政企联动、区域协同，打出产业聚集组合拳。围绕比亚迪，全面梳理产业链上下游企业情况，积极对接 济阳区、商河县，实施季度会议和联合外出招商的工作机制，吸引法国佛吉亚、东风李尔、上海和达、 普威技研等23个零部件配套项目在周边投资落地产线，带动济南本地上下游企业超100家，形成从零部 件供应到整车制造的完整产业生态。在延链的同时，起步区持续招引新能源汽车产业重大项目，总投资 30亿元的宾理科技高端新能源汽车工业园计划今年开工建设，将成为济南生产新能源高端汽车的新品 牌。 数智赋能、试点先行，打出场景应用组合拳。今年以来，起步区发布了"车路云一体化"场景需求清单， 在全市率先编制完成了起步区《智能网联汽车"车路云一体化"应用试点总体实施方案》《功能型无人车 测试与示范应用管理办法（试行）》等政策文件，在全市率先运行自动驾驶公交车，无人清扫车、无人 物流车、智慧停车等实际应用场景也正在先行先试，并计划升级改造道路不少于200公里、路口220个， 部署智能网联汽车不少于300辆，使济南市"车路云一体化"试点建设首先在起步区落地生根、开花结 果。 发展新能源汽车，是制造业新旧动能转换的重要赛道之一。起步区自获批设立以来，持 ...

Group 1 - Jinan city is implementing the "Industrial Strong City Development Strategy" with a focus on advanced manufacturing projects in the new energy vehicle sector, aiming to accelerate the emergence of a trillion-yuan industrial cluster [1] - The new energy vehicle base of BYD in Jinan has produced eight models, contributing nearly 100 billion yuan in output value since its establishment in 2022 [1] - The Aishuo Solar Energy project has achieved a light-to-electricity conversion efficiency of over 24.4%, leading the international commercial component efficiency rankings for 30 consecutive months [1] Group 2 - The National Power Investment's hydrogen energy industrial base project is operating three production lines with an annual capacity of 1,000 units each for various fuel cells, expanding hydrogen energy applications [2] - The "Hydrogen Teng" fuel cell has been successfully deployed at the Antarctic Qinling Station, and commercial vehicles using fuel cells from the start-up area have been promoted in Shandong, Henan, and Hebei [2]

Group 1 - The Hang Seng Index and Hang Seng Tech Index both fell over 1% at the beginning of trading [1] - Meituan experienced a decline of nearly 9.5% [1] - Xpeng Motors dropped over 6% [1] - Alibaba saw a decrease of nearly 4% [1] - NIO and Li Auto both fell over 3.5% [1]

8月28日，精进电动跌5.49%，截至发稿，报9.64元/股，成交2.78亿元，换手率5.38%，总市值56.90亿 元。 广发鑫和混合A（004750）基金经理为吴迪。 资料显示，精进电动科技股份有限公司位于北京市朝阳区博大路20号院金辉时八区10号楼，成立日期 2008年2月25日，上市日期2021年10月27日，公司主营业务涉及电驱动系统的研发、生产、销售及服 务。主营业务收入构成为：新能源汽车电驱动系统94.75%，技术开发及服务4.58%，出售废料等 0.68%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓精进电动。广发鑫和混合A（004750）二季度持有股数29.26万 股，占基金净值比例为0.21%，位居第二大重仓股。根据测算，今日浮亏损失约16.38万元。 广发鑫和混合A（004750）成立日期2018年1月16日，最新规模1.71亿。今年以来收益3.33%，同类排名 7005/8190；近一年收益7.48%，同类排名7076/7966；成立以来收益51.49%。 截至发稿，吴迪累计任职时间5年115天，现任基金资产总规模774.2亿元，任职期间最佳基金回报 21.49%， 任职 ...

Core Insights - The launch of the new XPeng P7 marks a significant milestone for XPeng Motors, showcasing its commitment to innovation and technology in the electric vehicle market [1][2] - The new P7 is positioned as a luxury AI sedan, aiming to set a new standard in the 300,000 RMB price range with advanced features and performance [1][4] Product Launch and Market Impact - The new XPeng P7 was officially launched on August 27, featuring four models with prices ranging from 219,800 RMB to 301,800 RMB [1] - The P7 has already achieved over 10,000 pre-orders within 7 minutes of its launch, indicating strong market demand [2] Performance and Technology - The new P7 features a supercar-level architecture with a 50:50 weight distribution and a low center of gravity of 440mm, enhancing driving stability and agility [4] - It is equipped with an 800V XPower electric drive system, delivering a maximum power output of 593 PS and a peak torque of 695 N·m, achieving 0-100 km/h in just 3.7 seconds [4][10] Intelligent Features - The vehicle is equipped with three self-developed Turing AI chips, providing a total computing power of 2250 TOPS for advanced AI-assisted driving capabilities [6] - The P7 includes a VLM cockpit assistant with a four-zone interaction system and an 87-inch AR-HUD for enhanced user experience [8] Battery and Charging Technology - The new P7 features an 858 high-performance battery pack with a range of 820 km and a low energy consumption of 12.0 kWh per 100 km [10] - It supports 800V fast charging, allowing for a 525 km range boost in just 10 minutes, and can charge from 10% to 80% in 11 minutes [10]

Core Insights - Geely Galaxy's first "AI Technology Large Six-Seater Flagship SUV," the Geely Galaxy M9, has officially started global pre-sales with a price range of 193,800 to 258,800 yuan, making it the first full-size family new energy SUV under 200,000 yuan [1] - The Geely Galaxy brand achieved a significant milestone by delivering one million vehicles in just two years, becoming the fastest electric vehicle brand to reach this milestone [1] - In the first half of the year, Geely Galaxy's sales reached 548,000 units, a year-on-year increase of 232%, with a market share of 8.4%, marking a 4.8 percentage point increase [1] Product Features - The Geely Galaxy M9 features a body size of 5205mm x 1999mm x 1800mm and a wheelbase exceeding 3 meters, designed to provide a spacious interior with a 5.2㎡ area and an 88.3% room utilization rate [2] - The vehicle boasts a low drag coefficient of 0.285Cd, enhancing both design and energy efficiency, and offers six exterior colors and two interior colors for consumer customization [2] - Safety features include a high-strength star cage body structure, nine airbags, and a battery safety system that exceeds the upcoming national safety standards [2] AI and Technology Integration - The M9 is equipped with the Galaxy Flyme Auto 2 intelligent cockpit, powered by the Qualcomm 8295P flagship chip, and features an advanced emotional AI system named Eva, enabling human-like voice interactions [3] - The AI digital chassis includes advanced suspension systems and can achieve a 0-100 km/h acceleration in just 4.5 seconds, with a comprehensive range of over 1500 km [3] - The vehicle's advanced driver assistance system includes 11 cameras, 3 millimeter-wave radars, and a laser radar, providing a comprehensive perception system for enhanced safety [4] Market Positioning - Geely Galaxy M9 aims to deliver high value at a competitive price, positioning itself as a top choice in the mainstream market for vehicles priced around 200,000 yuan [5]

Group 1 - The core viewpoint is that Chinese automakers have promising opportunities in the European new energy vehicle (NEV) market, particularly regarding carbon credit income and the growth of plug-in hybrid vehicles [1] - Chinese automakers are expected to perform better than market expectations in terms of carbon credit income due to strict carbon emission regulations in the EU and the UK [1] - The penetration of economic vehicles is crucial for the increase of NEV market share in Europe, with a focus on the B/C segment, especially B-class SUVs [1] Group 2 - The China Securities New Energy Vehicle Industry Index includes 50 listed companies involved in various aspects of the NEV industry, reflecting the overall performance of leading companies [2] - As of July 31, 2025, the top ten weighted stocks in the index account for 55.33% of the total, including companies like CATL, BYD, and Changan Automobile [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, providing investment opportunities in the sector [2]

地址 ：北 京市 朝阳 区朝阳 门外 大街 甲 6 号万 通中 心 D 座 20 层 （100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 1. 周三夜盘收盘，国内期货主力合约涨跌互现，玉米涨超 1%。跌幅方面，沪 锌、SC 原油、纯碱、玻璃、对二甲苯（PX）、PVC、苯乙烯、纸浆、焦煤、PTA 跌超 1%。 2. 国际原油结算价上涨，美油主力合约收涨 0.96%，报 63.86 美元/桶；布伦 特原油主力合约涨 0.75%，报 67.20 美元/桶。 3. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.55%报 3451.80 美元/盎司， COMEX 白银期货涨 0.22%报 38.69 美元/盎司。 资讯早间报 制作日期： 2025/08/28 隔夜夜盘市场走势 4. ...

业绩简评 8 月 27 日公司披露 2025 年半年报，上半年实现营收 57.0 亿 元，同比+61%；实现归母净利润 0.52 亿元，同比-71%。其中 Q2 实 现营收 31.1 亿元，同比+51%、环比+20%；实现归母净利润 0.25 亿 元，同比-77%、环比-8%。业绩处于预告范围内，符合预期。 经营分析 边框加工费下降盈利承压，差异化越南产能贡献超额盈利。 上半年边框产品实现收入 49.15 亿元，同比显著增长，主要源自 边框产销量增长。上半年光伏行业供需矛盾凸显，铝边框行业竞争 加剧、加工费下滑，公司边框业务毛利率下降至 4.74%。Q2 公司越 南产能基地快速释放，聚焦美国、印度等潜力地区市场，海外边框 实际供给较少的背景下，越南差异化产能获得了较高的加工费与 利润率，Q2 公司销售毛利率 4.51%，环比提升 0.57 PCT。 边框产能扩张稳步推进，积极推进业务延伸。上半年公司积 极推进边框产能扩张及业务延伸，光伏边框产能方面，公司包头基 地年产 100GW 光伏铝边框及 60 万吨铝合金新材料熔铸项目已于 2025 年 4 月完成奠基，为后续持续提升产品市占率、巩固行业地 位奠定了坚实 ...

Core Viewpoint - The meeting between the Guizhou provincial government and BYD's executives emphasizes the commitment to high-quality development and the expansion of the new energy industry in Guizhou, particularly in electric vehicles and battery production [1] Group 1: Government Initiatives - Guizhou's government aims to leverage its mineral resources and industrial foundation to accelerate the construction of "Electric Guizhou" [1] - The government is focused on developing the entire industrial chain of new energy battery materials, power batteries, and electric vehicles [1] - The provincial government expresses its commitment to providing quality services for enterprises operating in Guizhou [1] Group 2: Company Strategies - BYD plans to increase its investment in Guizhou and enhance its technology research and product innovation [1] - The company aims to deepen practical cooperation in new power batteries and energy storage sectors [1] - BYD's efforts are aligned with contributing to Guizhou's high-quality development [1]