中国经济，正在蓄力待发。还在唱衰中国经济的人，要么蠢，要么坏。 2025 年 7 月，中国全社会用电量达到 10226 亿千瓦时，不仅是咱们国家第一次单月用电量突破万亿，更是人类历史上头一遭。 这个数字有多厉害？东盟 10 个国家、近 7 亿人口全年的用电量加起来也就差不多这么多。 用电量这东西最实在，机器不转电表就不动，比起可能存在统计差异的 GDP，它才是反映经济真实活力的 "照妖镜"。 一、万亿电背后：经济活力的真实写照 电力就像经济的 "脉搏"，用电量上去了，说明经济活动肯定错不了。 7 月份第一产业用电量同比增长 20.2%，看起来是农业用电在猛增，其实背后是大棚温控、智能灌溉这些现代农业设备用得越来越多，农业正在往 "电气化" 转型。 第二产业作为用电主力，5936 亿千瓦时的用电量撑起了半壁江山，其中高技术制造业表现特别亮眼，新能源汽车制造的用电量更是暴涨 25.7%，看得出来 咱们的产业升级正在实打实推进。 第三产业用电量增长 10.7% 也很有看头。 现在商场、影院这些消费场所暑期人气旺，更重要的是 5G 基站、云计算中心这些数字新基建用电动不动就是 "电老虎"，再加上全国几千万辆新能源汽车 ...

Group 1 - The core viewpoint of the articles highlights the rising prominence of range-extended electric vehicle (REEV) technology in the automotive industry, with major companies actively developing and launching new models featuring this technology [1][2][4] - GAC Group's brand Haobo has launched the Haobo HL range-extended version, utilizing the new "Xingyuan Range-Extended" technology, which boasts an industry-leading fuel-to-electricity conversion rate of 3.73 kWh/L and an electric drive efficiency of 99% [1] - Zhiji Automotive has introduced its self-developed "Star" super range-extended technology in collaboration with CATL, featuring the mass-produced 66 kWh and 800V dedicated range-extended battery [1][2] Group 2 - The market for range-extended vehicles is evolving towards larger battery capacities and ultra-fast charging capabilities, driven by both market demand and technological innovation [2] - CATL has been a key player in supporting the development of range-extended vehicles, with its "Xiaoyao" battery designed for range-extended hybrid models launched in late 2024 [2] - Companies like Xinwangda and Honeycomb Energy are also making strides in the market, with Xinwangda's lithium iron phosphate battery achieving over 300 km of range and Honeycomb Energy securing supply orders for multiple range-extended models [3] Group 3 - The sales growth of range-extended electric vehicles is expected to slow down by 2025, with a reported decline in retail sales of range-extended vehicles by 11.4% year-on-year in July 2025 [3] - The market is witnessing a shift in the structure of new energy vehicle sales, with the proportion of pure electric vehicles increasing from 43% to 64% compared to range-extended vehicles [3] - The competitive landscape for range-extended electric vehicles is becoming more diverse, with joint ventures and established brands entering the market to replicate the success of domestic brands [4]

每经记者｜杨欢 每经编辑｜刘艳美 据漯河日报消息，近日，郑州市委副书记、市长庄建球率考察团来漯，围绕郑州都市圈协同发展进行考察交流。漯河市委副书记、市长黄钫等陪同。考察团 先后到中国食品名城品牌馆、中原食品实验室、河南安迈康生物科技有限公司进行考察，对漯河持之以恒做大做强食品产业、大力发展新质生产力、以一流 创新平台赋能高质量发展的生动实践和取得的一系列成果表示赞赏。 双方在交流中表示，将以此次考察为契机，按照河南省委十一届九次全会和省政府郑州都市圈建设工作推进会议部署要求，进一步加强沟通对接，实现资源 共享、优势互补，共同推动郑州都市圈建设迈向更高水平，为奋力谱写中原大地推进中国式现代化新篇章提供强有力支撑。 解读：作为第10个获批的国家级都市圈，郑州都市圈处于我国"两横三纵"城镇化战略格局中陆桥通道、京广通道交会处。在国家已批复的17个都市圈中，郑 州都市圈范围居第7位，常住人口数量居第4位，经济总量居第10位。 产业是都市圈发展的"根基"，仅以中部地区为例，当前武汉都市圈重点打造光电子信息、生命健康等产业集群；合肥都市圈全力建设新型显示、智能电动汽 车等产业集群；长株潭都市圈则是瞄准工程机械、轨道交通等 ...

Report Overview - Report Title: Supply and Demand Improve, but the Actual Magnitude is Limited. Lithium Carbonate is Difficult to Maintain Long - Term and Significant Increases - Lithium Carbonate Industry Chain Weekly Data Report [1] - Report Date: August 20, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level, and the marginal change from passive inventory accumulation to passive inventory depletion in lithium carbonate supply and demand has significantly improved the market expectations in the first half of the year, with the price center expected to rise. However, the expected annual inventory depletion of 1 - 2 million tons after the shutdown is limited compared to the current market inventory of 14 million tons. If the market continues to rise significantly, it may open the profit window for imported lithium mines such as those from Australia and Africa, quickly making up for the supply reduction caused by the shutdown of the Jianxiawo Mine and attracting hedging funds, so it may experience short - term significant increases but is difficult to maintain in the long term [4]. 3. Summary by Directory 3.1 Weekly Report Summary 3.1.1 Fundamental Overview - Lithium Ore: The price of spodumene has risen rapidly, leading the increase in ore prices. Affected by administrative orders in Jiangxi and Qinghai, the operating rates of lithium mica and salt lake sectors have significantly declined in July. After the confirmation of the shutdown of Jianxiawo, the market demand for lithium mica has significantly decreased, and the price of spodumene, as an alternative, has led the increase in the lithium ore market. Attention should be paid to the quantity of imported spodumene supplemented due to high prices [3]. - Lithium Salt: It has continued to take advantage of the situation, and the upper integer price levels may be the targets of long - positions. The news of the shutdown of Jianxiawo last week pushed the lithium carbonate LC futures contract to the price range of 80,000 yuan. The marginal reduction may change the domestic lithium carbonate supply - demand from passive inventory accumulation to passive inventory depletion. The market long - positions continue to take advantage of the market rumors of the shutdown of the salt lake sector to drive up prices, with the upper levels of 90,000 and 100,000 yuan being the next targets of long - positions. However, with a high inventory of 14 million tons, it is difficult for lithium carbonate to maintain high prices in the long term [3]. - Cathode Materials and Lithium Batteries: The impact of anti - involution is gradually fading. The impact of anti - involution focused on the new energy vehicle market is gradually fading. Recently, lithium carbonate has been indirectly affected by the sentiment of industries such as photovoltaics, with limited substantial impact [3]. 3.1.2 Market Summary - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level. The marginal change in supply and demand has improved market expectations, but the expected inventory depletion is limited compared to the current inventory. If the market rises significantly, it may attract imported lithium mines and hedging funds, making it difficult to maintain long - term high prices [4]. 3.2 Supply - Demand Balance Sheet 3.2.1 Lithium Carbonate Balance Sheet - Slowing Inventory Accumulation - From July 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium carbonate showed different trends. For example, in July 2025, the supply was 81,530 tons, demand was 96,275 tons, import was 18,000 tons, export was 573 tons, inventory change was 2,682 tons, and the cumulative balance was 164,565 tons [8]. 3.2.2 Lithium Hydroxide Balance Sheet - From August 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium hydroxide also showed different trends. For example, in July 2025, the supply was 25,170 tons, demand was 22,969 tons, import was 750 tons, export was 6,100 tons, inventory change was - 3,149 tons, and the cumulative balance was 25,163 tons [12]. 3.3 Upstream Ore Supply, Demand, and Price 3.3.1 Spodumene Import - From December 2023 to June 2025, the import volume and average import price of lithium concentrate from different countries (Australia, Brazil, etc.) showed different trends. For example, in June 2025, the total import volume was 427,626 tons, with 255,506 tons from Australia and 39,811 tons from Brazil, and the average import price was 639 US dollars per ton [19]. 3.3.2 Chinese Lithium Ore - Spodumene Quotation Leading the Increase - From December 2023 to July 2025, the production of sample lithium mica mines and spodumene mines showed different trends. For example, in July 2025, the production of lithium mica was 16,100 tons with a month - on - month decrease of 4.17%, and the production of spodumene was 6,500 tons with a month - on - month increase of 0.78% [24]. 3.4 Lithium Salt Supply, Demand, and Price 3.4.1 Lithium Salt Spot and Futures Prices - Obvious Impact of Lithium Ore Shutdown - From July 1, 2025, to August 15, 2025, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, and the price differences between them showed different trends. For example, on August 15, 2025, the price of battery - grade lithium carbonate was 84,000 yuan, industrial - grade was 83,000 yuan, battery - grade lithium hydroxide was 77,875 yuan, the difference between battery - grade and industrial - grade lithium carbonate was 1,000 yuan, and the difference between lithium carbonate and lithium hydroxide was 6,125 yuan [27]. 3.4.2 Production Cost and Profit - Spodumene Expected to Supplement Market Gap - From July 9, 2025, to August 15, 2025, the production costs and profits of lithium carbonate produced from spodumene, low - grade mica, and high - grade mica showed different trends. For example, on August 15, 2025, the production cost of lithium carbonate from spodumene was 73,053 yuan per ton, with a profit of 10,947 yuan; the production cost from low - grade mica was 91,674 yuan per ton, with a loss of 7,674 yuan; and the production cost from high - grade mica was 53,983 yuan per ton, with a profit of 30,017 yuan [41]. 3.4.3 Lithium Carbonate Production - From July 2023 to July 2025, the weekly and monthly production of lithium carbonate showed different trends. For example, in July 2025, the total monthly production was 81,530 tons, a year - on - year increase of 26% and a month - on - month increase of 4% [50]. 3.4.4 Operating Rate - Obvious Decline in Operating Rates of Mica and Salt Lake Sectors in July - From July 2022 to July 2025, the operating rates of lithium salt, lithium carbonate, and lithium hydroxide showed different trends. The operating rates of lithium carbonate production from different raw materials (spodumene, lithium mica, salt lake) also showed different trends [52][55]. 3.4.5 Lithium Carbonate Monthly Import Volume - From December 2021 to June 2025, the total import volume of lithium carbonate and the import volumes from Argentina and Chile showed different trends. For example, in June 2025, the total import volume was 17,698 tons, with 5,094 tons from Argentina and 11,853 tons from Chile [60]. 3.4.6 Lithium Carbonate Inventory - Attention Needed on the Sustainability of Inventory Depletion - From December 2022 to July 2025, the inventory of lithium carbonate in downstream and smelting plants, weekly inventory, and the number of registered futures warehouse receipts showed different trends [62][63][65]. 3.5 Lithium Salt Downstream Production and Demand 3.5.1 Lithium Iron Phosphate - Slowing Production Growth - From November 2019 to July 2025, the production and operating rate of lithium iron phosphate showed different trends. For example, in July 2025, the production was 290,700 tons, a year - on - year increase of 50.00% and a month - on - month increase of 1.86%, and the operating rate was 57.00% [70]. 3.5.2 Ternary Materials Production and Operating Rate - From December 2023 to July 2025, the production and operating rate of ternary materials showed different trends. For example, in July 2025, the production was 68,640 tons, a year - on - year increase of 16.70% and a month - on - month increase of 5.80% [75]. 3.5.3 Ternary Materials Import and Export Volume - From December 2021 to June 2025, the import, export, and net import volumes of ternary materials showed different trends. For example, in June 2025, the import volume was 5,349 tons, the export volume was 10,636 tons, and the net import volume was - 5,287 tons [80]. 3.5.4 New Energy Vehicle Production and Sales - From November 2021 to July 2025, the production of pure - electric vehicles, plug - in hybrid vehicles, and the inventory warning index of automobile dealers showed different trends. For example, in July 2025, the production of pure - electric vehicles was 807,000, the production of plug - in hybrid vehicles was 436,000, and the inventory warning index was 57.2 [81].

| | | | 10:28 21.025↑ 100 | | --- | --- | --- | --- | | | | | 10:28 21.025 100 | | | | | 10:28 21.021↓ 500 | | 19-900- | | | 10:28 21.02811000 | | | | | 10:28 21.024↓ 150 | | | | | 10:28 21.030↑ 100 | | 卜鹏刚吃了2碗伟哥 | | | 10:28 21.035↑ 100 | | | | | 10:28 21.030↓ 100 | | 六 堅持住 | | | 100 10:28 21.030 | | | | | 10:28 21.030 100 | | | | | 10:28 21.0301 400 | | 18.760 | | -5.73% | 10:28 21.035↑ 300 | | 成交量▼ 860.0万股 分时量:10.36万股↓ | | 现量:100股 | 10:28 21.035 300 | | 239万 | | | 10:28 400 21.035 | | | | | 10:28 21.035 1 ...

Core Viewpoint - Xiaopeng Motors achieved record high performance in Q2 2025, with expectations to surpass 40,000 monthly deliveries [1][2][3] Financial Performance - In Q2 2025, Xiaopeng Motors reported total revenue of 18.27 billion RMB, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6%, marking a historical high for a single quarter [2][6] - The company's gross margin reached 17.3%, an increase of 3.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [5][6] - Net loss for Q2 2025 was 480 million RMB, significantly reduced from 1.28 billion RMB in Q2 2024 and 660 million RMB in Q1 2025 [5][6] Delivery and Production Outlook - Monthly delivery volume stabilized above 30,000 units in Q2 2025, with guidance indicating it will exceed 40,000 units in Q3 2025 [3][11] - The company aims for a total delivery of 113,000 to 118,000 units in Q3 2025 [11] - Xiaopeng Motors plans to launch multiple new models, including the new P7, which is expected to significantly boost delivery volumes [9][13][14] Strategic Initiatives - The company is entering a new phase of "self-sustaining" profitability, with a focus on scaling operations and market share both domestically and internationally [5][8] - Xiaopeng Motors is set to introduce its first "Kunpeng" super electric vehicle model, the Xiaopeng X9, in Q4 2025, marking the start of a new product cycle [15]

Market Overview - The U.S. stock market showed mixed performance with the Nasdaq down 1.14%, S&P 500 down 0.38%, and Dow Jones up 0.25% as of 23:02 [1] - Major indices such as Nasdaq 100 and the Wande American Technology Seven Giants Index also experienced declines of 1.10% and 1.41% respectively [2] - Commodities saw a drop in gold prices and a decline in oil prices across the board [2] Precious Metals and Energy - Gold prices fell below $3,330 per ounce, with the latest price at $3,329.80, down 0.09% [3] - COMEX gold futures also saw a slight decline of 0.12% [3] - WTI crude oil and ICE Brent crude oil prices decreased by 1.00% and 0.83% respectively [3] Chinese Stocks Performance - Several Chinese concept stocks rose against the trend, particularly in the new energy vehicle sector, which saw an increase of over 2% [6] - Notable gainers included Color Star Technology, which surged over 22%, and several others like YSXT and RAYA, which rose over 10% [7][8] Economic Indicators and Federal Reserve Outlook - Jerome Powell is set to deliver a significant speech, with market concerns that he may counter the growing expectations for aggressive rate cuts [5][18] - Analysts suggest that a 50 basis point rate cut in September may be unlikely, as Powell is expected to maintain a cautious stance [18][19] - The upcoming Jackson Hole Economic Symposium is anticipated to be a platform for Powell to clarify the Fed's position on interest rates [18][20] Market Reactions and Predictions - Historical data indicates that the "Jackson Hole week" typically yields positive returns for the S&P 500, with a median weekly gain of 0.8% [22] - However, the current high P/E ratio of 25.5 for the S&P 500 raises concerns about potential market corrections if Powell's remarks disappoint investors [22] - Analysts predict that if Powell maintains a hawkish tone, it could lead to a negative impact on the market, although a 25 basis point cut remains a strong possibility [23][24]

今日新闻要点： 关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 1、 特斯拉Model Y L长续航全轮驱动版上市 6座布局，售价33.9万元起 8月19日，特斯拉Model Y L长续航全轮驱动版上市。新车采用6座布局，售价33.9万元起，预计9月开启交付。 外观方面，新车在现款Model Y的基础上进行了加长，并重新设计了 车顶曲线和尾翼 ，风阻系数为0.216 。尺寸方面，新车长宽高分别为 4976/1920/ 1668mm ，轴距3040mm。 特斯拉Model Y L上市，6座布局，售价33.9万元起； 零跑汽车发布2025上半年财报，成为第二家半年度盈利的新势力； 小鹏汽车发布2025二季度财报， 营收、交付、毛利率、现金储备创新高 ； 小米集团发布2025二季度财报， 汽车业务交付量、营收、毛利再创新高 ； 蔚来G318川藏换电路线正式贯通； 蔚来 100kWh长续航电池包价格 下调2万元 ； 星空计划通过生态链合作模式，入局汽车赛道 ； 三电方面， 新车首发双电机全轮驱动， ...

Industry Information - In July, China's power battery installation volume reached 55.9 GWh, a year-on-year increase of 34.3%, with lithium iron phosphate accounting for 80.4% of the total [9][10] - The China Association of Automobile Manufacturers reported that in July, 1.262 million new energy vehicles were sold, marking a year-on-year growth of 27.4% [9][10] - Cumulative production of power and other batteries from January to July reached 831.1 GWh, with a year-on-year increase of 57.5% [9] - Cumulative installation volume of power batteries from January to July was 355.4 GWh, a year-on-year increase of 45.1% [9] - The cumulative sales of new energy vehicles from January to July reached 8.23 million units, with a year-on-year increase of 39.2% [10] Policy Information - A new national standard for the transportation of power lithium batteries will be implemented starting February 1, 2026, focusing on safety and efficiency in transport [21] - The Qinghai Provincial Energy Bureau is soliciting opinions on the management measures for electric vehicle charging and swapping infrastructure [21] - The Shenzhen Development and Reform Commission is seeking feedback on local standards for supercharging stations and their integration with the urban power grid [21] - The Jilin Provincial Energy Bureau has issued guidelines for subsidies related to the construction and operation of battery swapping stations [21] - The Guangzhou Municipal Industry and Information Technology Bureau has released a plan for the high-quality development of virtual power plants, aiming for a capacity of 5 million kW by the end of 2027 [20] Company Information - CATL has launched a battery repair service to address the high costs associated with battery replacement, offering repair prices significantly lower than full battery replacement costs [13] - A new battery recycling company has been established with an investment of 650 million yuan, focusing on the recycling and reuse of used power batteries [15] - The project for CATL's extreme film project has commenced in Xining, Qinghai, marking a significant step in their strategic cooperation with the city [17] - The Sea Owl flying car global headquarters project has started construction, with a total investment of approximately 1 billion yuan [17] - The first resident vehicle-grid interaction pilot project has been launched in Guangzhou, allowing electric vehicles to supply power back to the grid [17][18]

Core Viewpoint - Leapmotor achieved its first half-year net profit in 2025, raising its sales guidance for 2025 to 580,000-650,000 units, with a target of challenging 1 million units in 2026 [1][6][7]. Financial Performance - Leapmotor's revenue for the first half of 2025 was RMB 24.25 billion, a 174% increase from RMB 8.85 billion in the same period of 2024 [2][20]. - The company reported a net profit of RMB 30 million for the first half of 2025, marking its first positive half-year net profit [3][24]. - The gross margin reached a record high of 14.1%, up from 1.1% in the first half of 2024, reflecting a 13 percentage point increase [3][22]. - Total vehicle deliveries in the first half of 2025 were 221,700 units, a 155.7% increase compared to 86,700 units in the same period of 2024 [3][24]. Sales and Production Guidance - The sales guidance for 2025 has been adjusted to 580,000-650,000 units, with expectations for significant growth in August and September [6][8]. - Leapmotor aims to challenge the target of 1 million units in annual sales by 2026 [7]. - The D-series models are set to debut in October 2025, with a launch planned for the first quarter of 2026 [10][11]. Research and Development - Leapmotor plans to achieve urban NOA (Navigation on Autopilot) by the end of 2025, aiming to be among the top tier in assisted driving technology [13]. - The company is expected to localize production in Europe, with the B-series models being the first to be produced there [15][18]. Market Expansion - Leapmotor has established over 600 sales and service points in approximately 30 international markets, with more than 550 in Europe [29]. - The company plans to establish a localized production base in Europe by the end of 2026 to enhance its global market presence [29]. Cash Flow and Financial Health - As of June 30, 2025, Leapmotor's cash reserves totaled RMB 29.58 billion, indicating strong financial health [26]. - The free cash flow for the first half of 2025 was RMB 860 million, a significant improvement from a negative RMB 480 million in the same period of 2024 [26].