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].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 小鹏 G7 上市点评：辅助驾驶进入 L3 级算力 时代，本地端 VLA+VLM 能力再进阶 买入（维持） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 股价走势 -17% 6% 29% 52% 75% 98% 121% 144% 167% 190% 2024/7/4 2024/11/2 2025/3/3 2025/7/2 小鹏汽车-W 恒生指数 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 30,676 | 40,866 | 94,687 | 167,573 | 249,073 | | 同比(%) | 14.23 | 33.22 | 131.70 | 76.97 | 48.64 | | 归母净利润（百万元） | (10,375.78) | (5,790.26) ...

[Table_Summary] 2025 年 6 月 11 日，全球首款 L3 级算力 AI 汽车小鹏 G7 正式亮相，将推出 G7 Max 和 Ultra 两个版本，预售价 23.58 万元起。小鹏 G7 将首发搭载三颗自研图灵 AI 芯片，车端算力超过 2200Tops，实现行业首个 L3 级算力车型。智驾能力持续领先，新车周期强势开启，叠加渠道 变革和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现， 叠加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 G7 上市点评：油车看马力，智车看算 力，G7 有望成为爆款 报告要点 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title ...

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 | | ...