零部件企业现金流压力。 如今，正值车企半年报披露结束，恰是观察成果之际，尤其是车企账期的变化。 | | | | 2025上半年18家车企账期变化 | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 营收(亿元) | 应付账款及 票据 | 2025 下未在 应付账款及票 | 2024年应付 账款及票据 | 账期增减(天) | | | | (亿元) | 据周转天数 | 周转天数 | | | | | | (大) ▼ | (大) ▼ | | | 比亚迪 | 3712.81 | 2366.86 | 142.12 | 127.23 | 14.89 | | 上汽集团 | 2971.51 | 2305.53 | 157.31 | 163.63 | (6.32) ...