入夏以来，全国用电负荷屡创新高。据中国电力企业联合会相关负责人介绍，从用电量增速看，新动能 支撑作用强劲，与新质生产力相关的装备制造业和消费品制造业保持了较强的市场韧性。 笔者认为，除气温因素外，用电量数字变化的背后，也隐藏着中国经济发展的新动能与新趋势。从用电 结构来看，新兴产业用电量延续增长势头，折射出我国经济结构的优化与新质生产力的推进。 其一，新兴产业成为拉动用电量增长的"主力军"。 中国电力企业联合会7月30日发布的《2025年上半年全国电力供需形势分析预测报告》显示，新兴产业 对用电负荷增长的贡献十分显著。在国家"两新""两重"等政策加力扩围下，新质生产力成长壮大，相关 产业用电量增速迅猛。人工智能、新能源等热门赛道拉动相关行业用电量高速增长，6月份，互联网数 据服务用电量同比增长44.6%，软件和信息技术服务业用电量同比增长17.4%，新能源汽车整车制造用 电量同比增长13.0%。 当前，我国新兴产业正处于快速扩张期。以新能源汽车产业为例，近年来，在政策支持、技术进步和市 场需求的多重推动下，我国新能源汽车产销量持续高速增长。不仅整车制造规模不断扩大，其上下游产 业链如电池生产、充电桩建设等也蓬 ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 廉价版特斯拉Model Y曝光 ； 理想i8上市， 售价 32.18-36.98 万元 ； 乐道L90上市，售价26.58-29.98万元 ； 新 款 e π 008 六座版上市，售价18.86-20.36万元； 新款奔腾小马上市，售价 3.49-4.59万元 ； 仰望U8L鼎世版130万元开启预售； 本田N-ONE e:官图发布 ； 公司动态： 中国 长安汽车集团成立，注册资本200亿元； 智己汽车发布"恒星"超级增程技术； 东风整合奕派、风神、纳米三品牌； 岚图7.23亿元收购原东风日产武汉 工厂 ； 国际新闻： 大 众集 团公布上半年财报 ： 交付增长，营收微降，利润大跌 ； 车企销量： 比亚迪7月乘用车销量341030台； 吉利汽车7月新能源销量130124台； 长安汽车7月新能源销量超79000台； 奇瑞7月新能源销量65357台； 上汽通用五菱7月新能源销量73901台； 零跑汽车7月交付50129台； 鸿蒙智行7月全系交付47752台； 小鹏汽车7月交付36717台； 新车上市 1、 廉价版特斯拉Model Y ...

Core Insights - The Chinese electric vehicle (EV) market continued its high growth trajectory in July, with traditional automakers and new energy vehicle (NEV) companies showing different development paths [1] Group 1: Traditional Automakers Performance - BYD maintained its leading position with sales of 344,300 units in July, a year-on-year increase of 0.6%, and cumulative sales approaching 2.5 million units this year [2] - SAIC Motor Corporation achieved total vehicle sales of 338,000 units in July, a 34.2% year-on-year increase, marking its seventh consecutive month of growth [2] - Geely's sales reached 237,700 units in July, up 58% year-on-year, with NEV sales of 130,100 units, reflecting a 120% increase [2] - China FAW Group's total vehicle sales exceeded 252,400 units in July, a 6.5% year-on-year increase, with NEV sales surging 129.03% [3] - Chery's sales reached 224,400 units in July, a 14.7% increase, with exports of 119,100 units growing by 31.9% [3] - Changan Automobile sold over 210,000 units in July, with NEV sales of 79,000 units, a 73% increase [3] - Great Wall Motors sold 104,400 units in July, a 14.34% increase, with NEV sales of 34,600 units, up 43.27% [3] Group 2: New Energy Vehicle Companies Performance - New energy vehicle companies experienced significant changes in July, with brands like Leap Motor and Xpeng achieving remarkable growth [4] - Leap Motor's sales reached 50,100 units in July, a year-on-year increase of over 126%, marking its first month of sales exceeding 50,000 units [4] - Xpeng achieved a record monthly delivery of 36,700 units in July, a 229% year-on-year increase, with cumulative sales of 233,900 units this year, up 270% [4] - Xiaomi Auto emerged as a strong competitor, with July sales surpassing 30,000 units, driven by the launch of its first SUV, the Xiaomi YU7 [4] - NIO's sales reached 21,000 units in July, with the introduction of new models expected to boost future sales [5] - Li Auto faced challenges with sales of 30,700 units in July, a nearly 40% year-on-year decline [6] Group 3: Market Trends and Future Outlook - The market strategy of traditional automakers focuses on comprehensive price range coverage and global expansion, while new energy vehicle companies target niche markets [6] - Upcoming events like the 818 Car Purchase Festival and Chengdu Auto Show are expected to positively impact terminal sales and consumer demand [7]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态和人形产业化加速、AIDC 海外超预期 2025 年 08 月 03 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 2024-8-2 2024-12-1 2025-4-1 2025-7-31 电力设备 沪深300 相关研究 《25Q2 基金持仓深度：电新重仓 Q2 总体下降，电动车、光伏、储能、工 控、电网板块均下降，风电板块上升 ——基于 12658 支基金 2025 年二季 报的前十大持仓的定量分析》 2025-07-30 《人形国内如火如荼，固态产业化加 速》 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 2025-07-2 ...

01 事件概述 2025 年7 月重点新能源车企交付量发布，据各公司披露数据： 零跑50,129辆，同比+126.9%，环比+4.4%； 问界40,753辆，同比-1.9%，环比-8.8%； 小鹏36,717辆，同比+229.4%，环比+6.1%； 理想30,731辆，同比-39.7%，环比-15.3%； 蔚来27,017辆，同比+31.8%，环比+8.4%； 埃安26,557辆，同比-24.6%，环比-4.6%； 极氪16,977辆，同比+8.4%，环比+1.6%； 小米超30,000辆。 02 分析判断 ► 7月车市平稳运行 行业竞争格局优化 7月车市平稳运行，行业竞争格局优化。乘联会初步推算本月狭义乘用车零售总市场规模约为185.0万辆左右，同比去年增长7.6%，环比上月下降11.2%，其中新能源零售预 计可达101万，渗透率54.6%左右。7月7家样本新势力车企（不含小米）合计交付228,881辆，同比+16.1%，环比-1.8%。7月各车企陆续进入产销休整期，叠加6月末消费者 潜力提前释放影响，7月车市呈现常规季节性回落。工信部联合多部门规范新能源汽车竞争秩序，行业竞争格局趋于优化。同时，以旧换新政 ...

7月30日，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。 此次中央政治局会议释放出哪些积极信号？下半年宏观政策如何调整？资本市场哪些机会值得关注？为 此，中国基金报专访了六位来自券商、公募的"首席"，他们是中信证券首席经济学家明明、华泰证券首 席宏观经济学家易峘、招商基金研究部首席经济学家李湛、创金合信基金首席经济学家魏凤春、中航基 金副总经理兼首席投资官邓海清和博时基金首席权益策略分析师陈显顺。 会议释放多重积极信号 中国基金报：此次中央政治局会议释放出哪些积极信号？哪些内容是你比较关注的？ 明明：一是我国经济运行稳中有进，主要经济指标表现良好，新质生产力加快形成，高质量发展取得新 成效。二是会议强调"持续发力、适时加力"，明确后续若遇外部冲击或下行压力，将有能力及时加大财 政政策和货币政策支持。此次会议有关"十五五"计划的定调、地产方面的城市更新工作、扩内需政策、 稳外贸工作以及地方化债工作等都非常值得关注。 易峘：此次会议延续"稳中求进"的总体基调，对经济形势的判断较4月政治局会议更为积极，强调努力 完成全年经济增长目标不动摇。政策重心或更强调修炼"内功"、促进高质量发展，以应对国 ...

Core Insights - The report emphasizes the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand resilience. In June, NEV production and sales reached 1.268 million and 1.329 million units, respectively, marking year-on-year growth of 26.4% and 26.7% [3][69] - The report maintains a "recommended" rating for the NEV industry, highlighting potential investment opportunities in solid-state batteries, liquid cooling technologies, and robotics [4][70] Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index experienced weekly declines of -2.91%, -2.40%, -2.11%, -0.22%, and -1.39%, respectively [5][22] - Notable performers in the lithium battery sector included companies like Zhongyi Technology and Kecuan Technology, which saw increases of 17.3% and 9.4%, while companies like Ganfeng Lithium and Tianqi Lithium faced declines of 8.2% and 8.7% [5][26] Price Trends in Lithium Battery Supply Chain - Lithium carbonate prices decreased to 71,300 CNY/ton, down 2.2% from the previous week, while lithium hydroxide prices increased by 4% to 65,700 CNY/ton. Cobalt prices rose by 11.3% to 276,000 CNY/ton [5][33] - The report indicates that the overall price structure in the supply chain is at a low point, with prices likely to rise in the future due to strong demand and ongoing adjustments in the industry [3][70] Production and Sales Data - In the first half of 2025, NEV production and sales reached 6.968 million and 6.937 million units, respectively, reflecting year-on-year growth of 41.4% and 40.3% [3][48] - Major NEV manufacturers reported their July sales figures, with BYD selling 344,000 units, Li Auto delivering 30,731 units, and NIO delivering 21,017 units, indicating varied performance across brands [49][60] Industry Dynamics - The report notes that several new energy vehicle manufacturers, including Li Auto and Xiaopeng, have reported significant sales growth, with Xiaopeng achieving a 229% year-on-year increase in July [60][62] - The report also highlights the introduction of new technologies, such as the "Star" super range extender by Zhiji Auto, which aims to enhance the electric vehicle experience [62][63] Key Companies and Earnings Forecast - The report identifies key companies in the NEV supply chain, including CATL, Haopeng Technology, and Zhejiang Rongtai, with positive earnings forecasts and investment ratings [7][8][70] - CATL's revenue for the first half of 2025 was reported at 178.886 billion CNY, with a net profit of 30.485 billion CNY, reflecting a year-on-year growth of 33.33% [66][70]

【导读】六位券商、公募"首席"解读中央政治局会议精神：释放多重积极信号，政策"组合 拳"巩固市场向好势头 中国基金报记者 李树超 方丽 曹雯璟 7月30日，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。 此次中央政治局会议释放出哪些积极信号？下半年宏观政策如何调整？资本市场哪些机会值 得关注？为此，中国基金报专访了六位来自券商、公募的 "首席"，他们是 中信证券首席经济 学家明明、华泰证券首席宏观经济学家易峘、招商基金研究部首席经济学家李湛、创金合信 基金首席经济学家魏凤春、中航基金副总经理兼首席投资官邓海清和博时基金首席权益策略 分析师陈显顺 。 会议释放多重积极信号 中国基金报：此次中央政治局会议释放出哪些积极信号？哪些内容是你比较关注的？ 明明： 一是我国经济运行稳中有进，主要经济指标表现良好，新质生产力加快形成，高质量 发展取得新成效。二是会议强调 "持续发力、适时加力"，明确后续若遇外部冲击或下行压 力，将有能力及时加大财政政策和货币政策支持。此次会议有关"十五五"计划的定调、地产 方面的城市更新工作、扩内需政策、稳外贸工作以及地方化债工作等都非常值得关注。 易峘： 此次会议延续 ...

Core Insights - The recent launches of the Ledo L90 and Li Auto i8 have generated significant market interest, with Ledo L90 priced below market expectations leading to increased consumer engagement [2] - Both models are strategic for their respective companies, with Ledo L90 aimed at achieving profitability and doubling sales in Q4, while Li Auto i8 is positioned as a key player in the pure electric market following the MEGA setback [2] Group 1: Market Performance - Initial weekend showroom traffic for both models was notable, but not overwhelming, with Ledo and Li Auto showrooms seeing 1-2 groups of viewings compared to Xiaomi's YU7 at around 5 groups [4] - Ledo's showroom traffic was primarily focused on the L90 model, while Li Auto's interest was somewhat divided among its range-extended models [5] Group 2: Sales Targets and Challenges - Ledo has set ambitious monthly sales targets of 10,000 units for both the L60 and L90, but current sales figures indicate a significant gap to meet these goals [5] - Li Auto's i8 faces criticism regarding its pricing and features, with sales personnel indicating that the i8 is not intended as a volume model, shifting expectations to the upcoming i6 [5] Group 3: Market Share and Competition - The market for the Ledo L90 and Li Auto i8 is characterized as a developing segment, with the i8's price range capturing only 4.1% of the new energy vehicle market and 2% of the overall automotive market [6] - Ledo L90's market share stands at 11.7% in the new energy vehicle sector and 5.9% in the total automotive market, indicating limited penetration [6] Group 4: Strategic Imperatives - NIO has set a target to achieve profitability in Q4, requiring a monthly delivery of 50,000 units, with a current shortfall of 25,000 units as of June [6] - Li Auto must urgently establish its position in the pure electric market, as its range-extended technology is facing increasing competition from other manufacturers [7]

(10%) 2% 14% 26% 38% 50% 24/8/5 24/10/16 24/12/27 25/3/9 25/5/20 25/7/31 电力设备及新能源 沪深300 ◼ 子行业评级 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 18 期 20250720-20250726)：新 能源+AI 持续发力，上下游有望共 振>>--2025-07-27 2025 年 08 月 03 日 行业周报 看淡/下调 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 19 期 20250727-20250802）：固态电池加速 变革导入，新能源+AI 是核心 ◼ 走势比较 <<【太平洋新能源】新能源+AI 周报 （第 17 期 20250713-20250719）：供 给侧改革超预期，AI+创新体现弹 性>>--2025-07-21 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyz ...