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 ...

出品丨虎嗅汽车组 作者丨肖漫 头图丨视觉中国 车企们交出了价格战暂停、"反内卷"后的第一个月销量。 7月初，比亚迪、吉利等车企放弃"一口价"的低价卖车模式，体量更小的造车新势力因此获得喘息空间。但这不 意味着竞争烈度下降，7月只能算汽车业竞争的中场休息，只是头部公司还没找到新的竞争锚点。 回看整个上半年的销量，除异军突起的小米和成功翻身的小鹏外，多数车企距离年初定下的销量目标还有较大 距离。 今年下半年或将是大部分车企阶段性"最后的狂欢"。新一轮购车周期可能在今年年底结束，汽车换购、购置税 减半等优惠政策也可能在年底结束。 在这个意义上，下半年是大部分车企最后争夺排位的机会。如果在这轮购车高峰末尾抢到有利位置，当周期过 后，可能就要花更多力气追回来了。 本期《车圈脉动》VOL.8，带大家简略一览中国新能源汽车目前的竞争形势。 【新能源汽车品牌交付情况】 新能源汽车品牌7月数据如下—— | 车企 | 7月 (辆) | 6月 (辆) | 同比 | 环比 | | --- | --- | --- | --- | --- | | 零跑 | 50129 | 48006 | 126% | 4% | | 鸿蒙智行 | 477 ...

智能体验上，乐道L90基于领先数字架构与国内唯一整车全域操作系统SkyOS天枢打造，搭载 NT.Coconut椰子智能系统，支持持续迭代。智能辅助驾驶方面，其系统累计用户里程超1亿公里，累计 解放用户精力超120万小时，年内全系将切换为端到端模型，优化行车与泊车体验。座舱配备四屏车规 级屏幕，具备高透、防反、防爆、耐刮、抗指纹特性。AI语音助手"小乐"掌握1630多项语音技能，可记 忆20位亲属信息，并能根据环境主动提供建议。 空间利用是乐道L90的核心亮点之一。该车基于全新一代900V纯电平台架构，通过零部件小型化与集成 化设计提升空间效率。储物能力方面，其后备箱在第三排坐人的情况下容积达430L，"大开世界"智能电 动前备舱容积240L，集成36项高效设计并申请13项专利。七座版车型进一步优化空间灵活性，标配第 三排全电动进出功能，二排座椅支持两段式电动翻折，方便第三排上下车及儿童座椅拆装；三排座椅全 放倒后配合充气床垫可形成"大床房"模式。舒适配置上，乐道L90标配静音电吸门，支持轻触弹开和分 段吸合，减少开关门噪音。 本报讯(记者刘钊)7月31日，蔚来集团(以下简称"蔚来")旗下乐道品牌智能大空间旗舰 ...

但新车的上市确实给乐道、理想门店带来了新带看量，不过乐道门店的热度集中在L90一款车型上，而 理想门店的热度部分分流到了L系列的增程车型上。 2025.08.03 本文字数：1598，阅读时长大约3分钟 作者 |第一财经 肖逸思 乐道L90和理想i8，在刚刚过去的一周"爆"了。 其中乐道L90因为定价低于此前市场预期，市场热度上升，蔚来上海区域公司总经理夏庆华还发朋友圈 称"销售系统被挤爆"，消费者在门店排队买车的图片也时不时流出；而理想i8则是因为发布会公布"把 乘龙卡车撞得四轮离地"的测试视频，而市场流量空前。 这两款车作为蔚来和理想的战略车型，都不容有失。乐道L90正是承担着蔚来今年四季度盈利、年内销 量翻番两个目标实现的核心产品；理想i8则是理想继MEGA失利后，再战纯电市场的"排头兵"。 这两款热门车型在上市后的首个周末，门店热度究竟如何？笔者在8月2日、8月3日分别探访了成都、上 海两地的乐道、理想门店，从门店带看量来看，这两款车型"爆"了，但又没完全"爆"。 两地乐道、理想门店两款车型同一时间的带看量都在1~2组，作为对比，同期小米YU7的带看量则在5组 左右。在笔者所在的时间段内，乐道门店并没 ...

Core Viewpoint - The article discusses the recent market performance and consumer interest in the newly launched electric vehicles, the Ledo L90 and the Li Auto i8, highlighting their strategic importance for their respective companies, NIO and Li Auto [3][8]. Group 1: Market Performance - The Ledo L90 has generated significant market interest due to its lower-than-expected pricing, with reports of high consumer engagement and sales system overload in NIO's Shanghai region [3][5]. - The Li Auto i8 gained attention from a promotional video showcasing its performance, but it faces criticism regarding its pricing and features, particularly the absence of certain amenities in lower configurations [5][6]. - Initial showroom traffic for both models was noted, with Ledo L90 attracting more attention than the i8, although neither model achieved the expected sales volume [5][6]. Group 2: Sales Targets and Challenges - Ledo aims for monthly sales targets of 10,000 units for both the L60 and L90, but current sales figures indicate a significant gap from these goals [5][8]. - Li Auto's i8 is not positioned as a volume model, with expectations for the upcoming i6 to drive sales instead, indicating a strategic shift [6][9]. - The market share for the Ledo L90 and Li Auto i8 remains limited, with the former capturing only 11.7% of the electric SUV market and the latter at 4.1% in its price segment, suggesting challenges in achieving mass-market appeal [8][9]. Group 3: Competitive Landscape - The electric vehicle market is becoming increasingly competitive, with other manufacturers quickly catching up to Li Auto's unique selling propositions, such as its extended-range technology [9]. - The need for Li Auto to establish a strong competitive edge in the pure electric market is emphasized, especially after the underwhelming performance of the MEGA and the i8 [9].

Policy Focus - Recent policies continue to emphasize stabilizing growth, expanding domestic demand, and combating "involution" in various sectors[2] - The Politburo meeting on July 30 confirmed the Fourth Plenary Session of the 20th Central Committee will be held in October to review the "14th Five-Year Plan" proposals[2] - The Ministry of Finance announced a new tax policy on bond interest income, effective August 8, aimed at alleviating fiscal pressure and preventing excessive capital accumulation in interest-bearing bonds[6] Social and Economic Initiatives - The implementation of a childcare subsidy program was announced, providing 3,600 yuan per child per year until the age of three, aimed at boosting birth rates[7] - The State Council is promoting free preschool education to reduce childcare costs, with a focus on enhancing support for families with multiple children[3] Industry and Trade Policies - The introduction of "zero tariff" policies and relaxed trade management measures for the Hainan Free Trade Port aims to enhance trade efficiency and attract investment[8] - A new round of US-China trade talks has been initiated, with both sides agreeing to extend previously suspended tariffs for 90 days[5] Local Government Actions - Local governments are focusing on economic stabilization through measures such as urban renewal and artificial intelligence initiatives, with Shanghai planning a city renewal action plan for 2026-2028[9] - Beijing has allocated 10 million yuan for film viewing subsidies and is implementing various measures to support families with multiple children[10] Market Implications - The new tax on bond interest is expected to lead to a short-term decline in interest rates and create pricing discrepancies between new and existing bonds, potentially impacting the bond market negatively in the long term[6] - The emphasis on stabilizing the capital market and promoting service consumption indicates a cautious approach to economic stimulus, focusing on gradual recovery rather than aggressive measures[4]

蔚来、理想下半年均有硬仗要打。 从终端销量来看，乐道L60在今年6月销量提升到了6400辆。交银国际证券研报显示，综合考虑定价策 略和渠道反馈，乐道L90预计每月稳定销量将轻松超越市场预期的5000辆。但这两款车显然离销量目标 仍有不小的差距。 理想i8上市后不仅面临较为严峻的舆论问题，也在定价较高、中低配版本不标配"彩电冰箱"上饱受质 疑。理想销售人员并不避讳谈到理想i8卡车的市场舆论，并称理想存在集中被"黑"的可能。至于理想i8 定价问题，该人员也说"不知道老板怎么想的"。 乐道L90和理想i8，在刚刚过去的一周"爆"了。 其中乐道L90因为定价低于此前市场预期，市场热度上升，蔚来上海区域公司总经理夏庆华还发朋友圈 称"销售系统被挤爆"，消费者在门店排队买车的图片也时不时流出；而理想i8则是因为发布会公布"把 乘龙卡车撞得四轮离地"的测试视频，而市场流量空前。 这两款车作为蔚来和理想的战略车型，都不容有失。乐道L90正是承担着蔚来今年四季度盈利、年内销 量翻番两个目标实现的核心产品；理想i8则是理想继MEGA失利后，再战纯电市场的"排头兵"。 这两款热门车型在上市后的首个周末，门店热度究竟如何？笔者在8月 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 8 月 3 日 [Table_Title] AIDC 高景气持续，紧抓布局第二增长曲线公司 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1.人形机器人 涛涛车业与宇树科技达成战略合作 随着国内外企业布局加速&AI 技术突破，人形机器有望迎来量产 落地时点。在降本需求的驱动下，人形机器人核心零部件的国 产替代需求强烈，市场空间广阔，率先取得突破的国内企业有 望深度受益。 2.新能源汽车 邮箱：yangrui2@hx168.com.cn SAC NO：S1120520050003 联系电话：010-5977 5338 分析师：李唯嘉 邮箱：liwj1@hx168.com.cn SAC NO：S1120520070008 联系电话：010-5977 5349 分析师：耿梓瑜 多家车企公布 7 月新能源汽车交付/销量 我们认为，从目前公布的数据来看，7 月交付/销量保持较好增 长趋势，小鹏、零跑、小米均实现环比增长。随着固态电池等 新技术成熟，以及优质车型供给增加，叠加汽车以旧换新政 策、电动车 ...

北汽蓝谷今日发布公告，子公司北京新能源汽车股份有限公司2025年7月产量10745辆，同比下降 7.79%，销量10280辆，同比下降6.38%；1—7月累计产量78754辆，同比增加162.05%，累计销量77432 辆，同比增加98.58%。 2025年，北汽新能源正式进入极狐+享界双品牌驱动新阶段。享界品牌主攻高端市场，为品牌价值与美 誉度赋能；极狐品牌则以越级配置抢占主流市场，通过规模效应降低成本，提升市场知名度。二者形 成"技术普惠"与"品牌上攻"的双向联动，构建起良性增长格局。 ...