在增程赛道从"高歌猛进"转向"降速提质"的关键拐点，智己选择迎难而上。 据乘联会数据显示，2025年上半年增程车型累计销量达53.8万辆，占新能源整体销量的10%，同比增长 16.5%，但较2024年同期增速已明显放缓。在此关键拐点，智己汽车于8月1日在上海正式发布"恒星"超 级增程技术，试图破解行业长期存在的体验瓶颈。 当前增程车型仍面临三大核心挑战：纯电续航不足引发的频繁充电、馈电工况下的动力衰减、以及冬季 低温续航显著缩水。 智己的目标并非小修小补，如智己CMO李微萌指出，过往增程技术的争议本质源于部分产品的体验短 板，而"恒星"的目标正是将增程从用户心中的"妥协方案"重塑为"最优解"。 为此，首款搭载该技术的新一代智己LS6将于8月15日亮相，豪华旗舰车型智己LS9也将在第四季度发 布。智己此次技术发布的战略意图明确：以增程撬动纯电未能覆盖的增量市场，李微萌明确，其用户策 略聚焦于吸引因里程焦虑而放弃新能源的增量群体，而非争夺现有纯电用户。为了支撑这一战略并覆盖 更广泛的用户需求，智己同步加速渠道建设，计划在8月将销售网络扩张至近400家，形成"纯电+增 程"的双轨布局。 纯电基因嫁接增程需求 与传统 ...

Group 1: Special Bonds and Infrastructure Investment - In July, the issuance of new special bonds reached a record high of 616.936 billion yuan, increasing by 89.842 billion yuan from the previous month [2] - The cumulative issuance progress of new special bonds as of the end of June was 49%, significantly lower than the average level of 63.2% for the same period from 2022 to 2024 [2] - The main direction of special bond funding is expected to shift towards infrastructure and real estate, with a notable project being the 1.2 trillion yuan Yarlung Tsangpo River downstream hydropower project [2] Group 2: Real Estate Market Trends - Shenzhen's second-hand housing market showed signs of recovery, with a 5.2% increase in recorded transactions and a 17% rise in store signing volume [3] - The average listing price for second-hand homes in Shenzhen rose by 0.2% to 62,706 yuan per square meter in July [3] - The overall real estate market remains in a state of fluctuation, with a need for more policy stimulus to stabilize prices [4] Group 3: Hema's Business Adjustments - Hema X membership stores will cease operations, with the last store closing on August 31, indicating a strategic shift to focus on Hema Fresh and Hema NB [5][6] - Hema's overall GMV is projected to exceed 75 billion yuan in the 2025 fiscal year, with plans to open nearly 100 new stores [5] - The membership store model faced challenges due to lack of differentiation and competition with established brands like Sam's Club [6] Group 4: Mergers and Acquisitions in the Shipbuilding Industry - China Shipbuilding intends to absorb and merge with China Shipbuilding Heavy Industry, marking the largest merger in A-share history [7] - Post-merger, China Shipbuilding's total assets are expected to exceed 400 billion yuan, with revenues surpassing 130 billion yuan [7] - The merger is part of a broader trend of state-owned enterprise consolidation in sectors with overlapping businesses [8] Group 5: Nio's Restructuring Efforts - Nio is seeking restructuring investors, with 56 potential investors showing interest after filing for bankruptcy [9] - The company has reported significant losses over the past few years, highlighting its reliance on low-price competition [9] - Despite challenges, Nio's production base and core personnel remain valuable assets for potential investors [10] Group 6: A-share Market Developments - In July, A-share new accounts increased by 70.5% year-on-year, with a total of 1.9636 million new accounts opened [13] - The A-share market experienced significant gains, with major indices showing upward trends, including a 3.74% increase in the Shanghai Composite Index [13] - The current market environment is characterized by a lack of substantial participation from external funds, leading to a different dynamic compared to previous bull markets [14]

导语：马斯克知道公司欠账吗？ 8 月 2 日，据外媒报道，特斯拉拖欠账款的行为已导致至少两家美国小公司破产。 来源 | 科技每日推送 过去五年，该公司在得州被承包商提起的留置权索赔总额超 1.1 亿美元（IT之家注：现汇率约合 7.92 亿元人民币），其中仍有超过 2400 万美元（现汇率约合 1.73 亿元人民币）至今未偿清。 作为对比，苹果公司在该州其雇佣地方承包商建设总部时，只拖欠了约 120 万美元（现汇率约合 864.4 万元人民币）的留置权款项 —— 还不到特斯拉所欠金额的 10%。 | 0-30 Days | | $241.7K | | | --- | --- | --- | --- | | 31-60 Days | | $239.5K | | | 61-90 Days | SISTK | | | | >90 Days | | | $380.7 | | Source: Nexis; Middle Florida Bankruptcy Court | | | | | Graphic: Alex Leeds Matthews, CNN | | | | 2022 年，小型管道焊接企业所有者詹妮弗・梅斯 ...

Core Viewpoint - The article discusses the competitive landscape of the luxury MPV market in China, highlighting the strategic shift of Chery to prioritize its brand Zhijie over its previous model Xingjiyuan for the launch of the first MPV under the Hongmeng Zhixing platform. This decision is seen as a move to optimize resource allocation and enhance brand competitiveness in a growing segment of the automotive market. Group 1: Company Strategy - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [1] - Chery has decided to stop the development of the Xingjiyuan E08 MPV, reallocating some of its project team to strengthen Zhijie's MPV development [1][2] - The decision to let Zhijie debut the luxury MPV is part of Chery's broader strategy to streamline its brand operations and reduce resource redundancy [2] Group 2: Market Dynamics - The luxury MPV segment is becoming increasingly competitive, with a notable rise in sales of new energy MPVs in China, which saw a 53.3% year-on-year increase in June [9] - The pricing strategy for Zhijie and Xingjiyuan models overlaps, with Zhijie S7 priced between 249,800 to 349,800 yuan and Xingjiyuan ES priced from 225,800 to 319,800 yuan [3] - Zhijie has shown stronger sales performance compared to Xingjiyuan, with cumulative sales of 64,300 units over the past seven months, surpassing Xingjiyuan's 44,200 units [11] Group 3: Production and Delivery Challenges - Zhijie S7 faced production delays due to equipment and hiring issues at its dedicated factory, leading to a shift in production to Chery's existing facility [3][5] - Initial delivery commitments for Zhijie S7 were extended from 4-6 weeks to over 12 weeks, causing customer dissatisfaction [5] - Chery's commitment to prioritize Zhijie as a strategic project indicates its importance in the company's future growth plans [5] Group 4: Future Prospects - The upcoming launch of the EHV MPV is seen as a critical opportunity for Zhijie to establish itself in the luxury MPV market [14] - The establishment of a dedicated factory for Zhijie is expected to alleviate resource allocation issues and enhance production efficiency [13] - The competitive landscape suggests that while Chery is entering the MPV market later than some rivals, it still has the potential to succeed with the right strategies and partnerships [15]

Core Viewpoint - The article discusses the competitive landscape of the automotive industry, focusing on the development of MPVs by companies like Zhijie and Chery, highlighting the strategic decisions and market dynamics involved in this segment [3][4][14]. Group 1: Development of MPVs - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [3][4]. - Chery's original luxury MPV, the Xingjiyuan E08, has been halted in development, with some team members moving to Zhijie to strengthen its MPV project [3][4]. - The decision to let Zhijie debut the luxury MPV reflects Chery's strategy to reduce resource redundancy and focus on high-end electric vehicles [4][9]. Group 2: Market Positioning and Competition - The Xingjiyuan series, launched in July 2023, aims at the high-end market with prices ranging from 172,800 to 319,800 yuan, while Zhijie targets a similar demographic but with a higher price point for its models [3][4][14]. - The competition between Zhijie and Xingjiyuan is evident, as both brands target the same consumer base, but Zhijie is positioned to better support the luxury MPV segment [4][14]. Group 3: Sales Performance and Challenges - Zhijie has sold 64,300 units in the past seven months, outperforming Xingjiyuan's 44,200 units, indicating a stronger market presence [14]. - Despite initial success, Zhijie faces production challenges, with delays in the delivery of the Zhijie S7 model leading to customer dissatisfaction [6][19]. - The need for Zhijie to improve its delivery capabilities is critical, as it aims to capitalize on the growing MPV market, which saw a 53.3% year-on-year increase in sales in June [11][19]. Group 4: Strategic Partnerships - The collaboration between Chery and Huawei has been pivotal for Zhijie, with Huawei's technology and market insights playing a significant role in the development of its vehicles [6][19]. - Chery's restructuring into "new four major" divisions aims to enhance brand competitiveness and streamline operations, particularly in the context of its partnership with Huawei [4][6].

Core Viewpoint - The article highlights the performance of various electric vehicle manufacturers in July, noting a decline in deliveries for Li Auto and NIO, while XPeng achieved a record high in sales [3]. Group 1: Sales Performance - Li Auto's delivery volume decreased by 39.7% year-on-year and 15.3% month-on-month to 30,731 units [3] - XPeng's delivery volume increased by 229.4% year-on-year and 6.1% month-on-month to 36,717 units [3] - NIO's delivery volume increased by 2.5% year-on-year but decreased by 15.7% month-on-month to 21,017 units [3] Group 2: New Model Launches - Li Auto launched its second pure electric model, the i8, priced between 321,800 to 369,800 yuan, featuring the VLA driver model [4] - The L90 model from the LeDao brand was launched with a price range of 265,800 to 299,800 yuan, highlighting its spaciousness and family-friendly features [4] Group 3: Delivery Timelines and Policies - Tesla's delivery timelines for the domestic Model 3 and Model Y remain stable, with limited-time subsidies available until August 31 [5] - Li Auto's delivery timelines for the L6 remain at 1-3 weeks, while the L8 and L9 have extended timelines [5] - XPeng's delivery timelines for various models have shortened, indicating improved supply chain efficiency [5] Group 4: Industry Trends - The issuance of new smart connected vehicle operation licenses indicates a potential turning point for the commercialization of Robotaxi services [6] - The industry may shift from price competition to technology upgrades and cost reductions, influenced by the "anti-involution" strategy [6]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 7月销量同环比下滑 2025/7公司汽车销量同比-6.4%/环比-14.3%至10,280辆，1-7月累计销量同比+98.6%至7.7万辆。 4Q24业绩略低于预期，1Q25亏损同环比收窄 2024年实现营业收入同比+1.3%至145.1亿元，归母净亏损扩大28.7%至69.5亿元；其中，4Q24营业收 入同比-6.3%/环比-22.8%至46.9亿元，归母净亏损同环比扩大14.3%/27.9%至24.6亿元。1Q25营业 收入同比+150.8%/环比-19.6%至37.7亿元，归母净亏损同环比收窄6.2%/61.2%至9.5亿元。我们判 断，4Q24公司业绩承压主要由于享界S9放量不及预期；1Q25亏损环比收窄主要受益于极狐 ...

比亚迪（002594）稳居全球新能源车销量榜首，"中国智造"家电引领全球潮流，泡泡玛特等原创IP加速 出海……近年来，众多中国品牌扬帆海外，凭借浓郁的"科技范儿"、独特的设计感赢得全球消费者青 睐。当前，面对复杂的外部环境，中国企业积极转型升级，加速完成从"制造出海"到"品牌出海"的价值 跃迁。 《质量强国建设纲要》明确提出，到2025年，中国品牌影响力稳步提升；到2035年，质量和品牌综合实 力达到更高水平。近年来，在完整的工业体系优势上，我国进一步实施了消费品工业增品种、提品质、 创品牌"三品"战略，制造业产品品质提升显著。市场监管总局数据显示，2024年制造业产品质量合格率 达到93.93%，主要消费品与国际标准的一致性程度达到97%。航空航天、轨道交通、核电等高端装备制 造质量更是达到国际先进水平。 品牌支撑稳外贸 在全球贸易环境面临多重挑战的背景下，中国外贸展现出强劲韧性，品牌力量成为逆势增长的重要引 擎。2024年，我国进出口总值达43.85万亿元，同比增长5%。其中，自主品牌出口占出口总值比重提升 0.8个百分点，达到21.8%，涵盖食品饮料、美妆日化、电子产品、新能源汽车等多个领域。 德勤中国 ...

(本文来自第一财经) 美股周二收盘，道指收跌0.1%，标普500指数跌0.49%，纳指跌0.65%。辉瑞(PFE.N)涨5%， Coinbase(COIN.O)跌6.3%，微软(MSFT.O)、Meta Platforms(META.O)均跌超1%。纳斯达克中国金龙指数 跌0.56%，百胜中国(YUMC.N)跌6%，蔚来汽车(NIO.N)跌2%。 ...

Core Viewpoint - Li Auto's July sales data shows a significant year-on-year decline of 39.7%, indicating pressure on its extended-range series and a need for substantial upgrades to enhance product competitiveness [1] Sales Performance - In July 2023, Li Auto sold 30,731 vehicles, a decrease of 39.7% year-on-year [1] - Cumulative sales from January to July 2023 reached 235,000 units, down 2.2% year-on-year [1] Product Launch and Strategy - The company recently launched its second pure electric model, the i8, with three configurations priced at 321,800, 349,800, and 369,800 yuan [1] - The i8's pricing strategy is conservative, aligning closely with the L8 model, and lacks certain high-demand features that competitors offer [2] - The i8's delivery strategy may affect customer commitment, as there are no additional cash incentives for customers upgrading their orders [3] Competitive Landscape - The i8 faces competition from newly launched models such as the Aito M8 and the Leado L90, which may divert potential customers due to their pricing and features [3] - Despite the competitive pressure, the i8 boasts advantages like dual-motor all-wheel drive and superior battery capacity compared to some competitors [3] Future Outlook - Li Auto has demonstrated strong error correction capabilities, with past models improving significantly after initial underperformance [4] - The upcoming i6 model, set to launch in September 2025, targets a broader market segment and is expected to strengthen Li Auto's position in the 200,000 to 300,000 yuan price range [4] - The company has established a robust charging network with 3,000 supercharging stations across 31 provinces and 258 cities, leading the industry in self-built high-speed charging stations [4] Financial Projections - Adjustments to net profit forecasts for 2025-2027 are made to 7.7 billion, 12.1 billion, and 17 billion yuan, reflecting the anticipated sales pressure on the L series and lower-than-expected market feedback for the i8 [5] - Despite the downward revision in profit forecasts, the company's strong error correction ability and recent valuation adjustments support a "recommended" rating [5]