Core Viewpoint - Geely Automobile benefits from its internal combustion engine (ICE) and new energy vehicle (NEV) strategies, which may mitigate potential risks from electric vehicle subsidy policies [1] Group 1: Market Positioning - The company maintains a target price of HKD 23 and a "high conviction outperform" rating [1] - Geely is expected to achieve a market share of over 29% in the new energy vehicle segment this year, with export volumes reaching 420,000 units [1] Group 2: Growth Prospects - The company is entering new markets in Latin America and Europe while launching more new energy models overseas, which supports confidence in achieving its targets [1] - Monthly sales of the Geely Galaxy are projected to exceed 150,000 units, with overall sales expected to surpass the target of 3 million units for the year, and internal combustion engine sales anticipated to reach at least 1 million units [1]

尽管推出了升级版Model Y，特斯拉在欧洲主要市场的销量仍在加速恶化。 英国市场的情况同样不容乐观。据英国汽车制造商和贸易商协会数据，特斯拉7月注册量为987辆，较去 年同期的2462辆下降60%，逆转了6月份14%的同比增长势头。 英国整体汽车注册量7月同比下降5%至140154辆，但特斯拉的跌幅远超市场平均水平。政府新电动车补 贴政策的不确定性也对消费者购买决策造成影响。 多重挑战夹击，马斯克获新薪酬激励 据德国联邦机动车管理局KBA数据，特斯拉7月在德国仅售出1110辆汽车，同比下降55.1%。今年前7个 月累计销量为1万辆，较去年同期暴跌57.8%。英国汽车制造商和贸易商协会数据显示，特斯拉7月在英 国注册量从去年同期的2462辆降至987辆，降幅达到60%。 此外，特斯拉在法国7月注册量下降27%至1307辆，在瑞典暴跌86%至163辆，在比利时下降58%至460 辆。不过西班牙和挪威市场出现亮点，注册量分别增长27%和83%。这是特斯拉在欧洲地区的销量连续 第七个月下滑。 分析师认为，特斯拉销量下滑主要受到CEO马斯克政治立场争议、竞争加剧以及消费者对电动车补贴政 策不确定性等多重因素影响。 德 ...

Group 1 - The UK government announced a new subsidy policy for electric vehicles (EVs) totaling £650 million, which will assess subsidy eligibility based on the carbon emissions of the electricity used in vehicle production [1] - EVs priced below £37,000 can receive a maximum subsidy of £3,750 for the lowest emissions models, while slightly higher emissions models can receive up to £1,500 [1] - The policy has caused confusion within the automotive industry, with some companies establishing "war rooms" to analyze which models fall under the various emission categories [1] Group 2 - Industry experts warn that the policy may suppress new car sales in the short term and negatively impact second-hand EV prices in the long term [1] - The British Vehicle Rental and Leasing Association (BVRLA) expressed concerns that stimulating new car demand without supporting the second-hand market could accelerate depreciation of used car prices [2] - The Chinese Embassy in the UK urged the government to ensure a fair and non-discriminatory environment for investments from all countries, criticizing the policy as exclusionary and protectionist [2] Group 3 - BYD's executive vice president criticized the subsidy policy as "meaningless," suggesting it aims to exclude Chinese brands and acts as a "backdoor tariff" [2] - BYD plans to open approximately 280 stores in the UK, creating over 5,000 jobs, with each store expected to employ around 20 people [3] - BYD aims to localize production in Europe through factories in Hungary and Turkey, and plans to establish 2,000 retail stores across Europe, with Chinese brands currently holding nearly 5% market share in the UK and European EV markets [3]

Core Points - Elon Musk has officially established a new political party called the "America Party" to challenge the existing Democratic and Republican parties, driven by dissatisfaction with the recently passed "Big Beautiful Bill" [3][5][6] - The new party aims to participate in upcoming midterm elections, with Musk's immediate goal being to secure seats in the Texas congressional elections [7][24] - The "Big Beautiful Bill" is expected to significantly impact Tesla and the broader electric vehicle and renewable energy sectors by eliminating subsidies and incentives that have supported their growth [17][19][20] Group 1: Formation of the America Party - Musk's decision to create the America Party follows his public discontent with the "Big Beautiful Bill," which he believes will exacerbate the national debt and eliminate crucial subsidies for electric vehicles [5][17] - The party's registration process is straightforward, but the challenge lies in meeting the requirements to participate in elections, which Musk is likely to navigate successfully due to his influence and resources [6][24] - Musk's America Party aims to win 1-2 Senate seats and 8-10 House seats, potentially influencing contentious legislation if successful [24] Group 2: Impact of the Big Beautiful Bill - The "Big Beautiful Bill" is projected to increase the national debt by $3-5 trillion over the next decade, which Musk has publicly criticized [17][21] - The bill will eliminate federal tax credits for electric vehicle purchases, significantly affecting Tesla's market demand and profitability [18][19] - The removal of subsidies and incentives for renewable energy projects, including solar and geothermal, will likely lead to a downturn in the industry, impacting Tesla as a major player [18][20] Group 3: Political and Business Implications - Musk's political involvement may jeopardize Tesla's business interests, as the company could become a target for retaliation from the Republican party if the America Party threatens their electoral base [27][28] - Analysts have expressed concerns that Musk's political activities could distract him from managing Tesla, potentially leading to further declines in sales, which have already seen significant drops in recent quarters [27][28] - The relationship between Musk and Trump has soured, with Trump warning that Musk's previous subsidies could be revoked, which would have dire consequences for Tesla's operations [21][27]

Core Viewpoint - The conflict between Tesla CEO Elon Musk and former President Donald Trump has intensified, leading to significant market concerns regarding Tesla's future and its valuation [1][2]. Group 1: Market Reaction - Tesla's stock price dropped by 14.2%, marking its largest single-day decline since 2020, resulting in a market capitalization loss of over $150 billion [1]. - Following Musk's criticism of the congressional spending bill, institutional investors engaged in large-scale selling of Tesla shares [2]. - The stock's trading volume was nearly double the average of the past 100 days, indicating heightened market activity and concern [3]. Group 2: Legislative Impact - The House version of the budget bill proposes to phase out the $7,500 federal tax credit for electric vehicle purchases by the end of 2025, which has raised alarms among investors [2]. - Morgan Stanley estimates that if the bill passes, Tesla could face a profit pressure of up to $3.2 billion due to additional regulatory constraints [2]. Group 3: Political Dynamics - Musk's shifting political stance, from supporting Trump to criticizing his administration's policies, has led to skepticism from both Democratic and Republican supporters [2]. - The public confrontation between Musk and Trump could expose Tesla to uncontrollable business risks, as highlighted by investment manager Jed Ellerbroek [2]. - Steve Bannon, a former senior advisor to Trump, suggested that if Trump returns to power, a comprehensive review of government contracts and subsidies for Musk's companies would be necessary [3]. Group 4: Valuation Concerns - Tesla's stock has declined by 29.5% year-to-date, with a significant portion of its gains from last summer being erased due to political controversies and protests [2]. - The company's current trading price reflects a valuation of 140 times future earnings, which remains high compared to other major tech stocks like Nvidia [3].