文 | 螺旋实验室 无情 编辑丨坚果 近日，蔚来发布了2025年半年报，对于已经走到悬崖边缘的蔚来来说，这份成绩单可谓至关重要。幸 好，蔚来也交出了不错的成绩单，虽然仍未扭亏为盈，但销量已经走出低谷，二季度共交付72056辆， 同比增长25.6%，环比增长71.2%。 在财报发布的第二日，蔚来CEO李斌在公司内部举办了闭门会议，其提到摆在蔚来面前的挑战依然很 大，但终于等来了纯电市场的拐点，蔚来会将过去十年沉淀的技术、产品体验优势，转化为市场胜势。 李斌谈及"纯电拐点"，就像一颗投入平静湖面的石子，在行业内激起层层涟漪。这一拐点将左右各车企 的战略方向，决定谁掉队、谁扩张，行业格局也将随之重塑。 1 增程光环失色 早在2025成都车展期间，蔚来联合创始人、总裁秦力洪就曾提及"纯电拐点"这一话题。他认为随着消费 者里程焦虑逐渐被打破，以及技术进步不断优化纯电汽车的体验增值，这两点相加看到了纯电的拐点。 根据乘联分会数据，2025年1-6月，纯电动汽车累计销量为441.5万辆，同比增加46.24%；增程式车型销 量累计53.8万辆，同比增长16.5%，增速远低于纯电、插电两种车型。 来到今年7月，增程式车型的滑落 ...

Core Insights - The 2025 Qilu Autumn Auto Show features innovative digital cultural projects, including the AI interactive agent "Qiqi," a retro newspaper printing machine, and the immersive experience brand "YUMO and Dream Talk" [3][10] Group 1: AI Interactive Agent "Qiqi" - "Qiqi" serves as a personal car consultant, utilizing a large data model to provide personalized car recommendations based on user queries and preferences [4][5] - The AI agent can understand voice commands and offer tailored suggestions for various consumer needs, enhancing the car buying experience [4][5] - Attendees praised "Qiqi" for its detailed and friendly responses, likening it to a knowledgeable friend rather than a robotic assistant [5] Group 2: Retro Newspaper Printing Machine - The retro newspaper printing machine became a popular attraction, allowing visitors to create personalized "auto show commemorative" newspapers [7][8] - This machine integrates smart imaging and real-time scene fusion, offering four different design templates for users to choose from [7] - The experience transforms attendees from passive visitors to active participants and content creators, enhancing the event's social and cultural impact [8] Group 3: "YUMO and Dream Talk" MR Playground - The "YUMO and Dream Talk" brand created a mixed reality (MR) playground at the auto show, featuring interactive games that blend virtual and real-world experiences [10][11] - Four distinct interactive games were introduced, each designed to engage consumers and enhance the entertainment value of the event [10] - The MR technology allows for real-time interaction and content sharing, significantly increasing the digital influence of the auto show [11]

齐鲁晚报·齐鲁壹点记者 张雪 朱洪蕾 消费者购车更省钱 今年的汽车市场正迎来政策激励空前强劲的历史性机遇期。新能源汽车购置税减免政策继续延续，纯电动车仍能享受全免购置税优惠，插电混动（含增程 式）车型税率保持低位。 2025年初，商务部等八部门发布2025年汽车以旧换新工作的通知，扩大了汽车报废更新支持范围，将符合条件的国四排放标准燃油乘用车纳入可申请报废更 新补贴的旧车范围，报废旧车购买新能源乘用车补贴2万元，购买2.0升及以下排量的燃油乘用车补贴1.5万元；汽车置换更新方面，统一设置全国汽车置换更 新最高补贴标准，消费者卖旧车并购买新能源汽车最高补贴1.5万元，买燃油车最高补贴1.3万元。 日前，今年第三批690亿元超长期特别国债支持消费品以旧换新资金已下达各地，作为山东省内规模最大的汽车展览交易会，齐鲁车展一直是省内汽车消费 的"价格洼地",叠加新能源汽车购置税免征政策，政策组合拳为消费者构建起立体优惠体系。 8月初，一项被市场称为消费贷"国补"的金融政策正式出台——财政部、中国人民银行和金融监管总局联合印发《个人消费贷款财政贴息政策实施方案》,首 次将汽车消费纳入国家级财政贴息范畴。方案提出,2025 ...

导读：特斯拉于8月12日才刚刚推出了Model 3长续航后轮驱动版，上市至今不足一个月。 （文 / 观察者网 周盛明 编辑 / 高莘） 9月1日，特斯拉中国官网更新了Model 3长续航后轮驱动版的售价，该车型价格下调1万元，从此前的 26.95万元降至25.95万元。 Model 3长续航后轮驱动版降价1万元 特斯拉中国官网 值得注意的是，特斯拉于8月12日才刚刚推出该版本的Model 3，上市至今不足一个月。 据悉，Model 3长续航后轮驱动版为目前特斯拉在中国市场续航最长的车型。该车型搭载78.4kWh的LG 三元锂电池包，官方CLTC工况续航为830km。 此外，该车型后电机最大功率为225kW，比Model 3后轮驱动版提升31kW。 为了挽回中国市场销量下滑的趋势，特斯拉将在2025年采用多种方式刺激销量。 对于Model 3，通过提升三电系统的效率，特斯拉自年初至今已连续3次提升车辆续航。 此外，观察者网注意到，特斯拉Model 3全系还提供一系列权益，包括5年0息、8000元限时保险补贴、 8000元车漆选装礼金、三种特享充电权益和智能辅助驾驶限时免费转移。 对于Model Y，特斯拉已经于 ...

Group 1 - The event is the 2025 Qilu Autumn Auto Show, taking place from September 4 to September 8 at the Shandong International Convention and Exhibition Center [3] - The exhibition will feature the Model Y L, indicating a focus on electric vehicles [2] - The theme of the event emphasizes innovation and future mobility, suggesting a trend towards advanced automotive technologies [4]

Core Viewpoint - The launch of Tesla's Model YL at a price of 339,000 RMB has generated mixed reviews, with discussions focusing on its competition in the six-seat SUV market and its overall product strength compared to rivals [1][3][12]. Pricing and Product Positioning - The pricing of Model YL is considered reasonable compared to previous expectations of around 400,000 RMB, with a modest increase of 20,000 RMB over the long-range version of Model Y, which offers additional seating and features [3][15]. - The product strength of Model YL is viewed as average, especially in a competitive market filled with six-seat SUVs that offer extensive features and configurations [6][12]. Competitive Landscape - Key competitors identified include Li Auto's i8, Leado's L90, and Aito's new M7, with the i8 being highlighted for its value and spaciousness [9][10][13]. - The competitive impact among these models is perceived to be limited, as each has distinct target demographics, although there is some overlap between the i8, L90, and M7 [6][10]. Target Audience - The primary target audience for Model YL is identified as tech-savvy middle-class families who value electric vehicles and brand recognition, particularly those with children [10][13]. - The user demographic is estimated to be between 25-40 years old, with a focus on families needing adequate space and comfort for multiple passengers [13]. Product Features and Limitations - Model YL's interior space, particularly in the third row, is criticized for being cramped, which may deter potential buyers who prioritize space [12][15]. - While Model YL benefits from Tesla's strong brand recognition and superior battery technology, it faces challenges in interior quality and comfort compared to competitors [12][13].

Model YL最大更新也许并不是第三排，而是整体空间和细节设计。全网首测特斯拉Model YL！与其说 是大六座，你不如拿它当个大四座...... ...

Group 1: Company Research - SMIC - SMIC's Q2 2025 revenue reached $2.21 billion, a year-on-year increase of 16.2%[7] - The company's capacity utilization rate improved to 92.5%, up 2.9 percentage points from the previous quarter[7] - SMIC's gross margin was 20.4%, down 2.1 percentage points quarter-on-quarter[7] - The forecast for Q3 2025 revenue is expected to grow by 5%-7%, reaching $2.32-$2.36 billion[7] Group 2: Financial Metrics and Valuation - Target price for SMIC is set at HKD 60.00, representing a potential upside of 23.20% from the current price of HKD 48.70[5][10] - Projected revenue CAGR for the next three years is 25.0%, with net profit CAGR expected at 90.0%[10] - SMIC's market capitalization is approximately HKD 388.93 billion, with 7.99 billion shares outstanding[6] Group 3: Risks and Market Conditions - Risks include potential underperformance in capacity expansion and semiconductor cycle downturns[11] - The demand for 8-inch and 12-inch wafers is expected to grow, with ASP forecasted to increase in Q3 2025[8] - The company is positioned as the third-largest foundry globally, holding a 6% market share, which has increased by 0.5 percentage points[8]

民生证券在最新行业周报中指出，近期乘用车基本面改善，看好新车密集催化。7月下旬起终端销量环 比回暖，7月第1、2、3、4周销量分别40.5万、37万、39.7万、44.8万辆，8月第一周销量47万辆。上 周，理想i8上市后应市场需求调整配置及售价；全新小鹏P7、智界新款S7/R7开始预售；吉利银河A7正 式上市，新车共推出7款车型，限时先享价8.18万～11.78万元，新产品催化密集。该机构预计，后续伴 随新车密集上市、交付上量（重点新车包括全新问界M7、吉利银河A7、M9、零跑B01、享界S9T、特 斯拉ModelYL、问界M8纯电等），车市基本面将陆续向好。 公开信息显示，港股通汽车ETF（159323）标的指数为港股通汽车指数（931239.CSI）。该指数高度聚 焦港股整车板块，乘用车含量在同类指数中领先，且拥有相对A股稀缺的造车新势力。此外，港股通汽 车指数囊括知行科技、地平线机器人、舜宇光学科技、浙江世宝等智驾产业链标的，相较于A股汽车主 题指数，该指数智驾含量更高，更契合汽车行业发展的趋势。截至8月8日，指数市盈率（TTM）仅为 20.31倍，显著低于中证新能源汽车指数、中证汽车指数、中证全指汽 ...

Core Viewpoints - The launch of the Li Auto i8, which cost approximately 2 billion yuan in design modifications, failed to present a standout advantage or align with current market trends, leading to a significant drop of over 10% in its stock price shortly after the announcement [1][2][3] - The i8's crash test video has faced scrutiny for potentially undermining competitors and questions regarding its authenticity, prompting legal responses from the truck manufacturer involved [1][8][11] - A strategic competition for the future of family transportation has begun, with the i8 facing formidable competitors such as the Leado L90, Huawei's Aito M8 electric version, and Tesla's upcoming Model YL [1][15] Group 1: Market Performance and Investor Sentiment - Concerns among some shareholders about the company's future are evident, as key management and shareholders sold off stocks prior to the i8 launch [2][20] - The i8's design, while praised by the CEO for its aesthetic appeal, did not resonate with investors, resulting in a continued decline in stock price after its release [2][3] - The company has adjusted its annual sales target down from 700,000 to 640,000 units, reflecting a challenging market environment [16][23] Group 2: Competitive Landscape and Product Strategy - The i8 is positioned in a highly competitive segment of the pure electric six-seat SUV market, where consumer preferences are shifting towards features like storage space, which the i8 lacks [13][15] - The company is accelerating its charging infrastructure development, with over 3,000 supercharging stations and 16,000 charging piles, but the effectiveness of this strategy in alleviating consumer range anxiety remains uncertain [15][24] - The company is under pressure to deliver successful electric models, with the i6 set to launch soon, as it aims to double its sales target for electric vehicles [23][24] Group 3: Financial Performance and Profitability - The company reported a significant decline in average net profit per vehicle, dropping from 17,800 yuan to below 7,000 yuan, indicating increasing financial pressure [16][18] - Sales data for the first half of the year showed a 24.06% year-on-year decline in new vehicle deliveries, marking a rare negative growth among leading new energy vehicle manufacturers [16][17] - The company's market position is threatened as competitors adopt similar technologies and features, diluting its previous advantages [18][20]