截至23:17，万得中概科技龙头指数跌1.93%，百度、拼多多、美团翻红，比亚迪股份-ADR、 小米集团、网易等跌幅居前，阿里巴巴跌3.7%。 | 福彩 | 成分 | 资讯 | 相关基金 | | --- | --- | --- | --- | | 名称 | | 现价 | 涨跌啦 一 | | 百度集团 | | 97.300 | 0.93% | | BIDU.O | | | | | 拼多多 | | 124.680 | 0.23% | | PDD.O | | | | | 美团-ADR | | 25.918 | 0.22% | | MPNGY.OO | | | | | 京东集团 | | 30.835 | -1.17% | | JD.O | | | | | 腾讯控股-ADR | | 75.875 | -1.56% | | TCEHY.OO | | | | | 网易 | | 132.300 | -1.88% | | NTES.O | | | | | 小米集团-ADR | | 34.040 | -2.91% | | XIACY.OO | | | | | 阿里巴巴 | | 131.400 | -3.70% | | BABA. ...

Core Viewpoint - The global automotive industry is witnessing a shift, with Chinese automakers transitioning from technology followers to market leaders, leveraging electrification and intelligent innovation to outperform their international counterparts [1][6]. Sales Growth vs. Overseas Giants - Chinese automakers are closing the gap in sales and revenue with overseas giants, achieving higher growth rates [2]. - In the first half of 2025, major Chinese companies like BYD and Geely reported significant sales increases, while traditional giants like Toyota and Volkswagen experienced stagnation or declines [3][4][5][6]. Profitability and R&D Investment - Despite challenges, Chinese automakers maintain robust profitability, with BYD being the only major global automaker to report positive net profit growth [11]. - Chinese companies are increasing R&D investments, with BYD's R&D spending rising by 53%, while international competitors focus on catching up in electrification [11][12]. Debt Structure and Financial Health - Chinese automakers are actively optimizing their debt structures, with companies like BYD and Seres reducing their debt ratios, enhancing financial resilience [13][14]. - Lower debt levels and healthier financial structures allow Chinese companies to invest more in R&D and technology, supporting sustainable growth [14].

截至9月3日，东吴新能源汽车股票A近三个月复权单位净值增长率为40.19%，位于同类可比基金8/110；近半年复权单位净值增长率为25.28%，位于同类可 比基金25/110；近一年复权单位净值增长率为79.47%，位于同类可比基金13/110；近三年复权单位净值增长率为67.73%，位于同类可比基金2/80。 AI基金东吴新能源汽车股票A（014376）披露2025年半年报，上半年基金利润210.98万元，加权平均基金份额本期利润0.0239元。报告期内，基金净值增长 率为11.4%，截至上半年末，基金规模为1.35亿元。 该基金属于标准股票型基金。截至9月3日，单位净值为1.751元。基金经理是刘元海，目前管理的5只基金近一年均为正收益。其中，截至9月3日，东吴嘉禾 优势精选混合A近一年复权单位净值增长率最高，达118.95%；东吴科技创新混合A最低，为55.63%。 基金管理人在中期报告中表示，展望 2025 年下半年，关税不确定性或仍在、出口压力比较大，内需不足的问题仍待解决，预计 GDP 增速可能逐季下滑，全 年 GDP 有望实现 5%左右增长目标。 制图数据来自恒生聚源数据库 市净率 (倍) 8 ...

Group 1 - Since 2025, companies and shareholders in the Shenzhen market have actively engaged in share buybacks and increases, with a total of 355 related plans launched as of September 3, including 251 buyback plans with a maximum repurchase amount of 70.773 billion yuan and 104 increase plans with a maximum increase amount of 31.29 billion yuan [2] - Leading companies such as CATL and Midea Group have taken the lead in buyback actions, demonstrating strong confidence in their future development and injecting positive sentiment into the market [2][3] - CATL has announced a new buyback plan of 4 billion to 8 billion yuan after completing a previous buyback of 2.71 billion yuan, with a total buyback amount of 2.131 billion yuan as of the end of August [3] Group 2 - Midea Group has also been active in buybacks, announcing a plan of 5 billion to 10 billion yuan, with over 70% allocated for cancellation, and has cumulatively repurchased 4.43 billion yuan as of the end of August [4] - Weichai Power and Wen's Food have also made notable progress in their buyback plans, with Weichai Power repurchasing 596 million yuan and Wen's Food repurchasing 900 million yuan as of the end of August [4][5] - In addition to buybacks, there has been a surge in increase plans, with shareholders showing confidence in long-term investment value through substantial investments [6] Group 3 - Qingdao Bank's major shareholder announced plans to increase holdings by 233 million to 291 million shares, while Shanxi Expressway's actual controller plans to increase holdings by 30 million to 60 million yuan [6] - Changan Automobile and DaDaQian have also disclosed increase plans, with Changan's management planning to increase holdings by at least 5.7 million yuan [6] - Overall, the buyback and increase actions by companies and shareholders in the Shenzhen market play a crucial role in optimizing capital structure and sending positive signals to the market, contributing to the stability and development of the capital market [7]

2025年以来，深市公司及股东积极开展股份回购与增持行动。截至9月3日，累计推出355单相关计划， 其中回购计划251单，拟回购金额上限达707.73亿元；增持计划104单，拟增持金额上限312.9亿元。在这 一热潮中，宁德时代、美的集团等龙头企业率先发力，不仅为市场注入强心剂，更彰显出企业对自身发 展前景的坚定信心。 龙头企业引领回购 多公司持续加码 8月以来，深市回购队伍不断扩容，中绿电、长盈精密、晶澳科技等14家公司纷纷推出新的回购计划， 而宁德时代、美的集团、潍柴动力、温氏股份等头部企业的回购动作更是备受关注。 作为动力电池行业的领军者，宁德时代(300750)在回购方面表现积极。继2024年10月30日完成27.1亿元 回购计划后，公司再次推出40亿元至80亿元的回购方案，所回购股份将用于实施股权激励计划或员工持 股计划。截至8月末，宁德时代已累计回购21.31亿元，其持续回购的举动，既体现了对公司未来发展的 信心，也通过将股东利益、公司利益与员工个人利益相结合，为企业长期稳定发展奠定基础。 在回购热潮涌动的同时，深市公司的增持计划也在密集落地，股东通过真金白银的投入，传递对公司长 期投资价值的认可 ...

多家外资公募旗下的基金在今年交出了亮眼的成绩单，部分产品收益率已在同类中名列前茅。随着半年报的持仓信息 披露，外资公募的隐形重仓股也逐一显露。 截至近日，富达传承6个月A、施罗德中国动力A、安联中国精选等产品的业绩都有不俗表现，年内收益均超过30%，从隐 形持仓来看，覆盖汽车、消费、医药等多个领域。 从持仓特征来看，外资公募延续了均衡配置的风格，同时在信息科技、医疗和消费等重点板块上有所倾斜。这种"均衡 +侧重"的策略，在降低风险的同时，也帮助产品在市场分化环境下捕捉结构性机会。 多只外资公募基金年内收益不俗，隐形重仓股曝光 业绩表现不仅在同类产品中领先，也引发了市场对外资公募投资策略的关注。 截至9月2日，富达传承6个月A在年内实现了显著的收益增长，收益率达到了31.61%。根据最新披露的持仓数据，其11～ 20位隐形重仓股包括江苏神通、众安在线、金证股份、中航西飞以及星云股份等。 在这些隐形重仓股中，众安在线和金证股份等新进纳入该基金重点持仓名单。从行业分布来看，富达传承6个月A的加仓 主要聚焦于信息科技板块，这一板块的强势表现无疑为基金的整体收益贡献了重要力量。除此之外，该基金11～20位重 仓股还覆盖 ...

Core Insights - Beijing Economic-Technological Development Area (BDA) has achieved a GDP growth rate of 12.3% in the first half of the year, ranking first among national-level development zones and contributing over 15% to the city's economic growth [1][2] - The region focuses on technological innovation to drive industrial upgrades, aiming to establish itself as a model for new productivity and a high-end industrial complex [1][5] Economic Performance - The average annual GDP growth rate since the 14th Five-Year Plan is 9.6%, with a total GDP exceeding 360 billion yuan [1] - Industrial output value has surpassed 600 billion yuan, accounting for 25.8% of the city's total [1] Key Industries - The four leading industries in BDA have a combined output value exceeding 560 billion yuan, with an average annual growth rate of 8% [2] - The automotive industry generated 265 billion yuan in output last year, producing 650,000 vehicles [2] - The electronic information industry has entered the trillion-yuan level, with over 60% of the integrated circuit industry chain located in the area [2] - The biopharmaceutical sector has nearly 5,000 companies with revenues exceeding 100 billion yuan [2] Future Industry Layout - BDA is proactively positioning itself in future industries such as artificial intelligence, humanoid robots, and commercial aerospace, with respective industry scales of over 60 billion yuan, 10 billion yuan, and 30 billion yuan [2] - The region has established a presence in 23 future sub-fields, including 6G and quantum information [2] Innovation and R&D - BDA hosts 155 national-level "little giant" enterprises, accounting for 15% of the city's total, and has 2,386 high-tech enterprises [2] - The area ranks first among national-level development zones in terms of PCT applications [2] Foreign Investment and Trade - Over 420 new foreign enterprises have been established in BDA during the 14th Five-Year Plan, with actual foreign investment expected to exceed 4 billion USD [3] - The first comprehensive bonded zone themed on new productivity is set to commence operations in September [3] Cultural and Technological Integration - BDA has developed a cultural industry system focused on high-tech audiovisual and gaming, with 146 cultural industry units generating 28.29 billion yuan in revenue, a 13.9% increase year-on-year [3] Talent Development - The total talent pool in BDA has reached 400,000, with a talent contribution rate of 69% [4] - The region has implemented a "Talent Ten Measures" policy and established a 1 billion yuan fund to support entrepreneurial talent [4] Business Environment - BDA emphasizes a "small government, large society, professional" approach, introducing over 20 innovative measures to improve the business environment [4]

格隆汇9月4日丨福田汽车(600166.SH)公布，8月份销量51375辆，同比增长22.09%；1—8月累计销量 42.48万辆，同比增长11.61%。责任编辑：钟离 ...

报告均表示，美国关税政策持续对德国出口造成冲击，明显加重德国经济下行压力。尽管欧盟与美国就 关税争端达成新协议，但因协议内容含糊、税率大体不变，对德国经济的不利影响难以缓解。 新华财经柏林9月4日电（记者车云龙张毅荣）多家德国主要经济研究机构4日分别发布的秋季预测报告 显示，受美国关税政策等因素影响，2025年德国经济仅将增长0.1%至0.2%，低于夏季预测值。 德国经济在2023年和2024年连续两年萎缩后，今年第一季度环比增长0.3%。但随着4月美国对进口汽车 等商品加征关税的措施生效，二季度德国出口环比下降0.1%，国内生产总值环比下降0.3%。 年中德国政府宣布的设立大规模基础设施基金等财政措施未能带来预期刺激，是此次预期下调的原因之 一。报告普遍认为，德国经济仍然低迷，主要表现为制造业和服务业需求不足、建筑业持续疲软，以及 个人消费复苏缓慢。 （文章来源：新华社） 哈雷经济研究所副所长奥利弗·霍尔特莫勒表示，美国关税虽已被纳入预测模型，但由于相关政策仍存 高度不确定性，未来可能对德国经济构成进一步威胁。如果出口延续第二季度下降趋势，未来几个季度 德国经济复苏前景不容乐观。 报告同时认为，若联邦政府大 ...

Summary of Automotive and Auto Parts Industry Conference Call Industry Overview - The automotive industry experienced accelerated revenue growth in Q2 2025, but overall performance declined by 25% year-on-year. The passenger vehicle sector saw an 11.2% revenue increase compared to Q1, while the commercial vehicle sector showed a 2.3% sales growth but a significant profit decline of 51.6% [2][3][4]. Key Company Performances Ideal Automotive - Ideal Automotive faced pressure in Q2 2025, with expectations for improved performance in Q4 due to the large-scale launch of the L8 and I8 models [1][4]. Xpeng Motors - Xpeng Motors reported a 200% year-on-year increase in Q2 sales, reaching 103,000 units, with a narrowing loss. The company is expected to achieve quarterly profitability in Q4 [1][4]. BYD - BYD's Q2 net profit fell below market expectations, impacted by a price war leading to a decline in gross margin. However, improvements are anticipated in Q3 and Q4 as production scales up [1][4]. SAIC Motor Corporation - SAIC reported a strong Q2 net profit of approximately 3 billion yuan, with a non-recurring profit of 2.5 billion yuan. The company implemented inventory reduction and management improvements, expecting significant revenue growth from new vehicle launches in H2 2025 [1][7]. Geely Automobile - Geely's performance remained strong in Q2 and Q3, benefiting from internal integration of brands. The company is expected to maintain a positive growth trend [1][8]. Leap Motor - Leap Motor achieved quarterly profitability in Q2 2025, with a competitive advantage in the 100,000-200,000 yuan price range [1][9]. Great Wall Motors - Great Wall Motors improved its sales structure in Q2, with positive impacts from the Russian market. The new Tank 500 model is expected to enhance sales further in Q3 and Q4 [1][10]. Commercial Vehicle Sector - The commercial vehicle sector outperformed the passenger vehicle and parts sectors, with expectations for continued growth, particularly in heavy trucks [2][15][16]. Auto Parts Industry Insights - The auto parts sector saw a revenue growth of approximately 7% in Q2 2025, with significant internal differentiation. Large companies faced pressure, while medium-sized firms performed better than expected [1][3][11]. - Notable performers included Desay SV and Jingwei Hirain, with Desay SV achieving a 41% profit growth and a 16% revenue increase [12][13]. Market Trends and Future Outlook - The market for intelligent driving hardware is stabilizing, with a clear trend of performance improvement among leading companies [14]. - The commercial vehicle sector, especially heavy trucks, is expected to maintain strong growth momentum in the upcoming quarters [15][16]. Investment Recommendations - In the Hong Kong stock market, companies like Geely, Xpeng, and Ideal Automotive are recommended for attention, with Ideal expected to recover as electric vehicle production ramps up [2][18]. - In the auto parts sector, companies such as Fuyao Glass and medium-sized firms like Bojun Technology and Wuxi Zhenhua are highlighted for their strong growth potential [19]. Conclusion - The automotive and auto parts industries are experiencing significant changes, with varying performances across different companies and sectors. The focus on new models, market expansion, and technological advancements will be crucial for future growth and investment opportunities [1][2][4][15].