智通财经APP获悉，意外达成的美日贸易协议，令日本股市今年以来的输家瞬间变身大赢家。这项于周三宣布的出人意料的美日贸易协议，可能成为日本乃 至全球股市多板块命运的转折点——此前的输家摇身变为赢家，反之亦然。 在协议消息传出后的最初股市表现中，涨幅榜几乎被日本大型汽车制造商所主导;在美国大幅降低针对日本的对等关税以及汽车关税后，这些此前表现最差 的汽车股票出现了"解脱式"超级反弹。与此同时，近期在日本股票市场高歌猛进的军工防务和零售股则遭到大幅抛售，几乎出现了等幅度的下跌。 以下列出的是美日贸易达成协议以及石破茂可能离任有望推动的日本股市长期赢家与输家： 赢家 汽车制造商： 由于市场早些时候猜测日本首相石破茂将不久后辞职，引发日本政府债券收益率大幅上涨，日本股票市场中的赢家与输家进一步洗牌。债务水平较高、对融 资成本上升更为敏感的房地产公司或将持续承压，而银行等金融巨头们则有望受益。 石破茂随后否认了将立即辞职的媒体报道，但是市场仍在定价他8月份辞职的可能性，毕竟他领导的自民党执政联盟在参众两院都失去多数席位。日本自民 党和公明党组成的执政联盟20日在日本第27届参议院选举中落败后，石破茂内阁的支持率跌至历史新 ...

7月23日，"新长安 新生态——长安汽车与海尔集团战略合作签约"在重庆举行，长安汽车董事长朱华荣、海尔集团董事局主席兼首席执行官周云杰出席 签约，跨界开启破圈合作，探索人车家、汽车产业链、全球化品牌营销与服务体系、大客户及其他领域合作，基于双方共同的用户需求、产业模式，协同构 建覆盖用户全场景需求的数字化生态体系。 与此同时，周云杰调研了长安天枢智能实验中心、全球研发中心，深入了解了阿维塔、深蓝汽车、长安启源三大数智电动品牌，品鉴了天枢智能驾驶、 天枢座舱及天枢底盘场景表现，盛赞长安汽车数智技术实力雄厚、生态布局完善、研发投入持续加码、创新能力突出，对双方未来的合作充满信心。 长安汽车拥有163年历史底蕴、41年造车积累，是智能网联新能源汽车的引领者；海尔集团创立于1984年，是领先的美好生活和数字化转型解决方案服 务商。双方共同致力于为全球用户创造更加美好的生活，本次强强携手，将进一步推动汽车产业与智慧家居、大健康产业、全球服务、医疗等领域的深度融 合，树立跨产业生态合作典型标杆，在未来解锁更多有价值的智慧场景，为全球用户带来前所未有的数智全新体验。 生态破圈！科技双强树立跨产业合作范式 长安汽车曾在多个场 ...

2025 年 7 月 24 日星期四 【实时热点】 【美国债市】 2 年期美债收益率涨 4.03 个基点报 3.870% 5 年期美债收益率涨 4.22 个基点报 3.926% 10 年期美债收益率涨 3.58 个基点报 4.380% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 2035.00 | 0.94 | 纳斯达克指数 | 21020.02 | 0.61 | | CME比特币期货 | 118170.00 | -1.12 | 道琼斯工业指数 | 45010.29 | 1.14 | | ICE布油 | 68.67 | 0.12 | 美元指数 | 97.20 | -0.15 | | 伦敦金现 | 3386.70 | -1.30 | 标普500 | 6358.91 | 0.78 | | 美元兑人民币(CFETS ...

Core Insights - The 2025 American Manufacturing Index (AMI) by Cars.com highlights Tesla's dominance, with its models occupying the top four positions, particularly the Model 3 recognized as the highest in American manufacturing content [2][4][5] - Electric vehicles (EVs) represent a significant presence in the top ten, with six out of ten vehicles being electric, marking the first time EVs have held a majority in the rankings [2][4] Summary by Category Tesla's Performance - Tesla's vehicles have consistently ranked highly since their first participation in the AMI in 2020, with the Model 3 achieving the top position this year, a significant rise from its previous 21st place [5] - The Model Y, which held the top spot for three consecutive years, dropped to second place due to increased use of non-North American parts [5] - The high scores for Tesla are attributed to the substantial use of local parts, with 75% of Model 3 components sourced from the U.S. and Canada, and a strong domestic workforce [4][5] Electric Vehicle Trends - The AMI report indicates a growing trend towards the localization of electric vehicle production in the U.S., with the Kia EV6 and Volkswagen ID.4 also making the top ten [2][5][10] - The number of pure electric models in the AMI list increased from eight to eleven compared to the previous year, reflecting a broader shift towards electric vehicle manufacturing [10] Overall Market Insights - The AMI evaluated 400 light vehicles, with 133 manufactured in the U.S. and 248 imported, highlighting a significant presence of foreign brands in the market [8] - General Motors led with the most models on the list, followed closely by Toyota and Honda, indicating a competitive landscape among both domestic and foreign manufacturers [8] - The report underscores the complexity of determining "American-made" vehicles, emphasizing that manufacturing processes involve various factors beyond just the brand [9] Economic Implications - The timing of the AMI release coincides with significant policy changes affecting the electric vehicle market, including the termination of federal tax credits [10] - Despite potential slowdowns in electric vehicle adoption, the overall trend towards electrification in the U.S. automotive industry remains intact, driven by substantial investments from automakers [10][11]

Core Viewpoint - The rise of "software-defined vehicles" and "AI-defined vehicles" has led to increased interest in steer-by-wire chassis technology, which is seen as a crucial component in the transformation of automotive electronic and electrical architecture [2] Group 1: Technology and Functionality - Steer-by-wire chassis is regarded as the "nerve center" of automotive intelligence, enabling significant improvements in response speed and control precision compared to traditional mechanical systems [2] - The response time for steer-by-wire steering can reach 20ms, more than three times faster than traditional systems, making it essential for Level 3 and above autonomous driving [2] - The electronic hydraulic brake (EHB) system enhances braking energy recovery efficiency by over 30% and addresses the vacuum source issue in electric vehicles [2] Group 2: Driving Experience Enhancement - Steer-by-wire chassis offers upgrades in precision, flexibility, and personalization, achieving a weight reduction of 15%-20% through lightweight design [3] - The modular architecture improves vehicle efficiency, extending driving range by 5%-8%, and provides a transformative control experience through lossless transmission of electrical signals [3] - The system allows for driver-customizable modes, enhancing driving styles and experiences, such as "sport mode" and "comfort mode" [3] Group 3: Safety and Challenges - Despite improvements in safety through hardware redundancy, steer-by-wire systems face risks not encountered by traditional mechanical systems, including sensor signal interference and electromagnetic compatibility issues [4] - The complexity of steer-by-wire technology results in significantly higher R&D and manufacturing costs compared to traditional chassis systems [5] Group 4: Market Trends and Future Development - The penetration rate of steer-by-wire chassis in the domestic market is projected to be only 15% by 2024, primarily in high-end models priced above 300,000 yuan [5] - Short-term developments include the One Box solution for braking systems, which will enhance integration and reduce costs, while long-term goals involve the integration of braking, steering, and suspension control into a unified chassis control system [5] - By 2028, it is expected that full-scenario steer-by-wire chassis will be available in mainstream models priced above 300,000 yuan, advancing the smart driving experience [5] Group 5: Strategic Recommendations - Industry experts suggest launching comprehensive steer-by-wire solutions for smart vehicles priced above 300,000 yuan, while also developing cost-effective options for mid-range markets [6] - A three-dimensional empowerment system involving technology, policy, and capital is recommended to encourage the adoption of steer-by-wire technology [6] - The visualization of safety benefits, such as a 30% reduction in emergency braking distance, is seen as a pathway to market acceptance [6] Group 6: Industry Transformation - Steer-by-wire technology represents not just a technical iteration but a significant shift in the automotive industry's value distribution, moving from mechanical manufacturing to digital intelligence [7] - The current period is viewed as an optimal time for companies to seize the opportunity in chassis intelligence, with the potential for domestic enterprises to overcome previous technological monopolies [7] - The evolution of steer-by-wire systems is indicative of the broader transition from mechanical to electronic driving, paving the way for a more intelligent automotive future [7]

金十数据7月24日讯，近日，小鹏汽车首次亮相东南亚最大的汽车盛会2025年印尼国际汽车展。在展会 现场，小鹏汽车正式宣布，印尼成为小鹏汽车在全球首个落地本地化生产的国家，第一台印尼当地生产 的小鹏X9交付给印尼车主。这标志着从印尼开始，小鹏汽车将正式开启全球本地化生产战略。 首台印尼本地生产小鹏X9完成交付 ...

21世纪经济报道记者 赖镇桃 美国研究人员偶尔会产生具有颠覆性影响的见解，给一些AI公司带来变革性的推动。但这种优势能维 持多久呢？大模型是一种基于数学方法的推理架构，在数学这一块是没有专利保护的。所以，从长远来 看，我认为闭源大模型很难持续发展。 这段时间，美股"七巨头"再度疯狂"吸金"。英伟达、微软为代表的大型科技股，股价和市值不断刷新历 史新高。美银数据显示，在今年的4月至7月间，资金正以16年来最疯狂的速度涌入美国科技股。 不过，狂热行情下，有人还是对所谓"美国例外论"保持冷静，甚至怀疑。 "市值并不能真实反映科技公司的研发实力。"欧洲最大科技峰会——全球网络峰会（Web Summit）首 席执行官兼创始人帕迪·考斯格雷夫（Paddy Cosgrave）近日接受21世纪经济报道记者采访时直言，硅谷 巨头很难长久维持所谓的"技术领先"，而DeepSeek的出现恰恰预示着，AI的未来是属于开源模型的。不 久前，小摩发布首份对非上市公司OpenAI的覆盖报告，也持有相近观点——在大模型领域，任何生成 式AI厂商都难以维持持久竞争优势。 而且，目前美股"七巨头"在标普500的市值占比已达到三分之一，他认为这并 ...

国七排放标准被称为"史上最严环保法规"，立项之后一直受到汽车界广泛关注。目前，法规制定进 展到什么程度？对传统汽车、新能源汽车的影响有多大？ 7月10日至11日，由中国汽车工程学会、武汉理工大学、东风汽车集团有限公司共同主办的第11届机动 车环境保护与监控技术国际研讨会在襄阳召开，现场多位汽车界人士关注国七最新进展。全程参与国七 标准研究与制定的襄阳达安汽车检测中心有限公司高级专家丁玲介绍，国七标准相比以往有较大的变 化，可能在2027年发布，2029年正式实施。 轻型车标准变动大 国七排放标准涉及轻型车和重型车，记者注意到，在最新的标准进展中，轻型车变动较大。在标准框架 中，包括第四章污染物及温室气体排放控制要求，第九章企业平均排放管控要求，附录H中的扩展条件 下污染物排放试验（Ⅵ型试验），附录K中的非尾气细颗粒物排放试验（Ⅷ型试验），附录M中的燃用 LPG、NG、甲醇及其他替代燃料汽车的特殊要求，以及附录Q中的污染物及温室气体企业平均排放核 算要求等都有较大的修改。 记者注意到，相比于国六，国七标准在4个方面增加了内容。在尾气排放方面，常温下冷启动排放新增 污染物，引入"车型＋车队"管理模式，增加温室气体 ...

Core Insights - The article discusses the evolving attitudes of different generations towards car ownership in China, highlighting a shift from traditional brand loyalty to a focus on personal preferences and emotional value among younger consumers [6][14][19]. Group 1: Market Trends - The automotive market in China is entering a new cycle, with an increase in younger consumers purchasing cars primarily for enjoyment rather than practicality [5][28]. - The number of cars owned in China has significantly increased, with the total reaching 3.52 billion by 2025, indicating a growing trend towards car ownership [26][28]. Group 2: Consumer Behavior - Younger consumers, such as those in their twenties and thirties, prioritize personal interests and emotional satisfaction over brand prestige when choosing vehicles [19][21]. - There is a notable generational divide in car preferences, with older generations favoring established brands and luxury vehicles, while younger buyers are more open to new and less traditional options [14][15][19]. Group 3: Cultural Shifts - The article suggests that the current generation views cars similarly to technology products, focusing on features and personal enjoyment rather than traditional status symbols [19][21]. - The emergence of a distinct automotive culture in China is highlighted, as younger consumers engage in social activities centered around their vehicles, reflecting a shift in how cars are perceived in society [28].

Core Viewpoint - The article discusses the decline of Mitsubishi Motors in the Chinese automotive market, highlighting its decision to terminate its joint venture in engine manufacturing, which signifies a complete withdrawal from the Chinese automotive production landscape [1][2][6]. Group 1: Historical Context - Mitsubishi's initial investments in China during the late 1990s, including the establishment of joint ventures for engine manufacturing, were seen as strategic moves to tap into the potential of the Chinese market [2][4]. - The engines produced by Mitsubishi became essential for many Chinese automakers, as they lacked advanced engine technology at that time [4][6]. - By 2017, Mitsubishi's engine business in China reached a significant milestone with the production of the 500,000th engine, marking a peak in its operations [4]. Group 2: Market Changes - The shift towards electric vehicles and the decline of weaker Chinese car manufacturers have reduced the demand for Mitsubishi's engines, leading to a decrease in their relevance in the market [6][9]. - As Chinese automakers developed their own engine technologies, the reliance on Mitsubishi's engines diminished, resulting in a loss of market share for Mitsubishi [6][11]. Group 3: Current Developments - Mitsubishi's decision to exit the joint venture with Shenyang Aerospace Mitsubishi is viewed as a culmination of its declining profitability and inability to adapt to the changing market dynamics [13]. - The joint venture has since been rebranded, indicating a complete transition away from Mitsubishi's involvement in the Chinese automotive sector [13]. - East Power, a former partner, has seen significant growth and success in the market, further emphasizing Mitsubishi's failure to capitalize on its initial investments [13].