点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 龄听光的声音/洞悉光的观察/了解光的态度 望向新高－－2025年中期策略 张宇生,王国兴,张卓然,郭磊 策略月报 整体来看，去年9月以来的市场行情已从政策驱动逐步转向基本 面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。 展望下半年，市场仍存在一些预期差，如短期基本面改善的持 续性、资金持续流入及新兴产业发展带来的机遇等。因此我们 认为，下半年市场将开启下一阶段上涨行情，并有望突破2024 年下半年的阶段性高点。 长按识别小程序码进入 光大证券小程序 阅读全文 洞悉光的观察 / 聆听光的声音 / 了解光的态度 725W. No.2 龄正光的皇景烟落米的碰蓉 ...

【文/观察者网 潘昱辰 编辑/高莘】7月12日，岚图FREE+正式上市。新车共推出三款车型，售价区间为 21.99万—27.99万元，比半个月前的预售价格又下降了1万元。除此之外，岚图FREE+还推出2000元定 金抵扣5000元、至高3万元增换购补贴、用车无忧、配置升级等上市权益。 岚图FREE+上市 岚图 岚图汽车销售公司总经理邵明峰表示，作为岚图汽车首款车型岚图FREE的换代产品，岚图FREE+历时4 年打磨、投入超5亿元、累计实现1366项升级。 岚图FREE+ 岚图 而岚图FREE+最大的特点，便是全系标配华为乾崑智驾ADS 4和鸿蒙座舱HarmonySpace 5。 其中，华为乾崑智驾ADS 4支持车位到车位P2P2.0、高速公路收费站ETC通行，泊车代驾VPD 2.0实现 地下停车场跨层通行、代客充电等新功能。截至目前，全国支持车位到车位、泊车代驾VPD的停车场数 量已分别达到50万、10万个。 岚图标配华为乾崑智驾ADS 4 岚图 岚图FREE+是岚图与华为合作的第二款车型。2024 年，双方曾联合推出首款车型岚图梦想家乾崑版。 今年8月底，双方还将推出第三款合作车型——25万内的纯电动SUV ...

今年初，小鹏汽车CEO何小鹏在内部做了一次复盘，他指出，所有部门都要拥抱AI。 去年11月新车P7+上市时，小鹏首次提出了"AI汽车"概念。但有员工表示，何小鹏对AI的关注不限于汽 车产品、辅助驾驶大模型等，他还研究，内部30多个一级中心部门哪些部门拥抱了AI，员工通过AI学 习了多少知识。 "AI 能让一个更大、更强的企业在群体效率、群体复利上变得更强大。"何小鹏近日在飞书未来无限大 会上谈及组织能力时强调了AI的作用。他希望，在全球2万多员工的治理中，发挥出AI的价值。 当下，中国汽车竞争白热化。小米YU7上市一小时获得28.9万大定，高强度爆单、品牌巨浪席卷，中国 车企们不得不深思，如何快速奔跑，才能赢下更多生机。 而过去两年经历了产品配置争议、组织变革、逐渐走出阴霾后，小鹏汽车掌门人已经意识到：新势力成 长的十年中，过往依靠单一爆品和局部优势打法获得的胜利，无法持久。更多爆品、更强的企业抗风险 能力，来源于不断进化的组织管理。他认为，把"科技—群体—复利效应"做好，企业更容易成功。 何小鹏此前多次公开表示，AI汽车时代已经到来。小鹏不仅做AI汽车，还要做AI与飞行汽车、机器人 等出行产品的融合。 激进 ...

证券研究报告 | 策略定期报告 招商研究一周回顾 （0704-0711） 招商研发宏观组与策略组重要观点回顾摘要： 宏观组。 1、对宏观政策而言，反内卷政策与传统的财政、货币政策还是有较大区别，也就 是说下半年的宏观政策手段可能是一些非传统的措施。但是只要能看到价格形势 的边际转变，同样也会对资产价格造成影响。那么大致的方向应该是：权益产品 的基本面将逐步改善，价格水平将从市场收益率的下行动力转变为上行压力。短 期内，顺周期商品价格可能延续底部回升的走势。 2、特朗普签署"大而美"法案。特朗普对政府及共和党控制力稳固并加强，其地位 在 6 月以来的一系列"成功"后得到巩固。司法方面，特朗普获得美国最高法院对 总统行政权力的支持。一方面特朗普为后续施政扫除了障碍，将更坚定其当前路 线，整体政策倾向不会发生大的变化（即核心关注国内移民、经济议题，对外方 面关注关税贸易议题、大国关系再平衡）；另一方面，需要警惕特朗普在政治上 的自信进一步加强，或有可能导致其在关税贸易等对外议题上不太容易妥协。 策略组。 1、从中期的趋势来看，"反内卷"是推动指数走牛的关键力量，"反内卷"驱动上市 公司削减资产开支，出清过剩产能，经 ...

行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 2025 年 07 月 11 日 港股医药中报前瞻—子行业分化明显，创新药 持续销售放量 看好 ——海外消费周报（20250704-20250710） 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 海外医药：港股医药中报前瞻—子行业分化明显，创新药持续销售放量 港股医药中报前瞻：创新药：商业化持续放量，部分公司有望迎来盈利拐点。创新药板块，我们预计 1H25 收入同比增速 ...

2025 年 7 月 11 日 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 超配（维持） 汽车行业双周报（2025/06/27-2025/07/10） 行 业 6 月我国整车产销双增长，"反内卷"有望降低价格战风险 汽车行业 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： 申万汽车行业指数涨跌幅：截至2025年7月10日，申万汽车板块近两周 下跌1.62%，跑输沪深300指数2.16个百分点，在申万31个行业中排名第 31名；申万汽车板块从7月初至今下跌1.19%，跑输沪深300指数3.07个 百分点，在申万31个行业中排名第30名；申万汽车板块从2025年初至今 上涨7.61%，跑赢沪深300指数5.70个百分点，在申万31个行业中排 ...

7月10日下午，2025贝壳财经年会"智能网联汽车如何重构新生态"分论坛举办。上汽集团大乘用车智能驾驶总监张栋林参与"车圈圆桌派"，对汽车智能化发 展进行了分享。 张栋林提到，大模型对汽车智能化的变革是系统性和全链条性的，但仍然面临多重技术与非技术挑战。不管技术如何革命和迭代，整车研发和技术应用始终 在安全-体验-成本中进行平衡。 "我曾经在2021年针对L2级别辅助驾驶和L3级别有条件自动驾驶的开发及验证表达过观点：L2级辅助驾驶功能，更多偏向于车辆对驾驶员的监控和监管，特 别是手和眼，不要让驾驶员犯错或滥用系统；L3级别有条件自动驾驶，更多偏向于车辆对环境和车自身的监控，特别是ODD边界和车辆故障，及时唤醒并 有效交接驾驶员。"张栋林说。 上汽集团大乘用车智能驾驶总监张栋林。活动现场图 L2不是自动驾驶，车企要准确宣传 2025年，智能辅助驾驶成为热门词汇，被业内广泛关注。张栋林认为，这由两方面促成。从产业层面，随着国内车用SOC芯片研发能力和感知传感器等产业 化的发展，驾驶辅助系统成本不断降低，越来越多的车企提出了"智驾平权"的概念并推出了产品。从监管层面，随着驾驶辅助安全事故和用户滥用事件的发 生，国 ...

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]

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting potential growth opportunities in the sector [10][42]. Core Insights - The logistics robot production by ByteDance has exceeded 1,000 units, indicating a significant growth trajectory with over 100% year-on-year increase in production [4]. - Tesla's Q2 2025 global deliveries reached 384,122 units, showing a quarter-on-quarter improvement of 14.09%, despite a year-on-year decline of 13.48% [5][7]. - The report emphasizes that 2025 is a pivotal year for robot application scenarios, suggesting that companies with platform-based layouts will have competitive advantages [5]. Summary by Sections Market Performance - The automotive sector's performance in the A-share market showed a 0.2% increase, lagging behind the broader market by 1.3 percentage points [15]. - The automotive industry PE (TTM) stands at 35.3, placing it in the 50.2% percentile over the past four years [24]. Industry Data Tracking and Commentary - In June 2025, the average daily retail of passenger cars reached 9.5 million units, reflecting a year-on-year growth of 3% [36]. - The wholesale statistics for June indicated a total of 247.3 million units, with a year-on-year increase of 14% [37]. Recommended Stocks - The report recommends several companies based on their potential in the humanoid robot and automotive sectors, including: - Shuanglin Co., Ltd. (300100.SZ) with a projected EPS of 1.24 for 2024 and a "Buy" rating [10]. - Leadrick (300652.SZ) with a projected EPS of 1.22 for 2024 and a "Buy" rating [10]. - Jianghuai Automobile (600418.SH) with a projected EPS of 0.12 for 2024 and a "Buy" rating [10]. Company Announcements and Industry News - The establishment of a joint venture by Baolong Technology to develop active suspension systems, indicating strategic moves in the automotive technology space [45]. - CATL's battery joint venture in Indonesia is set to produce 15 GWh of batteries, supporting the electric vehicle market [50].

Core Insights - The Xiaomi YU7 has achieved remarkable sales figures, with over 200,000 pre-orders within 3 minutes and 289,000 within an hour of its launch, indicating strong market demand [2] - The success of the YU7 is attributed to its competitive pricing strategy, robust user base, and a well-established ecosystem, despite previous challenges faced by Xiaomi in the automotive sector [2][7] Pricing Strategy - The YU7 is positioned in the 250,000 RMB market segment, with three versions priced at 253,500 RMB, 279,900 RMB, and 329,900 RMB, which are strategically set to avoid internal competition with the SU7 model [4] - The YU7's pricing is competitive compared to its main rival, the Tesla Model Y, being 10,000 RMB cheaper while offering superior features [5] - Xiaomi's pricing strategy emphasizes high-end configurations at lower prices, attracting price-sensitive consumers and enhancing its competitive edge in the high-end SUV market [6][11] Market Impact - The YU7's launch is seen as a disruptive force in the smart automotive market, prompting traditional and new automotive brands to reassess their product strategies and pricing [9] - The introduction of the YU7 is expected to accelerate innovation and product iteration among competitors, as it directly targets popular models like BYD Song PLUS and Li Auto L7 [10] User Base and Ecosystem - Xiaomi's extensive and loyal user base from its smartphone business has significantly contributed to the initial success of the YU7, as these users are more likely to trust and try Xiaomi's automotive offerings [7] - The integration of Xiaomi's smart ecosystem enhances the YU7's appeal, providing a differentiated user experience through seamless connectivity with other smart devices [8] Future Considerations - To maintain its competitive advantage, Xiaomi needs to focus on optimizing production processes, improving delivery timelines, and enhancing product quality through increased R&D investment [10][11] - Strengthening user engagement and feedback mechanisms will be crucial for Xiaomi to adapt to market demands and ensure ongoing customer satisfaction [11]