1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with several new players achieving record sales in July 2025, particularly Leap Motor, which delivered 50,129 units, marking a significant increase [2][10]. - Turkey's photovoltaic battery import prices have been raised significantly, from USD 85/kg to USD 170/kg, indicating a 100% increase, which will impact the supply chain dynamics [3][32]. - The report highlights the ongoing digitalization efforts within the State Grid, with a total of 1.75 billion yuan awarded in contracts for digital equipment [4]. Summary by Sections New Energy Vehicles - In July 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Leap Motor leading at 50,129 units, followed by Zeekr and Xpeng with 44,193 and 37,717 units respectively [2][10]. - BYD continues to dominate the market with 344,296 units delivered in July, totaling over 2.49 million units for the year [2][18]. New Energy Generation - Turkey's trade department announced a significant increase in the import reference price for photovoltaic batteries, which will take effect 60 days after the announcement, reflecting a major shift in the market [3][32]. - The report notes that despite Turkey's efforts to localize production, the current domestic battery capacity is insufficient, leading to continued reliance on Chinese imports [3][37]. Electric Power Equipment and Automation - The State Grid has publicly announced the results of its digital equipment bidding, with a total contract value of 1.75 billion yuan across various categories, including servers and network equipment [4][22]. - Key companies to watch in this sector include CATL, Keda, and others, which are expected to benefit from ongoing digitalization and infrastructure investments [4][22]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 1.94%, with the new energy vehicle index showing the highest growth at 4.71% [1][4]. - The report emphasizes the competitive landscape in the new energy vehicle market, with increasing delivery volumes indicating a robust demand [2][10].

此外，永赢基金也有一只低空经济，永赢低碳环保智选，加上上面两只产品，对比业绩可以发现光大智能汽车主题A业绩今年以来和近一年都 表现不错。 | 业绩表现 | | | | | | --- | --- | --- | --- | --- | | YTD 业绩表现 | | | | | | 其余名称 | 回报 | 年化回报 | 招额回报 | 信 | | 光大智能汽车主题A | 10.25% | 26.99% | 12.19% | | | 国泰智能汽车A | 5.10% | 12.95% | 7.04% | | | 永赢低碳环保智选C | -1.94% | -4.69% | 0.00% | | | 沪深300 | -1.94% | -4.69% | | | | 近1年 业绩表现 | | | | | | 基金名称 | 回报 | 年休回报 | 招额回报 | 信息 | | 光大智能汽车主题A | 24.41% | 24.41% | 17.62% | | | 国泰智能汽车A | 9.47% | 9.47% | 2.68% | | | 永赢低碳环保智选C | 27.97% | 27.97% | 21.18% | | | 沪深300 ...

0:00 "十四五"是聚力改革攻坚的重要历史交汇期，5年来，我国持续推进全面深化改革，为发展带来了蓬勃活力。而深圳就是因改革而兴的样板，这块我国改革 的示范田，2020年开启了综合改革试点，在改革的牵引下，深圳全社会创新创造活力和高质量发展内生动力都显著增强，在重点领域和关键环节率先突破， 形成了一批重要改革创新成果，为全面深化改革提供了重要的经验参考。 这天，一架两吨重的电动垂直起降航空器搭载着水果和药品，从深圳市区起飞，历经58分钟的跨海域飞行，抵达距深圳海岸线150公里的海上油气平台，为 平台工作人员送去物资。 长期以来，我国海上石油平台的物资补给主要依赖船舶运输，单程就得10小时以上，紧急情况下虽然可以调用直升机，但飞行成本高昂。而使用电动垂直起 降航空器运输就解决了这样的痛点。 中国海油深圳分公司协调部副经理 任永怡：相比传统依赖船舶和直升机的运输方式，电动垂直起降航空器在运营成本、响应速度、环保零碳、舒适性以及 适应有限起降空间方面具有显著优势。 这个痛点的解决源于深圳低空飞行应用场景的开放创新，像这次海上物资补给就是这种创新应用的一个典型。 无人机海上低空作业在深圳并没有过应用先例，而要开放这样 ...

Core Insights - Goldman Sachs report focuses on the current state and trends of China's capacity cycle in seven key manufacturing industries, indicating that despite short-term policy stimuli, the core issue of overcapacity remains unchanged, and the cyclical turning point has been delayed [1][2][24] Industry Overview - Five out of the seven key industries still have capacity exceeding global demand, with structural issues such as dispersed supply and flattening cost curves persisting [1][2][24] - Significant domestic demand stimulus policies, such as trade-in programs, have temporarily supported tail-end companies, with electric vehicles and air conditioning sectors seeing demand boosts of 16% for 2025 [1][32] Capacity Cycle and Turning Points - The "Three Principles" framework (cash profit margins, capital expenditure adjustments, demand outlook) suggests that most industries are further from their cyclical bottoms, leading to a delayed turning point and potential negative cyclical risks in the future [1][34] - The photovoltaic industry is closest to a turning point but still requires 6 to 12 months for a demand shift, while the electric vehicle sector faces weak profits and steep cost curves, necessitating market consolidation [1][34] Supply Structure and Consolidation Potential - Most industries remain fragmented, and the flattening cost curves hinder consolidation efforts, with the cash profit margin gap between leading and trailing firms narrowing [2][31] - Chinese companies are accelerating overseas capacity expansion to mitigate trade friction, with projections indicating that by 2028, overseas capacity could account for 0.5% to 14% of total Chinese capacity [2][27] Demand Dynamics - Demand front-loading effects from policy stimuli are significant, with the photovoltaic sector experiencing a "rush to install" and electric vehicle inventory replenishment driving short-term industry prosperity, though sustainability is questionable [2][30] - If demand stimulation declines post-2026, some industries may revert to the imbalanced levels seen in 2023-24 [2][24] Future Outlook - The rebalancing process of China's manufacturing capacity cycle is delayed due to policy interventions, with industry consolidation reliant on external factors such as global demand expansion and supply-side reforms [2][24] - Leading firms' advantages in cost control and market share, along with deepening overseas capacity layouts, will be critical variables influencing future industry dynamics [2][24]

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries in China, highlighting the negative impacts of excessive price competition and the resulting decline in product quality and innovation [2][4][5]. Group 1: Involution in Various Industries - The external environment has led to severe price wars across multiple sectors, including the automotive, food delivery, and renewable energy industries, with price reductions reaching as high as 45% in the electric vehicle market [2][3]. - The food delivery platforms like Meituan and Ele.me are engaged in a subsidy war, resulting in profits for certain products, such as milk tea, dropping below 1 yuan, and in some cases, leading to negative profit margins [3][4]. - In the automotive sector, profit margins have plummeted to 3.9%, forcing companies to engage in aggressive price cuts to stimulate sales, creating a vicious cycle of declining sales and further price reductions [3][4]. Group 2: Consequences of Involution - Involution leads to a reduction in necessary operational costs, which ultimately harms research and development investments, resulting in a cycle of innovation stagnation and product homogenization [4][5]. - The excessive competition has created systemic risks, with the potential for overcapacity and a decline in industry competitiveness, ultimately harming consumer rights and high-quality development [5][6]. - The government has recognized the issue, with multiple meetings emphasizing the need to prevent "involution" and regulate low-price competition among enterprises [6][7]. Group 3: Government and Industry Response - The National Market Supervision Administration has begun addressing the issue by engaging with major platforms to regulate promotional activities and encourage rational competition [8]. - Industry self-regulation is showing positive signs, with leading automotive companies taking steps to stabilize supply chains and various associations urging food delivery platforms to cease irrational subsidies [8][9]. - The focus is shifting from price competition to value creation, with an emphasis on innovation and differentiation to enhance market competitiveness and consumer experience [9].

第七届世界新能源汽车大会9月底在海口举办 大会以"科技引领未来，成就美好出行"为主题，共策划超20场会议活动，包含3场主论坛、15场专 题论坛、1场高层闭门会及多场同期会议，将邀请全球各国政产学研界代表展开对话交流、凝聚共识、 探讨合作。 据悉，世界新能源汽车大会(WNEVC)已举办6届，成为推动全球汽车产业相关方交流合作、实现汽 车产业绿色智能转型、应对气候变化的重要平台。大会秉持以合作促发展，以发展促升级的核心理念， 积极推动全球政策协调，深化开放合作，促进科技创新与产业创新，努力实现首届大会共识提出的"力 争到2035年全球新能源汽车的市场份额达到50%"目标。 这也是世界新能源汽车大会连续第七年与海南结缘，大会期间除了将举行第二届海南新能源汽车产 业国际专家咨询委员会2025全体会议以及智慧交通创新发展论坛、新能源汽车城市发展论坛两场海南专 场活动外，还将设置"海南自贸港与全球汽车产业发展机遇"主论坛，聚焦"政策红利释放-产业链重构-全 球化竞合"三大主线，共同探讨海南自贸港如何利用全岛封关运作机遇打造成为"全球新能源汽车制造与 贸易枢纽"。 设置"海南自贸港与全球汽车产业发展机遇"主论坛 海南日报讯 ...

高技术制造业增加值增长9.5%，3D打印设备、新能源汽车、工业机器人产品产量同比分别增长43.1%、 36.2%、35.6%……翻开中国经济半年报，新质生产力增势明显。日前召开的中央政治局会议在部署下 半年经济工作时，明确提出要"坚持以科技创新引领新质生产力发展，加快培育具有国际竞争力的新兴 支柱产业，推动科技创新和产业创新深度融合发展"，体现出进一步通过制度创新激活创新要素的深层 逻辑。 当前，地球村里"创新竞赛"如火如荼。一方面，全球科技创新步入密集爆发与加速迭代的关键期，诸多 领域颠覆性技术持续涌现，重构着创新版图，为各国发展带来难得的历史机遇，也带来了更大的竞争压 力。另一方面，不少发达国家推动"再工业化"和"制造业回归"，原有的国际产业分工格局被打破，从源 头增加高质量科技供给、开辟发展新领域新赛道、塑造发展新动能新优势时不我待。 落脚到实践中，以高标准市场体系优化创新资源配置，健全要素参与收入分配机制；加快构建与之精准 适配的金融服务体系，全面深化资本市场改革开放；突破体制机制障碍，打通科学技术产业化通道；完 善产权制度，依法平等长久保护各种所有制经济产权，建立高效的知识产权综合管理体制；主动对接 ...

Economic Performance - Guangzhou achieved a total retail sales of consumer goods of 561.12 billion yuan in the first half of the year, with a year-on-year growth of 5.9%, leading among first-tier cities [1] - The retail sales growth rate in Guangzhou outperformed Shanghai, Beijing, and Shenzhen, which recorded growth rates of 1.7%, 0.9%, and 3.5% respectively [1] Tourism and Consumption - The total passenger volume in Guangzhou reached 163 million in the first half of the year, with a growth of 0.9%, while Baiyun Airport saw a passenger throughput of 40.04 million, increasing by 9.2% [2] - Guangzhou received a total of 113 million tourists by June, with a significant increase in international visitors, particularly those arriving via international flights [2] - The implementation of optimized departure tax refund policies has facilitated a "consumption-refund-reconsumption" cycle, enhancing the overall consumer experience [2][3] Retail and E-commerce Trends - Online retail sales of physical goods in Guangzhou increased by 16.4% year-on-year, with significant growth in categories such as home appliances and furniture [4] - The demand for high-performance gaming laptops surged, driven by the summer economy and government subsidy policies [5] - Guangzhou has become a hub for major e-commerce platforms, with companies like Douyin establishing a presence in the city, reflecting its status as a leading retail market [6] Consumer Behavior and Trends - The rise of "emotional consumption" among younger consumers is driving a shift towards experiences over mere product ownership, with events and social interactions becoming key motivators for spending [7][9] - The collaboration with over 100 well-known IPs has led to a significant increase in sales for brands like Miniso, highlighting the impact of IP-driven marketing strategies [9] Service Industry Development - Guangzhou's service industry is evolving, with high-end professional services driving supply innovation to keep pace with consumer upgrades [10] - The city has been recognized as a pilot for retail innovation, aiming to integrate traditional commerce with digital and cross-border scenarios over the next two years [10]

安徽再次出手，让创投力量更加"敢投"。 8月7日，安徽省科技厅发布了《安徽省天使母基金群高质量运营指引（征求意见稿）》（以下简称《指 引》），围绕基金"募、投、管、退"全流程提出系列创新机制，具体包括适度放宽政府出资比例限制、 优化返投机制等举措。 《指引》明确，天使基金群将聚焦"投早投小投长期投硬科技"，并以70%对单个子基金的最高出资比 例、动态调整机制和最高延长至20年的存续期为GP（普通合伙人）和项目提供"弹药"，力促重点产业 早期项目孵化。 出资比例"松绑"，返投认定"柔性化" 据了解，《指引》中的"天使基金群"是指安徽省科技厅对口主管的省雏鹰计划专项基金、省新型研发机 构专项基金、省科技成果转化基金、省级种子基金二期母子基金集群。 目前，安徽已经形成一片"基金丛林"。截至2025年1月底，引导基金体系认缴规模突破2000亿元，达到 2220.13亿元。引导基金设立的16只母基金共设立子基金142只，母子基金累计投资项目686个、投资金 额349.22亿元，实现了对全省重点产业、重点区域和企业生命周期的全覆盖。 许多"科创大树"在安徽"敢想敢拼"的土壤中成长。截至2024年底，安徽省高新技术企业总数 ...