金十数据5月9日讯，汇丰研究发表报告，预期小米(01810.HK)今年首季表现将超出预期，料净利润按年 升1.39倍至100亿元人民币，主要由物联网收入按年升50%、电动车销售强劲，以及各业务利润率改善 所带动。该行料物联网及电动车毛利率由2024年第四季的20.5%及20.4%，分别上升至今年首季的23%及 21.4%，主要因定价能力较高以及产品组合优化。该行将小米目标价由70.4港元上调至73.5港元，维持 买入评级；并将2025至27年的净利润预测分别上调7%、4%及4%。预期电动车SU75月的订单将会正常 化，超过3万辆，相较3月的高峰为8万辆，并认为6月即将推出的YU7将会推动今年第三季的电动车销 售。 汇丰研究升小米目标价至73.5港元 料首季净利润升1.39倍 ...

来源：环球网 【环球网消费综合报道】2025年5月8日，九号电动发布多款新车，进一步完善其全场景出行产品矩阵， 同时带来多项行业首创的智能化功能，为智能出行领域树立新标杆。 全新Q系列：聚焦女性骑行，打造专属体验 发布会上，九号电动推出重新定义和设计的Q系列四大新品：Qz1、Q3、Q5、Q70c ，精准覆盖大学 生、职场新人等不同女性群体。该系列基于对327位女性用户累计8926小时骑行数据的分析，首创零力 推行、护航模式、SOS专属紧急呼叫等功能，用智能关怀解决女性骑行痛点。 Qz1延续DIY透明装扮橱窗和前面板氛围灯设计，支持个性化装饰。它轴距1035mm，转弯灵活，前后加 宽"胖胖胎"搭配舒芙蕾座垫，乘坐舒适。陡坡缓降、一键倒车等功能保障出行安全，首发价2799元起。 Q3采用CUTE泡泡美学设计，标配透明装扮橱窗。元气点仪表支持动态壁纸和情绪盲盒，还具备防晒提 醒功能。其首创的护航模式可自定义骑行参数，零力推行功能预计6月OTA推送。Q3还首次搭载SOS紧 急呼叫，安全性能升级。该车有三款车型，首发价4299元起，还有联名款推出。 Q5运用零重力悬浮设计主题，高定质感突出。双通道阀式ABS、CBS等配 ...

Group 1 - Morgan Stanley believes that Xiaomi Group's smartphone, AIoT, internet, and electric vehicle businesses will continue to expand market share, potentially leading to a stock price exceeding 100 HKD by 2030 [1] - The target price for Xiaomi Group has been raised by 38% from 45 HKD to 62 HKD, maintaining an "Overweight" rating [1] - The launch of the Xiaomi SU7 Ultra marks the beginning of its luxury car journey, with electric vehicles and smartphone + AIoT + internet sectors serving as dual growth engines [1] Group 2 - Morgan Stanley forecasts that Xiaomi's total revenue could exceed 100 billion RMB and net profit could surpass 100 billion RMB by 2030, potentially valuing the company at 2.5 trillion RMB [1] - The estimated enterprise value has been adjusted from 204 billion RMB to 497 billion RMB, indicating upward risks in product mix, average selling price, and profit margins [1] - The forecast for electric vehicle sales has been increased to 370,000 units in 2025 and 750,000 units in 2026, with gross margins rising to 20.7% and 22.2% respectively [2] - Cumulative gross profit from electric vehicles is projected to grow from 48.1 billion RMB to 67.6 billion RMB from 2024 to 2026 [2] - Revenue from three traditional business segments is expected to rise from 333 billion RMB in 2024 to 600 billion RMB by 2030, with profits increasing from 33.4 billion RMB to 70 billion RMB in the same period [2]

2025年5月8日，"重新定义5公里生活圈"的第三代九号电动滑板车高能亮相，包括好看、好骑、好用的E3、E3Pro和智能旗舰F3。作为电动滑板车全球销 售额第一、全球出货量突破1400万、连续四年京东淘宝短交通品类销额第一的品牌，九号电动滑板车三代产品再次推高了行业上限，为用户的短途出行带 来全新的体验。九号电动滑板车F3、E3、E3Pro发布即开启预售，预售价分别为3499元、2399元、2799元。 九号电动滑板车E3系列：轻松出行、不拘一格 九号电动滑板车E3系列包括E3和E3Pro两款车型，此系列采用了全新的骑行稳定单元，自研的骑行增稳技术Segride，通过67mm超大拖拽距和更符合人体 工程学的全新燕把设计，大幅提升骑行稳定性。E3系列还标配前后双减震系统，前后扭转橡胶减震系统静音耐腐蚀，高效吸收路面细小颠簸，让用户骑 得舒心。动力方面，E3系列拥有800W超大功率强劲电机，速度从E2的25km/h升级到32km/h，最大爬坡可达18%，满足多种复杂路况。引入TCS牵引力控 制系统，通过算法技术控制湿滑路面的牵引力提高骑行平衡性和安全性。E3系列还全面接入了Apple Find My，全天候、全时 ...

Group 1 - The article critiques the outdated views of economist Xu Xiaonian, highlighting that his predictions about China's manufacturing capabilities have been proven wrong by reality [1][5][9] - China's dominance in the electric vehicle sector is attributed to its production of 70% of the world's battery and silicon wafer output, showcasing a robust supply chain and ecosystem [3][5] - The high-speed rail system in China has surpassed initial skepticism, with the country now holding the world's longest high-speed rail network and even exporting technology to Germany [3][5] Group 2 - China's manufacturing accounts for nearly 30% of global output, which is 1.5 times that of the United States, indicating significant growth and efficiency [5][7] - The article emphasizes that China's manufacturing is no longer about low-cost production but about leading in standards, technology, and brand creation [5][7][9] - The narrative suggests that China's advancements in various sectors, including solar energy, electric vehicles, and 5G communication, are backed by substantial data and market recognition [7][9]

Core Viewpoint - The U.S. House Speaker Johnson indicated that the House is likely to eliminate the electric vehicle tax credit, which could significantly impact the electric vehicle industry and related companies [1] Group 1 - The potential cancellation of the electric vehicle tax credit may lead to decreased demand for electric vehicles, affecting sales and revenue for manufacturers [1] - This move could shift the competitive landscape in the automotive industry, particularly for companies heavily invested in electric vehicle production [1] - The decision may also influence consumer behavior, as tax incentives often play a crucial role in purchasing decisions for electric vehicles [1]

行业研究 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证 券 研 究 报 告 电动车行业跟踪报告 4 月新势力交付同环比持续增长，零跑连续 推荐（维持） 两月稳居新势力交付榜首 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | 总市值(亿元) | 47,031.12 | 4.86 | | 流通市值(亿元) | 41,360.01 | 5.39 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -8.6% | -9.5% | 1.9% | | 相对表现 | -4.9% | -6.5% | -2.7% | -18% -5% 8% 20% 24/05 24/07 24/09 24/12 25/02 25/04 2024-05- ...

5月6日，小牛电动(NIU)盘中上涨5.08%，截至00:17，报3.72美元/股，成交130.39万美元，总市值2.90亿 美元。 财务数据显示，截至2024年12月31日，小牛电动收入总额32.88亿人民币，同比增长24.0%；归母净利 润-1.93亿人民币，同比增长28.93%。 5月19日，小牛电动将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 资料显示，小牛电动有限公司(NASDAQ: NIU,又称"小牛电动"),成立于2014年,是全球领先的智能城市出 行解决方案提供商,公司致力于为全球用户提供更便捷环保的智能城市出行工具,改变出行,让城市生活更 美好。小牛电动是中国城市出行领域第一家 lifestyle 品牌公司,传播科技、潮流、自由(technology, style, freedom)的品牌理念。目前,已推出小牛电动NQi、MQi、UQi三个系列多款电动车和周边文化产品NIU POWER以及专业户外运动自行车NIU AERO等。小牛电动MQi、UQi在过去20年中是仅有的两款获得德 国红点、德国IF、美国IDEA、日本G-Mar ...

Group 1 - The core objective of the tariff war initiated by Trump was to suppress China, but it backfired, damaging the U.S. industries instead [10] - The U.S. reliance on Chinese critical minerals for its clean energy sector was highlighted, showing that tariffs on these minerals harmed American industries [3][5] - The Biden administration's approach to tariffs was more targeted and effective compared to Trump's broad measures, which inadvertently hurt U.S. industries [5][7] Group 2 - The international response to U.S. tariff policies has been one of resistance, with calls for unity against U.S. trade bullying, emphasizing the need to maintain a multilateral trade system [1] - Trump's declining approval ratings and public dissatisfaction with his policies indicate a lack of support for his tariff strategies, which have created uncertainty in global trade [9][10] - The European economy is facing significant threats due to U.S. tariff policies, with officials expressing a desire for negotiations to resolve trade issues [10]

【导读】特斯拉马斯克下课危机 董事会开始寻找CEO继任者 中国基金报记者 泰勒 一顿操作下来，马斯克，两边不讨好。 马斯克又面临下岗危机 特斯拉董事会开始物色下任CEO 5月1日，据媒体爆料，约一个月前，随着特斯拉股价下滑、部分投资者因埃隆·马斯克专注白宫事务而不满，特斯拉董事会开始认真考虑寻找马 斯克的接班人。 据知情人士透露，董事会成员已联系多家高管猎头公司，着手启动寻找特斯拉下一任首席执行官的正式流程。 当时公司内部的紧张情绪正在加剧。销售和利润迅速恶化，而马斯克将大量时间花在华盛顿事务上。 就在那段时间，特斯拉董事会与马斯克召开了一次会议以了解最新情况。知情人士表示，董事会成员告诉马斯克，他需要将更多精力投入到特 斯拉上，并且要在公众面前公开表示这一点。 自从马斯克——这位特斯拉的首席执行官，将大量时间用于协助特朗普削减联邦开支以来，公司股价便陷入连跌。上周，在公司宣布第一季度 利润暴跌71%后，马斯克向投资者承诺他将很快重返特斯拉核心业务。 他在一场财报电话会议上表示："从下个月开始，我将把更多时间投入到特斯拉。" | 最高: 284.45 | 今开:279.90 | 成交量: 1.29亿股 | 换 ...