红塔期货 HONGTAFUTURES 基本面偏弱，难以持续反弹 2025年8月碳酸锂月报 红塔期货 研究员：罗明辉 从业资格号：F0268405 投资咨询号：Z0010226 Email：luominghui@hongtaqh.com 投资咨询业务资格 云证监许可[2012]291号 以持续反弹 2025年8月5日 7月碳酸锂期价反弹收阳。截止2025年8月1日，碳酸锂现货价为70300元/吨，期货价格 收于68920元/吨，基差为1380元/吨。现货反弹幅度大于期货。现货升水期货。 碳酸锂 期现方面 据SMM 数据，2025年7月，国内碳酸锂月度总产量首次突破8万吨大关，环比增长4%， 同比大幅增长26%。产量增长的主要驱动力在于期货市场套保机会显现，促使此前低开 工率的锂盐企业陆续复产，行业整体供给能力显著回升。预计8月碳酸锂总产量仍具增长 潜力。6月我国碳酸锂呈现 "进口减、出口增" 格局。2025年6月我国碳酸锂进口总量为 1.8万吨，环比减少16.3%。6月我国出口碳酸锂430吨，环比增加49.8%。 基本面偏弱，难 供需情况 核心观点 下游需求整体保持平稳。据SMM 数据，展望8月，动力端，下游" ...

【导读】车主反馈被抹黑担心安全，理想汽车法务部称采取法律措施 中国基金报记者 邱德坤 理想汽车法务部表示，公司正在固定相关证据，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 广大用户和公司的合法权益。 " 我们现在出门都感觉提心吊胆的，你们现在有什么措施吗？ "8 月 7 日，理想汽车法务部发布微博称，公司近日收到多位车主举报，反 映在各网络平台集中出现大量针对理想汽车车主负面评价的误导性信息。 上述理想汽车车主称： " 我的车无缘无故被扔垃圾！现在网上铺天盖地的骂理想（汽车）！很多车主都受牵连。 " 来源：理想汽车 | | | | 있 | 发布时间 | - GMT | | 图片 二 | | --- | --- | --- | --- | --- | --- | --- | --- | | 17:11 | | .Ill 5G L | 以剧具文注意,是想车主,没有原外,一律恐 | 2025-08-03 00:05 | https://www. | tian.com/1753401 | | | | | | 以明真没注意,猛想年主,没有意外,一律乱 | 2025-08-03 00: ...

Group 1 - The core argument is that recent claims by Western politicians and media regarding China's economic practices are misleading, emphasizing that domestic consumption is a primary driver of China's economic growth [1] - In 2022, consumption contributed 44.5% to economic growth, and in the first half of 2023, domestic demand accounted for 68.8% of GDP growth, with final consumption expenditure contributing 52% [1][3] - The retail sales of consumer goods reached 24.5458 trillion yuan in the first half of 2023, showing a year-on-year growth of 5.0%, indicating a speeding up in sales growth [3] Group 2 - The retail sales of household appliances and audio-visual equipment increased by 30.7% year-on-year, while the retail volume of new energy vehicles surpassed 5 million units, growing by 33.3% [3] - China's manufacturing capabilities are increasingly aligned with domestic consumer demand, enhancing product quality and technological content, which supports the domestic economic cycle [3][4] - The outbound tax refund sales increased by 94.6% year-on-year in the first half of 2023, reflecting a growing interest from foreign consumers in purchasing Chinese goods [3] Group 3 - China's consumer market is one of the fastest-growing globally, with retail sales reaching 48.8 trillion yuan in 2022, a year-on-year increase of 3.5%, providing significant opportunities for global businesses [4] - International brands are increasing their investments in China, opening stores and launching new products to capitalize on the market's growth [4] - China is committed to an open and inclusive economic development model, contributing to global economic growth and job creation through expanded imports [4][5]

Core Viewpoint - Xiaopeng Motors officially launched the new Xiaopeng P7 in Beijing, featuring three models with varying ranges and performance, marking a significant upgrade in design, intelligence, and performance for the brand [2][6]. Design - The new Xiaopeng P7 adopts a minimalist curved structure, integrating functional modules into the vehicle's design, achieving a low drag coefficient of Cd0.201 through extensive aerodynamic optimization [2][5]. - The front design features the new XMARTFACE family design language, with seamless logo integration and advanced lighting systems [3]. Intelligent Features - The vehicle is equipped with three self-developed Turing AI chips, providing a total computing power of 2250 TOPS, enhancing both driving and cabin interaction experiences [3][4]. - The smart cockpit includes an 87-inch panoramic head-up display and a three-axis dynamic screen that adjusts based on user interaction and driving conditions [4]. Comfort and Space - The new P7 offers spacious rear seating with a width of 1400mm and ample legroom, accommodating three adults comfortably [5]. - It features high-end comfort configurations, including 23 custom HIFI speakers and advanced noise reduction technologies [5]. Performance and Range - The vehicle's performance includes a 0-100 km/h acceleration time of 3.7 seconds and a top speed of 230 km/h, supported by a full aluminum suspension system [5]. - The three models offer ranges of 702 km, 820 km, and 750 km, with rapid charging capabilities allowing for 525 km of range in just 10 minutes [5][6].

Core Viewpoint - Recent organized attacks against Li Auto and its owners have been identified, with evidence of malicious behavior aimed at tarnishing the brand's image [1][2][3] Group 1: Organized Malicious Activities - A screenshot from a chat group revealed a plan to collect negative behaviors of Li Auto owners, offering payments for photos and videos of infractions [1] - Li Auto's legal department confirmed that negative information was being disseminated continuously across multiple platforms, indicating a coordinated effort [2] - On August 3, a single platform saw 45 identical posts targeting Li Auto owners within a few hours, showcasing the high frequency and similarity of the content [2] Group 2: Company Response - Li Auto has begun legal actions against the perpetrators, including evidence collection, platform complaints, civil lawsuits, and criminal reports to protect its owners' rights [2][3] - The company encourages affected owners to report any issues caused by these attacks, emphasizing its commitment to defending their rights [3] Group 3: Industry Reactions - NIO's executive, Ma Lin, expressed disapproval of the attacks on Li Auto, urging users to remain vigilant against misinformation and emphasizing that NIO has no motive to create conflict with Li Auto [6][7]

【导读】全新小鹏 P7 首秀，或将对战 Model 3 与小米 SU7 中国基金报记者 邱德坤 5 年前，小鹏汽车凭借小鹏 P7 站稳脚跟，并且打破 Model 3 在纯电轿跑市场一家独大的格局。如今，小鹏汽车带着全新小鹏 P7 来了。 8 月 6 日晚，全新小鹏 P7 开启首秀并预售，预售 6 分 37 秒小订突破 1 万辆。 来源：小鹏汽车 相比 5 年前，现在国内纯电轿跑市场的竞争更为激烈。全新小鹏 P7 除了要对决特斯拉焕新版 Model 3 ，还要对战网红车型小米 SU7 。 小鹏汽车董事长兼 CEO 何小鹏表示： " 我希望它（全新小鹏 P7 ）能够重新成为 ' 图腾 ' 般的存在，回到 20 万元以上级别的纯电轿跑 前三。 " 不过，该车的预售价尚未公布。何小鹏说，全新小鹏 P7 一定不是部分 " 鹏友 " 期待的便宜车。 纯电轿跑市场颜值当道 何小鹏说，全新小鹏 P7 的造型特点是低趴、宽体、修长，拥有 1.40 的宽高比、 3.57 的长高比，以及 0.52 的轮高比。 何小鹏将全新小鹏 P7 与保时捷的 Taycan （塔伊詹）和 Panamera （帕纳梅拉）对比，认为全新小鹏 P7 的 ...

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].