Macro Dynamics - China's Ministry of Foreign Affairs responded to Germany's claim that the Chinese military aimed a laser at a German aircraft, stating that the information is inconsistent with China's understanding of the facts [2] - The National Bureau of Statistics reported that in June 2025, the industrial producer price index decreased by 3.6% year-on-year and 0.4% month-on-month [3] - The National Development and Reform Commission announced that 402 new drugs have been added to the national medical insurance drug list since the 14th Five-Year Plan began [4] Financial Institutions - BNP Paribas completed the acquisition of AXA Investment Managers, integrating it into its group, managing over €1.5 trillion in assets post-acquisition [9] Market Data - The Shanghai Composite Index fell by 0.13% on July 9, with a total market turnover of approximately ¥1505.19 billion [13] - The financing balance of the two markets increased by ¥5.48 billion, reaching a total of ¥1845.97 billion [14] Company Dynamics - Hongta Securities expects a net profit of ¥651 million to ¥696 million for the first half of 2025, representing a year-on-year growth of 45% to 55% [11] - Hainan Province's former transportation investment chairman was prosecuted for bribery, indicating potential governance issues within state-owned enterprises [18] - BYD announced comprehensive coverage for users of its "Heavenly Eye" vehicles in smart parking scenarios, with over 1 million units in circulation [19] - Huaxi Biological passed the FDA's cGMP inspection with zero defects, indicating strong compliance in its production processes [21] - Northern Rare Earth expects a net profit of ¥900 million to ¥960 million for the first half of 2025, a year-on-year increase of 1882.54% to 2014.71% [22]

每经记者｜胥帅 每经编辑｜张海妮 因为涉及开展L4级智能配送机器人业务，云内动力（000903.SZ）是今年热股之一。然而，这只大牛股却被监管发现存在财务造假行为。 云内动力公告，因2021年年报和2022年年报存在虚假记载，收到云南证监局下发的《行政处罚事先告知书》，其被处以600万元罚款，董事长杨波等合计被 处以650万元罚款。 根据《行政处罚事先告知书》，云内动力2021年年报、2022年年报存在虚假记载，在多个财务核算环节存在系统性不规范行为，包括销售和采购返利、供应 商索赔补偿、期间费用的会计核算不准确、不规范；未实际交付货物但开具发票并依据发票确认收入，导致虚构收入；仅依据发票确认收入，导致跨期确认 收入；计提存货跌价准备及应收账款信用减值不准确、未计提产品质量保证费用等。 上述操作合计导致云内动力2021年年报虚减营业收入1.80亿元，占当年披露营业收入的2.25%，虚增利润总额767.50万元，占当年披露利润总额的13.51%； 2022年年报虚增营收2257.72万元，占当年披露营业收入的0.47%，虚减利润1.02亿元，占当年披露利润总额的7.84%。 记者注意到，上述处罚对象不仅包括高管 ...

丨证券研究报告丨 公司研究丨点评报告丨赛力斯（601127.SH） [Table_Title] 赛力斯 6 月销量点评：M8 销量表现亮眼，问界 Q2 环比实现翻倍 报告要点 [Table_Summary] 7 月 1 日，赛力斯发布 6 月产销快报。数据显示，赛力斯新能源汽车 6 月销量 46086 辆，创历 史新高；今年 1-6 月累计销量达 172108 辆。M8 交付加速兑现，问界 Q2 销量环比翻倍增长。 新车规划逐步清晰，支撑公司长期销量增长 。预计公司 2025-2027 年归母净利润为 104.23/126.60/148.86 亿元，当前市值对应估值 21.39/17.61/14.98 倍，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛力斯（601127.SH） cjzqdt11111 [Table_Title 赛力斯 6 月销量点评： 2] M8 销量表现亮眼，问 ...

Group 1 - The importance of promoting the spirit of the Anti-Japanese War and its role in fostering patriotism and national pride among the Chinese people is emphasized [2][3][4] - The need for high-quality thematic exhibitions and educational activities to convey the significance of the Anti-Japanese War and its historical context is highlighted [3][4] - The call for innovation and transformation in traditional industries to enhance competitiveness and contribute to the manufacturing sector is reiterated [5][6] Group 2 - The focus on improving living standards and ensuring basic social services for vulnerable groups, such as the elderly and children, is stressed as a key aspect of social stability [6][7] - The commitment to ecological safety and green development is underscored, with an emphasis on transitioning to new energy and materials to support sustainable economic growth [8] - The importance of enhancing public safety and crime prevention measures to maintain social order and community safety is outlined [7][8]

Core Viewpoint - The Chinese passenger car market showed strong performance in June, with record highs in retail, wholesale, production, and exports, alongside a significant reduction in inventory levels for both passenger and new energy vehicles [1][5]. Retail Performance - In June 2025, the national retail of passenger cars reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1][5]. - Cumulatively, retail sales for the year reached 10.901 million units, up 10.8% year-on-year [1][5]. - The retail penetration rate of new energy vehicles (NEVs) rose to 53.3% in June, supported by policies such as scrappage incentives and tax exemptions [1][6]. Production and Wholesale - Passenger car production in June was 2.419 million units, a year-on-year increase of 13.3% [11]. - Wholesale figures reached 2.490 million units, marking a 15.1% increase year-on-year [12]. - The overall inventory of passenger cars decreased by 150,000 units in June compared to the previous year [13]. Export Trends - In June, passenger car exports reached 480,000 units, a year-on-year increase of 23.8% [11]. - New energy vehicles accounted for 41.1% of total exports, with a significant year-on-year increase of 17 percentage points [23]. - Cumulatively, exports for the first half of the year reached 2.479 million units, up 6.8% year-on-year [11]. Market Share Dynamics - The wholesale market share of domestic brands in June was 67.1%, reflecting a year-on-year increase of 2.2% [6]. - The retail share of domestic brands reached 64.2%, up 5.6 percentage points year-on-year [7]. - The luxury car segment saw a retail volume of 230,000 units in June, a year-on-year decrease of 7% [8]. New Energy Vehicle Insights - In June, the production of new energy vehicles reached 1.200 million units, a year-on-year increase of 28.3% [14]. - The wholesale volume of new energy vehicles was 1.241 million units, up 27% year-on-year [15]. - The penetration rate of new energy vehicles in the domestic market was 53.3%, with domestic brands achieving a penetration rate of 75.4% [22]. Competitive Landscape - Major players like BYD, Geely, and Chery have shown strong performance in the new energy vehicle sector, with BYD leading in both production and sales [25][26]. - The new energy vehicle market is characterized by a growing number of models exceeding 20,000 units in sales, indicating a robust competitive environment [21]. Future Outlook - The market is expected to experience a gradual slowdown in growth due to high inventory levels and the need for manufacturers to stabilize prices [29]. - The introduction of policies aimed at promoting new energy vehicles in rural areas is anticipated to boost demand and provide new growth opportunities for the market [29].

Group 1 - The core point of the news is that FAW Jiefang Automobile Co., Ltd. has applied for a patent related to a hydrogen fuel cell vehicle's braking energy recovery method and system, indicating a focus on innovative vehicle technology [1] - The patent application was filed on April 2025, and the public announcement number is CN120245735A, showcasing the company's commitment to advancing hydrogen fuel technology [1] - The patent describes a method that includes real-time monitoring of vehicle status, determining if the vehicle is braking, and utilizing a regenerative braking module to convert braking energy into electrical energy for the power battery [1] Group 2 - FAW Jiefang Automobile Co., Ltd. was established in 2002 and is located in Changchun City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 1,080,301.25 million RMB and has made investments in 23 enterprises, indicating a significant presence in the automotive sector [2] - The company has participated in 5,000 bidding projects and holds 5000 patent records, reflecting its active role in innovation and development within the industry [2]

天眼查资料显示，赛力斯汽车有限公司，成立于2012年，位于重庆市，是一家以从事汽车制造业为主的 企业。企业注册资本1063727.9999万人民币。通过天眼查大数据分析，赛力斯汽车有限公司共对外投资 了9家企业，参与招投标项目26次，财产线索方面有商标信息524条，专利信息3083条，此外企业还拥有 行政许可126个。 金融界2025年7月8日消息，国家知识产权局信息显示，赛力斯汽车有限公司取得一项名为"车辆的托板 组件、储物箱组件及车辆"的专利，授权公告号CN223072372U，申请日期为2024年07月。 专利摘要显示，本申请涉及车辆储物技术领域，公开了一种车辆的托板组件、储物箱组件及车辆，包 括：托板，顶壁设置有第一卡合结构，用于与储物箱设置的第二卡合结构相卡合，以使得储物箱固定于 托板；滑轨结构，设置于车辆的行李箱中，与托板的底部连接，以使滑轨结构承载托板；其中，托板的 底部设置有卡合限位结构，卡合限位结构用于通过与滑轨结构卡合来限制托板在滑轨结构上移动，托板 能够在卡合限位结构与滑轨结构脱离卡合状态下移动以调整位置。因此，通过托板组件的设置，能够通 过托板在滑轨上移动实现储物箱位置的调整，以满足用 ...

天眼查资料显示，浙江松原汽车安全系统股份有限公司，成立于2001年，位于宁波市，是一家以从事汽 车制造业为主的企业。企业注册资本22633.126万人民币。通过天眼查大数据分析，浙江松原汽车安全 系统股份有限公司共对外投资了5家企业，参与招投标项目22次，财产线索方面有商标信息2条，专利信 息198条，此外企业还拥有行政许可13个。 金融界2025年7月8日消息，国家知识产权局信息显示，浙江松原汽车安全系统股份有限公司取得一项名 为"一种安全气囊支架及一种汽车"的专利，授权公告号CN223072445U，申请日期为2024年09月。 专利摘要显示，本申请提供了一种安全气囊支架及一种汽车，包括：软包件，软包件形成安全气囊容纳 空间，安全气囊容纳空间内设有支架，支架的水平板将安全气囊容纳空间分为第一空间和第二空间，第 一空间位于第二空间之上，水平板第一端与软包件内壁存在间隔，以在第一空间和第二空间之间形成通 道；第一空间用于容纳安全气囊中Z折部分，并通过水平板以及与相对的软包件内壁压紧固定，Z折部 分用于使安全气囊以既定方向进行展开；第二空间用于容纳安全气囊中圈绕部分，其与Z折部分为一体 结构，圈绕部分与Z折部分 ...

Core Viewpoint - Germany's industrial production is showing signs of recovery after a prolonged slump, driven primarily by strong performance in the automotive sector, although challenges such as tariff uncertainties and a strong euro pose risks to this recovery [1][4]. Group 1: Industrial Production Data - In May, Germany's industrial output increased by 1.2% month-on-month, reversing a 1.6% decline in April and marking a 3.4% recovery from the low in December of the previous year [1]. - Capital goods production contributed significantly to this growth, with an increase of nearly 6%, while the transportation equipment sector saw a remarkable growth of nearly 14%, and automotive production surged by approximately 17.5% [1]. Group 2: Short-term Challenges - The upcoming tariff deadline on July 9 creates uncertainty for German export companies, while a strong euro is putting pressure on export competitiveness [4]. - Despite warnings from several European Central Bank members regarding exchange rate risks, the German central bank's president stated that the euro is not at an "abnormally high level" [4]. Group 3: Long-term Opportunities - Over the next 12 years, Germany's infrastructure sector is set to receive annual fiscal investments equivalent to 1% of GDP, and defense spending is planned to increase from 2% in 2024 to 3.5% by 2029, which are viewed as key positive factors for industrial recovery [4]. - As the largest manufacturing country in the Eurozone, Germany accounts for approximately 36% of the Eurozone's total industrial production, and its commitment to fiscal support is expected to make it a key driver of economic growth in the coming years [10]. Group 4: Eurozone Industrial Performance - As of July 7, about 60% of the Eurozone's industrial production data has been reported, with a weighted average increase of 1.3% across major economies including Germany, France, and Spain [5]. - The recovery within the Eurozone is uneven, with smaller economies like Belgium, Austria, Finland, and Greece showing strong rebounds, while Germany and the UK still lag behind pre-pandemic production levels [5]. Group 5: Sentiment Indicators - The July Sentix survey indicates a rise in Germany's current situation index to a two-year high, although caution is advised as this survey primarily reflects market participants' sentiment and has a historical correlation coefficient of only 0.4 with economic growth [8].

Group 1: Macro Trends - Shenzhen Stock Exchange will launch the Shenzhen Specialized and Innovative Index and the ChiNext Specialized and Innovative Index on July 21, 2025, to support the development of "little giant" enterprises [1] - Shanghai Stock Exchange will also release the Shanghai Sci-Tech Innovation Board Specialized and Innovative Index and the Shanghai Specialized and Innovative Index on July 21, 2025, providing diverse performance benchmarks and investment targets [2] Group 2: Industry Developments - Four departments, including the National Development and Reform Commission, issued a notice to promote the scientific planning and construction of high-power charging facilities, focusing on public transport, logistics, and heavy-duty freight [3] - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $32.2 billion from May, reflecting a 0.98% rise due to macroeconomic policies and asset price changes [4] - In the first five months of 2025, China's textile industry saw a 3.4% year-on-year increase in industrial added value, with significant growth in production and exports [5] Group 3: Regulatory Changes - A new mandatory national standard for passenger car braking systems will be implemented on January 1, 2026, introducing requirements for electric transmission braking systems and single-pedal braking [6][7] Group 4: Company News - Xinyada announced that its cross-border payment business will account for less than 5% of total revenue in 2024, indicating limited impact on overall operations [8] - Landa Technology is planning a change in control, with stock suspension effective July 8, 2025, due to potential share transfer by major shareholders [9] - ST Texin will suspend trading for one day on July 8, 2025, and will remove other risk warnings, changing its stock name from "ST Texin" to "Tefa Information" [10] - Shanghai Washba intends to participate in the public auction for the transfer of lithium sulfide business assets from Yuyuan Rare Earth, with the outcome uncertain [11] - Tuoxin Pharmaceutical received approval for the market launch of its raw material drug, cytidine diphosphate choline, from the National Medical Products Administration [12]