交银国际每日晨报-20250710

Group 1: Core Insights - The retail sales of passenger cars in June reached 2.084 million units, showing a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - The cumulative retail sales for the first half of the year amounted to 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The penetration rate of new energy vehicles (NEVs) in June reached 53.3%, marking a month-on-month increase of 0.4 percentage points and a new high for the year [1] Group 2: New Energy Vehicle Performance - In the first half of 2025, the penetration rate of NEVs was 50.1%, with retail sales in June reaching 1.111 million units, which is a year-on-year increase of 29.7% and a month-on-month increase of 8.2% [1] - NEVs accounted for 41.1% of total vehicle exports in June, an increase of 17 percentage points compared to the same period last year [1] Group 3: Market Outlook and Recommendations - The market is expected to see stable growth in July, with several new models set to launch, including XPeng G7, Ledo L90, Li Auto i8, and BYD Sea Lion 06 [2] - Investment recommendations include focusing on BYD (1211 HK) for its intelligent driving and export potential, XPeng Motors (9868 HK/XPEV US) for its new model launches, and Geely Auto (175 HK) for internal resource integration following the privatization of Zeekr [2]