活动现场，同步展出7台全新小鹏P7，凭借超跑级车身比例、智能仿生座舱设计等亮点，展现出小鹏汽车对产品力的极致追求。全新小鹏P7于8月27日 正式上市。 文章称，新总部的亮灯与全新小鹏P7上市"双日联动"，标志着小鹏汽车在科技创新与品牌势能上的双重突破。未来，随着园区全面投用，小鹏汽车将 持续以技术创新为支点，携手合作伙伴探索智能出行的无限可能，让"下一个十年"的愿景从构想变为现实。 （校对/黄仁贵） 8月26日，小鹏汽车发文称，小鹏汽车新总部——小鹏科技园正式亮灯，科技园区以步步高"X"造型亮相，成为广州新能源产业的新地标。 科技园选址天河智慧城岑村片区，依托区域科研资源集聚、人才储备充足及政策支持力度，将打造集研发、测试、办公于一体的综合性基地。园区 以"新能源+智能科技"为核心定位，规划了四大功能楼宇：1号楼承载小鹏与汇天的核心办公，2号楼集成办公区、销售展厅及企业展厅，3号楼专设会 议活动区，4号楼则聚焦自动驾驶与AI大模型研发。 ...

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

Group 1 - The Nasdaq China Golden Dragon Index opened with a rise of over 1% [2] - The index reached a high of 8049.99 and a low of 7935.07, with a year-to-date increase of 18.19% [3] - Several popular Chinese concept stocks saw significant gains, with NIO rising over 8% and XPeng Motors increasing nearly 7% [5] Group 2 - A report from Morgan Stanley indicated strong orders for NIO's ES8, suggesting potential monthly sales of 40,000 to 50,000 vehicles starting in October [5] - XPeng's new P7 model is set to officially launch on August 27, with high pre-order volumes [5] - Atour Group reported Q2 2025 revenue of 2.469 billion yuan, a year-on-year increase of 37.4%, and adjusted net profit of 427 million yuan, up 30.2% [7] Group 3 - Hesai Technology's stock rose over 10% after announcing plans to submit overseas listing materials and reporting Q2 revenue of 710 million yuan, a year-on-year increase of over 50% [9] - Beike's Q2 2025 total transaction volume reached 878.7 billion yuan, up 4.7%, with net income of 26 billion yuan, a year-on-year increase of 11.3% [8] - EchoStar Communications surged over 80% following an agreement with AT&T to sell specific wireless spectrum licenses for approximately $23 billion [12] Group 4 - Trump Media & Technology Group's stock rose over 7% after announcing a digital asset strategy expected to secure $1 billion in cryptocurrency and $420 million in cash [13] - Apple shares fell nearly 1% amid a lawsuit alleging anti-competitive behavior in the smartphone and generative AI markets [14]

记者丨黎雨桐 编辑丨曾静娇 8月26日晚间，美股三大指数小幅低开。截至23时左右，道指微跌，纳斯达克、标普500微涨。 | 中国资产拉升，纳斯达克中国金龙指数开盘一度涨超1%。 | | --- | 多只热门中概股大涨 21财经·南财快讯记者发现， 新能源汽车中概股盘初走高， 截至23时左右， 蔚来涨超8%，小鹏汽车涨近7%。 | 禾赛科技 | 25.765 | 10.20% | 2.38 | | --- | --- | --- | --- | | HSAI.O | | | | | 朴荷生物科技 | 0.550 | 10.02% | 0.0 | | PHH.O | | | | | 蔚来 | 6.600 | 8.37% | 0.5. | | NIO.N | | | | | 小鹏汽车 | 24.667 | 6.92% | 1.5 | | XPEV.N | | | | | 小牛电动 | 4.819 | 6.38% | 0.28 | | NIU.O | | | | | 量子之歌 | 8.300 | 3.62% | 0.2 | | QSG.O | | | | | 亚朵 | 36.305 | 3.43% | 1.20 | ...

本报告导读： 小鹏汽车 25Q2 毛利率创历史新高，净亏损同环比收窄。考虑到公司产品迭代加速， "一车双能"新车周期开启，智能化属性突出，维持"增持"评级。 25Q2 毛利率创历史新高，经营质量持续优化 ——小鹏汽车 2025 年二季度业绩点评 票 研 究 请务必阅读正文之后的免责条款部分 股 海 外 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 30676 | 40866 | 90863 | 130327 | 152663 | | (+/-)% | 14% | 33% | 122% | 43% | 17% | | 毛利润 | 451 | 5846 | 14992 | 22807 | 28395 | | 净利润 | -10376 | -5790 | -1001 | 3281 | 6758 | | (+/-)% | -14% | 44% | 83% | 428% | 106% | | PE | -8.75 | -14.03 | -140.9 ...

点 击 蓝 字 关 注 我 们 本文全文共 3512 字，阅读全文约需 12 分钟 目录 国内新闻 1.截至7月底 我国电动汽车充电基础设施总数同比增长53% 2.海南调整2025年汽车置换更新补贴政策 3.江苏实施车网互动放电价格标准 4.特斯拉牵手豆包与DeepSeek 通过火山引擎接入 5.小鹏P7/G7即将上线全场景VLA功能 6.比亚迪宣布在马来西亚建设组装工厂 7.岚图汽车发布"岚海智混"技术 8.巧克力换电站无锡新吴长江路站正式开业投运 4.Waymo首次获得纽约市自动驾驶汽车测试许可 商用车 国内新闻 1 1. 华为兆瓦超充打造全球首个百兆瓦级重卡超充站 2. 锣响集团半挂车混合动力系统入选国家科技成果库 3. 合肥即将暂停国四货车补贴 4. 重庆、湖南启动老旧营运货车报废更新补贴 截至7月底 我国电动汽车充电基础设施总数同比增长53% 时间:2025.8.22 来源:财联社 国外新闻 1.加拿大取消多项对美报复性关税 汽车关税仍保留 2.ata Elxsi与铃木联合启用印度新工程中心 3.丰田将在泰国推出低价混合动力车型 8月22日，国家能源局发布7月全国电动汽车充电设施数据。截至2025年 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 8 月 25 日 [Table_Title] 新技术继续发力，全球新能源车亮眼 ——汽车行业周报 [Table_Summary] 报告要点： 乘用车 8 月前半月增速放缓，全年累计依旧强劲 乘用车：8 月 1-17 日，全国乘用车市场零售 86.6 万辆，同比去年 8 月 同期增长 2%，较上月同期增长 8%，今年以来累计零售 1,361.1 万辆， 同比增长 10%；8 月 1-17 日，全国乘用车厂商批发 84.1 万辆，同比去 年 8 月同期增长 20%，较上月同期增长 7%，今年以来累计批发 1,636.6 万辆，同比增长 13%。 新能源：8 月 1-17 日，全国乘用车新能源市场零售 50.2 万辆，同比去 年 8 月同期增长 9%，较上月同期增长 12%，全国乘用车新能源市场零售 渗透率 58.0%，今年以来累计零售 695.8 万辆，同比增长 28%；8 月 1- 17 日，全国乘用车厂商新能源批发 47.4 万辆，同比去年 8 月同期增长 18%，较上月同期增长 10%，全国乘用车厂商新能源批 ...

盈利预测与估值 考虑到25H2 上市的P7 和X9 增程版产品力强，公司智能化发展顺利，未来公司车型销量提升的可预见 性强，我们上调26-27 年收入预测，预计公司25-27 年收入856/1276/1539 亿元（与此前相比持 在M03、P7+等热销下规模效应增强，25Q2 公司毛利率17.3%，同环比+3.3/1.7pct，其中汽车毛利率 14.3%，同环比+7.9/+3.8pct，连续八个季度改善，我们认为原因或是：①规模效应提升（Q2 交付 10.3w，同环比+242/10%）；②持续降本；③车型结构改善（Q2 G6 和G7 销量占比由Q1的14%提至 25%）。单车收入/毛利分别为16.4/2.3 万元，同比-28%/+63%，环比+7%/+47%。费用管控成效显著， 25Q2 SG&A/研发费用率12%/12%，同比-7/-6pct，环比-0.5/-0.5pct。展望25H2，我们认为随G7、P7 等 车型放量，毛利率有望继续提升。公司预计25Q3 交付11.3~11.8 万辆，营收196~210 亿元。 M03 和P7+销量基础稳固，关注全新P7 同步搭载VLA 上市 25H1 公司累计交付19 ...

Core Viewpoint - Xiaopeng Motors achieved a record high gross margin in Q2 2025, with a narrowed net loss compared to previous periods, driven by accelerated product iterations and enhanced intelligent features, maintaining a "Buy" rating [1][2]. Financial Performance - In Q2 2025, the company reported revenue of 18.27 billion yuan, a year-on-year increase of 125% and a quarter-on-quarter increase of 16% [1]. - The net loss for Q2 2025 was 480 million yuan, showing a reduction compared to previous quarters [1][2]. - The delivery volume reached 103,000 units, marking a historical high with a year-on-year increase of 242% and a quarter-on-quarter increase of 10% [1]. Product and Market Development - The product mix improved, with the G6 and G9 models selling 24,000 and 10,000 units respectively, accounting for 24% and 10% of total sales, with quarter-on-quarter increases of 9.7 percentage points and 4.1 percentage points [1][2]. - The company plans to launch the Kunpeng super electric vehicle in Q4 2025 and aims to support L4 models for mass production by 2026, along with trials for Robotaxi operations [2]. Strategic Partnerships - The company announced an expanded collaboration with Volkswagen, extending their partnership from pure electric vehicle platforms to include fuel and plug-in hybrid vehicle platforms, which is expected to enhance service revenue [2]. Future Outlook - For Q3 2025, the company anticipates vehicle deliveries between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154%, with total revenue projected to reach between 19.6 billion and 21 billion yuan, a year-on-year increase of 94% to 108% [2].

机构：平安证券 研究员：王跟海/王德安 受益于汽车毛利率改善，二季度亏损继续收窄。二季度公司整体毛利率达到17.3%，同环比改善显著， 这主要是由于汽车业务毛利率的改善所致。 事项： 公司发布2025 年二季度业绩报告。2025 年二季度，公司实现营业收入182.7亿元，同环比分别增加 125.3%/15.6%，实现归母净利润-4.8 亿元，同环比分别收窄62.8%/28.1%。 平安观点： 二季度单车ASP 环比提升，汽车业务毛利率改善超预期。二季度公司交付量达到103181 台，同环比分 别增长241.6%/9.8%。汽车业务营收达到168.8 亿元，同环比分别增长147.6%/17.5%。单车ASP 为16.4 万 元，环比增加1.1 万元，ASP 改善预计主要是由于低价车型M03 交付量占比下降以及高价车型G6、 G9、X9 交付量提升所致。毛利率方面，公司二季度汽车业务毛利率达到14.3%，环比增加接近4 个百 分点，汽车业务毛利率改善幅度略超预期。公司给出的三季度交付指引为11.3~11.8 万台，对应营收指 引为196 亿~210 亿元，7 月小鹏交付量达到3.7 万台，8、9月份平均月交付量预 ...