公司发布6 月产销快报，6 月汽车销量为11.1 万辆，同比+12.9%，环比+8.3%；2025 年Q2 汽车销量为 31.3 万辆，同比+10.1%，环比+21.9%；2025 年H1 汽车销量为57.0 万辆，同比+1.8%。 新能源销售保持高增长，2025Q2 海外销售回升明显6 月公司新能源汽车销量为3.6 万辆，同比+39.4%， 环比+11.5%；1-6 月累计销量为16.0 万辆，同比+21.2%。2025 年H1 新能源汽车销量占比为28.2%，同 比+4.5pct，电动化进一步向上。出海方面，6 月海外销量为4.0 万辆，同比+5.2%，环比+16.0%，1-6 月 海外累计销量为19.8 万辆，同比-1.9%。2025 年Q2 公司海外销量为10.7万辆，同比-1.8%，环比 +17.5%，环比回升明显。我们预计公司巴西工厂将于2025年H2 投产，投产后初期将生产3 款车型，产 能5 万辆，后续产能将逐步提高至10万辆，通过海外建厂实现销售，一方面提升公司销量，另一方面也 降低了公司受到关税等不利因素的影响。 投资建议 我们预计公司2025-2027 年营收分别为2427/2812/3 ...

Core Viewpoint - The Haval brand has launched the Menglong fuel version model, redefining the value benchmark for off-road vehicles with a competitive starting price of 136,900 yuan and a full configuration of 2.0T and four-wheel drive, making off-road experiences more accessible [1][7]. Group 1: Product Features - The Haval Menglong fuel version is equipped with a 2.0T Miller cycle engine and Great Wall's self-developed 9DCT transmission, ensuring excellent off-road performance [3]. - The engine achieves a thermal efficiency of 38.3%, with a 13% increase in maximum power and an 18% increase in torque, while expanding the economic fuel consumption range by 20% [3]. - The vehicle has a combined fuel consumption of 8.65L/100km under WLTC testing standards, comparable to that of ordinary two-wheel drive SUVs [5]. Group 2: Design and Usability - The design retains the classic boxy shape, optimizing approach and departure angles for better off-road capability, while the interior layout emphasizes practicality with a flexible trunk design [7]. - The Ultra version offers a towing capacity of 1.6 tons, allowing users to tow large equipment like RVs and motorcycles, enhancing outdoor lifestyle possibilities [7]. Group 3: Market Strategy - Haval's strategy of offering full configuration (2.0T and four-wheel drive) as standard contrasts with competitors' "low configuration to attract" approach, simplifying consumer choices and showcasing confidence in product strength [7]. - The launch of the Menglong fuel version enhances Haval's product matrix in the off-road SUV market, injecting new vitality into the fuel vehicle market amid the rising trend of new energy vehicles [7].

业 汽车 2025 年 06 月 23 日 及 产 业 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 机器人展会、长城汽车更新 看好 ——一周一刻钟，大事快评（W112） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 研 究 / 行 业 点 评 ⚫ 机器人展会：本次杭州机器人展虽整机厂商参与有限，但仿真训练与传感器方向亮点突 出。部分企业面向工业客户提供模型包与虚拟仿真环境，协助机器人训练，商业模式以 定制化数据收费为主，思路与巨一科技依托 Omniverse 平台构建数字孪生系统相似，若 形成闭环，有望提升行业价值密度。同时，玻璃微熔工艺扭矩传感器因其车规级路径、 成本优势与可量产性受到关注，售价预计仅数百元，具备替代传统六维传感器潜力。整 体看，车规成熟方案在机器人领域的技术迁移空间广阔，值 ...

在后台的见面会上，黄晓明激动地表示，自己为了"吴优"一角付出巨大，不惜为了角色而"自虐"改变形 象，感叹"努力真的会有收获！" 5月28日，电影《阳光俱乐部》曾宣布定档6月28日。 此次撤档通知由北京风合影业有限公司发布，暂 未披露撤档具体原因。 公开资料显示，《阳光俱乐部》是由魏书钧、翟义祥编剧，魏书钧执导，黄晓明、陆小芬、祖峰主演的 剧情电影。 该片讲述了吴优（黄晓明饰演）无忧无虑与母亲相依为命，在其加入阳光俱乐部成为高级合伙人后母亲 患病，他坚信生命有奇迹，带着母亲踏上寻觅阳光之旅的故事。 黄晓明为角色增重3 0斤 据南方都市报，去年6月，第26届上海国际电影节金爵奖颁奖典礼上，黄晓明凭借《阳光俱乐部》斩 获"最佳男演员"。 黄晓明在片中饰演智力有缺陷的"吴优"，颠覆了以往的影视形象。 另据极目新闻， 为了诠释好这个表演难度极大的角色， 黄晓明除了去慈善机构体验生活，还刻意增重30斤 ，把头发和 眉毛打薄，戴上了假牙套，呈现出一个判若两人的黄晓明。 今年暑期档第一部撤档的电影出现了。6月7日，由魏书钧执导，黄晓明主演的电影《阳光俱乐部》发布 撤档通知，正式退出暑期档，具体上映时间待定。 天眼查显示，黄晓 ...

Group 1 - The "Huan Ta Happy Week" event organized by Great Wall Motors in Kashgar, Xinjiang, marks a continuation of activities following the 2025 Huan Ta Rally, showcasing the company's strong performance in the rally with multiple awards in different categories [1] - Great Wall Motors' Vice General Manager Wang Chao announced China's first "Off-Road Skills Grading Standard," which, along with previously released standards, forms a comprehensive grading system assessing off-roaders' capabilities and safety across four dimensions: experience, equipment, theory, and driving [3] - The off-road skills will be categorized into four levels, from beginner to professional, with each level unlocking new skills and capabilities, and the system will also include training opportunities through an upcoming off-road route book app [3] Group 2 - Chairman Wei Jianjun emphasized the importance of safety in off-road activities and the company's goal to guide enthusiasts in enjoying off-roading safely through the newly released grading system [3] - Great Wall Motors plans to introduce more models like the V6 Cannon, which require only minor modifications to participate in competitions, aiming to lower the barriers for more people to engage in off-road activities and professional events [4]

Core Insights - Great Wall Motors has achieved significant success in the recent Rally event, winning multiple awards in different categories, indicating a strong position in the off-road vehicle market [2] - The company is focusing on off-road vehicle development as a strategic move to differentiate itself in a competitive market, emphasizing product diversification and specialization [3] - Great Wall is actively building a comprehensive off-road ecosystem, including technology advancements and community engagement, to strengthen its market position [4] Group 1: Performance and Achievements - Great Wall Motors' Hi4 team won the T2.E production new energy group championship at the Rally event, while its Haval and Tank teams secured top positions in the T2.1 fuel group [2] - In May, Great Wall sold 102,200 vehicles, marking an 11.78% year-on-year increase, with Haval brand sales growing by 22.58% to 58,000 units [3] Group 2: Strategic Focus - The company is concentrating on off-road vehicles as a key strategy to navigate market competition, with a focus on creating a "blue ocean" through product differentiation [3] - Great Wall aims to leverage its new energy off-road technology to support its transition to electric vehicles while solidifying its position in the off-road segment [3] Group 3: Technological Advancements - Great Wall has introduced the Hi4 intelligent four-wheel drive technology and plans to release additional technology frameworks in the coming years, enhancing its technical capabilities [3] - The company has established a grading system for off-road capabilities based on various performance metrics, which will help in standardizing and promoting its off-road vehicles [4]

【文/观察者网 张家栋 编辑/高莘】 当电动化与智能化转型的势头一浪高过一浪，长城汽车却正用另一种方式展现中国汽车产业的技术实 力。 文中图片均来自长城汽车 时隔十年，在5月20日开启的2025年环塔拉力赛上，长城汽车再度现身。据悉，本次长城汽车参赛车辆 覆盖哈弗、坦克、长城炮三大品牌，以涵盖汽油、柴油、新能源三大T2原厂量产组别的十辆赛车参 赛，并最终斩获燃油组与新能源组两个组别的总赛段冠军。 尽管在赛事全长与难度上不及更具世界影响力的"达喀尔拉力赛"，但作为国内难度最大的拉力赛事，环 塔拉力赛不仅是一场由复杂多变的地形、极端恶劣的气候组成的赛程，同样也是一个检验汽车性能与可 靠性的"试炼场"。 尽管十年来市场环境不断变革，汽车行业也经历了诞生以来最关键的动力系统转折时刻，但长城却并没 有在市场销量的变革中，改变对于"赛事验证技术"的决心。 长城汽车董事长魏建军 长城汽车董事长魏建军表示，通过在极限环境下对车型进行实战检验，从而积累宝贵经验和数据，持续 优化技术，最终将赛事经验转化为量产车型的可靠性与耐久性提升，为消费者带来更出色的产品体验， 这是长城汽车参赛的核心价值。 更进一步来看，参加环塔的"以赛验车 ...

0 1 事 件 概 述 公司 2025 年 6 月 1 日发布 2025 年 5 月产销快报：批发销量 10.2 万辆，同比 +11.8% ，环比 +2.2% ； 1-5 月累 计批发 45.9 万辆，同比 -0.5% 。其中， 1 ）哈弗 5.8 万辆，同比 +22.6% ，环比 +1.7% ； 1-5 月累计批发 25.9 万辆，同比 +2.8% 。 2 ）魏牌 0.6 万辆，同比 +115.3% ，环比 +28.1% ； 1-5 月累计批发 2.4 万辆，同比 +43.5% 。 3 ）皮卡 1.6 万辆，同比 +2.7% ，环比 -11.4% ； 1-5 月累计批发 8.3 万辆，同比 +8.3% 。 4 ）欧拉 0.2 万辆，同比 -67.3% ，环比 +9.1% ； 1-5 月累计批发 1.1 万辆，同比 -58.7% 。 5 ）坦克 2.1 万辆，同比 +2.8% ，环比 +8.8% ； 1-5 月累计批发 8.2 万辆，同比 -8.8% 。 0 2 分 析 判 断 ► 坦克贡献稳定利润 魏牌涨势亮眼 坦克 5 月批发销售 2.1 万辆，同比 +2.8% ，环比 +8.8% 。坦克 300 批发销 ...

完整早报音频，请点击标题下方小耳机收听 【雷军回应 "苹果放弃造车"：不知道苹果为什么干不成，外部报道不能准确参考】 日前小米集团举办了 2025 投资者大会。在会议上，雷军向投资者汇报 了小米的发展近况，也集中回答了大家普遍关心的问题。其中，有投资者针对小米汽车提到：为什么"苹果十年干不成，小米 3 年多就能成"？对此，雷军 表示，"苹果造车，到这个时间点，为啥干不成？说实话，我也不知道。"但是，苹果一定是我们这个星球上最伟大的公司之一，也是我们小米创办十五年 以来，一直潜心学习、对标的对象。为什么最后他们放弃造车，准确原因我并不了解，外部的报道，不能作为一个准确的参考。（新浪科技） 【比尔 ·盖茨：打算 20 年内把钱花完，大部分支持非洲】 6 月 4 日消息，据报道，微软公司创始人、亿万富翁比尔·盖茨表示，他打算把大部分的财富用 于非洲的发展。 5 月初，盖茨宣布，他打算在 20 年内通过盖茨基金会将所有财富用于慈善事业。他还透露，他的慈善基金会将于 2045 年 12 月 31 日 关闭，比预期要早。 盖茨在非洲联盟会议上说： "我最近宣布，我打算在未来 20 年内将我的财产用于慈善事业，其中大部分将 ...

Core Viewpoint - In June, various new energy vehicle manufacturers reported their sales figures for May, with most showing positive growth, except for GAC Aion, which experienced significant declines in all metrics [1] Sales Performance Summary - In May, Aion sold 26,777 vehicles, a month-on-month decrease of 5.4% and a year-on-year decline of 33.2%, marking a cumulative drop of 12.6% over the first five months [4][10] - Aion's main models, AION Y and AION S, have seen continuous sales declines, contributing significantly to the overall sales performance [4][6] - Other new energy vehicle brands, such as Leap Motor and Li Auto, reported substantial year-on-year growth, with Leap Motor achieving a 148.1% increase [2] Market Challenges - Aion's recent new models, including AION V and AION RT, have not met sales expectations, with early sales peaks followed by rapid declines [3][7] - The aggressive pricing strategies, including multiple price cuts on existing models, have failed to boost sales, indicating a potential brand crisis [6][10] - GAC Group's net profit has suffered, with a reported loss of 730 million yuan in the first quarter, attributed to Aion's poor performance [3][10]