1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 30th week of this year (July 21 - July 27), domestic new energy passenger vehicle retail sales reached 239,000 units, a year - on - year increase of 11.7%, with a new energy penetration rate of 53.8%. Since the beginning of the year, cumulative retail sales of new energy passenger vehicles have reached 6.16 million units, a year - on - year increase of 27.7%, and the cumulative new energy penetration rate is 50.9% [1][117]. - From July 1 - 27, the retail sales of new energy vehicles in the national passenger vehicle market were 789,000 units, a year - on - year increase of 15% compared to the same period in July last year, and a 17% decrease compared to the same period last month. The retail penetration rate of the new energy market was 54.6%. Since the beginning of the year, cumulative retail sales have reached 6.258 million units, a year - on - year increase of 31%. The wholesale volume of new energy vehicles from national passenger vehicle manufacturers was 816,000 units, a year - on - year increase of 17% compared to the same period in July last year, and a 20% decrease compared to the same period last month. The wholesale penetration rate of new energy manufacturers was 54.2%. Since the beginning of the year, cumulative wholesale volume has reached 7.264 million units, a year - on - year increase of 35% [1][118]. - In terms of vehicle manufacturers' July delivery volume, Leapmotor and XPeng broke monthly records, and the sales data of Hongmeng Zhixing (AITO) was also relatively good. The Ministry of Industry and Information Technology stated that it will consolidate the comprehensive governance results of the "involution - style" competition in the new energy vehicle industry and strengthen the management of new energy vehicle power battery recycling [2][118]. - Globally, in June, the sales volume of new energy vehicles increased by 13.3% year - on - year to 1.483 million units. In the first half of 2025, the cumulative year - on - year increase was 27.0% to 7.813 million units. The new energy penetration rate in June was 27.3%, a month - on - month increase of 0.8 percentage points. The European new energy market has clearly recovered this year due to last year's low growth and the introduction of subsidy policies this year. The US automobile market has been affected by import vehicle tariffs. Vehicle sales increased significantly in March and April, but have turned negative year - on - year since May and June. The electrification trend has reversed. In June, the sales volume of new energy vehicles was 119,000 units (a year - on - year decrease of 9.0%), and the penetration rate has remained in the 10% range for a long time [2][119]. 3. Summary According to Relevant Catalogs 3.1 Key Target Tracking - The report shows the weekly price changes of relevant sectors and listed companies, including BYD, SERES, Great Wall Motor, SAIC Motor, etc., and provides their closing prices and weekly price change percentages [12][15]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: It includes charts of China's new energy vehicle sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV models, with data sources from the China Association of Automobile Manufacturers and Marklines [16][21][23]. - **Inventory Changes in the Chinese Market**: There are charts of monthly new inventory in new energy passenger vehicle channels and manufacturers, with data from the East - Securities Derivatives Research Institute [24][25]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Charts show the monthly delivery volumes of Leapmotor, Li Auto, XPeng, NIO, ZEEKR, AION, VOYAH, and Deepal, with data from company announcements [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts present global new energy vehicle sales (by region), penetration rate, and sales of EV and PHV models, with data from Marklines [39][40][43]. - **European Market**: It includes charts of European new energy vehicle sales, penetration rate, and sales of EV and PHV models in the UK, Germany, and France, with data from Marklines [44][45][49]. - **North American Market**: Charts show North American new energy vehicle sales, penetration rate, and sales of EV and PHV models, with data from Marklines [56][57][58]. - **Other Regions**: Charts display new energy vehicle sales, penetration rate, and sales of EV and PHV models in Japan, South Korea, Thailand, etc., with data from Marklines [59][60][63]. 3.2.3 Power Battery Industry Chain - It includes charts of power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, cell material cost,开工 rates and prices of ternary materials, ternary precursors, lithium iron phosphate, etc., with data from the China Automotive Power Battery Industry Innovation Alliance, SMM, and Shanghai Steel Union [75][77][81]. 3.2.4 Other Upstream Raw Materials - Charts show the daily prices of rubber, glass, steel, and aluminum, with data from Shanghai Steel Union, Longzhong Information, and Wind [99][100][102]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The National Development and Reform Commission has completed the allocation of the third batch of 69 billion yuan in ultra - long - term special treasury bond funds to support the replacement of old consumer goods with new ones in the third quarter of this year. The fourth batch of 69 billion yuan will be allocated in October [105]. - The Ministry of Industry and Information Technology will strengthen the management of new energy vehicle power battery recycling and consolidate the comprehensive governance results of the "involution - style" competition in the new energy vehicle industry [105]. 3.3.2 China: Industry Dynamics - From July 1 - 27, the retail sales of new energy vehicles in the national passenger vehicle market increased by 15% year - on - year, and the cumulative retail sales since the beginning of the year increased by 31% year - on - year. It is estimated that the retail sales of new energy vehicles in July will be about 1.01 million units [106][107][108]. - In the 30th week (July 21 - July 27), the retail sales of new energy passenger vehicles were 239,000 units, and the cumulative retail sales since the beginning of the year were 6.16 million units, a year - on - year increase of 27.7% [108]. 3.3.3 China: Enterprise Dynamics - Changan Automobile's indirect controlling shareholder will change to China Changan Automobile [108]. - VOYAH Automobile acquired the Wuhan Yunfeng Factory for 723 million yuan [109]. - Leapmotor delivered 50,129 vehicles in July, a year - on - year increase of over 126%, and its monthly sales exceeded 50,000 for the first time [110]. - XPeng delivered 36,717 vehicles in July, a year - on - year increase of 229%, setting a new monthly delivery record [110]. - Li Auto delivered 30,731 vehicles in July, a year - on - year decrease of 39.7%, and launched its first pure - electric SUV, the Li i8 [111]. - NIO delivered 21,017 vehicles in July, a year - on - year increase of 2.5%, and launched the new large - sized pure - electric SUV, the LeDao L90 [111]. - Hongmeng Zhixing delivered 47,752 vehicles in July [113]. 3.3.4 Overseas: Policy Dynamics - The US will impose a 15% tariff on the EU and South Korea and extend the tariff agreement with Mexico for 90 days [113]. 3.3.5 Overseas: Industry Dynamics - In June, the global sales volume of new energy vehicles increased by 13.3% year - on - year to 1.483 million units. In the first half of 2025, the cumulative year - on - year increase was 27.0% to 7.813 million units [114]. 3.3.6 Overseas: Enterprise Dynamics - Stellantis' adjusted operating profit in the first half of the year decreased by 94%. Its inventory at the end of June was 1.2 million vehicles, including 298,000 vehicles in the manufacturer's inventory [114][115][116]. - Mercedes - Benz's adjusted EBIT in the second quarter decreased by 50.9%, and in the first half of the year, it decreased by 40.7%. Its car and van sales also showed a downward trend [116]. 3.4 Industry Views The content is consistent with the core views of the report, emphasizing the sales situation of new energy vehicles in China and globally, the performance of vehicle manufacturers, and the development trends of the European and US markets [117][118][119]. 3.5 Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously being launched, and price wars are gradually being halted. - Due to severe trade protectionism in Europe and the US, which poses risks to exports, attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In terms of the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - The sales data of major automotive companies in the first half of the year reflects current market performance and indicates the trajectory for achieving annual targets, with significant disparities in performance among different companies [1][2]. Group 1: Performance of New Energy Vehicle Companies - Xiaopeng Motors achieved the highest completion rate of 51.89%, delivering 197,200 vehicles, a year-on-year increase of 279.01%, and has several new models launching in the second half of the year [3]. - Geely Auto raised its 2025 sales target from 2.71 million to 3 million units, with a current completion rate of 47% and a total sales of 1.4 million units in the first half, a 47.45% increase year-on-year [3]. - SAIC Motor showed a recovery with a total sales of 2.053 million units, a 12.35% increase year-on-year, and a completion rate of 45.6% towards its 2025 target of over 4.5 million units [4]. Group 2: Performance of Traditional Automotive Companies - China FAW and Changan Automobile are progressing steadily, with FAW achieving 1.571 million units sold (6.10% increase) and Changan reaching 1.355 million units (1.59% increase), both with completion rates around 45% [4]. - GAC Group reported a decline in sales to 755,300 units, a 12.48% decrease year-on-year, with a challenging target of achieving a 15% growth by 2025 [6]. Group 3: Performance of Emerging Automotive Companies - Xiaomi Auto delivered over 160,000 vehicles in the first half, achieving a completion rate of 46% towards its annual target of 350,000 units [5]. - Leap Motor topped the half-year sales chart with 221,700 units delivered, a 155.68% increase year-on-year, and a completion rate of 44.3% towards its annual target of 500,000 units [5]. Group 4: Challenges Faced by Major Players - BYD's completion rate is below 40%, with 2.146 million units sold, a 33.04% increase, but only achieving 39.02% of its annual target of 5.5 million units [6]. - Li Auto's sales growth has slowed, with 203,800 units delivered, a 7.91% increase, and a revised annual target of 640,000 units, resulting in a completion rate of 31.8% [7]. - NIO delivered 114,200 units, a 30.57% increase, but only achieved 25.9% of its annual target of 440,000 units, indicating pressure on overall sales [7]. Group 5: Market Outlook - The China Association of Automobile Manufacturers predicts that the automotive market will maintain healthy growth in the second half of the year, with new energy vehicle sales expected to reach 16 million units, accounting for over 50% of total new car sales [8].

Core Insights - The sales data from major automotive companies for the first half of the year reflects current market performance and indicates the trajectory for achieving annual targets [1] - There is a significant disparity in the performance of different companies, with some achieving over 40% of their annual sales targets, while others lag behind [1] Group 1: Company Performance - Xiaopeng Motors achieved the highest completion rate at 51.89%, delivering 197,189 vehicles, a year-on-year increase of 279.01% [2][4] - Geely's sales reached 1,409,180 units, with a completion rate of 46.97%, and a notable growth in its new energy vehicle segment [2][5] - SAIC Motor Corporation reported a total of 2,052,608 units sold, achieving a completion rate of 45.61% [2][5] - BYD's sales reached 2,145,954 units, but its completion rate was only 39.02%, with a notable decline in domestic sales in May and June [2][9] - NIO delivered 114,150 vehicles, achieving a completion rate of 25.94%, indicating significant pressure on its annual targets [2][10] Group 2: Market Trends - The automotive market is expected to maintain healthy and stable growth, driven by new policies and a rich supply of new products [11] - The China Association of Automobile Manufacturers predicts that new energy vehicle sales could reach 16 million units, with new cars accounting for over 50% of total sales [11]

Core Viewpoint - The article discusses the challenges and opportunities faced by Japanese joint venture automakers in the Chinese electric vehicle (EV) market, particularly focusing on the sales performance of models like the Nissan N7 and GAC Toyota's Platinum 3X, while highlighting the structural challenges due to changing consumer demographics and preferences [2][29]. Group 1: Sales Performance - GAC Toyota's Platinum 3X saw a decline in sales from 6,727 units in April to 4,344 units in May, while Nissan N7's sales reached 3,034 units in May after its launch on May 15 [2]. - The Nissan N7's cumulative order data within 35 days of launch was 17,215 units, indicating a significant gap between orders and actual sales due to production and delivery issues [2]. - The Nissan N7's weekly sales increased significantly from May 21 to June 1, with estimates suggesting a potential monthly sales range of 6,000 to 7,000 units [2][7]. Group 2: Market Positioning - In the economic EV segment, a monthly sales figure exceeding 5,000 units garners market attention, while sales over 10,000 units are considered a "small hit" [4]. - The Nissan N7 is positioned to disrupt the market by offering features and pricing that challenge traditional B-class vehicles, with a starting price of 11.98 million and a range of 540 km [6][26]. - The article notes that the Nissan N7's pricing strategy aligns with the successful sales of the Geely Galaxy Star 8, which also targets the B-class segment [6]. Group 3: Consumer Demographics - The article highlights a generational shift in the consumer base for EVs, with younger buyers (under 35) increasingly dominating the market, which poses a challenge for traditional Japanese brands that thrived in earlier decades [10][12]. - Reports indicate that 70% of Nissan N7 buyers are first-time purchasers or switching from other brands, reflecting a shift in brand loyalty among younger consumers [10]. - The changing demographics suggest that younger consumers are less influenced by the historical reputation of Japanese brands, which may hinder their market performance [17]. Group 4: Structural Challenges - Japanese automakers face significant structural challenges in adapting to the EV market, including a disconnect between their historical brand strength and the current consumer preferences for technology and design [20][21]. - The article emphasizes that the traditional attributes of Japanese cars, such as "economical and durable," may not resonate with the current EV consumer expectations, which prioritize technology and user experience [20][21]. - The article also points out that the lack of new media marketing and slow investment in smart technology are secondary challenges for these automakers [21]. Group 5: Competitive Landscape - Despite the challenges, Nissan's N7 and GAC Toyota's Platinum 3X are noted for their strong product capabilities and loyal customer bases, which may help sustain their sales [29]. - The article mentions that Toyota has seen a positive sales trend in its hybrid models, indicating a potential advantage over competitors like Nissan and Honda in the EV transition [22][26]. - The need for Nissan to establish a solid product with monthly sales of 10,000 units is highlighted as crucial for maintaining its market position in the EV sector [26].

以下文章来源于围棋投研 ，作者伟琪 围棋投研 . 业内人士，重点覆盖高端制造 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：围棋投研 来源：雪球 前两天有位卖方小伙伴更新了周度新势力车企大定情况 （ 注意不是销量 ） ， 相比于其他车企都是环比大 增 ， 小米汽车却是下滑35% ， 一反常态 。 要知道 ， 本来小米汽车都是稳定 " 好学生 " 阵营 ， 如今沦落到 " 差生班 " ， 显然是受到了前段时间的 重大事故影响 。 实际这种影响还不仅限于小米汽车本身 ， 作为产业和舆论 " 导火索 " ， 已经蔓延到了整个汽车行业 ： 在电池端 ， 工信部颁布新国标 ， 首次提出不起火不爆炸 ， 相比2020年标准 （ 提供5分钟逃生时间 ） 安全性要求更高 ； 在智驾端 ， 工信部装备工业一司组织主要汽车企业近60名代表召开智能网联汽车产品准入及软件在线升级 管理工作推进会 ， 对OTA频次 、 宣传用语 、 L2与L3的边界进行了限定 。 这倒让我有点意外 ， 没想到上市1年多交付周期还能那么久 ， 这里面既有需求原因 ， 车子卖得火爆 ， 也 有些 ...

Industry Information - The former Vice Minister of Industry and Information Technology, Su Bo, suggested that the current fuel vehicle capacity is largely underutilized and recommended mergers and restructuring of fuel vehicle companies to add new energy capacity [4][19] - The latest collision test results from China Insurance Research Institute show that the AITO M9 received the highest rating among historical test models [4] - The Ministry of Commerce reported that as of March 24, the total number of applications for vehicle trade-ins exceeded 1.5 million [12] - The State Council Development Research Center predicts that new energy vehicle sales are expected to reach 17 million units this year, with a market share of nearly 58% for new energy passenger vehicles [19] Policy Information - Hunan aims for new energy passenger vehicles to account for over 40% of total sales by 2025, with over 500,000 charging piles to be built [4] - The Ministry of Finance, Ministry of Industry and Information Technology, and Ministry of Transport announced support for 75 pilot counties to improve charging and swapping facilities by 2025 [18] Company Information - Xpeng Motors has changed its name to include "Group" in its title, indicating a broader business scope [26] - BYD plans to install nearly 200 GWh of blade battery capacity in 2024 [26] - NIO announced a partnership with Beijing Future Science City Development Group to build 100 battery swap stations [32] - NIO's cumulative delivery of the MONA model is expected to exceed 100,000 units, with over 20% of new purchases coming from users of traditional fuel vehicle brands [30] - Xiaomi Group plans to raise HKD 42.5 billion to accelerate its smart electric vehicle development [31] - Chery Automobile will invest USD 1 billion to build an electric vehicle factory in Turkey, with an expected annual capacity of 200,000 vehicles [34]

本周行情： 本周（1216-1220）CS汽车下跌0.94%，CS乘用车下跌0.58%，CS商用车下跌1.46%，CS汽车零部件下跌 0.94%，CS汽车销售与服务下跌3.15%，CS摩托车及其他下跌2.22%，电动车下跌2.03%，智能车下跌0.45%，同期的沪 深300指数下跌0.14%，上证综合指数下跌0.7%。CS汽车弱于沪深300指数0.8pct，弱于上证综合指数0.24pct，年初至今 上涨19.15%。 成 本 跟 踪 和 库 存 ： 截 至 2024 年 12 月 10 日 ， 浮 法 平 板 玻 璃 、 铝 锭 类 、 锌 锭 类 价 格 分 别 同 比 去 年 同 期-28.7%/+9.7%/+24.9%，分别环比上月同期+1.2%/-3.7%/+2.2%。11月中国汽车经销商库存预警指数为51.8%，同 比-8.6pct，环比+1.3pct。库存预警指数接近荣枯线，汽车流通行业景气度持续改善。 市场关注： 1）智驾进展：小马智行与埃安达成战略合作，拟推千台以上Robotaxi；2）车型相关：小鹏MONA第四次 OTA已全量推送，P7+上市四周累计交付破万；小米YU7预计明年六七月上市；蔚 ...