以下文章来源于蓝字计划 ，作者Hayward 蓝字计划 . 记录智能时代的每一次浪潮！前沿科技捕手，AI产品深度洞察。重点关注人工智能、机器人、新能源 车与硬科技。 作者： Hayward 来源：蓝字计划 因为一条夸赞小米 SU7 保值率高的微博，雷军又被推到风口浪尖。 7 月 21 日，中国汽车流通协会和精真估联合发布了《 2025 上半年中国汽车保值率研究报 告》，里面提到 小米 SU7 的一年保值率为88.91% ，是榜单里所有车型的第一名。 看到这个成绩雷军肯定喜出望外。在转发中，他先是点赞了"特斯拉保值率一直非常不错"，还专 门点到特斯拉两款主力车型的保值率都在 70% 以上，然后才是重头戏：" 这次，我们领先了！ "，还连发三个大拇指。 ------------------------------- 汽车保值率一直是车圈的敏感话题，过去为了争论"燃油车和新能源车谁更保值"，油车车主和电 车车主早就大战了三百回合。毕竟车子的保值率不仅是车子"好不好"的一种佐证，还事关车主卖 车时真金白银的损失。 而"小米 SU7 一年保值率最高"的话题一出，自然也是引来了各方热议。不过从舆论来看，对"小 米 SU7 ...

Core Viewpoint - The article highlights the significant impact of extreme rainfall in Beijing, leading to substantial casualties and damage, while also showcasing the rapid response and support from various companies and organizations in the form of donations and supplies to aid disaster relief efforts [1][2][3]. Group 1: Impact of Rainfall - As of July 28, the extreme rainfall in Beijing resulted in 30 fatalities, with 28 in Miyun and 2 in Yanqing [1]. - The rainfall lasted for 147 hours, with an average precipitation of 210.4 mm, which is 38% of the average annual rainfall in Beijing over the past decade [2]. - In just seven days, the rainfall accounted for 40% of the typical annual rainfall [2]. Group 2: Corporate Response - Xiaomi donated 5 million yuan in cash and 350,000 yuan worth of essential supplies, including power banks and flashlights, to support disaster relief efforts [4]. - Li Auto contributed 10 million yuan to the Beijing Charity Association for emergency rescue and post-disaster reconstruction [6]. - NIO announced a donation of 2 million yuan in collaboration with its user charity foundation to assist the affected areas [6]. - Great Wall Motors donated 5 million yuan to the Red Cross for rescue and recovery efforts and provided additional support measures for its vehicle owners [7]. Group 3: Internet Companies' Contributions - Pinduoduo initiated an emergency response mechanism, procuring 30,000 items of essential supplies for affected residents [8]. - Alibaba sent 13,000 boxes of food and water in two batches to support the basic needs of disaster-affected individuals [8]. - ByteDance announced a donation of 10 million yuan to support various emergency needs in severely affected areas [8]. - JD.com prepared a range of essential supplies and established a special team for disaster relief [9][10]. Group 4: Additional Support from Other Companies - NetEase donated 3 million yuan in emergency supplies and cash to support local disaster relief efforts [11]. - Didi's rescue team was deployed to assist in evacuating affected residents [12]. - BOSS Zhipin donated 1.5 million yuan to support disaster relief and reconstruction in specific districts [14]. - China Mobile offered a month of free Beidou SMS service to help users communicate during emergencies [15]. - Yili Group mobilized volunteers to deliver essential supplies to severely affected areas [16]. - Apple and BMW also pledged donations to support local rescue and recovery efforts [17][19].

7月30日早盘 A股三大股指震荡分化，上证指数强势拉升，创业板指窄幅走低。创业板新能源ETF 华夏（159368）昨日收涨0.79%，今日小幅调整。持仓股运达股份今日获得发明专利授权，推动了股价 上涨，为板块注入局部活力。 据海关总署近日披露的数据，今年上半年中国锂离子电池出口总额达341.02亿美元(约合2450亿元 人民币)，同比增长25.14%，创历史同期新高，扭转了2024年出口下降的格局。 除了外贸端表现亮眼，国内新能源装机规模同样展现强劲增长态势。国网能源研究院发布的《中国 新能源发电分析报告2025》显示，截至2024年底，我国新能源累计装机容量已达14.1亿千瓦，同比增长 33.9%，占全国总装机容量比重升至42%，超越煤电成为系统第一大电源。这标志着新能源发电装机已 从增量主体完成向存量主体的过渡，且《报告》预计，受能源转型提速、行业产能释放等多重因素驱 动，未来新能源发展规模将继续保持高速增长。 创业板新能源ETF华夏（159368）是全市场首只上市跟踪创业板新能源指数的ETF基金，该指数主 要涵盖新能源和新能源汽车产业，涉及电池、光伏、半导体等多个细分领域，弹性大、成长性强，是专 精特新 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a draft guideline to enhance the role of government investment funds in supporting national strategies, industrial upgrades, and innovation, while attracting more social capital for the construction of a modern industrial system [1][4]. Group 1: Government Investment Fund Objectives - The government investment funds will focus on supporting the modernization and upgrading of key industries, addressing industrial development shortcomings, and promoting technological innovation [4][5]. - The funds will aim to increase high-end production capacity and support the development of new productive forces through market-oriented investments in early-stage and small to medium enterprises [4][5]. Group 2: Investment Guidelines and Restrictions - The draft guidelines emphasize that government investment funds should not invest in restricted or eliminated industries as per the Industrial Structure Adjustment Guidance Catalog [7][8]. - The funds are encouraged to avoid blind investments in emerging industries and should support mergers and acquisitions, technological upgrades, and the enhancement of traditional industries [8]. Group 3: Evaluation and Monitoring - An evaluation index system will be established to assess the alignment of fund investments with policy objectives, optimization of investment layout, and execution capabilities [10]. - The evaluation will include three main indicators: policy alignment (60% weight), layout optimization (30% weight), and execution capability (10% weight) [10]. Group 4: Focus Areas for Investment - Key investment areas include the cultivation of emerging industries such as new-generation information technology, renewable energy, and advanced manufacturing [11]. - The funds will also focus on upgrading traditional industries and stimulating innovation in the digital economy, including support for artificial intelligence applications and smart manufacturing [11].

Group 1: Investment Opportunities in 2025 - The domestic economy is expected to maintain a GDP growth rate above 5%, driven by strong export performance and advancements in AI and advanced manufacturing [6][10][12] - The new consumption trends, particularly in tea drinks and trendy products, are showing structural prosperity, although demand growth may face challenges due to base effects [6][10] - The overall investment sentiment remains cautious, with weak financing demand observed in the first half of the year, primarily driven by government bonds [6][10] Group 2: AI Investment Opportunities - The AI sector is anticipated to continue its growth, with significant investments from major tech companies, indicating a robust demand for AI capabilities [20][21] - The domestic AI infrastructure is expected to see substantial development, with a focus on hardware upgrades to support large models [20][21] - The application of AI across various sectors, including healthcare and education, is projected to create irreversible changes in profitability for the industry [22][24] Group 3: Technology Investment Opportunities - The Chinese technology sector is breaking through previous technological barriers, particularly in semiconductors, which are expected to see sustained high growth rates [25][26] - The integration of AI with manufacturing is seen as a key driver for future growth, with significant opportunities in robotics and smart manufacturing [27][28] - The focus on supply-side reforms and technological upgrades is expected to create new investment opportunities in various industries [26][28] Group 4: New Energy Investment Opportunities - Despite current challenges in the new energy sector, the long-term growth potential remains strong, with expectations of recovery as the industry stabilizes [38] - The industry is currently facing collective losses, which are unsustainable, indicating a need for restructuring and improved financial health across the supply chain [38]

Core Viewpoint - Honeywell is showcasing its commitment to local innovation and ecological collaboration at the third China International Supply Chain Promotion Expo, emphasizing its "Eastern Service for the East" strategy and revealing the underlying logic of global industrial chain transformation [1][2]. Group 1: Local Innovation and Product Development - Honeywell's Smart Ship and Building Operations Management Platform were developed entirely by its Chinese team, addressing specific needs of local shipyards and construction companies [2]. - The Smart Ship solution addresses three major pain points identified by Chinese shipyards: data security risks, operational efficiency bottlenecks, and energy efficiency pressures [2]. Group 2: Supply Chain Transformation - Honeywell views the supply chain as a complex network that includes not just direct suppliers but also secondary and tertiary suppliers, requiring a more integrated management approach [3]. - The company is building a "technology + ecosystem" dual-drive strategy, collaborating with universities to rapidly translate basic research into industrial applications [3]. Group 3: Green Manufacturing Initiatives - Honeywell has established seven green factories in China, with over 75% of its products manufactured in these facilities, which also implement digital transformation for lifecycle management [4]. - The Tianjin factory has reduced electricity consumption by approximately 122,800 kWh year-on-year, equivalent to a reduction of 86 tons of CO2 emissions [4]. Group 4: Strengths of the Chinese Supply Chain - The advantages of the Chinese supply chain are shifting from cost advantages to systemic advantages, characterized by a complete industrial system, strong resilience, and high service efficiency [5]. - Chinese suppliers have demonstrated the ability to quickly recover and respond to disruptions, such as those caused by the COVID-19 pandemic [5]. Group 5: Global Impact of Local Innovations - Honeywell's local innovations in China, such as battery safety sensors for electric vehicles, are not only benefiting domestic manufacturers but are also being exported globally [6]. - The company aims to replicate its successful local model in overseas markets while maintaining the core logic of driving local innovation through local teams [6].

北京商报讯（记者 刘晓梦）7月29日，理想汽车正式发布理想i8，作为理想汽车首款纯电SUV，该车型售价为32.18万—36.98万元，并将于8月20日开启交 付。理想汽车董事长兼CEO李想表示："我们希望解决那些消费者不容易表达的难题，打造高品质的私有空间。" 据了解，理想i8推出Pro、Max、Ultra三个版本车型，基于全新5C纯电平台打造，全系标配三元锂5C超充电池，提供90.1kWh与97.8kWh两种电池版本，对应 CLTC工况续航里程分别为670公里和720公里。该车搭载自研碳化硅电驱动系统，百公里能耗低至14.6kWh，并通过散热系统保障5C电池在0—80%电量区间 维持300kW以上充电功率，实现"充电10分钟增加续航500公里"的性能表现。 在造型设计方面，理想i8延续简洁风格并引入游艇式设计理念，风阻系数低至0.218。同时，全车采用大量隔声材料，前风挡、侧窗和天幕均为双层声学夹 胶玻璃，配合前排四个静音电动出风口，实现业内最高静音标准。在六人满座的情况下，后备厢进深仍可达565毫米，容纳两只28寸行李箱及四个背包，满 足家庭用户一周出行需求。 此外，理想i8的驾驶体验则通过前后双电机四驱 ...

Core Viewpoint - BYD is significantly focusing on the development of intelligent driving technologies and has established a competitive internal culture to drive innovation and efficiency in its new technology research institute [2][4]. Group 1: Establishment and Purpose of the New Technology Research Institute - The New Technology Research Institute was established in 2017 to focus on systematic research and development, addressing previous limitations in team integration and focus [3]. - The institute promotes competition not only internally but also against industry leaders like Tesla and Toyota, aiming to enhance product performance and user experience [4]. Group 2: Internal Competition and Development Strategy - Internal competition is encouraged to ensure that projects meet high standards; if a team cannot achieve desired outcomes, another team is selected to continue the project [5]. - The integration of cockpit and intelligent driving teams is a response to the trend of combined functionalities, with a focus on hardware evolution and collaborative projects [5]. Group 3: Technological Focus and Future Plans - BYD is prioritizing data and algorithms over self-developed computing chips, collaborating with companies like NVIDIA and Horizon to optimize computing power [5]. - The company maintains a dual-mode technology and intelligent development structure within the New Technology Research Institute, ensuring a cohesive approach to innovation [6].

Core Viewpoint - The article emphasizes the need for comprehensive regulation of "involutionary" competition in various industries, particularly in the context of stabilizing industrial growth in China. This involves creating a long-term mechanism to address irrational competition and promote a healthier industrial ecosystem [2][4][6]. Group 1: Key Tasks for Industrial Growth - The Ministry of Industry and Information Technology (MIIT) has outlined eight key areas for focus in the second half of the year, including expanding domestic demand and enhancing the quality of key industrial chains [2]. - The emphasis on "strengthening the foundation" and "value creation" aims to address current economic contradictions and improve industrial governance [2][21]. Group 2: Regulation of Involutionary Competition - The MIIT is prioritizing the regulation of "involutionary" competition in sectors like new energy vehicles and photovoltaics, with a focus on establishing a long-term regulatory mechanism [6][11]. - Recent meetings have highlighted the need for systematic policies to combat unfair competition practices and promote product quality [8][9]. Group 3: Legal Framework and Policy Developments - The revision of the Anti-Unfair Competition Law and the upcoming amendments to the Price Law are expected to enhance legal measures against low-price dumping and other unfair pricing behaviors [17][18]. - The new legal framework aims to create a comprehensive regulatory system that addresses irrational competition and supports market order [19]. Group 4: Industrial Economic Performance - China's industrial economy has shown resilience, with a reported 6.4% year-on-year growth in industrial value added for the first half of the year, driven by high-tech and equipment manufacturing sectors [22][24]. - The MIIT plans to implement a new round of growth stabilization actions across ten key industries, focusing on structural adjustments and the elimination of outdated production capacity [23]. Group 5: Addressing Corporate Debt Issues - The issue of overdue accounts receivable remains a significant challenge for many companies, with a reported 26.69 trillion yuan in accounts receivable as of June 2025, reflecting a 7.8% year-on-year increase [25]. - The government is taking steps to accelerate the clearance of overdue payments and establish a long-term regulatory mechanism for corporate fees [26][27].

Investment Rating - The report maintains an "Increase" rating for the electric equipment industry [1] Core Insights - The overall holdings in the electric new energy sector decreased, with declines in electric vehicles, photovoltaics, energy storage, industrial control, and electric grid sectors, while the wind power sector saw an increase [1][2][3] - The proportion of holdings in the electric new energy sector among all fund holdings decreased by 1.82 percentage points to 12.20% in Q2 2025 [14][19] - The report highlights a shift in investment focus, with new technologies in the electric vehicle sector gaining traction despite overall declines in traditional segments [1][19] Summary by Sections 1. Electric New Energy Overall Holdings Analysis - The proportion of electric new energy holdings in total fund holdings decreased to 12.20%, down 1.82 percentage points [14] - The electric vehicle sector's holdings decreased to 4.15%, down 1.05 percentage points [19] - The energy storage sector's holdings decreased to 5.60%, down 2.20 percentage points [5] 2. Electric New Energy Subsector Holdings Analysis - Electric vehicle sector: Overall holdings decreased, with upstream lithium mining and midstream components also declining [1][19] - Photovoltaic sector: Holdings decreased to 2.75%, down 0.58 percentage points, with declines in silicon materials, silicon wafers, and inverters [2][32] - Wind power sector: Holdings increased to 3.32%, up 0.48 percentage points, with increases in turbine and tower segments [2][3] - Nuclear power sector: Holdings increased to 0.78%, up 0.14 percentage points [3] 3. Industrial Control & Electric Equipment - The industrial control and electric equipment sector saw a decrease in holdings to 5.14%, down 0.54 percentage points [4] - The electric equipment sector's holdings decreased to 1.48%, down 0.46 percentage points [4] 4. Energy Storage Sector - The overall holdings in the energy storage sector decreased to 5.60%, down 2.20 percentage points, with a notable decline in storage batteries [5][19] - New energy storage technologies saw a slight increase, indicating a potential area for future investment [5]