（1）本周沪深300指数跌幅0.28%，其中汽车板块涨幅0.13%，涨跌幅位居A股一级行业第19位。（2） 本周乘用车Ⅱ指数跌幅1.64%，北汽蓝谷、小鹏汽车-W领涨。（3）本周商用车指数跌幅0.43%，曙光股 份、福田汽车领涨。（4）本周汽车零部件Ⅱ指数涨幅1.12%，浙江世宝、豪恩汽电领涨。其中电控系 统涨跌幅6.86%，德赛西威、伯特利领涨；电机涨跌幅-2.00%，恒帅股份、云意电气领涨；减速机/齿轮 类涨跌幅-2.00%，易实精密、双环传动领涨；轴承涨跌幅-2.20%，冠盛股份领涨；轻量化&结构件涨跌 幅-1.46%，华达科技、天龙股份领涨；直线传动部件涨跌幅-2.98%，贝斯特跌幅较小；传感器涨跌幅 0.75%，华培动力、日盈电子领涨；Tier1涨跌幅0.64%，均胜电子、神通科技领涨。 以下为研究报告摘要： 行业重点新闻 （1）我国首批L3级自动驾驶车型获准入许可：深蓝SL03、极狐阿尔法S将在北京重庆试点；（2）中国 长安新能源汽车年销量破百万，2030年剑指500万辆产销目标；（3）岚图汽车和宁德时代签署十年深化 合作协议，优先搭载更领先的电池技术；（4）"全球首款豪华城市SUV"：奔驰VLE ...

Core Points - SAIC MG has publicly announced a reward program for reporting malicious activities such as black public relations and online trolling, with rewards ranging from 10,000 to 5 million RMB [1][2] Group 1: Announcement Details - The initiative aims to combat organized and malicious black PR and trolling behaviors to maintain fair competition in the market and protect the rights of SAIC MG and its users [1] - The company is seeking evidence of malicious activities, including false information spread by self-media accounts, marketing accounts, and MCN organizations [1] - Rewards will be given based on the importance of the information provided, the value of the case, and the role played by the informant, with a maximum reward of 5 million RMB for verified leads [1] Group 2: Commitment to Fair Competition - The company emphasizes the need for a collaborative effort from all sectors of society to create a clear and healthy online environment [2] - SAIC MG expresses gratitude for the ongoing trust and support from its customers and looks forward to working together to promote fair competition and a healthy online ecosystem [2]

Core Viewpoint - The report from Minsheng Securities highlights that SAIC Motor Corporation is benefiting from innovation in its self-owned brands and resilient exports, projecting a significant increase in wholesale sales in July 2025 compared to the previous year [1] Sales Performance - In July 2025, SAIC's wholesale sales increased by 34.2% year-on-year but decreased by 7.6% month-on-month - From January to July 2025, wholesale sales grew by 15.0%, with terminal deliveries reaching 2.567 million units, surpassing wholesale sales of 2.390 million units, indicating a steady reduction in inventory levels [1] New Energy Vehicles - In July 2025, sales of new energy vehicles reached 117,000 units, marking a year-on-year increase of 64.9% but a month-on-month decrease of 2.8% - Cumulatively, from January to July 2025, sales of new energy vehicles totaled 764,000 units, reflecting a year-on-year growth of 43.5% [1] Self-Owned Brands - In July 2025, sales of self-owned brands amounted to 214,000 units, up 39.4% year-on-year - From January to July 2025, cumulative sales reached 1.518 million units, a year-on-year increase of 23.3%, with the market share rising to 63.5%, an increase of 4.3 percentage points year-on-year [1] Export Performance - From January to July 2025, SAIC's overseas sales grew by 1.1% year-on-year, despite challenges such as anti-subsidy measures in the EU - The MG brand successfully delivered over 180,000 units in Europe, contributing to stable growth in export sales [1] Company Outlook - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a bottom reversal - The current price-to-book (PB) ratio stands at 0.7 times, and the report maintains a "recommend" rating for the stock [1]

Core Viewpoint - The report from Minsheng Securities highlights that SAIC Motor Corporation is benefiting from innovation in its self-owned brands and resilient exports, projecting a significant increase in wholesale sales in July 2025 compared to the previous year [1] Sales Performance - In July 2025, SAIC's wholesale sales increased by 34.2% year-on-year but decreased by 7.6% month-on-month - From January to July 2025, wholesale sales grew by 15.0%, with terminal deliveries reaching 2.567 million units, surpassing wholesale sales of 2.390 million units, indicating a steady reduction in inventory levels [1] New Energy Vehicles - In July 2025, sales of new energy vehicles reached 117,000 units, marking a year-on-year increase of 64.9% but a month-on-month decrease of 2.8% - Cumulatively, from January to July 2025, sales of new energy vehicles totaled 764,000 units, reflecting a year-on-year growth of 43.5% [1] Self-Owned Brands - In July 2025, sales of self-owned brands amounted to 214,000 units, up 39.4% year-on-year - From January to July 2025, cumulative sales reached 1.518 million units, a year-on-year increase of 23.3%, with the market share rising to 63.5%, an increase of 4.3 percentage points year-on-year [1] Export Performance - From January to July 2025, SAIC's overseas sales grew by 1.1% year-on-year despite challenges such as anti-subsidy measures in the EU - The MG brand successfully delivered over 180,000 units in Europe, contributing to stable growth in export sales [1] Company Outlook - The company is expected to benefit from state-owned enterprise reforms, potentially leading to a bottom reversal - The current price-to-book (PB) ratio stands at 0.7 times, and the report maintains a "recommend" rating for the stock [1]

Group 1 - SAIC Motor Corporation ranked 138th in the 2025 Fortune Global 500 list with a revenue of $87.2239 billion for the fiscal year 2024, marking its 21st entry into the list [1] - In 2024, SAIC delivered 1.368 million new energy vehicles (NEVs) and 1.082 million vehicles in overseas markets, becoming the only domestic automotive group to achieve annual sales of "two million" in both NEVs and overseas markets for three consecutive years [1] - In the first half of the year, SAIC's total vehicle sales reached 2.053 million units, a year-on-year increase of 12.4%, with terminal deliveries reaching 2.207 million units [1] Group 2 - The company is focusing on deepening reforms and enhancing its self-owned brand management, optimizing various business processes, and reducing product development cycles to 18 months [2] - In the first half of the year, SAIC's self-owned brand sales reached 1.304 million units, a year-on-year increase of 21.1%, accounting for 63.5% of total sales, up 4.6 percentage points from the previous year [2] - The sales of SAIC's passenger vehicles reached 368,000 units, a year-on-year increase of 9.8%, with domestic market sales soaring by 54.7% [2] Group 3 - SAIC's second-generation solid-state battery shows significant performance improvements over the first generation, and the company has collaborated with OPPO to develop a new intelligent cockpit for the MG4 model [3] - The "end-to-end" intelligent driving model has been implemented in the IM AD driver assistance system, achieving safety performance 6.7 times better than human driving [3] - In the first half of the year, the application rate of domestically produced chips exceeded 28%, with ongoing technological advancements in high-end chips [3] Group 4 - SAIC's products are sold in over 170 countries and regions, with a cumulative overseas sales exceeding 6 million vehicles [4] - The company launched its Overseas Strategy 3.0, combining global and local strategies, and the MG brand became the best-selling Chinese car brand in Europe with sales of 153,000 units [4] - Over the next three years, SAIC plans to launch 17 new overseas models, including SUVs, sedans, MPVs, and pickups, featuring new HEV hybrid systems and solid-state battery technologies [4] Group 5 - SAIC has introduced a new brand "SAIC Shangjie" in collaboration with Huawei, focusing on high-quality, durable, and reliable vehicles [5] - The first product, Shangjie H5, will offer both pure electric and extended-range power modes, with a maximum range of 655 kilometers for the pure electric version and over 1300 kilometers for the extended-range version [5] - The new vehicle is set to be officially launched in September this year [5]