本周专题：特斯拉 Q2 交付下滑 小鹏 G7 正式上市 汽车 2025 年 07 月 06 日 特斯拉 Q2 交付下滑 小鹏 G7 正式上市 行 业 7 月 2 日，特斯拉公布其今年第二季度的全球销量达 384122 辆， 较去年同期的 443956 辆下降 13%，已连续第二个季度出现下滑。这一 下滑主要归因于公司更实惠车型上市延迟、首席执行官埃隆·马斯克 的政治立场争议以及在美国市场销量的大幅下滑。 定 期 报 告 特斯拉目前面临着多重困境交织的局面。美国国会通过巨额减税 与支出法案，其中取消电动车税收抵免政策的部分，将对特斯拉构成 潜在冲击。同时面对通用汽车、大众、宝马、比亚迪、小米等推出的 新车型，特斯拉沿用多年的产品线正在承受越来越大的竞争压力。而 面对汽车业务的疲软，特斯拉积极挖掘自动驾驶软件、无人驾驶网约 车服务和人形机器人 Optimus 的发展潜力。 7 月 3 日，小鹏汽车正式发布全新 AI 智能家庭 SUV——小鹏 G7。 新车共推出 602 长续航 Max、702 超长续航 Max、702 超长续航 Ultra 三个版本，官方指导售价分别为 19.58 万元、20.58 万元和 22. ...

Group 1 - Meizu's recent social media account name change does not affect the company's name or entity, focusing on the Meizu and Flyme brands for more efficient communication [1] - In the first half of 2025, Chinese electric vehicles dominated the Israeli market, with 21,252 units sold, accounting for 81.2% of total electric vehicle sales in Israel [2][1] - The top-selling electric vehicle in Israel was the XPeng G6, with 3,164 units sold, followed by BYD's ATTO 3 and Chery's Omoda 5 [1] Group 2 - The China Football Association reported over 25,487 registrations for the "China Football Association Player Self-Recommendation System," with 6813 submitting personal information [3] - Musk's proposal to establish a third political party in the U.S. faces significant legal and logistical challenges, according to election experts [4] - The latest version of WeChat for HarmonyOS aims to align with and potentially surpass Android and iOS functionalities [5][6] Group 3 - Shunde Rural Commercial Bank has withdrawn its IPO application, leading to the termination of its listing review by the Shenzhen Stock Exchange [8] - SF Holding completed the placement of 70 million new H-shares, raising approximately HKD 29.33 billion, increasing its total issued H-shares to 240 million [9] - CATL and Geely have signed a comprehensive strategic cooperation agreement to deepen collaboration in battery technology and supply chain development [10][11] Group 4 - ST Huike is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [12] - Jinan has established a Robot Industry Empowerment Alliance, releasing a list of 87 application scenarios for robots across 12 sectors, with an annual investment of 142.6 billion yuan [13][14] - Tencent's stake in Zhong An Online has decreased from 8.09% to 7.99% after selling approximately 1.48 million shares [15] Group 5 - Douyin has implemented new regulations prohibiting minors under 16 from live streaming, requiring parental consent for those aged 16 to 18 [16]

Core Viewpoint - The launch of the Xiaopeng G7 marks a significant step in Xiaopeng Motors' strategy to enhance its brand and sales, particularly in the competitive mid-sized electric SUV market, aiming for profitability by Q4 2025 [1][26]. Product Overview - The Xiaopeng G7 is available in three models, priced between 195,800 to 225,800 yuan, with a maximum range of 702 km [5][12]. - The Ultra version features three self-developed Turing AI chips, providing over 2250 TOPS of local computing power and L3-level autonomous driving capabilities [7]. - The smart cockpit utilizes an 8295P chip combined with a dedicated AI chip, enabling local semantic understanding and cross-language interaction [9]. Competitive Analysis - Xiaopeng G7's pricing strategy positions it 10,000 to 30,000 yuan lower than competitors like Tesla Model Y and others, emphasizing higher configuration and comfort [18]. - The G7 aims to compete on both product strength and price, leveraging its advanced technology and spacious design to attract consumers [19]. Market Challenges - Xiaopeng faces intense competition from established brands and new entrants, necessitating a clear strategy to maintain its market position [19]. - The G7's initial delivery will not include full autonomous driving capabilities, with updates expected later in the year, which may impact early sales [18]. Financial Performance - Xiaopeng's revenue is projected to grow significantly, with total revenue expected to reach 130.5 billion yuan in Q4 2023, and gross margin improving to 24.6% by Q1 2025 [20][22]. - The company has successfully reduced costs through supply chain improvements, allowing for competitive pricing while maintaining profitability [23]. Future Focus - Key areas of focus for the G7 include its sales ranking in the mid-sized SUV market, consumer reception of its smart driving capabilities, and the performance of the Turing AI chip in real-world applications [25].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 1.99%, outperforming the Shanghai Composite Index, with solar energy indices leading the gains at 6.80% [1]. - The report highlights a strong growth trend in the new energy vehicle market, with significant delivery increases from various manufacturers, indicating a competitive landscape [2]. - The photovoltaic industry is experiencing a shift away from price wars towards innovation-driven competition, supported by government policies aimed at improving supply-demand dynamics [3][34][36]. Summary by Sections 1. New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 36,279 units, and Xiaopeng exceeding its total deliveries for 2024 in just the first half of 2025 [12][14]. - NIO delivered 24,925 units in June, marking a 17.5% year-on-year increase, while BYD maintained its market leadership with 382,585 units delivered in June, a 12% increase [20][24]. 2. Photovoltaics - The report discusses recent government initiatives to curb "involution" in the photovoltaic sector, emphasizing the need for quality over price competition [34][36]. - Key industry players are expected to benefit from a potential rebound in prices and profitability as excess capacity is phased out [3][41]. 3. Electric Equipment and Automation - National electricity load reached a record high of 1.465 billion kilowatts, indicating robust demand for electric power infrastructure [4]. - The report notes the acceleration of ultra-high voltage projects, which are crucial for enhancing the efficiency of electricity transmission [4]. 4. Market Performance - The solar energy index showed the highest weekly increase, while industrial automation experienced a decline, reflecting varying market dynamics within the sector [1]. - The report identifies several companies to watch, including CATL, Keda, and others, which are positioned to capitalize on emerging trends in the electric equipment and new energy markets [4].

Core Viewpoint - Xiaopeng Motors has launched the new G7 model, which is priced higher than expected, positioning it as a family-oriented large SUV with advanced technology and aesthetics [1] Pricing and Model Details - The G7 is available in three versions: - 602km Max version with dual Orin-X chips priced at 195,800 yuan - 702km Max version with dual Orin-X chips priced at 205,800 yuan - Ultra version with three Turing AI chips priced at 225,800 yuan - The G7 is the world's first electric vehicle with L3 computing power, featuring a 5C supercharging battery and an 800V SiC platform [1] Hardware and Software Upgrades - The G7 Ultra features three Turing AI chips, providing an effective computing power of 2250 TOPS - The software includes the industry's first local VLA+VLM large model, enhancing autonomous driving capabilities with a new "sports brain" for improved learning [1][2] - The vehicle supports human-machine co-driving and can autonomously recognize ETC and perform line parking [1] Future Software and Hardware Enhancements - VLA software OTA updates are scheduled for September 2025, with VLM hardware upgrades in November 2025 - By December 2025, the system will learn individual driving habits and enable voice control and proactive recommendations [2] Intelligent Chassis and Cabin Features - The chassis includes advanced AI capabilities for identifying road conditions and obstacles, with features like intelligent variable damping and 6D anti-motion sickness [2] - The cabin is powered by Turing AI chips and Qualcomm 8295P, providing a computing power of 800 TOPS, supporting multi-modal AI capabilities and enhanced driving assistance [2] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 94.7 billion, 167.6 billion, and 249.1 billion yuan, representing year-on-year growth of 132%, 77%, and 49% respectively - Net profit estimates for the same years are 3.5 billion, 7.6 billion, and 12 billion yuan, with significant growth rates [3] - EPS for 2025, 2026, and 2027 are projected at 0.18, 3.97, and 6.27 yuan, with corresponding PE ratios of 368, 17, and 11 times, maintaining a "buy" rating for the company [3]

油车看动力，智车看算力，全球首款L3 级算力AI 汽车，小鹏G7 起售价19.58 万元超预期，销量有望持 续提升。小鹏G7 首发搭载三颗自研图灵AI 芯片，车端算力超过2200Tops，有效算力达到行业其他旗舰 车型的3-28 倍，实现行业首个L3 级算力车型。 算法层面首发智驾VLA-OL 模型，运动型大脑和增强型小脑，同时软硬件一体优势协同，通过车端与云 端同步发挥scaling law，使车端承载的模型参数规模领先行业，智驾能力上限相较行业MAX 车型提升 超过10 倍。计划今年下半年世界基座大模型上车实现百公里接管1 次使用体验，拉开代际差距。智能座 舱增加全新AI 操作系统，G7 座舱采用图灵AI 芯片+高通8295P，座舱算力大幅领先，未来有望实现本 地聊天、本地控车、主动服务、多语言对话等功能。Ultra 版本VLA+VLM 上车节奏，预计2025 年9 月 VLA 软件推送（思考推理可视化展示），11 月VLM 硬件免费升级，12 月VLA+VLM 同步迭代实现语 音控车和主动推荐功能。 小鹏G7 定位AI 智能家庭SUV，配置升级产品凸显竞争力。定位中型SUV，车身尺寸方面长宽高分别为 4 ...

机构：中金公司 研究员：邓学/常菁/杨东冀 公司近况 图灵芯片正式搭载上车，打造全面的AI生态。图灵芯片作为一款专为AI设计的处理器，具备40 核处理 器，能够本地运行30B参数的大模型。该芯片集成了2 个NPU和面向神经网络的特定领域架构，为AI汽 车提供了强大的计算能力。此外，图灵芯片还具备独立的安全岛功能，能够实时检测车辆安全，并配备 了2 个独立的图像ISP，以应对黑夜、下雨天、逆光等光线不足的情况，提供更清晰的感知能力。本次 图灵芯片正式搭载G7 上市，长期看公司计划将其应用于AI机器人、AI汽车和飞行汽车等多个领域。整 体来看，我们认为公司深耕和持续投入AI技术，公司正在逐步实现智能电动汽车+机器人+飞行汽车的 全面AI生态圈，丰富多样的应用场景有望全面赋能公司AI技术能力实现持续迭代，并带动公司的AI能 力持续保持行业领先水平。 盈利预测与估值 当前港/美股股价均对应2025 年1.5x P/S，维持跑赢行业，维持盈利预测。 维持港股/美股目标108 港币/28 美元，较当前股价存46%/49%上行空间，均对应2025 年2.2x P/S。 风险 新车和自动驾驶需求不及预期，新车交付及与大众合作 ...

机构：方正证券 研究员：文姬 6 月底，旗舰MPV 小鹏X9 正式登陆印尼市场，起售价9.9 亿印尼盾。与此同时，公司首个海外本地化 生产项目——印尼KD 工厂（散件组装）即将落地。 交付成绩亮眼，高增势头强劲。小鹏汽车2025 年6 月交付成绩单亮眼，当月汽车交付量达3.46 万辆，同 比+224%。截至当月，小鹏已连续八个月交付量破3 万辆，展现出强劲的市场竞争。25Q2 期间，公司 累计交付10.32 万辆，刷新季度交付纪录，25H1 期间19.72 万辆的交付成绩，更是超越2024 年全年交付 总量，体现出公司在产品布局、技术创新及营销服务等方面的优化成效显著。公司下半年还将发布全新 P7、G01 至少两款新车，加之海外市场持续突破，公司销量增长势头强劲。 盈利预测：我们预计公司2025-2027 年实现营收947.43/1316.56/1590.43亿元，归母净利润分别 为-3.27/30.24/61.55 亿元，EPS 分别为-0.17/1.59/3.23 元，给予"强烈推荐"评级。 风险提示：市场竞争超预期，新车上市销量不及预期，扩产进度不及预期。 事件：2025 年7 月3 日，小鹏G7 上市 ...

外界原本预计小鹏G7售价难低于25万元，毕竟满配硬件意味着高成本，也符合"科技先锋"应有的高毛 利路线。但小鹏没有讲故事卖高价，而是将价格压进"走量区间"，打破市场预期。 "刚刚团队跟我说了三分钟的预订量，大家都很震惊觉得应该宣传一下。但后来一想到小米YU7的20万 辆成绩，我想好像我们怎么宣传都不行了"，谈及小鹏G7的"大定"成绩时何小鹏开玩笑地说。 虽然没有公布具体数字，但G7首发成绩显然不错。 这款AI性能拉满、配置几近"堆满"的中大型智能电动SUV，打破了外界的预期。毕竟在发布前一段时 间，小鹏几乎把所有聚光灯都打在了"高成本"标签上：自研图灵芯片、与华为联合打造的AR-HUD，以 及将72B大模型蒸馏上车的VLA+VLM模型。 这套AI配置本应通向一个高价位，但小鹏却反其道而行，将G7直接定在了20万元以下。"科技不等于高 价"，小鹏这一次没有讲"AI高溢价"的故事，而是以顶配姿态杀入主流市场。 相较于对标的特斯拉Model Y，小鹏G7以近乎三分之二的价格、几倍的硬件算力和"豪华装修"，将20 万-30万元纯电SUV市场带入了更"低价"的时代。 图片来源：小鹏G7 7月3日，小鹏G7正式上市，推出 ...

对于这款自研的芯片，小鹏汽车董事长、CEO何小鹏形容："整车有效算力2250TOPS，智能座舱AI有效 算力达800+TOPS，比行业旗舰车型大26倍。" 2020年，小鹏汽车便开始亲自下场研发芯片，直至2024年流片成功，何小鹏火速将这款芯片搭载于 G7。在G7正式亮相前何小鹏曾聚集媒体搞了一场小型的闭门交流会，希望大家能够给点建议，听到的 声音是"定价偏高"。 或许是听进去了。在G7公布价格当天，小鹏G7 Max 702超长续航版价格仅20.58万元，现场呼声一片。 这与何小鹏所铺垫的各种性能形成巨大反差，更不要说收回图灵芯片的研发成本。 何小鹏对首次搭载新车的"Turing"可以说是寄予厚望，而面对《中国经营报》记者的提问，何小鹏也直 言，不会放弃英伟达。 "我们希望在芯片和软件解决方案上寻找全球合作伙伴。"与何小鹏一样，许多企业家的心态发生了根本 性变化。近些年，中国企业面对的是全球竞争，绝非在一朝一夕间卷价格，而是长期博弈。 对于为何自研芯片？企业战略是否聚焦？政策法规的边界在哪里？如何顺应全球趋势？何小鹏提出了诸 多观点。 "不会放弃与英伟达合作" "有效算力，全球第一"。7月3日，在小鹏G7上市 ...