Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

2025 年 09 月 01 日 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 申万宏源研究微信服务号 珍惜牛市行情下滞涨板块,以及 秀自马标的的底部区间 -- 2025/8/25-2025/8/29 汽车周报 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 观点：牛市行情下，我们认为在 TMT 领涨之后，以科技为驱动的板块都有望跟涨，包 ● 含机器人、低空经济等。1）对于机器人板块,我们的观点是跟随特斯拉相关的产业标 的,上半年业绩承压,下半年都有望迎来反弹,建议关注拓普、爱柯迪、三花、新泉 等;其次国内机器人产业链相关标的以"新" +"产业积累"的优秀公司为主,建议关 注敏实、宁波华翔等。2) 对于低空经济板块,今年上半年缺少催化,但 7 月 4 号民航 局成立通用航空和低空经济工作领导小组，我们认为随着资金轮动亦有望迎来板块行 情，建议关注万丰奥威、宗申动力等前期白马标的。3 ...

证券研究报告 | 2025年09月01日 汽车行业周报（25 年第 31 周） 优于大市 8 月 1-24 日乘用车批发销量同比增长 12%，华为上汽合作尚界 H5 开启预订 月度产销：根据中汽协数据，2025 年 7 月，汽车产销分别完成 259.1 万辆和 259.3 万辆，环比分别下降 7.3%和 10.7%，同比分别增长 13.3%和 14.7%。 周度数据：根据乘联会数据统计，8 月 1-24 日，全国乘用车市场零售 128.5 万辆，同比去年 8 月同期增长 3%，较上月同期增长 3%，全国乘用 车厂商批发 134.1 万辆，同比去年 8 月同期增长 12%，较上月同期增长 5%。根据交强险数据，8.18-8.24国内乘用车上牌47.67万辆，同比+4.3%， 环比+9.3%；其中新能源乘用车上牌 26.63 万辆，同比+10.6%，环比+8.0%。 本周行情：本周（20250825-20250831）CS 汽车上涨 0.28%，CS 乘用车上 涨 0.71%，CS 商用车下跌 2%，CS 汽车零部件上涨 0.7%，CS 汽车销售与 服务下跌 3.53%，CS 摩托车及其他下跌 1.93%，电动车 ...

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 9 月 1 日 [Table_Title] 品牌力带动订单火热，智车继续 AI 化 ——汽车行业周报 [Table_Summary] 报告要点： 8 月淡季批发零售差扩大，静待金九银十 乘用车：8 月 1-24 日，全国乘用车市场零售 128.5 万辆，同比去年 8 月 同期增长 3%，较上月同期增长 3%，今年以来累计零售 1,403.1 万辆，同 比增长 10%；8 月 1-24 日，全国乘用车厂商批发 134.1 万辆，同比去年 8 月同期增长 12%，较上月同期增长 5%，今年以来累计批发 1,686.6 万 辆，同比增长 13%。 新能源：8 月 1-24 日，全国乘用车新能源市场零售 72.7 万辆，同比去年 8 月同期增长 6%，较上月同期增长 7%，全国乘用车新能源零售渗透率 56.6%，今年以来累计零售 718.2 万辆，同比增长 27%；8 月 1-24 日，全 国乘用车厂商新能源批发 71.1 万辆，同比去年 8 月同期增长 11%，较上 月同期增长 3%，全国乘用车厂商新能源批发渗透率 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report indicates that a turning point has been reached for the company, suggesting that it is well-positioned for a significant transformation [1] - The company has shown strong performance in the first half of 2025, with total revenue of 299.59 billion yuan, a year-on-year increase of 5.2%, and a non-recurring net profit of 5.43 billion yuan, up 432.2% year-on-year [7] - The company is expected to benefit from its three main growth drivers: self-owned brands, new energy vehicles, and international operations, which will facilitate the transition from old to new business models [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 700.95 billion yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is projected to be 11.40 billion yuan for 2025, reflecting a significant year-on-year increase of 584.2% [5] - Earnings per share are expected to rise to 0.99 yuan in 2025, with a projected price-to-earnings ratio of 19 [5] - The company’s gross margin is anticipated to improve to 10.0% in 2025, with a return on equity (ROE) of 3.9% [5] Market Performance - The company maintained its position as the leading domestic automaker, with retail sales reaching 2.207 million vehicles, including 1.304 million from self-owned brands, a 21.1% increase year-on-year [7] - The sales of new energy vehicles reached 646,000 units, marking a 40.2% increase year-on-year [7] - The company has successfully navigated challenges in the European market, achieving a 16% year-on-year increase in deliveries for its MG brand [7]

NEWS ◆ 苹果新动向 ◆ 马斯克来真的：旗下 xAI 起诉苹果与 OpenAI，指控其合谋垄断 AI 市场 8 月 26 日消息，埃隆・马斯克（Elon Musk）的 xAI 初创公司今日在得克萨斯州对苹果公司和 OpenAI 提起诉讼，指控这两家公司合谋以「确保其在人工智能（AI）市场的持续主导地位」。 本月早些时候，马斯克曾威胁要起诉苹果和 OpenAI，原因是其应用程序 X 和 Grok 未能入选苹果 App Store 的必备应用（Must Have）板块。如今，他已经将这一威胁付诸行动。 诉讼文件指出，苹果公司因对 AI 领域的重大创新感到措手不及，这导致其与 OpenAI 合作，孤注一掷 地试图保护其智能手机垄断地位。xAI 特别提到 Siri 中集成的 ChatGPT 功能，因为目前只有 OpenAI 的 聊天机器人能够与 Siri 进行交互。（新闻来源：IT之家） 跨端「AirDrop」，曝谷歌安卓「快速分享」功能将兼容苹果 iOS 8 月 26 日消息，据科技媒体 AndroidAuthority 昨天报道，谷歌正在为苹果 iOS 开发兼容安卓的「快速 分享」功能。 Android Au ...

Core Viewpoint - The collaboration between FAW Hongqi and Huawei signifies a shift in the Chinese automotive industry towards a unified ecosystem, with Huawei becoming a dominant player in the market [2][9]. Group 1: Collaboration Details - FAW Hongqi will integrate Huawei's full-stack self-developed solutions, including laser radar, Harmony cockpit, QianKun intelligent driving, Tuling chassis, and Kirin chips into its vehicles [2][4]. - This partnership resembles an outsourcing model where core technologies, brand marketing, and sales channels are largely managed by Huawei, allowing car manufacturers to focus on production and after-sales service [4][5]. Group 2: Market Dynamics - FAW Hongqi's "Jin Kui Hua" series has struggled in sales, particularly the Guo Ya model, which is priced at 1.4 million and competes with luxury brands like Bentley and Maybach but lacks differentiation [5][7]. - In contrast, the Jianghuai's Zun Jie S800, supported by Huawei's technology, achieved over 10,000 pre-orders in just 67 days, surpassing the annual sales of luxury models like Maybach and Mercedes S-Class [7][9]. Group 3: Industry Implications - The partnership indicates that all major state-owned car manufacturers in China are now aligned with Huawei, suggesting a trend towards a "big unified" ecosystem in the automotive industry [9]. - The upcoming launch of the Shangjie H5, developed in collaboration with Huawei, has already generated positive market sentiment, reflected in stock price increases [9][10].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in the sector [5]. Core Views - The automotive industry is experiencing a significant transformation driven by the rise of intelligent and electric vehicles, with a focus on high-quality domestic brands such as Geely, Xiaopeng, Li Auto, BYD, and Xiaomi [10][13]. - The report emphasizes the robust performance of passenger car companies in Q2 2025, with notable improvements in gross margins and reduced operating losses for new energy vehicle manufacturers [2][11]. - The collaboration between NVIDIA and Foxconn in the robotics sector is expected to catalyze growth in the artificial intelligence and robotics market, with significant production targets set for humanoid robots [3][12]. Summary by Sections 1. Weekly Insights - Passenger car sales for the third week of August 2025 reached 437,000 units, representing a year-on-year increase of 8.2% and a month-on-month increase of 14.2% [42]. - The automotive sector outperformed the market, with the A-share automotive sector rising by 7.2% during the week of August 18-22, 2025, ranking sixth among sub-industries [29]. 1.1 Passenger Cars - The report highlights the acceleration of high-end domestic vehicle production, with new models set to launch in late August and September 2025, which is expected to boost sales [11][13]. 1.2 Intelligent Electric Vehicles - The report notes the long-term growth potential in the intelligent electric vehicle segment, with a focus on the increasing market share of domestic brands and the expansion of overseas markets [14]. 1.3 Robotics - The report discusses the entry of leading companies into the robotics market, with a focus on the production of humanoid robots and the expected commercialization of embodied intelligence [3][12]. 1.4 Motorcycles - The motorcycle market is experiencing rapid expansion, particularly in the mid-to-large displacement segment, with significant year-on-year sales growth [20][22]. 1.5 Heavy Trucks - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, which will stimulate demand [23][24]. 1.6 Tires - The tire industry is benefiting from high demand and low valuations, with a focus on global expansion and the development of high-end products [25][28]. 2. Weekly Data - The report provides detailed sales data for passenger cars, highlighting the impact of new consumption stimulus policies on demand [42][43].

Core Viewpoint - The article discusses the upcoming launch of five new vehicles from Hongmeng Zhixing in September, highlighting the challenges faced by the Zhijie brand and the performance of the Wanjie series, which significantly influences the overall sales trajectory of Hongmeng Zhixing [2][4][7]. Group 1: Upcoming Vehicle Launches - Hongmeng Zhixing will launch five new models in September, including the all-new Wanjie M7, Xiangjie S9T, Shangjie H5, and updated Zhijie R7 and S7 [2][3]. - The updated Zhijie R7 is expected to align its intelligent driving hardware with the Wanjie M8, featuring Huawei ADS 4 and zero-gravity seats for both front seats [3][4]. Group 2: Sales Performance and Challenges - The Zhijie brand has faced fluctuating sales, with the Zhijie R7 experiencing a peak monthly sales of 16,000 units in December last year, but dropping to around 2,000 units by June this year [4]. - In June, Hongmeng Zhixing achieved a record monthly delivery of 52,700 vehicles, with Wanjie accounting for over 80% of sales at 46,000 units, while both Xiangjie and Zhijie sold less than 5,000 units each [4][11]. Group 3: Wanjie Series Performance - The Wanjie series, particularly the M8 and M9, has shown a rebound in sales after model updates, with the M8 pure electric version set to launch in August [7][8]. - The new Wanjie M7, based on the Seres Magic Cube platform, will feature a family design language and is expected to offer both pure electric and range-extended versions [8][9]. Group 4: New Model Features and Market Positioning - The upcoming Xiangjie S9T will be the first travel car from Hongmeng Zhixing, launching both pure electric and range-extended versions simultaneously, with a focus on high-end features [11]. - The Shangjie H5 is positioned as the lowest-priced model in the Hongmeng Zhixing lineup, expected to be priced between 150,000 to 250,000 yuan, and will feature the latest ADS 4 driving assistance system [12].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [4]. Core Insights - The automotive industry experienced an overall increase of 3.2% from July 13 to July 19, with notable new vehicle announcements from companies like Huawei and Tesla [1][2]. - The adjustment of the consumption tax for ultra-luxury vehicles is expected to significantly impact the market, lowering the tax threshold from 1.3 million yuan to 900,000 yuan [27][28]. - Key companies recommended for investment include BYD, Seres, Great Wall Motors, and Jianghuai Automobile, with a focus on those with strong sales performance or potential blockbuster vehicles [7][28]. Market Performance - The automotive sector's performance was highlighted by a 3.2% increase, with the commercial vehicle segment showing the most significant weekly rise of 6.0% [2][11]. - Individual stocks within the automotive sector saw substantial gains, with Shanghai Wumart rising by 40.1%, followed by Fosa Technology at 31.2% and Zhejiang Rongtai at 28.0% [15][18]. Recent Industry Developments - New vehicle launches include Huawei's first travel car, the Enjoy S9T, and Tesla's Model Y L, both expected to hit the market in the fall [23][24]. - The report notes that the Zun Jie S800 has achieved over 8,000 pre-orders within 50 days of its launch, indicating strong market interest [25][26]. - Geely has signed a merger agreement with Zeekr Technology, further consolidating its position in the market [27]. Investment Recommendations - The report suggests focusing on companies with cost and product advantages in the auto parts sector, recommending firms like Fuyao Glass and Top Group [7][28]. - It also highlights the importance of low-altitude economy-related core targets, recommending Zongshen Power [7].