Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Group 1 - China FAW Group is rumored to acquire a 10% stake in Leap Motor, with previous signs of capital cooperation between the two companies [2] - The L4-level Robotaxi service by Zhiji Auto has officially launched in Shanghai, connecting the Shanghai International Tourism Resort with Pudong International Airport [2] - Alfa Romeo's 33 Stradale made its U.S. debut at Monterey Car Week, with only 33 units produced, being hailed as "the most beautiful car in the world" [2] Group 2 - BYD has established a local subsidiary in Argentina, indicating plans to manufacture vehicles in the country's automotive market [4] - The registration allows BYD Argentina to import, sell, manufacture, and maintain vehicles, batteries, and automotive parts, covering the entire electric vehicle supply chain [4]

Core Viewpoint - The article discusses the rapid transformation of China's automotive industry driven by electrification and intelligence, highlighting the rising performance of Leap Motor as a case study for potential investment opportunities [1] Group 1: Company Overview - Leap Motor was founded in 2015 by Zhu Jiangming, who has 30 years of experience in research and manufacturing, focusing on embedded algorithms and hardware-software integration [2] - The company aims to create a high-quality, international automotive brand with core technological capabilities [2] Group 2: Path to Profitability - Zhu Jiangming attributes Leap Motor's ability to achieve breakeven to two main factors: a commitment to in-house research and development (R&D) with over 65% of key components developed internally, and leveraging scale effects to reduce costs [3] - The target sales volume for achieving breakeven is between 500,000 to 600,000 units annually, with a gross margin target of around 15% and a net profit margin expected to be between 5% and 10% [3] Group 3: Competitive Landscape - Leap Motor exemplifies "Chinese manufacturing," benefiting from a well-established supply chain that has supported the growth of the new energy vehicle (NEV) sector over the past decade [4] - Zhu Jiangming believes that the domestic NEV market is still in its growth phase, with the penetration rate of NEVs in new car sales expected to reach 90% within the next three years [5] Group 4: Shareholder Returns - The company focuses on maintaining a healthy asset structure to balance growth and shareholder returns, avoiding reliance on goodwill and intangible assets while emphasizing tangible assets and free cash flow [6] - Leap Motor adopts a sales-driven production strategy to ensure financial stability and avoid overstocking [6] Group 5: Industry Dynamics - Zhu Jiangming notes that the automotive industry's competitive landscape is stabilizing, with significant barriers for new entrants unless they offer distinct differentiation or possess substantial resources [8] - He also addresses concerns about overcapacity, indicating that the issue primarily relates to the obsolescence of old factories, while automation and efficiency improvements create demand for new capacity [8]

Core Viewpoint - Leap Motor announced the export of 24,980 vehicles from January to July 2025, indicating a significant growth in its international market presence [1] Group 1 - The company achieved an export figure of 24,980 units in the first seven months of 2025 [1]

1. Overnight Night Market Trends 1.1 International Precious Metals - COMEX gold futures rose 2.01% to $3416 per ounce, with a cumulative increase of 2.41% [2] - COMEX silver futures rose 1.07% to $37.11 per ounce, with a cumulative decrease of 3.28% [2] 1.2 London Base Metals - LME tin rose 1.54% to $33,215 per ton, with a cumulative decrease of 2.48% [2] - LME nickel rose 0.56% to $15,020 per ton, with a cumulative decrease of 1.96% [2] - LME aluminum rose 0.25% to $2,571.5 per ton, with a cumulative decrease of 2.43% [2] 1.3 Crude Oil - US crude oil futures fell 2.89% to $67.26 per barrel, with a weekly increase of 3.22% [2] - Brent crude oil futures fell 3.00% to $69.55 per barrel, with a weekly increase of 2.79% [2] 1.4 Domestic Commodity Futures - Most domestic commodity futures closed lower. Black - series commodities generally declined, with coke down 2.75%, coking coal down 2.42%, and rebar down 1.18% [3] - Energy products mostly fell, with low - sulfur fuel oil down 2.51%, fuel oil down 1.78%, and LPG down 1.61% [3] - Chemical products mostly dropped, with rubber down 1.35%, bitumen down 1.34%, and styrene down 0.82% [3] - Oilseeds and oils showed mixed performance, with soybean meal up 0.63%, soybean No.2 up 0.35%, and palm oil down 1.24% [3] 2. Important Information 2.1 Macroeconomic Information - The National Development and Reform Commission (NDRC) will speed up the revision of the Price Law, and the relevant draft is soliciting public opinions. It will also regulate low - price and disorderly competition and market price order [5] - The NDRC will govern enterprises' disorderly competition, promote capacity management in key industries, standardize bidding, and carry out market access barrier cleaning [5] - The NDRC has established a regular communication mechanism with private enterprises and is taking measures to address "involution - style" competition [5] - The China Futures Association is soliciting public opinions on the "Management Rules for Unfair Competition in Futures Brokerage Business (Draft for Comment)" [5] - China opposes the abuse of tariffs, and the People's Bank of China hopes that the US - China Business Council will contribute to Sino - US relations [6][7] - As of August 1, the Shanghai Export Containerized Freight Index dropped 41.85 points, and the China Export Containerized Freight Index fell 2.3% [9] - The People's Bank of China will continue a moderately loose monetary policy [9] - US non - farm payrolls in July were lower than expected, and the unemployment rate rose slightly [9] - Trump commented on the Fed's interest rate and Powell's position, and traders increased bets on a Fed rate cut in September [10][11] 2.2 Energy and Chemical Futures - The "Measures for the Circulation of Refined Oil Products" will come into effect on September 1, 2025 [13] - OPEC + decided to increase production by 548,000 barrels per day in September, and the next meeting is on September 7, 2025 [15] 2.3 Metal Futures - The Ministry of Industry and Information Technology issued a notice on the 2025 special energy - saving supervision task list for the polysilicon industry [17] - Last week, copper inventory decreased by 880 tons, while aluminum, zinc, lead, nickel, and tin inventories increased [18] - A primary lead smelter in North China will conduct a 25 - day maintenance in late August, affecting about 9,000 - 9,500 tons of lead production [19] - As of July 31, the average weekly capacity utilization rate of 13 domestic silicone DMC sample enterprises was 70.08%, up 4.97% week - on - week [20] - An Australian mining company shipped 349,973 tons of bauxite from a Guinean port for the first time [20] - An earthquake in Chile on August 1 caused casualties at a Codelco copper mine, and the expected copper production in 2025 is 370,000 metal tons [22] 2.4 Black - Series Futures - Coal mines in southern Shaanxi are self - checking for over - production [24] - South African port maintenance from September to November may affect manganese ore shipments, but the impact on the Chinese market is expected to be limited [24] - In July, silicon - manganese production increased 8.94% month - on - month, and silicon - iron production increased 7.88% month - on - month [24] - The blast furnace operating rate of 247 steel mills was 83.46%, and the daily hot - metal output decreased by 1.52 million tons week - on - week [24] - The total inventory of imported iron ore at 45 ports decreased by 132.48 million tons week - on - week [25] - This week, the total urban inventory increased by 21.64 million tons (+2.88%), construction steel inventory increased by 13.78 million tons (+3.47%), and hot - rolled coil inventory increased by 6.50 million tons (+3.62%) [26][27] 2.5 Agricultural Product Futures - From July 1 - 31, 2025, Malaysian palm oil production increased 7.07% month - on - month [29] - Indonesia exported 11 million metric tons of palm oil from January to June, up 2.69% year - on - year [30] - As of August 1, the self - breeding and self - raising pig farming profit was 43.85 yuan per head, and the profit from purchasing piglets for farming was a loss of 116.78 yuan per head [30] - From July 26 to August 1, the actual soybean crushing volume of oil mills was 225.39 million tons, with an operating rate of 63.36%, 11.87 million tons lower than expected [30] 3. Financial Market 3.1 Finance - The new - share market on the Beijing Stock Exchange remains hot. Dingjia Precision rose 479.12% on its first trading day, and all 7 new stocks listed this year have seen significant gains [32] - The Hong Kong Stock Exchange's IPO pricing mechanism reform took effect on August 4, focusing on optimizing the new - share allocation ratio and other aspects [34] - Stock private - equity positions have slightly increased, with hundred - billion - level private - equity funds increasing their positions significantly [34] - A - share market indices corrected last week, but institutions believe the core logic for the rise remains unchanged and suggest focusing on certain sectors [35] - Public - offering institutions expect the A - share market to continue a structural market and the attractiveness of Hong Kong stock dividend assets to increase [35] - CITIC Securities focuses on AI, innovative drugs, resources, Hengke, and the Science and Technology Innovation Board [35] - China Merchants Securities believes the market may be volatile in early - mid August and resume its upward trend in late August [36] - Public - offering funds' IPO subscription strategies are shifting from "easy profit - making" to "professional - based" [38] 3.2 Industry - In July, China's new - energy vehicle market continued to grow, with BYD, SAIC, and Geely having high sales, and new - force brands like Leapmotor and XPeng Motors showing significant growth [39] - As of August 3, the single - day movie box office in the 2025 summer season reached a new high, and the total box office exceeded 7 billion [39] - Hospitals in many places are strictly regulating pharmaceutical representatives [40] - Paper companies have issued multiple price - increase notices, but the impact on the end - market is uncertain [40] 3.3 Overseas - The Bank of England may cut interest rates again on Thursday [41] 3.4 International Stock Markets - Danish pharmaceutical giant Novo Nordisk's stock price dropped over 30% last week, and its market value evaporated over $100 billion [42] 3.5 Bonds - The bond - trading enthusiasm of small and medium - sized banks reached a new high in July, with city and rural commercial banks' trading volume exceeding 17 trillion yuan [43] - As of August 3, the issuance scale of panda bonds in the inter - bank market this year was 116.65 billion yuan, and the cumulative issuance scale has exceeded 1 trillion yuan [43] 3.6 Foreign Exchange - Some investors believe the US dollar will continue to rise in the coming months, and institutions have made corresponding investment suggestions [44] 4. Upcoming Economic Data and Events 4.1 Economic Data - Japan's July base money at 07:50 [47] - Switzerland's July CPI at 14:30 [47] - Spain's July unemployment number at 15:00 [47] - Switzerland's July SVME Purchasing Managers' Index at 15:30 [47] - Eurozone's August Sentix Investor Confidence Index at 16:30 [47] - Canada's national economic confidence index as of August 1 at 20:00 [47] - US June factory orders at 22:00 [47] - US 3 - month/6 - month Treasury bill auction results as of August 4 at 23:30 [47] - South Korea's July foreign exchange reserves at 05:00 the next day [47] 4.2 Events - 495.8 billion yuan of 7 - day reverse repurchases of the People's Bank of China will mature at 09:20 [49] - The Hong Kong Stock Exchange's new - share market pricing optimization takes effect on August 4 [49]

8月1日，零跑汽车公布最新交付数据，7月，零跑汽车交付50129台，同比增长超126%，这是零跑汽车 单月交付首次突破5万台。 ...

Key Insights - The report highlights the importance of geopolitical factors and AI as catalysts for investment opportunities in overseas markets [1][2] - The upcoming release of OpenAI's GPT-5 is expected to enhance AI capabilities across various applications, potentially impacting multiple sectors [3][10] - The report recommends a diversified portfolio of stocks, focusing on companies with strong growth potential in AI, consumer goods, and real estate [4][20] Recent Key Events - The third round of US-China trade talks took place in Sweden, with significant global attention on the outcomes [1][8] - The World Artificial Intelligence Conference (WAIC 2025) in Shanghai gathered over 1,572 leaders and scholars to discuss the future of AI [2][9] - The H20 chip export ban was lifted, allowing for renewed trade with China, which could influence tech companies [2][9] Market Situation - The Hong Kong and US stock markets saw significant gains in July, with the Hang Seng Index rising from 24,072 points to 25,524 points, a 6.0% increase [11] - Net inflows from southbound trading reached 110.8 billion HKD in July, indicating strong investor interest in Hong Kong stocks [12][13] Current Portfolio Recommendations - **Pop Mart (9992.HK)**: Strong growth in overseas business with a 475%-480% increase in international revenue in Q1 2025 [21][22] - **Jintai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the pharmaceutical sector [26][27] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% in 2024, driven by loan restructuring [30][33] - **Greentown China (3900.HK)**: Despite a decline in profits, the company is expected to stabilize and lead the industry due to strong land acquisition strategies [36][39] - **Alibaba (9988.HK)**: Revenue growth of 7% in Q4 2025, with a strong focus on AI and cloud services [40][41] - **Kuaishou-W (1024.HK)**: Significant growth in e-commerce and advertising revenue, driven by innovative marketing strategies [44][46] - **Xiaomi Group-W (1810.HK)**: Record revenue of 111.3 billion CNY in Q1 2025, with a strong performance in both mobile and AIOT sectors [47]

Investment Rating - The automotive industry is rated as "Outperforming the Market" [2][13]. Core Insights - The automotive sector experienced a slight increase of +0.1% this week, with the A-share automotive index closing at 6,947.9 points, ranking 25 out of 31 sectors, while the CSI 300 index rose by +1.5% to 3,982.2 points [2][4]. - The top-performing stocks in the A-share automotive sector this week included Taotao Automotive (+29.8%), Hunan Tianyan (+21.0%), and Zhengyu Industrial (+18.3%) [2][7]. - New energy vehicle sales are expected to benefit from seasonal consumption activities, particularly in lower-tier markets [2]. - The sales performance of new energy vehicle brands is influenced by pricing strategies in the short term, while product intelligence will be a key factor in the long term [2]. Summary by Sections Market Performance - The A-share automotive sector's weekly performance was +0.1%, with sub-sectors showing varied results: motorcycles and others (+5.1%), commercial vehicles (+1.5%), automotive services (+1.1%), passenger vehicles (+0.4%), and automotive parts (-0.7%) [2][6]. - The cumulative sales data for the first half of 2025 indicates that Xpeng Motors achieved a completion rate of 56.3% of its annual sales target, while other brands like Li Auto and NIO lagged behind [2]. Key Developments - Xpeng G7 was launched with a strong initial response, achieving over 10,000 pre-orders in just 9 minutes, indicating its potential as a hot-selling model [2]. - The G7 features advanced computing capabilities with a total vehicle computing power of 2,250 TOPS, which is expected to enhance user experience and differentiate it from competitors [2]. - JD Logistics introduced its self-developed unmanned logistics vehicle, which is anticipated to accelerate the development of unmanned logistics vehicles [2]. Investment Recommendations - The report suggests focusing on leading smart automotive brands like Xiaomi Group and Xpeng Motors, which are expected to establish user experience differentiation [3]. - In the automotive parts sector, attention is drawn to companies transitioning from single component suppliers to integrated system providers, such as Baolong Technology [3]. - The report also highlights the growing demand for testing and inspection services due to the rapid development of smart vehicles, recommending companies like China Automotive Research [3].

Summary of Key Points Core Viewpoint The report provides an overview of the electric vehicle (EV) delivery performance of various new car manufacturers in June 2025, highlighting significant growth and declines in sales across different companies. Company Performance - Xiaomi Auto delivered over 25,000 vehicles in June [1] - Lynk & Co sold 26,310 vehicles, marking an 8% year-on-year increase [1] - Zeekr Technology reported sales of 16,702 vehicles, a 17% decline compared to the previous year [1] - Lantu Auto achieved sales of 10,053 vehicles, reflecting an 83% year-on-year growth [1] - Avita Auto sold 10,153 vehicles, with a remarkable 117% increase year-on-year [1] - NIO delivered 24,925 vehicles, up 17.5% year-on-year [1] - Li Auto's deliveries totaled 36,279 vehicles, down 24% year-on-year [1] - Zhiji Auto delivered 6,027 new vehicles in June [1] - Deep Blue Auto achieved total deliveries of 29,893 vehicles, a 79% year-on-year increase and a 17% month-on-month growth [1] - Hongmeng Zhixing set a new monthly sales record with 52,747 vehicles delivered [1] - BYD's new energy vehicle sales reached 382,600 units, up from 341,700 units in the same month last year [1] - Leap Motor delivered 48,006 vehicles, showing over 138% year-on-year growth, with total deliveries exceeding 220,000 units in the first half of the year [1] - Xpeng Motors delivered 34,611 new vehicles, achieving a 224% year-on-year increase and maintaining over 30,000 deliveries for eight consecutive months [1]

Group 1 - The core viewpoint emphasizes the need for a legal and business-friendly environment to support the entrepreneurial spirit, as demonstrated by the rapid judicial response to assist Leap Motor in recovering over 137 million yuan in a cash flow crisis [2] - Leap Motor achieved a record high delivery of over 45,000 new vehicles in May 2023, marking a 148% year-on-year increase, and maintained its leading position among new car manufacturers in China for three consecutive months [2] - Zhejiang province has a total of 10.95 million registered business entities, highlighting its status as a major hub for private and outward-oriented economies [2] Group 2 - The judicial system in Zhejiang is innovating to better support private enterprises, with initiatives like market-oriented mediation mechanisms and comprehensive intellectual property protection [3] - The "Copyright AI Smart Review" developed by Shaoxing Court has significantly reduced copyright disputes in the textile market by 91.67% over three years, showcasing the effectiveness of digital solutions in legal processes [9] - The "All-Chain Enterprise Restructuring" model implemented by Jinhua Court has successfully restructured 79 companies since 2022, resolving debts totaling 384.28 billion yuan and facilitating the placement of 6,979 employees [9][10] Group 3 - The establishment of the Yiwu Foreign Dispute Mediation Committee in 2013 has created a unique model for resolving international trade disputes, with 20 foreign mediators fluent in multiple languages [6] - Yiwu's market law center, formed in 2023, integrates various legal services to enhance the business environment, reflecting the city's role as a global trade hub [6] - The judicial approach in Yongkang focuses on a tiered crisis resolution strategy, addressing short-term risks and long-term value for enterprises, particularly in the hardware manufacturing sector [10][11]