海外行业报告 | 行业动态研究 港股周报（2025.06.09-2025.06.13） 证券研究报告 稳定币法案进程逐步推进,，港股南向资金继续流入 【腾讯控股】25 年 PE16X，基本面维持相对强势，核心储备王者荣耀世界和无畏契约手游，AI Agent 产品值得期待。 【哔哩哔哩】25 年 28X PE，视频社区龙头，赛马娘上线有望带来新流水增量。公司多元化 IP 储备释放商业化潜力，拥有《三体》《凡 人修仙传》《镇魂街》等国创动画头部 IP 以及洛天依等虚拟偶像与虚拟主播 IP，长期关注公司通过 I P 生态化运营，形成"内容-社区 -商业"的正向循环。 【小米集团】25 年 27X PE，YU7 展车到店前期数据超预期，预计 YU7 发布会预热或将开始。 【阿里巴巴】26 财年 12X PE，Qwen3 模型持续迭代，预期云业务持续高增，长期来看电商市场份额企稳。 本周港股通 5 个交易日共净买入 141.6 亿元，年初至今净买入 6244.2 亿元，相当于 2024 年全年净买入 7440.3 亿元的 83.9%。南 向资金重点加仓美团（56.75 亿）。当前互联网公司处于估值相对低位，小米、腾讯、 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 转载自快科技 。 到底什么才是智能驾驶的最优解？马斯克给出了答案。 今日，特斯拉副总裁陶琳在微博上发布了一则马斯克的采访视频，马斯克在采访中表示，与道路系 统最适配的智能驾驶技术就是人工智能、数字神经网络和摄像头相结合。 "当然我们的车辆还配备了麦克风，用于识别紧急车辆的声音"。马斯克认为，全世界的道路系统都 是为了智能、生物神经网络和眼睛设计的，而不是根据"从眼睛里发射激光"来设计的。 "同时我们发现，当系统使用多种传感器时，它们之间往往会产生冲突，你该相信摄像头，还是该 相信激光雷达，一旦感知系统自相矛盾，就可能引发安全事故。" 和马斯克坚定的走纯视觉路线不同的是，国内新势力大多数都是激光雷达的拥护派，比如华为、理 想。 华为就认为激光雷达是必须的。2024年9月，余承东还与主持人马东进行对话，在谈到华为乾崑智 驾ADS 3.0时，马东提问："激光雷达是必要的吗？"余承东表示，坚持用激光雷达，是因为激光雷 达的安全性。 "只用摄像头方案没用激光雷达方案的，摄像头致盲就完蛋了，有些东西，摄像头是没办法的，摄 像头有极限。包括毫米波雷达，车厂都应该用，因为 ...

Core Viewpoint - The development of intelligent driving (smart driving) in the automotive industry is entering a critical turning point in 2025, shifting from aggressive marketing and promises of full automation to a more rational and realistic approach due to new regulations from the Ministry of Industry and Information Technology [1][2]. Industry Transition - The automotive industry is witnessing a transformation where companies are adjusting their marketing strategies to emphasize the "assistance" nature of smart driving rather than overpromising full automation capabilities [2][4]. - Traditional automakers like Volkswagen and Toyota have maintained a more cautious approach, focusing on safety and reliability rather than aggressive claims, which is now proving advantageous as the market stabilizes [4]. Consumer Perception - Consumer attitudes towards smart driving are divided; while there is some excitement, many remain cautious due to concerns about the maturity of the technology and its safety [12][14]. - A significant portion of consumers still view smart driving features as secondary to other factors such as price, brand reputation, and overall vehicle performance [9][11]. Marketing Adjustments - Sales representatives at recent auto shows have adopted a more restrained and factual approach when discussing smart driving features, moving away from exaggerated claims to clarify the limitations and necessary conditions for use [7][8]. - The shift in marketing strategy reflects a broader industry trend towards establishing a more realistic understanding of smart driving capabilities among consumers [8][14]. Safety Concerns - Despite the advancements in smart driving technology, many consumers express ongoing concerns about safety, often preferring to maintain manual control in complex driving situations [12][14]. - The industry is recognizing the need for patience and rationality from all stakeholders—manufacturers, regulators, and consumers—as smart driving evolves from a novel concept to a reliable aspect of safe transportation [14].

Core Insights - Avita Technology is accelerating its global market expansion, with the recent launch of Avita 11 and Avita 012 models at the 2025 Hong Kong Auto Show [1] - The company is collaborating with Momenta to develop an overseas vehicle project, code-named 15G, which is currently undergoing testing in the UAE and is expected to complete by the end of September [1][2] - Avita has signed a strategic cooperation agreement with Al Saqer Group to promote its products in the UAE market, where it has already launched two models [2] Group 1: Market Expansion - Avita Technology has entered ASEAN and Middle Eastern markets, launching in Thailand, UAE, and Qatar, with over 260 pre-orders in the UAE, capturing an 8.25% market share in the luxury new energy vehicle segment [1] - The overseas model developed with Momenta is likely to be first launched in the Middle East, with ongoing road tests planned for other countries in the region [2][3] Group 2: Strategic Partnerships - Avita has been utilizing Huawei's intelligent solutions for its current models and has deepened its strategic cooperation with Huawei, focusing on product development and marketing [1][4] - The collaboration with Momenta began around March this year, aiming to leverage Momenta's experience with international automakers like Mercedes and Toyota for the overseas model [3][4] Group 3: Future Plans - Avita plans to expand to over 50 countries and regions this year, with a goal to officially enter the European market by 2026, including the launch of a new flagship product next year [3][5] - The company is currently recruiting for various positions related to overseas operations, indicating a focus on enhancing its international presence [3][5] Group 4: R&D and Technology - Avita's R&D team is expanding, with a new facility in Chongqing capable of accommodating 1,000 personnel, in preparation for increased collaboration with both Huawei and Momenta [5] - Discussions are ongoing regarding the potential use of Momenta's solutions in domestic models, although no substantial progress has been reported yet [5][6]

投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 汽车 沪深300 相关研究报告 《整车竞争加剧，智驾有望构筑差异 化竞争力—行业周报》-2025.6.8 《限定场景 L4 热潮起，自动驾驶逻辑 持续演绎—行业点评报告》-2025.5.29 《关注智驾商业落地及优质主机厂和 零部件公司 — 汽 车 行 业 周 报 》 -2025.5.25 车企优化供应商支付账期，产业走向规范化 ——行业点评报告 汽车 2025 年 06 月 16 日 | 赵旭杨（分析师） | 徐剑峰（联系人） | 王镇涛（联系人） | | --- | --- | --- | | zhaoxuyang@kysec.cn | xujianfeng@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790523090002 | 证书编号：S0790123070014 | 证书编号：S0790124070021 | 本周观点：关注智驾商业落地及优质主机厂和零部件公司 （1）本周多家车企承诺优化供应商账期，利于行业逐步走向规范 ...

Core Insights - GAC Trumpchi officially launched the delivery of the Xiangwang M8 Qiankun, which is the first model to utilize the world's first departure-level parking valet driving (VPD) technology at Guangzhou Baiyun Airport [1][9] - The Xiangwang M8 Qiankun features advanced driving assistance systems, including a 192-line lidar, dual 8MP front cameras, and 4D millimeter-wave radar, enabling autonomous driving from parking space to parking space [3][5] - The vehicle has achieved significant milestones, with a total of 3.173 billion kilometers driven using intelligent driving assistance and over 206 million uses of intelligent parking assistance [5] Technology and Features - The latest ADS version supports ETC passage and can assist with cross-city parking, enhancing the vehicle's usability [3][5] - The vehicle can autonomously park in tight spaces and navigate out of dead-end parking situations, making it user-friendly for larger MPVs [3] - The Xiangwang M8 Qiankun will be upgraded to the latest ADS 4, which utilizes a new cloud-based architecture for enhanced learning and safety [5] Production and Quality Management - GAC Trumpchi adheres to high standards throughout the entire production cycle, utilizing a unique "three-in-one" wind tunnel laboratory for aerodynamic and acoustic testing [7] - The M8 Qiankun has undergone extensive testing across various conditions, accumulating 1.03 million kilometers of validation mileage [7] - The company has invested over 50 billion yuan and employs nearly 5,000 R&D professionals to support its comprehensive manufacturing system [9] Market Position and User Base - GAC Trumpchi has built a robust manufacturing system covering the entire industry chain, with 77,000 MPV users, positioning the Xiangwang M8 Qiankun as a flagship model focusing on luxury, intelligence, and safety [9]

在2025粤港澳大湾区车展上，其展台连续多日排起长龙。 6月16日信息，雷军在微博发文表示，小米YU7将于6月底发布。 还有很多重磅新品同场一起发布，比如搭载玄戒O1芯片的第二款平板：小米平板7S Pro。 5月22日，小米15周年战略新品发布会上，小米首款SUV车型YU7亮相， 定位"豪华高性能SUV"，共推出三个版本，续航最高可达835km。 日前，网上有博主爆料称小米YU7有望6月底正式上市，更有数码博主透露钛金属色储备最多。 目前，基于小米YU7已于5月22日正式发布的版本来看，提供单电机后驱和双电机四驱可选，全系标配800V平台和激光雷达， CLTC纯电续航最高835km。 回顾小米YU7，定位中大型豪华高性能SUV，其长宽高分别为4999/1996/1600mm，轴距为3000mm，采用五座布局，前备厢容积 141L，并且其全系基于小米自研的超级800V碳化硅高压平台打造。 该车正陆续到店与消费者见面。 6月2日，雷军称小米YU7已陆续到店，当天起，上海、杭州和成都43家门店，北京13家门店开启静态品鉴。 6月中旬起，全国89城门店将陆续开启新车静态品鉴。 外观上采用轿跑式造型风格，配备内翻式电动 ...

6月16日，伴随一辆极氪009光辉缓缓驶下生产线，极氪在杭州湾智慧工厂迎来历史性节点——第50万辆量产车下线。这意味着极氪自2021年10 月首车下线以来，仅用44个月就完成50万辆量产突破，创全球豪华纯电最快纪录，也为中国汽车工业高端化进程树立了全新标尺。 当前，在全球汽车产业推进电动化、智能化转型的关键阶段，中国品牌正从"规模扩张"转向"价值升级"，极氪就是典型的例证。极氪专注豪华车市场， 平均单车价格近30万元，稳居豪华品牌头部阵营，其中极氪009用户群体中75%来自BBA等传统豪华品牌增换购。 "极氪速度"重塑豪华市场格局 回首2021年4月，极氪品牌首款车型极氪001在上海车展正式发布。同年10月，首辆极氪001量产车在杭州湾工厂下线，而后投放市场。时至今日，极氪 已形成覆盖猎装轿跑、高端MPV到全尺寸 SUV 的全品类产品矩阵，更以44个月实现50万辆量产车下线的成绩，跑出令行业惊叹的"极氪速度"。 2024年，极氪以超22万辆的年交付量摘得中国豪华纯电市场冠军。2025年5月，极氪单月交付18908辆，环比增长37.7%，累计交付量突破49万辆，第50 万辆车的下线更将这一增长势能推向新高度。 ...

Group 1 - GAC Group commits to complete dealer rebate payments within two months, aiming to build trust and cooperation with dealers and enhance consumer service [1] - This commitment is expected to positively impact both the new energy and traditional automotive sectors, attracting a more diverse consumer base [1] - Investor confidence in the company's governance and market response strategies is likely to strengthen, creating a positive outlook for the overall automotive industry [1] Group 2 - Horizon Robotics showcased its HSD urban driving assistance system at the Hong Kong International Auto and Supply Chain Expo, winning an innovation award [2] - The collaboration with Chery Group for mass production of HSD is anticipated to drive the application of intelligent driving technology in the market [2] - This development is expected to attract investor interest in the autonomous driving and smart technology sectors [2] Group 3 - GAC Trumpchi and Huawei have successfully piloted the Valet Parking Driving (VPD) technology at Guangzhou Baiyun International Airport, marking a global first for airport departure level VPD [3] - The implementation of this technology enhances user experience at the airport and showcases the collaboration potential between the two companies in the smart transportation field [3] - The pilot is expected to draw attention and may promote the development of the intelligent driving and automated parking markets [3] Group 4 - BP Pulse and Xpeng Motors have opened their first charging station in Guangzhou, equipped with 30 charging piles and 480kW supercharging facilities [4] - This station is positioned as a new energy supply center, strategically located at a commercial complex and transportation hub [4] - The partnership aims to enhance the urban charging network with additional stations planned in Beijing, Guangzhou, and Shenzhen, potentially boosting the electric vehicle market [4]

理想汽车 20250615 摘要 理想汽车短期聚焦 20 万以上 SUV 和 MPV 市场，通过增程和纯电产品 线扩张销量，保守销量预期 75 万辆，对应利润约 150 亿，市盈率 20 倍，显示出稳健的增长潜力。 理想汽车致力于成为消费电子领域的苹果或游戏领域的任天堂，通过 AI、自驾技术、大模型和智能语音助手等技术投入，打造独特创意和极 致体验，实现"创造移动的家、创造幸福的家"的使命。 2019 年至 2024 年，20 万元以上汽车市场快速扩容，年复合增速近 11%，达到 680 万辆规模（含进口车），理想汽车等新势力品牌贡献了 显著的销量增量。 20 万元以上 SUV 市场规模接近 400 万辆（含进口车），市占率从 2019 年的 50%增长到 2024 年的 60%，主要受益于家庭出行需求和二 三胎家庭数量增加。 理想汽车在 20 万元以上 SUV 市场中市占率已达 13%，位居第一，销量 天花板预计为 75 至 107 万辆，中性估计约 100 万辆，显示出强大的市 场竞争力。 Q&A 今年（2025 年）理想汽车的核心竞争力分析及目标市值预估是什么？ 根据东吴证券的分析，理想汽车在智能化趋势 ...