点 击 蓝 字 关 注 我 们 | | 目录 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 | 奇瑞新能源 | QQ 水淇淋 | 2025 / 08 / 23 | A00 HB | NM | | 2 | 丰田汽车 | 雷克萨斯 NX | 2025 / 08 / 23 | B SUV | MCE1 | | 3 | 奇瑞汽车 | 捷途 X70 PLUS | 2025 / 08 / 25 | B SUV | MCE1 | | 4 | 蔚来汽车 | 萤火虫 | 2025 / 08 / 25 | AO HB | NM | | 5 | 奇瑞汽车 | 智界 R7 | 2025 / 08 / 25 | C SUV | MCE1 | | 6 | 奇瑞汽车 | 智界 S7 | 2025 / 08 / 25 | C NB | MCE1 | | 7 | 赛力斯汽车 | 问界 M8 EV | 2025 / 08 / 25 | D SUV | NP | | 8 | 未管率式 | iX1 ...

[Table_Title] 研究报告 Research Report 1 Aug 2025 蔚来 NIO Inc. (9866 HK) [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 乐道 L90 于 7 月 31 日晚正式上市，Pro 版起售价 26.58 万元，顶配版 29.98 万元，BaaS 方案后售价为 17.98 万–21.38 万元。该车基于蔚来 NT3.0 平台打造，提供 6/7 座两种布局，对标理想 i8 与问界 M8 EV，整体定价超市场预期，凭 借价格差优势备受关注。 点评 定价差异化：乐道 L90 在价格设计上做出了明显区隔：一次性购车成本方面，26.58 万的起售价要比竞品低约 7 万 元；长期用车成本方面，则通过 17.98 万–21.38 万的 BaaS 方案，把电池费用分摊到租金，以降低用户购车门槛。相 比理想 i8（32.2 万元起）和问界 M8 EV（拟 35 万元起），L90 既保留了 340 kW 单电机与 5000 N·m ...

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by three main themes: dividends, smart technology, and robotics [4][5][11]. Weekly Review - In the second week of July, the number of compulsory insurance registrations for vehicles was 362,000, reflecting a week-over-week decrease of 8.9% and a month-over-month decrease of 19.6% [49]. - The performance of sub-sectors showed significant variation, with commercial trucks leading at +9.4%, followed by auto parts at +4.1%, and passenger vehicles at +1.8% [4][11]. Research Outcomes - The team released in-depth reports on the domestic market prospects for range-extended vehicles and the evolution of the automotive lighting industry, highlighting the decline of Japanese brands and the rise of domestic manufacturers [2]. Industry Changes 1. The Li Auto i8 has opened for pre-orders with an expected price range of 350,000 to 400,000 yuan, with a launch event scheduled for July 29 [3]. 2. Great Wall Motors reported a revenue of 92.367 billion yuan for H1 2025, a year-over-year increase of 1.03%, but a net profit decrease of 10.22% to 6.337 billion yuan [3]. 3. Jifeng Co. projected a net profit of 150 to 180 million yuan for H1 2025, marking a significant year-over-year increase of 182.25% to 238.70% [3]. 4. Wencan Co. forecasted a net profit of 1.2 to 1.5 million yuan for H1 2025, a decrease of 81.67% to 85.33% year-over-year, primarily due to geopolitical factors and rising energy prices in Europe [3]. Sector Configuration - The automotive sector is advised to focus on three main lines: dividends and good structure, AI smart technology, and AI robotics. The recommendation is to increase the allocation towards dividend-style investments in the second half of the year compared to the first half [5][11]. - Key stocks in the dividend and good structure line include Yutong Bus, China National Heavy Duty Truck, and Fuyao Glass [6][11]. - For the AI smart technology line, preferred stocks include Xpeng Motors and Li Auto in Hong Kong, and companies like Seres and BYD in A-shares [6][11]. - In the AI robotics line, recommended stocks include Top Group and Precision Forging Technology [7]. Market Performance - The automotive sector in A-shares ranked third this week, while the Hong Kong automotive sector ranked fourth [15][11]. - The overall market saw a rebound across various segments, particularly in commercial trucks and the Hong Kong automotive index [4][11].

Group 1 - Tesla announced the launch of the Model Y L, a new six-seat electric SUV designed specifically for the Chinese market, with dimensions of 4976mm in length, 1920mm in width, and 1668mm in height, and a wheelbase of 3040mm [2][4] - The Model Y L is expected to be priced around 400,000 RMB and aims to meet the diverse needs of the Chinese market, marking Tesla's continued efforts to refine its market strategy in China [2][4] - Following the announcement, Tesla's stock price rose by 3.50%, indicating market optimism regarding the new model [3] Group 2 - In 2024, Tesla is projected to deliver approximately 1.789 million vehicles globally, a slight decline of 1.1% from 2023, while its sales in China are expected to exceed 657,000 units, representing an 8.8% year-on-year increase [3] - Tesla's reliance on the Chinese market is significant, with 34% of its global sales coming from China, and in June 2024, Tesla delivered 61,484 vehicles in China, a record monthly figure [3][4] - Despite strong sales in China, Tesla's market share has decreased from a peak of 15% in 2020 to 7.6% in 2024, highlighting competitive pressures from domestic electric vehicle manufacturers [3][4] Group 3 - The Model Y L enters a competitive segment of the electric vehicle market, specifically targeting the growing demand for six- and seven-seat SUVs in China, which is expected to see over 80% growth by 2025 [6] - Domestic competitors like Li Auto and Aito are launching their own electric SUVs to capture market share, with features that may surpass Tesla's offerings in terms of technology and user experience [6][7] - Industry leaders have acknowledged the arrival of the Model Y L, indicating a competitive landscape where Tesla will face direct challenges from established local brands [7]