1 九三阅兵安排，一图速览 今日上午9时，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会将在北京天安门广场隆重举行，其中包括约70分钟的盛大阅兵。（央视新闻） 标题点睛： 今日上午9时，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会将在北京天安门广场隆重举行，其中包括约70分钟的盛大阅兵。 据央视财经援引路透社报道，美国总统特朗普9月1日表示，在美国上周对印度实施50%关税后，印度提出将对美国商品的关税降至零，但这已经太晚了。 现货黄金涨1.64%，报3532.41美元/盎司，再创历史新高；COMEX黄金期货涨2.42%，突破3600美元，报3601美元/盎司，创历史新高。 每经记者｜陈晴 每经编辑｜程鹏 陈鹏程 王晓波 2 隔夜市场 美股三大指数集体收跌，道琼斯指数跌0.55%，标普500指数跌0.69%，纳斯达克综合指数跌0.82%；大型科技股普跌，英伟达跌近2%，亚马逊、苹果、 特斯拉跌超1%，谷歌、微软小幅下跌。中概股涨跌互现，纳斯达克中国金龙指数涨0.52%；理想汽车涨超4%，蔚来涨超3%，阿里巴巴涨超2%；有道跌 超5%，哔哩哔哩跌超3%。 现货黄金涨1.64%，报3532.41美 ...

Core Insights - The 2025 Qilu Autumn Auto Show will take place from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring favorable trade-in policies and limited-time discounts from various manufacturers, making it an ideal time for consumers to purchase vehicles [2] Group 1: Manufacturer Promotions - Beijing Off-road offers a special package worth 5,000 yuan for orders placed at their booth, along with a chance to win prizes and up to 40,000 yuan in trade-in subsidies for existing customers [3] - Changan Automobile's third-generation UNI-V is available for 97,900 yuan after cash discounts, with additional promotional gifts [4] - NIO provides three years of free battery swapping and five years of NOA driving assistance for the purchase of the L60 model, while the L90 model includes five years of NOA and discounts on optional features [5] - Geely's fourth-generation Boyue L starts at 92,900 yuan with trade-in subsidies up to 18,000 yuan, while the Starry model starts at 92,700 yuan with subsidies up to 20,000 yuan [5] - Hongqi offers up to 4% exclusive discounts for military personnel and teachers on various models, including the new HS7 and H9 [6] - Ford's Edge L is priced from 179,800 yuan with additional subsidies, while the new Explorer starts at 259,800 yuan with similar offers [7] - Dongfeng Yueda Kia provides cash discounts and trade-in subsidies across multiple models, with total discounts reaching up to 90,500 yuan for targeted groups [8] - Great Wall Motors' new Tank 500 models come with promotional gifts valued up to 38,000 yuan, with prices starting from 335,000 yuan [8]

每经编辑｜陈鹏程 王晓波 1 九三阅兵安排，一图速览 今日上午9时，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会将在北京天安门广场隆重举行，其中包括约70分钟的盛大阅兵。（央视新闻） 2 隔夜市场 美股三大指数集体收跌，道琼斯指数跌0.55%，标普500指数跌0.69%，纳斯达克综合指数跌0.82%；大型科技股普跌，英伟达跌近2%，亚马逊、苹果、特 斯拉跌超1%，谷歌、微软小幅下跌。中概股涨跌互现，纳斯达克中国金龙指数涨0.52%；理想汽车涨超4%，理想汽车涨超4%，蔚来涨超3%，阿里巴巴涨 超2%；有道跌超5%，哔哩哔哩跌超3%。 现货黄金涨1.64%，报3532.41美元/盎司，再创历史新高；COMEX黄金期货涨2.42%，突破3600美元，报3601美元/盎司，创历史新高。 国际油价走高，美油主力合约收涨1.56%，报65.62美元/桶；布伦特原油主力合约涨1.39%，报69.10美元/桶。 欧洲三大股指收盘全线下跌，德国DAX指数跌2.29%报23487.33点，法国CAC40指数跌0.7%报7654.25点，英国富时100指数跌0.87%报9116.69点。 3 外交部：对俄罗斯持普通护照 ...

Group 1 - The majority of popular Chinese concept stocks rose on Tuesday, with the Nasdaq Golden Dragon China Index increasing by 0.52% [1] - Alibaba saw an increase of over 2%, while Pinduoduo and JD.com both rose by more than 1% [1] - Li Auto and Beike experienced gains of over 4%, and NIO rose by over 3% [1] Group 2 - Xpeng Motors declined by over 1%, and Trip.com fell by over 2% [1]

Group 1 - The article discusses the author's investment philosophy, focusing on undervalued and disliked companies with strong fundamentals and good cash flows [1] - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns [1] - The author expresses a preference for long-term value investing while occasionally engaging in deal arbitrage opportunities [1] Group 2 - The author emphasizes a lack of understanding in high-tech businesses and certain consumer goods, indicating a preference for more traditional investments [1] - There is a clear skepticism towards cryptocurrencies, with the author questioning their investment viability [1] - The article aims to foster a community of investors seeking superior returns and informed decision-making through platforms like Seeking Alpha [1]

Core Viewpoint - The new energy vehicle market continues to thrive, with new force car manufacturers achieving impressive delivery numbers, although the industry remains unstable due to product homogeneity and the need for differentiation in order to boost sales [1][3][8]. Group 1: Delivery Performance - Leap Motor leads the new force car manufacturers with 57,100 new car deliveries in August, a year-on-year increase of over 88%, and a total of 328,900 deliveries in the first eight months, up 136.4% [3][4]. - Hongmeng Zhixing delivered 44,600 new cars in August, with a cumulative delivery surpassing 900,000, while Xiaopeng Motors delivered 37,700 new cars, marking a year-on-year growth of 168.7% [3][4]. - NIO reversed its sales stagnation with 31,300 new car deliveries in August, a year-on-year increase of 55.2%, while Li Auto's deliveries fell below 30,000 for the first time in three months, totaling 28,500 [4][5]. Group 2: Market Dynamics - The overall sales situation in August indicates that cost-effectiveness and technological capabilities are key drivers for the growth of new force car manufacturers [5][7]. - The new car effect was significant in August, with several new models like Leap B01 and Xiaopeng P7 receiving substantial market attention upon launch [5][6]. - The penetration rate of new energy passenger vehicles reached 56.7% in August, with retail sales of approximately 1.1 million units [7]. Group 3: Industry Challenges and Strategies - New force car manufacturers face challenges such as insufficient production capacity and tight cash flow, necessitating a shift towards flexible production and diversified product strategies [8]. - There is a noted issue of product homogeneity among new force car manufacturers, with a call for differentiation focusing on vehicle stability and safety as key competitive factors [8].

1、 奇瑞集团8月新能源销量71218台 关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 9月2日，奇瑞集团宣布8月销量为242736台，其中新能源销量71218台。 奇瑞集团8月新能源销量71218台 ； 特斯拉发 布《 秘密宏图 》第四篇章 ； 蔚来公布2025二季度财报； 从销量结构来看，目前奇瑞依旧是以燃油车为主，新能源为辅。不过可以看到，iCAR品牌近期已经开始出现了一些增长的苗头， 同时8月份上市的 新款智界 R7、智界新S7等车型，在后续也将给奇瑞的新能源增添新的活力。 2、 特斯拉发 布《 秘密宏图 》第四篇章 9月2日，特斯拉发布《秘密宏图》第四篇章。 总结一下，其内容主旨为打造一 个" 可持续的富足 " 的世界。其实现的方式，除了目前特斯拉正在做的自动驾驶、电动汽车、动力电池、储能、光伏发电以 外，人型机器人也将成为重中之重，未来要将其投入到工厂生产、生活起居等方方面面，服务于每个人的生活。 特斯拉的"持续富裕"目标，实际上与中国近几年的发展路线高度一致 ...

从某种意义上讲，蔚来开始做上一次危机后就该做的事。 文 丨 赵宇 编辑 丨 龚方毅 在今晚举行的蔚来 2025 年二季度业绩会上，有分析师少见地以 "祝贺" 开场。除了预期中的增收、减 亏， 或许还因为它终于开始理性经营。 今年 4-6 月，蔚来新车交付量大幅反弹至 7.2 万台，推动汽车销售收入环比大增 62.4% 至 161.4 亿 元。销量的回暖直接带来了财务改善，净亏损环比收窄 26.0% 至 49.9 亿元。管理层乐观预期三季度 至多交付 9.1 万辆新车，根据 7、8 月交付数据倒推，蔚来 9 月将挑战 3.5 万辆以上的交付。 蔚来管理层的信心主要来自两款核心新品，全新蔚来 ES8 和乐道 L90。董事长兼 CEO 李斌说，公司 产能必须优先保障这两款车型，甚至将原定的 L60 产能转移至 L90。规划显示，L90 在 10 月将达到 月产 1.5 万辆，ES8 在 12 月也将提升至 1.5 万辆。蔚来四季度目标是实现月均交付 5 万辆。 在产能紧张背景下，蔚来将四季度三大品牌的合计产能目标设为 5.6 万辆：蔚来品牌 2.5 万辆、乐道 2.5 万辆、萤火虫 6000 辆。原定今年投放的 L ...

Core Insights - NIO Inc. reported a loss of 32 cents per American Depositary Share (ADS) in Q2 2025, which was wider than the expected loss of 30 cents and an improvement from a loss of 34 cents in the same quarter last year [1][8] - The company's revenue for the quarter was $2.65 billion, missing the consensus estimate of $2.76 billion but reflecting a year-over-year increase of 10.6% due to higher delivery volumes [1][8] Delivery and Sales Performance - NIO delivered a total of 72,056 vehicles in Q2 2025, representing a 25.6% increase year over year, with contributions from NIO, ONVO, and FIREFLY [2] - Vehicle sales generated revenues of $2.25 billion, up 4.2% year over year, primarily driven by increased delivery volumes, while other sales reached $401 million, marking a 65% year-over-year increase [2] Profitability Metrics - Gross profit for the quarter was $264.9 million, a 14% increase compared to the previous year, while the vehicle margin decreased to 10.3% from 12.2% in Q2 2024 due to lower material costs per unit [3] - The overall gross margin improved to 7.6%, up from 4.9% in the year-ago quarter, attributed to changes in product mix [3] Cost Structure and Financial Position - Research and development costs were $419.8 million, down 4.2% year over year, while selling, general, and administrative costs rose to $553.5 million, an increase of 7.1% year over year [4] - As of June 30, 2025, NIO had cash and cash equivalents of $992.7 million and long-term debt of $1.27 billion [4] Future Projections - For Q3 2025, NIO projects vehicle deliveries between 87,000 and 91,000, indicating a year-over-year increase of 40.7% to 47.1%, with estimated revenues ranging from $3.05 billion to $3.19 billion [4][8]

Core Viewpoint - NIO reported its Q2 2025 financial results, showing a total revenue of 19.0087 billion yuan, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9%. The net loss was 4.9948 billion yuan, a year-on-year reduction of 1.0% and a quarter-on-quarter reduction of 26.0% [1][2]. Financial Performance - Total revenue for Q2 2025 was 19.0087 billion yuan, reflecting a 9.0% year-on-year growth and a 57.9% quarter-on-quarter growth [1]. - Net loss for the quarter was 4.9948 billion yuan, which is a 1.0% reduction year-on-year and a 26.0% reduction quarter-on-quarter [1]. - Adjusted net loss, not in accordance with GAAP, was 4.1267 billion yuan, showing a 9.0% year-on-year reduction and a 34.3% quarter-on-quarter reduction [1]. Production and Delivery Goals - The company aims to achieve a monthly delivery target of 50,000 vehicles in Q4 2025, with a total delivery exceeding 150,000 vehicles for the quarter [3]. - For the L90 model, the target is to reach a production capacity of 15,000 units by October, while the ES8 aims for the same capacity by December [3]. Gross Margin and Profitability - The gross margin for vehicles in Q2 was reported at 10.3%, with expectations for improvement in Q3 and Q4 as new models are fully integrated into production [4]. - The target gross margin for Q4 is set between 16% and 17%, with aspirations to reach 20% for the L90 and ES8 models [5]. Research and Development Expenses - The company plans to maintain R&D expenses at approximately 20 billion yuan for Q4, focusing on improving efficiency without affecting output [6][7]. - SG&A expenses are targeted to be reduced to below 10% of total sales by Q4 to help achieve non-GAAP breakeven [7]. New Model Launches and Market Strategy - NIO is prioritizing the production of the L90 and ES8 models, with no new model deliveries planned for this year due to capacity constraints [8]. - Future product plans include the launch of three large SUVs in 2026, with the ES9 and ES7 models expected to be introduced [14]. Competitive Pricing Strategy - The company aims for a long-term gross margin of 20%, with specific targets for different brands: 25% for NIO, over 15% for Ladao, and around 10% for Firefly [9]. - The pricing strategy for the L90 and ES8 is designed to be competitive, leveraging cost advantages from technological innovations [9][11]. Supply Chain and Cost Management - NIO has adjusted its supply chain strategy to focus on long-term partnerships with suppliers that align with its technological vision, enhancing cost competitiveness [13]. - The transition to self-developed chips is expected to significantly reduce costs, although specific figures were not disclosed [16].