明日主题前瞻 1、商业航天 | 据智通财经，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨07组卫星发射升空。而在7月30日，海南 商业航天发射场一号工位刚刚完成了长征八号甲运载火箭的发射任务。短期内实现双工位连续发射，这也进一步验证了海南商业航天发射场的高密度发射能 力。 点评：民生证券表示，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨07组卫星发射升空。海南商业航天发射场双工 位的"接力"火箭发射，意味着我国首个商业航天发射场的高频次发射能力得到验证。目前，GW星座已完成七组卫星在轨部署;千帆星座已完成五次发射，在 轨卫星数量达到90颗。卫星互联网产业生态逐步成型，商业航天产业版图徐徐绘就。卫星互联网产业的发展路径正持续清晰。 2、液冷 | 根据IDC(国际数据公司)发布的数据，预计2025年至2029年，中国液冷服务器市场年复合增长率将达到约48%，2028年市场规模将达到约162亿美 元。 点评：浙商证券表示，随着AI应用拉高算力需求，液冷技术正迎来爆发式增长。预计2025至2027年中国液冷市场规模将从149.8亿元增长至347.4亿 ...

从郑州启航， "碳索"的地图正在展开。 7月23日至24日，郑州航空港区，一场不同以往的"双碳星物种"行动悄然展开。 这一次，没有聚光灯下的评审打分，也没有对标商业模式的激烈角逐。 第四届"双碳星物种·碳索计划" 全新机制下的首场走访， 以"未来交通"为主题，落点 在产业带现场。 36氪与东方证券及其旗下子公司东证创新、东证资本联合举办，携手郑州航空港经济综合实验区，深入新能源供应链现场。在郑州迪空间·新能源汽车科普 馆，郑州航空港区管委会副主任张红军、财政金融局副局长赵亚军、科技工信局副局长徐明、36氪合伙人、副总裁李政、东方证券办公室负责人刘志刚、东 证资本执委会副主任刘小康、比亚迪品牌及公关处品牌公关总监肖美娟等嘉宾出席现场共同探讨双碳新思路、产业新逻辑，同期还举行了主题圆桌《中期节 点上的双碳答卷：产业原生的新逻辑》及新能源汽车产业链创新企业专场路演。 如果说过去三届"双碳星物种"更多强调技术评优与资本对接，那么今年的"碳索计划"，则选择 将"双碳"问题交还给真正的产业现场。 在"3060目标"进入中期考核节点的2025年，我们看到了一份令人鼓舞的新答卷。 节点将至：产业链到底需要什么？ 2025年， ...

暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 年会预告 2025（第十五届）高工锂电年会 总冠名： 海目星激光 年会特别赞助： 大族锂电 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 7 月的 锂电产业链 ，呈现出一幅 高度 矛盾的图景。一边是碳酸锂 期货 价格一度冲上 8 万元人 民币 / 吨的关口，带动矿石价格反弹；另一边，这股涨价潮却在电池环节戛然而止，最终被疲软 的终端需求所 阻断 。 一场预想中的供给 出清 ，最终在现实中演变为需求 摇摆 。 在 产业链上下游运行 的 不匹配 之 下， 利润挤压和预期修正 也逐渐开启。 价格 是影响上游原材料生产、供给的最直接因素。 7 月份，碳酸锂价格的上涨迅速缓解了冶炼厂 的成本压力， 其 效果 体现为 供给 的进一步 增加。 数据显示， 7 月中国锂盐产量合计 超 7 万吨，环比 增速超 7% 。其中，以锂辉石为原料 、 相 对成本优势 更大 的四川省产量大幅增加了 超 4 0 % 。 价格的刺 ...

Core Insights - The sales ranking for the second quarter of 2025 in the new energy mid-to-large sedan market has been released, highlighting significant changes, particularly with the Xiaomi SU7, BYD Han, and Xpeng P7+ leading in sales, while the Xinghai S7 and Xiangjie S9 show remarkable growth rates of 358% and 281% respectively [2][10] Group 1: Market Performance - The top three sales figures are Xiaomi SU7 with 79,823 units, BYD Han with 33,902 units, and Xpeng P7+ with 20,691 units [2] - The Xinghai S7 has emerged as a market dark horse with explosive growth, attributed to its strong performance and lack of aggressive marketing tactics [2][10] Group 2: Company Background - Xinghai S7 is the flagship new energy sedan from Dongfeng Fengxing, a brand under Dongfeng Motor Group, which has over 70 years of history in the automotive industry [3][10] Group 3: Product Features - The Xinghai S7 features a pure electric high configuration with a range of 650 km and a range-extended version with a total range of 1,250 km, while the Xiaomi SU7 offers a range between 700 km and 830 km [6][9] - Both models have achieved low drag coefficients, with Xinghai S7 at 0.191 Cd and Xiaomi SU7 at 0.195 Cd, contributing to their competitive range [6] Group 4: Competitive Advantages - The Xinghai S7 boasts a maximum power of 200 kW and a 0-100 km/h acceleration time of 5.9 seconds, comparable to the Xiaomi SU7 [7] - The Xinghai S7 has a notable cost-performance advantage, with a power consumption of only 11.9 kWh per 100 km, the lowest in its class [9] Group 5: Market Outlook - The "Double S" models, referring to the Xinghai S7 and Xiaomi SU7, are expected to continue increasing their market share as the penetration rate of new energy vehicles in the mid-to-large sedan market rises [10]

Core Viewpoint - The article emphasizes the importance of stabilizing employment, investment, and consumption while enhancing macroeconomic policy effectiveness to achieve the annual development goals and the tasks outlined in the 14th Five-Year Plan [1][2]. Group 1: Economic Stability and Growth - Focus on stabilizing employment, enterprises, markets, and expectations to strengthen domestic circulation and optimize external circulation, laying a solid foundation for the 15th Five-Year Plan [2][3]. - Implement policies to stimulate private investment and enhance consumption through high-quality infrastructure projects and new policies [3][6]. - Promote the development of new productive forces, particularly in artificial intelligence and the digital economy, to drive innovation [3][4]. Group 2: Green and Coordinated Development - Advance green and low-carbon development through comprehensive carbon emission controls [4][6]. - Implement regional and urban-rural coordinated development strategies, focusing on urban renewal and rural revitalization [4][6]. - Ensure the stability of key sectors such as employment, food security, and energy supply chains [4][6]. Group 3: Fiscal and Monetary Policies - Utilize proactive fiscal policies to support consumption and expand domestic demand, while enhancing social welfare [14][15]. - Implement measures to improve the microeconomic cycle and support traditional and emerging industries [16][18]. - Maintain a moderately loose monetary policy to support technological innovation and stabilize foreign trade [35][36]. Group 4: Employment and Social Security - Focus on expanding job opportunities in key sectors and encourage entrepreneurship, particularly in the digital and green economies [24][25]. - Enhance social security measures, including pension reforms and timely disbursement of social benefits [27][29]. - Promote skills training and support for various demographics, including youth and migrant workers [26][30]. Group 5: Financial Market Regulation - Strengthen market stability and enhance regulatory effectiveness to prevent risks in key areas of the capital market [40][43]. - Promote reforms to invigorate market activity and support long-term capital investment [41][42]. - Address risks associated with real estate financing and support the development of a new model for the real estate market [44][45].

STITLE 证券研究报告 【宏观专题】 不只是当下,不急于当下一一反内卷的定性 定量理解 前言:本篇报告主要聚焦反内卷。 � 首先需要强调的是,当前各行业"反内卷"框架仍在细化中,或需行业协会与 相关部门进一步出台文件、征求意见,这一阶段可能需要一定时间。即,反内 养政策是动态的、发展的,并不只是当下,也并不急于当下。其次,站在服务 于统一大市场、服务于高质量发展的目标定位下,"反内卷"既有"反"的方 向,包括企业层面的不正当手段的规模竞争、地方政府层面的违规招商与保护 主义,更有"支持"的方向,包括新产品、新业态、新技术、新增值服务、走 出去等。我们对过往几年已出台的若干相关政策,予以回顾。再次,综合整治 "内卷式"竞争,"根本上要着眼于构建高水平社会主义市场经济体制",强调 "久久为功",我们预计可能会经历三个阶段。前两阶段围绕着行为规范与市 场化产能治理展开,若个别行业前两阶段未见成效,且形势进一步恶化,才可 能进入第三阶段 -- 采取带有行政性、指标性的干预。方向上是两条主线(盘 活存量与做优增量)。第一条针对偏传统的上游高能耗、及下游重点能效行业, 通过国家能耗、能效标准的提升加快发展模式的转变。 ...

点 击 蓝 字 关 注 我 们 行业信息 政策信息 食材信息 1、特斯拉 Model Y 获"最高安全车型"认证 1、估值 90亿! 宁德时代底盘公司启动首轮融资 2、发票数据显示，我国新能源汽车民营企业近 4 年销售收入年均增长 50.1% 3、国家统计局:6月汽车行业利润增长 96.8% 4、上海市经信委:争取年内实现浦东自动驾驶全域开放,不含陆家嘴等区域 5、湖北省首条锰基新能源材料生产线投产 6、落地"中国新能源电池之都"宁德,2025 世界储能大会将于 9 月 16-18 日举办 7、碳酸锂期货价格重回 8 万元/吨 创近期新高 8、工信部:将巩固新能源汽车行业"内卷式"竞争综合整治成效 9、华为乾崑智能汽车解决方案：前向 AEB 功能在 4-150km/h 时速范围内可触发刹车 10、高工智能汽车研究院：上半年我国乘用车激光雷达标配交付量同比增长 83.14% 11、新能源汽车 2024 年年末贷款余额同比增长 23.44% 12、中国需求强劲,英伟达紧急向台积电追加 30万片 H20 芯片订单 13、2025年6月全国电动汽车充换电基础设施运行情况 14、宁德时代上半年净利润 305 亿，同比增 ...

碳酸锂产业日报 2025/8/5 | 项目类别 | 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | | 67,840.00 | -1080.00↓ 前20名净持仓（日，手） | -170,744.00 | +3844.00↑ | | | 主力合约持仓量（日，手） | | 232,062.00 | +24292.00↑ 近远月合约价差（日，元/吨） | -540.00 | -700.00↓ | | | 广期所仓单（日，手/吨） | | 12,603.00 | +5998.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | | 71,200.00 | -150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 69,100.00 | -150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | | 3,360.00 | +930.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | ...

宏观研究 证 券 研 究 报 告 【宏观专题】 不只是当下，不急于当下——反内卷的定性 定量理解 ❖ 前言：本篇报告主要聚焦反内卷。 首先需要强调的是，当前各行业"反内卷"框架仍在细化中，或需行业协会与 相关部门进一步出台文件、征求意见，这一阶段可能需要一定时间。即，反内 卷政策是动态的、发展的，并不只是当下，也并不急于当下。其次，站在服务 于统一大市场、服务于高质量发展的目标定位下，"反内卷"既有"反"的方 向，包括企业层面的不正当手段的规模竞争、地方政府层面的违规招商与保护 主义，更有"支持"的方向，包括新产品、新业态、新技术、新增值服务、走 出去等。我们对过往几年已出台的若干相关政策，予以回顾。再次，综合整治 "内卷式"竞争，"根本上要着眼于构建高水平社会主义市场经济体制"，强调 "久久为功"，我们预计可能会经历三个阶段。前两阶段围绕着行为规范与市 场化产能治理展开，若个别行业前两阶段未见成效，且形势进一步恶化，才可 能进入第三阶段——采取带有行政性、指标性的干预。方向上是两条主线（盘 活存量与做优增量）。第一条针对偏传统的上游高能耗、及下游重点能效行业， 通过国家能耗、能效标准的提升加快发展模式的转变 ...

Investment Rating - The report assigns a "Buy" investment rating for the company [4] Core Views - The company is transitioning from a sales champion to a technology pioneer in the electric vehicle market, having established itself as China's first independent electric vehicle manufacturer through its subsidiary, BAIC New Energy [1] - The collaboration with Huawei aims to develop next-generation intelligent connected electric vehicle technologies, with the first model, the Xiangjie S9, set to launch in August 2024 [1][3] - The company is focusing on the synergistic development of its two brands, Xiangjie and Arcfox, to create a diversified product matrix that includes high-end, mid-range, and mass-market vehicles [2] Summary by Sections Company Overview - Established in 2009, the company has shifted its strategic focus towards high-end intelligent electric vehicles since its major restructuring in 2018 [1] - The company has signed a cooperation agreement with Huawei to jointly develop advanced vehicle technologies [1] Brand Development - The company is developing a diversified product matrix with three product lines: Arcfox Alpha (mid to high-end), Arcfox Beta (mass market), and Xiangjie (luxury) [2] - The Arcfox brand has seen significant sales growth, with 2024 sales expected to reach 113,900 units, a year-on-year increase of 23.5%, and Arcfox sales projected at 81,000 units, a year-on-year increase of 169.9% [2] Product Launches - The Xiangjie S9, a luxury intelligent electric vehicle, will be priced starting at 399,800 yuan, aiming to compete with established luxury brands [3] - The launch of the Xiangjie S9 range-extended version in April 2025 is expected to alleviate consumer range anxiety and boost sales [3] Financial Performance - The company achieved a revenue of 14.512 billion yuan in 2024, a year-on-year increase of 1.4%, but reported a net loss of 6.948 billion yuan, a year-on-year decline of 28.7% [8] - The introduction of the Xiangjie S9 range-extended version is anticipated to improve the company's profitability [3][8] Earnings Forecast - Revenue projections for 2025-2027 are 32.23 billion yuan, 48.26 billion yuan, and 74.16 billion yuan, respectively, with expected EPS of -1.0, -0.4, and 0.2 yuan [9] - The company is expected to improve its profitability as it expands its product matrix and enhances its market presence in the high-end electric vehicle segment [9]