Summary of Automotive Industry and Company Insights Industry Overview - The automotive industry investment strategy for the second half of 2025 will focus on both dividend styles and future industry trends, particularly automation and robotics, with a primary emphasis on automation [1][2] - The overall sales volume of the Chinese automotive market is expected to maintain a 4% growth target for the year, driven by the continued promotion of vehicle replacement policies [1][12] Key Companies and Recommendations - Recommended companies for dividend style include Yutong (客车), Zhongqi (重卡), and Chunfeng (两轮车), while Horizon Robotics and Top Group are highlighted for their potential in automation [1][4] - In the vehicle sector, preferred brands include XPeng, Li Auto, and Huawei's affiliated brands, with Horizon and Top Group recommended for components [1][4] Performance Insights - In the first half of 2025, the gold stock portfolio included XPeng, Horizon, Top Group, and Boteli, which performed better than expected, while SAIC, Desay, and Yutong underperformed [1][5] - The passenger car sector index performed well until March, benefiting from AI diffusion and increased confidence in smart technology, but faced a short-term pullback due to price wars and autonomous driving incidents [1][6] Market Dynamics - The penetration rate of new energy vehicles (NEVs) was adjusted to 60% in the second quarter, with an export growth rate maintained at around 11% [1][12][13] - The domestic demand for passenger cars met expectations, despite signs of weakness in April and May, with inventory levels increasing significantly [1][7] Future Trends and Adjustments - The investment strategy for the second half of 2025 will involve a 30% adjustment in the gold stock portfolio, adding strategic and certain varieties such as Li Auto, Xingyu, and Chunfeng, while removing Desay, Putai, and Xinquan [1][5] - The human-shaped robot market saw a surge in interest, significantly boosting the valuations of related companies like Top Group and Sanhua Intelligent Control [1][22] Sector-Specific Insights - The two-wheeler motorcycle industry maintained high growth, with domestic sales of large-displacement motorcycles increasing by 32% year-on-year, and exports showing a growth of 73% from January to May 2025 [1][48][50] - The heavy-duty truck sector showed steady domestic sales growth, with expectations for improved performance in the second half of 2025 due to favorable policies [1][44][47] Conclusion - The automotive industry is poised for a transformative period with a focus on automation and smart technologies, while companies that adapt to these trends and maintain strong fundamentals are likely to outperform in the evolving market landscape [1][2][4]

Group 1 - Alibaba Cloud aims to accelerate the creation of a global cloud computing network, deploying full-stack AI capabilities at every global node to enhance compliance, services, and ecosystem team building for Chinese enterprises going global [1] - The characteristics of Chinese enterprises going global have evolved, becoming more high-end, diverse in regions, and localized in operations, transitioning from merely "going out" to "born global" [1] - Southern China is identified as a vibrant economic region and a frontline for Chinese enterprises going global, with Alibaba Cloud supporting numerous clients in various sectors such as internet, AI hardware, and automotive [1] Group 2 - Thunderbird's AI glasses have achieved a market share of over 40% in North America and Japan, with Alibaba Cloud providing a customized "cloud + end" model for high-quality multi-modal AI interaction [2] - Xiaopeng Motors has topped the new forces in overseas sales with a year-on-year growth of 370%, leveraging Alibaba Cloud's global infrastructure for rapid deployment of key business systems [3] - Alibaba Cloud's AI capabilities are crucial for Xiaopeng Motors' overseas technology system, enabling the establishment of a large-scale intelligent computing cluster with a peak utilization rate of 98% [3]

在位于湖北武汉经开区的岚图汽车数字化总装车间，岚图汽车第20万辆整车下线。 新华社记者 伍志尊摄 新华社记者 张 端摄 当前，全球汽车产业变革加速，国际贸易关系日趋复杂，给汽车产业链供应链格局带来诸多不确定性，而中 国新能源汽车产业正以开放创新的姿态参与全球合作。如何强化我国汽车产业与世界的链接，推动供应链协 同，对于全球汽车产业绿色转型与创新发展至关重要。 加强本土化运营 在电动化和智能化驱动下，全球汽车产业区域格局发生深刻变化。我国新能源汽车产业崛起，并建立起较为 完善的产业链体系。最新数据显示，今年1月份至5月份，我国汽车整车出口249万辆，同比增长7.9%；新能 源汽车出口85.5万辆，同比增长64.6%。 在近日举办的2025全球新能源汽车合作发展（上海）论坛上，中国电动汽车百人会副理事长兼秘书长张永伟 表示，我国汽车产业需要根据新的汽车全球化形势来探索新发展路径。 传统全球化合作模式面临瓶颈。一方面，整车销售的壁垒不断增加，并向供应链延伸；另一方面，新能源汽 车供应链高度复杂，可能受到地缘政治、技术壁垒和跨行业融合的影响，面临潜在风险。 "在此背景下，沿用以前的'品牌出海+整车投资'模式难以奏效， ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 岚图FREE+开启预售，预售价22.99万元起； 小米YU7上市，售价25.35-32.99万元； 小米YU7开售18小时，锁单突破24万台； 新款欧拉好猫/好猫GT木兰版上市，限时焕新价7.98-10.28万元； 车企动态： 长安汽车集团更名为辰致汽车科技集团； firefly萤火虫推出BaaS电池租用方案，车价立减4万元； 赛力斯引入50亿元战略投资； 曹操出行港股上市； 理想汽车整合成立智能汽车群组； 国际新闻： 国产特斯拉Model Y或进入印度市场； 吉利与雷诺签订合资协议，在巴西合作生产销售新车； 小鹏X9正式登陆印尼市场； 特斯拉Model Y在美实现全自动驾驶交付； 新车上市 1 、 岚图FREE+开启预售 预售价22.99万元起 6月24日，岚图FREE+开启预售，预售价为22.99万元起。 尺寸方面，新车长宽高分别为4915/1960/1660mm，轴距2960mm，提供杜若白、玄英黑、宸星灰、云纱金、琉璃紫和韶华青等六款配色。 内饰配置方面，新车取消了升降三联屏设计，换为15.6英寸2K智慧屏+10.2 ...

Investment Rating - The report maintains a positive investment outlook for the automotive and auto parts industry, particularly highlighting the performance of new energy vehicles and key domestic manufacturers [4]. Core Insights - The automotive sector is experiencing strong growth driven by policy support and increasing demand for new energy vehicles, with significant year-on-year and month-on-month sales increases [1][2]. - The report emphasizes the importance of intelligent and globalized breakthroughs among quality domestic brands, recommending companies such as Geely, BYD, Li Auto, and Xiaomi [4]. - The report notes a competitive pricing environment in the automotive market, with rising discounts impacting profitability [22]. Summary by Sections 0.1 Passenger Vehicles - The report forecasts a 5.7% year-on-year increase in wholesale passenger vehicle sales for Q2 2025, reaching 6.65 million units, with a 4.6% month-on-month increase [12]. - New energy vehicle sales are expected to reach 3.6 million units in Q2 2025, reflecting a 32.8% year-on-year increase and a 25.4% month-on-month increase [14]. - The penetration rate of new energy vehicles is projected to be 54.1% in Q2 2025, indicating a significant market shift towards electric vehicles [21]. 0.2 Auto Parts - The report highlights a decrease in raw material costs and shipping fees, which is expected to benefit companies with significant export operations [46]. - Key auto parts manufacturers are expected to see improved performance due to rising demand from leading automakers like Xiaomi, Geely, and BYD [48]. - The report suggests focusing on companies involved in lightweight and intelligent components as the industry shifts towards electric and smart vehicles [48]. 0.3 Heavy Trucks - The heavy truck market is recovering, with a 10% year-on-year increase in wholesale sales, driven by local replacement subsidy policies [50]. - Major players like Dongfeng Motor and Beiqi Foton are expected to gain market share, maintaining a stable competitive landscape [50]. - The report notes a decline in heavy truck exports due to increased market entry barriers abroad [51]. 0.4 Motorcycles - The report anticipates a 26.7% year-on-year increase in wholesale sales of medium and large motorcycles, with significant growth in both domestic and export markets [3]. - The focus is on leading domestic motorcycle manufacturers as consumer preferences shift towards higher displacement models [3]. 1 Weekly Market Performance - The automotive sector outperformed the broader market, with a 2.62% increase in A-share automotive stocks during the week of June 23-27, 2025 [1]. - The report recommends a core investment portfolio including companies like Geely, BYD, and Xiaomi, which are expected to benefit from ongoing market trends [1].

Core Viewpoint - The article emphasizes the positive outlook for the automotive industry in 2025, driven by policy support and strong performance from new energy vehicle manufacturers, with a focus on key players like Geely, BYD, Li Auto, and Xiaomi [4][58]. Weekly Data - In the week of June 16-22, 2025, passenger car sales reached 558,000 units, up 28.0% year-on-year and 21.5% month-on-month. New energy vehicle sales were 286,000 units, up 34.4% year-on-year and 13.6% month-on-month, with a penetration rate of 51.2%, down 3.6 percentage points from the previous month [2]. Market Performance - The automotive sector outperformed the market in the week of June 23-27, 2025, with a 2.62% increase in A-share automotive stocks, ranking 19th among Shenwan sub-industries, surpassing the Shanghai and Shenzhen 300 index's 1.96% increase [3]. Investment Recommendations - The article suggests focusing on key companies such as Geely, BYD, Li Auto, Xiaomi, and others in the automotive sector for investment opportunities [4][8]. Q2 2025 Outlook - For Q2 2025, total passenger car wholesale sales are expected to reach 6.65 million units, up 5.7% year-on-year and 4.6% month-on-month, driven by policy support and strong demand. New energy vehicle wholesale sales are projected at 3.6 million units, up 32.8% year-on-year and 25.4% month-on-month [5][10]. - The article notes that the price competition in Q2 2025 is expected to be intense, with rising discounts putting pressure on profitability [22]. Heavy Trucks - The heavy truck market is expected to continue its recovery in Q2 2025, with wholesale sales reaching 176,000 units, up 10.0% year-on-year. The article highlights the positive impact of local replacement subsidy policies [6][59]. Motorcycles - The forecast for Q2 2025 indicates that wholesale sales of medium and large displacement motorcycles (over 250cc) will reach 304,000 units, up 26.7% year-on-year and 48.3% month-on-month, with domestic sales of 160,000 units and export sales of 144,000 units [54][59]. New Energy Vehicles - The article highlights the strong performance of new energy vehicles, with expectations for significant growth in sales and market penetration, driven by competitive pricing and policy support [14][42].

研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 小米 [Table_Title] YU7 开售 18 小时锁单量破 24w 台， 理想汽车更新二季度交付量展望 ——汽车行业周报 2025 年 06 月 29 日 行业研究 评级：推荐(维持) | 行业相对表现 | | | 2025/06/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汽车 | -1.8% | -4.2% | 31.4% | | 沪深 300 | 2.1% | -0.3% | 13.5% | 相关报告 《商用车行业深度研究：BEV 重卡：渗透率、竞争 格局、投资机会展望（推荐）*商用车*戴畅》—— 2025-06-26 《汽车行业周报：以旧换新"国补"将持续，理想 汽车完成 2500 座 5C 超充站建设以及 i6 工信部产 品公告（推荐）*汽车*戴畅》——2025-06-23 《汽车行业周报：多家车企发布"60 天账期宣言"， 特斯拉暂定 6 月 22 日正式运营 Robotaxi（推荐）* 汽车*戴畅》——2025-06-15 《汽 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 290 篇报道。 整理丨赵晓晓 凯度、谷歌发布中国全球化品牌榜： 速卖通成为电商领域 第一 《 2025 凯度 BrandZ 中国全球化品牌》 50 强榜单发布， 速卖通 AliExpress 是电 商领域 唯一上 榜平台。此次榜单选取了来自 11 个不同地理区域市场的消费者反馈，包括澳大利亚、巴西、法国、 德国、印度、印度尼西亚、日本、墨西哥、西班牙、美国和英国。 除 速卖通 外，字节跳动（第 6 位）、 SHEIN （第 12 位）同步上榜，覆盖社 交电商 与快时尚领 域。 本周（2025.06.23-2025.06.29）出海大事件包括： 阿里速卖通拿下澳洲下载榜TOP2；TEMU和 甲骨文签订巨额合同；SHEIN秘密提交香港IPO申请；文远知行已秘密提交香港上市申请；阿里云将 在全球节点部署全栈AI能力；菜鸟打通海湾六国，最快3日达；Anthropic将在东京开设首个亚太办事 处；阿联酋蝉联富豪迁移首选地；生成式AI临床对话平台研发商Abridge完 ...

核心结论 证券研究报告 汽车智能化7月投资策略 城市NOA渗透率首次突破20％，继续看好智能化主线！ 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年6月29日 请务必阅读正文之后的免责声明部分 2 ◼ 为何我们建议All in汽车智能化？1）汽车智能化本质是一场出行革命。【L3智能化帮助车企卖车】- 【 L4Robotaxi实现车企软件收费】-【自主品牌实现全球崛起】是汽车智能化三部曲。2）2025年汽车智能化 或是拐点之年！城市NOA（L3智能化核心体验）普及是推动智能化成为消费者购车前三考虑因素的力量。目前 我们根据【引领车企新车周期—终端草根调研—爆款车型验证】体系将紧密跟踪【L3智能化渗透率】2025- 2027年从10%-50%-80%+的变化过程。3）汽车智能化是淘汰赛模式，强者恒强。整车未来或分为三类公司： B端Robotaxi运营+ C端个性化品牌+整车高端制造。零部件或分为两类公司：模块化供应商+单一品类供应商。 ◼ 6月智能化总结：关键词或是软硬件切换带来智能化渗透率上行。1 ...

Group 1: Industry Insights - In 2024, Saudi ports processed a total of 320.78 million tons of cargo, marking a significant year-on-year increase of 14.45% [2] - Qatar's GWC has introduced an innovative logistics solution called Flow Port, aimed at facilitating Chinese manufacturers' access to the Saudi market by reducing customs and port delays [2] - The cross-border logistics network established by Cainiao in the Gulf region allows for package delivery within three days, enhancing logistics efficiency [4] Group 2: Company Developments - WeRide, an autonomous driving technology company, has reportedly submitted a confidential application for a Hong Kong IPO, although the company declined to comment on the matter [3] - Stone Technology has filed for an IPO in Hong Kong, with plans to use the raised funds for international business expansion, R&D enhancement, and increasing production capacity [3] - Stand Robot has submitted its prospectus for a Hong Kong listing, aiming to become the first industrial humanoid robot company publicly listed [4] Group 3: Financial Performance - Alibaba reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% year-on-year to 125.976 billion yuan [6] - E-Control Smart Driving achieved a total revenue of 986 million yuan in 2024, reflecting a 264% increase compared to 2023 [18] - The annual revenue of Yushu Technology has surpassed 1 billion yuan, indicating strong growth in the tech sector [6] Group 4: Market Expansion - Geely Auto has officially entered the Greek market with the launch of its electric SUV, Geely International EX5, in Athens [5] - Saint Bella has successfully listed on the Hong Kong Stock Exchange, becoming the first global company focused on high-end maternal care services [7] - Farmer Spring has officially entered the Hong Kong market, with plans to distribute its products across over 3,500 sales points [7]