机构指出，月末流动性扰动延续，市场资金整体偏紧。结构性行情下，新消费、新制造相继轮动。关注机器人、智能驾驶、互联网平台等领域的左侧机会。 15:00 国新办就"加快建设交通强国 勇当开路先锋"举行中外记者见面会 20:30 美国至5月24日当周初请失业金人数、美国第一季度实际GDP年化季率修正值 | 〜 | // 外摺怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 42098.70 | -244.95 | -0.58% | | 纳斯达克指数 | 19100.94c | -98.22 | -0.51% | | 标普500 | 5888.55 | -32.99 | -0.56% | 当地时间周三，美股三大指数集体收跌，道指跌0.58%，纳指跌0.51%，标普500指数跌0.56%。 热门科技股多数下跌，特斯拉跌超1%，微软、亚马逊、英伟达、谷歌跌幅不足1%。 【财经日历】 10:00 中国气象局2025年6月新闻发布会 15:00 商务部召开5月第4次例行新闻发布会 热门中概股多数收跌，纳斯达克中国金龙指数跌0.7 ...

2025年中金公司中期投资策略会 CICC Investment Strategy Conference 2H25 扫描末尾二维码 查看更多会议信息 重磅嘉宾(按发言顺序) 海尔集团董事局主席、首席执行官 Chairman of the Board Chief Executive Officer, Haier Group 彭文生 中金公司首席经济学家、研究部负责人 中金研究院院长 Chief Economist, Head of Research Department Dean of CICC Global Institute, CICC Eswar S. Prasad 美国康奈尔大学经济学教授 美国布鲁金斯学会高级研究员 Professor of Economics, Cornell University Senior Fellow, Brookings Institution 总量主题论坛 6月11日 浦江楼3层长安+洛阳+开封厅 中国云观经济展望/美国云观经济展望 14:00 - 14:40 张文朗 中金公司首席宏观分析师、董事总经理 刘政宁 中金公司执行总经理、中金美国证券首席经济学家 14:40-1 ...

中国汽车产业再创佳绩。中国汽车工业协会数据显示，今年前4月，中国汽车产销量历史上首次双双超 过1000万辆，同比分别增长12.9%和10.8%。 2个1000万辆背后有啥故事？中国汽车产销量为什么一直有增长空间？让我们通过3个"密码"，感受这份 持续增长的活力。 一项技术，看汽车产业创新潜力 ——比亚迪（002594）推出"充电5分钟、补能400公里"新技术，将在国内全面建设"兆瓦闪充站"网络 端午节假期即将来临，不少新能源车主计划来一场自驾游。 "'说走就走'的自驾游，过去是油车车主才能体验到的快乐。这两年，在社交平台上看到越来越多的人 分享电车自驾的经历，让我也对新能源汽车动了心。"广东佛山的易女士表示，自己在选购新能源汽车 时最看重巡航里程和充电效率。"比亚迪推出的充电5分钟补能400公里的新技术，就特别适合我这种自 驾游爱好者。" 记者了解到，比亚迪推出的兆瓦闪充系统在功率至峰值时，1秒钟就能补充2公里续航，5分钟就能从35 公里续航充到407公里续航。目前比亚迪已经开始在国内全面建设"兆瓦闪充站"，首批500个闪充站将主 要建在比亚迪4S店内，方便车主补能。同时，比亚迪还与中国石化等企业合作，建设覆 ...

Core Insights - The luxury car market is witnessing a brand crisis, with BMW facing challenges similar to those that led to Audi's decline [1][2] - BMW's sales strategy has shifted, leading to a significant drop in customer loyalty and brand value [4][14] - The rise of domestic brands like AITO and Li Auto is capturing market share from BMW, particularly in the SUV segment [2][3] Sales and Market Dynamics - BMW's X5, once a profitable model, has seen its price drop to 540,000 RMB, yet it struggles to sell [2][3] - The company exited the price war last year, which further alienated potential customers who perceived BMW as becoming more expensive [3][4] - The rapid expansion of BMW's dealership network from 460 to over 600 between 2014 and 2017 was initially successful but has led to internal competition among dealers [5][6][9] Dealer and Pricing Strategy - BMW's dealer model, which offers 90% of the MSRP as wholesale price, has created a competitive environment where dealers undercut each other [7][9] - The introduction of the new 5 Series has resulted in disappointing sales, with only 4,000 units sold monthly, leading to inventory pressure on dealers [10][11] - The price cuts initiated by dealers to move inventory have eroded BMW's pricing integrity, making it difficult to maintain higher price points [11][12] Brand Perception and Product Development - BMW's brand value and premium pricing ability are declining, with consumers now expecting lower prices [14][20] - The company is struggling to adapt to market changes, with its new models failing to resonate with consumers compared to competitors like Mercedes-Benz [16][20] - BMW's slow response to the electric vehicle market and reliance on traditional performance metrics have left it vulnerable to newer brands [18][19] R&D and Market Strategy - BMW's development teams in Germany are disconnected from the preferences of Chinese consumers, leading to products that do not meet local market demands [21][22] - The company is facing internal challenges regarding decision-making and product development, which are hampering its ability to compete effectively [25][26] - Competitors like Mercedes-Benz and Audi are actively adapting their strategies to better align with Chinese consumer preferences, while BMW remains stagnant [24][26]

2025.05. 28 本文字数：690，阅读时长大约1分钟 作者 | 第一财经 5月28日，三大股指集体收跌，上证指数报收3339.93点，跌0.02%；深成指报收10003.27点，跌 0.26%；创业板指报收1985.38点，跌0.31%。 【主力资金】 主力资金全天净流入机械设备、电力设备、通信等板块，净流出银行、传媒、公用事业等板块。 具体到个股来看，雪人股份、供销大集、国芳集团获净流入5.06亿元、3.37亿元、3.36亿元。 净流出方面，比亚迪、中国长城、赛力斯遭抛售8.33亿元、7.51亿元、6.21亿元。 【机构观点】 东方证券： 月末流动性扰动延续，债市融资高峰下，长债端收益率或维持高位，市场资金整体偏紧。结 构性行情下，新消费、新制造相继轮动。持续性上，业绩印证度较好的细分行业，短期弹性可能相对更 好，例如消费、医药等领域业绩印证相对可控。而科技条线，则更依赖后续行业突破带来的发力机会，关 注机器人、智能驾驶、互联网平台等领域的左侧机会。 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超3400只个股下跌。从板块来看，新消费股逆势大 涨，饮料、IP经济等方向领涨，会稽山等多股涨停。 具体 ...

医废处理、可燃冰、乳业、可控核聚变、服装家纺板块走强，互联网电商、医疗服务板块领跌。 5月28日，三大股指集体收跌，上证指数报收3339.93点，跌0.02%；深成指报收10003.27点，跌0.26%； 创业板指报收1985.38点，跌0.31%。 东方证券：月末流动性扰动延续，债市融资高峰下，长债端收益率或维持高位，市场资金整体偏紧。结 构性行情下，新消费、新制造相继轮动。持续性上，业绩印证度较好的细分行业，短期弹性可能相对更 好，例如消费、医药等领域业绩印证相对可控。而科技条线，则更依赖后续行业突破带来的发力机会， 关注机器人、智能驾驶、互联网平台等领域的左侧机会。 盘面上，医废处理、可燃冰、乳业、可控核聚变、服装家纺板块走强，互联网电商、医疗服务板块领 跌。 具体到个股来看，雪人股份、供销大集、国芳集团获净流入5.06亿元、3.37亿元、3.36亿元。 净流出方面，比亚迪、中国长城、赛力斯遭抛售8.33亿元、7.51亿元、6.21亿元。 【机构观点】 | 板块名称 | 涨幅量 | 主力净量 | 主力金额 | 板块名称 | 涨幅合 | 主力净量 | 主力金额 | | --- | --- | --- | ...

Core Viewpoint - The debate between Huawei's Yu Chengdong and Xiaopeng Motors' He Xiaopeng regarding the Automatic Emergency Braking (AEB) system highlights a significant shift in the automotive industry from "passive safety" to "active safety," coinciding with the upcoming mandatory AEB national standard [2][3] Group 1: AEB National Standard Implementation - The introduction of the mandatory AEB standard will provide strong safety guarantees for traffic participants, with AEB installation rates currently correlating positively with vehicle prices [3] - The new regulation mandates that all M1 passenger cars and N1 light trucks must be equipped with AEB, increasing the base of covered models by 30%, translating to nearly 25 million new vehicles requiring AEB installation annually [3] - The AEB standard aligns with UN-R152 regulations, enhancing the recognition capabilities for vulnerable road users and expanding testing scenarios to complex urban environments, which is expected to significantly reduce accident rates [3][4] Group 2: Technical Standards and Innovations - The new AEB standard introduces simulation testing requirements, with a minimum pass rate of 90% for vehicle-to-vehicle tests and 80% for vehicle-to-pedestrian/bicycle tests, setting a high bar for safety performance [4] - AEB is evolving into a core component of the intelligent driving ecosystem, prompting manufacturers to invest more in key technologies such as environmental perception and decision algorithms [5] - Domestic suppliers are innovating to reduce costs associated with AEB systems, with examples including integrated sensing modules that lower material and assembly costs by 30% [5] Group 3: Industry Impact and Market Opportunities - The implementation of the AEB standard will create significant market opportunities for core component suppliers, leading to explosive demand for critical parts like radar and camera modules [6] - The new standard will encourage collaboration between vehicle manufacturers and supply chain companies, fostering innovation across the industry [6] - The AEB standard's introduction is expected to accelerate the internationalization of automotive safety technology, presenting both challenges and opportunities for Chinese automotive companies in the global market [6] Group 4: Transformation of the Automotive Industry - The AEB mandatory standard signifies a shift from "differentiated options" to "standardized configurations," pushing the industry towards a user-centered approach [7] - Companies that can provide cost-effective solutions and maintain strong partnerships with leading automakers are likely to disrupt the foreign-dominated automotive safety market [7] - The AEB standard is anticipated to unlock a substantial new market for the Chinese automotive industry, similar to the market expansion seen with the widespread adoption of ABS technology two decades ago [7]

Overview - The rapid development of the automotive market in China has significantly increased the demand for air suspension systems, driven by consumer preferences for comfort, safety, and performance [1][10] - The air suspension system market is projected to reach a demand of 1.0643 million sets and a market size of 10.737 billion yuan in 2024, with over 60% of the demand coming from the passenger vehicle sector [1][10] Industry Policies - The Chinese government has issued various policies to support the development of the automotive parts industry, including air suspension systems, creating a favorable policy environment for industry growth [4][5] Industry Chain - The air suspension system industry consists of upstream suppliers of raw materials (steel, plastic), component suppliers (air springs, dampers, ECU, sensors), system assemblers in the midstream, and downstream automotive manufacturers and aftermarket services [7][8] Market Demand - The automotive market in China has shown steady growth, with production and sales of vehicles increasing by 14.5% and 11.2% year-on-year in early 2025, respectively, and a notable 50.4% increase in the production of new energy vehicles [8][10] Competitive Landscape - The air suspension system market in China is characterized by an oligopolistic structure, with the top five companies holding over 90% market share. The top three companies (Konghui Technology, Top Group, and Baolong Technology) account for 86.7% of the market [12][14] - Konghui Technology leads the market with an installation volume of 335,470 sets, capturing 41.3% of the market share, followed by Top Group with 25.8% and Baolong Technology with 19.6% [12][14] Company Profiles - Konghui Technology is the first domestic company to achieve OEM mass production of passenger car air suspension systems, supplying over 20 models and expecting to deliver over 600,000 units in 2024 [14] - Top Group specializes in automotive parts, with projected revenues of 26.6 billion yuan in 2024, where air suspension systems are a significant part of their product offerings [17] Development Trends - Future air suspension systems are expected to integrate deeply with intelligent driving systems, allowing for automatic adjustments based on road conditions to enhance ride comfort and vehicle stability [19] - The use of high-strength, lightweight materials such as aluminum and carbon fiber is anticipated to increase in air suspension systems to improve efficiency and performance while maintaining strength [19]

乘联分会崔东树：1-4月汽车行业收入32552亿元，同比增7% 天眼查知识产权信息显示，近日，浙江吉利控股集团有限公司申请注册一枚"千里浩瀚智驾"商标，国际 分类为科学仪器，当前商标状态为等待实质审查。 公开信息显示，千里浩瀚是吉利汽车于2025年3月3日发布的智能驾驶系统，通过端到端、VLM、世界 模型等AI技术形成的统一的智能出行解决方案，覆盖全系不同价位车型。 乘联分会秘书长崔东树发文称，在汽车置换更新补贴政策带动下，2025年1-4月汽车生产1012万台，同 比增11%。2025年1-4月的汽车行业收入32552亿元，同比增7%；成本28636亿元，增8%；利润1326亿 元，同比下降5.1%；汽车行业利润率4.1%，相对于下游工业企业利润率5.6%的平均水平，汽车行业仍 偏低。 卢伟冰：小米SU7 Ultra最新锁单数超2.3万台 小米集团发布2025年Q1财报，小米集团合伙人、集团总裁卢伟冰在业绩电话会上透露，截至5月26日， 小米SU7 Ultra最新锁单数已超过2.3万台，远超预期。 卢伟冰表示，小米汽车会尽全力提升产能，全力 保障35万辆的年度交付目标实现。 鸿蒙智行：搭载华为ADS车型累计 ...

Core Viewpoint - Horizon Robotics has gained significant market attention and investor interest following its inclusion in the Hong Kong Stock Connect, leading to a substantial increase in its stock price and market capitalization [1][2]. Group 1: Market Performance - Following the adjustment of the Hong Kong Stock Connect on May 26, eligible mainland investors can directly trade Horizon Robotics' shares, resulting in an 11.39% stock price increase on May 27, with a market capitalization exceeding HKD 104.5 billion [1]. - The company has been recognized as the third-largest IPO and the largest technology IPO of the year after its listing in October 2024, with its stock price more than doubling since the initial offering [3]. Group 2: Business Growth and Financials - In the fiscal year 2024, Horizon Robotics achieved a revenue of CNY 2.384 billion, representing a year-on-year growth of 53.6%, and a gross profit of CNY 1.841 billion, up 68.3% [2]. - The adjusted operating loss narrowed from CNY 1.687 billion in 2023 to CNY 1.495 billion in 2024, indicating improved sustainable operating capabilities [2]. Group 3: Strategic Partnerships and Market Position - The company has initiated mass production of its high-performance chip, the Journey 6P, and launched the High-Performance Urban Driving System (HSD), establishing partnerships with major automotive manufacturers like Chery and Volkswagen [2]. - Horizon Robotics has formed strategic collaborations with global Tier 1 suppliers such as Bosch, Denso, and Continental, enhancing its competitive edge in the advanced driving assistance solutions market [2]. Group 4: Future Outlook - The company anticipates a pivotal turning point for smart driving by 2025, driven by technological breakthroughs, regulatory support, and increased consumer willingness [3]. - Horizon Robotics plans to continue investing in research and development to enhance its smart driving solutions and maintain its leading position in the industry [3].