一周人物（2025年8月18日-24日） "鸿蒙5.0设备激活量已突破1000万台,这标志着鸿 蒙生态已经度过了最危险的生死线。" 华为常务董事、终端BG董事长余承东 "MR是未来家庭机器人的'眼睛和大脑',成为连接 物理世界与数字世界、并最终让智能机器人走进千 家万户的关键桥梁。" -vivo执行副总裁、首席运营官胡柏山 "全球正处于'具身智能大爆发的前夜',2025年具 "我们现在面对的是一个新时代,所以需要新模式。 房地产发展的新模式,就是均衡发展的模式。" -- 中国社科院研究生院城乡建设经济系教授陈淮 "潮玩内核不是盲盒或搪胶形态,未来自有IP是品牌 资产和商业资产,能实现产品差异化。" -- 名创优品集团CMO(首席营销官)刘晓彬 动点 · 徕芬回应创始人与前员工互怼, 身智能机器人将迎来商用发展的拐点!" 智元机器人董事长邓泰华 评测争议牵出高价分手费与纠纷 · A股天价离婚案落幕, 丽人丽妆实控人前妻分走价值1.7亿元股票 ·中建四局换帅:周圣接棒董事长, 成为中建系最年轻"一把手" ·成都两大银行互换"掌门人" · 湛江农商行新董事长上任, 去年来董事长、行长、副行长均换新 · 光大证券首席 ...

机构：长江证券 研究员：高伊楠/张扬 销量结构持续改善，带来单车收入和盈利能力提升，汽车业务毛利率超预期，达14.3%。 汽车业务，2025Q2 出海叠加G6、G9、X9 等高单价车型改款上市交付，销量结构持续优化。2025Q2 交 付量为10.3 万辆， 同比+241.6% ， 环比+9.8% ， 其中MONAM03/G6/P7+/G9/X9 分别交付 3.9/2.4/2.1/1.0/0.75 万辆， 占比分别达到38.0%/23.7%/20.1%/10.1%/7.2%，MONA M03 占比环比下降 12.1pct，G6/G9/X9 占比环比提升9.7pct/4.1pct/3.5pct。根据中汽协，小鹏2025 年Q2 出海销量1.1 万辆， 同比+150.2%，环比+45.6%。汽车业务收入168.8 亿元，同比+147.6%，环比+17.5%，单车收入17.7 万 元，环比+5.3%，销量结构优化提振单车收入。Q2 汽车业务毛利率为14.3%，同比+8.0pct，环比 +3.9pct，Q2 规模效应提升叠加成本下降，汽车毛利率持续提升。 服务收入，大众服务收入持续增厚公司毛利率。2025Q2 公司服务 ...

Core Viewpoint - The automotive market in April showed stable growth, with significant contributions from new energy vehicles and new model launches during the Shanghai Auto Show [1][3]. Market Overview - The total retail market size for narrow passenger cars in April is estimated at approximately 1.75 million units, representing a year-on-year increase of 14.4% but a month-on-month decrease of 9.8% [1][3]. - New energy vehicle retail sales are expected to reach 900,000 units, with a penetration rate of 51.4% [1][3]. New Energy Vehicle Performance - Six sample new force car companies (excluding Xiaomi) delivered a total of 175,951 vehicles in April, showing a year-on-year increase of 59.9% and a month-on-month increase of 2.6% [1][3]. Company-Specific Deliveries - **Leap Motor**: Delivered 41,039 units in April, up 173.5% year-on-year and 10.6% month-on-month [2][4]. - **Xpeng**: Delivered 35,045 units, a year-on-year increase of 273.1% and a month-on-month increase of 5.5% [2][6]. - **Li Auto**: Delivered 33,939 units, up 31.6% year-on-year but down 7.5% month-on-month [2][5]. - **Aion**: Delivered 28,301 units, a slight year-on-year increase of 0.7% but a month-on-month decrease of 17.0% [2]. - **NIO**: Delivered 23,900 units, up 53.0% year-on-year and 58.9% month-on-month [2][6]. - **ZEEKR**: Delivered 13,727 units, down 14.7% year-on-year and 11.0% month-on-month [2][7]. - **Xiaomi**: Delivered over 28,000 units, with a new SUV model expected to launch in mid-2025 [2][7]. New Model Launches - The Shanghai Auto Show is expected to boost the market with new model launches, providing new growth momentum for the new energy vehicle sector [1][3]. - Leap Motor's new B10 model features unique laser radar technology and has shown promising initial sales [4]. - Li Auto is launching new models, including the MEGAHome family edition and L6 smart version, which are expected to enhance its competitive edge [5]. - Xpeng's new model, the 2025 X9, was unveiled at the Shanghai Auto Show, targeting the mid-to-large MPV segment [6]. - NIO's new models, including the Firefly and L60, were also showcased at the event [6]. Technological Advancements - The automotive industry is witnessing a shift towards intelligent driving technologies, with companies like Xpeng and Huawei leading the charge in promoting and iterating these technologies [8]. - The advancement of intelligent driving capabilities is expected to lower hardware barriers and expand applications in the mainstream market [8]. Investment Recommendations - The report suggests a positive outlook for companies with strong intelligent driving capabilities and product cycles, recommending stocks such as BYD, Geely, Xpeng, and Li Auto [9].

Group 1: Solid-State Battery Technology - New policies from eight Chinese departments provide support for the lithium battery industry, potentially boosting the growth of the new energy vehicle and energy storage markets [3] - Pritchard plans to invest in a 2.5GWh cylindrical project in Malaysia, marking a significant move in lithium battery material production and enhancing its global competitiveness [3] - The lithium industry experienced a downturn since early 2022, but is expected to gradually recover starting from Q1 2024, with profitability anticipated to improve by 2025 [3] - Short-term commercialization of semi-solid and solid-state batteries will drive industry innovation, while solid-state batteries hold significant potential for high energy density applications like eVTOL in the long term [3] Group 2: AI and Military Integration - The global AI wave has surged since the release of ChatGPT in 2022, with the integration of AI in military applications becoming a crucial development direction in modern warfare [4] - The close collaboration between the U.S. military and Silicon Valley, particularly with companies like Google and OpenAI, has accelerated AI applications in the military by lifting the "AI military ban" [4] - The Russia-Ukraine conflict is referred to as the "first AI war," where AI significantly enhances decision-making, intelligence analysis, and tactical deployment, improving operational efficiency [4] - Investors should focus on midstream companies with advantages in military data, algorithm applications, and scenario experience [4] - Key resources are primarily led by state-owned units (e.g., China Electronics Technology Group, China Shipbuilding Industry Corporation), but private enterprises have opportunities in AI technology applications [4] Group 3: Automotive Industry Trends - Xiaomi Auto launched the Xiaomi SU7 through smart ecosystem and clever marketing, while XPeng introduced the MONAM03 targeting the youth market and the highly intelligent P7+ [7] - The new energy vehicle market is expected to continue its strength in 2024, with a follow-up strategy becoming mainstream in the electric vehicle competition, particularly brands like Leap Motor and Geely Galaxy successfully creating popular models [7] - As advanced driving technology penetration increases, innovation in the intelligent sector will become a key competitive point, while follow-up strategies will still play a significant role [7] Group 4: Semiconductor and Electronics Market - In Q2 2025, industrial and automotive-related analog and power semiconductors are expected to transition from recovery to prosperity due to inventory destocking, supply contraction, and macroeconomic stimulus [8] - The domestic introduction of analog, power automotive, and high-end industrial materials is projected to peak in 2025, with related companies anticipating significant EPS improvement [8] - Foundries are expected to gradually increase capital expenditures, and storage IDM expansion may accelerate, potentially leading to excess returns in the semiconductor equipment, components, and materials sectors in the second half of 2025 [8] Group 5: AI in Healthcare - The rapid development of AI in healthcare is driven by advancements in information technology and artificial intelligence, particularly deep learning, large models, and generative AI [10] - A robust digital healthcare system is essential for efficiently collecting, storing, and transmitting medical data, ensuring high-quality data support for AI algorithms [10] - Deep learning and large models enable AI to handle more complex data, fostering innovation in medical imaging analysis, disease diagnosis, and surgical assistance [10] - Generative AI can analyze existing data and generate new data, enhancing intelligent interaction and dialogue capabilities, further optimizing the precision and naturalness of healthcare services [10] - AI is widely applied across the entire healthcare process, including health management, pre-diagnosis, diagnosis, post-diagnosis services, imaging analysis, drug development, and surgical robots [10] - AI shows strong growth potential in various subfields such as imaging analysis, pathological diagnosis, and health management, with clear policy support and competitive landscape emerging [10]