6 证券研究报告 点评报告 2025 年 8 月 26 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 8 月 25 日有媒体报道，工信部近期将向三家基础电信运营商正式颁发卫星互联网 牌照，进一步推动电信运营商扩大新兴业务范畴。截止目前，中国星网共完成 9 组共 72 颗组网星发射，其中 7 月 27 至今共发射 5 组 38 颗组网星，组网进程明 显加速。我们认为如果真的发放卫星互联网运营牌照，后续互联卫星的发射和地 面配套设施建设将会较快，在当前 A 股日成交量已经超过 3 万亿的市场热度下， 大概率会带来卫星制造、地面设备和运营方面相关上市公司的投资机会。 8 月 25 日上海正式发文调整楼市限购政策，一是解除外环的购房限制，提升单身 个人的购房套数至与家庭一致，二是将首套和二套房的贷款利率拉平，三是免征 首套和符合条件房产的房产税，四是公积金贷款提取的进一步放松和提高额度。 我们认为一二套房贷款利率的拉平若能在主要限购城市放开，将有助于进一步降 低改善住房的成本。同时在地产仍未明确止住下行趋势的情况下，上海放松限购 也有利于全国地产信心的回升。同时在当前 A 股市场可能高低估 ...

点 击 蓝 字 关 注 我 们 本文全文共 3512 字，阅读全文约需 12 分钟 目录 国内新闻 1.截至7月底 我国电动汽车充电基础设施总数同比增长53% 2.海南调整2025年汽车置换更新补贴政策 3.江苏实施车网互动放电价格标准 4.特斯拉牵手豆包与DeepSeek 通过火山引擎接入 5.小鹏P7/G7即将上线全场景VLA功能 6.比亚迪宣布在马来西亚建设组装工厂 7.岚图汽车发布"岚海智混"技术 8.巧克力换电站无锡新吴长江路站正式开业投运 4.Waymo首次获得纽约市自动驾驶汽车测试许可 商用车 国内新闻 1 1. 华为兆瓦超充打造全球首个百兆瓦级重卡超充站 2. 锣响集团半挂车混合动力系统入选国家科技成果库 3. 合肥即将暂停国四货车补贴 4. 重庆、湖南启动老旧营运货车报废更新补贴 截至7月底 我国电动汽车充电基础设施总数同比增长53% 时间:2025.8.22 来源:财联社 国外新闻 1.加拿大取消多项对美报复性关税 汽车关税仍保留 2.ata Elxsi与铃木联合启用印度新工程中心 3.丰田将在泰国推出低价混合动力车型 8月22日，国家能源局发布7月全国电动汽车充电设施数据。截至2025年 ...

完整早报音频，请点击标题下方小耳机收听 【东方甄选否认前 CEO 孙东旭离职， 2025 财年营收降 33% 】 东方甄选发布公告称，前 CEO 孙 东旭在休假中，并没有离职。自从 23 年 12 月份之后，孙东旭一直以东方甄选和俞敏洪顾问的方式 工作。俞敏洪与孙东旭一直保持着良好的沟通。 东方甄选同日公告的 2025 财年财务数据显示， 2025 财年年营业收入 43.92 亿元，较上年同期的 65 亿元下降 32.7% ，净利润 6074.5 万元。若 剔除出售与辉同行的财务影响，持续经营业务净溢利由 2024 财年的人民币 1.04 亿元增加 30% 至 2025 财年的人民币 1.35 亿元。值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长 动 力 ， 占 总 G M V 约 4 3.8 % ， 截 至 2 0 2 5 年 5 月 3 1 日 已 累 计 推 出 7 3 2 款 S P U 自 营 产 品 。 （ 界 面 新 闻 ） 【阿里巴巴重新归纳 4 大部门】 8 月 22 日，阿里巴巴集团已于近日更新业务架构，将业务重新划 分为四大部门：阿里巴巴中国电商集团、阿里国际数字商业集团、云 ...

成都：1-7月新能源汽车产量增长326.2% 8月22日，据成都发布，今年1-7月，全市规模以上工业增加值同比增长8.0%，全市固定资产投资（不含 农户）同比增长4.5%，其中民间投资增长5.6%。分行业看，37个大类行业中有24个行业增加值实现增 长，汽车制造业增长22.9%，计算机、通信和其他电子设备制造业增长17.2%。从主要工业产品产量 看，新能源汽车增长326.2%，智能手表增长135.2%，锂离子电池增长41.4%。 江苏实施车网互动放电价格标准 据新华社，江苏省已正式明确新能源汽车参与车网互动放电价格机制，以具有一定吸引力的放电价格标 准，进一步推动车网互动迈入规模化、商业化运营新阶段。车网互动主要指新能源汽车在电网负荷低谷 时段充电储能，在高峰时段或有需要时向电网反向送电，使电动汽车成为移动的分布式储能单元。该技 术应用对增强电网灵活性、促进新能源消纳具有重要意义。 江苏省发展改革委近日推出支持车网互动规模化建设相关电价政策，参与试点的公共及居民车网互动设 施均可开展反向放电，执行具有经济吸引力的放电价格。以2025年8月国网江苏电力代理购电工商业用 户电价为例，尖峰时段放电价格可达每度电1. ...

Core Viewpoint - The Jinan government is enhancing the electric vehicle charging infrastructure to support the rapid growth of electric vehicles, with significant investments in charging stations and services [1][3]. Group 1: Charging Infrastructure Development - The State Grid Jinan Power Supply Company has established 452 charging stations in urban areas, creating a "five-minute charging service circle" in the city core [3]. - In rural areas, 55 public charging stations have been built, achieving full coverage of towns in the province [3]. Group 2: Solutions for Old Residential Areas - The company is promoting a "unified construction and service" model in the renovation of old residential communities, with 41 demonstration communities like Yangguang Shuncheng addressing charging difficulties [3]. - For existing residential areas without charging facilities, the company will fund the construction of infrastructure from the distribution room to each fire compartment, reducing connection costs [3]. Group 3: Personal Charging Solutions - The company has optimized the installation process for personal charging piles by implementing "no property certificate required" for residents, simplifying the application process [3]. - Rural residents can install charging piles in their own yards without needing a parking space certificate [3]. Group 4: Vehicle-Grid Interaction - The company is advancing the large-scale application of vehicle-grid interaction, treating electric vehicles as mobile charging units that can both charge and discharge energy [3]. - The first province-wide implementation of "unified construction and service + vehicle-grid interaction" and "individual residents + vehicle-grid interaction" scenarios is being promoted, transitioning from pilot verification to large-scale application [3].

Industry Information - In July, China's power battery installation volume reached 55.9 GWh, a year-on-year increase of 34.3%, with lithium iron phosphate accounting for 80.4% of the total [9][10] - The China Association of Automobile Manufacturers reported that in July, 1.262 million new energy vehicles were sold, marking a year-on-year growth of 27.4% [9][10] - Cumulative production of power and other batteries from January to July reached 831.1 GWh, with a year-on-year increase of 57.5% [9] - Cumulative installation volume of power batteries from January to July was 355.4 GWh, a year-on-year increase of 45.1% [9] - The cumulative sales of new energy vehicles from January to July reached 8.23 million units, with a year-on-year increase of 39.2% [10] Policy Information - A new national standard for the transportation of power lithium batteries will be implemented starting February 1, 2026, focusing on safety and efficiency in transport [21] - The Qinghai Provincial Energy Bureau is soliciting opinions on the management measures for electric vehicle charging and swapping infrastructure [21] - The Shenzhen Development and Reform Commission is seeking feedback on local standards for supercharging stations and their integration with the urban power grid [21] - The Jilin Provincial Energy Bureau has issued guidelines for subsidies related to the construction and operation of battery swapping stations [21] - The Guangzhou Municipal Industry and Information Technology Bureau has released a plan for the high-quality development of virtual power plants, aiming for a capacity of 5 million kW by the end of 2027 [20] Company Information - CATL has launched a battery repair service to address the high costs associated with battery replacement, offering repair prices significantly lower than full battery replacement costs [13] - A new battery recycling company has been established with an investment of 650 million yuan, focusing on the recycling and reuse of used power batteries [15] - The project for CATL's extreme film project has commenced in Xining, Qinghai, marking a significant step in their strategic cooperation with the city [17] - The Sea Owl flying car global headquarters project has started construction, with a total investment of approximately 1 billion yuan [17] - The first resident vehicle-grid interaction pilot project has been launched in Guangzhou, allowing electric vehicles to supply power back to the grid [17][18]

Domestic News - In July, China's industrial production maintained steady growth, with 35 out of 41 major industrial sectors showing year-on-year increases, resulting in a growth rate of 85.4%. The electronic, electrical machinery, and automotive sectors contributed 36.4% to the growth of industrial output [2] - Wuhan's automobile replacement and upgrade policy will be suspended from August 19, 2025, requiring consumers to complete vehicle registration and subsidy applications by August 31, 2025 [3] - Hunan has launched a "mobile power bank" V2G vehicle-to-grid interactive pilot project, allowing excess energy from electric vehicles to be sent back to the grid [4] - Shanghai's first batch of autonomous smart connected taxis has officially started operations, covering 58 locations with a fare structure starting at 16 yuan for trips under 5 kilometers [5] - Dongfeng Motor and China National Chemical Corporation have signed a strategic cooperation agreement to enhance collaboration in technology innovation, supply chain optimization, and overall vehicle solutions [6] - Li Auto has introduced a self-driving tour support plan, offering vehicle inspections and quick repair services along designated travel routes until October 31, 2025 [7] - Great Wall Motors has inaugurated its first factory in Brazil, with plans for a second factory to increase production capacity, targeting annual sales of 250,000 to 300,000 vehicles [8] International News - Global electric vehicle sales increased by 27% in the first seven months of 2025, reaching 10.7 million units, with China leading at 6.5 million units and a growth rate of 29% [10] - Japan's exports of used cars to Sri Lanka surged to 46.9 billion yen (approximately 318 million USD) in the first half of 2025, nearing a six-month export high [11] - Indian automaker Mahindra has launched a limited edition "Batman" electric SUV, with only 300 units available for sale [12][13] - Lucid Motors will offer a $7,500 leasing discount for its Gravity model in response to the upcoming expiration of the U.S. federal electric vehicle tax credit [15] Commercial Vehicles - Dongfeng Motor has delivered its first batch of 50 new energy dump trucks in Yichang, supporting green mining and low-carbon logistics development [16] - Brazil has welcomed its first Chinese hydrogen fuel heavy truck, marking the introduction of Chinese hydrogen and fuel cell technology into the Brazilian market [17] - BYD has announced its first electric small truck, named T4, expanding its commercial vehicle lineup and preparing for a market launch in the second half of 2025 [18] - Dongfeng Motor and JD Group have signed a strategic cooperation agreement focusing on vehicle marketing, after-sales service, and smart logistics [19]

Domestic News - Hunan Car Network Interactive Service Platform has officially launched, enabling large-scale applications of vehicle-grid interaction, allowing electric vehicles to charge during off-peak hours and also send electricity back to the grid, transforming them from "power-consuming tools" to "mobile power banks" [2] - The first urban drone medical delivery route in Northwest China has been launched, operated by Shaanxi Logistics Group and the Baqiao District government, utilizing high-load rotary drones with a maximum capacity of 30 kilograms [3] International News - Tesla is recruiting test drivers in New York City to operate vehicles equipped with its "autonomous driving system," focusing on long-duration driving for data collection related to autonomous driving testing [4] Corporate News - Cadillac has appointed Dominic Najafi as the new global design executive director, who has extensive experience in luxury automotive design, previously working at Jaguar Land Rover and Bentley [5] - VinFast has partnered with European EV charging service provider Plugsurfing, allowing its users to access over 1 million public charging stations across 24 European countries through the VinFast app, enhancing charging convenience [6] - The South African automotive industry is facing significant challenges, with 12 companies shutting down and over 4,000 jobs lost due to low domestic sales and high imports [7] - Huawei's HarmonyOS 5.0 has surpassed 10 million devices, with significant investment in developer support, marking a critical milestone for the ecosystem [8] - Lantu CEO has proposed that electric vehicle users voluntarily vacate charging spots after reaching 80% charge to improve charging efficiency at highway service areas [9] - BYD's car sales in India have exceeded 3,000 units as of early August, surpassing its total sales for the entire year of 2024 [10] - Dongfeng Motor has launched the M817, the first all-stack intelligent off-road vehicle equipped with Huawei's technology, with two models priced at 319,900 and 349,900 yuan [11] - Li Auto has introduced a self-driving travel guarantee plan covering major routes, including the Sichuan-Tibet route, providing comprehensive support for users until October 31, 2025 [12]

Core Viewpoint - The World New Energy Vehicle Conference (WNEVC) aims to promote global cooperation in the automotive industry, focusing on green and intelligent transformation, with a target of achieving a 50% market share for new energy vehicles by 2035 [2]. Event Information - The 7th WNEVC will be held from September 27-29, 2025, at the Hainan International Convention and Exhibition Center in Haikou, China [3]. - The event is organized by various governmental and scientific bodies, including the China Association for Science and Technology and the Hainan Provincial Government [3]. Forum Highlights - The conference will feature over 20 sessions, including 3 main forums and 15 specialized forums, focusing on topics such as zero-emission commercial vehicles and the integration of smart transportation [2][4]. - A closed-door meeting will be held for policymakers and leaders from global automotive manufacturers to discuss opportunities in the Hainan Free Trade Port [5]. Specialized Forums - A forum on "Zero Emission and Infrastructure Development for Commercial Vehicles" will address the challenges and policies related to achieving zero emissions in commercial transport [6]. - Another forum will focus on the innovation of vehicle platforms and the new opportunities within the supply chain, emphasizing the need for modular and flexible designs [13][20]. Battery and Energy Discussions - A forum dedicated to the sustainable development of power batteries will explore global advancements, policies, and the importance of a circular economy in the battery industry [22][24]. - Discussions will also cover the integration of electric vehicles with smart grids, highlighting the challenges and innovations in vehicle-to-grid technology [17][18]. Low-Altitude Economy and AI Integration - The conference will address the emerging low-altitude economy, particularly the role of flying cars in urban air mobility, and the necessary regulatory frameworks [26][29]. - AI's impact on automotive R&D and production processes will be a key topic, focusing on how AI can enhance efficiency and quality in vehicle development [28][30].

Core Insights - The article discusses a successful large-scale vehicle-to-grid (V2G) interaction test conducted in Guangzhou and Foshan, showcasing the potential of electric vehicles (EVs) to support grid stability during peak demand periods [1][2][3] Group 1: Test Overview - The test involved 4,026 EVs and 103 charging stations, achieving a peak response load of 25,000 kW and a total response energy of 54,000 kWh over two days [1] - The test was designed with six scenarios, including overloaded lines and temporary power supply issues, demonstrating the effectiveness of EVs in managing grid demands [3] Group 2: Technological Integration - The integration of blockchain, 5G, and AI technologies allowed for real-time data tracking and efficient communication between the grid and EVs, with a response time of 45 seconds for adjustment commands [2] - The virtual power plant platform aggregated resources from various operators, enabling a coordinated response to peak demand [2] Group 3: Economic Impact - During the test, car owners collectively earned 38,000 yuan in electricity fee rewards, highlighting the financial benefits of participating in V2G programs [2] - The potential for EVs to act as a significant energy storage resource was emphasized, with the total battery capacity in Guangdong exceeding 200 million kWh, equivalent to the daily output of 500 solar power stations [1] Group 4: Future Developments - Following the test, plans are in place to establish a national "vehicle-grid interaction alliance," inviting major automotive and energy companies to participate [3] - By 2028, it is projected that over 600,000 vehicles in the Pearl River Delta will regularly engage in grid regulation, functioning as a virtual pumped storage power station [3]