Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [20]. Core Views - NIO's Firefly model has exceeded expectations at the auto show, with potential monthly sales of 4,000-5,000 units, which could increase total sales to 20,000-25,000 units, replicating the growth path of XPeng's Mona M03 [3][4]. - SAIC is expected to see a structural change in joint venture brands, with new models from SAIC Volkswagen and General Motors anticipated to be turning points next year [3][5]. - Leap Motor's sales surpassed 40,000 units in April, with an annual target of 500,000-550,000 units, supported by the delivery of C10/C16 and new models [3][6]. - Great Wall Motors experienced a profit decline in Q1 due to short-term factors, but strong sales of fuel vehicles and a successful pricing strategy for new energy vehicles are expected to drive recovery [3][9]. - The report recommends focusing on domestic leading manufacturers like BYD and XPeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [3]. Summary by Sections Complete Vehicles: NIO, SAIC, Leap Motor, Great Wall - NIO's Firefly model shows strong potential for sales growth in China, with new models and self-developed technology expected to enhance market confidence [4]. - SAIC is witnessing a structural change in joint ventures, with new product launches expected to halt the decline in market performance [5]. - Leap Motor's sales are projected to reach 500,000-550,000 units in 2025, with a focus on cost control and overseas expansion [6][8]. - Great Wall Motors is expected to recover from short-term profit declines, with strong sales in fuel vehicles and new energy models driving growth [9]. Components: Fuda, Shuanghuan, Yinlun, Jifeng, JuYi, Baolong - Fuda's Q1 profit doubled year-on-year, focusing on core businesses like crankshafts and electric drives [10]. - Shuanghuan's Q1 profit increased by 25%, with steady growth in core business despite a decline in non-core operations [10]. - Yinlun's Q1 profit rose by 11%, with strong growth in digital energy and improved profitability in North America [10]. - Jifeng's Q1 profit exceeded 100 million yuan for the first time since 2021, indicating successful overseas integration [11]. - Baolong is showing signs of a performance turnaround, with improved profitability expected from structural adjustments [13].

5月7日早盘，或受重磅利好刺激，港股三大指数集体高开，恒指高开2.24%，恒生科技指数高开 2.72%。主流ETF方面，恒生科技指数ETF（513180）盘中跟随指数上扬，持仓股中，腾讯音乐、携程 集团、比亚迪（002594）电子、理想汽车、美团等涨幅居前；港股通汽车ETF（159323）一度涨超 2%，浙江世宝（002703）、京城机电股份、知行科技、耐世特、汽车街等持仓股领涨。消息面上，中 国人民银行行长潘功胜5月7日在国新办举行的新闻发布会上宣布，降准0.5个百分点，向市场提供长期 流动性约1万亿元，并降低政策利率0.1个百分点。 关于港股5月市场展望及配置策略，浙商国际在研报中指出，港股市场基本面和资金面短期皆有隐忧， 政策面仍在加码，而情绪面则偏观望。但鉴于当下港股市场周月线级别趋势已进入右侧区间，对于后续 走势不建议过度悲观，因此对于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相 对景气且受益于政策利好的汽车、消费、电子、科技等；业绩和股价走势稳健且受益于政策利好的低估 值国央企红利板块；基本面相对独立且受益于降息周期的本地银行、电信及公用事业红利股。 支持T+0交易的相关ETF： ...

+ 本周重要事件 新能源： 钧达股份一季报环比大幅减亏并再次向港交所提交发行申请；万宁漂浮式海上风电试验项目一期10 万千瓦样机工程正式签约。 电网： 南网公示25年度总部集中采购批次安排；3月份全社会用电量同比增长4.8%；国网董事长会见巴西 国家电力调度中心主席；ABB拟分拆机器人业务独立上市；国电南瑞直接控股股东拟由南瑞集团变 更为国网电科院。 新能源车&锂电： 华为享界S9增程、问界M8正式上市，上汽尚界品牌正式官宣；长城哈弗枭龙MAX二代正式上市； 吉利极氪007 GT正式上市；比亚迪方程豹钛3正式上市；赣锋锂业、LGES固态电池公布新进展。 氢能与燃料电池： 广州花都将氢能纳入重点支持产业领域；呼伦贝尔3万吨/年风电制氢项目签约；佛山发布1000辆燃 料电池冷藏车招标公告；舟山落地30万吨可持续航空燃料项目；四企业签署《广西氢能产业发展战 略合作协议》。 核心周观点 光 伏 & 储 能 ＋ 光伏制造产业链（尤其是组件环节产能）再全球化背景下，电池片环节地位及领先企业价值有望重塑，重申 荐：钧达股份、横店东磁；5月组件排产进入观察窗口，"抢装后"国内外需求韧性有望得到验证。 一、钧达股份一季报环比大 ...

我明确给了大家一则箴言：保持定力，坚守能力圈，放眼长期。什么意思呢？就是希望大家不要在这种 行情中迷失了自我，忘记了自己的初心。这是非常可悲的。 换算过来，就是不要频繁交易，这山望着那山高。否则，你铁定挨打，而且受伤程度还不轻。 上周，因为贸易摩擦等因素的影响，A股出现了大落小起的走势，很多人倒霉，也有人开心。 上周二、三慢慢进场之后，我的内心十分平静，并且告诉大家，耐心等待种子变大即可，不要慌里慌张 的。 连续几天都是笑哈哈！ 板块上： 第一：内循环板块持续上涨 今天打开软件，整车、家具、零售、自贸区等内循环板块持续上攻，对于国际贸易摩擦开始免疫了。 指数虽然大涨，但银行、证券涨了个寂寞，尤其是证券，明明是风向标板块，却搞成了反面教材。 人只有坚守自己的能力圈，赚自己看得懂的钱才能够持久。但上周的大幅波动，对于绝大多数散户来 说，就是致命的诱惑。 倘若你无法坚守自己的能力圈，那么被揍只是早晚的事情。 周末多个巨头也发布了协助外贸企业转内销的重大利好消息，助力经济转型。这都是前所有为的动作， 也是对经济的利好。 不过，我认为本质还是提高大家的收入，让大家有足够的实力消费。 第二：银行证券不是很给力 最后再重复 ...

Core Viewpoint - The Chinese government is initiating strategic restructuring of state-owned automobile enterprises to create a world-class automotive group with global competitiveness and independent core technologies, leading the smart connected transformation [1][2] Group 1: Industry Trends - The automotive sector is experiencing a surge in demand due to the ongoing vehicle replacement policy and the upcoming Shanghai Auto Show in 2025, leading to a period of intensive new car releases by major manufacturers [1][2] - The stock market for the automotive sector has recently entered a correction phase, with significant fluctuations observed in the past two weeks, particularly among high-performing stocks that have seen declines of approximately 20%-30% from their peaks [3] Group 2: Company Developments - Xiaomi announced a placement of 800 million shares at HKD 53.25 per share, raising HKD 42.5 billion, while the automotive sector is facing a pullback [2] - Huawei's new car models, including the AITO M8 and the AITO S9 range extender, have received strong market interest, with pre-orders for the M8 surpassing 80,000 units [2] - The company expects continued strong performance from the automotive sector throughout the year, with a focus on identifying investment opportunities in companies with solid earnings support and new technology [3]