6月3日，华尔街见闻获悉，极氪旗下豪华大五座SUV极氪7X，将于6月下旬在香港市场正式上市。据了 解，极氪7X今年5月正式出海，率先在荷兰、挪威和瑞典等欧洲三个国家上市。（Auto有范儿） ...

金十图示：2025年06月03日（周二）全球汽车制造商市值变化 2 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t will and and and and the comments of | 宝马汽车 | 538.63 | V -13.41 | 87.08 | | --- | --- | --- | --- | | 通用汽车 | 458.51 | + -18.46 | 47.69 | | > 玛鲁蒂铃木 | 452.53 | + -1.09 | 143.94 | | 保时捷 | 440.65 | + -10.84 | 47.35 | | 马恒达汽车 | 425.13 | 1 +6.9 | 35.44 | | ( 本田汽车 | 423.73 | + -6.32 | 30.07 | | 福特汽车 | 396.86 | + -15.89 | 9.98 | | 7 现代汽车 | 330.29 | + -1.73 | 51.38 | | 塔塔汽车 OD | 310.22 | + -3.45 | 8.33 | | 赛力斯 | 307.41 | + -1.17 | 18.82 | | 斯特兰蒂 ...

Group 1: Electric Vehicle Sales - Major automakers reported May sales for new energy vehicles, with BYD selling 382,500 units, a year-on-year increase of 15.28% [1][3] - Zeekr sold 46,500 units, up 15.2% year-on-year, while Leap Motor's sales reached 46,100 units, showing a significant increase of over 148% [1][3] - Xpeng sold 33,500 units, marking a 230% year-on-year growth, and Li Auto sold 40,900 units, up 16.7% year-on-year [1][3] - NIO's sales were 23,200 units, reflecting a 13.1% increase, and Xiaomi's automotive sales exceeded 28,000 units [1][3] Group 2: Solar and Wind Energy - China's photovoltaic installed capacity saw rapid growth in Q1, with optimistic demand forecasts for the U.S. and emerging economies [2] - The central economic work conference emphasized the need for supply-side reforms in the photovoltaic sector, focusing on cost reduction and efficiency improvements [2] - Wind energy projects are expected to progress steadily, with demand anticipated to improve by 2025, benefiting both domestic and overseas markets [2] Group 3: Hydrogen Energy and Industry Developments - The hydrogen energy sector is being driven by policies promoting industrialization, with applications in green hydrogen and chemical sectors expected to expand [2] - China Petroleum & Chemical Corporation announced its initiative to invest in the hydrogen energy industry chain [3][4] - A new fund has been established with an initial scale of 5 billion yuan, targeting the entire hydrogen energy value chain [4] Group 4: Company Updates - Maiwei Co. plans to issue convertible bonds to raise 1.966 billion yuan for the industrialization of perovskite solar cell equipment [4] - JA Solar's application for H-share listing has been accepted by the China Securities Regulatory Commission [4] - Longi Green Energy's CEO has stepped down from his position to focus on R&D and technology management [4]

Group 1 - NIO's organizational adjustments have led to a 40% reduction in staff but a 40% increase in delivery volume, with May deliveries reaching 23,231 vehicles, a 13.1% year-on-year growth [4][11] - The restructuring includes a shift in management resources towards the "Lao Dao" brand to accelerate sales growth and enhance cross-department collaboration [4] - The new leadership structure involves the former head of energy business taking over as president of Lao Dao, reporting directly to NIO's president [4] Group 2 - TikTok Shop has laid off hundreds of employees in Indonesia as part of a cost-cutting measure following its acquisition of Tokopedia, reducing the workforce from approximately 5,000 to about 2,500 [6] - The layoffs affect various teams including logistics, operations, marketing, and warehousing, with further layoffs expected in July [6] Group 3 - SenseTime announced a management change with co-founder Xu Bing stepping down as executive director, while Yang Fan and Wang Zheng are set to take over [7] - Xu Bing will focus on the AI chip business after his departure, indicating a strategic shift in the company's talent deployment [7] Group 4 - Tesla's sales in Europe have significantly declined, with May sales dropping by as much as 68% in Portugal, while the overall electric vehicle market in Europe grew by nearly 25% [26] - The decline is attributed to an aging vehicle lineup and increased competition from lower-priced electric vehicles from Chinese brands [26] Group 5 - Neuralink has successfully raised $650 million in funding to advance its brain-machine interface technology, with participation from notable investors [36] - The funding aims to develop new devices that enhance the connection between biological intelligence and artificial intelligence [36]

Group 1 - The A-share market is expected to show a volatile upward trend in June, although the process may be somewhat tortuous [1][15] - The manufacturing purchasing managers' index (PMI) for May was reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating a slight expansion in manufacturing activity [5] - The non-manufacturing business activity index for May was 50.3%, a decrease of 0.1 percentage points from the previous month, suggesting a slight contraction in the services sector [5] Group 2 - Major U.S. stock indices experienced gains, with the Dow Jones Industrial Average rising by 35.41 points (0.08%) to close at 42305.48 points, marking three consecutive days of gains [4] - The Nasdaq index increased by 128.84 points (0.67%) to 19242.61 points, while the S&P 500 rose by 24.25 points (0.41%) to 5935.94 points [4] - International oil prices rebounded significantly, with light crude oil futures for July rising by $1.73 to $62.52 per barrel (up 2.85%) and Brent crude for August increasing by $1.85 to $64.63 per barrel (up 2.95%) [4] Group 3 - Several electric vehicle manufacturers reported their May delivery figures, with Li Auto delivering 40,856 vehicles (up 16.7%), Xpeng delivering 33,525 vehicles (up 230%), and NIO delivering 23,231 vehicles (up 13.1%) [15] - BYD's new energy vehicle sales reached 382,500 units in May, compared to 331,800 units in the same month last year [15] - The market is advised to focus on three main lines: consumption, technology, and dividends, as external uncertainties increase and market preferences shift towards core assets and low-position sectors [15]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show has attracted a large number of car enthusiasts, leading to increased foot traffic and sales, with an expected 450,000 visitors and a projected sales volume of 4 billion RMB, marking increases of 27.84% and 8.1% respectively compared to the previous event [1] - The event's theme focuses on technology, future, and market orientation, showcasing over 1,039 vehicle models from 112 brands across a space of more than 260,000 square meters [1][2] - Shenzhen is positioning itself as a global leader in the automotive industry by establishing four key centers: innovation and R&D for new energy vehicles, high-end component design and manufacturing, cutting-edge technology application demonstration, and international trade hub [2] Industry Developments - The auto show features numerous significant new car launches, including the luxury model Zun Jie S800 and the Xiaomi SUV YU7, highlighting the industry's strong R&D capabilities and market trends [3] - NIO's global debut of the NWM model and its self-developed smart automotive components indicate advancements in automotive intelligence [4] - Huawei and BYD have established a strong presence at the show, showcasing their commitment to creating a new ecosystem for mobility [5][6] Technological Innovations - The event emphasizes the importance of technological breakthroughs, with various companies presenting innovations such as NIO's smart driving chips and battery swap stations [4] - The "Hongmeng Smart Mobility Pavilion" and BYD's dedicated exhibition area highlight the integration of smart technology within the automotive sector [6] - The "Future Mobility Space Station" showcases a collaborative effort among companies to present an integrated transportation ecosystem, including low-altitude flying vehicles [6]

New Car Launches - The launch of the First Automobile Works (FAW) Bestune Yuyi 07, priced between 99,800 to 129,900 yuan, features a hybrid system with a maximum thermal efficiency of 48.83% and a pure electric range of 150/210 km [1][2][8][10] - The launch of the ZunJie S800, priced from 708,000 to 1,018,000 yuan, offers both pure electric and range-extended versions, with a maximum power of 635 kW and a pure electric range of 650-670 km [11][12][24][26] - The new Xiaopeng MONA M03 is priced between 119,800 to 139,800 yuan, featuring upgraded interior and advanced driver assistance systems, achieving a delivery milestone of 120,000 units in just nine months [3][34] - The launch of Geely's Radar King Kong EM-P and Horizon EM-P, priced from 139,800 to 159,800 yuan, introduces a hybrid system with a maximum power of 260 kW and a pure electric range of 100 km [35][44] - The new Baojun Yueye Plus is priced between 76,800 to 105,800 yuan, featuring upgraded smart technology and a range of 301 to 501 km [46][51] - The launch of the new Jietu Shanhai T1, priced from 134,900 to 179,900 yuan, positions itself as a compact hybrid SUV with off-road capabilities [56][59] - The new NIO ET5/ET5T is priced starting at 298,000 yuan, featuring significant design and technology upgrades, including a maximum power of 360 kW and a range of 550-1055 km [62][73] - The GAC Trumpchi Xiangwang M8 is priced between 359,900 to 409,900 yuan, featuring Huawei's advanced driving system and a spacious interior with luxury amenities [78][83] Company Developments - NIO has launched the first version of its World Model NWM, enhancing autonomous driving features and safety systems [84][85] - Li Auto reported a Q1 2025 delivery of 93,000 units, with a revenue of 25.9 billion yuan and a net profit of 647 million yuan, marking ten consecutive quarters of profitability [88][89] - Xiaomi's Q1 2025 financial report shows a revenue of 111.3 billion yuan and a net profit exceeding 10 billion yuan for the first time, indicating strong growth in its automotive sector [91][94] Industry News - The China Automobile Manufacturers Association (CAAM) has issued a document advocating against price wars and excessive competition in the automotive industry [95][97] - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show has commenced, focusing on discussions about AI and future automotive technologies [100][103] - Zeekr and NIO have established a mutual charging network collaboration, enhancing user experience and charging infrastructure efficiency [104][107] - LG and Samsung SDI are set to expand battery production lines in the U.S. to reduce costs for electric vehicle production [108][110]

01 事件概述 2025 年5 月重点新能源车企交付量发布，据各公司披露数据： 零跑 45,067辆，同比+148.1%，环比+9.8%； 小鹏 33,525辆，同比+230.4%，环比-4.3%； 理想 40,856辆，同比+16.7%，环比+20.4%； 埃安 26,777辆，同比-33.2%，环比-5.4%； 蔚来 23,231辆，同比+13.1%，环比-2.8%； 极氪 18,908辆，同比+1.6%，环比+37.7%； 小米超 28,000 辆。 02 分析判断 ► 5月整体稳健 新能源渗透率回升 5月车市整体稳健，新能源渗透率回升。乘联会初步推算本月狭义乘用车零售总市场规模约为185.0万辆左右，同比去年增长8.5%，环比上月 增长5.4%，其中新能源零售预计可达98万，渗透率52.9%左右。5月6家样本新势力车企（不含小米）合计交付188,364辆，同比+32.1%，环 比+7.1%。5月各地车展集中展开，汽车市场稳中有升。"五一"黄金周期间终端客流量大幅上升，各企业也积极推行"一口价"等促销策略，消 费者需求集中释放。假期结束后客流自然回落，整体车市热度趋于平缓。 ► 新势力销量跃升 零跑维持 ...

Core Viewpoint - The rapid rise of zero-kilometer used cars in the Chinese electric vehicle (EV) market is a significant issue, exacerbated by price wars initiated by leading companies like BYD, leading to a collapse in the residual value of EVs [1][2]. Group 1: Price War Impact - BYD's price war in 2024 resulted in a dramatic price drop for new models, with the Qin PLUS DM-i priced at 12.58 million yuan and zero-kilometer used cars selling for 8.98 million yuan, a decrease of 28.6% [2]. - The residual value of the BYD Seagull dropped from 75.29% in 2024 to 68.7% in 2025 due to the price war, indicating a significant decline in the value of new energy vehicles [2]. - The phenomenon of zero-kilometer used cars has created a "shadow market," with 18% of BYD's inventory being sold through this channel in 2024, leading to confusion in the pricing system between new and used cars [2][3]. Group 2: Technological and Policy Challenges - Rapid technological advancements in EVs have further complicated the residual value issue, with the introduction of BYD's fifth-generation DM system leading to a 12% depreciation in older models [4]. - The introduction of new battery technologies, such as solid-state batteries, has resulted in a 25% decline in the residual value of older models, compressing the depreciation cycle from five years to 2-3 years [6]. - Policy exploitation by used car dealers, such as fraudulent practices to claim government subsidies, has led to a further decline in the residual value of vehicles sold under these schemes [6][7]. Group 3: Regulatory Response and Industry Adaptation - Regulatory bodies are beginning to take action, with the Ministry of Commerce convening meetings with major car manufacturers to enhance oversight and establish a credit evaluation system [7]. - NIO has launched an official used car platform that includes extensive inspections and warranties, aiming to transform the perception of used cars from non-standard to certified products [8]. - The industry is exploring innovative solutions, such as the adoption of solid-state batteries, which could improve the longevity and value retention of EVs in the future [8][10]. Group 4: Future Outlook - The potential for improved residual values exists with the widespread adoption of solid-state batteries and the establishment of a certified used car system [10]. - A collaborative effort among manufacturers, regulators, and consumers is essential to create a sustainable ecosystem for the EV market, ensuring long-term growth and stability [10].

Investment Rating - The report maintains a positive investment outlook for the electric vehicle (EV) sector, particularly for companies with strong autonomous driving capabilities and competitive pricing strategies [13][14]. Core Insights - The overall automotive market showed steady growth in May 2025, with a year-on-year increase of 8.5% and a month-on-month increase of 5.4%, driven by a surge in consumer demand during the "May Day" holiday [5][6]. - New energy vehicle (NEV) penetration rate reached approximately 52.9%, with total NEV retail sales estimated at 980,000 units in May [5]. - The report highlights the significant growth in deliveries for several new energy vehicle manufacturers, with notable increases in year-on-year and month-on-month figures for companies like Li Auto and Xiaopeng [4][6][10]. Summary by Relevant Sections Market Overview - In May 2025, the total retail market size for narrow passenger vehicles was approximately 1.85 million units, with NEV sales contributing significantly to this growth [5]. - The report indicates that the automotive market is stabilizing, with various promotional strategies being employed by companies to boost sales [5]. Company Performance - **Leap Motor**: Delivered 45,067 units in May, a year-on-year increase of 148.1% and a month-on-month increase of 9.8%. The growth is attributed to strong product offerings in the 200,000 yuan price range [6][15]. - **Li Auto**: Reported 40,856 units delivered in May, reflecting a year-on-year increase of 16.7% and a month-on-month increase of 20.4%. The growth is linked to the launch of new models and an expanding charging network [7][9]. - **Xiaopeng**: Achieved 33,525 units in May, a year-on-year increase of 230.4% but a month-on-month decrease of 4.3%. The performance is driven by the popularity of the MONA M03 model [9][11]. - **NIO**: Delivered 23,231 units in May, with a year-on-year increase of 13.1% but a month-on-month decrease of 2.8%. The report notes the introduction of new models and upgrades in autonomous driving technology [10][12]. - **ZEEKR**: Reported 18,908 units delivered in May, a year-on-year increase of 1.6% and a month-on-month increase of 37.7% [11]. - **Xiaomi**: Delivered over 28,000 units in May, with the new SUV YU7 expected to launch in July 2025, targeting a competitive price range [11]. Technological Advancements - The report emphasizes the acceleration of end-to-end technology applications in autonomous driving, marking the beginning of a new era in smart driving capabilities [12]. - Companies like Xiaopeng and those associated with Huawei are leading the charge in the iterative development and promotion of smart driving technologies [12]. Investment Recommendations - The report suggests a focus on companies with advanced smart driving capabilities and strong product cycles, recommending stocks such as Geely, BYD, Xiaopeng, Li Auto, and Seres, while also advising to pay attention to Xiaomi [13][14].