长城汽车（601633）(02333)涨超3%，截至发稿，涨3.14%，报13.8港元，成交额2.23亿港元。 消息面上，长城汽车近日公布，7月份，汽车销量共计104372台，同比增加14.34%，其中新能源销量达 34593辆，同比增加43.27%。长江证券认为，短中期看，公司出海加速叠加国内新能源转向加速及坦克 等高价值车型占比提升有望推动公司销量与业绩成长，长期看，公司四大拓展战略打开销量长期增长空 间，智能化转型开启全产业链盈利空间。国证国际表示，看好长城汽车的新能源转型发展加速，这将推 动销量与业绩成长。 ...

消息面上，长城汽车近日公布，7月份，汽车销量共计104372台，同比增加14.34%，其中新能源销量达 34593辆，同比增加43.27%。长江证券认为，短中期看，公司出海加速叠加国内新能源转向加速及坦克 等高价值车型占比提升有望推动公司销量与业绩成长，长期看，公司四大拓展战略打开销量长期增长空 间，智能化转型开启全产业链盈利空间。国证国际表示，看好长城汽车的新能源转型发展加速，这将推 动销量与业绩成长。 智通财经APP获悉，长城汽车(02333)涨超3%，截至发稿，涨3.14%，报13.8港元，成交额2.23亿港元。 ...

长江证券研报指出，长城汽车7月销量达10.4万辆，同比持续增长。累计销量来看，2025年1-7月累计销 量67.4万辆，同比+3.6%，新能源累计销量19.5万辆，同比+24.6%，新能源乘用车销量占比达34.6%，同 比+6.0pct。公司加速全球化布局，坚定新能源转型，积极变革创新，有望持续推动销量业绩双提升。 短中期看，公司出海加速叠加国内新能源转向加速及坦克等高价值车型占比提升有望推动公司销量与业 绩成长，长期看，公司四大拓展战略打开销量长期增长空间，智能化转型开启全产业链盈利空间。维 持"买入"评级。 ...

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [8] Core Views - In July 2025, Great Wall Motors achieved sales of 104,372 units, representing a year-on-year increase of 14.3% but a month-on-month decrease of 5.7%. Export sales accounted for 41,088 units, or 39.4% of total sales, while new energy vehicle sales reached 35,000 units, making up 38.2% of total passenger vehicle sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in both sales and performance. Long-term strategies are set to open up growth opportunities, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][10] Summary by Sections Sales Performance - In July 2025, total sales were 104,372 units, with domestic sales at 63,000 units (up 19.2% YoY, down 10.4% MoM) and new energy sales at 35,000 units (up 43.3% YoY, down 5.0% MoM). Cumulatively, from January to July 2025, total sales reached 674,000 units, a 3.6% increase YoY, with new energy sales at 195,000 units (up 24.6% YoY) [10][11] - By brand, Haval sold 56,221 units (up 6.2% YoY), Tank sold 20,020 units (up 7.2% YoY), WEY sold 10,045 units (up 263.3% YoY), Ora sold 4,300 units (down 10.0% YoY), and Great Wall Pickup sold 13,772 units (up 14.5% YoY) [10][11] Global Expansion and Strategy - Great Wall Motors is implementing its "ONE GWM" strategy to accelerate overseas expansion, covering over 170 countries and regions with more than 1,400 sales channels. The company has established three complete vehicle production bases in Thailand and Brazil, and several KD factories in Ecuador and Pakistan, which are expected to boost sales growth [10][11] - The company is focusing on smart technology, enhancing its capabilities in data, algorithms, and computing power, which are seen as core competitive advantages in the smart vehicle era [10][11] Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 141.3 billion, 170.7 billion, and 214.8 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 13.1X, 10.9X, and 8.6X, while the Hong Kong stock price-to-earnings ratios are projected to be 7.0X, 5.8X, and 4.6X [10][11]

在华尔街长期以来有着"黄金空头"称号的花旗转向在短期内看涨黄金。花旗表示，2025下半年，美国经济的增长趋势趋于疲软以及与关税相关的通胀担忧预 计将持续升温，再加上美元走弱，金价将适度走高，进而可能再度创下历史新高。 盘面上，8月5日，揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格盘中摸高0.78%，现涨0.31%，冲击日线3连阳！ ETF资金方面，有色龙头ETF（159876）获资金实时净申购120万份，值得关注的是，该ETF已连续4个交易日获资金净流入，合计金额348万元，反映资金 看好板块后市，逐步进场布局！ 成份股方面，铜业龙头白银有色、铜陵有色领涨超3%，黄金股湖南黄金涨逾2%，铝业龙头明泰铝业、云铝股份、南山铝业涨超1%。 7月30日，美国铜"232"关税落地，引发市场巨震。不过，业内多方仍然看好铜的市场走势，认为长期来看，铜精矿紧张仍是未来几年的主旋律，在需求上， 新能源转型对铜需求形成长期支撑。 具体到企业层面，部分相关企业表示相关政策调整的影响较小。其中，有色龙头ETF（159876）成份股洛阳钼业表示，公司自有铜产品为阴极铜，在豁免范 围内，且产品销往全球多地，因此此次关税政 ...

Group 1: Copper Market Outlook - The implementation of the US copper "232" tariffs has caused significant market reactions, but industry experts remain optimistic about the long-term copper market, citing ongoing tightness in copper concentrate supply and sustained demand from the energy transition [1] - Companies like Luoyang Molybdenum, a component of the leading non-ferrous metal ETF, report minimal impact from the tariff changes due to their global sales and exemption status for their copper products [1] Group 2: Gold Market Dynamics - Recent US economic data has fueled expectations for Federal Reserve interest rate cuts, alongside rising geopolitical tensions that have increased safe-haven demand, leading to a continuous rise in gold prices [1] - Citigroup, known for its bearish stance on gold, has shifted to a bullish outlook, predicting that gold prices may rise due to a weakening dollar and inflation concerns related to tariffs, potentially reaching new historical highs by late 2025 [1][3] Group 3: Investment Opportunities in Non-Ferrous Metals - The non-ferrous metals sector is experiencing a surge in investment interest, driven by several factors including government policies aimed at stabilizing growth in key industries, positive earnings forecasts from listed companies, and a significant year-to-date price increase of 24.91% in the sector [4] - As of July 31, 2025, over 80% of companies in the non-ferrous metals index have reported positive profit forecasts, indicating strong operational resilience [4] Group 4: ETF Performance and Composition - The leading non-ferrous metal ETF (159876) has seen a net inflow of 1.2 million units, reflecting investor confidence in the sector's future performance [1] - The ETF's composition includes significant weights in copper (24.5%), aluminum (15.3%), gold (14.4%), rare earths (11.5%), and lithium (8.2%), providing a diversified investment approach [6]

Group 1: Hydrogen Energy Development - The hydrogen energy industry is accelerating, with the launch of the "Han-Yi Hydrogen Corridor" featuring 30 hydrogen fuel trucks that have collectively traveled 1.6 million kilometers since March, reducing carbon emissions by 92% compared to diesel vehicles [2][4] - Dongfeng Motor Group has secured a patent for hydrogen fuel cell technology, enhancing the efficiency of hydrogen fuel cells, which are crucial for new energy vehicles [3] - Wuhan aims to establish itself as a national hydrogen energy hub, projecting a total industrial output value of 60 billion yuan by 2027, with a hydrogen production capacity of 400,000 tons per year [4] Group 2: Solar Energy Initiatives - Wuhan is implementing rooftop solar projects, with the first photovoltaic installation on a water supply station expected to generate 206,000 kWh annually, reducing CO2 emissions by 1,010 tons [5] - The city has seen significant growth in distributed solar projects, with 329 industrial enterprises contributing to a total installed capacity of 268,300 kW [6] - The energy matrix at the Lantu Automobile factory, composed of 15,000 solar panels, generates 20 million kWh annually, equivalent to the annual electricity consumption of 30,000 households [5][6] Group 3: Steam Heat Utilization - A steam pipeline from the Huaneng Hanchuan Power Plant supplies steam to 51 enterprises in Wuhan, saving approximately 41 million yuan annually and reducing CO2 emissions by 110,000 tons [9][10] - The transition from coal to cleaner energy sources, including the use of waste heat, has led to the establishment of a carbon-neutral economic circle in the Wuchang Thermal Power Plant area, achieving an annual carbon reduction of 100,000 tons [9][10] Group 4: Environmental Policies - Wuhan has designated a high-pollution fuel prohibition zone to improve air quality, banning the sale and use of high-pollution fuels within a specific area [10] - The city is transitioning from a coal-dependent industrial base to a greener economy, focusing on hydrogen energy and renewable resources to enhance sustainable development [10]

Core Viewpoint - The company is undergoing a potential change in control as its major shareholder, Guangxi Heiwulei Food Group, plans to transfer approximately 20% of its shares to a state-owned enterprise in Guangxi, which may lead to significant strategic shifts for the company [1][5]. Group 1: Share Transfer and Control Change - Guangxi Heiwulei Food Group is planning to transfer about 20% of its shares in the company to a state-owned enterprise, which could result in a change of control [1][5]. - The company has applied for a trading suspension, effective from August 4, with an expected duration of no more than two trading days [1][5]. Group 2: Business Performance and Strategic Direction - The traditional food business of the company has shown weak growth, prompting attempts to diversify into the renewable energy sector, which have faced challenges [4][6]. - The company has experienced a continuous decline in net profit from 2018 to 2022, with losses of 109 million yuan and 140 million yuan in 2021 and 2022, respectively [8]. - The company attempted to enter the renewable energy market by acquiring a majority stake in Tianchen New Energy but ultimately terminated the deal in April 2023, shifting focus back to the health food sector [8][9]. Group 3: Financial Issues and Governance - The company has faced scrutiny for non-operational fund occupation and irregular guarantees, leading to a warning from the Guangxi Securities Regulatory Bureau [10][13]. - The former chairman, Wei Qingwen, resigned in August 2024 amid governance issues, with the company being criticized for financial mismanagement [11][12]. - In the first quarter of 2025, the company reported revenue of 442 million yuan, a year-on-year decline of 3.74%, and a net profit of 2.25 million yuan, down 29.61% year-on-year [15].

Group 1 - The U.S. government announced a 50% import tariff on semi-finished copper products, while exempting refined copper and copper raw materials, leading to a significant market reaction with New York copper prices dropping over 20% [2][3][4] - Analysts noted that the tariff policy deviated from market expectations, which anticipated a blanket 50% tariff on all forms of copper, causing a sell-off among bullish positions [4][5] - Despite the short-term price drop, the long-term outlook for copper remains positive due to ongoing demand from the renewable energy transition, which is expected to support copper prices [5][6] Group 2 - Companies like Luoyang Molybdenum Co. reported minimal impact from the tariff changes, as their copper products fall within the exempt category and are sold globally [6][8] - The majority of copper companies derive significant revenue from domestic markets, with Jiangxi Copper and Tongling Nonferrous Metals having 87.39% and 74.60% of their revenues from China, respectively [6][7] - Companies with substantial overseas operations, such as Hailiang Co., have proactively adjusted their strategies to mitigate risks from changing international trade environments, maintaining a balanced supply chain [6][8]

Core Insights - Dongfeng Motor has launched Dongfeng Yipai Technology, focusing on integrating resources across the entire value chain including business, R&D, production, supply chain, sales, and service [1][3] - The establishment of Dongfeng Yipai Technology represents a strategic upgrade in Dongfeng's "Leap Action" for passenger vehicle electrification, implementing integrated management across three major brands [3] Company Developments - Dongfeng Yipai Technology has quickly formed a core team covering functions such as product planning, R&D, manufacturing, procurement, and sales [3] - The company has established a user demand-driven reverse development process in product planning, consolidating resources from the three major brands to create unified market insight capabilities [3] - In R&D and production collaboration, the company leverages Dongfeng Group's R&D resources and shares core technologies like Quantum Architecture and Mahe E-Power to shorten the R&D-to-production cycle [3] Technological Collaborations - Dongfeng Yipai Technology is collaborating deeply with Huawei in the field of smart technology, applying the next-generation Qian Kun Intelligent Driving ADS 4 and Hongmeng Cockpit 5 technologies to cooperative products [3] - The company is integrating technologies in the three-electric system, including Mahe E-Power and solid-state batteries, and is collaborating with companies like CATL [3] Market Performance - Within one month of its establishment, the company achieved sales of 26,089 vehicles, representing a month-on-month growth of 48.8% [5] - Cumulatively, 110,703 new vehicles were delivered in the first half of 2025, marking a year-on-year increase of 43.7% [5] - The product lineup includes models such as eπ007 and eπ008, with plans to expand to 10 models by 2028, covering A0 to C-class vehicles [5] Strategic Implications - The reform through full value chain integration aims to explore new development paths for Dongfeng Motor during the critical period of its transition to electrification [5] - As integrated management deepens, the experiences gained may provide valuable references for the automotive industry's transformation and upgrade [5]