Core Viewpoint - Shenzhou Car Rental has signed a comprehensive strategic cooperation agreement with CATL, Times Electric Technology, and CMB Financial Leasing to enhance the electric vehicle battery swap business, aiming to upgrade the car rental industry towards electrification and intelligence [1] Group 1 - The collaboration will focus on deepening the electric vehicle battery swap business [1] - Shenzhou Car Rental will fully adopt the "Chocolate" standard battery swap vehicles developed in partnership with CATL and automotive manufacturers [1] - The company plans to initiate pilot operations in 2025, with a future goal of operating over 100,000 of the standard battery swap vehicles [1]

Core Viewpoint - NIO has shown significant recovery in vehicle deliveries, with July 2025 marking a pivotal month as the company delivered 21,027 vehicles, reflecting a year-on-year growth of 25.2% [1] Group 1: Vehicle Deliveries and Performance - In July 2025, NIO delivered 21,027 vehicles, with cumulative deliveries reaching 806,731 units [1] - The breakdown of deliveries includes 12,675 units from the NIO brand, 5,976 from the Ladao brand, and 2,366 from the Firefly brand [1] - The company has entered a recovery phase after experiencing challenges in the first quarter and a rebound in the second quarter [1] Group 2: Product Launch and Features - The Ladao L90, a flagship SUV, was unveiled on July 31, 2025, with a starting price of 265,800 yuan, or 179,800 yuan with battery-as-a-service (BaaS) [2] - The L90 features innovative battery swapping technology, allowing for a 3-minute battery swap, addressing range anxiety for family users [2][3] - The vehicle offers spacious configurations, with a length of 5,145mm and a wheelbase of 3,110mm, optimizing space utilization [3] Group 3: Market Reaction and Financial Outlook - Following the pre-sale of the Ladao L90, NIO's stock prices surged over 40% in the week after the announcement, indicating strong market confidence [3] - Morgan Stanley noted that the Ladao L90's strong launch could positively impact pre-sale conversion rates and ongoing order volumes [3] Group 4: Research and Development Investment - NIO has invested 60 billion yuan in R&D over the past decade, with a quarterly R&D expenditure of approximately 3 billion yuan since 2022 [5] - The company aims to achieve profitability in Q4 2025, marking a significant milestone in its growth strategy [5] Group 5: Infrastructure Development - As of August 1, 2025, NIO has established 3,432 battery swap stations nationwide, including 1,000 along highways, facilitating over 81 million battery swaps [7][8] - The "Battery Swap County Connectivity" initiative has been implemented in eight provincial-level regions, ensuring accessibility for users [7] Group 6: Future Prospects - The upcoming launch of the new ES8 in late August 2025 is expected to further enhance NIO's product lineup and market presence [4] - The company is positioned for strong growth in the latter half of 2025, driven by the Ladao L90's delivery ramp-up and ongoing infrastructure expansion [9]

小米 169 元磁吸纸巾盒的争议还没有完全消退，雷军又在微博上卖起了伞，而价格还是定在了 169 元。 就在今天，老狐刷到了小米 CEO 雷军刚刚发布的微博，内容是这样的："最近很多地方都在下雨，我们为小米车主们做了把雨伞。" 刚刷到的时候，我还以为是雷军发福利了，毕竟，这话里话外都有一种"免费赠送"的意思。 今天，老狐就和大家聊聊这把 169 元的小米雨伞。 颜值即正义的小米雨伞 不知道有多少人和老狐一样，在看到这把伞 169 元标价的时候，还是回头重新刷了一遍雷总的微博，生怕自己看错了什么介绍内容。 不过进入小米商城看了才知道，这把 Xiaomi Life 晴雨伞，定价 169 元，可用 1690 积分兑换。目前已开启预售，并将于 8 月 4 日 10:00 在小米汽车 App 正式 开售。 都知道，平时一把晴雨伞也不过几十块，结果打上小米汽车的 logo，身价直接翻了好几倍。可能很多人都会有疑问，一把"为车主做的伞"卖到 169 元，值 吗？雷军又为何总对"周边"如此上心呢？ 从雷军发布的两张图片上看，关于这把伞的介绍比较关键的就是以下几个信息点： 第一，这把伞是 Xiaomi Life 晴雨伞闪电黄， ...

1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints of the Report - This week, nickel prices trended weakly. The short - term digestion of the anti - involution in the macro - aspect did not lead to better transaction volume with price drops. Downstream buyers still mainly made rigid - demand purchases. In the industrial chain, ore prices and ferronickel prices were weakly stable, but some ferronickel quotes rebounded. The cost line remained low. July and August are traditional off - seasons for stainless steel consumption, and the inventory of the 300 - series stainless steel increased slightly this week. The production and sales data of new energy vehicles are good, which is beneficial for the increase in nickel demand. The long - term oversupply pattern remains unchanged [8]. - Technically, on the daily K - line, the price is running below the 20 - day moving average. The important support and resistance levels of the Fibonacci retracement are effective. The main funds have not decreased, and short - sellers are adding positions on rallies. The MACD indicator shows a death cross, and the KDJ has entered the oversold area with a rebound demand. Overall, it is expected to move in a wide - range oscillation [85]. 3. Summary by Relevant Catalogs 3.1 Viewpoints and Strategies - **Nickel Viewpoint**: Weak operation this week, with long - term oversupply unchanged. The macro - situation has short - term digestion, downstream purchases are rigid - demand based, and new energy vehicle data is positive [8]. - **Operation Strategies**: Both the main contract of Shanghai nickel and stainless steel are expected to move in a wide - range oscillation around the 20 - day moving average [9][10]. 3.2 Fundamental Analysis 3.2.1 Industry Chain Weekly Price Changes - **Nickel Ore**: Red soil nickel ore (CIF) NI1.5%, Fe30 - 35% and NI1.4%, Fe30 - 35% prices remained unchanged from last week [13]. - **Electrolytic Nickel**: Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory price decreased by 2.95%, 3.19%, and 3.10% respectively [14]. - **Nickel Iron**: Low - grade ferronickel in Shandong decreased by 3.03%, while high - grade ferronickel remained unchanged. According to Shanghai Non - ferrous Metals data, high - grade ferronickel increased by 2.5 yuan/nickel, and low - grade ferronickel increased by 100 yuan/ton [13][46][47]. - **Stainless Steel**: The price of 304 stainless steel increased by 0.18% [14]. 3.2.2 Nickel Ore Market Conditions - Ore prices were stable, and shipping costs were flat. As of July 31, 2025, the total nickel ore inventory at 14 ports in China was 9.9436 million wet tons, an increase of 0.66%. In June 2025, nickel ore imports were 4.3466 million tons, a month - on - month increase of 10.68% and a year - on - year decrease of 9.21%. The market was mostly in a wait - and - see state, and downstream procurement was cautious [17]. 3.2.3 Electrolytic Nickel Market Conditions - This week, nickel prices oscillated weakly, and downstream buyers made rigid - demand purchases. The import window opened, and some Norwegian nickel resources increased. In the long - term, supply and demand will both increase, but the oversupply pattern remains. In June 2025, China's refined nickel production was 34,515 tons, a month - on - month decrease of 4.11% and a year - on - year increase of 30.37%. The estimated production in July was 36,745 tons. Import and export data also showed certain changes [25][26][30]. 3.2.4 Nickel Iron Market Conditions - Nickel iron prices were weakly stable. In June 2025, China's nickel pig iron production was 23,300 tons of metal, a month - on - month decrease of 2.87% and a year - on - year decrease of 7.35%. The import volume in June was 1.041 million tons, a month - on - month increase of 22.8% and a year - on - year increase of 50.0% [45][49][52]. 3.2.5 Stainless Steel Market Conditions - The price of 304 stainless steel increased slightly. In June, stainless steel crude steel production was 3.2916 million tons, with the 300 - series production decreasing by 2.28% month - on - month. The import volume was 109,500 tons, and the export volume was 390,000 tons. As of August 1, the national inventory was 1.1112 million tons, a decrease of 7,400 tons, while the 300 - series inventory increased by 6,700 tons [59][64][71]. 3.2.6 New Energy Vehicle Production and Sales - In June 2025, the production and sales of new energy vehicles were 1.268 million and 1.329 million respectively, with year - on - year growth of 26.4% and 26.7%. From January to June 2025, the production and sales were 6.968 million and 6.937 million respectively, with year - on - year growth of 41.4% and 40.3% [77][78]. 3.3 Technical Analysis - On the daily K - line, the price is below the 20 - day moving average. The Fibonacci retracement levels are effective. The main funds are still active, short - sellers are adding positions on rallies. The MACD shows a death cross, and the KDJ is in the oversold area, indicating a wide - range oscillation [85]. 3.4 Industrial Chain Combing Summary - **Influence on Nickel Prices**: Nickel ore and ferronickel are neutral - bearish; refined nickel is neutral; stainless steel is neutral; new energy is neutral - bullish [88]. - **Trading Strategies**: Both the main contract of Shanghai nickel and stainless steel are expected to move in a wide - range oscillation around the 20 - day moving average [90].

Group 1 - The core viewpoint of the report is that NIO-SW (09866) is expected to see marginal improvements and cost reduction effects, which will become a market focus [1] - Despite a 50% rebound from its low price, the group's price-to-sales ratio for 2025 is only 0.85 times, indicating potential for continued price rebound [1] - The pricing strategy for NIO's L90 model is aggressive, with a starting price of 265,800 RMB, and even the top-spec Ultra version does not exceed 300,000 RMB [1] Group 2 - The report anticipates that the group will achieve stable monthly sales exceeding the market expectation of 5,000 units [1] - The success of the L90 model is seen as paving the way for the upcoming L80 model, which will help NIO reverse its sales trend [1]

光储产业链核心观点：中期底部将逐步确认 太平洋近日发布新能源+AI行业周报：固态电池加速在下游导入，宁德时代、孚能科技 等受益。1）奔驰 计划五年内量产固态电池版电动车，其与Factorial Energy、辉能科技 合作 研发的固态电池已进入车辆测试阶段。2）辉能科技全球首发第四 代超流化固体电解质，离 子导电率达57 mS/cm，是传统电解质的5-6 倍。 以下为研究报告摘要： 报告摘要 行业整体策略：固态电池加速变革导入，新能源+AI是核心 在目前大底部酝酿的技术变革有望奠定未来长期的格局，AI+、固态电池、可控核聚变 等是核心；机会可能从配套、材料、数据的改变开始，短期重视相关弹性公司；长期特斯 拉、宁德时代仍有望引领趋势。 新能源汽车产业链核心观点：中下游新周期已开启 1、固态电池加速在下游导入，宁德时代、孚能科技等受益。1）奔驰计划五年内量产固 态电池版电动车，其与Factorial Energy、辉能科技合作研发的固态电池已进入车辆测试阶 段。2）辉能科技全球首发第四代超流化固体电解质，离子导电率达57mS/cm，是传统电解 质的5-6倍。3）EVTEKER虔途01GT电摩首发，搭载11kWh全 ...

Market Overview - The Hang Seng Index fell by 3.5% last week, closing at 24,507 points, while the Hang Seng Tech Index dropped by 4.9% to 5,397 points, indicating a short-term pullback after a recent upward trend[1] - The average daily trading volume reached over HKD 282 billion, with net inflows into Hong Kong Stock Connect amounting to HKD 53.1 billion, suggesting a renewed acceleration in capital inflow[1] Economic Data - China's July official and Caixin PMI fell below the expansion threshold for four consecutive months, reflecting economic weakness[2] - The U.S. Q2 GDP growth slowed to 2.0%, with July non-farm payrolls adding only 73,000 jobs, significantly below the expected 104,000[3] - The labor force participation rate in the U.S. decreased to 62.2%, while the unemployment rate rose to 4.2%, indicating a growing number of unemployed individuals[3] Sector Performance - NIO's stock rose by 8.6% on Friday after the launch of its new L90 SUV, while its stock increased by 38% in July[4] - The healthcare sector saw a 1.9% increase in the Hang Seng Healthcare Index, driven by positive sentiment towards innovative drug companies[4] - The renewable energy sector experienced declines, with major solar stocks like Xinyi Solar and GCL-Poly Energy falling by 4.9% and 5.7%, respectively[5] Company Insights - WuXi AppTec's revenue for H1 2025 is projected to grow by 20.6% to RMB 20.8 billion, with Non-IFRS adjusted net profit expected to rise by 44.4% to RMB 6.31 billion[6] - The company plans to distribute a mid-term dividend of RMB 3.50 per 10 shares, which is expected to boost market confidence[8] - The target price for WuXi AppTec has been raised to HKD 121.00, with an upgraded rating to "Buy" based on improved revenue forecasts[9]

8月4日，港股三大指数集体低开，截至发稿，恒生指数跌0.31%，恒生科技指数跌0.66%，国企指数跌 0.35%。 平安证券(香港)研究也指出，当前港股市场仍具有较低估值以及"赚钱效应"下的交易渐趋活跃等优势， 中长期走势仍可保持乐观展望。建议继续关注人工智能、机器人、半导体、工业软件等新质生产力等科 技板块，及政策加力支持的创新医药板块以及具有消费属性的中医药和医疗板块。 热点聚焦 1、中国人民银行8月1日召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。会议认 为，金融支持经济持续向好力度加大。实施适度宽松的货币政策降低存款准备金率，灵活运用多种货币 政策工具，保持流动性充裕。下调政策利率、结构性货币政策工具利率和个人住房公积金贷款利率，促 进金融市场利率和社会综合融资成本下行。持续完善货币政策框架，培育政策利率完善货币政策工具 箱，做好政策沟通和预期引导，巩固拓展整治资金空转、金融业"内卷式竞争成效。 2、美国7月非农就业人数增加7.3万人，预估为增加10.4万人，前值为增加14.7万人。数据创9个月以来 新低。 盘面上，科网股跌多涨少，网易微涨0.1%，阿里巴巴跌超1%。 关于港股后市 ...

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/08/04 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 2.01%报 3416 美元/盎司，累 计上涨 2.41%，COMEX 白银期货涨 1.07%报 37.11 美元/盎司，累计下跌 3.28%。 2. 伦敦基本金属收盘多数上涨，LME 期锡涨 1.54%报 33215 美元/吨，累计下跌 2.48%；LME 期镍涨 0.56%报 15020 美元/吨，累计下跌 1.96%；LME 期铝涨 0.25% 报 2571.5 美元/吨，累计下跌 2.43%。 3. 原油库存大增叠加增产预期施压油价，美油主力合约收跌 2.89%，报 67.26 美元/桶，周涨 3.22%；布伦特原油主力合约跌 3.00%，报 69.55 美元/桶，周涨 2.79%。 4.国内商品期市收盘多数下跌，黑色系普遍下跌，焦炭下跌 2.75%，焦煤下跌 2.42%，螺纹钢下跌 1.18%；能源品多数下跌，低硫燃料油下跌 2.51%，燃油下 跌 1.78%，LPG 下跌 1. ...

Core Insights - The report highlights the ongoing recovery of the Chinese economy, driven by consumption and investment, with a stable upward trend in the A-share market supported by policy and capital inflows [13][14][15]. Domestic Market Performance - The Shanghai Composite Index closed at 3,559.95, down 0.37%, while the Shenzhen Component Index closed at 10,991.32, down 0.17% [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are 14.66 and 40.72, respectively, indicating a suitable environment for medium to long-term investments [13][14]. International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines of 0.67% and 0.45%, respectively, reflecting a cautious global market sentiment [4]. Industry Analysis Photovoltaic Industry - The photovoltaic index rebounded significantly in July, with a 9.73% increase, outperforming the CSI 300 index, driven by policies addressing low-price competition [18][19]. - The domestic new photovoltaic installed capacity in June was 14.36 GW, a year-on-year decline of 38.45%, while the cumulative installed capacity for the first half of the year reached 212.21 GW, a 107.07% increase [19]. - The report suggests that the photovoltaic industry is expected to see improved supply-demand dynamics as policies for capacity reduction are implemented [20]. New Energy Vehicle Industry - The global sales of new energy vehicles are projected to reach 20 million units by 2025, with China maintaining a leading position, accounting for 65% of global sales in 2024 [23]. - The report emphasizes the comprehensive development of the new energy vehicle industry chain in Henan Province, which has seen significant growth and is now among the top ten in production nationwide [24]. New Energy Storage Industry - The new energy storage market is experiencing rapid growth, with a projected installation of 300 million kW by 2025, driven by advancements in lithium-ion battery technology and supportive government policies [27][30]. - The report outlines the competitive landscape of the energy storage system integration market, highlighting key players and the importance of technological advancements [28]. Engineering Machinery and Robotics - The engineering machinery sector showed a 7.35% increase in July, outperforming the CSI 300 index, with strong performance in laser processing equipment and engineering machinery [32][33]. - The report recommends focusing on companies with stable earnings and high dividend yields in the engineering machinery sector [33]. Power and Utilities Sector - The power and utilities index underperformed the market, with a 2.12% increase in July, while the overall electricity demand showed a year-on-year growth of 5.4% in June [35][36]. - The report maintains a "stronger than market" investment rating for the power and utilities sector, emphasizing the importance of stable earnings from large hydropower companies [36].