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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The global first L3 level AI car, the Xiaopeng G7, was officially launched on June 11, 2025, with a starting pre-sale price of 235,800 RMB. The G7 will feature three self-developed Turing AI chips, achieving a computing power exceeding 2200 Tops, making it the first L3 level computing vehicle in the industry. The intelligent driving capabilities are expected to lead the market, and with the new vehicle cycle and enhanced marketing strategies, the company's sales are anticipated to accelerate [2][4][7]. Summary by Sections Event Description - The Xiaopeng G7, the world's first L3 level AI car, was launched on June 11, 2025, with two versions: G7 Max and G7 Ultra, starting at a pre-sale price of 235,800 RMB [4]. Event Commentary - The G7 is positioned as an AI smart family SUV, with dimensions of 4892mm in length, 1925mm in width, and 1655mm in height, and a wheelbase of 2890mm. It features a family design style, a trunk capacity of 819 liters, and a minimalist interior design. The G7 is expected to compete with models like Tesla Model Y and others, leveraging its advantages in intelligence, space, and power to become a best-selling model in the 250,000 RMB electric SUV segment [7]. Financial Expectations - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Expected revenue is between 17.5 billion and 18.7 billion RMB, a year-on-year increase of 115.7% to 130.5%. The company anticipates a strong new vehicle cycle with multiple new models launching, which will further enhance sales [7]. Intelligent Driving and Future Outlook - The company is expected to maintain its leading position in intelligent driving, with a focus on channel transformation and marketing system enhancement. The anticipated revenue for 2025 is 99.1 billion RMB, corresponding to a price-to-sales ratio of 1.4X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [7].

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The report provides an overview of the morning meeting on June 10, 2025, including macro news, price changes in various futures contracts, and views on major futures varieties. It also analyzes the market trends and investment suggestions for different sectors such as agriculture, energy, chemicals, and industrial metals [3][6][12] Group 3: Summary by Directory Macro News - The first meeting of the China-US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [6] - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued opinions to improve people's livelihood, including measures such as canceling household registration restrictions for social insurance participation [6] - In May, CPI decreased by 0.2% month - on - month and 0.1% year - on - year, while PPI decreased by 0.4% month - on - month and 3.3% year - on - year. The country's macro - policies are taking effect, and some sectors show positive price changes [6] - In the first five months of this year, China's total goods trade import and export value was 17.94 trillion yuan, a year - on - year increase of 2.5%. Exports increased by 7.2%, and imports decreased by 3.8%. In May, the growth rate accelerated [7] - A - share indices fluctuated upward, with the Shanghai Composite Index rising 0.43% to 3399.77 points, and the market turnover reaching 1.31 trillion yuan [7] - In the first five months, China's equipment manufacturing product exports reached 6.22 trillion yuan, a year - on - year increase of 9.2%, contributing significantly to overall export growth [8] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs will conduct pilot projects on intelligent elderly - care service robots [8] - XPeng Motors announced that its new model G7 will make its global debut on June 11 [8] Futures Price Changes - In the chemical industry, most futures prices declined on June 10 compared to June 9, except for crude oil, fuel oil, and styrene which increased [3] - In the agricultural products sector, some prices increased (e.g., yellow soybean No. 1, yellow corn), while others decreased (e.g., yellow soybean No. 2, soybean meal) [3] Morning Views on Major Varieties Agricultural Products - Peanut: The spot market is stable but weak. The short - term futures market will likely be weak and volatile, waiting for new drivers [12] - Oils: With the progress of China - US negotiations, the market lacks positive support. It is recommended to short on rebounds [12] - Sugar: The fundamentals are mixed. It is recommended to short on rallies and pay attention to the support at 5700 [12] - Corn: The futures price is rising, but the demand is under pressure. Short - term long positions can be held, but beware of the resistance at 2370 - 2380 [12] - Live Pigs: The market is oversupplied and in a weak downward trend, with the futures market also showing weakness [12][13] - Eggs: The spot price is stable with fluctuations. The futures market is weak, and the overall trend remains unchanged [13] Energy and Chemicals - Urea: The supply is strong, and the demand is weak. The price will continue to be under pressure, and attention should be paid to potential rebound opportunities [13] - Caustic Soda: The fundamentals lack support, and the 2509 contract should be treated with a bearish view [13] - Coking Coal and Coke: They are expected to be weak and volatile due to weak terminal demand and rising coke inventories [13] Industrial Metals - Copper and Aluminum: The prices rebounded, but the upward momentum is questionable. A bearish view on rallies is recommended [16] - Alumina: The spot price is weakening, and the 2509 contract may continue to be under pressure [16] - Rebar and Hot - Rolled Coil: The prices are expected to fluctuate. Pay attention to the resistance levels of 3000 - 3050 for rebar and 3150 for hot - rolled coil [16][17] - Ferroalloys: They are in a bottom - grinding state. A bearish view on rebounds is recommended, and avoid shorting at low levels [18] - Lithium Carbonate: The market is oversupplied. It is recommended to short on rallies, and beware of technical rebounds at 60000 [18] Options and Finance - Stock Index: The Shanghai Composite Index is approaching the previous high. It is recommended to reduce long positions on rallies and operate in a rolling manner [18][20] - Options: For trend investors, a defensive strategy is recommended. Volatility investors can buy straddles after the volatility decline [21]