Investment Rating - The report assigns a "Buy" rating to several companies, including Changan Automobile, Asia-Pacific Holdings, and Haon Electric, while maintaining an "Overweight" rating for the overall automotive industry [1][4]. Core Insights - The automotive sector experienced a slight increase of 0.1% from June 30 to July 4, 2025, underperforming the CSI 300 index by 1.44 percentage points. The passenger vehicle segment rose by 0.43%, while commercial vehicles increased by 1.49% [9][36]. - Heavy-duty truck sales in June 2025 exceeded expectations, with a year-on-year increase of 32% and a month-on-month increase of 6%. Approximately 94,000 units were sold, with major manufacturers like China National Heavy Duty Truck and Dongfeng showing significant growth [2][36]. - The report highlights the launch of the Xiaopeng G7, the first AI car with L3-level computing power, priced between 195,800 and 225,800 yuan, showcasing advanced technology features [5][36]. Summary by Sections Market Review - The automotive sector's performance from June 30 to July 4, 2025, showed a 0.1% increase, with various segments performing differently against the CSI 300 index [9][36]. - The overall PE-TTM for the automotive industry was 25.95, reflecting a slight increase from the previous week [10][36]. Major Company and Industry Events - Heavy-duty truck sales in June reached approximately 94,000 units, with significant contributions from major manufacturers [2][36]. - Xiaopeng G7 was officially launched, marking a significant advancement in AI automotive technology [5][36]. New Vehicle Launches - A total of 33 new models were launched during the week, including the Xiaopeng G7 and various updated versions of existing models [34][36]. Investment Recommendations - The report suggests a cautious approach to investment in the automotive sector, given the mixed performance of different segments and the overall market conditions [36].

中原期货研究所 晨会纪要 2025 第（102）期 发布日期：2025-06-10 | 投资咨询业务资格 | | --- | | 证监发【2014】217 号 | | 中原期货研究所 | | 0371-58620081 0371-58620083 | | 公司官方微信 | 1 公司官方微信 中原期货研究所 | 化工 | 主力合约 | 2025/6/10 | 2025/6/9 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 762.00 | 780.00 | -18.0 | -2.308 | | | 焦炭 | 1,327.00 | 1,339.00 | -12.0 | -0.896 | | | 天然橡胶 | 13,670.00 | 13,725.00 | -55.0 | -0.401 | | | 20号胶 | 12,030.00 | 12,050.00 | -20.0 | -0.166 | | | 朝彩 | 7,072.00 | 7,078.00 | -6.0 | -0.085 | | ...