Core Viewpoint - Xiaopeng Motors has launched the new G7 model, which is priced higher than expected, positioning it as a family-oriented mid-size SUV with advanced technology and aesthetics [3]. Product Launch and Features - The G7 is available in three versions: - 602km Max version with dual Orin-X chips priced at 195,800 CNY - 702km Max version with dual Orin-X chips priced at 205,800 CNY - Ultra version with three Turing AI chips priced at 225,800 CNY - The G7 is the world's first electric vehicle with L3 computing power, featuring a 5C supercharging battery and an 800V SiC platform [3]. Hardware and Software Upgrades - The G7 Ultra features three Turing AI chips, providing an effective computing power of 2250 TOPS, with two chips dedicated to the VLA model and one for the VLM model [4]. - The G7 introduces the first local VLA+VLM large model in the industry, enhancing autonomous driving capabilities with a new "sports brain" for improved learning [4]. - Key functionalities include human-machine co-driving, autonomous ETC recognition, and innovative line-parking features [4]. Intelligent Chassis and Cabin - The G7's chassis is equipped with advanced AI capabilities, including intelligent variable damping, AI recognition of speed bumps, and a 6D anti-motion sickness feature [5]. - The cabin utilizes Turing AI chips and Qualcomm 8295P, providing a computing power of 800 TOPS [5]. Financial Projections - The company maintains revenue expectations for 2025-2027 at 94.7 billion CNY, 167.6 billion CNY, and 249.1 billion CNY, representing year-on-year growth of 132%, 77%, and 49% respectively [7]. - Net profit forecasts for the same period are 350 million CNY, 7.6 billion CNY, and 12 billion CNY, with year-on-year growth of 106%, 2070%, and 58% respectively [7]. - Earnings per share (EPS) are projected at 0.18 CNY, 3.97 CNY, and 6.27 CNY for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 368, 17, and 11 [7].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 小鹏 G7 上市点评：辅助驾驶进入 L3 级算力 时代，本地端 VLA+VLM 能力再进阶 买入（维持） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 股价走势 -17% 6% 29% 52% 75% 98% 121% 144% 167% 190% 2024/7/4 2024/11/2 2025/3/3 2025/7/2 小鹏汽车-W 恒生指数 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 30,676 | 40,866 | 94,687 | 167,573 | 249,073 | | 同比(%) | 14.23 | 33.22 | 131.70 | 76.97 | 48.64 | | 归母净利润（百万元） | (10,375.78) | (5,790.26) ...

比亚迪吉利都在用的雷达玩家，准备赴港IPO了。 深圳承泰科技（以下简称承泰），其创始团队出身华为，近期向港交所递交了招股书，计划通过18C章程上市，冲刺港股"毫米波雷达第一股"。 所谓18C章程，就是港股针对特专科技公司开设的上市通道，像芯片商黑芝麻智能就是通过18C章上市，我们介绍过的希迪智驾、仙工智能等等也正在通 过这种方式递表。 如今，承泰成立9年，收获8轮融资，累计融资3.59亿，最新估值已达13.2亿。 到2024年，这家公司刚刚实现扭亏为盈，成为中国最大的车载前向毫米波雷达供应商。 但硬币的另一边，超九成收入系于比亚迪一家，现金及等价物只剩1586.5万元。 专注车载毫米波雷达，比亚迪为第一大客户 位于深圳的承泰，是一家车载毫米波雷达供应商，提供标准化硬件和可定制化软件的雷达。 其核心产品为前向雷达和角雷达（后向及侧向雷达），支持从L0到L2+的辅助驾驶能力。 前向毫米波雷达方面，承泰面向乘用车和商用车推出了不同系列。 乘用车的CTLRR-220系列，有标准版和升级版两款。 标准版的探测范围达220米，支持L2的辅助驾驶能力；而升级版，则搭载了下一代射频互补金属氧化物半导体基础的SoC，最大探测范 ...

@ . � . . @ # 4 w . 电 全系标 作者 | 王小娟 编辑 | 柴旭晨 车圈已经卷到按分钟公布订单量了。 几天之前，小米YU7用3分钟20万台的订单量点燃车圈，弄得友商们都有些急眼了。小鹏汽车董事长、CEO何小鹏在小鹏G7发布会后采访中坦言："很令人 惊讶，（小米YU7）创造了一个神话"，但随即他也强调，"我们的数据也很不错，有信心取得好成绩。" 7月3日，小鹏G7正式上市，相比预售，这一次小鹏新增了一个602长续航Max版，共分为三个三个版本：602长续航Max版、702超长续航Max版、702超长续 航Ultra版，售价分别为19.58万元、20.58万元、22.58万元。 这一起售价比特斯拉Model Y的起售价低出6.77万元，相比小米YU7也便宜了5.77万元，在同级别的SUV市场，也算是比较有竞争力。 很快，小鹏也按分钟公布了G7的订单量——9分钟大定破10000台。这一成绩放在小米YU7之前，也足以令同行惊讶，但如今，大家惊叹的阈值，已经被小 米YU7预支完了。 尽管在订单上难以复制小米，但在营销上，何小鹏还是稍稍从雷军那里学到了一些。 在发布会之前，小鹏就几番cue小米，何小鹏 ...

小米汽车发文称，随着小米YU7即将开启交付，新版小米端到端辅助驾驶HAD也将同步上线。YU7全 系发布即搭载1000万Clips版小米端到端辅助驾驶系统，SU7Pro/Max/Ultra预计7月下旬开启推送。(人民 财讯) ...

Core Viewpoint - The Chinese automotive industry is experiencing a dual phase of intense competition and significant opportunities, with domestic brands gaining traction against foreign competitors and consumers increasingly favoring high-quality, cost-effective vehicles [3][5]. Group 1: Sales Performance - In the first half of 2025, BYD maintained its position as the top-selling car manufacturer in China, achieving sales of 2.146 million units, a 33.04% increase from 1.613 million units in the same period last year [7][14]. - SAIC and Geely also showed strong sales performance, with SAIC selling 2.0526 million units (up 12.35%) and Geely achieving 1.1643 million units (up 57%) [10][11]. - The number of car manufacturers entering the "million club" has increased, with Geely joining the ranks alongside BYD and SAIC, indicating a growing competitive landscape [14]. Group 2: Market Dynamics - The Chinese automotive market has shifted to a buyer's market, leading to increased price sensitivity among consumers and prompting manufacturers to enhance product competitiveness through price reductions and added features [7][10]. - Traditional automakers are restructuring to adapt to market changes, with SAIC merging its brands and Geely focusing on strategic integration and collaboration [8][9]. Group 3: New Energy Vehicles and Emerging Brands - New energy vehicle sales are on the rise, with companies like Chery and Great Wall Motors reporting significant growth in their electric vehicle segments [11][12]. - Emerging car manufacturers are also making strides, with brands like Leap Motor and Li Auto showing impressive sales growth, indicating a shift in the competitive landscape among new energy vehicle producers [16][21]. Group 4: Consumer Preferences - Consumers are increasingly prioritizing high-quality, cost-effective vehicles, with a notable shift away from traditional foreign brands towards domestic brands that offer personalized and technologically advanced options [4][24]. - The trend of "high configuration at low prices" is becoming prevalent, with companies like BYD and Xpeng introducing advanced driving technologies in more affordable models [24][25]. Group 5: Future Outlook - The automotive industry is expected to continue evolving, with ongoing competition leading to better product offerings and enhanced consumer experiences [30]. - The combination of government incentives and competitive pricing strategies is likely to drive further growth in the automotive sector in the latter half of 2025 [30].

文｜李安琪 Ultra版是小鹏的最新AI试验田。Ultra版搭载了3颗小鹏自研的辅助驾驶芯片图灵，拥有2250TOPS有效 算力，同时能在本地端VLA（视觉-语言-动作）+VLM（视觉-语言）大模型。CEO何小鹏将其称为"首 款具备L3级算力的AI汽车"。 编辑｜李勤 在辅助驾驶领域，小鹏表示，VLA-OL模型构建了一个"运动型大脑+小脑"的智驾架构，具备持续强化 学习能力。不仅让汽车主动思考、理解世界，未来还将进化到自主强化学习，让大模型持续进化，实现 更高的智驾能力上限与安全下限。 7月3日晚，小鹏汽车发布了全新SUV车型——小鹏G7。新车共推出三个版本：602长续航Max、702超 长续航Max、702超长续航Ultra，价格分别是19.58万元、20.58万元和22.58万元。 从功能表现来看，小鹏G7标配的图灵AI智驾，能实现ETC通行、自定义泊车、人机共驾等，NGP的覆 盖场景也从城区道路扩大到高速道路。 从小鹏的介绍来看，小鹏G6\G7\G9已经形成了完整的家庭SUV矩阵：20-30万纯电SUV市场，G6的消费 人群偏实用型，G7主打的是中产与科技人群，而G9面向的是更高端的消费人群。 但在目前 ...

Core Insights - BYD leads the new energy vehicle market with a total sales of 2.146 million units in the first half of the year, significantly ahead of competitors [1][3] - The competition among major automotive manufacturers is intensifying, with a focus on achieving over one million units in sales to be considered among the top players [1][4] Group 1: Sales Performance - BYD achieved a remarkable sales figure of 2.146 million units, marking a year-on-year growth of 208.64% [3] - SAIC Motor reported sales of 2.053 million units, a year-on-year increase of 12.35% [3] - Geely's sales reached 1.409 million units, with a substantial year-on-year growth of 47% [4] - Changan Automobile and Chery both surpassed one million units, with sales of 1.355 million and 1.26 million units respectively [4] Group 2: Market Strategies - BYD's multi-brand strategy, including the Ocean and Dynasty series, has allowed it to capture significant market share in the 60,000 to 300,000 yuan price range [5] - Changan's Avita brand launched the Avita 06 model targeting the under 300,000 yuan market, directly competing with BYD's popular models [5][6] - Geely is expanding its lineup with new models like the Galaxy Star 8, priced at 115,800 yuan, to strengthen its presence in the competitive market [6] Group 3: Technological Advancements - The competition is not only in sales but also in technological advancements, with companies enhancing their smart driving systems [7] - BYD introduced the "Heavenly Eye" system, which has sparked a race among manufacturers to improve their intelligent driving technologies [6][7] - Geely's new intelligent driving solution, "Qianli Haohan," will be applied across its Galaxy brand, catering to various consumer needs [6] Group 4: International Expansion - BYD's overseas sales reached over 470,000 units in the first half of the year, with a significant growth of 229.8% in June alone [8] - SAIC Motor's overseas sales and exports amounted to 494,000 units, reflecting a year-on-year growth of 1.27% [9] - Chery's exports exceeded 550,000 units, contributing 44% to its total sales, highlighting the importance of international markets for growth [9]

7月1日，岚图汽车公布6月交付10053辆，同比增长83%。2025年上半年，岚图汽车合计交付48115辆，同比增长58%。虽然数据呈上升趋势，但今年岚图目 标卖出20万台，上半年仅完成了24%，压力给到了下半年。 实际上，这样的市场表现符合岚图内部预期。此前，岚图汽车销售公司副总经理李博晓透露，岚图将销量贡献的大头放在了下半年，因为今年所有的新产 品、新技术都会在下半年交付，包括岚图FREE+、知音改款以及后面的新车型。而岚图对今年完成20万的目标充满信心。 （文章来源：南方都市报） 据岚图渠道消息显示，岚图FREE+预售开启一周内，平均门店订单数量约60辆。预售人群中，男性与女性用户为7:3，40岁以下人群占比67%。因FREE+的 爆火，岚图门店客流量环比大增210%，有65%顾客前往体验FREE+。 明星效应也有所助益。据悉，自6月底邓超成为岚图品牌大使以来，多地岚图门店迎来客流高峰，随潜客大量到店，工作人员强度直接拉满，"部分门店 FREE+试驾已经排到了3天后。"有岚图工作人员表示。 据悉，岚图FREE+将于7月12日正式发布，届时将公布最终售价。此前岚图汽车CEO卢放告诉湾财社记者，岚图汽车的定 ...

其中，目前凭借"海洋网"与"王朝网"车型的布局，比亚迪在6万—30万元区间的主销市场占据份额，而 该价格区间也成为各车企加码的重点。今年上半年，长安汽车旗下阿维塔品牌推出的阿维塔06车型，杀 入30万元以内市场，被外界认为将成为阿维塔的走量车型，对标车型直指比亚迪热门车型——比亚迪 汉。"阿维塔06是长安与华为联合打造、联合上市的标杆案例。"长安汽车董事长朱华荣表示。 随着主流车企年中考陆续"交卷"，零跑汽车领跑"顶流"的新造车板块，同时在"百万辆俱乐部"的巨头之 争中，比亚迪（002594）成为自主大厂"围追"的目标。7月3日，北京商报记者梳理发现，今年上半年， 比亚迪、上汽、一汽、吉利、长安、奇瑞六家车企集团销量超百万辆。其中，比亚迪更以214.6万辆稳 居榜首。 "百万辆"已成为车企能否跻身销量年中"大考"前五的硬性标准。随着比亚迪的销量"一骑绝尘"，如何在 激烈的国内车市竞争中争夺更多份额，成为各自主品牌大厂的KPI之一，"围追"比亚迪，成为比亚迪。 头部之争 214.6万辆，比亚迪再夺车市上半年销冠，毫无悬念。2022年3月，比亚迪宣布全面"断油"，当年便以全 年186.3万辆、同比增长达208.6 ...