7月10日，马斯克召开旗下AI模型Grok 4的发布会，此外还称，Grok很快就会登陆特斯拉汽车，同时特 斯拉正在扩大奥斯汀地区的Robotaxi服务范围；正等待监管部门批准在湾区推出Robotaxi服务，可能在 一两个月内推出。媒体获悉特斯拉还计划将Robotaxi服务扩展到亚利桑那州。 招商证券认为Robotaxi的商业模式从本质上有别于特斯拉传统汽车销售+FSD软件订阅的业务模式，从 单车盈利能力上来看Robotaxi > FSD软件订阅>传统汽车销售。结合公司最新给出的Robotaxi运营成本预 期，预计Robotaxi业务有望为公司带来173亿美元利润（假设远期Robotaxi车队数量达到20万辆）。 而2025年有望成为Robotaxi量产元年，全球Robotaxi产业有望迎来多重催化：1）Robotaxi商业化运营推 广加速，头部企业营收快速增长；2）量产车型有望陆续下线并投入使用，单车盈利能力快速提升；3） 全球Robotaxi运营范围持续扩大。 北汽蓝谷：与小马智聚焦极狐αT5 车型平台，将小马智行第七代 L4 级自动驾驶系统进行全栈技术集 成，联合开展全无人驾驶 Robotaxi 车型的正 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

乘用车 北汽蓝谷：制定三年跃升计划提量增利，双品牌边际显著向好 北汽蓝谷（600733.SH） 证券研究报告/公司深度报告 2025 年 07 月 03 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 14,319 | 14,512 | 38,390 | 59,751 | 76,564 | | | | 增长率 yoy% | 50% | 1% | 165% | 56% | 28% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | -5,400 | -6,948 | -4,341 | -1,244 | 1,388 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 1% | -29% | 38% | 71% | 212% | | | | 每股收益（元） | -0 ...

Core Viewpoint - The company is implementing a dual-brand strategy, aiming for significant revenue and profit growth by 2025-2027 through structural optimization and cost reduction measures [1][3]. Group 1: Dual-Brand Strategy and Financial Performance - The company, Beiqi Blue Valley, was the first domestic electric vehicle stock listed in 2018 and is now focusing on a dual-brand strategy for parallel development [1]. - The company has set a three-year leap plan from 2025 to 2027, prioritizing volume increase and profit improvement through structural optimization and cost control [1]. - In Q1 2025, the company reported a 151% year-on-year revenue growth, a 4.1 percentage point increase in gross margin, and a reduction in net loss by 60 million yuan [1]. Group 2: Market Position and Product Recognition - The Xiangjie brand is expected to replace joint venture high-end sedans, as it has established recognition among consumers, being perceived as a premium brand alongside BBA [1]. - The launch of the Xiangjie S9 extended-range version has led to significant sales improvements, indicating a strong market acceptance of the brand [2]. - The company is poised to capture market share from joint venture brands due to the limited supply of high-end sedans from domestic brands [2]. Group 3: Channel Expansion and Sales Growth - The company has doubled the number of its offline stores to 394 by the end of 2024, achieving 100% coverage in cities of tier three and above [3]. - The integration of new media strategies has effectively increased brand awareness and translated into market sales, with over 13,500 units sold in May 2025, surpassing December 2024 peak season data [3]. - The company anticipates continued monthly sales growth due to an expanded product lineup and enhanced channel strategies [3]. Group 4: Revenue Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 38.39 billion, 59.76 billion, and 76.57 billion yuan, respectively, with corresponding price-to-sales ratios of 1.1, 0.7, and 0.5 [3].

理想汽车6月交付新车36279辆，拿下新势力交付量第二，不过，6月交付量环比、同比均呈现下滑趋 势，该品牌也于近期下调了二季度交付指引。今年销量崛起的小鹏汽车6月交付新车34611辆，同比增长 224%；今年上半年，该品牌累计交付新车197189辆，超过2024年全年交付量。 今年以来备受质疑的蔚来汽车正稳扎稳打、提升交付量。6月，该公司交付24925辆汽车，同比增长 17.5%。其中，蔚来品牌交付新车14593辆；乐道品牌交付新车6400辆；firefly萤火虫品牌交付新车3932 辆。近期，萤火虫推出租电模式售价进一步下探，能否带动销量提升或在下月见分晓。小米汽车6月交 付量超过2.5万辆，伴随近期新车型YU7的爆单，其产能能力将再迎考验。 传统车企新品牌方面，华为领衔的鸿蒙智行6月创下佳绩。鸿蒙智行"四界"（问界、享界、智界、尊 界）的6月交付量达52747辆。吉利旗下，合并领克后的极氪6月交付量达43012辆，环比下滑7.58%。长 安旗下深蓝6月交付量达29863辆，环比增长超17%。此外，北汽旗下极狐、长安与宁德时代等合作品牌 阿维塔、东风旗下岚图等品牌6月交付量均超过1万辆。 转自：北京日报客户 ...

铝合金汽车零部件制造商友升股份沪主板IPO过会。 上交所上市审核委员会定于6月20日召开2025年第20次上市审核委员会审议会议，审议上海友升铝业股份有限公司（简称"友升股份"）首发事项，最终公司 顺利过会。 本次IPO，友升股份拟募资24.71亿元，投入到云南友升轻量化铝合金零部件生产基地项目（一期）、年产50万台（套）电池托盘和20万套下车体制造项目、 补充流动资金。 友升股份表示，公司长期专注于铝合金汽车零部件研发及生产，需要在这一关键时期抓住机遇，扩大市场份额，提升整体竞争力。公司规划本次募集资金用 于云南友升轻量化铝合金零部件生产基地项目和年产50万台（套）电池托盘和20万套下车体制造项目，有利于完善产品布局、形成规模优势，实现高质量发 展。 （文章来源：证券时报网） 招股书显示，友升股份是集设计、开发、生产、销售、服务于一体的专业铝合金汽车零部件制造商，公司始终专注于轻量化汽车零部件领域，致力于推动新 能源汽车的续航升级和燃油车的节能减排。 友升股份产品主要聚焦于新能源汽车领域，已经形成了门槛梁系列、电池托盘系列、保险杠系列、副车架系列等多产品体系。凭借着先进的技术工艺、强大 的产品开发实力和规模 ...

转自：北京日报客户端 6月12日，以"新汽车·新征程"为主题的2025国际汽车及供应链博览会（香港）（简称"香港车博会"）在 亚洲国际展览馆开幕。本届香港车博会由中国汽车工业协会、香港中国企业协会、中国港澳台侨和平发 展总会、香港中华厂商联合会和凤凰卫视联合举办。此次香港车博会，是中国内地汽车企业境外车展参 与度最高的一次展会，相比往届不仅规模更大，内容也更加丰富，吸引力更强。作为中国汽车行业骨干 力量、首都新质生产力和智能制造的代表，北汽集团携北汽国际和北汽福田亮相，带来4个自主乘商品 牌的多款产品和创新科技，高水平展示中国智能网联新能源汽车的发展成果。 近年来，北汽集团加速国际化发展步伐，打出一套包括海外业务体系搭建、全球研发中心布局、收购国 际零部件企业、融入戴姆勒全球供应链、北京现代整车出口、北汽南非工厂等在内的国际化发展"组合 拳"，积极融入高水平对外开放格局。 目前，北汽集团在全球6地设有研发和设计中心，拥有海外工厂41座，产品已覆盖全球130余个国家和地 区，海外销量累计超120万辆。其中，作为北汽集团自主乘用车品牌国际化发展的主平台，北汽国际可 售产品资源达到30多个系列车型型谱；北汽福田连续 ...

近日，北汽极狐5月的亮眼成绩单，证明了品牌的强大"战力"：13509辆，同比增长200.2%，"极"速增长跑赢大盘。作为"主力队员"，极狐也凭借出色的市场 表现助推北汽新能源在5月创下17120辆的佳绩。 这是极狐继今年3月之后再次站上1.3万辆大关，同时还创造了品牌月销历史新高。北汽新能源和极狐双创新高，为行业提供了通过差异化竞争突围向上的全 新解题思路。 极狐"听劝式造车" 极狐的长情式营销：从"赞助"到"共生" 车企在车市中冲锋陷阵，产品力是提供战斗力的"弹药库"。 极狐的每一款产品都是针对用户呼声而带来的系统性解决方案。特别是近年来的多款产品升 级，加速了极狐"靠谱能处"的形象。 同样，S5还带来了爆款进化的五大升级。最大亮点是新增神行版车型，搭载宁德时代5C神行超充电池，快到1秒充接近1公里，15分钟即可补能525公里。同 时还增配久坐不累的前排腰托按摩系统、HUD盲区影像功能等，让舒适安全表现再上新台阶。 不仅如此，今年第三季度，极狐T1将以A级尺寸进入A0级市场。 此后，"纯电+增程"双线作战的布局也将浮出水面。S5和T5增程版既缓解了部分用户的续航焦虑，又能在混动市场分一杯羹。 当然，新品再多 ...

飞亚达 20250606 摘要 飞亚达 2024 年总营收约 40 亿元，净利润 2.85 亿元，华南区贡献 47%营收。公司积极拓展精密科技和智能穿戴业务，其中极狐品牌智能 手表是亮点，物业租赁占比约 3.3%。 飞亚达收购精密齿轮制造商 PROPDO，旨在加速精密制造领域发展， PROPDO 在航空航天小模数齿轮和减速器方面具有领先优势，是国家级 专精特新小巨人企业。 飞亚达对手表业务保持信心，认为长期市场前景广阔，尽管短期可能受 消费环境影响。PROPDO 估值基于技术能力和市场前景，收购旨在增强 技术实力和拓展高潜力市场。 飞亚达将手表和精密制造作为未来发展重点，手表业务是业绩基本盘， 精密制造是转型升级方向。PROPDO 过去几年收入稳健增长，但 2024 年受航空航天项目波动影响。 飞亚达期望 PROPDO 保持与宏观经济一致的增速，尤其看好 C919 等 民用航空领域。飞亚达将在新产业方面赋能 PROPDO，实现资源互补， 推动高端装备等领域发展。 Q&A 飞亚达公司目前的业务结构是怎样的？ 飞亚达公司成立于 1987 年，主要从事手表业务。目前，公司有几块主要业务： 第一块是自主品牌手表，以飞 ...

Core Viewpoint - The company is committed to enhancing its high-end electric vehicle brand, Xiangjie, in collaboration with Huawei, aiming to establish a strong presence in the luxury electric vehicle market [1][3]. Group 1: Brand Development and Strategy - Xiangjie is a high-end luxury brand co-developed with Huawei, with the first model, Xiangjie S9, set to launch in August 2024, targeting a price point around 300,000 yuan [1]. - The company has established a dedicated Xiangjie division to prioritize brand development and has adopted a "dual brand, dual model" strategy focusing on both Xiangjie and Jihu [3]. - Leadership from both BAIC Group and BAIC Blue Valley is actively involved in promoting the Xiangjie brand through various marketing events and product launches [3]. Group 2: Resource and R&D Investment - Significant resources have been allocated to ensure high manufacturing standards, with partnerships with Magna and Mercedes-Benz to enhance product quality and delivery capabilities [3]. - The company is prioritizing R&D for the Xiangjie brand, with over 1,200 engineers dedicated monthly to support development efforts in collaboration with Huawei [3][5]. Group 3: Sales and Market Expansion - The company plans to establish numerous Xiangjie user centers in first to third-tier cities by the end of the year to enhance market penetration [4]. - The sales strategy includes increasing the sales ratio of Xiangjie vehicles from 1:10 to approximately 1:3 compared to Jihu, alongside efforts to boost international sales [6]. Group 4: Financial Performance and Future Plans - In 2024, the company expects to achieve a revenue of 14.512 billion yuan, reflecting a year-on-year growth of 1.35%, while Q1 2024 revenue reached 3.773 billion yuan, up 150.75% [5][9]. - The company has outlined a three-year plan (2025-2027) focusing on sales volume, product mix optimization, cost reduction, and overall profitability improvement [5][6]. - Initial results from these strategies show a 151% increase in revenue in Q1, with an average selling price increase of 9,000 yuan and a 4.1 percentage point improvement in gross margin [9].