中原期货研究所 晨会纪要 2025 第（112）期 发布日期：2025-06-24 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 公司官方微信 1 中原期货研究所 | 化工 | 主力合约 | 2025/6/24 | 2025/6/23 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 810.50 | 807.00 | 3.50 | 0.434 | | | 焦炭 | 1,388.50 | 1,385.00 | 3.50 | 0.253 | | | 天然橡胶 | 13,835.00 | 13,950.00 | -115.0 | -0.824 | | | 20号胶 | 12,020.00 | 12,010.00 | 10.0 | 0.083 | | | 塑料 | 7,428.00 | 7,444.00 | -16.0 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [80]. Core Insights - Jianghuai Automobile and Huawei have deepened their strategic partnership, focusing on the integration of Huawei's intelligent automotive solutions into Jianghuai's vehicle platforms, enhancing AI applications across various operational scenarios [3][13]. - The first flagship luxury electric sedan, the Zun Jie S800, has commenced mass production, with significant pre-order success, indicating strong market demand [4][15]. - The automotive sector has experienced a decline of 2.6% from June 16 to June 20, 2025, underperforming the CSI 300 index by 2.1 percentage points, although it ranks 4th among 31 sectors year-to-date with a 5.1% increase [16][23]. Summary by Sections Strategic Cooperation - Jianghuai and Huawei signed a strategic cooperation agreement on June 17, 2025, to enhance the application of intelligent automotive solutions, including AI-driven features and clean energy initiatives [3][13]. - The Zun Jie S800 project, a result of this collaboration, has a dedicated team of over 5,000 and a newly built factory equipped with advanced automation technology [4][14]. Market Performance - The automotive sector's performance from June 16 to June 20, 2025, showed a decline of 2.6%, while the CSI 300 index fell by only 0.5%, highlighting the sector's underperformance [16]. - Year-to-date, the automotive sector has increased by 5.1%, ranking 4th among all sectors [16]. Sales Data - From June 1 to June 15, 2025, retail sales of passenger vehicles reached 706,000 units, a 20% increase year-on-year, while wholesale sales were 714,000 units, up 24% year-on-year [6][36]. - New energy vehicle retail sales during the same period were 402,000 units, reflecting a 38% year-on-year growth [6][36]. Production and Delivery Plans - The Zun Jie S800 is set for initial deliveries on June 26, 2025, with plans for mass production to reach 3,000 units per month by September and 4,000 units by year-end [4][15].

直播开始，李肖爽对小米 YU7 留资率高于同期小米 SU7 三倍的数据进行补充说明："YU7 留资用户中 60% 为首次留资，40% 是首次使用小米产品。" 这意味着 YU7 吸引了大量新用户，破圈效应显著，且 与 SU7 用户重叠度没有想象中高。 此前小米 YU7 亮相粤港澳车展时，引发大批观众排队参观，小米展台成为全场焦点。小米汽车销售姜维 向雷峰网透露："现在每周末都有不少顾客到店参观、询价。" 官方数据显示，目前全国小米汽车门店数量突破 300 家。截至 5 月，小米 SU7 累计交付超 25 万台，5 月单月交付量超 2.8 万台。线下小米 SU7 系列销量持续火爆，姜维对雷峰网表示："周末试驾顾客要排 很长时间队，试驾员经常忙不过来。" 然而在销量火爆的背后，交付周期成为小米车主最关注的问题。据雷峰网调查，当前 SU7 系列交付周期 为 38-42 周。最新消息显示，小米汽车三期工厂地块于6 月 19 日竞拍成交，占地 717 亩（面积略小于 二期工厂）。尽管小米引入 700 个精密机器人推进产能扩建，但短期来看，交付周期仍难以大幅缩短。 " 对于YU7，要把控好「预期 」 。 " 作者丨 雪银 ...

2025 年 6 月 17 日 星期二 每日大市点评 6 月 16 日，尽管中东局势升级，但港股韧性凸显，三大指数午后加速上涨，恒生指数重上 24,000 点关口，全日上涨 0.7%，收报 24,060 点。恒生科指盘中涨逾 1.7%，最终收涨 1.2%，收报 5,299 点。昨日大市成交额达 2,292 亿港元，较上 周日均成交额有所放缓，但仍保持相对活跃。港股通净流入 57 亿港元。盘面上，科网股多数走强，小米（1810 HK）上涨 4.2%，快手（1024 HK）涨超 3%，京东（9618 HK）、阿里巴巴（9988 HK）和美团（3690 HK）均飘红，前期领先的网易 （9999 HK）和腾讯（700 HK）则小幅回调。内房股、中资券商股全天强势，内银股继续表现活跃，建设银行（939 HK）、交通银行（3328 HK）和农业银行（1288 HK）再创历史新高。避险板块则出现退潮，黄金股高开低走，灵宝黄金 (3330 HK)下跌 12%。 5 月国内经济呈现温和修复与结构分化态势，社零消费环比改善但内部分化延续，金融数据喜忧参半，降息降准等一揽子 金融政策有效拉动部分短期资金需求，但持续性仍待观察。外部 ...