极氪正在用科技诠释"向上"哲学。"极氪致力打造的是科技豪华，我们不是古典的豪华，更多的是用科 技的力量去助力品牌的成长，"吉利汽车集团高级副总裁、极氪科技副总裁林杰在与媒体沟通时表示。 7月9日，极氪公布了浩瀚-S架构的技术细节与亮点。该架构将首搭极氪9X上，是全球首个基于纯电架 构打造的电混架构。在该架构的加持下，极氪打造出浩瀚超级电混、浩瀚AI数字底盘、浩瀚安全盔 甲、千里浩瀚智能辅助驾驶系统四大核心科技。据悉，极氪9X预计将于8月底成都车展开启预售。 从纯电到电混 极氪的第一款超级电混车 极氪9X将会是极氪的首款超级电混车型。 从燃油到增程式、插混再到纯电是行业普遍遵循的研发轨迹，技术要求与难度逐级递增。然而极氪却反 其道而行之，先在技术要求更高的纯电领域建立了自研核心技术的护城河，再基于浩瀚-S架构的能力， 提供了一个全新的动力方案——可三电机驱动，也可发动机直驱。 极氪称之为"超级电混"。虽然行业普遍认为其技术逻辑类似于插混，但极氪强调其不同于一般的增程式 和插混。 比如，当前绝大多数混动和增程产品仍采用400伏架构，普遍存在纯电续航低、充电速度慢、低电量体 验差等痛点。而极氪浩瀚超级电混采用全球混 ...

Group 1 - The company sold 236,000 vehicles in June, representing a year-over-year increase of 42.1% [1] - For the first half of the year, the company achieved total vehicle sales of 1.41 million, a year-over-year increase of 47.4% [2] - The company raised its annual sales target to 3 million vehicles, which is a 38% increase compared to the previous year [1][2] Group 2 - The company held a technology launch event for the Zeekr 9X on July 9, introducing the world's first full-stack 900V high-voltage hybrid architecture, SEA-S [1][3] - The Zeekr 9X is expected to start pre-sales at the end of August and is positioned as the brand's flagship hybrid model [3] - The Zeekr 9X features a maximum engine power of 205 kW and a thermal efficiency exceeding 46%, with a 20%-80% battery recharge time of only 9 minutes [3] Group 3 - The company expects to see significant profit growth, with net profits for 2025, 2026, and 2027 projected at 13.84 billion, 17.9 billion, and 22.3 billion yuan respectively, reflecting year-over-year increases of 47%, 30%, and 24% [1][3] - The current stock price corresponds to P/E ratios of 11, 8.6, and 7 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [1][3]

Group 1 - The global automotive manufacturers' market capitalization has shown significant changes as of July 11, 2025, with Volkswagen leading at a market value of $553.17 billion, reflecting an increase of 8.12% [1][3]. - General Motors follows closely with a market capitalization of $511 billion, up by 5.56% [1][3]. - Ford Motor Company has a market value of $473.61 billion, marking a 3.2% increase [1][3]. Group 2 - Notable increases in market value were observed for Porsche, which rose by 11.33% to reach $455.55 billion [1][3]. - Mahindra & Mahindra's market capitalization decreased by 1.96%, settling at $442.82 billion [1][3]. - Honda's market value increased by 2.04% to $419.31 billion [1][3]. Group 3 - Hyundai's market capitalization is reported at $376.06 billion, with a slight increase of 0.71% [1][3]. - The market value of SAIC Motor Corporation is $281.42 billion, reflecting a 5.33% increase [1][3]. - Li Auto's market capitalization stands at $272.56 billion, with a marginal increase of 0.19% [1][3]. Group 4 - NIO's market value is $83.12 billion, showing a significant increase of 4.73% [4]. - VinFast Auto has a market capitalization of $82.56 billion, with a slight increase of 0.7% [4]. - Nissan's market value is reported at $73.69 billion, reflecting an increase of 1.61% [4].

随着吉利汽车上调 2025 年的销量目标至 300 万辆，比亚迪能否达成 550 万辆的销量计划被打上了问号。 过去 2 个月，如果刨除海外市场的影响，比亚迪在国内的销量连续同比下降。 上半年，比亚迪总共销售了 214.6 万辆车。若要完成全年目标，下半年的销量至少要同比增长 26% 以上。 但去年下半年的补贴已经提前透支了一部分市场需求，吉利银河等品牌的强势围攻加剧了市场竞争，而比亚迪今年最重要的一张牌——"全民智驾" 也没 有收到预期的效果。 "原本想着（智驾）这一波至少能维持去年的量。10 万以下保住，10 万以上的带来点增量。但这两方面都没达到预期。" 一位接近比亚迪的人士对《云见 Insight》表示。 比亚迪最擅长的价格战，在有关部门 "反内卷" 的主旋律下也难以施展。"不敢明降，只敢通过经销商暗降。消费者看不到。" 上述人士称。 在连续 3 年的高速增长之后，比亚迪驶入了一段弯道。 "全民智驾"，不达预期 今年年初，比亚迪将 "天神之眼" 智驾系统下放到最低 7 万元的车型上，试图用 "全民智驾" 代替降价，换来新一波增长。 根据比亚迪披露的产销量数据，6 月比亚迪在国内销售了 29.25 万辆 ...

毒辣的阳光，聒噪的蝉鸣，浓密的树荫，都在宣告着2025年的旅程已行至过半。回头看，上半年的汽车行业品尝了新能源汽车快速发展带来的 甜蜜滋味，却也在"内卷"的阵痛中不断反省与纠偏。 今年上半年，行业迎来了产销（1～4月）突破千万辆的历史时刻，也被迫面临全球贸易的重重壁垒；半固态电池、智能辅助驾驶、超快充等关键技 术取得突破性进展的同时，"车圈淘汰赛"仍然在残酷进行；车企纷纷加速资源整合步伐，相关部门开始对各种不规范行为"拨乱反正"……可以说， 中国汽车产业虽身处混沌，却笃定向前，走向澄明之境。本报通过10个关键词，和读者一同回顾汽车行业不平凡的上半年。 1 加力扩围 政策组合拳激发市场潜力 1月8日，"两新"政策在万众瞩目中正式发布，给整个汽车市场吃下"定心丸"。政策对2025年汽车以旧换新加力扩围：一是将符合条件的国四排放标 准燃油乘用车纳入可申请报废更新补贴的旧车范围；二是将老旧营运货车报废更新补贴范围扩大至国四及以下排放标准营运货车，并将进一步提高 新能源城市公交车及动力电池更新等补贴标准。随后，商务部等8部门办公厅联合印发《关于做好2025年汽车以旧换新工作的通知》，进一步明确汽 车报废更新补贴范围和标 ...

港股消费电子跟踪汇报：地平线机器人、黑芝麻智能、佑 驾创新、京东方精电 20250709 摘要 地平线机器人公司预计 2025 年营收 33 亿元人民币，2026 年 55 亿元， 2027 年 85 亿元，维持高速增长，目前市值约 900 亿港币，对应 2025 年 25 倍 PS，中阶智驾芯片出货量与新能源车企挂钩，但市场份额预期 未下降，高增长逻辑未变。 地平线高阶智驾芯片预计 2027 年贡献 30 亿营收，2028 年实现 100 亿元营收并扭亏为盈。长期来看，2030 年保守估计营收 260 亿，乐观 超过 300 亿，对应利润 80-100 亿，市值可达 2,600-3,200 亿港币。 黑芝麻智能 2025 年预计收入 8 亿元，对应 110 亿元市值约 13 倍 PS， 主要产品为 A1,000 系列智驾芯片，预计出货量大几十万片。公司正努 力切入比亚迪 TNGIC 平台，下一代智驾芯片 A2000 预计下半年定点， 明年量产。 黑芝麻智能预计 2025 年营收增速超 70%，达 8 亿元，2026-2027 年 收入预测分别为 15 亿和 22 亿，预计 2027 年盈亏平衡，实现 20 ...

智驾再升级，新周期的阿尔法机会——整车行业 2025 年 度中期投资策略 20250710 摘要 新能源汽车上半年保持 30%增长，但渗透率受价格战影响低于预期，徘 徊在 50%-52%。政策和监管干预有望缓解价格战压力，利好具备强产 品力的新能源车企。 整车领域看好理想、吉利、小米和比亚迪，受益于新车周期和海外扩张。 小鹏在智驾领域的发展及其芯片应用带来新机遇，值得关注。 上半年汽车销量良好，6 月批发量同比增长 25%，新能源汽车增长 30%。库存经历上升后于 5 月下旬至 7 月开始下降，目前处于相对低位。 政策补贴预计全年保持 4%的上牌增速，下半年增速或因高基数放缓。 类似于 2017 年，抢装效应和强新车周期企业有望推动创新高行情。 高阶智驾城市 OA 渗透率快速提升，从 2024 年的 9%增至 2025 年 5 月 的 15%以上，预计 2026 年将翻倍至 30%以上，受益于技术优化和用 户体验提升。 中国新能源汽车出口占比已达海外总量约 30%，纯电动车占比 33%， 插混车型占比 13%。欧洲市场需求回升，预计渗透率将从 20%提升至 32%，为中国车企提供机遇。 比亚迪、上汽、吉利和领 ...

坐标再校准，方向再聚焦，把"我有什么""我要什么"谋实做实，丹东市"外部招引"与"内部挖潜"双向发 力、"招大育强"与"招小育优"多管齐下。市委、市政府主要领导带领各县（市、区）、各部门奔赴川 渝、长三角、珠三角等经济热点区域，密集开展招商对接，学先进、找差距、补短板、促合作，推动了 吉利新能源商用车、亨通海缆等一批优质项目签约落地，加速构建"珠三角、长三角研发+丹东转化""深 圳、上海总部+丹东基地""国际订单+丹东制造"的立体合作网络，不断拓展全方位、高水平、宽领域的 双向开放格局。 在传统招商方式的基础上，丹东市还充分发挥"链主企业"作用，全面加强"链主型""上下游"企业招引， 探索出"商协会搭桥"等新模式，成功搭建起政企合作新平台。 数据显示，今年上半年，丹东市引进内资项目610个，到资亿元以上大项目79个，其中，工业类项目占 比同比增长4.3%；全市新签约2000万元以上项目329个，同比增长147.4%，总投资额406亿元，272个项 目已实现落地开工，落地率达83%。目前，丹东市已掀起项目招引"夏季攻势"，全力推动项目快签约、 快落地、快开工。 责编：徐 硕 审核：刘立纲 丹东靶向发力打好招商引 ...

Core Viewpoint - The article discusses the clearance sales of older car models, highlighting their cost-effectiveness and the significant discounts available for various models [1][29]. Group 1: BYD Models - The BYD Qin L DMI non-intelligent driving model has a clearance discount of 28,000, with the full price after subsidies ranging from 80,000 to 90,000 [2]. - The BYD Sea Leopard 06 DMI non-intelligent driving model has a guide price of 119,800, with a clearance price of 91,800 after a discount of 28,000 [5]. - The BYD Song L DMI non-intelligent driving model offers a clearance discount of 35,000, with final prices ranging from 90,000 to 100,000 [8]. - The BYD Han DMI non-intelligent driving model has a guide price of 175,800, with a clearance price of 141,800 after a discount of 34,000 [11]. - The BYD Tang DMI non-intelligent driving model has a clearance discount of 36,000, with final prices around 130,000 [14]. Group 2: Other Models - The Equation Leopard 5 non-intelligent driving model has a guide price of 239,800, with a clearance price of 217,800 after a discount of 22,000 [17]. - The Galaxy E8 old model has a clearance discount of approximately 48,000, with final prices ranging from 120,000 to 130,000 [20]. - The Wind Cloud T9 old model offers a guide price of 146,900, with a clearance price of 118,900 after a discount of 28,000 [23]. - The Wind Cloud A8L new model has a guide price of 129,900, with a clearance price of 101,900 after a discount of 28,000 [27]. Group 3: Market Dynamics - The article notes that the clearance models are primarily from the second half of 2024, with limited color availability and fast inventory turnover [29]. - It emphasizes that these clearance vehicles are a good purchase option, as they offer significant savings compared to new models, making them attractive for budget-conscious consumers [29].

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. (Tianhai Electronics) has applied for a listing on the Shenzhen Stock Exchange, with a fundraising target of 2.46042 billion yuan, focusing on automotive transmission systems, connection systems, and intelligent control solutions [1] Company Overview - Tianhai Electronics specializes in the research, production, and sales of automotive components, including automotive wiring harnesses, connectors, and electronic products, primarily serving both new energy vehicles and traditional fuel vehicles [1] - The main revenue source is automotive wiring harnesses, contributing over 80% from 2022 to 2024, followed by automotive connectors at approximately 10% [1] Market Position - The global automotive wiring harness and connector market is dominated by Europe, the United States, and Japan, while the domestic market in China has a low concentration of local manufacturers, indicating significant growth potential [2] - In 2024, the market size for automotive wiring harnesses in China is projected to be 119.6 billion yuan, with Tianhai Electronics holding an 8.45% market share [2] - The company is recognized as a leading domestic brand in automotive wiring harnesses and connectors, ranking first in revenue among A-share listed companies in the wiring harness sector and among the top three in the connector sector [2] Fundraising and Investment Plans - The funds raised will be allocated to several projects, including: - Connector technology upgrade and expansion project: 836.16 million yuan (33.98%) - Wiring harness production base project: 525.79 million yuan (21.37%) - Automotive electronics production base: 338.99 million yuan (13.78%) - Smart transformation and information construction: 251.58 million yuan (10.23%) - Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting projects: 507.89 million yuan (20.64%) [3] Financial Performance - The projected operating revenues for Tianhai Electronics are approximately 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan for the years 2022, 2023, and 2024, respectively [3] - The net profits for the same years are estimated to be around 410 million yuan, 684 million yuan, and 616 million yuan [3] - Key financial metrics as of December 31 for 2024, 2023, and 2022 include: - Total assets: 116.47 billion yuan, 115.63 billion yuan, and 79.36 billion yuan - Net profit: 615.58 million yuan, 683.81 million yuan, and 410.28 million yuan - Basic earnings per share: 1.38 yuan, 1.63 yuan, and 1.00 yuan [4]