中信建投指出，8月第三批"以旧换新"国补各地已陆续恢复申领，静待车市"金九银十"，当前新能源车 免征购置税3万元，2026~2027年将调整为减半征收（即从减免最高3万元下调为1.5万元），汽车"反内 卷"叠加新能源需求前置催化行业beta亟待上行，利好强势新车周期主机厂以及30万元+高端品牌。L2智 驾国标或落地在即，板块密集催化下产业趋势进一步强化；商用车内需修复和非俄海外出口景气度上行 带来龙头公司上半年业绩连续超预期，稳健低估值属性仍为防御型资金青睐。L4智驾行业今年迎来行 业成本和技术的拐点，当前技术迭代、行业格局、新商业模式等仍在演变，L2强标征求意见稿即将发 布意味着国家信用背书，智能化成为可定量的品牌力，重点关注智能化检测环节和L3-L4智驾运营板 块。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数聚焦于智能汽车领域，从电子、计 算机、汽车等行业中精选与智能驾驶、车联网等核心技术紧密相关的优质上市公司证券作为指数样本。 指数成分股权重分布依次为31.0%、20.6%和16.6%，全面覆盖感知层、决策层、执行层等智能汽车产业 链核心环节，系统性地反映了智能汽车领域 ...

Investment Rating - The report rates the automotive industry as "Positive" [5] Core Insights - The UK government has reintroduced purchase subsidy policies for electric vehicles, which is expected to increase the penetration rate of pure electric vehicles to 26% [2][20] - Domestic plug-in hybrid vehicle sales have experienced a negative growth for the first time, while commercial vehicles and exports show strong performance [3][40] - The report highlights significant growth in electric vehicle sales in Europe and other regions, with a notable increase in the US market [3][78] Monthly Focus - The UK has launched multiple subsidy policies for electric vehicles, including a purchase subsidy that will provide £3,750 or £1,500 for eligible vehicles starting from July 2025, with a total budget of £650 million [10][14] - The reintroduction of subsidies is driven by the UK's stringent regulations under the "Zero Emission Vehicle Directive," which mandates that 80% of new car sales must be zero-emission vehicles by 2030 [15][20] - The expected impact of the subsidy policy is an increase in the penetration rate of pure electric vehicles from 24% to 26%, benefiting manufacturers with production capabilities in Europe and the UK [2][21] Key Data Tracking - In July, domestic plug-in hybrid vehicle retail sales decreased by 4% year-on-year, marking the first decline since the surge of new energy vehicles [3][35] - Commercial vehicle sales continue to grow at a high rate, with penetration rates exceeding 20% for four consecutive months [40] - Exports of new energy vehicles have maintained high growth since 2025, particularly driven by significant increases in exports from BYD and Chery [47][55] Industry and Company Changes - Major state-owned enterprises in China, such as Changan and FAW Group, have set targets for new energy vehicle sales to exceed 60% by 2030 [4] - New models featuring plug-in hybrid and range-extended technologies have been launched by companies like Zeekr and IM Motors [4] - Collaborations between Huawei and various brands are expected to yield new models, with several set to launch in the near future [4]

Group 1 - The core viewpoint of the news is the expansion of the strategic cooperation between XPeng Motors and Volkswagen, which now includes not only electric vehicle platforms but also fuel and plug-in hybrid vehicle platforms in the Chinese market [1][3]. - Following Volkswagen's investment of $700 million in July 2023, which made it the third-largest shareholder of XPeng, the collaboration has deepened with agreements on platform and software development, and now the electronic and electrical architecture [3]. - For Volkswagen, this partnership is crucial for strengthening its position in the Chinese market, especially as its profits have declined significantly in the first half of the year, with losses in its software and battery businesses increasing the pressure for transformation [3]. Group 2 - The collaboration is expected to enhance the technological capabilities of both companies while reducing costs, as stated by Volkswagen (China) CEO, Berndt [3]. - For XPeng Motors, this expanded cooperation represents not only a technical order but also a potential growth avenue, with service and other revenues reaching 1.44 billion yuan, a year-on-year increase of 43.6%, and a gross margin of 66.4% [3]. - The partnership with Volkswagen is anticipated to provide XPeng with more stable technical service income, further boosting its profitability [3].

尚界H5作为鸿蒙智行第五品牌的首款车型，消息称定位15-25万元价位区间，将成为鸿蒙智行最亲民的 车型。该车基于上汽荣威ES39车型开发，搭载华为智能座舱和智驾系统，采用上汽星云纯电平台打 造。 据了解，作为华为与上汽合作的首款车型，尚界H5明确上市即搭载HUAWEI ADS 4辅助驾驶系统，分 纯电与增程双动力版本，将于9月上市。 凤凰网科技讯 8月20日，鸿蒙智行尚界汽车公布了旗下首车尚界H5的云水蓝车色和韶华杏内饰，该车将 于8月25日正式开启预订。 ...

本报讯 （记者王镜茹）8月19日，广州中海达卫星导航技术股份有限公司（以下简称"中海达"）发布2025年半年报，公司 上半年实现营业收入4.93亿元，同比增长15.39%；归属于上市公司股东的净利润亏损2368.85万元，较去年同期亏损大幅减小。 据半年报披露，中海达自主研发的惯性测量单元产品（IMU）成功获得吉利汽车控股有限公司旗下子公司定点，为其"千 里浩瀚"智能辅助驾驶平台提供关键的位置与姿态感知技术支撑，并已实现相关车型的量产交付。报告期内，中海达智能辅助 驾驶车载高精度业务新定点项目的顺利导入量产，有效释放了工厂产能，驱动了相关业务的快速增长。 与此同时，中海达持续探索状态空间模型、数据传感器和算法的研发，积极拓展新兴应用场景。在报告期内，中海达成功 获得国内两家具身智能机器人企业的IMU产品定点，相关产品已小批量交付，为其产品技术在具身智能场景应用发展打好基 础。 此前，中海达在接受机构调研时表示，公司惯性测量单元产品（IMU）、高精度定位天线、车载组合型（4G/5G+GNSS） 天线和高精度定位算法引擎SDK等产品在一众车企的量产车型上保持规模量产交付。公司在智能驾驶相关软硬件产品布局已日 臻完 ...

Core Viewpoint - Both Leap Motor and Xpeng Motors have shown significant progress in their financial performance, with Leap Motor achieving its first half-year profit and Xpeng Motors continuing to grow in deliveries and revenue [4][5][13]. Group 1: Leap Motor - Leap Motor achieved a significant milestone by turning a net profit in Q4 2024, one year ahead of its initial target [5]. - In Q1 2025, Leap Motor reported a net loss of 130 million yuan, but rebounded to a profit of 160 million yuan in Q2, marking its first half-year profit of 30 million yuan [8]. - The company delivered over 220,000 vehicles in the first half of 2025, surpassing its competitors and achieving the highest delivery volume among new energy vehicle manufacturers [8]. - Leap Motor's revenue grew by 174% year-on-year to 24.25 billion yuan, with a gross margin increase of 11 percentage points to 14.1% [9]. - The company has raised its delivery guidance for 2025 from 500,000-600,000 to 580,000-650,000 vehicles, expecting a net profit of 500 million to 1 billion yuan for the year [12]. Group 2: Xpeng Motors - Xpeng Motors reported a total vehicle delivery of 197,000 units by June 30, 2025, representing a year-on-year increase of 279% [13]. - The company's Q2 revenue reached 18.27 billion yuan, a significant increase of 125.3% compared to the same period in 2024 [16]. - Xpeng's gross margin for the first half of 2025 was 16.5%, up from 13.5% year-on-year, with Q2 gross margin reaching 17.3% [17]. - Despite a net loss of 1.14 billion yuan in the first half of 2025, the loss narrowed significantly in Q2 to 480 million yuan, a 63% reduction from the previous year [18]. - Xpeng plans to deliver between 113,400 and 118,000 vehicles in Q3 2025, with projected revenue of 19.6 billion to 21 billion yuan [19]. Group 3: Strategic Developments - Xpeng is set to launch its Robotaxi with L4 capabilities in 2026, aiming to operate in select domestic regions [23]. - The company will introduce its first "Kunpeng Super Electric" model, the X9, in Q4 2025, featuring a dual-energy system and extensive range capabilities [26]. - Xpeng is focusing on enhancing its product lineup with higher-priced models to increase average selling prices and improve profitability [28]. - The company has expanded its international presence, delivering over 18,000 vehicles overseas in the first half of 2025, with plans for local production in Indonesia [30]. Group 4: Leap Motor's Product Strategy - Leap Motor has launched several new models in 2025, targeting the 100,000 to 200,000 yuan market segment, with the B10 SUV receiving significant market attention [34]. - The company is preparing to unveil its D-series models, which will include high-end SUVs and MPVs, with expected prices starting above 250,000 yuan [35]. - Leap Motor aims to maintain its competitive edge through self-research and systematic capabilities, focusing on providing advanced technology at reasonable prices [38].

2025年的夏天，A 股正在经历一场静水深流的变化。 宏观层面，充裕的流动性与抬升的风险偏好互成经纬； 产业层面，人工智能、人形机器人、智能驾驶等新质生产力次第开花； 政策支持方面，"924"以来，从高层"活跃资本市场"的定调，到"新国九条"对投资者回报的强化，险资、年金等长期资金亦加速入场。 多重信号交汇，A股重又站上3700点，赚钱效应显现，创新药、机器人、军工、煤炭、钢铁等多重主题热度不减，市场情绪也如潮水般涌动。 然而，对于普通投资者而言，市场机会的兑现路径并不平坦。风格切换的节奏、估值波动的幅度、行业轮动的速度，都可能成为收益的"漏勺"。此时，一 只真正站在持有人角度设计的产品，就显得尤为珍贵。 正是在这样的背景下，即将于8月25日发行的汇添富成长优选混合型证券投资基金（A 类 025075 / C 类 025076）以"均衡成长"为锚，以"浮动费率"为桨， 带着清晰的使命而来：让投资者在市场向上的时代列车里，坐得更稳、拿得更久、走得更远。 当市场来到"黄金击球区" 当前，中国资本市场正站在多重周期共振的转折点上。随着"反内卷"政策深化、经济结构转型升级，以及全球资本对中国资产的重新定价，权益市场呈 ...

Core Viewpoint - The article discusses the evolving landscape of the A-share market in 2025, highlighting the interplay of macroeconomic factors, industry advancements, and policy support that create a favorable investment environment. It emphasizes the importance of a well-structured investment product that aligns with investor interests amidst market volatility [2][4]. Macroeconomic and Industry Trends - The A-share market is experiencing a resurgence, with the index surpassing 3700 points, driven by strong liquidity and rising risk appetite. Key sectors such as innovative pharmaceuticals, robotics, military, coal, and steel remain hot topics [2]. - The Chinese capital market is at a turning point, with structural changes in the economy and a shift in asset allocation from real estate to financial assets, providing a significant opportunity for equity markets [4][5]. Corporate Profitability and Valuation - Corporate profitability is improving, with A-share non-financial companies' free cash flow growth reaching a historical high and free cash flow yield climbing to 3%, indicating enhanced operational efficiency [5][6]. - Current valuations of A-shares and Hong Kong stocks remain attractive, presenting a good entry point for investors [6]. Fund Structure and Management - The upcoming Hui Tian Fu Growth Preferred Mixed Securities Investment Fund adopts a "floating fee rate" model, aligning the interests of fund managers and investors. The management fee varies based on the fund's performance relative to benchmarks, promoting a "reward for performance" structure [10][11]. - The fund is managed by experienced manager Shen Ruoyu, who has a proven track record of over 50% returns in the past year across his managed products, emphasizing a balanced growth strategy [13][19]. Investment Focus Areas - The fund will focus on three core sectors: TMT (Technology, Media, and Telecommunications), high-end manufacturing, and consumer sectors, targeting opportunities in AI applications, robotics, and the aging population's consumption needs [17][19].

何小鹏预告两大新车！增程X9四季度量产，还官宣了Robotaxi两大杀手锏。 车东西8月19日消息，小鹏汽车董事长、CEO何小鹏在电话会议上透露了小鹏汽车今明两年发展的5大关键点。 1、小鹏增程版X9 Q4量产，定位40万级、综合续航超1500km，明年实现国内外上市。 5、VLA初始版本将于近期推送，未来一年半对标有人驾驶的L3。 而关于接下来发展目标，何小鹏回应称："四季度开始，我们将进入一车双能的大产品周期，我们有信心不仅实现规模领先，而且公司经营也 将进入盈利自我造血的全新阶段。" 根据小鹏汽车二季度财报，小鹏汽车财务状况得到改善，营收、交付量、毛利再度迈上了一个全新台阶。 小鹏2025年二季度财务数据 放眼整个上半年，小鹏汽车上半年总营收翻番，达到340.8亿元，较去年同期的146.6亿元暴涨194亿，同比增长132%，日均进账1.89亿。 不过，小鹏汽车亏损状况仍在持续。2025年上半年其净亏损达到11.4亿元，较2024年同期的26.5亿元，减少15亿。 此外，截至今年上半年，小鹏汽车现金储备为475.7亿元。 就目前小鹏汽车旗下的纯电车型而言，小鹏2025年二季度毛利率达17.3%，创历史新高 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its automotive electronics and precision die-casting segments, despite a complex external environment [5][6][10]. Financial Performance - The company achieved operating revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, with net profit attributable to shareholders reaching 341 million yuan, up 18.98% [5][6]. - In Q2 2025, the company recorded operating revenue of 2.822 billion yuan, a 28.10% increase year-on-year, and net profit of 186 million yuan, up 28.52% [5][6]. Business Segments - **Automotive Electronics**: Revenue from automotive electronics reached 3.788 billion yuan, growing 23.37% year-on-year. The company maintained the top market share in HUD products and wireless charging in China, with global market share rising to second place [6][10]. - **Precision Die-Casting**: This segment saw revenue of 1.292 billion yuan, a 41.32% increase year-on-year, driven by components for automotive intelligence and new energy vehicles [6][10]. Order Growth - The company reported significant growth in new orders for automotive electronics, including products like display screens and digital acoustics, with new projects from major international and domestic clients [8][9]. Technological Advancements - The company increased R&D investment to 440 million yuan, representing 8.29% of revenue, with advancements in automotive electronics and precision die-casting technologies [10][11]. - New products such as VPD and AR-HUD were launched, enhancing user experience and maintaining technological leadership [10][11]. Capacity Expansion and Globalization - The company is expanding production capacity and pursuing overseas operations, with new facilities in Huizhou and Shanghai, and subsidiaries established in Thailand and Mexico [12].