摘要 ► 本 周数据： ► 投资建议 2025年7月第1周（6.30-7.6）乘用车销量40.5万辆，同比+18.7%，环比-29.9%；新能源乘用车销量21.5万辆，同比+25.6%，环比-27.8%；新能源渗透率 53.1%，环比+1.5pct。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（7月7日-7月11日）A股汽车板块下降0.26%，在申万子行业中排名第30位，表现弱于沪深300（+1.15%）。细分板块中，汽车服务、汽车零部件上涨 3.52%、0.33%，商用载货车、乘用车、摩托车及其他、商用载客车下跌0.25%、1.16%、1.32%、1.78%。 ► 本周观点： 本月建议关注核心组合【吉利汽车、比亚迪、理想汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 工信部倡导汽车行业反内卷 利好乘用车基本面 近期工信部倡导汽车行业反内卷，提出1）账期缩短：17家主流车企承诺供应商账期控制在60天内，缓解供应链资金压力；2）价格管控：依法治理低价倾销，禁止车 企以低于成本价销售；3）质量强化：加强产品一致性抽查，重点监管舆论关注度高及存在安全隐患车型，违规者暂停新产品 ...

汽车行业周报 理想 i8 即将月底上市，尚界发布首款车型预热海报 中游制造/汽车 7 月 6 日至 7 月 12 日，汽车行业整体下跌 0.6%。2025 年 6 月，中国汽车经销 商库存预警指数为 56.6%，同比下降 5.7 个百分点，环比上升 3.9 个百分点，汽 车流通行业景气度环比有所下降。新车方面，理想 i8 将于 7 月 29 日上市，预 计 35 万起售；零跑首款轿车零跑 B01 将于 7 月下旬正式上市，预售价区间为 10.58-13.58 万元；尚界发布首款车型预热海报，首款车型的轮廓为一款 SUV。 ❑ 市场板块行情回顾 本周 CS 汽车-0.6%。本周（7 月 6 日至 7 月 12 日，下同）上证 A 指涨跌幅 为+1.1%，深证 A 指涨跌幅为+2.0%，创业板涨跌幅为+2.4%。本周各行业板 块多数上涨，涨幅居前的行业板块为 CS 综合金融（+6.7%）、CS 房地产 （+6.1%）和 CS 非银行金融（+3.9%），跌幅居前的行业板块为 CS 汽车 （-0.6%）、CS 家电（-0.2%）和 CS 银行（-0.1%）。 汽车产业链各板块行情：本周，汽车行业二级板块多数下跌，其中 ...

国民养老保险的业绩崩塌与其单一的销售渠道紧密相关。年报显示，其原保费收入前五的产品——包括国 民福寿双全B款两全保险、国民美好生活B01款养老年金保险等，全部依赖银保渠道销售。业内估算，银保 渠道贡献了其传统险保费收入的绝对大头，业务命脉高度系于股东银行的销售推力。 尽管公司宣称已拓展至21家合作银行，并在APP设立个人养老金专区，但多元渠道对保费的支撑尚未在财报 中显现。"被股东银行喂饭"的增长模式未变，线上化能力存疑。一旦银行渠道策略调整或市场竞争加剧， 这一根基或将动摇。 从"开业即盈利"的明星企业，到单季度净利润暴跌90%的困局，国民养老保险股份有限公司（下称"国民养 老保险"）的业绩轨迹画出了一道陡峭的抛物线。 国民养老保险成立于2022年3月22日，当年即实现保险业务收入2.92亿元，净利润0.44亿元，成为"开业即盈 利"的明星企业。2023年，又以保险业务收入11.19亿元284.54%的增速、净利润3.15亿元542.9%的增速惊艳 市场。 好花美丽不常开！进入2024年，尤其是第四季度，国民养老保险这颗明星陨落了！保险业务收入降至4.2亿 元，环比骤降70%；净利润仅剩0.1亿元，不足前三 ...

Core Viewpoint - The announcement details the progress of the "China Mobile (Ningxia Zhongwei) Data Center B Zone B01 and B02 Room EPC General Contracting" project, highlighting the signing of an internal agreement among the consortium members, which includes Shanghai Chengdi Xiangjiang Data Technology Co., Ltd.'s wholly-owned subsidiary, Xiangjiang System Engineering Co., Ltd. [2][3] Project Overview - The project is led by China State Construction Engineering Corporation (CSCEC) with a planned start date of April 30, 2025, and an expected completion date of July 30, 2025, totaling 92 calendar days for the construction period [2][3]. - The internal agreement specifies the roles and responsibilities of the consortium members, including CSCEC, Xiangjiang System, and Huaxin Consulting Design Research Institute [2][3]. Financial Details - The total project cost is approximately RMB 1.631 billion, which includes design fees of RMB 6.48 million, construction and installation fees of RMB 338.76 million, electromechanical construction fees of RMB 385.99 million, and equipment procurement fees of RMB 906.34 million [4]. Responsibilities and Work Breakdown - CSCEC is responsible for overall project management, including investment, quality, progress, and safety control, as well as coordinating with relevant parties [5][6]. - Xiangjiang System is tasked with the electromechanical aspects, including procurement, installation, and testing, ensuring compliance with data center construction standards [7][8]. - Huaxin Consulting is responsible for the design work, including planning and construction design for the data center buildings [9][10]. Impact on Company - The signing of the internal agreement is expected to have a positive impact on the company's future revenue, although the exact financial implications will be determined by actual audit results [11][12].

智通财经记者 | 陈杨 黄华 智通财经编辑 | 谢欣 许悦 484亿美元。 这是今年上半年，国产创新药的出海交易总金额。2025年前六个月的表现已接近2024年全年水平，达到 历史新高。 在中国新能源汽车和人工智能等产业领域强势崛起的同时，创新药也在成为中国在高新技术领域突破的 典型代表。 今年5月，老牌药企三生制药以12.5亿美元的首付款价格将一款在研双抗创新药的海外权益出售给"宇宙 大药厂"辉瑞，一举打破了国产创新药对外授权交易首付款的最高纪录。 为中国创新药出海交易近10年的变化 制图：智通财经 何苗 01 最初的梦想 与仿制药研发壁垒低，价值更在普惠不同，创新药面对的永远是人类生命健康中尚无解法的难题——比 如癌症、罕见病。医药行业用"十年时间，十亿美元"概括其研发的长周期、高风险和高成本。也有人将 这个过程比作大把金钱、野心与分子科学混调而成的烈酒。 除三生制药外，信达生物、和铂医药等也都先后与海外大药企达成单笔交易总价超10亿美元的对外授 权。 风起于青萍之末，中国创新药进入公众视野是在这半年，而这条路却已经走了20多年。 图 在融资与支付上，7月的第一周，国家医保局、国家卫健委联合印发《支持创新 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 食管癌 是癌症相关死亡的第七大常见原因，其中， 食管鳞状细胞癌 （ESCC） 是全球最常见的食管癌类型。免疫检查点抑制剂 （例如抗 PD-1、PD-L1 和 CTLA-4 单抗） 与基于铂类药物的化疗相结合，已成为晚期食管鳞状细胞癌的标准治疗方法，并带来了显著的生存获益。然而，仅有 10%-20% 的食管鳞状细 胞癌患者能长期存活，因为大多数患者会对这些药物产生耐药性。 晚期食管鳞状细胞癌的二线治疗采用 伊立替康 （Irinotecan） ，但其疗效也有限，客观缓解率 （ORR） 不超过 10%。 因此，迫切需要开发新的有效治疗策略，以克服当前疗法的局限性，提高食管鳞状细胞癌患者的生存率。 2025 年 7 月 10 日， 北京大学肿瘤医院 鲁智豪 、 沈琳 、 龚继芳 等人在国际顶尖医学期刊 Nature Medicine 上发 表了题为： A bispecific antibody–drug conjugate targeting EGFR and HER3 in metastatic esophageal squamous cell carcinoma: a ph ...

Group 1 - Xiaopeng Motors plans to launch two range-extended large vehicles, G9 and X9, in Q4 of this year, marking its entry into the range-extended market [2] - The company aims to implement a dual technology route of "pure electric + super electric" with its "Kunpeng Electric" initiative, which includes a pure electric range of 430 kilometers and 5C ultra-fast charging [2] - The introduction of range-extended models is significant for Xiaopeng Motors as it targets the sub-150,000 yuan market, competing directly with BYD Qin L EV and Leapmotor B01, while also preparing for overseas markets with weaker charging infrastructure [2] Group 2 - Xiaopeng Motors faced challenges in the past, including declining sales and product strategy missteps, leading to a drop in its market position from "Wei Xiaoli" to third place [3] - The launch of the MONA M03, priced between 119,800 and 150,000 yuan, has significantly boosted Xiaopeng's sales, with Q1 2025 deliveries increasing by 331% year-on-year, surpassing competitors [3] - Relying solely on the MONA M03 for sales is risky, as the price segment is highly competitive, with established players like BYD already having a cost advantage [3] Group 3 - The range-extended strategy is seen as a pragmatic choice for Xiaopeng Motors to enhance product competitiveness and drive sales, similar to strategies employed by competitors like Leapmotor and Deep Blue [4] - The range-extended vehicle market is experiencing significant growth, with sales reaching approximately 980,000 units from January to May 2025, reflecting an 82% year-on-year increase [4] - To succeed in the competitive landscape, Xiaopeng Motors must continue to innovate in technology, products, and brand strength while managing costs and supply chains effectively [4]

Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] Group 1: Sales Performance - In June 2023, Leap Motor delivered 48,006 vehicles, a year-on-year increase of over 138%, with cumulative deliveries exceeding 220,000 units in the first half of the year [1][5] - Leap Motor has maintained over 40,000 monthly deliveries for three consecutive months and has ranked first in the new force sales chart for four months [1][5] - As of June 18, 2023, Leap Motor's cumulative deliveries surpassed 800,000 units, positioning it to potentially become the second new force company to enter the "million club" [5] Group 2: Future Growth Potential - Northeast Securities reports that the upcoming B series models and next year's D and A series models will continuously drive Leap Motor's sales to new heights [4] - According to Credit Lyonnais, Leap Motor is expected to be a major contributor to market share growth in China by 2025, driven by new model launches and upgrades [4] Group 3: International Expansion - Leap Motor has established a global strategic partnership with Stellantis, with an investment of approximately €1.5 billion, marking a significant collaboration between a Chinese new force automaker and a multinational giant [6] - From January to May 2023, Leap Motor ranked first in cumulative export sales among Chinese new force brands, with over 17,200 units sold [6] Group 4: Product Strategy - The Leap Motor C16, a six-seat SUV priced between 150,000 and 200,000 yuan, has become a top choice in its segment, achieving a 70% market share in the under 200,000 yuan category [9][10] - The B10 model, targeting the 100,000 to 150,000 yuan segment, features advanced technology and competitive pricing, enhancing Leap Motor's appeal to a broader consumer base [10] Group 5: Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of the vehicle's cost, with an 85% shared component rate within the same series, showcasing its strong cost control and profitability potential [10]

Core Insights - The domestic automotive market is experiencing significant changes, with BYD and SAIC leading traditional automakers with over 2 million units sold, while Geely shows a remarkable growth rate of 47% [1][2] - New energy vehicle (NEV) sales are driving growth, with companies like Leap Motor and Xiaomi making notable gains, while NIO and Lantu face sales pressures [1][2][3] - The second half of the year is expected to see intensified competition across various dimensions, including product offerings, technology, cost control, and supply chain resilience [1] Group 1: Traditional Automakers - BYD leads the market with 2.146 million units sold in the first half of 2025, with 470,000 units coming from overseas, marking a 132% year-on-year increase [2] - SAIC follows closely with 2.053 million units sold, achieving a 21.1% year-on-year growth in its domestic brand sales [2] - Geely's total sales reached 1.409 million units, with NEV sales contributing significantly, totaling 725,200 units, a 126% increase year-on-year [2] Group 2: New Energy Vehicle Makers - Leap Motor emerged as a dark horse with a 221.6% year-on-year increase, delivering 221,700 units in the first half of 2025 [1][3] - Xiaomi's SU7 achieved over 150,000 deliveries, with the new YU7 model receiving over 200,000 orders within three minutes of its launch [3] - NIO's sales were only 114,000 units, with Lantu and other brands struggling to meet sales targets, indicating a growing divide in the new energy vehicle sector [3] Group 3: Market Trends and Future Outlook - The automotive market is benefiting from government subsidies, with over 4.12 million applications for vehicle trade-in subsidies, of which over 53% are for NEVs [4] - A total of 138 billion yuan in central funding will be distributed in the second half of the year to support the market [4] - New models are set to launch in July, including vehicles from XPeng, Chery, and others, as companies aim to meet their annual sales targets [4] - The industry forecast for 2025 has been revised upward, predicting retail sales of 24.05 million passenger vehicles, a 5% year-on-year increase [5]

Group 1: Traditional Automakers Performance - BYD remains the sales leader with 2.146 million units sold in the first half of 2025, achieving a year-on-year growth of 33% and a strong export growth of 80.6% [2][3] - Geely Automotive shows impressive growth with a total sales of over 1.4 million units, marking a 47% year-on-year increase, and its new energy vehicle sales have doubled [3][4] - Changan Automobile reaches its highest sales in nearly eight years with 1.355 million units sold, reflecting a 2% year-on-year growth, while its new energy vehicle sales grow by 48.8% [4] - Chery Group achieves a total sales of approximately 1.26 million units, a 14.5% increase, with new energy vehicle sales rising by 98.6% [4][6] - Great Wall Motors experiences slight growth with total sales of about 569,000 units, a 1.84% increase, although some brands like Ora and Tank show declines [6] Group 2: New Forces in the Automotive Market - Leap Motor tops the new energy vehicle segment with a remarkable 155.7% growth, delivering 221,700 units, surpassing Li Auto for the first time [7][9] - Xiaomi Automotive shows significant potential with a staggering 456% growth, delivering over 150,000 units, and aims for a revised target of 350,000 units [11] - Xpeng Motors also demonstrates strong performance with a 279% increase in sales, delivering 197,200 units [10][12] - NIO achieves a 30.6% year-on-year growth with over 110,000 units delivered [12] - Huawei's AITO brand, under the new forces, faces challenges with a heavy reliance on the Wenjie brand, which accounts for 80% of its total sales [10] Group 3: Market Trends and Future Outlook - The competition in the automotive market is intensifying, with a clear focus on new energy and smart technology as the main battleground [13] - Traditional and new automakers are accelerating their product and technology deployments to prepare for the second half of the year [13]