长城的超豪华品牌正在路上。 近日，长城控股招标中心正式发布"长城汽车超豪车BG品牌用户活动项目"招标公告，长城汽车表示，现面向全球公开招募具备超豪品牌服务经验与卓越 社交媒体运营能力的供应商，服务长城汽车超豪车BG，协助用户活动的规划和执行。要求供应商具备服务劳斯莱斯、爱马仕等顶级品牌的经验，为新品 牌用户活动提供全流程支持。 吴迪摄 此次招标要求投标主体需具备服务苹果、LVMH、保时捷、劳斯莱斯等国际顶级品牌的经验，并提供2019—2024年间服务超高净值人群的成功案例，涵盖 奢侈品品鉴会、超豪车用户活动等场景。 招标书显示，供应商需具备三大核心能力，一是顶级圈层活动设计，涵盖私密品鉴会、艺术沙龙等场景，整合安缦酒店、宾利车队等高端资源；二是 KOC/KOS深度运营，代运营超高净值车主社交媒体账号，构建 "品牌—用户"内容生态；三是数字奢品内容矩阵开发，为私域App、小红书等平台定制差 异化内容策略。投标方需证明拥有独立物料工厂及从业经验超8年的专职团队。 长城汽车打造超豪华车的消息由来已久。 今年1月，据媒体报道，长城汽车成立了"长城品牌超豪车事业群（BG）"，由董事长魏建军亲自挂帅，原技术副总裁宋东先出 ...

Core Viewpoint - The automotive industry is currently facing a dual narrative of technological advancement and price competition, with a significant emphasis on the need for a shift from price wars to value wars focused on technology and service [1][3][7]. Group 1: Industry Challenges - The Chinese automotive industry is experiencing a decline in profit margins, with a profit rate of only 4.3% in 2024, dropping to 3.9% in the first quarter of 2025, which is below the average of 5.6% for downstream industrial enterprises [3]. - A total of 227 vehicle models saw price reductions last year, with electric vehicles experiencing an average price drop of 18,000 yuan, exceeding 9% [3]. - High inventory levels, reaching 3.5 million passenger vehicles by the end of April, including 850,000 electric vehicles, are pressuring companies to reduce prices [4]. Group 2: Industry Responses - The China Automotive Industry Association has called for an end to the chaotic price wars, urging companies to focus on technology and service rather than price competition [3][5]. - Industry leaders at the auto show expressed a consensus that companies should "compete on technology and service, not on price" [3][5]. - The shift towards a "value war" is seen as essential for sustainable growth, with a focus on technological innovation as the core breakthrough point [7]. Group 3: Innovations and Developments - The auto show showcased significant technological advancements, such as Huawei's autonomous valet parking and BYD's megawatt fast-charging technology, indicating a move towards high-quality, intelligent vehicles [7][8]. - Companies are also enhancing customer service experiences, with initiatives like cross-province test drive services and free vehicle pick-up for maintenance [8]. Group 4: Market Opportunities - The industry is exploring international markets as a strategy to counteract domestic price competition, with companies seeking to establish differentiated competitive advantages abroad [12]. - There is a growing interest in identifying niche markets for electric vehicles, as demonstrated by the success of models like the Wuling Hongguang MINIEV in specific regions [12].

Core Viewpoint - Xiaomi's first SUV, the YU7, is expected to be launched soon, with preparations underway for its market entry and public display in various cities [1][5][9]. Group 1: Product Launch and Availability - The Xiaomi YU7 was showcased at the 15th-anniversary strategic product launch event on May 22, but no pricing or pre-order details were provided [1]. - Xiaomi's CEO, Lei Jun, indicated on social media that the YU7 is close to its official launch, emphasizing the importance of final preparations [1][3]. - The YU7 has already arrived at multiple stores, with 13 locations in Beijing set to begin outdoor displays starting June 1, followed by other cities from June 2 [5][10]. Group 2: Pricing Expectations - Lei Jun mentioned that the YU7's pricing is expected to be at least 60,000 to 70,000 yuan higher than the Model Y, which starts at 263,500 yuan [11]. - Speculations suggest that the YU7 will not be priced below 250,000 yuan, with estimates ranging from 250,000 to 350,000 yuan for the entire series [11]. Group 3: Competitive Landscape - Other competitors in the market, such as Huawei and XPeng, have also launched new models recently, indicating a highly competitive environment in the smart automotive sector [13][20]. - The Huawei Zun Jie S800 was recently released with a starting price of 708,000 yuan, while the XPeng MONA M03 Max is priced between 119,800 and 139,800 yuan, showcasing a diverse range of offerings in the market [20][22].

Group 1: Report Summary - Report Date: May 25, 2025 [1] - Report Title: "Microstructure Crowding High, Convertible Bonds Guard Against Phased Adjustment" [1] - Analysts: Chen Xi, Liu Wei [2] Group 2: Market Review Asset Performance - Shanghai Composite Index and Wind All-A Index declined by 0.57% and 0.63% respectively, with the daily average trading volume of the whole market reaching 1.17 trillion yuan. The April industrial added value increased by 6.1% year-on-year, and the total retail sales of consumer goods increased by 5.1% year-on-year, in line with expectations. However, high micro-cap stock crowding and the rapid rise of US Treasury bonds led to a market correction [2]. - S&P 500 and Nasdaq fell by 2.61% and 2.47% respectively, related to the rapid rise of US Treasury bonds [2]. - London gold price rose by 4.86%, related to Moody's downgrade of the US sovereign rating and the rise of US Treasury bonds [2]. Convertible Bond Market - CSI Convertible Bond Index dropped 0.11%. As of May 23, the median convertible bond price, conversion premium rate, and pure bond premium rate were 120 yuan, 30.21%, and 14.18% respectively [2]. - In terms of industries, Medicine & Biology, Nonferrous Metals, and Automobiles performed well. The good performance of medicine may be related to SSGJ - 707, and nonferrous metals were mainly related to the sharp rise of gold. The market continued to rotate rapidly, lacking a leading sector [2]. Convertible Bond Terms - Bojun, Borui, Rundong, and Hao 24 decided not to redeem, while Hongchang, Hangyin, Falang, and Outong are expected to meet the redemption conditions. Jingke, Xiangjia, Fangyuan, Wentai, Leizhi, Meijin, Wenke, and Jianyou will not adjust the conversion price downward [3]. Group 3: Market Dynamics Economic Data - On May 19, the National Bureau of Statistics released April economic data. The industrial added value of large - scale industries increased by 6.1% year - on - year, and the total retail sales of consumer goods increased by 5.1% year - on - year. From January to April, the national fixed - asset investment (excluding rural households) increased by 4.0% year - on - year, with infrastructure investment increasing by 5.8%, manufacturing investment by 8.8%, and real estate development investment decreasing by 10.3%. The April economic data was generally in line with expectations but slightly weakened month - on - month, mainly related to the weak production of export enterprises in April. Infrastructure remained the main driving force of the economy [4]. Corporate Events - On May 22, at the 15th - anniversary strategic new product launch of Xiaomi, the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra will be the first to be equipped with the SoC chip Xuanjie O1, and the Xiaomi YU7 made its debut. The 3nm Xuanjie O1 is manufactured by TSMC, and the YU7 is the first SUV, but the price is expected to be announced in July [4]. International Events - On May 16, Moody's downgraded the US sovereign credit rating from Aaa to Aa1 due to the increase in the US government's debt and interest payment ratio. On May 19, the yield of 30 - year US Treasury bonds exceeded 5% during intraday trading. The rapid rise of US Treasury bonds may tighten global liquidity and increase market risk aversion [4]. Market Index Events - On May 21, the Beixin 50 and micro - cap stock index hit record highs, possibly related to market speculation on small - cap companies. However, the current micro - cap stock crowding is obvious. The trading volume ratio of CSI 2000 to SSE 50 has reached a historical high, second only to November 2023 and December 2024. Attention should be paid to the possible adjustment caused by the retreat of micro - cap stocks [5]. Upcoming Events - Next week, pay attention to the May PMI data and the Huawei Zunjie S800 press conference [5]. Group 4: Convertible Bond Views Market Situation Analysis - This week's key market events include the record highs of the Beixin 50 and micro - cap stock index and the sharp rise of US Treasury bonds. The recent rapid rotation of market styles and the significant increase in the micro - cap stock index have led to overly obvious small - cap crowding and poor microstructure. After hitting record highs on May 21, there was a significant correction on May 22. Coupled with the tightening of global liquidity caused by the rapid rise of overseas US Treasury bonds, it is further negative for micro - cap stocks sensitive to liquidity [6]. - The market has fully priced in the "reciprocal tariffs" and "tariff easing" since April and the expectations for domestic policies under the tariff background. Before the Sino - US joint statement, the market had basically returned to the level before the "reciprocal tariffs" in terms of total volume, and the sectors that were significantly affected by tariffs had also rebounded significantly [6]. Outlook - Looking ahead, the phased new logic may be "deterioration of microstructure and tightening of liquidity", which may lead to phased market self - adjustment and correction. On one hand, the microstructure has deteriorated significantly due to the continuous rapid rotation of styles and the speculation on small - cap stocks. On the other hand, historical experience shows that the rapid rise of US Treasury bonds may trigger an adjustment in micro - cap stocks. The current rise of US Treasury bonds caused by Moody's downgrade of the US sovereign rating may also lead to liquidity tightening and trigger an adjustment in micro - cap stocks [7]. Recommended Targets - Stable targets include Shangyin, Changyin, Hua'an, Lantian, Wenshi and other convertible bonds; elastic targets include Zhongchong Zhuan 2, Daotong, Yinlun, Jizhi, Limin, Qianglian, Anji, Dinglong and other convertible bonds [7]

点击蓝字，关注我们 宏观及政策层面 1、周一5月26日，欧洲央行行长拉加德在柏林赫尔蒂学院发表讲话。 公开信息显示，欧央行将在6月 5日公布最新利率决议，过去一年中，该行已经完成了七次降息，市场押注该行将在6月继续宽松步 伐，以进一步提振经济增长。周四，欧央行官员们开始进入6月决策前的静默期，因此， 拉加德本次 发言时的任何措辞或语气变化将成为重要信号。 预计拉加德将重申央行利率路径以数据为指引，贸 易和财政进展将决定2025年走势。有机构分析指出，若贸易紧张缓解，市场信心可能增强，支撑股市 并稳定收益率。 2、周一，美联储主席鲍威尔在普林斯顿大学毕业典礼发表毕业致辞。 3、周二5月27日，日本央行行长植田和男在央行主办的"货币政策的新挑战"会议上致开幕词。 此 前，在5月的利率会议上，日央行连续第二次维持利率水平不变。植田和男当日表示，贸易政策带来 的不确定性显著增加，当前实际利率明显偏低，如果经济前景实现，将继续加息，下次加息的时机将 很大程度上取决于关税对经济的影响。除了关注货币政策路径的措辞，投资者还关注植田和男是否会 对日本债市承压的近况有所表态。 4、周二，美国公布4月耐用品订单增速。 彭博预计， ...

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