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比亚迪(002594):方程豹销量表现亮眼 海外市场同比持续高增
Xin Lang Cai Jing· 2025-07-07 02:32
分品牌来看,2025 年6 月王朝+海洋网/腾势/方程豹/仰望品牌分别实现销量342737/15783/18903/205 辆, 同比增速分别为+5.5%/+28.6%/+605.3%/-51.0%,环比增速分别为-1.6%/-0.1%/+50.1%/+47.5%。高端品牌6 月共实现销量3.5 万辆,同比增长127.0%,销量占比为9.2%,同比提升4.7pct;其中方程豹品牌表现亮 眼,6 月方程豹钛3 销量为12017 辆,环比增长114.67%,销量持续兑现。 海外市场厚积薄发,销量持续走高 2025 年6 月比亚迪海外乘用车和皮卡实现销量9.0 万辆,同比增长229.8%,环比增长1.2%,月度销量持 续创新高;海外乘用车和皮卡销量占比达23.4%,环比提升0.3pct。公司携手众多全球优质经销商,加 速海外渠道布局;推进本地化生产进程,乌兹别克斯坦和泰国工厂陆续投产,4 月柬埔寨工厂成功奠 基,6 月"西安号"、"长沙号"滚装船先后投入使用,目前共计六艘滚装船投入运营,合计运力达4.9 万 辆,公司海外竞争力有望持续增强带动销量增长。 投资建议 比亚迪技术进步带动销量增长飞轮持续演绎,"全民智驾" ...
汽车行业周报:治理反内卷将促进行业健康发展,继续关注华为链相关公司-20250706
Orient Securities· 2025-07-06 12:17
Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Viewpoints - The governance of "involution" competition is expected to promote healthy development in the industry, with continued focus on companies within the Huawei supply chain [1][13] - June sales in the automotive industry benefited from consumption promotion policies, with significant year-on-year growth observed [11][17] - The report suggests that companies related to the Huawei supply chain will be less affected by price competition, indicating a stable order growth for models like the Hongmeng Zhixing S800 [12][19] Summary by Sections Investment Suggestions and Targets - The report recommends continued attention to the Huawei supply chain, including complete vehicles and auto parts, with a focus on competitive domestic brands and new forces in intelligent driving technology expected to expand market share by 2025 [2][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, and several others in the automotive and parts sectors [15][16] Sales Tracking - In June, the wholesale sales of passenger cars reached 1.235 million units, a year-on-year increase of 15%, while retail sales reached 763,000 units, a year-on-year increase of 3% [17] - Notable sales growth was reported for several new energy vehicle brands, with Hongmeng Zhixing delivering 52,747 units in June, marking a new monthly high [19] Industry Dynamics - The automotive industry is taking proactive measures to combat "involution" competition, including shortening supplier payment terms to 60 days and implementing various actions to stabilize pricing and improve profitability [13][22] - The report highlights that the central government is focusing on eliminating low-price disorderly competition and enhancing product quality across the industry [13] Market Performance - The automotive sector's overall performance has been relatively flat, with the motorcycle and other segments showing better performance [22] - The report notes that the automotive industry has underperformed compared to the broader market indices, indicating a need for strategic adjustments [24]
汽车周报:反内卷需要新卖点,关注智驾强标的影响-20250706
Shenwan Hongyuan Securities· 2025-07-06 11:14
Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].
上汽集团 | 6月:销量表现亮眼 自主+出口驱动增长【民生汽车 崔琰团队】
汽车琰究· 2025-07-05 07:37
02 分析判断 ► 2025上半年销量表现亮眼 自主+出口驱动增长 经营质量提升 受益于自主品牌创新和出口韧性,2025年6月上汽集团批发销量同比+21.6%;上半年批发同比+12.4%,终端交付量220.7万辆,高于批发销量 205.3万辆,稳步去库后当前库存水平较低。结构端,新能源方面,2025上半年累计销售64.6万辆,同比+40.2%,实现大幅增长;自主品牌方 面,销量占比提升至 63.5%,同比+4.6pct,结构优化显著。出口方面,2025上半年,上汽集团海外销量同比+1.3%,在欧盟反补贴等不利影响 下,上汽MG积极克服,在欧洲实现终端交付超15万台,促进出海销量实现稳定增长。 ► 上汽牵手华为成立"尚界"新车将于三季度上市 上汽集团与华为深度合作的智能汽车品牌"尚界"于车展正式亮相,双方采用"智选车模式",首款SUV车型定位中高端主流市场(售价15 万—25万元),搭载华为ADS3.0无图智驾、鸿蒙OS4.0座舱等黑科技,目前已进入量产准备阶段,将在2025年9月底上市。我们认为, 首款车型定位15-25万元区间,标志着华为从高端市场(问界M9)、中高端市场(智界R7)向大众市场渗透,完善"全 ...
某新势力世界模型负责人休假。。。
自动驾驶之心· 2025-07-04 10:27
以下文章来源于红色星际 ,作者红色星际科技 红色星际 . 让更多人,更深入地了解自动驾驶行业! 今年这家新势力将智驾投入的重心从端到端转移到了VLA,试图在端到端上取得拔尖成绩之后继续乘胜突击。这位负责人作为"舵手"可谓核心关键人物,而就在这样的节 骨眼上,如此核心的人物休假,对于这家新势力在前沿技术的研发上会产生什么样的影响呢? 本文只做学术分享,如有侵权,联系删文 今年这家新势力的智驾核心团队并不稳定。智驾最核心的三个部门:端到端、世界模型、量产,端到端负责人已经离职,世界模型负责人带病休假,就只有量产的负责人 还在。 智驾一号位似乎对此并不担忧,还是信心满满,认为等新模型量产上车会在业界取得断代式领先。不过,端到端和世界模型是最重要的两个技术,核心人物不稳定,并不 是一个好现象。 这几年新势力在智驾自研上都出现一个严重的现象,人才流动和动荡成为常态。而且,越是某一阶段做的拔尖的新势力,人才越频繁的动荡。 作者 | 红色星际科技 来源 | 红色星际 点击下方 卡片 ,关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 据悉 ...
ETF市场周报 | 市场风险偏好明显提振!沪指剑指 3500点,创新药ETF反弹明显
Xin Lang Cai Jing· 2025-07-04 09:49
市场回顾: 本周(2025年6月30日-7月4日),随着中东局势快速降温和海外降息预期发酵,全球股市风险偏好明显提振,美股标普500和纳斯达克指 数均创历史新高。A股指数在大金融板块的带动下放量走强,沪指"三连阳"突破年内高点,剑指 3500点。A股主要指数普涨,本周北证 50、微盘股指、创业板指、中证2000指数领涨,仅红利指数下跌。三大指数本周上升明显,上证指数、深证成指、创业板指分别涨 1.40%、1.25%、1.50%。 ETF方面,成交放量和赚钱效应抬升,投资者风险偏好明显回暖并再度打开震荡中枢上沿。因此本轮成长赛道整体表现由于价值赛道。从 上周ETF走势看,全市场ETF平均跌幅0.96%,股票型ETF本周表现可圈可点,整体涨幅为1.13。商品型ETF表现同样出色,涨幅0.95%,债 券型 ETF、跨境型ETF小幅微涨。 ETF涨跌幅: 涨幅方面,创新药ETF反弹明显 | | | 本周ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 涨幅 | 基金管理人 | 投资类型 | | 520700 | 港股创新药ETF基金 | ...
新能源车周报:商务部将加强对二手车出口工作指导
Sou Hu Cai Jing· 2025-07-04 07:13
银河证券认为车企半年度冲量提升终端优惠、"高息高返"到期、部分地区以旧换新暂停等因素也在一定 程度上引发消费者购车需求的前置,推动了6月车市销量的增长。展望下半年来看,国家发改委政策研 究室副主任李超于6月26日表示将于今年7月份下达第三批消费品以旧换新资金,我们认为补贴资金不足 属于短期因素,资金下达后以旧换新仍将继续对车市内需形成提振,全年车市销量有望实现稳增长;新 能源方面,6月新能源渗透率有望续创新高,小米首款纯电SUV产品YU7在6月26日晚上市后1小时大定 达28.9万台,18个小时锁单达24万台,且据工信部新车目录,下半年还将有理想i8、i6、极氪9X、银河 M9、乐道L60、比亚迪海狮06等多款新能源新车上市,市场新供给持续丰富,叠加新能源汽车下乡政策 以及购置税免征政策年底到期带来的抢装效应,预计下半年新能源渗透率仍将继续保持逐月提升趋势。 证券之星新能源车行业周报:据上海有色网,截至7月4日,电池级碳酸锂6.13-6.33万元/吨,均价6.23万 元/吨,环比上一工作日上涨200元/吨;工业级碳酸锂6.02-6.12万元/吨,均价6.07万元/吨,环比上一工 作日上涨200元/吨,碳酸锂现 ...
数字化成为激光雷达重要升级方向
Shang Hai Zheng Quan Bao· 2025-07-02 18:26
◎陈铭 记者 邓贞 今年以来,在"智驾平权"的浪潮驱动下,激光雷达赛道突现强势"入局者"。 根据高工智能汽车产业研究院数据,今年1至5月,中国市场乘用车激光雷达前装量达到78.92万颗,同 比增长83.45%。其中,华为凭借在问界、智界、阿维塔等多款车型中的大量前装,出货量跃居首位。 多位受访者表示,华为此次上榜并非"主动为之",更多是在销售ADS智能辅助驾驶系统时的"顺带推 动"。然而,其所合作的爆款品牌车型的带动效应,正在持续提升激光雷达在主流市场的渗透度。随着 L3级自动驾驶加速落地,数字化已成为激光雷达的重要升级方向。 爆款助推产品铺路 "华为的'上榜'其实并不令人意外。"一家第三方机构对上海证券报记者表示。 Yole Group近日发布的《2025年全球车载激光雷达市场报告》显示,2024年,全球车载激光雷达市场迎 来了爆发式增长。尽管禾赛与速腾聚创的总份额依旧稳占半壁江山,但华为正在加速突围,其整体份额 从2023年的6%增长至2024年的19%;乘用车领域,则从8%跃升至24%,紧随速腾聚创与禾赛,位居全 球第三。 面对市场新势力,激光雷达头部企业正在以更强劲的产品实力与规模能力加速前行。 硬件 ...
中国汽车的“爷爷”长啥样?70年变迁,竟然只在一瞬间!
电动车公社· 2025-07-02 15:59
如果大家看到这里还意犹未尽,不如多翻翻我们的 「视频 号」。 除了这种体验类的节目之外,其他文字说 起来有些枯燥,但又值得「细说」的内容,都会放在这里。 比如这期,会和大家聊聊近期上市的新车,小鹏G7: 关注 「电动车公社」 一直以来,滑布李都是给大家拍新车、讲技术、录节目。但这一次,他想用第一视角,带大家沉浸式体验一下 北京汽车博物馆。 原因也很简单:一方面是希望通过国宝级的车型回顾一下中国汽车发展史,到底是如何从"手工敲车壳"成为全 球汽车产销/出口第一大国,再到后来的技术井喷、反哺全球品牌的; 另一方面,也希望带大家看看中国的汽车文化究竟从何而来,我们现在的新能源又要到哪里去。 那么,北京汽车博物馆里究竟有哪些"狠货"?几十年后的新车,又有了怎样的进化? 关注电动车公社 视频号 更多精彩视频不错过 戳开看视频 每个人都能享受时代进步的红利 再比如这期,我们也会和大家讲明白电池新国标到底改哪了: 再或者,和大家讲讲什么是世界模型,AI和智驾运行的底层逻辑: 欢迎大家在闲下来的时候多翻翻 「电动车公社视频号 」,我保证这是今年你关注的所有公众号里最有意 义、也最有趣有料的一个。 和我们一起重新思考汽车 点击 ...
理想汽车6月销量同比大跌24%,市场份额面临对手“蚕食”|公司观察
Di Yi Cai Jing Zi Xun· 2025-07-02 10:16
Core Viewpoint - Li Auto's vehicle deliveries have significantly declined, with June deliveries at 36,300 units, down 11% month-over-month and down 24% year-over-year, raising concerns about the company's performance and market position [1][2]. Group 1: Delivery Performance - In June, Li Auto delivered 36,300 vehicles, a decrease of 11% from May's 40,800 units, which had a year-over-year growth of 16.7% [1]. - For Q2, the total vehicle deliveries were 111,000, slightly lower than the 108,600 units delivered in the same period last year, indicating a decline of over 2,000 units [1]. Group 2: Market Competition - The competitive landscape is intensifying, with rivals like Seres and Leap Motor enhancing their range-extended technology, posing a threat to Li Auto's market share [3][4]. - Major competitors are planning significant financing through Hong Kong listings, which could increase pressure on Li Auto's operations and market share [4]. Group 3: Financial Performance - Li Auto's average net profit per vehicle has been declining, dropping from 17,800 yuan in Q1 2023 to below 7,000 yuan by Q1 2025, a cumulative decline of over 60% [4]. - Rising costs of raw materials, such as copper and aluminum, have added pressure on automotive companies, making it difficult to pass these costs onto consumers [4]. Group 4: Executive Actions - CEO Wang Xing has been reducing his stake in Li Auto, selling 5.737 million shares between June 10 and June 13, totaling over 600 million HKD, which has raised concerns among investors [6][7]. - Other executives, including the CFO and co-founder, have also sold shares, which may lead to investor apprehension regarding the company's future performance [7].