Domestic News - Beijing is accelerating the expansion of hydrogen fuel vehicles and enhancing hydrogen energy infrastructure, including applications in bicycles and drones [2] - Chongqing has announced an adjustment to its 2025 vehicle replacement subsidy policy, allocating an additional 300 million yuan for the third quarter, with specific subsidy standards for new energy and fuel vehicles [3] - The "Thousand Counties and Ten Thousand Towns" new energy vehicle consumption season has been launched in Hubei, with 100 million yuan in consumer vouchers to stimulate local demand [4] - SAIC-GM has signed a cooperation agreement with Momenta to integrate advanced autonomous driving technology into its Buick models [5][6] - XPeng Motors has reached a strategic cooperation agreement with CITIC Bank, securing a credit line of 10 billion yuan to support its operations and development [7] - Beijing Benz's Yizhuang plant is set to produce the new all-electric CLA model, which will feature advanced driving assistance technologies and a range of 866 km [8] - Tesla has launched its first batch of V4 supercharging stations in Fujian, expanding its charging network to cover major cities [9] - NIO plans to expand into Singapore, Uzbekistan, and Costa Rica between 2025 and 2026, introducing new models in these markets [10] International News - In the Philippines, July car sales decreased by 2.6% year-on-year, with total sales for the first seven months showing a slight increase of over 1% [11] - Hyundai plans to establish an assembly plant in Algeria to enhance its presence in the Middle East and Africa [12] - Canada's zero-emission vehicle sales fell by 35.2% in June, while overall vehicle sales increased by 6.2% [13] - Maruti Suzuki is expanding its SUV lineup to address declining demand for small cars, with a new model set to launch soon [14] Commercial Vehicles - The new energy Chenglong cargo truck has been launched in Hangzhou, designed for logistics and cold chain transportation [16] - Isuzu aims to make South Africa a hub for truck production in Africa, increasing local component sourcing [17] - TuDatong and DeepWay have upgraded their strategic cooperation, enhancing the perception capabilities of DeepWay's new models with advanced lidar technology [18][19] - Ford plans to unveil a new electric pickup truck in 2027, promising competitive performance and lower total ownership costs compared to existing models [20]

4、吉林省能源局等三部门印发《吉林省电动汽车换电站建设运营补贴实施细则(暂行)》 1、7 月我国动力电池装车量 55.9GWh 同比增长 34.3%,磷酸铁锂占八成 2、中汽协： 7 月我国新能源汽车销售 126.2 万辆，同比增长 27.4% 3、中创新航、广汽高域签署 eVTOL 领域战略合作协议 4、宁德时代布局电池返修业务 5、重庆市开展新能源汽车维修市场专项整治,重点规范无证经营等乱象 6、总投资超 5亿 又一企业亚太总部落地上海嘉定 7、搭载华为乾崑智驾的汽车突破 100万辆 8、央企出资 6.5 亿元成立电池回收公司 9、中美斯德哥尔摩经贸会谈联合声明发布 10、宁德时代极片项目在青海西宁开工 11、海鸥飞行汽车全球总部项目开工 12、我国首个居民车网互动试点项目正式落地 13、北京市市长殷勇围绕推动新能源汽车产业发展到顺义区调研 14、我国科学家将锂电池能量密度和续航能力提高了 2-3 倍 15、"畅联万桩"：广汽能源×奇瑞绿能达成合作，20000+充电网络接入奇瑞车机 16、多地近日陆续暂停汽车置换补贴 但报废更新补贴仍在继续 17、今年前 7 个月京津冀区域出口增长 3.6% 18、深圳正 ...

EPG / WAYS 新能源汽车 行业月报 2025年6月 WAYS THE CATALOGUE l l 市场销量表现 01 02 市场动态 03 行业政策 WAYS I] [○]. 市场销量表现 1. 整体市场表现 2. 纯电市场表现 乘用车市场整体表现 WAYS 新能源乘用车分月度销量 c 用 车市场销量 > 卖用生市场销量同比 =新能源市场销量同比 单位: 万辆 74.7% 64.7% 61 . 4% 57.8% 48.8% 45.0% 45.2% 38.8% 33.3% 27.7% 29.3% 22.9% 5.9% 18.6% 20 . 6% 20.6% 18.4% 10.1% 9.6% 9.7% 9 72 2.6% 2.0% -9.9% 276.2129 3 118 7 111.0 110.5 101.2 96.9 214 . 88.3 87.1 186. 177.583.4 169 70.4 65.6 187.4 ６月 11月 7月 8月 9月 10月 12月 1月 ２月 3月 4月 ５月 6月 数据来源:WAYS 监测零售量 4 · 6月，乘用车市场销量为214.0万辆，同比上涨20.6%，环比 ...

上海证券近日发布汽车与零部件行业周报：汽车板块涨跌幅+3.08%，子板块中摩托车及其他表现最 佳，过去一周，沪深300涨跌幅为+2.37%，申万汽车涨跌幅为+3.08%，在31个申万一级行业中排名第 9。 上海证券近日发布汽车与零部件行业周报：汽车板块涨跌幅+3.08%，子板块中摩托车及其他表现最 佳。过去一周，沪深300涨跌幅为+2.37%，申万汽车涨跌幅为+3.08%，在31个申万一级行业中排名第 9。子板块中，摩托车及其他+6.9%、汽车零部件+3.53%、乘用车+2.11%、商用车+1.29%、汽车服 务-1.35%。 以下为研究报告摘要： 市场回顾 吉利汽车25H1营收同比增长27%。吉利汽车公布25H1业绩，实现营收1,503亿元，同比+27%；实现归母 净利润92.9亿元，毛利率提升至16.4%。上半年累计销量140.9万辆，同比+47%，市占率首破10%，其中 新能源销量72.5万辆，同比+126%，渗透率达51.5%。此外，吉利银河系列上半年销量54.8万辆，同比增 长232%。 北汽蓝谷25H1净亏损23.08亿元。北汽蓝谷公布25H1业绩，实现营业收入95.17亿元，同比+154.38% ...

机器人+汽车零部件，人形机器人材料进入测试阶段，已切入特斯拉、蔚小理供应链，产能持 续扩张位于国内第一梯队，近四年净利年均复合增长超30%，这家公司是细分领域唯一A股上 市企业。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

Group 1: Automotive Sales and Market Trends - In the first half of 2025, only 30.3% of dealers met their sales targets, with 29.0% of dealers achieving less than 70% of their targets, and 40.7% achieving between 70% and 100% [1] - In July, wholesale sales of passenger cars reached a historical high of 2.22 million units, a year-on-year increase of 13%, while the cumulative wholesale from January to July was 15.5 million units, up 12.4% year-on-year [1] - The wholesale performance of domestic car manufacturers showed a strong year-on-year growth of 20%, while mainstream joint venture brands grew by 7%, and luxury car sales declined by 16% [1] Group 2: New Product Launches and Strategic Moves - Tesla announced the upcoming launch of the Model Y L [2] - Xiaopeng Motors secured a credit line of 10 billion yuan from CITIC Bank to support its business operations and development [3] - NIO plans to enter the Singapore, Uzbekistan, and Costa Rica markets between 2025 and 2026, with a collaboration in Singapore to launch a right-hand drive model [4] Group 3: Industry Collaborations and Innovations - BYD's brand and public relations manager emphasized the importance of healthy competition in the automotive industry to foster progress [5] - Audi's first strategic electric model, the Audi E5 Sportback, was officially pre-sold starting at 235,900 yuan [5] - SAIC-GM signed a strategic cooperation agreement with Momenta to enhance their smart driving capabilities [6] Group 4: Market Dynamics and Challenges - A logistics company jointly owned by Toyota, FAW, and GAC has been deregistered, indicating potential shifts in operational strategies [7] - Global sales of new energy vehicles (NEVs) reached 4.868 million units in Q2 2025, marking a 30% year-on-year increase, with electric vehicles accounting for 29% of total global car sales [7] - Tesla is offering significant rental discounts to UK car rental companies in response to declining sales, with July sales dropping by approximately 60% year-on-year [7]

近日，据多位车主向北京商报记者反映，小鹏P7+转向机疑似接插件防水设计不足，水汽易侵入线束接 口，引发短路。不仅如此，面对数百条投诉，车主得到的售后方案却有着明显差异：部分可整体更换转 向机，部分仅能打胶处理，还有的因后台未显示问题被拒绝维修。即便能更换，小鹏方面的补偿方案也 并不一致。 这场打胶黏不住的信任危机，正在吞噬数万名车主的安全感。相关律师指出，选择性维修与责任推诿， 可能构成歧视性服务，侵犯消费者的公平交易权。同时，企业如果想以低成本替代方案规避召回责任， 则会面临更多违约风险。 随着对该车型的吐槽增多，浙江杭州的车主阳阳（化名）也在近期到当地小鹏4S店检查了车辆，发现 转向机被打胶后想拍照维权，却被4S店告知不允许拍照，她表示，购车时是4月，销售以"冲门店销 量"为由，劝其尽快付款，并给出了5月1日前付款提车补贴5000元现金和5000元京东卡的优惠，"但买后 半个月就从其他车主处了解到，5月产的新车都更换了转向机接口"。 有15年汽修经验的张先生向北京商报记者直言，转向机线束裸露并非正常现象，存在安全隐患。所 谓"打胶"是采用密封剂进行处理，"但这不能完全保证防水性，极端雨水天气或潮湿环境下， ...

研 究 / 行 业 点 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 08 月 18 日 新车供给持续丰富，关注行业金九 银十需求 看好 ——2025/8/11-2025/8/15 汽车周报 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 行 业 - ⚫ 观点：机器人大会让我们看到了中国制造业的降本能力，以及广阔市场的应用前景。应 用场景方面包括家庭陪伴、康养、外骨骼、物流搬运、工业等众多领域的能力均有展 示。而降本则包括 2 万元级别灵巧手，大百元级别六维力传感器等等产品。我们相信机 器人的爆发，会在简单场景开始，类似 6-8 年前自动/智能驾驶的落地节奏。我们看好 有场景落地能力，场景控制力的企业，把握住这轮自下而上的爆发机会。而对机器人大 模型的讨论，也在周末引起关注， ...

2 ） 4 0 0 m l < 排 量 ≤ 5 0 0 m l ： 7 月销售 2.4 万辆（其中春风 1.2 万辆），同比 -1.1% ，环比 -6.5% ； 1-7 月累计销量 15.3 万辆，同比 +5.7% ； 3 ） 5 0 0 m l < 排 量 ≤ 8 0 0 m l ： 7 月销售 1.9 万辆（其中春风 0.6 万辆），同比 +238.8% ，环比 +138.2% ， 1-7 月累计销量 11.2 万辆，同比 +118.9% ； 4）排量＞800cc： 7 月销售 0.1 万辆（其中隆鑫 0.06 万辆），同比 +12.5% ，环比 -40.7% ， 1-7 月累计销量 1.6 万辆，同比 +107.4% 。 2 . 春 风 动 力 ： 250cc+7 月销量 1.8 万辆，同比 +9.2% ，市占率 20.9% ，环比 -1.4pcts ； 1-7 月累计市占率 21.5% ，较 2024 年全年 +1.7pcts ； 2 0 25 年7 月 数 据 更 新 ！ 我们 每 月 定 期 将 对 外 推 送 精 心 整 理 的 摩 托 车 行 业 数 据 库 ， 对 各 位 投 资 者 把 握 ...

Core Viewpoint - The article highlights a significant safety concern regarding the steering mechanism of the Xiaopeng P7+, with numerous complaints from owners about potential design flaws and inadequate after-sales service [2][3][6]. Group 1: Safety Concerns - Multiple owners have reported issues with the steering mechanism, including exposed wiring and insufficient waterproofing, leading to potential failures such as steering loss and locking of the steering wheel [3][4][6]. - Affected owners discovered that the after-sales service had applied adhesive to the steering mechanism without their knowledge, raising concerns about transparency and safety [4][8]. - The steering mechanism is a critical component for vehicle control, and failures could pose serious risks to drivers, as evidenced by reports of steering difficulties while driving [3][6]. Group 2: After-Sales Service Issues - Owners have experienced inconsistent after-sales solutions, with some receiving full replacements of the steering mechanism while others were only offered adhesive treatment or outright denial of service [7][8]. - Complaints indicate that the response from Xiaopeng varies significantly based on the vehicle's purchase date, with earlier buyers more likely to receive satisfactory resolutions compared to later buyers [7][8]. - The company has acknowledged the existence of issues with the steering mechanism but has not committed to a comprehensive recall, leading to further dissatisfaction among owners [8][12]. Group 3: Legal Implications - Legal experts suggest that the company's selective repair practices may violate consumer rights and could lead to potential legal repercussions, including the need for a mandatory recall if systemic design flaws are confirmed [15][16]. - The use of adhesive as a repair method raises questions about compliance with safety standards, and failure to address the root cause of the design flaw could expose the company to liability for any resulting accidents [16][15]. - The article emphasizes the importance of transparency and proper communication with consumers regarding repairs and potential risks associated with the vehicle's safety features [16].