Core Insights - The 2026 BYD Seal 07DM-i has been launched with significant upgrades, including a substantial increase in pure electric range and the introduction of laser radar technology for advanced driving assistance [2][4]. Group 1: Product Features - The new model offers two pure electric range options: 135 km and 230 km, nearly doubling the previous ranges of 70 km and 125 km, with the 230 km version being the longest in its class [2]. - The vehicle is equipped with BYD's fifth-generation DM technology, featuring a 1.5T/1.5L engine, achieving a low fuel consumption of 3.2L per 100 km in NEDC conditions, and a combined range of 1585 km [3]. - The 2026 model introduces advanced driving features, including the DiPilot 100 and DiPilot 300 systems, which support various driving assistance functions [4]. Group 2: Market Position and Sales - BYD's Ocean Network has become a crucial sales driver, with cumulative sales exceeding 1.39 million units from January to August, marking a 30.8% year-on-year increase, accounting for 49% of BYD's total sales of 2.86 million units [5]. - Despite the growth, the Ocean Network faces challenges with product positioning, as the main models are priced around 100,000 yuan, while the Seal 07DM aims to elevate the brand's market position [5]. - BYD's overall sales growth has slowed, with a 23% year-on-year increase in total sales for the first eight months, and a slight decline in gross margin to 18% in the first half of the year [6].

Macro Economic Group - The ADP report indicates a decrease of 33,000 jobs in the US for June, marking the first negative growth since March 2023, with expectations set at an increase of 98,000 jobs [4] - The service sector saw a significant decline, losing 66,000 jobs, primarily in professional and business services, healthcare, and education [4] - Market anticipations for the upcoming non-farm payroll report suggest a modest increase of 100,000 jobs, with unemployment rates potentially reaching 4.3%, the highest since 2021 [5] Industry Comprehensive Group - A trade agreement between the US and Vietnam was announced, imposing a minimum 20% tariff on all goods exported to the US from Vietnam, which could lower the tariff rates compared to the current over 30% rates from China [8] - The agreement is expected to reduce uncertainty regarding the US-China trade war, as it reflects the worst-case scenario for tariffs [8] Advanced Manufacturing Group - In June, the top five automotive companies by sales were BYD, SAIC, Geely, Chery, and Great Wall, with sales figures of 383,000, 365,000, 236,000, 234,000, and 111,000 units respectively, showing year-on-year growth rates of 11.9%, 21.6%, 42%, 16.6%, and 12.9% [11] - New energy vehicle sales are driven by technological advancements, particularly in pure electric range and fast-charging technology, alleviating consumer concerns [11] - BYD's overseas sales surged from 27,000 units two years ago to 90,000 units, indicating the global competitiveness of Chinese new energy vehicles [11] Consumer Group - The company Card Game reported a revenue of 10.057 billion yuan for 2024, a year-on-year increase of 278%, with an adjusted net profit of 4.466 billion yuan, reflecting a 378% growth [16] - The company holds a market share of 71.1% in the collectible card segment, with rapid growth in non-card revenue, increasing by 284.5% year-on-year [16] - The diversified product layout, including figurines and stationery, has significantly supported the company's sustained growth [16]