· 2025 年 7 月 4 日 国都香港研究部 电话：852-34180288 网址：www.guodu.com.hk 每日投资策略 恒指收跌 151 点 两万四失而复得 恒指昨日高开 12 点，报 24234，升幅曾扩大至 47 点，高见 24269，但财新公布数据后，大市升势不保， 失守两万四关，更跌穿十天(现处 24000)及二十天线(处 24004)，跌幅扩大至 301 点，低见 23920，幸好 A 股向 好，大市跌幅亦收窄，两万四关、十天及二十天线都失 而复得。最终恒指收市跌 151 点或 0.6%，收造 24069， 国指跌 0.9%，报 8648；科指跌 0.7%，报 5233。全日成 交 2312.47 亿元，北水转净走 30.5 亿元。 蓝筹阿里巴巴(09988)挫 2.9%，造 106.2 元；腾讯 (00700)降 0.1%，造 501 元；美团(03690)降 2.5%，造 122.8 元；新东方(09901)挫 3%，造 40.6 元：小米(01810) 挫 3.4%，造 58.1 元，为表现最差蓝筹；九置(01997)全 日急升 6.9%，造 24.1 元，为升幅最大蓝筹。 内 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [27]. Core Insights - The NEV sector in China is experiencing intense competition, with performance among major manufacturers becoming increasingly divergent. The focus is expected to shift from price wars to quality and service upgrades as regulatory scrutiny tightens [8][16]. - BYD's June sales reached 383,000 units, a 12% year-on-year increase, while Geely sold 236,000 units, up 42% year-on-year. Both companies are adjusting their annual targets upwards due to strong first-half performance [9][10]. - Leapmotor achieved record sales of 48,000 units in June, marking a 139% year-on-year increase, while Li Auto and Xiaomi saw month-on-month declines in sales [11][14]. - NIO's wholesale sales were 25,000 units in June, reflecting an 18% year-on-year increase, but the company faces challenges from competitors in the same price segment [15][16]. Summary by Sections Sales Performance - BYD's first-half sales totaled 2.146 million units, achieving 39% of its annual target, while Geely's first-half sales reached 1.409 million units, with 47% of its revised target already met [9][10]. - Leapmotor's cumulative deliveries for the first half were 222,000 units, and it is expected to maintain strong sales momentum with new product launches [11]. - Li Auto's June deliveries were 36,000 units, down 24% year-on-year, while XPeng delivered 35,000 units, marking a 224% year-on-year increase [13][14]. Market Dynamics - The report highlights a shift in competition dynamics, with companies focusing on service upgrades and technological advancements rather than aggressive pricing strategies due to regulatory pressures [8][16]. - The performance of various brands indicates a competitive landscape where established players like BYD and Geely are facing challenges from emerging brands like Leapmotor and NIO [15][16]. Future Outlook - The second half of the year is expected to see continued volatility in sales as new models are launched and companies adapt to stricter regulations. Brands that can offer better value and brand equity are likely to outperform [16].

以下文章来源于徐梅方先生 ，作者徐梅方 徐梅方先生 . 有趣的案例，独到的见解，最新的趋势，都在这里等你来发现，一起在商业海洋乘风破浪！ 作者 | 徐梅方 来源 | 徐梅方先生 导语：卷赢对手没意义，只有卷出标准、技术和信任，中国车企才算赢。 重庆的火锅还在沸腾，汽车圈的"战火"比锅底还热。 前不久，长城老板魏建军的"车圈恒大论"， 虽然没点名，但舆论都默认指向比亚迪，气得比亚迪公 关李云飞连发微博，又是"狗不能咬人"的隐喻，又是鬼吹灯配图，双方就差扯开膀子互干一场了 。 如今吉利公开站队，称自家测试和长城之前的测试"完全一致"，再次把比亚迪的旧伤疤撕出血。 杨 学良的控诉刀刀见血："排放不达标是违法犯罪！长城当吹哨人举报两年，结果呢？ 不了了之！ 6月7日的汽车论坛上，吉利高管杨学良对着比亚迪"开炮"，指责行业内卷恶性竞争，甚至重提"常压 油箱"旧账，称吉利的拆解测试与长城举报内容一致。台下的广汽埃安负责人肖勇立刻附和，笑称 杨学良是"车圈嘴替"。 而就在24小时前，比亚迪李云飞刚吐槽过"又坏又蠢"的拉踩论，一场没有硝烟的车圈战争，就这样 在镁光灯下撕开了口子。 这场互撕的导火索，正是藏在一句句内涵里。比亚 ...

新能源车一天 2 条大消息： 1. 商务部等5部委组织开展 2025 年新能源汽车下乡。 2. 雷军回应小米 YU7 定价，强调不打价格战。 // 消息1：5部门集体官宣 // 6 月 3 日， 商务部联合工信部、国家发改委、农业农村部、国家能源局共同宣布组织开展 2025 年新能源汽车下乡活动 。此次活动旨在推动新能源汽车在 县域及农村市场的普及，助力实现 " 双碳 " 目标，同时带动相关产业链发展。 中信证券在近期研报中指出，新能源汽车下乡活动将加速电动车快充技术的普及，推动核心零部件如电机、电池、电控等领域的升级。建议关注快充技术 相关的零部件企业，包括电机、电控、充电桩等产业链。 在政策支持下，农村市场对新能源汽车的接受度正在提升，纯电动小型乘用车、电动物流车、 PHEV 、燃料电池客车等类型将成为主要增长点。随着充 电设施的完善和消费者认知的提高，农村市场有望成为新能源汽车的重要增量市场。 不过，对于行业竞争，机构看法谨慎。申港证券研报称，新能源汽车市场竞争加剧，部分企业面临产能利用率低、销售毛利率下滑等问题。同时，关键原 材料短缺及成本上升可能对行业盈利造成压力。 // 消息 2 ：雷军回应小米 ...