【南向资金】 8月4日，南向资金净卖出港股180.92亿港元；截至8月4日，今年以来南向资金累计净流入8609.56亿港 元。 【隔夜美股】 隔夜美股三大股指全线收涨，道指涨1.34%，标普500指数涨1.47%，纳指涨1.95%。英伟达涨超3%，迪 士尼涨逾2%，领涨道指。美国科技七巨头指数涨2.03%，脸书、谷歌涨超3%。中概股多数上涨，禾赛 科技涨超8%，小马智行涨近8%。 【热点消息】 【市场复盘】 8月4日，港股三大指数集体收涨。截至收盘，恒生指数涨0.92%，报24733.45点；恒生科技指数涨 1.55%，报5481.25点；国企指数涨1.01%，报8893.48点。盘面上，科网股普遍回暖，半导体产业链大 涨。热点个股方面，华虹半导体涨超8.5%，快手涨超3%，腾讯控股涨近3%，小米集团涨超2%，比亚 迪（002594）股份跌近1.5%，阿里巴巴跌超0.5%。热点ETF方面，恒生科技指数ETF（513180）收涨。 【沽空数据】 港交所披露数据显示，8月4日共619只港股被沽空，总沽空金额为287.77亿港元。其中沽空金额超1亿港 元的个股有56只，腾讯控股、美团、小米集团沽空金额位居前三，分别 ...

Core Viewpoint - Xpeng Motors (XPEV.US) has achieved significant growth in electric vehicle deliveries, with a record monthly delivery in July 2025 and a substantial year-to-date increase in total deliveries [1] Delivery Performance - In July 2025, Xpeng Motors delivered 36,717 smart electric vehicles, marking a year-on-year increase of 229% [1] - For the first seven months of 2025, Xpeng Motors delivered a total of 233,906 smart electric vehicles, which represents a 270% increase compared to the same period last year [1] Product Launch - Xpeng Motors announced that the all-new generation of the Xpeng P7 will be officially launched on August 6 [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The official launch of the Li Auto i8, priced between 321,800 to 369,800 CNY, features the AD Max version equipped with the VLA model. The product advantages and brand design of Li Auto are well recognized, with a clear future model planning and continuous optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance Li Auto's advantages, indicating a broad future sales potential [2][4]. Summary by Sections Event Description - The Li Auto i8 was officially launched on July 29, 2025 [4]. Product Pricing and Specifications - The pricing for the i8 includes Pro version at 321,800 CNY, Max version at 349,800 CNY, and Ultra version at 369,800 CNY, with a maximum first-sale benefit of 51,900 CNY available until September 7. The dimensions of the i8 are 5085mm in length, 1960mm in width, and 1740mm in height, with a wheelbase of 3050mm. The i8 offers a CLTC pure electric range of 670-720 km and a power consumption of 14.6-14.8 kWh/100 km, showcasing lower energy consumption compared to competitors [2][7]. Charging Infrastructure and Smart Technology - As of July 29, 2025, Li Auto has over 10,000 supercharging piles nationwide, with 3,000 supercharging stations and 16,000 supercharging piles in operation. The company plans to have 4,000 supercharging stations by the end of the year. The smart driving technology continues to evolve, with the latest OTA 7.4 version update enhancing the capabilities of the Li Auto intelligent assistant [2][7]. Future Model Planning and Sales Potential - Li Auto has a clear future model planning with the i8's launch, followed by the i6 model set to launch in September. The company aims to have a product lineup of four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to significantly increase sales volume. As of June 2025, Li Auto has 530 retail centers across 151 cities, with ongoing optimization of its channel structure [2][7]. Financial Projections - The projected net profit for Li Auto from 2025 to 2027 is estimated at 8.3 billion, 12.48 billion, and 16.01 billion CNY respectively, with corresponding PE ratios of 23.6X, 15.7X, and 12.2X for GAAP, and 10.3 billion, 14.48 billion, and 18.01 billion CNY for Non-GAAP, with PE ratios of 19.0X, 13.5X, and 10.9X [2][7].

Group 1 - Xpeng Motors (XPEV.US) shares rose over 3%, closing at $18.72 [1] - In July 2025, Xpeng set a new monthly delivery record with 36,717 smart electric vehicles delivered, representing a year-on-year increase of 229% [1] - For the first seven months, Xpeng delivered a total of 233,906 smart electric vehicles, a 270% increase compared to the same period last year [1] - Xpeng announced the official launch of the next-generation P7 model on August 6 [1]

Core Viewpoint - Xpeng Motors (XPEV.US) saw a stock increase of over 3%, reaching $18.72, following the announcement of record monthly deliveries in July 2025 [1] Delivery Performance - In July 2025, Xpeng Motors delivered a total of 36,717 smart electric vehicles, marking a year-on-year increase of 229% [1] - For the first seven months of the year, Xpeng Motors delivered 233,906 smart electric vehicles, which represents a 270% increase compared to the same period last year [1] Product Launch - Xpeng Motors announced that the next-generation Xpeng P7 will be officially launched on August 6 [1]

文章链接：https://www.huxiu.com/article/4652957.html 阅读原文：李想，妥协了理想？_虎嗅网 文章标题：李想，妥协了理想？ 理想汽车和中国汽研相继发布声明，但i8撞卡车风波背后，是理想汽车纯电和增程汽车销量的双重下 滑。虽然MEGA战败后，李想花20亿修改i8外观，但这款车销量前景依旧迷茫。蔚来、小鹏和理想都在 经历第二轮鬼门关，而因为舆论妥协的李想和理想汽车，还在路上。 ...

Core Viewpoint - Li Auto, once a sales champion, is facing controversies and challenges related to diversification and market performance [1] Group 1: Controversies and Responses - The recent safety test controversy involving Li Auto's i8 and Dongfeng Liuzhou's trucks has led to public responses from both parties, with Li Auto accused of serious infringement beyond normal competition [2] - Li Auto's response has softened, stating that the test aimed to validate the i8's safety performance rather than critique other brands [2] - The competitive landscape in the new energy vehicle market is intensifying, with Li Auto's previous advantages being challenged [3] Group 2: Market Performance and Sales - Li Auto's stock performance has been disappointing, with the recent launch of the i8 facing criticism for its price-to-performance ratio, leading to a significant drop in stock price, including a 13% decline on July 30 [2] - In July, Li Auto's sales unexpectedly dropped by 40% year-on-year, totaling only 30,731 vehicles, raising concerns about the company's ability to meet annual targets [3] - The competitive pressure is increasing as new models from competitors like Zeekr and NIO enter the market, further complicating Li Auto's position [3] Group 3: Executive Actions and Market Trust - Recent stock sales by executives, including significant cash-outs exceeding millions of RMB, have raised concerns about their confidence in the company's future prospects [3] - The challenges faced by Li Auto, from safety test controversies to declining sales and executive stock sales, indicate a growing list of obstacles for the company [3] - The ability of Li Auto to regain market and investor trust amidst fierce competition will be crucial for its future [4]

不光光刻机，2022年10月，美国商务部还搞了个新规，禁止对华出口14纳米以下的芯片制造技术，理由还是那老一套"国家安全"。这直接让中国高科技企业 吃了大亏。可咱们一管稀土，他们就喊"地缘威胁"。专家张教授在近期采访中直言："这种双标本质是西方想保持技术垄断，又不愿资源被反制。" 欧洲最近急得跟热锅上的蚂蚁似的，就因为中国说要管管稀土出口，立马跳脚喊"不公平"！可笑的是，他们自己卡着高科技设备不卖给咱们时，咋没见谁吭 声？这不是"只许我欺负你，不许你还手"嘛？ #夏季图文激励计划#先说说稀土，这玩意儿可不是啥稀奇古怪的土，它是新能源车、风力发电、甚至军工装备的核心原料。简单讲，没它，你手机、电动车 都得"歇菜"。而中国呢？在全球稀土市场上那可是"大哥大"，根据美国地质调查局2024年的数据，咱们的冶炼能力占了全球九成以上！这可不象吹牛，是几 十年砸钱砸技术硬拼出来的。 最近，中国一说要对稀土出口加点"门槛"，欧洲那边立马炸锅了，嚷嚷着这会毁了他们的"绿色大计"。尤其是德国、法国这些国家，新能源车、电机厂几乎 都靠中国原料撑腰。据统计，2023年德国宝马和大众在华供应链依赖度超六成！现在原料一卡，他们急得满头大 ...

Core Insights - In July, several new energy vehicle companies reported record delivery numbers, with Leap Motor, Xiaomi, and Xpeng achieving significant growth, while Li Auto experienced a substantial decline in deliveries [1][4]. Group 1: Market Performance - The retail market for narrow passenger cars in July reached approximately 1.85 million units, representing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1]. - The new energy vehicle market showed strong performance, with a retail penetration rate rising to 54.6% and sales reaching 1.01 million units [1]. Group 2: Company Deliveries - Leap Motor led the July sales with 50,100 units, marking a month-on-month increase of 4.4% and a year-on-year increase of 126.9%, achieving a cumulative sales of 271,800 units in the first seven months, which is 54.4% of its annual target of 500,000 units [2][3]. - Xpeng's July deliveries reached 36,700 units, a month-on-month increase of 6.1%, with a cumulative total of 233,900 units in the first seven months, leading the new energy vehicle sector with a completion rate of 66.8% [3]. - Li Auto's deliveries fell to 30,700 units in July, a month-on-month decline of 15.3% and a year-on-year decline of 39.7%, with a cumulative total of 235,000 units, reflecting a completion rate of only 36.7% of its revised annual target of 640,000 units [4][5]. Group 3: Product Developments - Leap Motor's COO indicated that the new B01 model has received over 10,000 orders, and the factory is operating at full capacity to meet the growing demand [1]. - Xiaomi's delivery exceeded 30,000 units for the first time, with a cumulative total of over 180,000 units in the first seven months, achieving a completion rate of 51.4% of its revised annual target of 350,000 units [5]. - NIO's new model, the L90, has received positive market feedback, raising expectations for future sales [7].

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle market maintained a year-on-year growth in July, despite a slowdown in delivery growth due to the traditional off-season for passenger car sales [2][4]. - The overall delivery volume for new energy vehicles in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% [6]. - The report anticipates an improvement in overall sales in August as the traditional peak sales season approaches [4]. Summary by Relevant Sections Company Performance - BYD delivered 341,030 vehicles in July, a slight year-on-year increase of 0.1% but a month-on-month decrease of 9.7% [6]. - Li Auto delivered 30,731 vehicles in July, reflecting a significant year-on-year decrease of 39.7% and a month-on-month decrease of 15.3% [6]. - XPeng Motors achieved a record delivery of 36,717 vehicles in July, marking a year-on-year increase of 229.4% and a month-on-month increase of 6.1% [6]. - NIO delivered 21,017 vehicles in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4]. - Leap Motor delivered 50,129 vehicles in July, showing a year-on-year increase of 127% and a month-on-month increase of 4% [4]. Market Trends - The report notes that the penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating a strong market presence [2]. - The report expects that the upcoming launch of new models from various manufacturers will enhance market supply and drive sales during the peak season [4]. Future Outlook - Analysts are optimistic about the performance of BYD, XPeng Motors, and Geely following their new model launches and strategic initiatives [4].