Core Viewpoint - The launch of the world's first L3-level AI car, the Xiaopeng G7, combines advanced technology with comfort, priced starting at 19.58 million yuan, attracting significant industry attention [1][31]. Group 1: Product Features - The Xiaopeng G7 comes standard with 11 advanced technology and comfort features, including ventilated, heated, and massaging seats, a panoramic head-up display, and a high-performance audio system [5][10]. - The vehicle boasts a spacious interior with an 88% space utilization rate, exceeding the Model Y in both overall space and storage options [6][11]. - The G7 is equipped with cutting-edge AI technology, featuring three Turing AI chips with a computing power of 2250 TOPS, surpassing the Model Y's 720 TOPS [10][11]. Group 2: Safety and Comfort - The G7 includes 14 active safety features and has been tested to stop from 130 km/h, showcasing its advanced safety capabilities [10][11]. - The vehicle's interior is designed for luxury, featuring high-quality materials and a comfortable seating experience that rivals vehicles priced over 600,000 yuan [27][31]. Group 3: Market Position and Performance - The Xiaopeng G7's pricing strategy brings high-end features to the 250,000 yuan market, making it accessible to a broader audience [15][31]. - Xiaopeng Motors has shown strong growth, with over 190,000 cumulative deliveries and a record high quarterly delivery in the second quarter, indicating a robust market position [31].

Core Viewpoint - Xiaopeng G7 officially launched on July 3, with three models priced between 195,800 to 225,800 RMB, reflecting a price reduction of 40,000 RMB from the pre-sale price, exceeding expectations [1][4] Pricing and Market Position - Xiaopeng G7 focuses on family use, comfort, and smart technology, showcasing competitive advantages in the mid-to-high-end pure electric SUV market [1] - Competing models in the 200,000 to 300,000 RMB range include Xiaomi YU7, Tesla Model Y, and others, with Xiaopeng G7 offering significant price advantages [1] - Xiaopeng G7's pricing is notably lower than that of Tesla Model Y (263,500 to 313,500 RMB) and Xiaomi YU7 (223,500 to 329,900 RMB) [1] Product Features and Technology - Xiaopeng G7 boasts superior space and intelligence compared to Tesla Model Y, with dimensions of 4892/1925/1655mm and a wheelbase of 2890mm [2] - The vehicle is equipped with three self-developed Turing AI chips, achieving a total computing power of over 2200 TOPS, enhancing driving intelligence and user experience [3] - G7 features a single motor rear-wheel drive layout with a maximum power of 218 kW, a top speed of 202 km/h, and a CLTC range of 702 km, supported by an 80.8 kWh lithium iron phosphate battery [3] Sales Performance and Future Outlook - Xiaopeng Motors achieved cumulative deliveries of over 197,000 units in the first half of 2025, a year-on-year increase of 279%, with a target achievement rate of 56% [4] - The launch of G7 is expected to sustain sales momentum in the second half of the year, alongside the upcoming release of new models and a hybrid vehicle [4] - The company maintains a buy rating and a target price of 134.69 HKD, anticipating growth in sales, average selling price (ASP), and gross margin [4]

交银国际研究 消息快报 汽车 2025 年 7 月 4 日 小鹏汽车 (9868 HK) G7 新车型起售价 19.58 万元性价比凸显，智能化有望助其突围 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 事件：7 月 3 日，小鹏 G7 正式上市。新车共推出 3 款车型，小鹏 G7 Ultra 售 价 22.58 万元（人民币，下同），702km 续航 Max 版本售价 20.58 万元， 602km 续航 Max 版本售价 19.58 万元，其中 702km 版本将优先交付。上市起 售价较预售价 23.58 万元降低 4 万元，降价幅度超我们预期。 对比同价位车型，小鹏 G7 聚焦家用、舒适与智能科技，性价比凸显，在中高 端纯电 SUV 市场中展现出差异化竞争力 ...

Group 1 - The Hang Seng Index opened down by 0.7% and the Hang Seng Tech Index opened down by 0.75% [1] - Xiaopeng Motors (09868.HK) opened down nearly 2% following the launch of its first L3-level AI vehicle, the Xiaopeng G7 [1]

要闻提示 NEWS REMIND 1. 被曝已通知全面停工停产，工资只发到6月，罗马仕深夜发声：没倒闭 2.字节被曝两年半造出千台机器人，长期目标是具身智能 3.格力高管放话：世界最好的空调一定是中国的格力，格力钛的车绝对不起火、不爆炸 4.字节多维表格AI产品负责人王翛离职二次创业 5.荣耀方飞回应苹果做折叠屏iPhone：荣耀折叠屏已经接近无人区，非常期待同台竞技 6.造车新兵「星空计划」工厂明年竣工，首款车2027年投产 7 . 微软大裁员引Xbox员工不满：一边告诉我们这是盈利最强的一年，一边却启动了裁员 8.TikTok 对美国电 商部门启动新一轮裁员，官方回应称"做出艰难决定" 今日头条 HEADLINE NEWS 被曝已通知全面停工停产，工资只发到6月，罗马仕深夜发声：没倒闭 7月4日消息，罗马仕在充电宝自燃、召回事件发生后，成了大家关注的焦点。日前有报道称，罗马仕员工 透露7月1日开始内部已经陆续通知员工全面停工停产，正式公告还没出，员工工资只发到6月份。对此， 罗马仕官微深夜发文辟谣，称"没有倒闭，感谢关心。" 同时罗马仕还表态：定将努力解决所有朋友、用户及合作伙伴的一切问题。值得注意的是， ...

Industry - Multiple automotive companies have collectively committed to reducing supplier payment terms to within 60 days, which is seen as a significant change in the competitive logic of the automotive supply chain [9] - The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission have initiated measures to stabilize the supply chain and promote high-quality development in the automotive industry [9] - The IPO process for new energy vehicle companies is slowing down, with some companies halting their listings due to stricter scrutiny and changing market conditions [10] Company - BYD has announced a unified payment term of 60 days for its suppliers, following the trend set by other automotive companies [10] - Insta360, known as "the global leader in smart imaging," debuted on the STAR Market with a stock price increase of 274.44%, reaching a market capitalization of approximately 70.977 billion [13] - Ying Tong Holdings is aiming to become "China's first fragrance stock" and is heavily reliant on brand licensing agreements with international luxury brands [18]

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 G7 上市点评：油车看马力，智车看算 力，G7 有望成为爆款 报告要点 [Table_Summary] 2025 年 6 月 11 日，全球首款 L3 级算力 AI 汽车小鹏 G7 正式亮相，将推出 G7 Max 和 Ultra 两个版本，预售价 23.58 万元起。小鹏 G7 将首发搭载三颗自研图灵 AI 芯片，车端算力超过 2200Tops，实现行业首个 L3 级算力车型。智驾能力持续领先，新车周期强势开启，叠加渠道 变革和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现， 叠加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title ...

Group 1 - The company reported a revenue of 338 million yuan for Q1 2025, representing a year-on-year increase of 30.83% [1] - The net profit attributable to shareholders reached 56.5 million yuan, up 13.62% year-on-year, while the net profit excluding non-recurring items was 53.99 million yuan, reflecting an 18.95% increase [1] - The company has a strong market position in the tantalum and niobium industry, being one of the earliest high-tech enterprises engaged in the production, research, and manufacturing of these materials in China [1] Group 2 - The company plans to accelerate market expansion in 2025, focusing on niche markets, responding to demand in emerging fields, and enhancing technological support [2] - The company aims to implement a "going out" strategy to explore overseas resources, thereby improving supply chain resilience and stability [2] - The company is committed to optimizing its industrial layout and advancing project construction while ensuring quality and safety [2]