1 号馆：长城、丰田成主角 1 号馆的品牌比较杂，但总体来看其实就只有长城、丰田和 212 三个品牌。 其中，长城汽车集团旗下的魏牌、哈弗、坦克、欧拉、长城炮、灵魂都在这里了，要说集团热度最高的车型，应该是魏牌高山 7 和将在 8 月 27 日上市的新 款坦克 500 了。 2025 成都车展将在 8 月 29 日正式开幕。这一届成都车展将汇聚近 120 个汽车品牌，展出车辆超过1600 辆，而且还涵盖三电系统、改装车、人形机器人等产 业。 为了让大家更清晰地了解到本届成都车展有哪些重磅新车，电车通特地为大家总结了各个展馆有哪些值得一看的新能源车。 图源：成都国际汽车展览会 废话不多说，我们直接开始。 电车通没记错的话，TOYOTA bZ 应该是首次与一汽丰田、广汽丰田首次在成都车展同台亮相，但真要说热度比较高的新能源车，可能就只有早在今年上海 车展亮相的广汽丰田铂智 7 了。只不过按照丰田在国内市场的热度来看，燃油车的吸引力大概率要比新能源车更高一些。 2 号馆：上汽集团"围攻"吉利银河、埃安 2 号馆主要有上汽集团、吉利银河和埃安，其中吉利银河为独立参展，并且会亮相品牌刚预售不久的吉利银河 M9，吉利银河 ...

摘要 ► 本 周数据： 2025年8月第3周（8.11-8.17）乘用车销量43.7万辆，同比+8.2%，环比+14.2%；新能源乘用车销量24.8万辆，同比+15.1%，环比+13.0%；新能源渗透率 56.7%，环比-0.6pct。 ► 本周行情 ：汽车板块本周表现强于市场 本周（8月18日-8月22日）A股汽车板块上涨7.2%，在申万子行业中排名第6位，表现强于沪深300（4.8%）。细分板块中，商用载货车、汽车零部件、乘用 车、摩托车及其他、汽车服务、商用载客车分别上涨8.7%、7.7%、6.9%、6.1%、3.7%、3.1%。 ► 本周观点： 摩托车 ： 推荐中大排量龙头车企 【春风动力、隆鑫通用】 。 本月建议关注核心组合 【 吉利汽车、小鹏汽车、理想汽车、比亚迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► 乘用车企业 25 Q2 业绩表现亮眼 自主高端化催化密集 本周，新势力整车催化密集，小米、小鹏、零跑发布 25Q2业绩，小米汽车业务毛利率从Q1的23.2%提升至26.4%，经营亏损从5亿元收窄至3亿元，单车毛利达 6.7万元；小鹏25Q2毛利率创新高，达17.3%， ...

证券研究报告 2025年08月22日 行业报告： 行业深度研究 比亚迪赛车场—高端化的新引擎 作者： 分析师 孙潇雅 SAC执业证书编号：S1110520080009 分析师 王彬宇 SAC执业证书编号：S1110523070005 行业评级： 上次评级： 强于大市 强于大市 比亚迪赛车场 比亚迪郑州全地形赛车场 比亚迪赛道：比亚迪郑州全地形赛车场建成并对外开放，全球首批自建全地形赛车场，赛道场景包含沙地攀爬，水陆操控，极限坡度等 比亚迪全地形驾控：赛场是技术落地的最佳舞台布局，关键科技露出：易四方、云辇的极限场景应用 赛场连接：比亚迪打造新能源汽车文化阵地，从赛车场建设到技术研究测试，再到赛道开放，比亚迪正让赛车场成为连接技术与用户的桥梁。 赛道驱动品牌的高端化演进 请务必阅读正文之后的信息披露和免责申明 赛道塑牌，从赛道走上的高端化之路，"以赛塑牌"的路径，在全球汽车产业中已有诸多先例。 1 F1赛场是技术的试炼场无论是百年豪门奔驰，还是以赛为生的法拉利，都在 F1 的胜利中锻造了"技术与豪华并举"的品牌形象，并将这种形象输送到 全球市场。 摘要 奔驰实现了从赛道到销量的系统转化，2014年至2020年间 ...

Group 1: New Car Launches - Tesla Model 3 Long Range Rear-Wheel Drive version launched at a price of 269,500 CNY, featuring a 78.4 kWh battery and a CLTC range of 830 km [4][11] - New Wuling Xingguang S launched with a price range of 99,800 to 129,800 CNY, offering both pure electric and plug-in hybrid versions [12][13] - Chery Fengyun X3 family launched with prices from 89,900 to 109,900 CNY, featuring a maximum power of 185 kW and a CLTC range of up to 520 km [23][25] - New Deep Blue L07 launched with a limited-time price of 135,900 to 155,900 CNY, offering both pure electric and range-extended versions [28][29] - New Tank 500 pre-sale started with a price range of 360,000 to 388,800 CNY, featuring a design inspired by Chinese classical architecture [38][40] - Dongfeng Fengshen L8 pre-sale started with a price range of 129,900 to 149,900 CNY, featuring a luxurious interior and advanced technology [46][49] - Lynk & Co 10EM-P pre-sale started with a price range of 192,000 to 222,000 CNY, featuring high-end specifications and advanced driving assistance [55][56] - New Zhiji LS6 pre-sale started with a price range of 209,900 to 279,900 CNY, featuring a new generation digital cockpit and advanced driving capabilities [60][66] - New Lantu Zhiyin pre-sale started at 220,000 CNY, featuring advanced driving assistance and a spacious interior [68][70] - New Buick GL8 Luxurious version pre-sale started, featuring a hybrid system with a maximum electric range of 200 km [72][78] - Chery Fengyun T11 opened for blind booking, featuring a 1.5T range-extended system [82][86] Group 2: Company Developments - Faraday Future's Equation Leopard Ti 7 will debut with BYD's self-developed tablet, enhancing in-car connectivity [89][92] - Envision Group launched an AI Super Storage and Charging Network, integrating energy management solutions [93][96] - The Ministry of Industry and Information Technology emphasized that companies should not mislead consumers regarding driver assistance systems [97][101] - Geely Auto reported a record revenue of 150.3 billion CNY for the first half of 2025, with a 27% year-on-year increase [102][106] - Hesai Technology received mass production designation for its lidar from a Toyota joint venture, indicating growth in the supply chain [110][113] Group 3: International News - Elon Musk announced the dissolution of the Dojo supercomputer team, indicating a shift in Tesla's focus towards AI chip development [114][117]

Group 1 - In July, BYD achieved total sales of 344,000 new energy vehicles, a slight year-on-year increase of 1% but a month-on-month decrease of 10% [1] - Cumulative sales from January to July reached 2.49 million units, representing a year-on-year growth of 27% [1] - The decline in July sales is attributed to seasonal factors, including reduced terminal demand due to high temperatures, lower production schedules, and the end of discounts [1] Group 2 - In July, BYD exported 81,000 vehicles, a significant year-on-year increase of 169%, although it saw a slight month-on-month decline of 10% [1] - Cumulative exports from January to July totaled 545,000 units, reflecting a year-on-year growth of 133% [1] - The decrease in month-on-month exports is primarily due to increased tariffs in Brazil, which took effect in July [1] Group 3 - BYD's fifth-generation DM technology has been updated, reducing the NEDC fuel consumption to 2.6L per 100 kilometers, a decrease of 10% [2] - All models equipped with the fifth-generation DM technology will receive a free OTA upgrade to benefit from this improvement [2] - The company is expected to see steady growth in sales and profitability due to the increasing proportion of high-end products and accelerated overseas expansion [2] Group 4 - Sales projections for BYD are estimated at 4.99 million, 5.72 million, and 6.58 million units for the years 2025 to 2027, respectively [2] - Expected net profit attributable to the parent company is projected to be 50.9 billion, 62.6 billion, and 74.4 billion yuan for the same period [2]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - In July, BYD achieved total sales of 344,000 new energy vehicles, a slight year-on-year increase of 1% but a month-on-month decrease of 10%. Cumulative sales from January to July reached 2.49 million units, representing a year-on-year growth of 27%. The decline in July sales is attributed to seasonal factors, including reduced terminal demand due to high temperatures and the end of discounts [4] - BYD's overseas expansion is accelerating, with July exports reaching 81,000 units, a significant year-on-year increase of 169%. Cumulative exports from January to July totaled 545,000 units, up 133% year-on-year. The slight month-on-month decline is due to increased tariffs in Brazil affecting short-term logistics adjustments [5] - The DM-i 5.0 technology has been updated, significantly reducing fuel consumption by 10% to 2.6L per 100 kilometers. This upgrade will be available to all existing and new owners of DM technology vehicles through free OTA updates [6] - The company is expected to benefit from an increase in high-end product sales and accelerated overseas exports, with projected sales of 4.99 million, 5.72 million, and 6.58 million units from 2025 to 2027, and net profit attributable to the parent company expected to reach 50.9 billion, 62.6 billion, and 74.4 billion yuan respectively [7] Financial Summary - For the fiscal year 2024, BYD's revenue is projected to be 777.1 billion yuan, with a year-on-year growth of 29%. The net profit attributable to the parent company is expected to be 40.3 billion yuan, reflecting a year-on-year increase of 34% [10] - The gross profit margin is expected to be 19.4% in 2024, slightly decreasing to 19.3% in 2025 but improving to 20.1% by 2027 [10] - The return on equity (ROE) is projected to be 21.7% in 2024, gradually decreasing to 17.9% by 2027 [10]

Group 1: Semiconductor Industry - In the first half of 2025, China's semiconductor industry (including Taiwan) saw a total investment of 455 billion yuan, a year-on-year decline of 9.8%, and a significant drop of 41.6% compared to the previous year, indicating a clear trend of contraction [3] - The demand for semiconductor equipment, particularly front-end equipment, is expected to weaken as the capacity expansion in mature processes is likely to end before breakthroughs in high-end lithography machines [3] - Advanced packaging equipment is anticipated to maintain high growth due to demand from technologies such as HBM and stacking, suggesting a positive long-term outlook for high-end packaging equipment in the semiconductor sector [3] Group 2: Lithium Industry - On August 11, 2025, all contracts for lithium carbonate futures surged, leading to a collective rally in lithium mining stocks, with Ganfeng Lithium's H shares soaring over 20% [7] - The suspension of mining operations in Jiangxi due to expired mining licenses may impact monthly lithium carbonate production by 7,000 to 8,000 tons, creating a significant supply gap and potential short-term price rebound for lithium [7] - The suspension is expected to positively affect the supply chain, although cost pressures in the midstream battery manufacturing sector may pose challenges [7] Group 3: Automotive Industry - BYD's Fangchengbao brand has launched its first mass-produced vehicle, the Fangchengbao Ti 7, which is positioned in the mid-to-high-end SUV market, indicating BYD's capability to establish a foothold in the high-end, personalized market [8] - The successful launch of high-end models like the Ti 7 is expected to boost confidence among industry participants and investors, while also driving growth and technological upgrades in the supply chain [8] Group 4: Energy Storage Industry - Shuangdeng Co., a leading company in the energy storage sector, is set to list on the Hong Kong main board, with plans to use the raised funds for establishing lithium-ion battery production facilities in Southeast Asia and a research center in Taizhou [8] - The energy storage industry is currently experiencing a high degree of prosperity and rapid technological iteration, transitioning from domestic growth to global expansion [8] Group 5: Aviation Industry - During the summer travel period from July 1 to August 4, 2025, the civil aviation sector executed over 593,000 passenger flights, a 3.4% increase year-on-year, with a passenger volume of 81.03 million, also reflecting a 3.4% growth [11] - The average ticket price for domestic economy class flights decreased by 7.4% year-on-year, indicating potential pricing pressures in the aviation market [11] Group 6: Education Technology - Duolingo reported a net revenue of $252.3 million in Q2 2025, a 41% year-on-year increase, with a net profit of $448,000 and an adjusted EBITDA of $7.87 million, reflecting growth in user engagement [12] - The company has optimized its product experience through AI technology, with new offerings like chess courses expected to drive future growth [12]

Core Insights - BYD's subsidiary, Fangchengbao Automotive, announced the official rollout of its first mass-produced vehicle, the Fangchengbao Titanium 7, which will feature BYD's new generation smart ecosystem [2] Group 1 - Fangchengbao Titanium 7 is the first model to be equipped with BYD's new generation smart ecosystem [2] - This marks BYD's first public announcement of a vehicle featuring its new generation smart ecosystem [2]

Group 1 - The core point of the article is that BYD's subsidiary, Fangchengbao Automobile, has officially launched the first mass-produced vehicle, the Fangchengbao Titanium 7, which will feature BYD's new generation smart ecosystem [1] - This marks the first time BYD has announced a vehicle equipped with its new generation smart ecosystem [1]

Core Insights - The article highlights the launch of the world's first intelligent connected pet safety seat by Fangcheng Leopard Automotive in collaboration with Goodbaby, specifically designed for pet owners [1] - The Ti7 model, a hybrid SUV, features a spacious interior and advanced technology, including a high-level intelligent driving assistance system from BYD [1] Product Features - The intelligent pet safety seat allows real-time monitoring through vehicle connectivity, enabling owners to check their pets' status while driving [1] - The seat is designed for both secure installation in the vehicle and easy removal for outdoor activities with pets [1] Vehicle Specifications - The Ti7 measures 4999mm in length, 1995mm in width, 1865mm in height, and has a wheelbase of 2920mm [1] - The vehicle offers a "big flat" space in the rear when the seats are folded down and features a floating central control screen in the front [1] Power and Range - The four-wheel drive long-range version of the Ti7 is equipped with a 35.6kWh battery, providing a maximum CLTC range of 180km [1] - The two-wheel drive short-range version has a 26.6kWh battery with a CLTC range of 135km, and the combined range with full fuel and battery exceeds 1300km [1] Recent Developments - On August 7, Fangcheng Leopard Automotive announced the Ti7's debut with BYD's new generation smart ecosystem, enhancing the intelligent cockpit experience [1]