Core Viewpoints - The automotive sector remains optimistic, focusing on three main lines: dividends, smart technology, and robotics [5][11][6] Weekly Review Summary - In the fourth week of June, 569,000 compulsory insurance policies were issued, representing a week-on-week increase of 3.9% and a month-on-month increase of 24.2% [9][46] - The performance of sub-sectors this week ranked as follows: SW motorcycles and others (+5.1%) > SW commercial passenger vehicles (+4.4%) > SW passenger vehicles (+0.4%) > SW automobiles (+0.1%) > SW commercial freight vehicles (0.1%) > SW auto parts (-0.7%) [9][21] Industry Core Changes - The Xiaopeng G7, a mid-size SUV, is positioned for family tech aesthetics, with pricing starting at 195,800 yuan for the 602 km Max version and 205,800 yuan for the 702 km Max version. It is the world's first electric vehicle with L3 computing power [4][10] - Baolong Technology and Weifu High-Tech's joint venture completed its business registration on July 1, 2025 [4][10] - Pony.ai announced the launch of Robotaxi road testing in Luxembourg [4][10] - WeRide's W5 autonomous logistics vehicle has been approved for road testing in Guangzhou [4][10] Market Focus - The market's attention this week was on several key events: Xiaopeng's G7 launch, Yutong Bus's production and sales data exceeding expectations, Pony.ai's Robotaxi testing, and the mass production of G1 by Junpu and Zhiyuan [5][11] Current Sector Configuration - The company suggests that "only by adhering to technological innovation can the automotive industry avoid internal competition and move towards healthy development." It recommends increasing the allocation weight of dividend-style stocks in the second half of the year [6][11] - Key stocks in the dividend and good pattern line include Yutong Bus, China National Heavy Duty Truck, and auto parts companies like Fuyao Glass and Xingyu Co [7][11] - For the AI smart line, preferred stocks include Xiaopeng Motors, Li Auto, and Xiaomi in Hong Kong, and companies like Seres and BYD in A-shares [7][11] - In the AI robotics line, preferred stocks include Top Group, Junsheng Electronics, and others [7][11] Weekly Stock Performance - The top-performing stocks this week included Chunfeng Power, Aima Technology, Yutong Bus, SAIC Motor, and China National Heavy Duty Truck [9][24]

7月6日晚间，道通科技(688208.SH)正式发布了其2025年半年度业绩预告，公司在上半年实现了显著的 经营业绩增长，净利润同比大幅上扬。 根据业绩公告，道通科技预计在2025年1月1日至6月30日期间，归属于母公司所有者的扣除非经常性损 益的净利润将达到45,500万元至48,500万元，与上年同期的28,921.57万元相比，增加16,578万元至19,578 万元，同比增长率高达57.32%至67.69%。 同时，归属于母公司所有者的净利润预计为46,000万元至49,000万元，同比增加7,344万元至10,344万 元，增长率在19.00%至26.76%之间。若进一步扣除非经常性损益及股份支付费用，净利润预计范围则 提升至47,000万元至50,800万元，同比增长率高达62.51%至75.65%。 AI战略深度融合 TPMS产品作为道通科技的另一大主营业务，同样表现出色。随着全球汽车保有量的不断增加和消费者 对行车安全重视程度的提升，TPMS产品的市场需求持续增长。道通科技凭借其高品质的产品和完善的 售后服务体系，在汽车后市场替换空间中占据了重要地位，TPMS产品销量在上半年保持了高速增长态 ...

市场消息：AI机器人初创公司Dexterity计划IPO，在上一轮融资后，该公司估值为16.5亿美元。其创始 人表示，公司正在持续融资，机器人可以无缝地加入劳动力队伍，灵巧机器人的目标不是取代人类，而 是对人类"增压"。 ...

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by technological innovation and the rise of AI and robotics, with a focus on three main themes: dividends, smart technology, and robotics [5][6][12]. Weekly Review Summary - In the third week of June, the compulsory insurance for vehicles reached 548,000 units, showing a week-on-week increase of 21.6% and a month-on-month increase of 40.0% [2][42]. - The performance of various automotive segments ranked as follows: SW automotive parts (+4.6%), SW commercial passenger vehicles (+3.2%), SW automotive (+2.9%), SW motorcycles and others (+2.4%), SW passenger vehicles (+0.1%), and SW commercial freight vehicles (0.0%) [2][9]. Industry Core Changes - Xiaomi launched the YU7, a mid-to-large luxury high-performance SUV, with prices starting from 253,500 CNY for the single-motor rear-drive version and going up to 329,900 CNY for the dual-motor high-performance version [4][11]. - Li Auto updated its Q2 2025 delivery forecast to 108,000 units, reflecting a slight decrease of 0.5% year-on-year but an increase of 16% compared to the previous quarter [4][11]. - Black Sesame Intelligence and Nullmax collaborated to create a mainstream production solution for assisted driving, utilizing a single Wudang C1236 chip [4][11]. - The YU7 model is equipped with a standard electric power steering system [4][11]. Sector Perspective Reaffirmation - The market remains optimistic about the automotive sector, particularly following the impressive pre-sale of the Xiaomi YU7, which surpassed 240,000 units in just 18 hours, setting a historical record [5][12]. - The recommendation is to increase the allocation towards dividend stocks in the automotive sector for the second half of the year, focusing on three main themes: dividends and good patterns, AI smart technology, and AI robotics [6][12]. Current Automotive Sector Configuration - The automotive sector is advised to focus on technological innovation as a means to achieve healthy development [6][12]. - Key stocks to consider include: - Dividend and good pattern theme: Yutong Bus, China National Heavy Duty Truck, and various automotive parts manufacturers [6][12]. - AI smart technology theme: Preferred stocks include Xpeng Motors, Li Auto, and Xiaomi Group in Hong Kong, and companies like Seres and BYD in A-shares [6][12]. - AI robotics theme: Recommended stocks include Top Group, Joyson Electronics, and others [6][12].

实现重要突破 01 刚刚过去的周末 我国清洁能源、科技等多个领域 纷纷传出好消息 全球首艘首航成功 "氨晖号"解锁多项关键核心技术 6月28日 全球首艘纯氨燃料 内燃机动力示范船"氨晖号" 在安徽合肥成功首航 标志着氨燃料 在船舶领域的工业化应用取得重大突破 为航运业节能减排、绿色发展 开辟了一条切实可行的 全新路径 经过两年多的潜心研究 研发团队攻克了 纯氨燃料等离子点火技术 纯氨燃料持续燃烧技术 氨气高效催化裂解产氢等 多项关键核心技术 纯氨动力示范船的成功运行 充分验证了氨氢融合燃料 未来可推广应用到多个领域 将助力我国"双碳"目标的实现 02 我国首个发电行业大模型发布 6月28日 我国首个发电行业 专业大模型"擎源"在京发布 这也是全球首个千亿级发电行业大模型 有效提升了模型的推理能力 为发电行业实现 安全、高效、绿色、智慧发电 提供"超级大脑" 03 我国首条以新能源为主的 模型参数达千亿级 电力外送通道开始送电 6月29日 "宁电入湘"工程 圆满完成168小时试运行 已具备400万千瓦送电能力 开始向湖南送电 将为湖南迎峰度夏提供清洁电力保障 "宁电入湘"工程 线路全长约1616公里 是我国首条 ...

Core Viewpoint - Yuzhu Technology has achieved significant milestones in the robotics industry, including annual revenue exceeding 1 billion RMB and maintaining profitability since 2020, positioning itself as one of the few profitable companies in the sector [2][3]. Company Overview - Founded in 2016, Yuzhu Technology initially focused on quadruped robotic dogs and has since expanded its product line to include the general-purpose humanoid robot G1, which has generated considerable interest since its launch in 2024 [2]. - The company successfully launched its Unitree H1 and G1 humanoid robots on JD.com in early 2025, with prices set at 650,000 RMB and 99,000 RMB respectively, both of which sold out quickly [2]. - Yuzhu Technology has gained substantial brand recognition through appearances at major events such as the CCTV Spring Festival Gala and CES in Las Vegas [2]. Financing and Valuation - Between 2020 and 2022, Yuzhu Technology completed multiple financing rounds (Pre-A, A, A+, B, B+) with notable investors including Sequoia Seed, Chuangxin Capital, and others [2]. - In February 2024, the company raised nearly 1 billion RMB in a B2 round of financing, with participation from various investment firms [2]. - The company completed a C round of financing in early 2025, led by major investors including China Mobile's fund, Tencent, and Alibaba, raising close to 700 million RMB and achieving a post-investment valuation exceeding 12 billion RMB [3]. Industry Context - The robotics industry in China is experiencing rapid growth, with Morgan Stanley projecting the market size to reach 47 billion USD by 2024, accounting for 40% of the global total, and expected to grow to 108 billion USD by 2028, with a compound annual growth rate of 23% [4]. - Yuzhu Technology's founder, Wang Xingxing, highlighted the challenges of household applications for robots, suggesting that industrial and agricultural applications may develop more quickly [4]. Future Prospects - Wang Xingxing expressed interest in potential collaborations with large corporations like Haier, emphasizing the importance of aligning products with market needs and addressing safety and ethical concerns in human-interactive robots [6].

未经许可，不得转载或者引用。 投资要点 本周复盘总结：六月第二周交强险45.1万辆，环比上周/上月周度+27%/+18.2% 本周细分板块涨跌幅排序:SW商用载客车(-1.3%) > SW乘用车(-2.1%) >SW汽车（-2.6%）>SW 汽车零部件(-2.6%) > SＷ商用载货车(-3.0%) >SW摩托车及其他(-4.2%) 。本周已覆盖标的中国 重汽、瑞鹄模具、立讯精密、威迈斯、雅迪控股涨幅前五。 本周团队研究成果： 外发客车6月月报。 本周行业核心变化： 1） 理想i6、方程豹钛7、领克10 EMP（Z10插混版）登录工信部公告； 2） 拓普集团将宁波前 湾内饰功能件和热管理项目延期，部分定增资金转投"泰国年产130万套热管理系统项目"，前 者项目投产时间延期至2026年7月； 3） 飞龙股份获得中国台湾某全球知名电力电子与能源管 理解决方案提供商和金運科技的大功率数据中心专用电子水泵小量订单。 板块观点重申：继续坚定看好汽车！红利/智能化/机器人三条主线！ 本周市场对汽车核心关注？ 本周汽车A-H表现依然总体一般，各个细分板块有不同幅度的回调，其中客车板块相对收益最 佳。本周国家相关部门明确表示 ...

证券研究报告 汽车周观点： 6月第2周乘用车环比+27%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月22日 ➢本周复盘总结：六月第二周交强险45.1万辆，环比上周/上月周度+27%/+18.2% ➢本周细分板块涨跌幅排序:SW商用载客车(-1.3%) > SW乘用车(-2.1%) >SW汽车（- 2.6%）>SW汽车零部件(-2.6%) > SＷ商用载货车(-3.0%) >SW摩托车及其他(-4.2%) 。 本周已覆盖标的中国重汽、瑞鹄模具、立讯精密、威迈斯、雅迪控股涨幅前五。 ◼ 本周团队研究成果：外发客车6月月报。 ◼ 本周行业核心变化：1）理想i6、方程豹钛7、领克10 EMP（Z10插混版）登录工信部 公告；2）拓普集团将宁波前湾内饰功能件和热管理项目延期，部分定增资金转投"泰 国年产130万套热管理系统项目"，前者项目投产时间延期至2026年7月；3）飞龙股 份获得中国台湾某全球知名电力电子与能源管理解决方案提供商和金運科技的大功率 数据中心专用电子水泵小量订单。 注：若无特殊说明，"本周"均代 ...

本周细分板块涨跌幅排序:SＷ商用载货车(+10.7%) >SW摩托车及其他(+2.0%) >SW商用载客车 (+0.4%) > SW汽车（-0.8%）>SW汽车零部件(-1.6%)> SW乘用车(+2.0%) 。本周已覆盖标的江 淮汽车、春风动力、威迈斯、上汽集团、中国重汽涨幅前五。 本周团队研究成果： 未经许可，不得转载或者引用。 投资要点 本周复盘总结：六月第一周交强险35.5万辆，环比上周/上月度-22.6%/-14.8%。 外发AI+汽车智能化系列之十二——理想汽车核心竞争力剖析、精锻科技、隆鑫通用、福耀玻 璃专题第六篇深度。 本周行业核心变化： 1） 多家车企将供应商支付账期调整至60天以内； 2） 地方补贴暂停，目前基于我们统计大概 补贴受影响城市占总体汽车销量比例低于10%； 3） 小鹏G7亮相，定位为极致空间而生的家庭 科技美学中型SUV，预售价23.58万元,成为全球首款具备L3算力的新能源汽车，全系标配 702km续航，5C超充电池+全域800V SiC平台，Max版搭载双Orin-X芯片；Ultra版搭载三颗图 灵AI芯片； 4） 银轮股份公司与合作伙伴合资成立"依智灵巧"，布局人形机器 ...

证券研究报告 汽车周观点： 6月第1周乘用车环比-22.6%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月16日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.6.9-2025.6.15 2 ➢本周复盘总结：六月第一周交强险35.5万辆，环比上周/上月周度-22.6%/-14.8%。 ◼ 本周细分板块涨跌幅排序:SＷ商用载货车(+10.7%) >SW摩托车及其他(+2.0%) >SW 商用载客车(+0.4%) > SW汽车（-0.8%）>SW汽车零部件(-1.6%)> SW乘用车(+2.0 %) 。本周已覆盖标的江淮汽车、春风动力、威迈斯、上汽集团、中国重汽涨幅前五。 （ ◼ 本周团队研究成果：外发AI+汽车智能化系列之十二——理想汽车核心竞争力剖析、精 锻科技、隆鑫通用、福耀玻璃专题第六篇深度。 ◼ 本周行业核心变化：1）多家车企将供应商支付账期调整至60天以内；2）地方补贴暂 停，目前基于我们统计大概补贴受影响城市占总体汽车销量比例低于10%；3）小鹏G 7亮相， ...