事件 投资建议：赛力斯迎来强新车周期，维持"买入"评级 公司发布3 月产销快报，3 月实现汽车批发销量2.46 万辆，同比-34.43%，环比+15.38%；其中1-3 月问 界M9 累计销量2.33 万辆，累计同比+117.83%。 受车型换代及新车上市影响，公司3 月销量短期承压 2025 年1-3 月，问界M9 累计销量2.33 万辆，累计同比增长117.83%。同时，公司2025 款问界M9、新车 M8、M5 Ultra 陆续发布上市。截至3 月27 日，问界M8小定超8 万台；2025 款问界M9 上市24 小时大定 超1.5 万台，订单表现亮眼。问界M7 改款有望于2025 年年中上市，或进一步推动销量增长。我们认 为，随着问界新车陆续亮相和发布，赛力斯新车周期有望全开启。 积极布局机器人领域，有望开启新的增长曲线 公司开始积极布局人形机器人领域。3 月31 日，赛力斯与北京航空航天大学成立具身智能技术公司，注 册资本5000 万。从股东穿透来看，赛力斯旗下凤凰技术有限公司和北航分别持股70%和30%。双方合资 公司经营范围包括智能机器人的研发、智能机器人销售、服务消费机器人制造、服务消费机器人销 ...

Core Insights - The domestic "new car manufacturing" sector is undergoing a reshuffle, with sales dynamics changing significantly in March 2025, as new players vie for market share [1][3] - Li Auto's sales have been surpassed by Leap Motor, which achieved a monthly sales record of 37,000 units, while AITO's sales have dropped over 40% year-on-year, pushing it out of the top tier [1][3] Sales Performance - AITO's sales have seen a significant decline, with Q1 2025 sales dropping by 46.31% year-on-year, and March sales falling by 45.19% to approximately 13,700 units [3][5] - The M9 model, which is a key product for AITO, has also experienced a drop in sales, with January and February 2025 sales at 12,500 and 5,242 units respectively, compared to over 16,000 units in late 2024 [5][6] Competitive Landscape - The high-end SUV market is becoming increasingly competitive, with AITO facing challenges from rivals like Li Auto's L9 and NIO's ES8, as well as new entrants [6][7] - The trend of "intelligent driving" and price wars is reshaping the domestic electric vehicle market, with AITO's unique selling proposition of "Huawei Intelligent Driving" losing its exclusivity as competitors adopt similar technologies [7][8] Market Trends - The market is shifting towards more affordable electric vehicles, with predictions indicating that models priced between 150,000 and 250,000 yuan will capture about 60% of the market share by 2030 [6][9] - The competitive landscape is evolving, with companies like BYD and Xpeng also entering the lower price segments, intensifying competition for AITO [8][9]

自 DeepSeek 发布以来，英伟达市值已蒸发 4200 亿美元。 自 2025 年 1 月 DeepSeek R1 发布以来，英伟达市值从 3.297 万亿美元降至 2.917 万亿美元，投资者 财富缩水 4200 亿美元。 原因是，DeepSeek R1 的成功让市场认为，未来 AI 模型的训练和推理可能不再高度依赖英伟达的 高端 GPU。DeepSeek R1 模型具有 "低成本训练" 和 "高性价比" 的特点，其训练成本仅为 550 万至 560 万美元，远低于传统大模型的数十亿美元投入；DeepSeek R1 在推理能力上表现出色，其 API 调用成本低至英伟达的 10% 甚至更低。 在刚结束的 GTC 大会上，黄仁勋说 "推理" 带来的潜在需求让人感到兴奋。然后这并没有提振股 价，交易中下跌超 3%。 吉利营收首超 2400 亿元，更务实地降本节流。 吉利控股集团总裁、极氪科技集团 CEO 安聪慧用 "史上最强" 形容 2024 年业绩：营收 2401.9 亿 元，同比增加 34%，是目前年营收最高值。净利润同比增长 213% 至 166.3 亿元。不过，其中包括 出售合资公司 10% 股权换回 ...

Core Viewpoint - The article discusses the current trends in the A-share market, highlighting the performance of various sectors, particularly focusing on marine economy, robotics, and coal stocks, while also addressing the impact of monetary policy on the bond market [1][3][4]. A-share Market Overview - The A-share market experienced a collective decline with the Shanghai Composite Index down by 0.51%, the Shenzhen Component down by 0.91%, and the ChiNext Index down by 1% [3]. - The total market turnover was 14,768 billion, a decrease of 302 billion from the previous day, with over 3,200 stocks declining [3]. Sector Highlights - The marine economy sector saw renewed interest following Shanghai's announcement of a development plan for the marine industry from 2025 to 2035, leading to a surge in deep-sea technology stocks [3]. - Robotics stocks remained strong, potentially influenced by news regarding Tesla's humanoid robot production [1][3]. - Coal stocks showed resilience, with analysts suggesting that the coal industry has limited downside potential, and prices may stabilize in the coming months [4]. Bond Market Insights - The bond market is witnessing a significant uptick, with the central bank's recent actions leading to a net injection of funds, resulting in a rally in government bonds [2][3]. - The 30-year government bond futures rose by 1.14%, while the 10-year and 5-year contracts increased by 0.31% and 0.23%, respectively [1][2]. Investment Opportunities - The article identifies potential investment opportunities in sectors such as marine economy, robotics, and coal, emphasizing the importance of monitoring economic data and central bank policies for future market movements [1][3][4].

Investment Rating - The report indicates a positive outlook for the company, with expectations of turning a profit in 2024 [5][12]. Core Insights - The company has announced significant revenue growth, projecting 2024 revenue between 144.2 billion and 146.7 billion CNY, representing a year-on-year increase of 302.32% to 309.30% [5][12]. - The expected net profit for 2024 is between 5.5 billion and 6 billion CNY, marking a successful turnaround from losses in the previous year [5][12]. - The company’s electric vehicle sales have surged, with production and sales growth of 179% and 182% respectively, and the brand's sales growth reaching 270% and 267% [5][13]. - The partnership with Huawei continues to strengthen, with significant investments made in acquiring the "Wenjie" trademark and shares in Shenzhen Yingwang Intelligent Technology Co., enhancing the company's technological resources [6][17]. Summary by Sections 1. Company Performance - The company has reported a substantial increase in revenue and is expected to achieve a net profit in 2024, a significant improvement from the previous year [5][12]. 2. Sales Growth - The company’s electric vehicle sales are projected to reach 426,900 units in 2024, driven by technological innovation and a competitive market position [5][13]. 3. Strategic Partnerships - The ongoing collaboration with Huawei is expected to enhance the company's market position and product offerings, with a focus on smart technology [6][17].

Investment Rating - The report indicates a positive outlook for the company, with expectations of turning a profit in 2024 [5][12]. Core Insights - The company has announced significant revenue growth, projecting 2024 revenue between 144.2 billion and 146.7 billion CNY, representing a year-on-year increase of 302.32% to 309.30%. The net profit attributable to shareholders is expected to be between 5.5 billion and 6 billion CNY, marking a successful turnaround from losses [5][12]. - The sales performance of the company's brand is impressive, with a projected 2024 production and sales growth of 179% and 182% for new energy vehicles, and an even higher growth rate of 270% and 267% for the company's brand. The total sales volume for 2024 is expected to reach 426,900 units, driven by continuous technological innovation and strong market demand [5][13]. - The company maintains a close partnership with Huawei, having acquired the "Wenjie" trademark for 2.5 billion CNY and a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. for 5.75 billion CNY. This collaboration is expected to enhance the company's technological resources and brand value [6][17]. Summary by Sections 1. Company Performance - The company has released a profit forecast for 2024, indicating substantial revenue growth and a successful turnaround in net profit [5][12]. 2. Sales Growth - The company’s new energy vehicle sales are projected to grow significantly, with the brand's sales growth outpacing the overall market [5][13]. 3. Strategic Partnerships - The ongoing collaboration with Huawei is expected to strengthen the company's market position and enhance its product offerings [6][17].