这辆纯电SUV是Jessica在2023年2月购置的，她也因此成为该车型在香港的首批车主。彼时，香港 新能源汽车市场仍由特斯拉主导，街头常见的还是奔驰、宝马、保时捷等豪华品牌，内地品牌身影难 觅。 2025.07. 18 然而随着中国汽车品牌近年来争相抢滩登陆，电车的性能体验，智能化和舒适程度打动了越来越多的 香港居民，香港车市已发生翻天覆地的变化。今年上半年，比亚迪以4909辆的销量登顶香港车市， 超越长期霸榜的特斯拉；而销量前十的品牌中，中国品牌占据五席，市占率合计超三分之一。 本文字数：4917，阅读时长大约6分钟 作者 | 第一财经 葛慧 7月的一个周五下午，Jessica如往常一般，从香港九龙写字楼的电梯间下行至地库，驾驶着她的比 亚迪ATTO 3，行驶三十公里返回港岛家中。 Jessica与先生均出生于中国内地，在香港定居多年。家中常用车是丰田埃尔法——这款经典MPV是 香港主流车型之一。2023年，Jessica计划购置第二辆车用于通勤。 "当时市面上新能源车以特斯拉为主，审美上已有些审美疲劳。"Jessica说，她乐于尝试新鲜事物， 全球掀起的电动车热潮让她心动。但那时，除特斯拉外，香港居民可 ...

Group 1 - The China Securities Materials Index (000987) has shown strong performance, with a 1.70% increase as of July 18, 2025, and notable gains in constituent stocks such as Shengxin Lithium Energy (002240) reaching a 10% limit up [1] - The Materials ETF (159944) has seen a 17.14% increase in net value over the past five years, with a maximum monthly return of 20.09% since inception and an average monthly return of 5.90% during rising months [1] - The valuation of the index is at a historical low, with a latest price-to-book ratio (PB) of 1.66, which is lower than 80.63% of the time since the index was established, indicating strong valuation attractiveness [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the China Securities Materials Index account for 29.27% of the index, including companies like Zijin Mining (601899) and Wanhu Chemical (600309) [2] - Recent announcements from Northern Rare Earth and Baosteel indicate a price adjustment for rare earth concentrate to 19,109 yuan/ton, with price fluctuations linked to changes in REO content [2] - Pacific Securities notes that while there is support for energy metal prices due to government policies promoting orderly competition, there is a lack of significant price transmission in materials, and confidence in sustained price increases may be insufficient [2] Group 3 - The demand for rare earth permanent magnets is expected to grow rapidly due to the increasing sales of electric vehicles and emerging industries such as humanoid robots and energy-efficient products [3] - The long-term growth of demand for rare earth permanent magnets is anticipated to remain robust as new technologies and products emerge [3]

证 券 研 究 报 告 行业研究 汽车 2025 年 07 月 18 日 推荐（维持） 汽车行业新能源销量跟踪报告 25H1 销量维持高增，中期需踏准节奏布局 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 232 | 0.03 | | 总市值(亿元) | 52,122.63 | 4.89 | | 流通市值(亿元) | 33,537.11 | 4.00 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 4.0% | 12.2% | 34.2% | | 相对表现 | -0.2% | 6.4% | 19.0% | -11% 6% 23% 40% 24/07 24/09 24/12 25/02 25/05 25/07 2024-07-18~2025-07-17 汽车 沪深300 相关研究报告 《【华创汽车】车企车系跟踪：4-5 月自主 ...

作者 / 吴 静 编辑 / 张 南 设计 / 张 萌 2025年，大六座SUV市场俨然成为中国车市竞争最激烈的细分赛道。 一组对比数据极具说服力：2022年，新能源大六座SUV市场仅有理想ONE、理想L9、问界M7等为数不多的几款车型；而到2025年，这一数字已激增至 20余款，涵盖腾势N9、深蓝S09、领克900、零跑C16等众多新晋选手。 短短三年间，市场参与者数量增长超3倍。当下，大六座SUV市场已从新兴领域，演变成一片红海，上至50万、下至十几万的产品铺满市场，几乎难寻 市场空白。仅2025年，中国市场就至少有10余款"大六座SUV"集中上市。该细分市场产品竞争之激烈、市场饱和速度之快、品类细分密度之高，可见一 斑。 就连雷军也 在微博上坦言，不少朋友问他，小米首款SUV为什么不做目前最热门6座SUV？ 雷军还未进入的风口，特斯拉却计划着要杀进来了。 7月16日，特斯拉中国官方发布了两张Model Y L 车型官图，并配文"金秋见"。《汽车商业评论》了解到，这是一款大六座豪华纯电SUV，轴距超过3 米，车长约5米，新车型计划最早第三季度上市，预估售价将为40万元左右。 蔚来创 始人、董事长、CEO李斌 ...

Core Viewpoint - Stellantis has decided to terminate its hydrogen fuel cell technology development project due to limited hydrogen infrastructure, high capital requirements, and insufficient consumer incentives, predicting that hydrogen-powered light commercial vehicles will not see widespread adoption before 2030 [2][7][9]. Group 1: Termination of Hydrogen Projects - Stellantis announced the cessation of its hydrogen fuel cell technology development project on July 16, citing the need for significant investment and the current inadequacy of hydrogen refueling infrastructure [2][7]. - The company will stop investing in Symbio, a joint venture focused on hydrogen fuel cell technology, which Stellantis acquired a 33.3% stake in 2023 [3]. - The decision to abandon hydrogen projects follows the approval of Symbio's latest business plan, which may destabilize the joint venture and affect related suppliers and jobs [5][11]. Group 2: Strategic Shift - The decision to withdraw from hydrogen energy aligns with Stellantis's response to stringent CO2 emission regulations in Europe, as the hydrogen market is still considered niche and lacks short-term economic sustainability [7][15]. - Stellantis plans to focus on electric and hybrid vehicles to meet customer expectations and maintain competitiveness [9][15]. - The shift away from hydrogen indicates a deeper strategic transformation towards electric vehicles (EVs), impacting product supply and dealer investment plans [15]. Group 3: Industry Perspectives on Hydrogen - While Stellantis exits the hydrogen sector, companies like Toyota and Hyundai continue to invest in hydrogen technology, with Toyota collaborating with BMW on hydrogen vehicles and Hyundai launching new fuel cell models [17][19]. - Other manufacturers, such as Honda and Renault, are also pursuing hydrogen technology, but the lack of supporting refueling infrastructure remains a significant challenge for the industry [21].

Group 1: Retail Sales Insights - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, with a year-on-year growth of 4.8%, which was below the consensus expectation of 5.56% [5][6] - For the first half of 2025, the total retail sales amounted to 245,458 billion yuan, reflecting a year-on-year growth of 5.0%, with Q2 showing a 5.4% increase compared to Q1 [5][6] - Urban retail sales in June were 36,559 billion yuan, growing by 4.8% year-on-year, while rural retail sales were 5,728 billion yuan, with a growth rate of 4.5% [5][6] Group 2: Consumer Behavior and Trends - Online retail sales showed rapid growth, with a year-on-year increase of 8.5% for the first half of 2025, while physical retail improved steadily with a 3.59% year-on-year growth in June [5][6] - The food and beverage sector experienced a significant decline, with restaurant service revenue in June rising only 0.9% year-on-year, a drop of 5.0 percentage points from the previous month [6][8] - Essential goods continued to perform well, with year-on-year growth rates for essential and discretionary items at 5.92% and 2.15%, respectively [6][8] Group 3: Economic Indicators - In June 2025, the Consumer Price Index (CPI) rose by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 3.6%, leading to an expanded PPI-CPI gap of -3.7% [7][14] - The unemployment rate remained stable at 5.0% in June, indicating a steady labor market [7] Group 4: Rare Earth Industry Insights - The rare earth industry maintains a strong global position, with strict mining and smelting quotas continuing into 2025, and the first batch of rare earth quotas for the year expected to remain stable or slightly increase [11][12] - Export controls have been upgraded, particularly for heavy rare earths, with a focus on high-end applications driving growth in the sector [11][12] - Opportunities exist for leading companies to receive policy support for mining, which may alleviate the current shortage of rare earth minerals [12][15] Group 5: Investment Recommendations - The report suggests focusing on high-end liquor and regional leaders in the beverage sector, as the white liquor market is expected to recover with the expansion of domestic demand policies [8][9] - In the cosmetics sector, despite a slight year-on-year decline of 2.3% in June, the report highlights strong growth potential for quality domestic brands [9][15]

银河核心优势混合型证券投资基金 基金管理人：银河基金管理有限公司 基金托管人：交通银行股份有限公司 报告送出日期：2025 年 7 月 18 日 银河核心优势混合型证券投资基金 2025 年第 2 季度报告 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 06 月 30 日止。 基金主代码 011629 基金运作方式 契约型开放式 §2 基金产品概况 基金简称 银河核心优势混合 基金合同生效日 2022 年 7 月 22 日 报告期末基金份额总额 151,924,333.44 份 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人交通银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应 ...

Core Viewpoint - The global market for fiber-wound pressure vessels is projected to reach $2.35 billion by 2031, with a compound annual growth rate (CAGR) of 14.7% in the coming years [1]. Market Overview - Fiber-wound pressure vessels are advanced composite materials used for storing high-pressure gases, commonly applied in compressed natural gas (CNG), hydrogen storage, and breathing apparatus [1]. - The market is dominated by IV type vessels, which hold approximately 50.4% of the market share [7]. - The automotive and transportation sector is the largest downstream market, accounting for about 39.7% of the demand [10]. Key Players - Major manufacturers in the global fiber-wound pressure vessel market include Hexagon Composites, 中材科技 (China National Materials), Luxfer Group, 佛瑞亚 (Faurecia), and others [6]. - The top ten manufacturers hold around 63.0% of the market share as of 2024 [6]. Driving Factors - The demand for lightweight and high-strength materials across various industries is a significant driver for the market [13]. - The growth in CNG, hydrogen, and industrial gas storage applications is increasing the demand for fiber-wound vessels [13]. - The transition to clean energy and mobility solutions is expanding the use of fiber-wound vessels in hydrogen-powered buses and fuel cell vehicles [13]. - Advances in material science and automation are enhancing production speed and consistency [13]. Challenges - High production costs and capital investment are significant barriers to entry for the fiber-wound pressure vessel market [14]. - Supply chain fluctuations affecting the availability and pricing of high-performance fibers like carbon fiber pose risks to profitability [14]. - The complexity of the manufacturing process requires precise control, which can be challenging without advanced automation [14]. - Limited standardization and certification for safety-critical applications may delay product deployment [14].

Core Viewpoint - Shanxi Province is undergoing a critical phase of industrial transformation and economic restructuring, with Guangfa Bank playing a significant role in supporting these initiatives through comprehensive financial services [1][2]. Group 1: Financial Support for Transformation - Guangfa Bank's Taiyuan Branch focuses on supporting the transformation of key state-owned enterprises in Shanxi, with over 5 billion yuan in corporate loans issued in the first half of 2025, reflecting an 11.1% year-on-year increase [2]. - The branch has underwritten over 7.2 billion yuan in local government bonds, contributing to regional high-quality development [2]. - Manufacturing loans increased by 36.3% year-to-date, with medium to long-term loans growing by 32.7%, demonstrating strong support for emerging industries [2]. Group 2: Empowering Diverse Development - The bank actively supports small and micro enterprises through innovative financing solutions, including a 7.5 million yuan loan to a seed industry company using intellectual property as collateral [3]. - Guangfa Bank has implemented a credit loan strategy to assist a foreign trade company facing long accounts receivable periods, enhancing the company's operational capacity [3]. Group 3: Enhancing Social Governance - The bank has facilitated the digital transformation of social security and medical insurance in Shanxi, improving public access to healthcare services [4]. - An innovative solution for traffic accident relief funds has recovered nearly 30 million yuan, enhancing the operational efficiency of social assistance programs [4]. Group 4: Strengthening Elderly Care Services - Guangfa Bank has launched various loan products for the elderly care industry and established a comprehensive service system to support elderly clients [5]. - The bank has implemented measures to enhance financial literacy among the elderly, including the establishment of dedicated service points and the use of smart technology to assist them [5][6]. Group 5: Commitment to Financial Security - The bank prioritizes the protection of customer funds and actively engages in anti-fraud education, particularly targeting the elderly demographic [6]. - Recent initiatives include community outreach to educate seniors on common fraud tactics, demonstrating a proactive approach to safeguarding client interests [6].

会议强调， 今年是巩固拓展脱贫攻坚成果同乡村振兴有效衔接 5 年过渡期的最后一年，要坚决扛 牢推动乡村全面振兴的政治责任，扎实推进能源行业 担负的 任务， 巩固提升农村电力保障水平， 加强农村分布式可再生能源开发利用，加强充电基础设施建设，持续推进北方地区清洁取暖 。要充 分发挥重大能源项目对就业的带动作用，推广能源建设项目以工代赈。要充分发挥能源行业优势， 创新开发式帮扶举措，加快推进农村能源革命试点，探索农村能源开发利用带动就业增收新模式。 要不断创新帮扶举措，激发定点帮扶和对口支援县内生发展动力，全力完成各项年度目标任务。 要 严格落实 中央八项规定 及其实施细则 精神， 切实减轻基层负担 。 7 月 15 日，国家能源局乡村振兴工作领导小组召开 202 5 年第 二 次会议，深入学习贯彻习近平 总书记关于乡村振兴的重要讲话 精神 ， 贯彻落实巩固拓展脱贫攻坚成果同乡村振兴有效衔接工作 会议精神，总结上半年乡村振兴、定点帮扶和对口支援工作成效，研究部署下半年工作。国家能源 局党组书记、局长、乡村振兴工作领导小组组长王宏志主持会议并讲话。 国家能源局党组成员、乡村振兴工作领导小组在京成员单位参加会议。 ...