IT之家 8 月 14 日消息，小鹏汽车动力总成高级总监 @XP-Jacky 今天凌晨 2 时许分享了全新小鹏 P7 的 24 小时耐力测试最新进展：现场突发恶劣天气，赛道 积水严重。若持续高速测试，则安全风险极大。在充分考虑测试车手人身安全的前提下，小鹏汽车、中汽中心及场地方讨论后决定暂停测试。 12 19 据其介绍，为保证测试结果"绝对真实完整权威"且避免出现争议测试结果，计划在赛道积水问题解决后时间清零，从 0 开始全新的 24 小时续航测试，目前 初步计划定在"今天早晨合适的时间"重新出发。 小鹏汽车副总裁 @托马斯电火车 今天早间也发文透露，天气大雾视野不好，前方小伙伴正在观察天气情况，准备再次启动测试。 ッシ 新浪财经APP Sina Finance Mobile Version 24小时全球 下载APP > r 根据IT之家昨天的报道，小鹏汽车董事长何小鹏宣布，全新小鹏 P7 的 24 小时耐力赛计划今天发车，做到"连续 24 小时人歇车不歇"，进行超高速行驶和连 续超快充补能，将会是一场难度和强度非常高的测试。 8月14日·共同见证 XPENG ...

Investment Rating - Maintain recommendation [6] Core Insights - The wholesale of passenger cars is growing faster than retail, with a stable and rapid growth in the passenger car market. In July 2025, the national retail of passenger cars reached 1.834 million units, a year-on-year increase of 7%, while wholesale reached 2.192 million units, a year-on-year increase of 12% [1][20] - The new energy vehicle market is also showing strong growth, with retail sales of 1.003 million units in July, a year-on-year increase of 14%, and a cumulative retail of 6.472 million units this year, up 30% year-on-year [1][20] - The penetration rate of new energy vehicles in the passenger car market reached 54.7% in July, indicating a significant shift towards electric vehicles [1][20] Summary by Sections 1. Weekly Market Review - The automotive sector rose by 2.68% in the week of August 2-8, 2025, outperforming the Shanghai Composite Index by 1.45 percentage points [12] - The motorcycle and other segments saw the highest increase of 8.24%, while the passenger car segment experienced a slight decline of 0.65% [15] 2. Weekly Data Tracking - Passenger car retail and wholesale data for July 1-31, 2025, showed retail at 1.834 million units and wholesale at 2.192 million units, both reflecting year-on-year growth [20] - The new energy vehicle segment's wholesale reached 1.179 million units in July, with a year-on-year increase of 25% [20] 3. Industry News - Chery and Huawei signed a strategic cooperation agreement for the Zhijie brand, committing over 10 billion yuan and increasing the R&D team to 5,000 people [2][49] - Li Auto announced a price reduction for the Li One model, now priced at 339,800 yuan, reflecting the competitive nature of the mid-to-high-end electric vehicle market [3][41] - The integration of autonomous driving teams within Geely aims to streamline operations and enhance technological capabilities [32] 4. Investment Suggestions - Focus on leading automotive companies enhancing their competitive edge in differentiated markets and the potential for brand reputation to create a snowball effect [4]

Investment Rating - The report maintains a "Recommend" rating for the automotive industry, with an optimistic outlook for the second half of the year [1]. Core Insights - Traditional automakers are expected to ramp up marketing activities in August, leading to a positive sales outlook for the second half of the year. The market is still digesting weak investment sentiment, and patience is advised while waiting for the release of semi-annual reports [1]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for Xpeng, with a year-on-year increase of 2.3 times, while Li Auto saw a decline of 39.7% year-on-year. BYD delivered 344,296 vehicles, a slight increase of 0.6% year-on-year, but a decrease of 10.0% month-on-month [2][18]. - Traditional automakers also saw notable sales growth, with Geely's sales reaching 238,000 units, up 57.6% year-on-year. SAIC Group led the sales with 338,000 units, a 34.2% increase year-on-year [20]. Discount Rates and Amounts - The average discount rate in late July was 10.0%, a slight increase of 0.1 percentage points from early July, and the average discount amount was 22,311 yuan, up 126 yuan from early July [3][22]. Industry News - The report highlights significant developments in the automotive sector, including the launch of new models by various manufacturers, such as the new Audi A5L and Q6L e-tron, and the introduction of the third-generation UNI-V by Changan [28][29]. - The penetration rate of new energy vehicles reached 54.0% in July, marking a 2.7 percentage point increase year-on-year, with new energy vehicles accounting for 21.4% of the market share [28]. Market Performance - The automotive sector saw a weekly increase of 2.35%, ranking 9th among 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 2.11% [7].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In July 2025, the company delivered 36,717 new vehicles, representing a year-on-year increase of 229.4% and a month-on-month increase of 6.1%. Cumulatively, from January to July 2025, the company delivered 234,000 vehicles, a year-on-year increase of 270.3% [2][4][8]. - The company is expected to see steady sales growth due to a strong new car cycle, with the MONA M03 and P7+ models contributing significantly. The company is also benefiting from cost reductions in platforms and technology, as well as an expanding software revenue model and continued growth in international markets [2][8]. Summary by Sections Sales Performance - July 2025 saw a record monthly delivery of 36,717 vehicles, with a year-on-year growth of 229.4% and a month-on-month growth of 6.1%. The total deliveries from January to July 2025 reached 234,000 vehicles, marking a year-on-year increase of 270.3% [2][4][8]. - The cumulative delivery of vehicles has surpassed 800,000 units as of July 2025. The MONA M03 model delivered over 15,000 units in July, maintaining strong sales momentum [8]. New Product Launches - The company is entering a strong new car cycle with the recent launches of the MONA M03 and P7+. The G7 model was launched on July 3, 2025, and has already seen significant pre-orders. Upcoming models, including the new generation P7 and the Kunpeng super electric vehicle, are expected to further enhance sales in the latter half of the year [8]. Financial Outlook - The company is projected to achieve a revenue of 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.2X. The software revenue is expected to show significant improvement, contributing to a positive financial outlook as the company enters a new car cycle [8].