Core Viewpoints - The automotive sector remains optimistic, focusing on three main lines: dividends, smart technology, and robotics [5][11][6] Weekly Review Summary - In the fourth week of June, 569,000 compulsory insurance policies were issued, representing a week-on-week increase of 3.9% and a month-on-month increase of 24.2% [9][46] - The performance of sub-sectors this week ranked as follows: SW motorcycles and others (+5.1%) > SW commercial passenger vehicles (+4.4%) > SW passenger vehicles (+0.4%) > SW automobiles (+0.1%) > SW commercial freight vehicles (0.1%) > SW auto parts (-0.7%) [9][21] Industry Core Changes - The Xiaopeng G7, a mid-size SUV, is positioned for family tech aesthetics, with pricing starting at 195,800 yuan for the 602 km Max version and 205,800 yuan for the 702 km Max version. It is the world's first electric vehicle with L3 computing power [4][10] - Baolong Technology and Weifu High-Tech's joint venture completed its business registration on July 1, 2025 [4][10] - Pony.ai announced the launch of Robotaxi road testing in Luxembourg [4][10] - WeRide's W5 autonomous logistics vehicle has been approved for road testing in Guangzhou [4][10] Market Focus - The market's attention this week was on several key events: Xiaopeng's G7 launch, Yutong Bus's production and sales data exceeding expectations, Pony.ai's Robotaxi testing, and the mass production of G1 by Junpu and Zhiyuan [5][11] Current Sector Configuration - The company suggests that "only by adhering to technological innovation can the automotive industry avoid internal competition and move towards healthy development." It recommends increasing the allocation weight of dividend-style stocks in the second half of the year [6][11] - Key stocks in the dividend and good pattern line include Yutong Bus, China National Heavy Duty Truck, and auto parts companies like Fuyao Glass and Xingyu Co [7][11] - For the AI smart line, preferred stocks include Xiaopeng Motors, Li Auto, and Xiaomi in Hong Kong, and companies like Seres and BYD in A-shares [7][11] - In the AI robotics line, preferred stocks include Top Group, Junsheng Electronics, and others [7][11] Weekly Stock Performance - The top-performing stocks this week included Chunfeng Power, Aima Technology, Yutong Bus, SAIC Motor, and China National Heavy Duty Truck [9][24]

传统燃油车部分，吉利中国星上半年累计销量达615895辆，同比增幅7%，并通过经典产品的迭代更新，持续提升市场份额。新能源车方面， 吉利汽车（含吉利、领克、极氪）6月销量保持持续增长，达到了122367辆，同比增长86%。上半年，三个品牌累计新能源车销量总量为 7月1日，吉利汽车控股有限公司（0175.HK）公布6月销量数据：乘用车销量236036辆，同比增长42%，已连续10个月销量突破20万辆，今年1- 6月，集团累计销量达1409180辆，同比增长47%。另外根据企业财报，企业2025年第一季度实现营业收入725亿元，同比增长25%。归母净利 润56.7亿元，同比增长264%，盈利能力显著提升。随着新能源盈利能力的改善及规模效应释放，第一季度，公司毛利总额大幅提升至114亿 元，毛利率达15.8%。 目前，吉利汽车已完成全域AI智能化布局，吉利以全域AI技术赋能，在智能辅助驾驶技术、三电技术等多个领域加速推进技术创新与量产上 车，进一步提升企业核心竞争力。6月13日，吉利还发布了基于AI场景引擎的动力域智能体——星睿AI云动力2.0，以及节能、性能、安全全维 度进阶的雷神AI电混2.0。 725151辆 ...

证券研究报告 2025年7月3日 行业：计算机 增持 （维持） 聚焦AI智能化、国产化 ——2025年下半年计算机行业投资策略报告 分析师：章锋 SAC编号：S0870525030002 主要观点 大模型持续创新，AI Agent商业化加快。模型端：国内外大模型加速迭代。OpenAI推出GPT-4o、谷歌Gemini 2.5 系列模型全新升级、Anthropic发布Claude 3.5 Sonnet、DeepSeek R1-0528强化结构化代码输出能力，主流大模型在 模型智能、效率和多模态能力方面持续取得进展。算力端：资本开支向上，推理算力景气。微软、亚马逊、Meta 、谷歌、阿里、腾讯、百度等科技大厂持续加码资本开支，推理算力需求井喷，巴克莱报告预计AI推理计算需求 将占通用人工智能总计算需求的70%以上，我们认为，ASIC 以及国产芯片将迎来新发展机遇。应用端：巨头加速 布局，AI Agent商业化加快。B端，微软、谷歌、Salesforce、百度、腾讯、字节等持续加码，C端，国内外Agent 惊艳涌现，同时巨头积极拥抱MCP，加速落地AI Agent。根据Markets and Markets预测，全 ...

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by technological innovation and the rise of AI and robotics, with a focus on three main themes: dividends, smart technology, and robotics [5][6][12]. Weekly Review Summary - In the third week of June, the compulsory insurance for vehicles reached 548,000 units, showing a week-on-week increase of 21.6% and a month-on-month increase of 40.0% [2][42]. - The performance of various automotive segments ranked as follows: SW automotive parts (+4.6%), SW commercial passenger vehicles (+3.2%), SW automotive (+2.9%), SW motorcycles and others (+2.4%), SW passenger vehicles (+0.1%), and SW commercial freight vehicles (0.0%) [2][9]. Industry Core Changes - Xiaomi launched the YU7, a mid-to-large luxury high-performance SUV, with prices starting from 253,500 CNY for the single-motor rear-drive version and going up to 329,900 CNY for the dual-motor high-performance version [4][11]. - Li Auto updated its Q2 2025 delivery forecast to 108,000 units, reflecting a slight decrease of 0.5% year-on-year but an increase of 16% compared to the previous quarter [4][11]. - Black Sesame Intelligence and Nullmax collaborated to create a mainstream production solution for assisted driving, utilizing a single Wudang C1236 chip [4][11]. - The YU7 model is equipped with a standard electric power steering system [4][11]. Sector Perspective Reaffirmation - The market remains optimistic about the automotive sector, particularly following the impressive pre-sale of the Xiaomi YU7, which surpassed 240,000 units in just 18 hours, setting a historical record [5][12]. - The recommendation is to increase the allocation towards dividend stocks in the automotive sector for the second half of the year, focusing on three main themes: dividends and good patterns, AI smart technology, and AI robotics [6][12]. Current Automotive Sector Configuration - The automotive sector is advised to focus on technological innovation as a means to achieve healthy development [6][12]. - Key stocks to consider include: - Dividend and good pattern theme: Yutong Bus, China National Heavy Duty Truck, and various automotive parts manufacturers [6][12]. - AI smart technology theme: Preferred stocks include Xpeng Motors, Li Auto, and Xiaomi Group in Hong Kong, and companies like Seres and BYD in A-shares [6][12]. - AI robotics theme: Recommended stocks include Top Group, Joyson Electronics, and others [6][12].

本周（6月30日—7月6日），国内方面，中国6月制造业PMI、6月财新制造业PMI将出炉；海外方面，美国6月失业率、非农就业人口变动，2025年金砖国 家峰会将于7月6日至7日在里约热内卢举行。 一周财经日历 6月30日（周一） 日本5月工业产出同比初值 中国新一轮成品油调价窗口将开启 中国6月官方综合PMI 中国6月官方非制造业PMI 中国6月官方制造业PMI 欧洲央行在辛特拉举行中央银行论坛至7月2日 英国季度GDP同比终值 德国5月零售销售同比、环比 欧元区5月M3货币供应同比 美国6月芝加哥PMI 美国6月达拉斯联储商业活动指数 7月1日（周二） 中国6月财新制造业PMI 美国6月ISM制造业指数 香港股市休市一日 7月2日（周三） 澳大利亚5月零售销售环比 欧元区5月失业率 美国6月ADP就业人数变动 加拿大6月RBC制造业PMI 7月3日（周四） 美国6月失业率 美国6月非农就业人口变动 美国6月ISM非制造业指数 日本6月服务业PMI终值 日本6月综合PMI终值 中国6月财新服务业PMI 中国6月财新综合PMI 欧元区6月综合PMI终值 欧元区6月服务业PMI终值 7月4日（周五） 美国金融市场 ...

Core Viewpoints - The current market valuation may not support a purely liquidity-driven rally, but unexpected interest rate cuts by the Federal Reserve and the People's Bank of China could act as catalysts for market sentiment [1] - Structural opportunities will be a key topic during the mid-year reporting season, while index opportunities may need to wait until late Q3 or Q4 [1] - The electrification process is accelerating globally, with a focus on the full industrial chain's monetization capabilities in the electrification and AI sectors [1] Group 1: Market Dynamics - Recent market changes indicate that there is no shortage of money, with trading volumes reaching approximately 1.5 trillion yuan [2] - The market is poised for potential upward movement, contingent on three triggers: attractive valuations, strong current and future fundamental expectations [2][3] - The market is expected to maintain a volatile yet upward trend, supported by the influx of medium to long-term funds and favorable policies [7][11] Group 2: Sector Focus - Key investment themes include domestic consumption, domestic substitution, and sectors that have been underweighted by funds [5][7] - The technology sector is anticipated to regain market attention, particularly with the upcoming IPOs of tech companies and innovations in AI and military industries [1][6] - The focus on high-dividend assets and the technology sector, especially those related to AI capital expenditures, is expected to provide investment opportunities [16] Group 3: Economic Indicators - The market is currently experiencing a phase of structural improvement, but it is not yet at the level of a bull market [6][10] - The potential for a bull market is contingent on either a positive shift in earnings or policy direction by Q3 [10] - The overall economic recovery is expected to be driven by domestic consumption and export growth, with a cautious outlook on external risks [4][10]

①中信证券：中报季还是以结构性机会为主；②中国银河证券：关注三大主线配置机会；③湘财证券： 预期7月A股将呈小幅震荡上行态势。 沪指本周涨1.91%，深成指涨3.73%，创业板指涨5.69%。A股后市怎么走？看看机构怎么说： ①中信证券：中报季还是以结构性机会为主，预计AI和军工是三季度寻找结构性机会的重心 中信证券研报表示，结构性机会仍料将是贯穿中报季的话题，指数型机会可能还需要等三季度末到四季 度。近期，YU7大热、欧洲延缓停售油车，标志着产品力正替代产品形式，推动全球电气化进程全面加 速东移，下一个阶段的行情逻辑可能是电气化领域全产业链变现能力的提升，以及AI智能化领域的追 赶。三季度A股科技企业IPO重启，科技领域产品催化频出，或将带来市场注意力重新转向科技板块， 有望接力创新药和新消费的行情。预计AI和军工是三季度寻找结构性机会的重心。 ②中国银河证券：A股市场有望震荡向上，关注三大主线配置机会 中国银河证券研报表示，总体来看，A股市场有望呈现出震荡向上的行情特征。三大主线配置机会：第 一，安全边际较高的资产。低估值、高股息特性契合中长期资金配置需求，在外部不确定性与低利率环 境下兼具安全边际与收益 ...

未经许可，不得转载或者引用。 投资要点 本周复盘总结：六月第二周交强险45.1万辆，环比上周/上月周度+27%/+18.2% 本周细分板块涨跌幅排序:SW商用载客车(-1.3%) > SW乘用车(-2.1%) >SW汽车（-2.6%）>SW 汽车零部件(-2.6%) > SＷ商用载货车(-3.0%) >SW摩托车及其他(-4.2%) 。本周已覆盖标的中国 重汽、瑞鹄模具、立讯精密、威迈斯、雅迪控股涨幅前五。 本周团队研究成果： 外发客车6月月报。 本周行业核心变化： 1） 理想i6、方程豹钛7、领克10 EMP（Z10插混版）登录工信部公告； 2） 拓普集团将宁波前 湾内饰功能件和热管理项目延期，部分定增资金转投"泰国年产130万套热管理系统项目"，前 者项目投产时间延期至2026年7月； 3） 飞龙股份获得中国台湾某全球知名电力电子与能源管 理解决方案提供商和金運科技的大功率数据中心专用电子水泵小量订单。 板块观点重申：继续坚定看好汽车！红利/智能化/机器人三条主线！ 本周市场对汽车核心关注？ 本周汽车A-H表现依然总体一般，各个细分板块有不同幅度的回调，其中客车板块相对收益最 佳。本周国家相关部门明确表示 ...

证券研究报告 汽车周观点： 6月第2周乘用车环比+27%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月22日 ➢本周复盘总结：六月第二周交强险45.1万辆，环比上周/上月周度+27%/+18.2% ➢本周细分板块涨跌幅排序:SW商用载客车(-1.3%) > SW乘用车(-2.1%) >SW汽车（- 2.6%）>SW汽车零部件(-2.6%) > SＷ商用载货车(-3.0%) >SW摩托车及其他(-4.2%) 。 本周已覆盖标的中国重汽、瑞鹄模具、立讯精密、威迈斯、雅迪控股涨幅前五。 ◼ 本周团队研究成果：外发客车6月月报。 ◼ 本周行业核心变化：1）理想i6、方程豹钛7、领克10 EMP（Z10插混版）登录工信部 公告；2）拓普集团将宁波前湾内饰功能件和热管理项目延期，部分定增资金转投"泰 国年产130万套热管理系统项目"，前者项目投产时间延期至2026年7月；3）飞龙股 份获得中国台湾某全球知名电力电子与能源管理解决方案提供商和金運科技的大功率 数据中心专用电子水泵小量订单。 注：若无特殊说明，"本周"均代 ...

本周细分板块涨跌幅排序:SＷ商用载货车(+10.7%) >SW摩托车及其他(+2.0%) >SW商用载客车 (+0.4%) > SW汽车（-0.8%）>SW汽车零部件(-1.6%)> SW乘用车(+2.0%) 。本周已覆盖标的江 淮汽车、春风动力、威迈斯、上汽集团、中国重汽涨幅前五。 本周团队研究成果： 未经许可，不得转载或者引用。 投资要点 本周复盘总结：六月第一周交强险35.5万辆，环比上周/上月度-22.6%/-14.8%。 外发AI+汽车智能化系列之十二——理想汽车核心竞争力剖析、精锻科技、隆鑫通用、福耀玻 璃专题第六篇深度。 本周行业核心变化： 1） 多家车企将供应商支付账期调整至60天以内； 2） 地方补贴暂停，目前基于我们统计大概 补贴受影响城市占总体汽车销量比例低于10%； 3） 小鹏G7亮相，定位为极致空间而生的家庭 科技美学中型SUV，预售价23.58万元,成为全球首款具备L3算力的新能源汽车，全系标配 702km续航，5C超充电池+全域800V SiC平台，Max版搭载双Orin-X芯片；Ultra版搭载三颗图 灵AI芯片； 4） 银轮股份公司与合作伙伴合资成立"依智灵巧"，布局人形机器 ...