Core Insights - In July, the wholesale sales of new energy passenger vehicles in China reached 1.18 million units, representing a year-on-year increase of 25% but a month-on-month decrease of 4% [1] - Cumulatively, from January to July, the total wholesale sales amounted to 7.63 million units, reflecting a year-on-year growth of 35% [1]

Group 1 - The core viewpoint of the article indicates that in July, the wholesale sales of new energy passenger vehicles in China reached 1.18 million units, representing a year-on-year increase of 25% but a month-on-month decrease of 4% [1] - Cumulatively, from January to July, the total wholesale sales amounted to 7.63 million units, showing a year-on-year growth of 35% [1]

Core Viewpoint - Beijing Automotive Blue Valley (600733) reported a decline in production and sales for July 2025, with production at 10,745 units, down 7.79% year-on-year, and sales at 10,280 units, down 6.38% year-on-year [1] Production and Sales Summary - Cumulative production from January to July reached 78,754 units, representing a significant increase of 162.05% year-on-year [1] - Cumulative sales for the same period totaled 77,432 units, showing an increase of 98.58% year-on-year [1]

Core Insights - The Chinese electric vehicle (EV) market is experiencing robust growth in July 2025, with major automakers reporting impressive sales figures. Group 1: BYD - BYD leads the market with sales of 344,296 units in July, a slight increase of 0.56% year-on-year, and a cumulative total of 2,490,250 units from January to July, reflecting a growth of 27.35% [2] Group 2: Geely - Geely's total sales reached 237,717 units in July, marking a significant year-on-year increase of 58%. The Galaxy series was a key driver, with sales soaring by 237% [3] Group 3: Great Wall Motors - Great Wall Motors sold 104,372 units in July, up 14.34% year-on-year, with cumulative sales of 674,161 units from January to July, a growth of 3.57% [4] Group 4: Leap Motor - Leap Motor achieved a record high of 50,129 units in July, representing a year-on-year growth of over 126% [5] Group 5: Xpeng Motors - Xpeng Motors delivered 36,717 vehicles in July, a remarkable increase of 229% year-on-year, with a cumulative total of 233,906 units from January to July, reflecting a growth of 270% [6] Group 6: Li Auto - Li Auto delivered 30,731 vehicles in July, with a cumulative total of 1,368,541 units delivered as of July 31, 2025 [7] Group 7: NIO - NIO reported July deliveries of 21,017 vehicles, with a cumulative total of 806,731 units delivered, and a year-on-year growth of 25.2% for the year [10] Group 8: Other Automakers - Several other automakers also reported significant growth in July, including: - Deep Blue Auto with 27,169 units, a 62% increase [9] - Lantu Auto with 12,135 units, a 102% increase [11] - Qianli Technology with 10,222 units, a 142.34% increase [12] - Avita with 10,062 units, a 178% increase [13] - Xiaomi Auto with over 30,000 units [8] - Zhi Mi Auto with 7,021 units [14] - Jishi Auto with 1,316 units [15]

Core Insights - Multiple companies reported significant growth in electric vehicle (EV) sales for July, indicating a robust market performance in the EV sector. Group 1: Sales Performance - BYD achieved sales of 344,296 units in July, a slight increase from 342,383 units year-on-year, with overseas sales of passenger cars and pickups reaching 80,178 units, up 159.5% [9] - SAIC-GM-Wuling reported total global sales of 123,341 units, a year-on-year increase of 13.7%, with new energy vehicle sales at 73,901 units, up 50.9% [11] - Leap Motor's sales reached 50,129 units, marking its first month surpassing 50,000 units, with a year-on-year growth exceeding 126% [15] - Xpeng Motors delivered 36,717 vehicles, a year-on-year increase of 229% and a month-on-month increase of 6%, achieving a historical high for monthly deliveries [18] - Li Auto delivered 30,731 vehicles, showing a year-on-year decline of 40% and a month-on-month decline of 15.3% [21] - Xiaomi's deliveries exceeded 30,000 units, driven by the launch of its first electric SUV, YU7 [23] - Deep Blue's sales reached 27,169 units, reflecting a year-on-year growth of 62% [28] - GAC Aion sold 26,557 units, with a strong charging infrastructure supporting its growth [32] - NIO delivered 21,017 vehicles, with a year-to-date growth of 25.2% [36] - Zeekr sold 16,977 units, maintaining a consistent monthly sales performance [38] - Lantu achieved sales of 12,135 units, with a year-on-year increase of 102% [40] - Avita's sales reached 10,062 units, marking a year-on-year growth of 178% [41] - ARCFOX delivered 9,436 units, with a year-on-year increase of 50.35% [45] - Zhiji delivered 7,027 units, with a month-on-month increase of 16.6% [47] - Hongmeng Zhixing's total sales reached 47,752 units, maintaining a leading position among new energy and luxury brands [51] Group 2: Market Trends and Developments - The overall performance of the EV market in July indicates strong consumer demand and competitive dynamics among various manufacturers [2][3] - The introduction of new models and expansion of sales channels, including international markets, are key strategies driving growth for several companies [15][23][28] - The competitive landscape is intensifying, with some companies facing challenges in maintaining growth rates amid increasing market competition [21]

Group 1 - The core viewpoint of the article highlights the significant growth in the new energy commercial vehicle insurance market, with a premium income of approximately 661.7 billion yuan in the first half of the year, representing a year-on-year increase of 41.44%, which is substantially higher than the overall industry growth rate of 3.27% [1][2] - The claims paid for new energy commercial vehicle insurance also saw a year-on-year increase of 33.32%, contrasting with a decline of 1.68% in overall industry claims, indicating an improvement in business risk [1][2] - The growth in new energy vehicle insurance premiums is primarily driven by the increase in new energy vehicle sales, with production and sales figures reaching 6.968 million and 6.937 million units respectively, both showing over 40% year-on-year growth [2][3] Group 2 - Despite the high growth rates, the year-on-year growth rate of new energy vehicle insurance premiums has slowed compared to 2024's projected growth of 52.93%, attributed to a larger premium base [3] - The article notes a trend of decreasing risk in new energy vehicle insurance, with the premium income growth outpacing claims growth by 8.12 percentage points in the first half of the year [4] - Factors contributing to the reduction in claims include improved risk management by insurance companies, enhanced safety features in vehicles, and better driving habits among owners [4][6] Group 3 - Policy implementations, such as the guidance issued by financial regulatory authorities in January, are expected to further improve the claims ratio in the new energy vehicle insurance sector [5] - The outlook for the second half of the year suggests continued rapid growth in new energy vehicle insurance premiums, supported by increasing sales and ownership of new energy vehicles [5] - The comprehensive cost ratio for new energy vehicle insurance is anticipated to decline due to various factors, including improved driving habits, enhanced vehicle quality, and ongoing technological advancements [6]

Group 1 - In June, the national retail sales of passenger cars reached 2.084 million units, a year-on-year increase of 18.1%, with cumulative retail sales for the year at 10.901 million units, up 10.8% year-on-year [2] - In June, domestic retail sales of self-owned brands reached 1.34 million units, a year-on-year increase of 30%, capturing a market share of 64.2%, which is an increase of 5.6 percentage points compared to the previous year [2] - The export of passenger cars (including complete vehicles and CKD) in June was 480,000 units, a year-on-year increase of 23.8%, with a total export of 2.479 million units in the first half of the year, up 6.8% year-on-year [2] Group 2 - In June, the wholesale sales of new energy passenger vehicles reached 1.241 million units, a year-on-year increase of 27%, with cumulative wholesale sales of 6.447 million units in the first half of the year, growing by 37.4% [3] - In June, the wholesale sales of pure electric vehicles were 771,000 units, a year-on-year increase of 39.2%, while range-extended vehicles saw sales of 122,000 units, up 13.6% year-on-year [4] - BYD ranked first in sales with 377,628 units in June, followed by Geely Auto (122,367 units), Changan Auto (87,458 units), and Tesla China (71,599 units) [4]

Core Viewpoint - The article highlights the divergent sales trends among various automotive brands in China, particularly focusing on the performance of brands based on their average selling prices, with lower-priced brands experiencing significant growth while higher-end brands face challenges [2][11]. Group 1: High-End Brands Performance - In the high-end segment (average price above 300,000 yuan), AITO's total deliveries in June reached 44,700 units, a year-on-year increase of 4.45% [3]. - Li Auto delivered 36,300 vehicles in June, a decline of 24.06% year-on-year, with a total of 203,900 units delivered in the first half of the year, up 7.91% [3]. - NIO delivered 14,600 vehicles in June, a year-on-year increase of 17.52%, but saw a 3.03% decline in total deliveries for the first half of the year [3]. - Lantu Automotive achieved over 10,000 units in June, marking an 83% increase year-on-year, with a total of 56,100 units delivered in the first half, up 85% [4]. - The performance of other high-end brands like Equation Leopard and Tengshi also showed significant growth, with Equation Leopard's June sales up 605.3% year-on-year [6]. Group 2: Mid-Range Brands Performance - In the mid-range segment (average price between 200,000 and 300,000 yuan), Xiaomi Auto delivered over 25,000 units in June, up from over 10,000 units last year, with a total of over 150,000 units delivered in the first half [10]. - Zeekr's sales in June were 16,700 units, a year-on-year decline of 16.93%, with a total of 90,700 units delivered in the first half, up 3.27% [8]. - Avita's June deliveries reached 10,000 units, reflecting a 117% year-on-year increase [10]. Group 3: Low-End Brands Performance - In the low-end segment (average price below 200,000 yuan), Leap Motor delivered 48,000 units in June, a year-on-year increase of over 138%, with a total of 221,700 units delivered in the first half, up 155.68% [11]. - Xiaopeng Motors delivered 34,600 units in June, a year-on-year increase of 224%, with a total of 197,200 units delivered in the first half, up 279% [11]. - Deep Blue Automotive achieved deliveries of 29,900 units in June, a 79% increase year-on-year, with a total of 143,200 units delivered in the first half, up 70.81% [12].

Group 1: Overall Market Trends - In July, multiple automotive companies reported their delivery results for the first half of 2025, showing a divergence in sales growth among mid-to-high-end brands priced above 300,000 yuan, with Li Auto and NIO experiencing a decline, while brands like Lantu and Fangchengbao saw rapid growth due to a smaller base [2] - Brands with an average price between 200,000 to 300,000 yuan also exhibited a mixed trend, with Xiaomi Auto growing rapidly, while Zeekr showed signs of weakness [2] - Brands priced below 200,000 yuan, such as Leap Motor, Xpeng, and Deep Blue, achieved significant growth [2] Group 2: High-End Brands Performance - Aion delivered 44,700 vehicles in June, a year-on-year increase of 4.45%, with the Aion M9 and M8 contributing significantly to the numbers [2] - Li Auto delivered 36,300 vehicles in June, a year-on-year decrease of 24.06%, but achieved a total of 203,900 vehicles in the first half, a growth of 7.91% [3] - NIO delivered 14,600 vehicles in June, a year-on-year increase of 17.52%, but saw a cumulative decline of 3.03% in the first half with 84,800 vehicles delivered [3] - Lantu achieved a monthly sales record of over 10,000 vehicles in June, with a year-on-year growth of 83%, totaling 56,100 vehicles in the first half, up 85% [4] Group 3: Mid-Range Brands Performance - Xiaomi Auto delivered over 25,000 vehicles in June, up from over 10,000 in the same month last year, with a total of over 150,000 vehicles delivered in the first half [5] - Zeekr's June sales were 16,700 vehicles, down 16.93%, with a total of 90,700 vehicles delivered in the first half, a growth of 3.27% [6] - Avita delivered 10,000 vehicles in June, marking a year-on-year increase of 117% [6] Group 4: Budget Brands Performance - Leap Motor delivered 48,000 vehicles in June, a year-on-year increase of over 138%, with a total of 221,700 vehicles delivered in the first half, up 155.68% [9] - Xpeng delivered 34,600 vehicles in June, a year-on-year increase of 224%, with a total of 197,200 vehicles delivered in the first half, a growth of 279% [8] - Deep Blue delivered 29,900 vehicles in June, a year-on-year increase of 79%, with a total of 143,200 vehicles delivered in the first half, up 70.81% [9]

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle (NEV) market continues to grow, with a penetration rate exceeding 50% for three consecutive months, although the month-on-month growth rate has slowed [2][4]. - BYD remains the industry leader with June sales of 377,628 units, a year-on-year increase of 11.0% and a month-on-month increase of 0.2% [2][7]. - Xiaomi's new SUV model YU7 shows strong market potential, with over 240,000 orders within 18 hours of launch, indicating robust brand appeal [3]. - The report anticipates continued growth in NEV sales in July, driven by new model launches and promotional activities [4]. Summary by Relevant Sections Company Performance - BYD: June sales reached 377,628 units, with a year-on-year growth of 11.0% and a month-on-month increase of 0.2%. Exports surged by 230% year-on-year [2][7]. - Xiaomi: Delivered over 25,000 units in June, with a slight decline due to capacity allocation for the YU7 launch [3]. - XPeng: Achieved 34,611 units in June, marking a year-on-year increase of 224% and a month-on-month increase of 3.2% [3][7]. - Li Auto: Delivered 36,279 units in June, with a year-on-year decrease of 24.1% and a month-on-month decrease of 11.2% [3][7]. - NIO: Reported 24,925 units in June, a year-on-year increase of 17.5% [4][7]. - Leap Motor: Delivered 48,006 units in June, with a year-on-year increase of 138.6% [4][7]. Market Outlook - The report suggests that July will see the launch of several new models, including XPeng G7, NIO L90, and Li Auto i8, which will enhance market supply [4]. - The NEV market is expected to maintain growth momentum, although the month-on-month growth rate may continue to slow [4].