每日港股評析 港股早晨快訊 2025 年 7 月 2 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指受制 24,700 點：中美在 5 月中旬於瑞士日內瓦經貿會談後發布聯合 聲明，雙方降低加徵關稅，互相保留加徵 10%關稅，美國對中國進口貨 品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%， 為期 90 日。中美 6 月倫敦談判達框架協議，後續關注 90 日對等關稅寬 限期過後能否取得長期協議。以伊停火，惟其後雙方是否遵循協議，仍有 待觀察。中美貿談續缺乏進展，內地現階段加推經濟刺激方案的意願不大， 企業盈利改善有限，北水於高位流入速度放緩。恒指阻力料見於 24,700 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 宏觀焦點 ➢ 中央財經委會議研究推進統一大市場建設； 內地6月官方及財新製造業PMI均勝預期； 港滙觸發弱方兌換保證，金管局買入逾200億港元； 澳門6月博彩收入升19%，勝預期； 特朗普不考慮延長7月9日關稅談判限期； 企業消息 ➢ 小米汽車(1810)6月交付量逾2.5萬台； 吉利汽車(0175)6月銷量升42%，上調今年銷售 ...

Core Viewpoint - The article discusses the strategic developments and market positioning of Jianghuai Automobile Group, emphasizing its collaboration with Huawei to launch the high-end luxury vehicle series "Zun Jie," which aims to capture the growing market for luxury vehicles in China [2][19][69]. Company Overview - Jianghuai Automobile Group, established in 1964, is a significant automotive enterprise under Anhui State-owned Assets Supervision and Administration Commission, focusing on commercial vehicles, passenger cars, and new energy vehicles [2][14][11]. - The company has entered the passenger car market since 2008 and the new energy sector in 2015, collaborating with major players like Volkswagen and NIO [2][11]. Financial Performance - In 2024, the company reported a total revenue of 42.116 billion yuan, a decline compared to 2023, while the first quarter of 2025 saw revenue of 9.801 billion yuan [2][21]. - The net profit attributable to shareholders for 2024 was a loss of 1.784 billion yuan, primarily due to significant investments in the Zun Jie project and asset impairments [25][21]. - The gross margin for 2024 was 10.48%, with a slight decrease to 10.03% in the first quarter of 2025 [28]. Business Segments - The company's traditional business is divided into commercial vehicles, passenger vehicles, buses, and chassis, with commercial and passenger vehicles contributing the majority of revenue [31][16]. - The commercial vehicle segment has seen a recovery in revenue and sales in 2023/2024, driven by overseas market expansion and diversification into pickup trucks and multi-functional commercial vehicles [4][45]. - The passenger vehicle segment experienced a revenue decline in 2024, but single-vehicle revenue increased significantly due to improved product structure and international market exploration [52][59]. Strategic Partnerships - The collaboration with Huawei has deepened, focusing on the development of the Zun Jie brand, with the first model, S800, set to launch in May 2025 [19][66]. - The partnership aims to enhance the company's capabilities in smart automotive solutions, digital transformation, and green initiatives [68]. Market Positioning - The luxury vehicle market, particularly for models priced above 500,000 yuan, is identified as a blue ocean for domestic brands, with Jianghuai's Zun Jie series positioned to compete effectively [6][70]. - The Zun Jie S800 has received positive market feedback, achieving over 6,500 pre-orders in its first month of availability [96]. Future Outlook - The company is expected to leverage its partnership with Huawei to revitalize its traditional business and enhance its competitive edge in the luxury vehicle market [66][3]. - The focus on high-end luxury vehicles aligns with the broader trend of domestic brands gaining market share in the premium segment, driven by consumer upgrades and competitive pricing strategies [74][71].

| 产品名称 | | | | 生产（辆） | | | | 销售（辆） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | 本月 | 本年 | 本年累计 | 本月 | 本月 | 本年 | 本年累计 | | | | 数量 | 同比增减 | 累计 | 同比增减 | 数量 | 同比增减 | 累计 | 同比增减 | | 汽车 | 新能源 汽车 | 1,447 | 122.96% | 7,143 | 140.18% | 3,019 | 74.11% | 19,364 | 99.38% | | 整车 | 其他 车型 | 6,785 | 188.60% | 19,263 | 59.09% | 7,083 | 115.22% | 19,364 | 35.88% | | 合计 | | 8,232 | 174.40% | 26,406 | 75.08% | 10,102 | 101.03% | 38,728 | 61.62% | 重庆千里科技股份有限公司 2025 年 6 月产销快报公告 本公司董事会及全体董事保证本公告内容不存在 ...

Investment Rating - The report gives an "Outperform" rating for Jianghuai Automobile (600418.SH) [6] Core Views - Jianghuai Automobile is focusing on the ultra-luxury vehicle market, with the launch of the "Zun Jie" series achieving strong initial sales [3][19] - The company has successfully captured overseas market trends, with overseas revenue surpassing domestic revenue in recent years [2][32] - The partnership with Huawei is expected to enhance the company's traditional business and drive future growth [2][68] Summary by Sections Company Overview - Jianghuai Automobile, established in 1964, is a significant asset of Anhui State-owned Assets, involved in the production of a full range of commercial vehicles, passenger cars, and core components [13][16] - The company has entered the passenger car market since 2008 and the new energy sector since 2015, collaborating with major players like Volkswagen and NIO [13][19] Financial Performance - The company reported a revenue of 421.16 billion yuan for 2024, with a first-quarter revenue of 98.01 billion yuan for 2025 [1][23] - The forecasted revenues for 2025-2027 are 490.57 billion, 691.72 billion, and 802.98 billion yuan, respectively, with net profits projected at 2.35 billion, 17.51 billion, and 36.22 billion yuan [3][5] Business Segments - The traditional business is divided into commercial vehicles, passenger vehicles, buses, and chassis, with commercial and passenger vehicles contributing the majority of revenue [32] - The commercial vehicle segment is recovering, with a focus on light trucks and expansion into overseas markets [2][41] - The passenger vehicle segment has seen a decline in revenue but an increase in per-unit revenue due to product structure optimization and international market expansion [55][62] Strategic Initiatives - The ultra-luxury vehicle market is identified as a blue ocean for domestic brands, with the "Zun Jie" series positioned to compete effectively [3][73] - The first model of the "Zun Jie" series, S800, is set to launch in May 2025, with strong pre-orders exceeding 6,500 units in the first month [3][73] Future Outlook - The company is expected to benefit from its strategic partnership with Huawei, enhancing its capabilities in smart vehicle solutions and digital transformation [68][72] - The report estimates a reasonable market valuation range for the company in 2026 to be between 106.1 billion and 121.3 billion yuan [3]

特此公告。 北汽蓝谷新能源科技股份有限公司子公司 2025 年 6 月份产销快报如下： | 单位 | | | | 产量（辆） | | | | | | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | | | | 同期 | 变动 | 累计 | 累计 | 变动 | | 同期 | 变动 | 累计 | 累计 | 变动 | | 北京新能源汽车 股份有限公司 | 13746 | 7169 | 91.74% | 68009 | 18400 | 269.61% | 11991 | 9574 | 25.25% | 67152 | 28011 | 139.73% | | 合计 | 13746 | 7169 | 91.74% | 68009 | 18400 | 269.61% | 11991 | 9574 | 25.25% | 67152 | 28011 | 139 ...

Core Viewpoint - Harbin Dong'an Automotive Power Co., Ltd. (Dong'an Power) is innovating a new market development model characterized by "forward planning + precise guidance + full ecological chain expansion" to address fierce competition in the automotive industry [2][3] Market Development Strategy - Dong'an Power has established a multi-level and multi-gradient product matrix across seven major fields, including traditional passenger vehicles, new energy vehicles, light commercial vehicles, heavy-duty trucks, buses, specialty products, and export markets, creating a diversified new market ecosystem [3][4] - The company has implemented a customer-centric approach to market development, utilizing a tailored strategy for each client and project, achieving a project conversion rate of over 80% for identified potential new market projects [3][4] Performance Metrics - In the first half of the year, Dong'an Power initiated 60 new market projects, a year-on-year increase of 173%, with specialty product projects growing by 250% [4] - The projected sales volume for new market projects is expected to reach 3 million units, with significant contributions from new production markets anticipated in 2024 (over 200,000 units) and 2025 (nearly 300,000 units) [4] Pricing and Efficiency Innovations - The company has developed a precise pricing management system that leverages big data to provide efficient and accurate pricing for various products, significantly enhancing quotation efficiency [4] - Dong'an Power has cultivated a team of "business negotiation experts" to support its market development efforts [4] Cross-Industry Expansion - Dong'an Power is actively exploring new customer acquisition channels through industry exhibitions and forums, enhancing engagement with potential clients [5] - The company has successfully expanded into new markets, including large groups, new energy, heavy-duty trucks, buses, specialty products, and overseas exports, breaking through previous market limitations [5] Product Matrix and Innovation - The company has developed a comprehensive product matrix that includes traditional and new energy power systems, ensuring a competitive edge in various market segments [7][8] - Dong'an Power is collaborating with AVL to develop a new rotor engine for low-altitude applications, enhancing its capabilities in the emerging low-altitude economy market [8]

Core Viewpoint - The company is undergoing a change in the use of part of the raised funds from its initial public offering to enhance operational efficiency and adapt to market demands [1][12][14]. Fundraising Overview - The company successfully issued 31,507,704 shares at a price of 24.18 RMB per share, raising a total of 761.8563 million RMB, with a net amount after expenses [1]. - A verification report was issued by the auditing firm confirming the funds' arrival [1]. Fund Management - The company and its subsidiaries have signed a tripartite supervision agreement for the special account storage of the raised funds to ensure proper management and protection of investors' rights [2]. Investment Project Changes - The company plans to reallocate 19 million RMB from the "Automobile Wheel Assembly Project in Hefei Changfeng" to a new project, which constitutes 2.80% of the net amount raised from the IPO [2][3][6]. - The original project had not utilized the allocated funds, prompting the change to improve fund usage efficiency [3][5]. New Project Details - The new project involves the annual production of 700,000 automotive styling parts, NVH acoustic products, and 3.5 million wheel assemblies, with a total investment of approximately 650 million RMB [7][9]. - The project is set to begin construction in 2024 and aims for production in 2025, with expected gradual revenue generation [7][9]. Market Context - The domestic market for independent brand vehicles is growing, with a reported 20.1% increase in sales for 2024, indicating a favorable environment for the company's new project [9][10]. - The company has established partnerships with major automotive manufacturers, enhancing its market position and customer base [10]. Decision-Making Process - The decision to change the investment project was approved by the board and the supervisory committee, aligning with regulatory requirements and the company's strategic needs [12][14].

Core Viewpoint - Evergrande Auto is facing significant liquidity issues, which hinder its ability to determine the publication date for its 2024 performance report [1] Group 1: Financial Challenges - The company continues to experience liquidity problems despite efforts to seek investments and sell assets to improve its financial position [1] - Discussions with potential strategic investors and buyers have not yielded results [1] - Certain subsidiaries of the company have received notifications regarding bankruptcy liquidation and asset auctions to settle judgment debts [1] Group 2: Operational Constraints - Limited resources are prioritized for maintaining operational activities, leaving the company without sufficient funds to cover the costs of audit and other professional services for the fiscal year ending December 31, 2024 [1] - As a result, the company is unable to reasonably determine the publication date for its 2024 performance [1]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Group 1 - The A-share market is experiencing a slight rebound after a "Evening Star" pattern, but the financial sector is struggling, indicating uncertainty in future market trends [1] - The military equipment sector is witnessing significant gains, driven by geopolitical tensions, presenting opportunities for investors [2] - The banking sector has seen a decline of over 2% last Friday, suggesting a potential turning point, with both mysterious forces and safe-haven funds influencing the market [3] Group 2 - The liquor industry continues to weaken, having released considerable risk, but may have the potential for recovery in the future [4] - The automotive sector is facing more significant issues, with high inventory levels leading to a prolonged period of stagnation [5] - Emphasizing the importance of embracing probabilities in the stock market as a pathway to wealth [6]