成立于1994年的国内轮胎龙头玲珑轮胎（601966.SH），如今已步入"壮年期"。继2016年7月在上交所主 板上市，时隔近10年后，正致力于实现全球发展的玲珑轮胎，终于将目光投去了香港。 日前，玲珑轮胎正式向港交所主板递交了上市申请。据招股书介绍，玲珑轮胎的产品组合包括广泛的乘 用及轻卡胎、卡客车胎及非公路胎，且拥有多种规格以适应不同的应用场景；而在品牌矩阵方面，公司 旗下品牌涉及了玲珑、利奥、御风、阿特拉斯、绿行及睿界。 按2024年的全球销量计算，玲珑轮胎已经是中国市场最大的OE轮胎（汽车厂商的原厂胎）制造商，置 于全球范围内也是排名第三的OE轮胎制造商。此外，如果将范围框定在新能源汽车领域，玲珑轮胎更 是已连续五年成为全球最大的OE轮胎制造商。 突出的市场地位，也为玲珑轮胎取得强劲的销售业绩提供了助力。2022-2024年，玲珑轮胎的核心财务 业绩保持增长态势。另外，值得一提的是，不仅是在国内市场高歌猛进，玲珑轮胎在海外的表现也渐入 佳境。而这或许便要归功于公司高度重视海外市场，此前，玲珑轮胎制定了"7+5"战略（即国内布局7个 工厂、海外布局5个工厂），持续推进全球化布局。截至去年底，玲珑轮胎已经 ...

Core Insights - SAIC-GM-Wuling achieved a total sales volume of 126,413 units in June 2025, representing a year-on-year increase of 32.1%. The sales of new energy vehicles reached 70,357 units, up 73.8% year-on-year [1] - In the first half of the year, the company's global cumulative sales reached 764,544 units, a growth of 18.3%, with new energy vehicle sales totaling 413,314 units, maintaining over 50% year-on-year growth for six consecutive months [1] - The company exported 125,539 units in the same period, marking a 17.1% increase, with new energy vehicle exports growing over 200% for three consecutive months [1] Wuling Red Label - Wuling Red Label recorded cumulative sales of 309,928 units in the first half of the year, a year-on-year increase of 10.4%. New energy vehicle sales reached 66,289 units, surging 293%, with sales proportion exceeding 23% for three consecutive months [4] - Specific models include the Wuling Yangguang family with cumulative sales of 28,580 units and the Wuling Hongguang family with 66,761 units, reflecting a growth of 45.7% [4] Wuling Silver Label - Wuling Silver Label achieved cumulative sales of 311,537 units in the first half of the year, up 27.4%. The Hongguang MINIEV family sold 171,064 units, a growth of 105.4%, surpassing 1.6 million cumulative sales [6] - The Bingguo family recorded 95,209 units sold, increasing by 33.1%, while the Xingguang family reached cumulative sales of 27,230 units [6] Baojun Automotive - Baojun Automotive's cumulative sales in the first half of the year reached 17,540 units, a year-on-year increase of 25.7%, maintaining growth for five consecutive months [8] - The brand focuses on technology application, with the Baojun Xiangjing premium version serving various governmental scenarios [8] Globalization Strategy - SAIC-GM-Wuling is actively expanding its overseas market presence, with products now available in 104 countries and regions. In June, the company exported 25,589 units, a 50.3% increase, with new energy vehicle exports reaching 8,448 units, also growing over 200% for three consecutive months [9] - The company aims to enhance its core competitiveness through a focus on "electrification, digitalization, and globalization" amid intense market competition [11] - The company has initiated local production and supply chain strategies in Indonesia and is exploring partnerships in Malaysia and Brazil to further its regional integration strategy [11]

Group 1 - The core viewpoint is that Chinese brands are entering a "global growth" phase, transitioning from initial export through processing to establishing brand awareness and localizing in overseas markets [1][3][4] - The growth of Chinese brands is driven by both internal and external factors, including international policy uncertainties and changing global consumer demands [4][7] - Chinese companies need to innovate products, upgrade technology, and enhance brand resilience to achieve global value growth [7][10] Group 2 - External factors affecting global growth include international policy uncertainties and changes in global supply and demand relationships [9][10] - Recent events, such as anti-dumping investigations by the EU and reciprocal tariff demands from the US, highlight the need for Chinese brands to strengthen their influence and pricing power in international markets [9][10] - The global consumer market is evolving, with increasing demands for personalization and scenario-based needs, requiring Chinese companies to enhance their brand awareness and consumer service capabilities [10][21] Group 3 - Internal drivers for global growth include national initiatives and self-driven efforts by enterprises, such as the "China Manufacturing 2025" initiative promoting digital and intelligent transformation [12][53] - Chinese companies are achieving technological breakthroughs and innovations in certain sectors, which need to be translated into brand premium through global expansion [12][53] - The global expansion paths for Chinese companies vary, with strategies including price advantages in Southeast Asia, entering North America first, and gradually expanding to other regions [19][21] Group 4 - The integration of the entire industry chain is essential for efficiency and resilience, as seen in the Chinese electric vehicle sector, which is moving from "selling globally" to "rooting globally" [52][60] - Localized production bases are being established in regions like Thailand, Indonesia, and Europe, enhancing the collaboration of the entire supply chain [60][61] - The ability to control the supply chain is crucial for brand success in the global market, as companies must adapt to diverse and complex market conditions [66][67] Group 5 - The rise of content e-commerce, exemplified by platforms like TikTok, is reshaping how brands engage with consumers, emphasizing social connections and community-driven marketing [67][72] - "Omni-channel management" is becoming a core competitive advantage, allowing companies to integrate data across platforms for better marketing and operational decisions [72][73] - Emerging technologies like AI are driving significant improvements in product capabilities and supply chain optimization, enhancing the overall competitiveness of Chinese brands [73][76] Group 6 - Service ecosystems are increasingly important for Chinese companies going global, as they require specialized capabilities in areas like cloud services, logistics, and digital marketing [81][85] - Payment systems, influencer marketing, and cloud services are critical components of the global expansion strategy for Chinese brands [85][87][92] - The collaboration between service providers and brands is expected to deepen, leading to enhanced growth effects for both parties [81][84]

Core Insights - The globalization of Chinese enterprises is shifting from efficiency-driven to technology-enabled, with a focus on AI integration and product innovation [1][4][18] - The 2025 Alibaba Cloud Summit highlighted the importance of AI and cloud computing in the global expansion of Chinese companies, particularly in the cross-border e-commerce and consumer electronics sectors [1][4] Group 1: Industry Trends - Chinese companies are leveraging AI technology to enhance product capabilities and operational efficiency, marking a new phase in their globalization journey [1][4][12] - The collaboration between companies like Heewo and Alibaba Cloud exemplifies the integration of AI in educational technology, enhancing learning experiences through smart hardware [5][7] - Lazada, a leading cross-border e-commerce platform, is utilizing AI to improve logistics and user experience, demonstrating the critical role of AI in operational strategies [8][9] Group 2: Company Innovations - Anker, a successful smart hardware brand, is fully embracing AI across its product development and operational processes to redefine its brand and product categories [12][14] - JoggAI, a digital marketing service provider, is leveraging AI for content creation and customer engagement, showcasing the potential of AI in enhancing digital services for cross-border e-commerce [14][15] - The partnership between Alibaba Cloud and various companies is facilitating the development of a globalized infrastructure that supports AI applications, ensuring compliance and operational efficiency [16][17] Group 3: Infrastructure and Support - Alibaba Cloud's global infrastructure provides essential support for high-value technology exports, enabling seamless collaboration and consistent user experiences across borders [16][17] - The availability of AI tools and services from Alibaba Cloud allows companies to rapidly develop and deploy solutions tailored to local market needs, enhancing their competitive edge [17][18] - Compliance with international standards is a key focus for Alibaba Cloud, with over 150 certifications achieved to assist Chinese enterprises in navigating complex IT regulations abroad [17]

Group 1 - Gold has emerged as the best-performing asset in the first half of 2025, with a year-to-date increase of over 25%, despite a recent decline to around $3,300 per ounce [1] - In contrast, major U.S. stock indices like the Nasdaq and S&P 500 have shown less than 5% growth, while A-shares have increased by less than 3% [1] - Recent geopolitical tensions, such as the Israel-Iran conflict, have not significantly boosted gold prices, indicating a potential shift in market sentiment towards gold [2] Group 2 - Global gold demand reached 1,206 tons in Q1 2025, a 1% year-on-year increase, marking the highest level for the same period since 2016 [3] - Gold ETF inflows surged by 170% year-on-year, totaling 552 tons, while central bank purchases decreased by 21% to 244 tons [3] - Despite a 7% quarter-on-quarter decline in gold demand, the total monetary value of gold demand nearly matched the historical record of $111 billion due to rising prices [3] Group 3 - Central banks are expected to continue purchasing gold, driven by factors such as the weakening of the dollar's credibility and the need for diversified foreign exchange reserves [4] - In Q1 2025, Poland, Azerbaijan, and China were the top three countries increasing their gold reserves, with purchases of 48.58 tons, 19 tons, and 12.75 tons, respectively [4] - The Chinese central bank is likely to continue increasing its gold reserves in June 2025 due to ongoing geopolitical risks and economic uncertainties [4] Group 4 - Citibank has revised its outlook on gold prices, predicting a decline to below $3,000 in the coming quarters, with a potential range of $2,500 to $2,700 by mid-2026 [6] - Despite an 80% increase in gold prices since 2023, the core logic driving gold prices remains unchanged, supported by policy uncertainties and the long-term credit adjustment of the dollar [6] - Short-term fluctuations in gold prices are influenced by geopolitical risks and trade tensions, with potential for price adjustments to be viewed as buying opportunities [6][7] Group 5 - Long-term analysis suggests that ongoing policy uncertainties and geopolitical risks will sustain market demand for gold as a safe-haven asset [7] - The U.S. fiscal deficit is expected to continue growing, exacerbating dollar credit risks and prompting central banks to strengthen their gold reserves [7] - Inflationary pressures from tariff policies are anticipated to support gold prices, reinforcing its anti-inflation properties [7]

Group 1 - The article discusses the potential profitability of sectors that prominent investors like Yang Likun and Zhu Xiaohu are skeptical about, particularly in the overseas market [2] - New regulations require cross-border platforms to report seller income to the Chinese tax bureau, impacting cross-border sellers significantly [2] - Luckin Coffee opened two stores in New York, pricing higher than Starbucks without discounts, indicating a competitive strategy in the U.S. market [2] Group 2 - The article highlights the rise of "exotic pets" in Southeast Asia, suggesting a shift in pet ownership trends beyond traditional cats and dogs [3] - Qiji Chuangtan invested in an electric flying vehicle company, "Aerospace Exploration," which has received interest from multiple overseas markets including Russia and Australia [3] Group 3 - The EU is adopting a tougher stance in trade negotiations with the U.S., insisting on the removal of tariffs on EU exports as part of any agreement [4] - In the first half of the year, China opened 117 new international air cargo routes, primarily targeting Asia and Europe [4] - PwC forecasts that Hong Kong's IPO fundraising could reach HKD 200-220 billion by 2025, potentially reclaiming the top spot globally [4] Group 4 - Alibaba Cloud is establishing its first global AI capability center and expanding data centers in Malaysia and the Philippines, enhancing its global infrastructure [5] - Genki Forest's iced tea has entered the Indonesian market, marking a significant step in its global expansion strategy [5] - BYD's first vehicle rolled off the production line at its new factory in Brazil, part of a larger investment plan totaling BRL 5.5 billion [5] Group 5 - CITIC Construction reports that solid-state batteries are expected to achieve commercial application by 2027, with several catalysts driving the industry forward [6] - Zhihui received a strategic investment of CNY 1 billion from Pudong Venture Capital and Zhangjiang Group to develop AI infrastructure [6] - A new political action committee, "FSD PAC," was formed to counter Elon Musk's political ambitions, indicating a growing political landscape around tech leaders [6] Group 6 - Dubai successfully completed the first test flight of an air taxi, with plans to launch commercial operations by 2026, significantly reducing travel time in the city [7]

Core Viewpoint - The Guozheng Hong Kong Stock Connect Consumer Index has updated its constituent stocks, highlighting leading companies in various consumer sectors, including Pop Mart, Anta Sports, and Haier Smart Home, which is the only home appliance company in the top ten [1][2]. Group 1: Company Performance - Haier Smart Home's overseas revenue surged from 18.65 billion in 2015 to 143.8 billion in 2024, marking an almost eightfold increase, with overseas revenue now accounting for over 50% of total revenue [3]. - In 2024, Haier's revenue from North America was 79.53 billion, remaining stable year-on-year, while revenue from Europe reached 32.09 billion, reflecting a 12.4% increase [5]. - The company adopted a "difficult first, easy later" strategy, entering developed markets first before expanding into developing countries, achieving significant growth in South Asia (21.1%), Southeast Asia (14.75%), and the Middle East and Africa (38.3%) [6]. Group 2: Innovation and Market Strategy - Haier Smart Home focuses on product innovation tailored to new consumer demands, particularly targeting Generation Z, exemplified by the launch of the "lazy washing machine" and the "Milan refrigerator," which have gained significant market traction [8][9]. - The company leverages AI and cutting-edge technologies to develop new products that meet user needs, such as the X11 washing machine, which exceeds European energy efficiency standards by 60% and captures 10% of the mid-to-high-end market in Europe [9]. - Haier's innovative products have led to strong market performance, achieving the highest online market share in categories like refrigerators and washing machines during major sales events [8][10].

1.河南省上牌20万元及以上"华系车"每车补贴3000元 2.济南:下半年第一轮汽车消费补贴开启 3.广汽集团:与华为合作的首款车型预计2026年面世 4.小米汽车:截至6月30日全国已有163家服务网点 点 击 蓝 字 关 注 我 们 本文全文共 3605 字，阅读全文约需 12 分钟 目录 国内新闻 5.比亚迪巴西工厂首车下线 全球化战略迈入新阶段 6.极氪宣布在马来西亚品牌直营 7.吉利汽车进入缅甸市场 EX5同步开启交付 8.智界R7本周将推送ADS 3.3.2版本 国外新闻 1.1-4月全球电动汽车电池装机量 2.西班牙6月新车注册量同比增15.2% 3.法国6月汽车销量同比下降6.7% 4.宾利新飞翼徽标亮相 首搭电动车 商用车 1. 菱势汽车黄金系列超值版上市 2. 7月1日起 深圳扩大国Ⅲ柴油货车限行范围 3. 货车上装改装新规7月1日正式实施 4. 北 大道皮卡越野版亮相阿塞拜疆巴库能源周展会 国内新闻 1 河南省上牌20万元及以上"华系车"每车补贴3000元 时间:2025.7.2 来源:财联社 7月1日，财联社记者从河南省汽车行业协会和工程学会获悉，河南省汽车行业协会6月30日印发《关于 ...

➢ 海外销量同比延续增长 全球化积极推进。6 月，公司海外批发销量为 4.0 万 辆，同比+5.2%，环比+16.0%；1-6 月海外批发销量为 19.8 万辆，同比-1.9%。 长城山海炮将在泰国、墨西哥等国家上市；哈弗 H9、哈弗 H5 和坦克 SUV 旗下 产品将重点开拓中东、非洲和拉美市场；巴西工厂经升级改造，将于 2025 年投 产。我们认为，长城汽车完善全球化全动力产品矩阵，深度契合本土化驾驶场景 需求，伴随本地化产能释放，海外体系力优势将进一步凸显，出海战略加速跃升。 ➢ 投资建议：公司新产品国内外推广进展顺利，智能电动化新周期开启，新能 源智能化车型占比快速提升，高端智能化路线愈发清晰。我们预计 2025-2027 年 营业收入为 2,267.8/2,617.0/2,962.5 亿元，归母净利润为 140.9/163.0/182.4 亿元，对应 2025 年 7 月 1 日收盘价 21.43 元/股，PE 为 13/11/10 倍，维持"推 荐"评级。 ➢ 风险提示：车市下行风险；WEY、哈弗等品牌所在市场竞争加剧，销量不及 预期；出海进度不及预期及欧盟关税相关风险。 [盈利预测与财务指标 T ...

Core Viewpoint - The transition from "Made in China" to "Chinese Brands" is an inevitable outcome of high-quality development, supported by China's complete industrial system, fair and open market environment, and long-term innovation and research and development [1] Group 1 - Chinese brands are gaining increasing recognition among overseas consumers due to their technological content, cultural heritage, design inspiration, and emotional value that bridges cultures [1] - The global presence of Chinese brands provides consumers with richer choices, while also welcoming more high-quality foreign brands to enter the Chinese market for mutual learning and development [1]