Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

Core Viewpoint - The article discusses the current market performance and customer preferences for the AITO M9 vehicle, highlighting its popularity and sales dynamics in a specific city, as well as customer comparisons with competing models [2][9]. Market Performance - The AITO M9 has a high customer interest, accounting for 40% of the foot traffic in stores, despite a slight decline in overall customer visits due to seasonal factors and local events [2]. - The most popular variant is the six-seat range-extended Ultra version, which constitutes 70% of sales, with a waiting period of 6-8 weeks [3]. Customer Preferences - Customers prefer the range-extended version over the pure electric version due to better energy efficiency and practicality for family use [3]. - The six-seat configuration is favored for its spaciousness and suitability for both business and family use [3]. Pricing and Financing - The official price for the six-seat range-extended Ultra version is ¥539,800, with additional popular options costing around ¥28,000 [5]. - A financing example shows a total cost of ¥162,850 after down payment, with a monthly payment of ¥8,273 [6]. Customer Demographics - The primary buyers are from elite circles, including private business owners and executives, who value both commercial and family utility [9]. - Customers often compare the AITO M9 with luxury brands like BMW and Mercedes-Benz, with significant interest in the driving experience and brand perception [11][12]. Competitive Landscape - The main competitors identified are the BMW X5, AITO M8, and Li Auto L9, with varying customer preferences influencing their choices [11]. - Some customers switch from traditional luxury brands to the AITO M9 due to its perceived value and performance [12][14]. Customer Feedback - Common complaints include long delivery times and a desire for more technologically advanced design features [17].

鸿蒙智行最新宣布。 6月30日，鸿蒙智行宣布，尊界S800旗舰轿车上市首月大定突破6500台。 尊界S800是由华为旗下鸿蒙智行与江淮汽车合作打造的首款车型，也是鸿蒙智行目前售价最高的车型，定 位为超高端智能豪华轿车，竞争对手锁定宝马7系、奔驰S级、奥迪A8等传统豪华品牌的旗舰轿车，也是 目前除了仰望、红旗等品牌外，少数向百万级市场进军的自主品牌新车。 综合自：鸿蒙智行、e公司、券商中国 责编：万健祎 校对： 王锦程 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 5月30日，尊界S800正式发布上市，根据配置不同，尊界S800售价分为70.8万元、78.8万元、81.8万元 和101.8万元。 东方证券研报指出，尊界S800上市后有望凭借华为在智能化、品牌、渠道等领域的优势，成为豪华车市场 的有力竞争者，带动鸿蒙智行销量及品牌向上。 开源证券认为，目前，超豪华车领域主要由传统油车以及和油车差别不大的新能源车构成，尊界S800为超 豪华车领域提供智能化 ...

Core Viewpoint - The announcement of the listing application by Siwei Zhili (Nanjing) Technology Co., Ltd. reflects its strength and potential in the smart cockpit sector, as well as Siwei Tuxin's deepening layout in the smart automotive industry chain [2][3] Group 1: Company Overview - Siwei Tuxin holds a 45.32% voting power in Siwei Zhili, which specializes in smart cockpit software solutions and integrated hardware-software solutions [2] - Siwei Zhili is recognized as a leading provider of smart cockpit solutions in China, known for its innovative software development capabilities and comprehensive product coverage from edge to cloud [3][4] Group 2: Market Position and Performance - According to Frost & Sullivan, Siwei Zhili ranked tenth among domestic first-tier smart cockpit solution providers in 2024, with a market share of 0.1%, and ranked third among software-driven first-tier suppliers globally [3] - Siwei Zhili has delivered over 15.9 million smart cockpit software solutions and over 1.55 million integrated hardware-software solutions since its establishment [4] Group 3: Research and Development - Siwei Zhili invests significantly in R&D to enhance its competitive advantage in smart cockpit solutions, with R&D expenditures of 113.1 million, 103.4 million, and 209.6 million for the years ending December 31, 2022, 2023, and 2024, respectively [5] - The R&D team consists of 377 members, and the company holds 107 patents, including 41 invention patents, 30 utility model patents, and 36 design patents [5]

Core Viewpoint - Volvo officially launched the new XC60, a luxury SUV, in Chengdu, emphasizing upgrades in design, luxury, intelligence, safety, health, and power to cater to family travel needs [2][3] Group 1: Product Launch Details - The new XC60 is available in 8 configurations, with a starting price of 254,900 yuan for the fuel version and 354,900 yuan for the plug-in hybrid version, along with over 85,000 yuan in purchase benefits [2] - The exterior and interior have been upgraded, introducing new colors and design elements, including a floating center console and modern visual aesthetics [2] - The vehicle features a Qualcomm Snapdragon 8155 automotive-grade chip and an 11.2-inch central control screen for improved operation and display clarity [2] Group 2: Safety Features - Safety remains a core value for Volvo, with enhancements such as expanded rear impact zones and optimized headrest energy absorption [3] - The XC60 includes innovative testing with pregnant and infant dummies to ensure safety for all passengers, along with advanced safety technologies like city safety systems and blind spot monitoring [3] Group 3: Environmental and Performance Aspects - The XC60 is equipped with a dual-effect enhanced air purification system, achieving over 95% PM2.5 removal and over 99.9% pollen removal, maintaining cabin PM2.5 levels below 5μg/m³ [3] - The fuel version features a B5 engine with a maximum power of 184 kW and peak torque of 360 N·m, while the hybrid version offers a combined power of 335 kW and a range of 1,360 kilometers, with a 0-100 km/h acceleration time of just 5.0 seconds [3]

简评 机构：中信建投证券 研究员：崔世峰 核心观点 6 月26 日，小米召开人车家发布会，发布了小米YU7、首款AI 眼镜、MIX Flip2 小折叠等一系列产品。 核心亮点在于： 1） YU7 大爆：YU7 定价标准版/Pro 版/Max 版分别为25.35/27.9 9 /32.99 万元，基本贴合前期市场预 期，上线3 分钟大定突破2 0万台，一小时突破28.9 万台，18 小时锁单超24 万台， 相比su7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8万表现明显强劲。 2） 首款AI 眼镜：小米AI 眼镜集第一人称相机+耳机+随身AI 助手为一体，标准版/单色电致变色版/彩 色电致变色版售价分别为1999/2699/2999 元，对标竞品Ray-Ban Meta AI 眼镜（定价299 美元）优势在 于：更轻、续航更长、配置超级小爱。 YU7 上线3 分钟大定突破20 万台，1 小时突破28.9 万台，1 8小时锁单超24 万台，相比SU7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8 万表现明显强劲， 并且大幅超出此前市场预期，按照现有 大定&锁单，推 ...

Core Viewpoint - The article emphasizes the importance of exploring overseas markets for the chip industry, particularly in Europe, as a strategy for industry upgrade and sustained growth. It highlights the need for a deep understanding of terminal markets, regional regulations, technological trends, and industry rhythms to successfully navigate this transition [3]. Group 1: Event Overview - The "Exploring European Electronics Trends" business investigation activity will take place from September 4 to September 14, focusing on five key German cities: Berlin, Leipzig, Dresden, Stuttgart, and Munich [3]. - The event will include visits to two major global exhibitions: IFA (Berlin International Consumer Electronics and Home Appliances Exhibition) and IAA (German International Automobile and Smart Mobility Exhibition) [4][5]. Group 2: IFA and IAA Details - IFA is one of the largest international exhibitions for audio-visual and consumer electronics, attracting over 1,800 exhibitors and more than 210,000 visitors from 138 countries in the last edition. AI is a significant theme this year, making it a crucial window for observing trends in AI and hardware [4]. - IAA is one of the top five auto shows globally, playing a key role in the automotive industry's development, with 750 exhibitors from 38 countries and over 500,000 visitors in the last edition, covering the entire automotive supply chain [4]. Group 3: Activities and Networking - The itinerary includes organizing two in-depth salons to facilitate local resource connections, building on previous successful networking events held during the last IAA [6]. - The trip aims to provide participants with firsthand experiences of the industrial atmosphere in Germany, enhancing their understanding of local market dynamics and fostering potential collaborations [7][10]. Group 4: Company Visits and Insights - Participants will visit notable companies such as GlobalFoundries and Mercedes-Benz, gaining insights into their operations and the broader industry landscape [19][20]. - The Fraunhofer Institute, known for its integration of scientific research and industrial development, will also be a focal point, showcasing its significant revenue of €3.4 billion and its role in fostering innovation [23]. Group 5: Itinerary Highlights - The itinerary includes visits to key cultural and industrial sites, allowing participants to experience Germany's rich heritage while engaging with local businesses [16][24]. - The program is designed to optimize efficiency and depth, ensuring that both newcomers and experienced professionals can derive valuable industry insights [12][13].

以下文章来源于汽车之心 ，作者郑森鸿 白雪 汽车之心 . 探索智能汽车的万象与新知。 来源 丨汽车之心（ID： Auto-Bit ） 作者丨 郑森鸿 白雪 图源丨小米汽车官方微博 不到10秒，小米汽车APP现车均已售罄。 小米YU7的订单量堪称车坛奇迹，让人第一次知道原来汽车可以当Labubu卖爆单。 去年特斯拉Model Y在中国销量48万辆， 小米YU7 的3分钟大定量已经接Model Y全年销量的一 半。 从发布会能看到小米YU7最大的两个特点： 第一个特点，彻底下场对标Model Y，从配置到价格、营销全面掀翻特斯拉的话语体系。过去特斯拉 的用户购车时几乎不会对比其他同类车型，但小米YU7的出现让原本属于特斯拉的潜在用户，也要下 场对比一下再说。 第二个特点，回归SUV运动的基本属性，告别SUV冰箱彩电大沙发的趋同性配置，回归初心用大电 池、低能耗、长续航准确击中消费者核心痛点。 如果说SU7的成功是一次天时、地利、人和三方要素的多重组合，那么YU7的成功则验证了小米汽车 战略的绝对准确性——顶级品销结合的背后，也是在深刻洞察用户需求基础上的「参数与体验同 频」。 小米的野心不是想成为特斯拉，而是彻底 ...

Group 1 - The automotive industry is undergoing significant changes, with consumers facing tough choices between traditional fuel vehicles and electric vehicles, as well as considerations of safety and intelligence in luxury cars [1] - The essence of luxury is defined not by price but by consensus within a community, as demonstrated by the enduring success of the Mercedes-Benz E-Class, which has sold over 16 million units globally since its inception in 1947 [2] - The long-wheelbase E-Class features a dual body design that combines dynamism and elegance, with an increased wheelbase of 133 mm, providing over 10 exclusive luxury configurations for the rear seat, catering to business and family needs [2] Group 2 - The long-wheelbase E-Class offers a luxurious experience with features such as "Brilliant Starry Sky" digital headlights and a 360° surround ambient lighting system, enhancing the visual and auditory experience [3] - Safety is a top priority for Mercedes-Benz, with the long-wheelbase E-Class undergoing extensive crash simulations and real-world tests, including over 150 tests specifically for Chinese road conditions [4] - The vehicle is equipped with 13 safety airbags and utilizes advanced technologies like high-speed X-ray for crash testing, ensuring comprehensive safety measures [4] Group 3 - The long-wheelbase E-Class provides a versatile driving experience with options for both fuel and electric power, making it a comprehensive choice for comfort, economy, and performance [5] - It features a 48V ISG smart electric motor system and plug-in hybrid options, achieving a fuel consumption as low as 4.2L/100km, with a pure electric range of 106 km [6] - The vehicle is equipped with advanced technology, including the Qualcomm 8295 smart cockpit chip and 5G communication, enhancing the user experience with a fully upgraded voice assistant [6] Group 4 - The long-wheelbase E-Class maintains reliability and stability even after 10 years of use, simplifying the decision-making process for consumers [7]

Domestic News - China FAW Group has established a new company, FAW Qixin Power (Changchun) Technology Co., Ltd., with a registered capital of 500 million yuan, focusing on AI and robotics, marking a significant step in the company's smart transformation strategy [5] - Buick has launched the next-generation intelligent cockpit based on Qualcomm's SA8775P chip, set to debut in the Buick high-end new energy sub-brand "Zhijing" in the second half of 2025 [6] - Dongfeng Motor Group has formed a new company, Yipai Automotive Technology Co., Ltd., to integrate resources and strengthen its independent passenger vehicle business [7] - Lexus has officially commenced construction of its new energy project in Jinshan District, Shanghai, with an expected annual production capacity of 100,000 vehicles starting in 2027 [9] - Li Auto has opened its first shuttle supercharging flagship station in Changzhou, featuring advanced charging technology that allows for efficient vehicle turnover and reduced waiting times [10] - CATL plans to introduce its battery swapping technology to the European market, aiming to build 1,000 battery swap stations in China by the end of the year and expand to 10,000 in three years [11] - GAC Group has opened its first battery service center in Thailand, enhancing its global strategy and providing comprehensive battery services [12] - Garrett has inaugurated its new innovation center in Wuhan, China, to enhance its zero-emission technology development capabilities [13] International News - U.S. new car sales in June are expected to increase by 2.5% year-on-year, reaching 1.25 million units, although actual sales may decline by 5.4% when adjusted for sales days [14] - Japan has reiterated its opposition to the U.S. imposing a 25% tariff on imported cars, highlighting the significant investment Japanese automakers have made in the U.S. [15] - Tesla is introducing a "virtual queue" system to alleviate the demand for supercharging stations, aiming to improve charging efficiency and user experience [16] - BMW continues to invest in internal combustion engine development while advancing its electrification efforts, emphasizing consumer choice in the transition to electric vehicles [17] Commercial Vehicles - Yutong has launched its new high-end bus model, Tianyu S12, in Xi'an, featuring various seating configurations to meet the latest demands in passenger transport [19] - Changan's Kai Cheng V919, the first pure electric rear-drive wide-body light bus, has been globally launched, marking a significant step in the company's commercial vehicle strategy [20] - FAW Liberation has celebrated the sale of over 1,100 new energy commercial vehicles in the Jinmeng region, reinforcing its commitment to the dual carbon strategy [21] - SANY's electric heavy-duty trucks were showcased at the Mobility Live Middle East exhibition in Dubai, highlighting the growing demand for electric transportation solutions in the region [22]