本报（chinatimes.net.cn）记者温冲 于建平 沧州报道 国庆、中秋"双节"正式拉开了"银十"的序幕。不过，记者在河北沧州实地走访时发现，在综合整治"内 卷式"竞争行动下，今年国庆假期车企降价促销力度与往年相比明显减弱，范围也大幅缩小。华为鸿蒙 智行、方程豹、东风猛士等品牌没有现金优惠，部分门店有限时5000元左右的购车补贴。抢搭"政策末 班车"则成为销售人员的主要话术。 与此同时，记者还发现沧州这个三线城市对新能源汽车的需求增加显著。昊铂商超店的一名销售人员告 诉记者："十一期间，我们一家店面就卖出7台昊铂HL。"一位购买了吉利星愿的车主张先生告诉记 者："家里有油车我在开，这车主要是为了老婆上下班以及接送孩子方便，而且电车开起来确实不错。" "反内卷"在终端见成效，促销力度明显减弱 相比于"双节"到来之前车市呈现的新车密集上市、租车需求旺盛，整个国庆期间沧州市车市终端的价格 之争并不激烈，综合整治"内卷式"竞争成效显现。尤其是相比去年沧州市各个门店几千元到几万元，甚 至20万元不等的优惠，今年的促销力度明显减弱。 华为鸿蒙智行销售人员对《华夏时报》记者表示，智界、问界等鸿蒙的车型都是官方指导价 ...

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy tools and consumption recovery [8] - Key risks include potential declines in exports, consumer spending pressures, and slowdowns in real estate and infrastructure investments [8] - The upcoming U.S. economic data releases are anticipated to show increased volatility, with a higher likelihood of significant deviations from expectations [8] Fixed Income Analysis - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown and the current accommodative monetary policy [2][12] - The analysis highlights that the banking sector's capital adequacy ratios and non-performing loan ratios are above regulatory standards, providing a buffer against credit risks [12] - The report suggests that while some smaller banks may consider balance sheet reductions, the overall probability for the entire industry is low [12] Company-Specific Insights 越疆 (02432.HK) - The company reported a revenue of RMB 1.53 billion for H1 2025, a 27.1% year-on-year increase, driven by significant growth in six-axis collaborative robot sales [17] - The gross margin improved to 47.0%, with a notable reduction in net losses due to operational efficiencies [17] - The company has signed a strategic partnership with Yaoshi Bang to explore applications of intelligent robotics in the pharmaceutical sector [17] 伟仕佳杰 (00856.HK) - The company is a leading ICT solutions provider in the Asia-Pacific region, with a focus on cloud computing and AI, expecting revenue growth of 15% to 14% from 2025 to 2027 [18][19] - The Southeast Asian market is a key growth area, with revenue from this region projected to increase significantly [19] - The company has established partnerships with major tech firms, enhancing its service offerings across various sectors [19] 亿纬锂能 (300014) - The company is set to launch its solid-state battery production facility, with an expected annual capacity of nearly 500,000 cells [20] - It anticipates a significant increase in shipments, projecting a 60% year-on-year growth in 2025 [20] - The company is focusing on differentiated products, with plans to expand its production capacity significantly by 2027 [20] 比亚迪 (002594) - The company expects net profits of RMB 450 billion, RMB 589 billion, and RMB 710 billion for 2025 to 2027, maintaining a growth trajectory [20] - The focus on high-end products and international expansion is expected to drive future growth [20] 科士达 (002518) - The company forecasts net profits of RMB 5.8 billion, RMB 8.2 billion, and RMB 11.7 billion for 2025 to 2027, benefiting from the growth in data centers and energy storage [20] - The company is well-positioned to capitalize on the rapid development of the charging and storage industries [20]

为坚决捍卫公司合法权益，比亚迪将正式起诉"彭彭在吗"、"生活家林小北"等自媒体账号及其所属MCN机构，要求公开道歉并赔偿损失300万元；同时，比 亚迪也将通过法律途径向其他5个自媒体账号追责。 我们始终尊重并接受社会各界的建议和监督，但网络不是法外之地，比亚迪将持续运用法律武器捍卫企业合法权益。 9月4日，比亚迪网络举报中心发文称，近期，网络上陆续多次出现针对比亚迪的诋毁、侮辱内容，相关不实信息通过多平台、多矩阵传播扩散，已严重损害 比亚迪的产品声誉与企业品牌形象，我们已向有关部门同步反馈相关线索及信息。 9月2日，比亚迪法务部发文称，自媒体"龙猪-集车"及其相关账号因长期发布大量有关比亚迪的不实及侮辱诋毁信息，一审判决认定其构成侵权，判令被 告：赔礼道歉、删除侵权言论，并赔偿比亚迪经济损失等共计201.87万元；二审维持原判。 近期，经法院强制执行，判赔金额201.87万元已执行到账，同时自媒体"龙猪-集车"及相关账号的实控人向比亚迪予以书面致歉。 我们始终尊重并接受社会各界的建议和监督，但网络不是法外之地，对以任何形式的侮辱、造谣、抹黑等侵权行为，我们将持续以法律手段维护企业的合法 权益。 8月1日晚间， ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In August 2025, BYD's sales reached 374,000 units, showing a month-on-month increase, with a focus on high-end products and exports [8] - The company is expected to achieve annual sales of over 5 million units, with a year-on-year growth of over 17%, including 900,000 to 1 million units in exports, representing a 128% increase [8] - The report anticipates a continuous increase in the share of pure electric vehicles and ongoing efforts in high-end product development and international expansion [8] - BYD's battery installations in August increased by 23%, with significant growth in external battery supply, projecting a total installation of 290-300 GWh for the year, a 50% year-on-year increase [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 45 billion, 59 billion, and 71 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 14 times [8] Financial Projections - Total revenue is projected to reach 777.1 billion yuan in 2024, 924.5 billion yuan in 2025, and 1,047.7 billion yuan in 2026, with year-on-year growth rates of 29.02%, 18.97%, and 13.33% respectively [1][9] - The net profit attributable to shareholders is expected to grow from 40.3 billion yuan in 2024 to 71 billion yuan in 2027, with growth rates of 34% in 2024 and 11.83% in 2025 [1][9] - The earnings per share (EPS) is forecasted to be 4.42 yuan in 2024, increasing to 7.79 yuan by 2027 [1][9]

Investment Rating - The report maintains a "Buy" rating for several companies in the automotive sector, including Xiaopeng Motors, Geely Automobile, and Seres, indicating a positive outlook for their stock performance in the next 12 months [9]. Core Insights - August saw record high sales for multiple new energy vehicle companies, with a year-on-year growth of approximately 13.4% and a month-on-month growth of 7.4% across 11 companies [2][7]. - BYD, the industry leader, reported sales of 371,501 vehicles in August, with a significant increase in exports, which rose by 146% year-on-year [2]. - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year increase, while Xiaopeng Motors achieved a 169% year-on-year growth with 37,709 vehicles delivered [3][4]. - The upcoming months are expected to see further growth in sales due to new model launches and promotional activities as the traditional peak sales season approaches [5]. Summary by Relevant Sections Sales Performance - In August, BYD's sales were 371,501 vehicles, maintaining stability year-on-year [2]. - NIO's deliveries reached 31,305 vehicles, a 55.2% increase year-on-year [3]. - Xiaopeng Motors delivered 37,709 vehicles, reflecting a 169% year-on-year growth [4]. - Li Auto's deliveries were 28,529 vehicles, showing a decline of 41% year-on-year [4]. - Overall, the total sales for the sector in August amounted to 669,429 vehicles, a 13.4% increase year-on-year [7]. Future Outlook - The report anticipates strong sales in September, driven by new model launches and promotional strategies from various manufacturers [5]. - Key upcoming models include the Li Auto i6, NIO ES8, and Aion M7, which are expected to enhance market supply [5]. Company Ratings - Xiaopeng Motors (9868 HK/XPEV US) is rated "Buy" due to expected sales and margin improvements from new models [5]. - Geely Automobile (175 HK) is also rated "Buy" following its privatization of Zeekr, which is expected to enhance resource integration [5]. - Seres (601127 CH) is rated "Buy" as its Aion series expands into the high-end market, improving profitability [5].

Core Viewpoint - BYD's mid-term performance for the first half of 2025 shows significant growth in revenue and profit, highlighting its leadership in the global electric vehicle market and strong market presence in China [1][2][8] Financial Performance - BYD reported a revenue of RMB 371.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 23.30% [1] - The net profit attributable to shareholders was RMB 15.51 billion, up 13.79% year-on-year, with earnings per share at RMB 1.71 [1] Automotive and Battery Business - In the first half of 2025, BYD's sales of new energy vehicles increased by over 33.0%, solidifying its leading position in the market [2] - The overall market share for BYD's automotive business rose by 2.2 percentage points to 13.7%, making it the second-largest exporter of complete vehicles in the first half of the year [2] Technological Innovation - BYD launched the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its core electric systems [3] - The company introduced a 10C charging battery and the world's first mass-produced 30,000 RPM motor, leading advancements in pure electric technology [3] Brand Strategy - BYD's multi-brand strategy includes brands like "BYD," "Equation Leopard," "Tengshi," and "Yangwang," catering to various market segments from family to luxury vehicles [4] - The "Tengshi" brand is advancing in the high-end market, while "Yangwang" focuses on high-end products with advanced technology [4] Global Expansion - BYD's products are now available in over 110 countries and regions across six continents, with significant sales growth in markets like the UK, Brazil, and Singapore [5] - The company is establishing local manufacturing and operational processes, including a new passenger vehicle factory in Cambodia and a European headquarters in Hungary [5] Collaboration and Future Outlook - BYD is deepening partnerships with global players to enhance its green vision and accelerate the development of charging infrastructure [6] - The company is also focusing on AI and smart products, with significant growth in its AI data center business [7] - BYD aims to strengthen its competitive edge and continue its global expansion in the new energy vehicle sector [8]

民生证券研报指出，比亚迪投资50亿元打造全球首批全地形专业赛车场，并于郑州赛车场组织腾势汽车 尊享体验活动，为投资者提供深度的试乘试驾体验。高端车型展示越野、涉水、沙坡、赛道能力，直观 呈现技术价值。技术驱动高端腾势、方程豹、仰望三箭齐发。公司针对高端市场形成云辇技术、易四方 技术、Dm-o（面向越野的混动平台）等底盘、智能化控制技术，通过技术赋能高端品牌，构筑品牌溢 价。看好公司技术驱动产品力与品牌力向上，同时强化营销赋能，腾势、方程豹、仰望三箭齐发。维 持"推荐"评级。 ...

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]

Core Viewpoint - The report from Huachuang Securities highlights a decline in sales during the off-season in July, but overseas growth remains strong, indicating potential for future expansion in global market share [1] Sales Performance - Total sales in July reached 344,000 units, representing a year-on-year increase of 1% but a month-on-month decrease of 10% [1] - Cumulative wholesale sales from January to July 2025 amounted to approximately 2.49 million units, reflecting a 27% increase [1] - Sales by brand in July included 315,000 units for the Dynasty and Ocean family, 14,000 units for the Equation Leopard, 11,000 units for Tengshi, and 339 units for Yangwang [1] Overseas Market - July overseas sales totaled 81,000 units, showing a significant year-on-year increase of 169% but a month-on-month decrease of 10% [1] - Cumulative overseas sales from January to July 2025 reached approximately 550,000 units [1] Market Outlook - The company is expected to leverage its product cycle certainty for mid-term global market share expansion [1] - Short-term concerns exist regarding increased competition in the domestic affordable vehicle market, but the company, as an industry leader, is believed to have strategic advantages [1] - Mid-term growth is anticipated through advancements in intelligence and expansion into overseas markets [1] Financial Projections - The company’s scale advantages, vertical integration, and sales structure are expected to support stable or improved profitability [1] - Considering the valuation shift in the second half of 2025, a target market value adjustment to 1.2 trillion yuan is proposed, with a corresponding A-share target price adjustment to 133.3 yuan [1] - The target price for Hong Kong shares is adjusted to 145.9 HKD, factoring in a 1.0 times premium [1] - The report maintains a "strong buy" rating for the company [1]

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle market maintained a year-on-year growth in July, despite a slowdown in delivery growth due to the traditional off-season for passenger car sales [2][4]. - The overall delivery volume for new energy vehicles in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% [6]. - The report anticipates an improvement in overall sales in August as the traditional peak sales season approaches [4]. Summary by Relevant Sections Company Performance - BYD delivered 341,030 vehicles in July, a slight year-on-year increase of 0.1% but a month-on-month decrease of 9.7% [6]. - Li Auto delivered 30,731 vehicles in July, reflecting a significant year-on-year decrease of 39.7% and a month-on-month decrease of 15.3% [6]. - XPeng Motors achieved a record delivery of 36,717 vehicles in July, marking a year-on-year increase of 229.4% and a month-on-month increase of 6.1% [6]. - NIO delivered 21,017 vehicles in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4]. - Leap Motor delivered 50,129 vehicles in July, showing a year-on-year increase of 127% and a month-on-month increase of 4% [4]. Market Trends - The report notes that the penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating a strong market presence [2]. - The report expects that the upcoming launch of new models from various manufacturers will enhance market supply and drive sales during the peak season [4]. Future Outlook - Analysts are optimistic about the performance of BYD, XPeng Motors, and Geely following their new model launches and strategic initiatives [4].