车圈突发！ 8月7日，上海蔚来汽车有限公司品牌与传播助理副总裁马麟发文称："非常反感不分青红皂白，往某一 个汽车品牌车主群体身上泼脏水的行为。理想公司培养了用户用电的习惯，理想的用户更是愿意拥抱新 事物、拥抱新能源的一个群体。我当然也希望理想用户朋友们多来体验蔚来全新ES8和乐道L90，我们 没有任何动机去和理想用户闹矛盾。近期理想受到攻击，有人把祸水往蔚来身上引，如果理想用户朋友 们信以为真，那就正中攻击者下怀了，请理想用户朋友们擦亮眼睛，避免被利用。我观察到近期的一些 舆情，有直接攻击，有祸水东引，有借刀杀人，有转移视线。对于从行业层面消除这种攻击，我没有任 何幻想，遇到了怎么办？我觉得沈斐的建议特别好，请理想公司真正通过法律途径解决问题，尽快报 警。" 稍早前，理想汽车法务部官微发文称，近日，公司收到多位车主举报，反映各网络平台集中出现大量针 对理想车主负面评价的误导性信息，极大损害了理想汽车用户形象，致使理想汽车用户线上线下生活遭 受严重侵扰。 理想汽车表示，经公司核查，此类负面信息24小时不间断在多平台密集发布，具有多频次、内容高度同 质化等特征，涉嫌有组织的违法犯罪。以8月3日为例，自0时至早7时 ...

继月销突破5万辆后，零跑又打算搞个大新闻。 最近，博主@孙少军在直播中透露，零跑汽车正与华为进行合作洽谈，旗下车型有望搭载华为ADS辅助驾驶系统。孙少军还透露"选择与华为合作的品牌数 量超出预期"，而另一位博主@Blood旌旗则指出华为ADS业务正在"疯狂扩张"，未来几个月将有更多重磅合作公布。 对以"半价理想"闻名、靠极致性价比打开市场的零跑而言，此次接触华为乾崑智驾ADS系统，不仅是对技术升级的渴望，同时也暴露了零跑的"小心思"：它 不想光卖性价比车型了，它想往高端走，卖更贵的车！ 若这场合作落地，零跑将同时拥有"理想"的移动客厅+华为的智能生态，这或将彻底改写零跑的增长剧本。 理想平替不可持续，高端化是零跑的必走之路 零跑的崛起堪称中国新能源汽车市场的一则教科书案例。 2025年7月，它以单月交付超5万辆的成绩，连续第五个月稳居新势力销量榜首。支撑这一成绩的，是一套被创始人朱江明称为"全域自研"的制造体系，以及 被外界称为"摸着理想过河"的战略定位。 不过，总"摸着理想过河"也不是个事。中低端线能带来销量，但利润始终有限。想追求更健康的毛利率，就需要做单价更高的产品，这几乎是每个性价比品 牌发展的必然路 ...

车圈突发！ 8月7日，上海蔚来汽车有限公司品牌与传播助理副总裁马麟发文称："非常反感不分青红皂白，往某一个汽车 品牌车主群体身上泼脏水的行为。理想公司培养了用户用电的习惯，理想的用户更是愿意拥抱新事物、拥抱新 能源的一个群体。我当然也希望理想用户朋友们多来体验蔚来全新ES8和乐道L90，我们没有任何动机去和理 想用户闹矛盾。近期理想受到攻击，有人把祸水往蔚来身上引，如果理想用户朋友们信以为真，那就正中攻击 者下怀了，请理想用户朋友们擦亮眼睛，避免被利用。我观察到近期的一些舆情，有直接攻击，有祸水东引， 有借刀杀人，有转移视线。对于从行业层面消除这种攻击，我没有任何幻想，遇到了怎么办？我觉得沈斐的建 议特别好，请理想公司真正通过法律途径解决问题，尽快报警。" 稍早前，理想汽车法务部官微发文称，近日，公司收到多位车主举报，反映各网络平台集中出现大量针对理想 车主负面评价的误导性信息，极大损害了理想汽车用户形象，致使理想汽车用户线上线下生活遭受严重侵扰。 理想汽车表示，经公司核查，此类负面信息24小时不间断在多平台密集发布，具有多频次、内容高度同质化 等特征，涉嫌有组织的违法犯罪。以8月3日为例，自0时至早7时，仅 ...

Core Viewpoint - The article discusses the negative impact of online misinformation on Li Auto and its customers, highlighting the company's response to protect its brand and users [1][4][9]. Group 1: Company Response - Li Auto's legal department reported that many car owners have expressed concerns about their vehicles being targeted, leading to widespread negative sentiment online [1]. - The company identified a significant amount of misleading negative information being disseminated across multiple platforms, with 45 similar posts appearing on one platform within a single morning [4]. - Li Auto stated that this situation severely damages the image of its users and disrupts their daily lives, prompting the company to take legal action against those responsible for the misinformation [6]. Group 2: Market Impact - Following the negative publicity, Li Auto's stock price fell by approximately 1.3% in Hong Kong, with a 5.43% decline in its U.S. stock price the previous night [9]. - The company's product head shared evidence of organized online attacks against Li Auto, indicating a coordinated effort to undermine the brand [8].

小鹏G7用三颗自研图灵AI芯片对标小米YU7，全新小鹏P7则用惊艳的原创设计直面小米SU7，在 20万—30万元主流市场，小鹏与小米已完全"对齐颗粒度"。 8月6日，在一片赞不绝口的"哇"声中，全新小鹏P7开启首秀，同时接受预定。在预售上，全新小鹏 P7还玩起了小花样："只给权益，不公布预售价"。 小鹏汽车董事长及首席执行官何小鹏表示："5年前，初代小鹏P7上市时，大家都是摸着石头过河。 现在，不用再向市场试探，全新小鹏P7正式上市发布时会直接公布售价。" 小鹏汽车董事长及首席执行官何小鹏 外观细节方面，全新小鹏P7前脸采用全新XMART FACE家族设计语言，配备行业首个纯平无缝衔 接LOGO、悬浮式牌照架、隐藏式毫米波雷达与矩阵LED大灯，构建极具未来感的视觉符号。LOGO采 用一体式嵌入结构，熄灭时呈现深邃黑色，点亮时为精致白色，与光翼贯穿式灯呼应，满满未来科技 感。全车提供新月银、律动黄、星瀚绿、星暮紫、微星灰、星芒蓝六款外观色彩，搭配劳斯莱斯、宾利 同款巴斯夫鹦鹉漆，清漆厚度达70μm，彰显高级镜面车漆质感。 何小鹏的自信来自于小鹏汽车表现的蒸蒸日上。2024年，小鹏汽车经历了逆风翻盘的一年，上半程 ...

凤凰网科技讯 8月7日，上海蔚来汽车有限公司品牌与传播助理副总裁马麟在理想汽车法务部发文后发 声，针对近期理想汽车车主遭遇大量负面评价事件表明态度。马麟表示，非常反感不分青红皂白，往某 一个汽车品牌车主群体身上泼脏水的行为，支持理想公司通过法律途径解决问题。 马麟称赞理想公司培养了用户用电的习惯，其用户是愿意拥抱新事物、新能源的群体。他明确表示蔚来 没有任何动机与理想用户闹矛盾，并呼吁理想用户朋友们擦亮眼睛，避免被别有用心之人利用。 据马麟发文截图显示，有网友在提及理想近期舆论事件时也提到了蔚来。马麟希望理想用户不要信以为 真。同时，他支持理想公司通过法律途径解决问题，建议尽快报警。 此前，网上大量涌现理想车主"乱停车""高速开远光灯"等负面视频，话题在各大社交媒体平台热度极 高，理想汽车在收到多位车主举报后，于8月7日上午发布公告，理想汽车称，正在固定相关证据，将坚 决通过平台投诉、发起民事诉讼、刑事报案等一切法律途径追究其法律责任，维护广大用户和公司合法 权益。 ...

五年前，第一代小鹏P7上市后，以突出的设计风格和断层级智能化表现，一度成为小鹏汽车的当家花 旦。2021年，小鹏P7贡献了六成销量，斩获该年"新势力纯电车型累计销量第一"，同时也助小鹏汽车迎 来创业以来的首个年度销冠。 五年后，小鹏汽车已更名为"AI汽车公司"，自研图灵AI芯片实现量产上车，小鹏汽车已经从G9失势中 重新站了起来，拥抱又一个山峰。全新小鹏P7在这个时候亮相。 从迈向高峰到站在又一高峰眺望，从小鹏的"初代标杆"到"AI轿跑新旗舰"，历经五年技术跃迁，小鹏汽 车打造的同一款P7有何不同？ 初代P7： "是当时最领先的智能电动汽车" 小鹏P7立项于2018年，小鹏汽车董事长、CEO何小鹏称当时"完全是摸着石头过河"。他回忆起当初拜访 一位供应链伙伴，面对面沟通造车细节后，对方将原本报价5000万的研发费用提高到了1个亿，因为"没 有人相信这样一款新能源汽车能成功。" 随之提升的还有财报上的数字。2025年一季报显示，小鹏汽车期内汽车销售收入为143.7亿元，同比上 升159.2%。汽车毛利率亦连续七个季度提升。何小鹏此前表示，整体来看，小鹏汽车经营能力已经大 幅改善，二季度已经很好，四季度盈利甚至不 ...

Core Viewpoint - Recent organized attacks against Li Auto have emerged on social media, with evidence suggesting a coordinated effort to discredit the brand and its owners [1][3][4] Group 1: Organized Attacks - A screenshot from a chat group revealed a plan to collect negative behaviors of Li Auto owners, with payments for images and comments aimed at damaging the brand's reputation [3][4] - Li Auto's legal department confirmed that negative information was being disseminated continuously across multiple platforms, indicating a high frequency and similarity in content, which suggests organized illegal activities [4][5] - The company has gathered evidence and is pursuing legal actions, including civil lawsuits and criminal reports, to hold accountable those behind the malicious attacks [4][5] Group 2: Response from Li Auto - Li Auto has received numerous complaints from car owners about the organized attacks, which have affected their public image and personal experiences [4][5] - The company encourages affected owners to provide more information to assist in reporting the malicious content and emphasizes its commitment to protecting their rights [4][5] - Li Auto's legal team has stated that they will take all necessary legal measures to defend the rights of their users and the company itself [4][5] Group 3: Industry Reactions - NIO's executive, Ma Lin, publicly denied any involvement in the smear campaign against Li Auto and condemned the act of unfairly targeting a specific brand's owners [6][7] - Ma Lin highlighted the importance of addressing such attacks through legal channels and urged Li Auto to take appropriate actions [7]

Core Insights - Dongfeng Fengxing's new energy mid-size sedan, Xinghai S7, achieved a remarkable quarter-on-quarter sales growth of 358%, making it the fastest-growing model in its segment [1] - The model competes with the market leader, Xiaomi SU7, which sold nearly 80,000 units in the same quarter, indicating a strong "dual S" market dynamic [1] Product Strategy - Dongfeng Fengxing has repositioned itself to focus on family car scenarios, aiming to be the "first family sedan with the highest scene reuse rate" with the Xinghai S7 [2] - The Xinghai S7 features a spacious design with a length of 4935mm and a wheelbase of 2915mm, providing ample rear legroom of 830mm, catering to family comfort [2] - The hatchback trunk offers a capacity of 496L, accommodating various family needs, and the rear seats can be folded to create a flat space of 1.8 meters [2] Health and Safety Features - The Xinghai S7 elevates cabin health standards to "mother and baby level," with 98% of interior materials being recyclable and 100% of adhesives using water-based eco-friendly formulas [3] - The vehicle's air conditioning system has an antibacterial function with a 99% sterilization rate, appealing to young families and allergy-prone passengers [3] Market Positioning - The Xinghai S7 adopts a "sufficient is good" philosophy, offering both pure electric and range-extended versions with ranges of 555km and 650km, respectively, targeting commuting and mid-range travel [4] - The starting price is set below 100,000 yuan, significantly lower than the average price of mid-size sedans, making it competitive in lower-tier markets [4] Technical Innovations - The vehicle features a unique FSD suspension system, emphasizing stability and comfort over performance, with a side tilt control optimization of 42% during cornering at 60km/h [5] - Safety is prioritized with the use of high-strength materials, including 1500 MPa hot-formed steel, and rigorous battery safety tests that exceed industry standards [6] Brand Strategy - Dongfeng Fengxing is leveraging its 70 years of manufacturing experience to transition from traditional vehicles to smart, user-friendly electric vehicles [7] - The launch of the Xinghai S7 is seen as a pivotal step in restructuring Dongfeng Fengxing's new energy product line, focusing on family users in a competitive market [7] - The company aims to serve ordinary users with durable products, addressing the shift from an "incremental market" to "stock competition" in the new energy vehicle sector [7]

6 证券研究报告 点评报告 2025 年 8 月 7 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 美国总统特朗普表示，美国将对芯片和半导体征收约 100%的关税。虽然目前还没 有详细的规则披露，但是根据 2024 年中国对美国半导体出口总额约 30 亿美元，进 口约 22 亿美元分析，总体上半导体对美进出口金额占中国年度出口总额比例较小， 因此关税即使涉及中国芯片产业，对中国芯片产业的影响也不大。 盛美上海公布了 2025 年半年报，上半年营业收入 32.6 亿，同比增长 35.8%，毛利 率 50.7%，继续维持高位，实现归属母公司净利润 6.95 亿，同比增长 57%。二季度 公司收入 19.6 亿，同比增长 32%，净利润 4.5 亿，同比增长 23.8%，总体业绩继续 维持高增长。分项目看，公司在半导体清洗设备领域全球市场占有率达 8.0%，位 居全球第四，中国市场占有率超 30%，位列第二；在半导体电镀设备领域，公司全 球市场占有率达 8.2%，位列全球第三 。 由于公司电镀设备可供应半导体前道制 程和后道先进封装，而这些领域的国产设备竞争较弱，但需求前景较好，因此我们 ...