在央行流动性支持、消费刺激政策加码及中报业绩披露等多重利好因素共同作用下，中国资本市场整体向好。 汽车业上市公司更是迎来普涨行情，总市值大幅攀升。 01 随着央行持续开展大额逆回购和MLF操作，银行体系流动性充裕，对股市构成利好。 其中，8月15日央行开展5000亿元6个月期买断式逆回购操作。8月25日又开展6000亿元1年期MLF操作，净投放3000亿元。 资金积极入场，汽车业上市公司延续普涨行情。 8月25日，东风汽车集团（00489.HK）暴涨55.28%，股价一举突破9港元，最高一度突破10港元；蔚来港股大涨超15%；广汽集团涨幅超8%…… 虽然汽车市场很骨感，但资本市场很丰满。 不仅如此，有分析指出，当前可能以存量散户加杠杆入市为主，伴随市场赚钱效应提升，居民部分资金可能正从银行存款、理财等流向股市。 此外，消费品"以旧换新"政策加码，后续政策可能在上调资金支持规模、扩大品类范围等方面发力，以直达消费者，有效扩大内需、提振消费。 再加上中期业绩密集披露，亦成为影响个股涨跌的重要因素。 综合上述因素，中国三大股指继续上涨。 02 聚焦到汽车行业，《汽车K线》统计102只中国汽车股中，超7成半个股实现上 ...

近日，汽车行业一则诉讼消息引发轩然大波。根据人民法院公告网于2025年8月6日发布的公告，比亚迪 （002594）已就网络侵权责任纠纷对常尧提起诉讼，案号为(2025)京0491民初7591号。由于无法联系到 常尧本人，法院已启动公告送达程序，并将于9月下旬开庭审理。多方猜测，常尧即坦克品牌CEO，目 前已处于失联状态。 公告显示，自公告之日起经过30日，即视为向常尧送达起诉状副本、应诉通知书等一系列诉讼材料。同 时，提出答辩状的期限为公告送达期满后的次日起15日，并定于答辩期满后第3日的14时30分（遇法定 休假日顺延），在北京互联网法院第四十二法庭进行远程庭审。北京互联网法院还公布了联系人及联系 电话，方便相关人员联系。 公开资料显示，常尧于2005年本科毕业于约克大学。2022年，担任长城汽车（601633）用户运营高级总 监，负责坦克品牌的用户运营工作。此后职业发展一路高升，2024年4月，升任坦克品牌副总经理，分 管长城汽车的用户运营中台。到了2025年5月，常尧更是晋升为坦克品牌CEO 。 然而，在常尧履新不久，就有消息传出其处于失联状态。据多家媒体报道，负责长城汽车旗下知名越野 品牌坦克运营的常 ...

乘用车企业25Q2业绩表现亮眼自主高端化催化密集。本周，新势力整车催化密集，小 米、小鹏、零跑发布25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损 从5亿元收窄至3亿元，单车毛利达6.7万元；小鹏25Q2毛利率创新高，达17.3%，同比 +3.3pct；零跑25Q2毛利率升至14.1%，创半年度毛利率新高，业绩整体表现亮眼。此外，蔚 来全新ES8正式发布并开启预售，BaaS方案售价30.88-45.68万元；控股股东何小鹏增持小鹏 汽车310万股港股（每股作价80.49港元，总金额约2.5亿港元），强化发展信心。展望后续， 问界M8/坦克500将于8月25/27日上市，问界M7、上汽尚界H5、蔚来ES8、吉利极氪9X将于9 月上市，魏牌旗舰SUV（搭载元戎启行VLA模型）将于25Q3上市，预计后续伴随新车密集 上市、交付上量，自主高端化车型有望加速上量。 NVIDIA携手富士康布局机器人具身智能催化可期。本周，NVIDIA携手富士康布局人工 智能机器人市场，人形机器人量产在即；智元机器人宣布具身智能迈入商用元年，计划今年 出货数千台，并在未来几年实现年产几十万台。全年来看，1）客户 ...

摘要 ► 本 周数据： 2025年8月第3周（8.11-8.17）乘用车销量43.7万辆，同比+8.2%，环比+14.2%；新能源乘用车销量24.8万辆，同比+15.1%，环比+13.0%；新能源渗透率 56.7%，环比-0.6pct。 ► 本周行情 ：汽车板块本周表现强于市场 本周（8月18日-8月22日）A股汽车板块上涨7.2%，在申万子行业中排名第6位，表现强于沪深300（4.8%）。细分板块中，商用载货车、汽车零部件、乘用 车、摩托车及其他、汽车服务、商用载客车分别上涨8.7%、7.7%、6.9%、6.1%、3.7%、3.1%。 ► 本周观点： 摩托车 ： 推荐中大排量龙头车企 【春风动力、隆鑫通用】 。 本月建议关注核心组合 【 吉利汽车、小鹏汽车、理想汽车、比亚迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► 乘用车企业 25 Q2 业绩表现亮眼 自主高端化催化密集 本周，新势力整车催化密集，小米、小鹏、零跑发布 25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损从5亿元收窄至3亿元，单车毛利达 6.7万元；小鹏25Q2毛利率创新高，达17.3%， ...

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Investment Rating - The report maintains a positive outlook on the automotive industry, specifically recommending "Overweight" for the sector, indicating it is expected to outperform the overall market [2][10]. Core Insights - Great Wall Motors is focusing on the expansion of its high-profit brands, Wey and Tank, with expectations of monthly sales reaching 20,000 units for Wey following the launch of new models [3][4]. - JAC Motors is seen as having a unique position in the high-end market, with the launch of the Zun Jie S800 expected to reshape the ultra-luxury segment, supported by Huawei's marketing [4]. - The report suggests that both Great Wall Motors and JAC Motors have strong potential for profit growth and should be closely monitored for investment opportunities [3][4]. Summary by Sections Great Wall Motors - The company continues to focus on the Wey and Tank brands, with the potential for significant sales increases and profit elasticity due to new model introductions [3]. - The current low PE ratio in the Hong Kong market suggests high value and ongoing recommendation for investment [3]. JAC Motors - JAC is positioned well in the high-end market, with the Zun Jie S800 expected to outperform joint venture luxury vehicles, benefiting from Huawei's marketing [4]. - The company anticipates a reduction in losses in 2024, with new vehicle launches in collaboration with XPeng expected to improve sales significantly [4]. - The report highlights a dual logic of high-end breakthrough and profit recovery for JAC Motors, suggesting it is a key focus for investors [4].

格隆汇8月18日｜平安证券研报指出，长城汽车全新坦克500智享版开启预售，此次新款坦克500共推出 两个版本，其中Hi4-Z智享版预售价38.88万元，Hi4-T智享版预售价36.00万元，预售24小时订单突破 11000台。公司的坦克品牌所处的细分赛道用户粘性强，坦克品牌目前已经构建起越野领域的护城河， 品牌保值率高，在《2025Q1中国汽车保值率排行榜》中，坦克成为国内唯一3年保值率攀上60%的国产 品牌，而根据坦克SUV公众号披露，坦克300三年保值率64.57%，位居紧凑型SUV保值率第一名。认为 长城汽车的越野技术及品类护城河高，混动技术架构持续丰富+越野及泛越野品类特色持续锐化，通过 Hi4-Z技术及智能化的技术加持，坦克品牌有望从小众走向大众，应用场景的多元化将带来更广阔的想 象空间。根据最新情况，调整公司2025~2027年净利润预测为147亿/159亿/183亿元（此前预测值为154 亿/169亿/182亿元），维持公司"推荐"评级。 ...

Group 1: Tank 500 Launch - Great Wall Motors launched the new Tank 500 for pre-sale on August 11, with a price range of 360,000 to 388,800 yuan targeting the Hi4-T and Hi4-Z hybrid models [1][4] - The new model maintains its length of 5,078 mm and features a rugged design, while introducing an international branding strategy with the "GWM TANK" logo [1][4] - The interior has been optimized for space, featuring a new gear shift design and a temperature-controlled refrigerator, enhancing its utility for outdoor scenarios [1][3] Group 2: Intelligent Driving and Powertrain - The Hi4-T/Hi4-Z models are equipped with the third-generation Coffee Pilot Ultra system, enabling urban NOA functionality through advanced sensor technology [3] - The powertrain specifications remain consistent, with the fuel version featuring a 3.0T V6 engine producing 360 horsepower, while the Hi4-T hybrid system delivers a combined power of 408 horsepower and a pure electric range of 110 km [3][4] Group 3: Market Positioning and Resale Value - The pre-sale pricing is higher compared to competitors like the Fangcheng Leopard 8, but the second-hand market shows strong resale values, with the Hi4-T maintaining above 220,000 yuan and the Hi4-Z above 280,000 yuan [4] - This high pricing strategy may limit rapid sales growth but helps maintain brand premium through strong resale characteristics, similar to the Toyota Prado [4] Group 4: New Model Launches - Zhiji Auto began pre-sales for the new LS6 model on August 15, with a starting price of 209,900 yuan, introducing a range-extended version for the first time [7][9] - The LS6 features a pure electric range of 450 km and is equipped with advanced driving systems, including a 1.5T engine and a 230 kW electric motor [9] Group 5: Dongfeng Fengshen L8 PHEV Launch - Dongfeng Fengshen launched the L8 PHEV on August 11, with a price range of 129,900 to 149,900 yuan, featuring a compact SUV design and a 1.5T hybrid system [21][22] - The L8 offers a maximum pure electric range of 185 km and is equipped with a 360 horsepower powertrain, positioning it competitively against established models like the Geely Galaxy L7 [22][26]

比如，坦克品牌旗下多款车型均进驻过长城智选门店，但同时又在经销商渠道销售。交叉的车型分配模 式导致直营模式与经销商模式，由理想中的优势互补转为现实中的竞争关系：一边是全国统一售价的直 营店，一边是具有部分终端定价权的经销商，这就难免会出现品牌内部价格战、经销商低价抢单的情 况。 如何平衡渠道利益？ 日前，有消息称，长城汽车旗下品牌魏牌商业化总经理陈佳于近期离职。对此，8月12日，一位魏牌内 部人员向《每日经济新闻》记者确认了该消息的真实性。该魏牌内部人员表示，"陈佳确实已经辞职。" 作为魏牌高管，陈佳鲜少公开露面，最近的一次是在今年4月上海车展上，陈佳与魏牌CEO冯复之等公 司高管接受媒体采访。 《每日经济新闻》记者了解到，在离职之前，陈佳主要负责魏牌营销体系建设相关业务，比如弥合直营 门店和经销商之间的商业和服务标准，提升直营渠道的数字化运营能力等。 冯复之曾表示："陈佳要确保两个渠道（直营门店与经销商）商业底层的一致性，实现一加一大于二。" 魏牌销量增长明显 外界将陈佳离开魏牌的原因归结为，当下解决直营门店与经销商两套渠道"左右手互博"的问题，难度较 高。公开资料显示，目前，魏牌直营门店已经覆盖了全国11 ...

"全新坦克500硬核也智能！谁说越野只能靠蛮力？全新智驾系统上车——不过智驾尚在成长，人工仍是 点睛之笔。"具体表现怎么样，我们一起来看看视频。 ...