瑞财经 王敏 7月18日，长城汽车股份有限公司（以下简称"长城汽车"）发布2025年半年度业绩快报，增收不增利。 | 项目 | 本报告期 | 上年同期 | | 增减变动幅度 (%) | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 营业总收入 | 923.67 | 914.29 | 914.28 | 1.03 | | 营业收入 | 923.67 | 914.29 | 914.28 | 1.03 | | 营业利润 | 68.62 | 81.34 | 81.06 | -15.35 | | 利润总额 | 70.04 | 82.89 | 82.61 | -15.22 | | 净利润 | 63.37 | 70.79 | 70.58 | -10.21 | | --- | --- | --- | --- | --- | | 归属于本公司股东的 净利润 | 63.37 | 70.79 | 70.58 | -10.22 | 长城汽车表示，本报告期公司开启新的产品周期，实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模 式，以及加大新车型、新技术的上 ...

然而，周三特斯拉股价反而上涨5%至315.65美元，"对于特斯拉来说，'焰火'来得有点早，"Wedbush分 析师丹·艾夫斯（Dan Ives）这样评价，并称业绩好于担忧。艾夫斯给予"买入"评级，目标价500美元。 威廉·布莱尔（William Blair）分析师杰德·多斯海默（Jed Dorsheimer）也持类似看法，他给予"买入"评 级，但未给出具体目标价。 多数投资者已有所准备，因大多数季度中期销售数据不佳。根据花旗分析师杰夫·钟（Jeff Chung）跟踪 的每周数据，特斯拉在欧洲4月和5月的销量同比下滑约37%；在中国季度销量则同比下降逾10%。 此外，马斯克在特朗普政府中的立场令部分倾向环保的左翼核心买家望而却步，特斯拉管理层在4月第 一季度财报电话会议上也承认品牌面临挑战，贸易紧张局势让部分亚洲消费者回避购买美国产品。 周三数据显示，特斯拉(TSLA.O)在第二季度交付了384,122辆汽车，较2024年第二季度的444,000辆下降 了13.5%，但与华尔街普遍预期的约386,000辆仅差不多持平。 这是该公司历史上季度降幅最大的一次，不过好于预期，也高于2025年第一季度的337,000辆 ...

Core Viewpoint - Goldman Sachs upgraded Xpeng Motors (XPEV.US, 09868) to a buy rating with a 12-month target price of $24/94 HKD, indicating an implied upside potential of 29%/27%. The firm sees the results of various efforts, including organizational and supply chain restructuring, cost reduction through technology, and platformization, enhancing the company's product and cost structure competitiveness, leading to greater visibility for sustainable sales growth and margin improvement [1] Group 1 - Enhanced Model Competitiveness: Xpeng Motors has shown continuous improvement in its new and updated models over the past two quarters, with the Mona M03 and P7+ ranking in the top three in their respective segments. This ongoing improvement boosts confidence in Xpeng's sales, not only for existing models but also for strong new models and updates expected to launch in the remainder of 2025, including G7/P7 (Q3) and its first extended-range electric vehicle (EREV) (Q4) [2] - Accelerated New Model Launches: Xpeng Motors has increased the frequency of new model releases, planning to launch 10 new models and updates annually, compared to just 1-2 models per year from 2019 to 2023. This strategy aims to enhance brand visibility throughout the year and provide opportunities for old model sales, thereby extending the sales growth cycle for all models [3] - Cost Reduction Effects: In early 2023, Xpeng Motors implemented a cost reduction plan aimed at lowering the overall bill of materials (BOM) costs by 25%, including a 50% reduction in advanced driver assistance systems (ADAS) BOM costs. The P7+ (launching in Q4 2024) will be the first model to realize total cost reductions, followed by the 2025 versions of G6 and G9 (launching in March). For instance, the cost reduction for the G6 is projected to improve gross margin by 7 percentage points and enhance gross profit by 156%. All new models will benefit from BOM cost reductions, laying the foundation for further improvements in gross margin and overall profitability [4]

撰 文 / 牛跟尚 设 计 / 师 超 "把产品成功作为第一位"——董事长、党委书记邱现东在2月17日举行的中国一汽2025年产品工作 部署大会上强调。 据2024年乘用车批发数据，红旗H5为148793辆，轿车榜排名22；红旗E-QM5为81506辆，轿车榜排 名44；奔腾小马为57863辆（7个月），轿车排名50位；红旗HS5为94900辆，SUV榜排名34。 据统计，2024年，中国车市有销量1辆的轿车218款、SUV371款。 汽车商业评论认为，如果进不到前 50名——轿车60000辆、SUV70000辆，则很难生存。 如果按自主车型月均销5000辆算自主爆款，月均销1万辆算主流爆款的话，红旗有一款主流爆款、 两款自主爆款，奔腾有一款自主爆款。 邱现东强烈意识到，产品工作是事关全集团发展、全体干部职工切实利益的大事要事。 在2月17日全体领导班子和总监、高级经理特别是"各产品线CEO及技术平台CEO"参加这场以产品 工作的大会上，这位从东风汽车集团股份有限公司副总裁升任中国一汽副总经理、总经理、董事长 的企业一把手强调："各产品线CEO、各领域一把手等要加强重点工作任务的日常管理"，以产品为 主线，以 ...