Group 1: Local State-Owned Capital Investment Challenges - Local state-owned capital is increasingly becoming a "booster" for regional economic development, with investment decisions impacting both the preservation and appreciation of state assets and the optimization of local industrial layout and economic structure [1] - A series of investment failures by local state-owned enterprises, such as Nanjing Pukou High Investment in Baojun Automobile and Qingdao Guoxin in Meiri Fresh, reveal issues like insufficient risk assessment, weak post-investment management, and misjudgment of industry dynamics [1][2][5] Group 2: Case Study - Nanjing Pukou High Investment and Baojun Automobile - Nanjing Pukou High Investment's investment of 2.5 billion yuan in Baojun Automobile is characterized as "blindly advancing under the wind" of the new energy vehicle industry [2] - Baojun faced severe operational difficulties, including a broken capital chain, leading to bankruptcy reorganization after failing to achieve mass production and facing management issues [2][3] - The case highlights the over-reliance on the founder's background and superficial planning while neglecting hidden risks like governance structure flaws and inadequate funding management [3][4] Group 3: Case Study - Qingdao Guoxin and Meiri Fresh - Qingdao Guoxin's strategic investment of 2 billion yuan in Meiri Fresh was initially seen as a benchmark for local state-owned enterprises collaborating with internet companies [5] - However, Meiri Fresh faced a severe crisis, closing most of its front warehouses and ultimately delisting from NASDAQ due to unsustainable business practices and excessive cash burn [5][7] - The failure reflects a common issue among local state-owned enterprises: over-reliance on brand effects without sufficient validation of the business model's profitability [8] Group 4: Case Study - Shenzhen Capital and Royole Technology - Shenzhen Capital's investment in Royole Technology was based on its claim of having the world's first foldable flexible screen technology, but this did not translate into commercial success [10][12] - Royole's products struggled in the market due to high prices, software compatibility issues, and a disconnect between technology and market demand, leading to bankruptcy [11][12] - The investment lesson emphasizes the need for a dual evaluation system of "technology + market" to avoid being misled by technological advancements without commercial viability [13] Group 5: Case Study - Suzhou Yuanhe Holdings and Tongcheng Life - Suzhou Yuanhe Holdings invested significantly in Tongcheng Life, which later declared bankruptcy due to poor management and intense competition from larger players [14][16] - The failure illustrates the tendency of local state-owned enterprises to follow industry trends without adequately assessing long-term value and regulatory risks [16] Group 6: Case Study - China Merchants Capital and S.F. Express - China Merchants Capital's investment in S.F. Express, a second-tier express brand, faced challenges as the market became dominated by larger players, leading to cash flow issues and eventual bankruptcy [19][20] - The case underscores the importance of thorough due diligence on parent companies and the necessity of active post-investment governance to prevent financial deterioration [20] Conclusion - Investment failures are a normal market outcome, and local state-owned enterprises' engagement in venture capital is commendable for supporting local industry ecosystems [21] - However, significant losses should prompt a reassessment of investment strategies, emphasizing the need to return to fundamental value, respect market rules, and enhance decision-making mechanisms to achieve sustainable development [21]

消费者的需求早已从"买一台车" 转向"买一套场景解决方案"。 8月18日，鸿蒙智行首款旅行车享界S9T开启预售。这台被余承东"高频"带货的新车，以32.8万元的起售价，做到了1小时订单破10000台。 仅用不到24小 时，订单数字便飙升至20000台。 这样的表现无论放在传统豪华品牌，还是造车新势力的语境下，都属极为罕见。对于一个仅亮相一年多的年轻品牌而言，更称得上是"开门红"。 在当下的30万级市场，消费者的需求早已从"买一台车"转向"买一套场景解决方案"。 他们希望一台车既能满足日常通勤的舒适，又能承担家庭出行的宽敞 与安全，还要兼顾长途旅行时的省心体验。 在这一需求下，享界S9T选择以"旅行车"作为切口，却并未把自己局限在小众标签中。它以优雅的外形为载体，却把功能边界向SUV的装载力、轿车的操控 感以及旗舰级的智能化全面延展。 换句话说，享界S9T的真正卖点不在旅行车，而在"全面"。 令人向往的"Wagon Lifestyle" 1998年，冯小刚导演的贺岁片《不见不散》上映。影片中，葛优饰演的刘元把车停在纽约郊区的森林公园里，在里面看电视、打电话、做饭洗衣、睡觉、出 行。被问到"为什么住在车里"时，他 ...

——主题量化投资系列之二 自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现，并在 2025 年逐步被纳入制度化框架。基于这一宏观政策信号，本文将系统解析内卷的经 济机制及其在产业链中的具体表现，并在此逻辑框架下，运用量化方法构建一 套可回测、可实施的选股策略，以捕捉政策主导下的结构性投资机会。 风险提示：本报告结果通过历史数据统计、建模和测算完成，在政策、市场环境 发生变化时模型存在失效的风险。 任瞳 S1090519080004 rentong@cmschina.com.cn 刘凯 S1090524120001 liukai11@cmschina.com.cn 研究助理 董晓宇 dongxiaoyu@cmschina.com.cn 基于"反内卷"的量化投资策略研究 敬请阅读末页的重要说明 证券研究报告 | 金融工程 2025 年 08 月 28 日 q 近年来，中国经济在转型升级的关键阶段逐渐暴露出产业内卷、低水平重复 竞争、结构性产能过剩等系统性问题，严重抑制了资源效率与企业盈利能 力。自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现， 并在 2025 年逐步被纳入制度 ...

理想汽车-W(02015)发布截至2025年6月30日止季度的未经审计财务业绩，车辆销售收入288.85亿元(人 民币，下同)，同比减少4.7%;收入总额302.46亿元，同比减少4.5%;归母净利润10.93亿元，同比减少 0.91%;每股基本净收益0.54元。 理想汽车首席财务官李铁先生补充道："第二季度，在不断变化的市场环境中，我们持续聚焦成本优化 与运营效率提升，取得了稳健的盈利表现，彰显出我们的财务韧性与高效执行力。本季度收入达人民币 302亿元，毛利率保持在20.1%的健康水平，季度净利润环比增长69.6%至人民币11亿元。依托坚实的财 务基石，我们将加速以创新驱动增长。我们有信心在进一步巩固行业领先地位的同时，持续推动汽车与 智能生态系统实现突破。" 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币20万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭借理想MEGA Home版热 烈的市场反响，理想MEGA自5月起登顶人民币50万元以上MPV销量榜首。我们亦继续推进在纯电车与 智能领域的举措。7月，我们发布家庭六座纯电SUV理想i8、自 ...

理想汽车首席财务官李铁先生补充道："第二季度，在不断变化的市场环境中，我们持续聚焦成本优化 与运营效率提升，取得了稳健的盈利表现，彰显出我们的财务韧性与高效执行力。本季度收入达人民币 302 亿元，毛利率保持在 20.1%的健康水平，季度净利润环比增长 69.6%至人民币 11 亿元。依托坚实的 财务基石，我们将加速以创新驱动增长。我们有信心在进一步巩固行业领先地位的同时，持续推动汽车 与智能生态系统实现突破。" 智通财经APP讯，理想汽车-W(02015)发布截至2025年6月30日止季度的未经审计财务业绩，车辆销售收 入288.85亿元(人民币，下同)，同比减少4.7%;收入总额302.46亿元，同比减少4.5%;归母净利润10.93亿 元，同比减少0.91%;每股基本净收益0.54元。 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币 20 万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭借理想 MEGA Home 版 热烈的市场反响，理想 MEGA 自 5 月起登顶人民币 50 万元以上 MPV 销量榜首。我们亦继续推进在纯 电车与智能领域 ...

格隆汇8月28日丨理想汽车-W(02015.HK)发布公告，2025年第二季度，车辆销售收入为人民币289亿元 (40亿美元)，环比增加17.0%；收入总额为人民币302亿元(42亿美元)，环比增加16.7%；毛利为人民币61 亿元(8.469亿美元)，环比增加14.1%；净利润为人民币11亿元(1.531亿美元)，环比增加69.6%；非美国公 认会计准则净利润为人民币15亿元(2.049亿美元)，环比增加44.7%。 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币20万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭藉理想MEGA Home版热 烈的市场反响，理想MEGA自5月起登顶人民币50万元以上MPV销量榜首。我们亦继续推进在纯电车与 智能领域的举措。7月，我们发布家庭六座纯电SUV理想i8、自研的VLA司机大模型和理想同学智能 体，将研发成果转化为更优质的产品体验。理想i8融合了越野车的全能、轿车级操控和MPV的舒适，作 为新时代的SUV，它以全新驾乘体验获得用户高度认可。近期，我们宣布了品牌升级，旨在为包括家庭 用户在内的更多不同消费者 ...

8月27日，历时五年打磨的全新小鹏P7正式上市。 智能不止于驾驶，全新小鹏P7搭载VLM座舱全能管家，能够洞悉万物、持续学习、贴心陪伴并守护隐私，真正成为更 懂用户的智能伙伴。行业首个四音区交互系统，实现 360°无死角唤醒，车辆听得见，更听得懂；同级最大87英寸AR- HUD，全天候高清显示，实现全场景覆盖，让路况更可见；会点头会说话的三轴灵动中控屏，支持多角度、多方式调节， 每一次交互都贴合用户习惯。未来，VLM将覆盖出行、用车、生活、娱乐等更多场景，与全新小鹏P7的强大智驾形成内外 呼应，让智能汽车成为全场景的智能陪伴。 安全是最大的豪华。全新小鹏P7率先搭载全球首发湿滑路面AES，这是行业唯一可实现低附着路况紧急转向避让的 AES功能。同时，行业领先的超级增强版AEB工作范围覆盖至130公里每小时，结合智能气囊预激活与ECALL自动救援， 事前预警、事中保护、事后响应。 极致未来原创设计，巅峰性能实现稳与快的完美平衡 融合科技、时尚、未来，全新小鹏P7自带焦点。原创五型面设计摒弃繁复特征线，将灯组、传感器、尾门等功能自然 融入型面拼接，实现美学与功能的统一，呈现极简纯粹的未来感。1407mm空簧最低车 ...

Core Viewpoint - Chasing Technology officially announced its entry into the automotive industry, aiming to create a super luxury electric vehicle comparable to Bugatti Veyron, with plans to launch in 2027, marking a significant strategic shift from smart hardware to automotive manufacturing [2][8]. Group 1: Strategic Intent - The company has formed a nearly 1,000-person team dedicated to vehicle manufacturing and is continuously expanding its efforts in the automotive sector [2]. - Chasing Technology aims to leverage its technological strengths and global brand recognition to establish itself in the high-end electric vehicle market, which currently has few Chinese luxury brands recognized internationally [2][4]. Group 2: Technological Advantages - The company has deep expertise in high-speed digital motors, with self-developed motors exceeding 200,000 RPM, which can be applied to high-performance electric vehicle powertrains [3]. - Chasing Technology has made significant advancements in intelligent perception and AI algorithms, with technologies like visual recognition and autonomous path planning already commercialized in service robots, applicable to advanced driver-assistance systems (ADAS) [4]. Group 3: Supply Chain and Manufacturing - The company has established a systematic layout for supply chain and manufacturing, collaborating with leading suppliers in critical areas such as battery systems and intelligent driving chips [4]. - Chasing Technology has recruited several executives from the automotive manufacturing sector to enhance its capabilities in research and development, mass production, and quality control [4]. Group 4: Intelligent Features - The upcoming super luxury electric vehicle will feature an intelligent ecosystem centered around "perception-understanding-evolution," differentiating it from traditional luxury cars [4]. - The vehicle will include an AI-enabled companion system that learns user driving habits and preferences, optimizing its responses to enhance user experience [4][5]. Group 5: Global Market Positioning - Chasing Technology has a robust global presence, operating in over 100 countries and regions, with more than 6,000 offline stores and a membership base exceeding 11 million, providing a strong foundation for international promotion of its automotive business [5]. - The company is committed to long-term investment in the automotive industry, focusing on high performance, intelligence, and luxury quality in its product offerings [5].

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 8月28日下午消息，理想汽车（NASDAQ：LI；HKEX： 2015）今日发布了截至6月30日的2025年第二 季度财报：总营收为302亿元，同比下滑4.5%，环比增长16.7%。净利润为11亿元，同比下滑0.4%，环 比增长69.6%。不按美国通用会计准则，调整后的净利润为15亿元，同比下滑2.3%，环比增长44.7%。 ...

Core Viewpoint - The announcement by Chasing Technology to enter the automotive industry marks a significant shift, aiming to produce a super luxury electric vehicle that competes with brands like Bugatti, with plans for a 2027 launch [1][4]. Company Overview - Chasing Technology, known for its smart hardware products such as vacuum cleaners and robotic cleaners, has been recognized as one of China's top 100 innovative growth enterprises and was valued at 20 billion RMB in the 2024 Hurun Global Unicorn List [3]. - The company has a close relationship with Xiaomi, which has invested in multiple funding rounds for Chasing Technology [3]. Strategic Intent - The company aims to leverage its core technology capabilities in the automotive sector, positioning itself within the ultra-luxury market dominated by brands like Bugatti and Ferrari, which have been slow to adopt electric and intelligent technologies [4][6]. - Chasing Technology plans to redefine ultra-luxury vehicles by integrating extreme performance with smart technology, rather than creating a conventional electric vehicle [4][6]. Product Features - The first model will directly compete with the Bugatti Veyron, featuring an AI-enabled system that learns user preferences and adapts to provide a personalized driving experience [5]. - The vehicle will include advanced voice interaction capabilities that mimic human emotional nuances, enhancing user engagement [5]. Market Positioning - Chasing Technology aims to avoid the price wars prevalent in the mid-range market by focusing on performance and technology in the ultra-luxury segment, which offers higher profit margins and stronger brand effects [6]. - The company believes there is a gap in the market for a truly intelligent ultra-luxury brand, as existing players have not fully embraced the potential of electric and smart technologies [4][6].