焕新极氪7X 在纯电SUV价格战愈演愈烈的2025年，任何一家品牌的"中期改款"，都不再只是一次产品更新，而是一 场关于市场判断与成本博弈的试卷。 近日，极氪正式推出焕新极氪7X，共发布三款配置版型：75度后驱Max版、103度后驱Max版和103度四 驱Ultra版，官方零售价分别为22.98万元、24.98万元和26.98万元。在限时置换政策加持下，起售价进一 步压低至21.98万元——直指竞争最密集、品牌最拥挤的20-30万元主流区间。 这是一个几乎没有"安全边界"的价格带。上有特斯拉Model Y的规模优势，下有小鹏G6、智己LS6等新 势力在频繁更新。对于极氪而言，焕新极氪7X的意义，不仅在于销量修复，更在于验证一个更长远的 问题：在性能差距不断收窄、价格空间不断压缩的时代，"均衡"能否成为新的竞争力？ 押注"均衡"策略 均衡背后：成本与取舍的博弈 在中国电动车市场，如果要选一个竞争最惨烈的战场，那一定是20-30万元的SUV市场。这个价位段堪 称"兵家必争之地"，聚集了超过30款车型，每个月都在上演着你死我活的销量争夺战。 初代极氪7X于2024年上市，主要依靠两个核心卖点打开市场：一是"不溜背" ...

Core Insights - The article discusses various quantitative stock selection strategies in the Hong Kong stock market, highlighting their performance and characteristics [1][2]. Value Strategy - The value strategy shows superior performance in the Hong Kong stock market, with an annualized return of 11.7% during the sample period (2015.01.01-2025.08.26), outperforming the Hong Kong Stock Connect Index by 9.5% [1]. - This strategy is based on three factors: cash flow ratio, dividend yield, and buyback ratio, using equal-weight scoring [1]. Moat Strategy - The moat strategy has no significant style exposure, with a market beta close to 1, indicating it closely follows the Hong Kong Stock Connect Index [1]. - The annualized return since 2015 is 12.6%, exceeding the index by 10.5%, based on factors like network effects, intangible assets, cost advantages, and switching costs [1]. Growth Strategy - The growth strategy exhibits high beta characteristics, with significant exposure to growth, momentum, and high valuation [1]. - The annualized return for this strategy is 22.2%, outperforming the index by 20.0%, using five factors: growth, R&D investment, profitability, earnings quality, and relative strength of stock price [1]. Balanced Strategy - The balanced strategy shows positive exposure across various styles, achieving the highest information ratio among the four strategies [2]. - The annualized return for this strategy is 25.1%, outperforming the Hong Kong Stock Connect Index by 23.0%, based on five classic factors: market capitalization, value, growth, quality, and momentum [2].

Group 1 - The report highlights the increasing number of stocks eligible for the Hong Kong Stock Connect, with the market capitalization of these stocks covering approximately 90% of the main board's total market value despite only accounting for about 25% of the total stock count [8][14]. - The average daily trading volume of stocks in the Hong Kong Stock Connect has been steadily rising, indicating growing interest from public funds [8][10]. - The report provides a detailed analysis of the market capitalization distribution of stocks within the Hong Kong Stock Connect, emphasizing that these stocks generally have larger market capitalizations [14][18]. Group 2 - The value strategy focuses on identifying undervalued assets in the market, utilizing factors such as Price-to-Book (PB), Price-to-Earnings (PE), and cash flow ratios to select stocks [21][23]. - The report outlines the construction steps for the value strategy, including an initial screening of stocks with a market cap greater than 5 billion and an average daily trading volume exceeding 50 million [27][28]. - The performance of the top 30 stocks selected through the value strategy has shown significant annualized excess returns compared to the Hong Kong Stock Connect index [25][31]. Group 3 - The "moat" strategy, inspired by Warren Buffett, emphasizes investing in companies with strong competitive advantages that can protect their profitability [34][36]. - Key indicators for assessing a company's moat include market share, intangible assets, cost advantages, and customer switching costs [34][36]. - The report details the selection process for stocks with strong moats, focusing on companies with a market cap over 5 billion and a daily trading volume above 1 million [36][39]. Group 4 - The growth strategy targets companies with rapid revenue and profit growth, aiming to capitalize on their future growth potential [42][43]. - The selection criteria for the growth strategy include a market cap greater than 5 billion and a daily trading volume exceeding 1 million, while also considering factors like net profit growth and R&D investment [42][43]. - The report indicates that the growth strategy has consistently outperformed the Hong Kong Stock Connect index in terms of cumulative returns [46][47]. Group 5 - The report summarizes various investment strategies, including value, moat, growth, and balanced strategies, each with distinct selection factors and investment philosophies [53]. - The balanced strategy aims to evenly allocate investments across market cap, value, growth, quality, and momentum factors [53]. - The performance metrics for each strategy indicate varying degrees of success in generating excess returns compared to the Hong Kong Stock Connect index [52][53].

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [18]. Core Viewpoints - The A-share market experienced slight fluctuations with financial, electric power, real estate, and electric grid equipment sectors performing well, while biopharmaceuticals, medical services, precious metals, and gaming sectors lagged [2][3][8]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 14.26 times and 38.33 times, respectively, which are at the median levels over the past three years, suggesting a suitable environment for medium to long-term investments [3][17]. - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors that exceed performance expectations in mid-year reports and have reasonable valuations [3][17]. Summary by Sections A-share Market Overview - On July 7, the A-share market faced resistance at 3474 points, with the Shanghai Composite Index closing at 3473.13 points, up 0.02%, while the Shenzhen Component Index fell by 0.70% [8][9]. - The total trading volume for both markets was 12,272 billion, which is above the median of the past three years [3][17]. Future Market Outlook and Investment Recommendations - The report suggests a balanced strategy to optimize portfolio structure amid market fluctuations, with a focus on financial, electric power, electric grid equipment, and household light industry sectors for short-term investment opportunities [3][17]. - The ongoing mild recovery of the Chinese economy, driven by consumption and investment, is expected to support market stability [3][17].

Market Overview - On July 3, 2025, the A-share market experienced a slight upward trend after initial declines, with the Shanghai Composite Index finding support around 3447 points[2] - The Shanghai Composite Index closed at 3461.15 points, up 0.18%, while the Shenzhen Component Index rose by 1.17% to 10,534.58 points[8] - Total trading volume for the day was 13,337 billion yuan, slightly lower than the previous trading day[8] Sector Performance - Key sectors showing strong performance included consumer electronics, electronic components, batteries, and communication equipment[3] - Conversely, sectors such as shipbuilding, mining, gaming, and engineering machinery underperformed[3] - Over 60% of stocks in the two markets saw gains, with notable inflows into consumer electronics and battery sectors[8] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.19 times and 38.11 times, respectively, indicating a mid-level valuation suitable for medium to long-term investments[3] - The report suggests a balanced investment strategy, focusing on stocks with better-than-expected mid-year performance and reasonable valuations[3] Economic Context - China's economy continues to show moderate recovery, with consumption and investment as core drivers[3] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow of insurance funds providing significant support[3] Global Factors - The Federal Reserve maintained interest rates in June, but the uncertainty around potential rate cuts could significantly impact global risk appetite[3] - Investors are advised to closely monitor policy changes, capital flows, and international market conditions[3]

Market Overview - The A-share market experienced a slight fluctuation on July 2, 2025, with the Shanghai Composite Index closing at 3,454.79 points, down 0.09%[9] - The Shenzhen Component Index closed at 10,412.63 points, down 0.61%, while the ChiNext Index fell by 1.13%[9] - Total trading volume for both markets was 1,405.4 billion yuan, slightly lower than the previous trading day[9] Sector Performance - Strong performers included photovoltaic equipment, steel, cement, and coal industries, while communication equipment, semiconductors, aerospace, and consumer electronics lagged[4] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices were 14.20 times and 38.60 times, respectively, indicating a mid-level valuation compared to the past three years[4] Economic Insights - China's economy continues to show moderate recovery, with consumption and investment as key drivers[4] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow of insurance funds, providing significant support to the market[4] Investment Strategy - A balanced investment strategy is recommended, focusing on stocks with better-than-expected mid-year performance and reasonable valuations[4] - Short-term investment opportunities are suggested in banking, photovoltaic equipment, food and beverage, and resource sectors[4] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[5]