RT Teslaconomics (@Teslaconomics)Just imagine a 2012 Model S getting Grok 4. 13 years later, it will still be the most intelligent vehicle out there in the world. This is going to be happening by latest next week. https://t.co/3xVFGv9JU0 ...

从"山重水复"到"柳暗花明" 华龙证券研究所 策略 分析师：朱金金 SAC执业证书编号：S0230521030009 邮箱：zhujj@hlzq.com 2025年7月10日 ——A股市场2025年中期投资策略报告 证券研究报告 请认真阅读文后免责条款 资料来源：Wind，华龙证券研究所 《A股月度金股：7月市场中枢或有上移》2025.07.01 《A股市场2024年报及2025年一季报综述：二季度关注政策催化且业绩保持韧 性方向》2025.5.17 《2025年A股投资策略报告：启航新时期，逐梦高质牛》2024.12.09 请认真阅读文后免责条款 目 录 3 长牛未央 坚守成长 2 摩擦缓和 政策显效 1 对等关税 扰动可控 4 行业主题 突出重点 2 5 风险提示 请认真阅读文后免责条款 2025年1月1日-2025年6月30日市场走势（单位：%） 相关报告 3 报告摘要 请认真阅读文后免责条款 4 Ø 对等关税，扰动可控。美国关税政策干扰全球经济，多国际组织下调全球经济增速。世行将2025年全球经济增长预期下调至2.3%，原因是贸易政策不 确定性。美国加征关税对其主要贸易国短时冲击明显，4月美国前八大贸 ...

Group 1 - The core viewpoint of the articles highlights the growing acceptance and market share of electric vehicles (EVs) in China, particularly focusing on the success of the Huawei Enjoy S9 model, which has attracted a diverse demographic of consumers, including a significant proportion of female drivers and younger age groups [2] - The Enjoy S9 has achieved impressive sales figures, delivering 4,154 units in the previous month, making it the best-selling electric sedan priced above 300,000 yuan [2] - As of mid-2024, the total number of electric vehicles in China reached 24.72 million, with 4.397 million new registrations in the first half of the year, accounting for 7.18% of the total vehicle population [2] Group 2 - The Chinese EV market is characterized by an oligopolistic structure dominated by Tesla and BYD, with Tesla leveraging advanced technology and global brand influence, while BYD capitalizes on its battery technology and extensive product line [3] - Emerging brands such as NIO, Xpeng, and Li Auto are rapidly gaining market share by focusing on user experience and innovation, while traditional automakers like Geely and SAIC are accelerating their electric transformation [3] - The competitive landscape is expected to undergo significant changes, with industry leaders predicting that only a handful of companies will survive the upcoming market consolidation phase [6] Group 3 - Technological innovation is identified as a key driver for the development of the EV industry, helping companies enhance product performance, reduce costs, and create competitive advantages [7] - The transition from incremental competition to stock competition in the EV market is anticipated, emphasizing the importance of achieving scale and keeping pace with AI advancements [6]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | 30,772.79 | -0.67 | | 标普 | 500 | 3,801.78 | -0.45 | | 纳斯达克 | | 11,247.58 | -0.15 | | 德国 | DAX | 12,756.32 | -1.16 | | 富时 | 100 | 7,156.37 | -0.74 | | 日经 | 225 | 26,643.39 | 0.62 | | 恒生指数 | | 24,148.07 | 1.09 | 资料来源：Wind,中原证券 资料来源：Wind,中原证券 -7% -2% 4% 10% 16% 22% 28% 34% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅 ...

备受消费市场关注的2025年汽车召回半年报出炉。市场监管总局缺陷产品召回技术中心的统计数据显 示，今年前6个月，我国共实施汽车产品召回60次，涉及缺陷车辆506.88万辆，与去年同期相比，汽车 召回数量增加超百万辆。从产品类型来看，进口汽车和新能源车的召回数量均有不同程度的增长。 今年上半年哪些车型缺陷较多？背后的原因是什么？呈现出哪些显著特点？《中国消费者报》记者对此 展开了深入采访。 召回数量有所提升 今年以来，正处于转型发展关键阶段的国内车市，面临着扩大内需的现实挑战。新车"价格战"愈演愈 烈，新旧势力竞争持续升级，多家新造车品牌至今尚未实现盈利。在这样的市场环境下，汽车产品质量 成为影响消费者购车的重要因素。 中国汽车工程学会名誉理事长付于武在接受《中国消费者报》记者采访时表示，在全球汽车市场，汽车 企业竞争的前提是核心技术和品牌实力的比拼，而非简单的以价换量策略。经过多年市场沉淀，我国汽 车市场逐渐发展成熟，标志性趋势是市场要逐渐摆脱价格战思维，全方位比拼产品质量、性能、技术和 品牌等。同时，要加强对汽车企业和产品生产准入的要求，从源头提升行业整体能力和产品质量。 数据显示，今年上半年我国实施汽车召 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 现货黄金V形反转，盘中一度跌超1%后回升，尾盘价格持平。油价先跌后涨，美油较日低一度上涨4.2%。 亚洲时段，股债商齐跌，创业板跌超1%，电力股逆势爆发，恒科指翻红涨0.25%，茶饮股大涨，商品、国债普跌。 纽约Talk第二季上新 | 33年交易老将，华尔街前线洞察 了解详情>> 要闻 市场概述 特朗普最新关税计划引发美股和美债抛售，标普、纳指跌近1%。 特斯拉因为马斯克搞新党一度大跌超8%。CoreWeave跌超3%，Core Scientific跌超17%，CoreWeave将以全股票交易方式收购Core Scientific。中概股指数收涨 约0.6%，跑赢美股大盘。 10年期美债收益率上行近7个基点。美元收涨0.6%，反弹至两周高点。新兴市场货币创4月份以来最大跌幅。 中国央行6月增持7万盎司黄金，连续8个月增持，速度有所恢复。 特朗普征税函第一波：日韩等14国25%到40%不等、8月1日生效，欧盟或接近协议。 特斯拉一度重挫7.6%，销量连续下滑之际，马斯克"美国党"再涉政治漩涡。马斯克：贝森特是索罗斯的傀儡，他甚至不会数学。 ...

美国"大而美法案"短期内提振经济，但长期财政可持续性引关注，赤 字率或增至 GDP 的 7%，需警惕长期国债风险。 关税战暂停键到期后，贸易摩擦存在延长、恶化或达成协议三种情形， 不确定性持续拖累全球经济和企业信心，企业投资信心依旧不足。 中国刺激消费的结构性改革提上日程，中央和地方层面均释放出改革和 再平衡信号，旨在通过制度改革促进消费增长，实现更均衡发展。 中美两国 AI 需求差异显著，美国 AI 资本开支强劲，中国 AI 需求端仍面 临挑战，实际利润增厚尚未显现，需关注技术推进及业绩增长。 预计未来 12 个月人民币对美元升值幅度有限，即使美元显著贬值，人 民币对一篮子货币升值空间也不大，结构性再平衡需制度改革。 中国股市二季度末至三季度大概率区间震荡，受关税、解禁期及政策预 期影响，建议采取稳妥策略，关注业绩确定性较高的股票。 新消费股票蓬勃发展阶段已过，更看重稳定盈利和估值吸引力，通缩压 力持续，消费需求处于弱势盘整状态，政策支持力度是关键变量。 Q&A 美国通过的大而美法案对美国经济、市场及财政可持续性有何影响？ 大而美法案的通过对美国经济、市场及财政可持续性产生了多方面的影响。首 先，该法案旨在 ...

Core Insights - CrowdStrike Holdings (CRWD) shares have increased by 10.7% over the past month, outperforming the Zacks Security industry's growth of 4.6% and surpassing peers like CyberArk Software, Palo Alto Networks, and Check Point Software [1][10] - The company's growth is driven by strong enterprise demand for AI-native cybersecurity solutions and the Falcon Flex subscription model, which enhances customer commitment and revenue growth [2][4] Performance Metrics - As of the end of the first quarter, CrowdStrike reported an Annual Recurring Revenue (ARR) of $4.44 billion, reflecting a year-over-year increase of 22% [5] - The Falcon Flex model achieved a total deal value of $3.2 billion, with a sequential growth of 31% and over six times year-over-year growth [6][10] - The company added $774 million in total Falcon Flex account value during the first quarter of fiscal 2026 [5] Customer Adoption and Expansion - More than 820 customer accounts have adopted the Falcon Flex model, indicating strong market acceptance [6] - A significant expansion deal was secured with a Fortune 100 technology company, increasing its contract from $12 million to over $100 million [7] - A large healthcare provider also signed an eight-figure Falcon Flex expansion deal [8] Subscription and Revenue Growth - CrowdStrike's quarterly revenues exceeded $1 billion for the third consecutive time, marking a year-over-year improvement of nearly 21% [11] - Subscription customers using six or more cloud modules represented 48% of total customers, with 32% using seven or more modules [12] AI Integration and Partnerships - The Falcon platform is gaining traction as an "AI-native SOC," with partnerships with AI companies to enhance capabilities [13] - Collaborations with NVIDIA and Microsoft aim to secure AI systems and standardize cyber threat attribution [14] Cost Structure and Earnings Pressure - Research and development expenses have increased significantly, rising twelvefold over the last six fiscal years [15] - Sales and marketing expenses surged nearly ninefold to $1.52 billion in fiscal 2025 [16] - In the first quarter of fiscal 2026, sales and marketing and R&D expenses rose by 25.5% and 34.7% year-over-year, respectively, impacting earnings [17] Valuation Metrics - CrowdStrike is trading at a high price-to-sales (P/S) ratio of 24.55X, compared to the Zacks Security industry's 15.07X [19] - The P/S multiples for peers CyberArk, Palo Alto Networks, and Check Point Software are 13.6X, 12.97X, and 8.81X, respectively [22] Investment Outlook - The company is positioned well in the AI-driven cybersecurity market, but shrinking profits and high valuation suggest a cautious investment approach [23]

Core Viewpoint - Tesla is facing a significant decline in sales and market share, attributed to product stagnation, quality issues with new models, regulatory challenges, and increasing competition from Chinese automakers [3][4][5][6][8][10]. Group 1: Sales Performance - Tesla's global deliveries in Q2 were 384,100 units, marking a year-on-year decline of 13.5%, the steepest drop since 2015 [3][4]. - In China, Tesla delivered 129,000 vehicles in Q2, contributing 34% to its total sales, but the cumulative sales for the first half of the year fell by 5.4% compared to the same period in 2024 [7][8]. Group 2: Product Issues - The product lineup remains heavily reliant on Model 3 and Model Y, which together accounted for 97.3% of total deliveries, while the high-end models like Model S/X and Cybertruck contributed only 10,400 units, a 50% year-on-year decline [3][4]. - The Cybertruck has faced multiple recalls and quality issues since its production began in 2023, significantly undermining market confidence [4]. Group 3: Regulatory and Competitive Challenges - Tesla's Full Self-Driving (FSD) technology is encountering regulatory hurdles in Europe and China, delaying its rollout plans [4][5]. - Chinese competitors, such as BYD, are rapidly gaining market share in Europe, with BYD's electric vehicle sales surpassing Tesla's for the first time in April, showing a year-on-year growth of 359% [5][6]. Group 4: Market Dynamics - Tesla's market share in China has shrunk from a peak of 15% in 2020 to 7.6%, facing intense competition from local brands that are improving in technology and pricing [8][9]. - The marketing landscape is shifting, with new entrants like Xiaomi's automotive venture directly competing with Tesla's offerings, further straining Tesla's market position [9][10].

7月7日，特斯拉(TSLA)开盘下跌7.56%，截至21:30，报291.51美元/股，成交34.6亿美元，总市值 9389.41亿美元。 财务数据显示，截至2025年03月31日，特斯拉收入总额193.35亿美元，同比减少9.23%；归母净利润 4.09亿美元，同比减少70.58%。 大事提醒： 特斯拉目前或正计划推出电动汽车,以满足广泛的消费和商用车市场,包括Model 3、Model Y、Model S、 Model X、Cybertruck、Tesla Semi和一款新的Tesla Roadster。结合其动力系统、自动驾驶和全自动驾驶 ("FSD")硬件和神经网络的技术进步,其电动汽车拥有领先里程和充电灵活性等优势;优越的加速、操控和 安全特性;一套独特的方便用户和信息娱乐功能;通过无线更新启用额外功能的能力;以及节省充电、维护 和其他拥有成本。 本文源自：金融界 作者：行情君 7月3日，特斯拉获汇丰银行重申评级Reduce，目标价上调至120美元。 7月23日，特斯拉将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 资料显示 ...