特斯拉(TSLA.US)在欧洲市场遭遇销售滑坡之际，其借助土耳其市场增长弥补业绩缺口的战略正面临重 大挑战。据报道，土耳其将电动汽车(包括特斯拉最畅销的 Model Y)特别消费税的最低税率从10%提高 到25%。土耳其是特斯拉销量增长最快的市场之一。 土耳其意外加税加剧特斯拉首席执行官埃隆·马斯克面临的挑战，他曾警告称，由于该公司面临美国电 动汽车补贴逐步取消和自动驾驶汽车开发进展缓慢的问题，未来一年或更长时间内将面临困难。 土耳其已成为特斯拉日益重要的市场，有助于缓解该公司在欧洲其他地区需求下滑的局面。马斯克在周 三举行的公司季度财报电话会议上特别提到了这个国家。 总体而言，2025年上半年汽车销量同比下降1.9%。2025年上半年纯电动汽车的市场份额为15.6%，仍远 未达到转型阶段所需的水平。与此同时，汽油和柴油汽车的总市场份额从2024年同期的48.2%下降至 37.8%。 在纯电动汽车(BEV)领域，注册量增长7.8%。尽管如此，特斯拉的市场份额却连续第六个月下滑。6月 特斯拉在欧盟、英国和欧洲自由贸易联盟的销量同比下降22.9%，市场份额从3.4%降至2.8%。 与此同时，欧洲四大汽车制造商—— ...

Core Viewpoint - Tesla's stock fell 6% in pre-market trading, indicating market concerns about the company's financial performance and future outlook [1] Financial Performance - Tesla's total revenue for the second quarter decreased by 12% year-over-year to $22.5 billion [1] - The decline in revenue suggests potential challenges in maintaining growth and profitability [1] Future Outlook - Elon Musk indicated that Tesla may face several difficult quarters ahead, raising concerns about the company's short-term performance [1]

Core Viewpoint - Tesla's stock price fell by 5% in after-hours trading following Elon Musk's warning that the company may underperform in the upcoming quarters [1] Group 1 - Tesla's stock decline indicates market reaction to potential future performance issues [1] - Elon Musk's comments suggest concerns about the company's operational challenges in the near term [1]

Core Insights - Tesla's Q2 2025 EPS is reported at $0.33, which is a decrease from $0.42 in the same period last year, aligning with market expectations of $0.33 [1] Financial Performance - Q2 2025 EPS: $0.33 [1] - Q2 2024 EPS: $0.42 [1] - Market expectation for Q2 2025 EPS: $0.33 [1]

特斯拉(TSLA.O)2025年Q2净利润11.72亿美元，去年同期为14.78亿美元，市场预期为11.36亿美元。 ...

Core Viewpoint - General Motors reported second-quarter earnings that exceeded analyst expectations, but warned that future tariff impacts will significantly worsen, overshadowing the positive earnings news and leading to a substantial drop in its stock price [1][4]. Financial Performance - In the second quarter, General Motors faced tariff costs of up to $1.1 billion, with a forecast indicating that the negative impact from tariffs will intensify in the second half of the year, particularly in Q3 [1][4]. - Revenue for the second quarter decreased nearly 2% year-over-year to approximately $47 billion, while adjusted EBIT fell 32% to $3 billion [4][6]. - Adjusted earnings per share dropped from $3.06 in the same quarter last year to $2.53, although this was still above analyst predictions of $2.44 [4][6]. Market Performance - Despite tariff pressures, General Motors' core business remained strong, with a 7% increase in U.S. vehicle sales driven by high demand for profitable pickup trucks and SUVs [4][5]. - In China, the company reversed last year's losses and achieved a small profit due to increased sales of electric vehicles [4][5]. Strategic Adjustments - To mitigate the impact of escalating trade pressures, General Motors is actively adjusting its strategy, reaffirming its full-year adjusted core profit forecast of $10 billion to $12.5 billion [6]. - The company aims to offset at least 30% of tariff impacts through cost-cutting and strategic adjustments, maintaining its estimate of tariff costs between $4 billion and $5 billion for the year [6]. - General Motors announced a $4 billion investment plan for new factories in the U.S. to strengthen domestic manufacturing and reduce reliance on imports, aiming to increase production capacity for key high-margin models by 300,000 units [6][7]. Future Outlook - CEO Mary Barra expressed confidence in the company's long-term electrification goals despite uncertainties in the electric vehicle market, emphasizing the importance of profitable electric vehicle production as the company's guiding principle [5][6].

Market Trends & Stock Performance - Tesla's stock closed at $321.67, up 3.50% [1] - Model YL six-seater version is coming, potentially sparking a buying frenzy with a more accessible price than Model X [1] - Model YL is expected to be priced around RMB 400,000 (approximately $55,764 USD) in China [1] - Model 3+ is expected to launch in September 2025, priced around RMB 270,000 (approximately $37,610 USD) [2] - In Q2 2025, total US electric vehicle sales decreased by 63% year-over-year [2] Product Development & Innovation - Model YL is longer (4976 mm), higher (1668 mm), and has a longer wheelbase (3040 mm) than the standard Model Y [1] - Model YL features a dual-motor all-wheel-drive system with a total power of 340 kW (approximately 456 horsepower) and a top speed of 201 km/h (125 mph) [1] - Model 3+ features a single motor with a peak power of 225 kW [2] - Model 3+ is expected to have a range exceeding 800 kilometers (CLTC standard) [2] Company Strategy & Leadership - Elon Musk reportedly changed his phone number after a disagreement with Donald Trump over the "大而美" (Great and Beautiful) bill [1] - Tesla's Q2 2025 earnings call is scheduled for July 23, 2025, where Musk will address investor questions [2]

| | | | 碳 锌 8 详20250716:国内碳酸锂7月供给预期偏松,国内碳酸锂社会库存量环比增加 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-07-15 | 2025-07-14 | 2025-07-09 | 较昨日变化 | 近两周走势 | | | 近月合约 | 收盘价 | 66860.00 | 66200.00 | 64700.00 | 660.00 | | | | 连一合约 | 收盘价 | 66660.00 | 66720.00 | 64680.00 | -60.00 | | | | 连二合约 | 收盘价 | 66100.00 | 66260.00 | 64400.00 | -160.00 | | | | 连三合约 | 收盘价 | 66100.00 | 66260.00 | 64160.00 | -160.00 | | | | | 收盘价 | 66660.00 | 66480.00 | 64400.00 | 180.00 | | | 砖酸锂期货 | 活跃合约 | 成交堂(手) | ...

Group 1 - The meeting highlighted the resilience and vitality of China-Australia economic cooperation over the past decade since the China-Australia Free Trade Agreement came into effect [1] - Both countries are encouraged to deepen cooperation, emphasizing the complementary nature of their economic structures and the solid foundation for industry and market integration [1][2] - The Chinese market is expected to continuously release significant consumer potential, which will create more business opportunities for both countries as trade scales expand and structures optimize [2] Group 2 - Strengthening collaboration in cutting-edge technology fields such as artificial intelligence and life sciences is seen as a way to empower industries in both countries [2] - Cooperation in clean energy, electric vehicles, and energy storage is anticipated to create a resilient and competitive world-class green industrial chain, generating substantial growth momentum [2] - The Australian Prime Minister acknowledged China's status as Australia's largest trading partner and emphasized the importance of the Free Trade Agreement in enhancing bilateral economic relations [3]

2025 年 7 月 15 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观经济及公司点评 2025 年 7 月 15 日 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 周一（7 月 14 日）中国股市上涨，机器人板块爆发，医药股强势反弹，公 用事业、能源与材料涨幅居前，地产、金融与通讯服务下跌。大宗商品普涨， 国债期货下跌，人民币走平。 中国 6 月社融存量、信贷与 M1 增速反弹，显示中国经济延续复苏，2 季度 经济数据可能好于预期，3 季度货币政策宽松的可能性下降，降准降息可能 推迟至 4 季度。6 月商品出口同比增长 5.8%好于预期，进口增长 1.1%， Labubu带动玩具出口破百亿，稀土出口创 2009年来最高，铁矿石进口创年 内新高，钢铁二季度出口创纪录。 字节跳动将开发一种轻便型混合现实设备，与 Meta 公司计划 2027 年推出 的一款产品类似。京东健康首个线下医美自营诊所在北京亦庄开业，第二家 ...