新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4820 期 2025 年 7 月 22 日 星期二 研究观点 【公司评论】 特斯拉（TSLA）：周报 腾讯控股（700.HK）：周报 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 第一上海证券有限公司 www.mystockhk.com 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 第一上海 新力量 New Force 【公司评论】 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 特斯拉将于北京时间 7 月 24 日召开 2025 年第二季度财报电话会议 特斯拉第二季度财报电话会议将于美国 2025 年 7 月 23 日下午 4:30（中部时间） （北京时间 24 日凌晨 5：30）举行。本次电话会议的主要问题包括：特斯拉 Rob otaxi 具体情况以及扩展预期、无监督 FSD 技术与监管阻碍、擎天柱机器人的情 况以及更实惠车型的开发时 ...

本周复盘总结：七月第二周交强险36.2万辆，环比上周/上月周度-8.9%/-19.6%。 本周汽车A-H涨幅是Q2以来涨幅较好的一周，各细分板块都有不同幅度的反弹，尤其是载货车 和香港汽车指数。本周核心变化：长城汽车2025H1归母净利润63.37亿元，同比减少10.22%。 理想汽车i8公布预售价35-40万元。马斯克预告Optimus Gen2.5/3敏捷性大致相当于人类；宇数 科技开始上市辅导。 当前时点汽车板块如何配置？ 我们认为"只有坚持技术创新才是汽车反内卷且走向健康发展的本质"，坚持看好2025年【红利 &好格局+AI智能化+AI机器人】三条主线。相比上半年，下半年总体我们建议加大红利风格的 配置权重。 【红利&好格局主线】 客车（宇通客车）/重卡（中国重汽A-H/潍柴动力）/两轮（春风动力/隆 鑫通用）/零部件（福耀玻璃+星宇股份+新泉股份+继峰股份）。 本周细分板块涨跌幅排序:SＷ商用载货车(+9.4%) >SW汽车零部件(+4.1%) >SW汽车（+3.3%） >SW乘用车(+1.8%) >SW商用载客车(-1.0%) > SW摩托车及其他(-1.4%) 。本周已覆盖标的恒帅 股份，银轮股 ...

证券研究报告 汽车周观点： 7月第2周乘用车环比-8.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年7月20日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.7.14-2025.7.20 2 （ ➢本周复盘总结：七月第二周交强险36.2万辆，环比上周/上月周度-8.9%/-19.6%。 ➢本周细分板块涨跌幅排序:SＷ商用载货车(+9.4%) >SW汽车零部件(+4.1%) >SW汽车 （+3.3%）>SW乘用车(+1.8%) >SW商用载客车(-1.0%) > SW摩托车及其他(-1.4%) 。 本周已覆盖标的恒帅股份，银轮股份，江淮汽车，蔚来-SW，威迈斯涨幅前五。 ◼ 本周团队研究成果：外发深度报告《看好增程汽车国内市场发展前景》、《车灯行业 系列专题报告（二）之国内格局演化：日系衰退，欧系稳健，自主崛起》，外发金龙 汽车2025H1业绩预告点评。 ◼ 本周行业核心变化：1）理想i8开启预订，预计售价35-40万元，分别有90.1度电/97.8 度电。正式上市发布 ...

16 July 2025 | 6:39PM EDT Tesla Inc. (TSLA): Announces new Model YL- market sizing analysis and initial thoughts on implications On 7/16, Tesla announced a new variant of the Model Y, named the Model YL, on Weibo and included two images. Per a filing with China's Ministry of Industry and Information Technology, the new Model YL is slightly longer (about 7") and taller (by 1.5-2") than the current Model Y, although smaller than the Model X. While the current Model Y can be configured with an optional third r ...

Core Insights - The demand for mid-to-large pure electric six-seat SUVs in China is rapidly increasing, driven by changing family structures and consumer preferences [2][3] - The market for these vehicles is expected to grow significantly, with projections indicating that by mid-2025, approximately 1.2 million units will be sold, representing a 28% year-on-year increase [2] - Major players like Tesla and Li Auto are launching competitive models to capture this growing market segment, indicating a shift in the automotive landscape [4][5] Industry Trends - The six-seat SUV has become a new trend in the electric vehicle market, with over 70% of sales coming from this category, particularly among families with multiple children [2][3] - The rise of intelligent and electric technologies, along with improved charging infrastructure, is making it easier for consumers to adopt mid-to-large electric SUVs [3] - The competition in the six-seat electric SUV market is intensifying, with multiple brands introducing new models to meet consumer demand [3][4] Company Developments - Tesla has announced the launch of its Model YL, a large six-seat electric SUV, expected to retail between 300,000 to 400,000 yuan, with a focus on meeting the needs of consumers who previously overlooked the brand [4][6] - Li Auto's first large electric six-seat SUV, the Li i8, has begun pre-sales, priced at 350,000 to 400,000 yuan, showcasing strong performance specifications [5][6] - Leado's L90, positioned as a flagship family space vehicle, is set to launch with a starting price of 279,900 yuan, indicating a competitive pricing strategy aimed at capturing market share [5][6]

Tesla, Inc. TSLA is reportedly preparing to introduce a longer, six-seat version of its Model Y sport utility vehicle in China.The news comes after Tesla reported a 75% plunge in sales in China during the first week of July as the company recorded 5,010 insured registrations.Bloomberg reports, citing data from the Ministry of Industry and Information Technology's website, that the vehicle will be about 150 centimeters (5.9 inches) longer than the existing Model Y.Also Read: Tesla Gains After DMV Lists It as ...