V i e w p o i n t | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 06 Aug 2025 10:41:36 ET │ 15 pages Xiaomi (1810.HK) 2Q25 Preview: A Strong Quarter but Largely In-line CITI'S TAKE Xiaomi is expected to announce its 2Q25 results on 19th Aug. Overall, 2Q25 is largely in-line with record high revenue in group level/IoT/EV etc. (but sub-seasonal on high 1Q25 base). We anticipate adj. net profit to reach Rmb10.4bn (+68% YoY, -3% QoQ) with sequential decline dragged by lower smartphone ASP/GM and higher opex. We lower 2025-26 sm ...

小鹏The Next P7昨晚进行亮相首秀，全系标配双腔空悬、全系标配Ultra（图灵芯片）智驾、全系长续航最高820km；双电机版本零百3.9s。发布会未公布预 售价，将于8月底直接发布价格，并正式上市 新P7如何定位？ The Next P7 车型尺寸5017*1970*1427mm，比现款P7更修长、更宽，但矮（低趴）。在造型上正面给人以宽阔肌肉感，侧面腰身线条流畅。车型并非用"豪 华"来定位，而是强调未来感、因此叫做The Next 如何看待新P7的外形？ The Next P7的造型非常有原创性、未来感。设计师希望继承老P7的低趴姿态和整体比例，但在原来外形基础上进行创新。P7一直以来代表敢于领先、敢于 不同的态度，代表对小鹏品牌理念的一种诠释。客观上来说造型存在争议，但也会收获喜欢的人的认可 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 比亚迪出海：发力东南亚 首先取决于价格。价格区间预计在25-30万，今日开启预售但并未公布价格，8月底将正式发布价格并上市。新P7全系高配的情况下，价格可能很难下探到 SU7的起售价格（21.59万元）， ...

每日晨报 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 7月 A 股市场新开户数达 196 万户,同比增长 71% www.chinastock.com.cn 2025 年 8 月 5 日 银河观点集萃 责任编辑 周颖 宏观:上半年分省经济数据的七大看点 核心观点 近日，31个省份陆续公布 2024 年上半年经济数据。在上半年中国经济实现同比增长 5.3% 的较好表现下,不同省份表现如何?区域经济呈现哪些重要变化?本报告从省域上半年经济数 据出发,总结出七点重要内容: 一、经济大省挑大梁,但内部也存在分化。上半年广东等 GDP 前十省市加权 GDP 同比增速 5.4%,高于全国 0.1 个百分点。GDP 总量占全国的比重由 2024 年的 61.22%提升至上半年的 61.62%。对 GDP 增量的贡献率也超六成,达 62.32%。广东、江苏两省贡献全国 20.7%的 GDP。 经济大省挑大梁作用进一步凸显。但经济大省内部也存在较大分化。广东 4.2%的增速垫底，江 苏则实现 5.7%的增长。地产持续调整叠加出 ...

Core Viewpoint - Tesla's second-quarter financial report indicates a temporary stabilization in its automotive business, despite a significant year-over-year revenue decline, with a focus on the refreshed Model Y helping to mitigate losses [3][4][7]. Group 1: Financial Performance - Tesla reported a quarterly revenue of $22.496 billion, marking the largest year-over-year decline since 2012, but a 16% increase compared to the previous quarter [4]. - Automotive revenue contributed $16.661 billion, down 16% year-over-year but up 19% quarter-over-quarter, exceeding market expectations [4][11]. - The gross margin for automotive improved from 16.2% to 17.2% due to a price increase of over $1,000 for the new Model Y [13]. Group 2: Model Y Impact - The refreshed Model Y has played a crucial role in stabilizing Tesla's automotive sales, with sales increasing from 336,000 units in Q1 to 384,000 units in Q2 [11]. - The average selling price of Tesla vehicles rose from 274,500 yuan to 293,900 yuan, indicating a positive trend in pricing [14]. - Despite criticisms regarding the Model Y's updates, it remains competitive in the market, achieving over 6,000 deliveries in its first week in China and leading the SUV sales chart [19][20]. Group 3: Market Strategy - Tesla's strategy includes continuing to leverage the Model Y's remaining value while facing challenges with the Cybertruck and the delayed Model 2/Q [22][29]. - Plans for a long-wheelbase six-seat version of the Model Y and a budget-friendly Model 2/Q are in the pipeline, aiming to fill gaps in Tesla's product lineup [23][24]. - The company is focusing on artificial intelligence investments, which have impacted its free cash flow, dropping from $2.742 billion to $146 million [34][35]. Group 4: Future Outlook - Tesla's ambitious goals for Robotaxi operations and a new master plan indicate a long-term vision, although skepticism remains regarding the feasibility of these targets [41]. - The automotive business is expected to continue relying on the Model Y for sales, especially in light of setbacks with other models [42].

大家好我是大鱼 今天的资讯 包括下面几个消息 1. 特斯拉中国 第三季销量飙升 2. Tesla Diner盛大开幕 3.FSD重大更新 要在三季度登场 关注这些领域的朋友 不要错过 今天重要的内容 OK let's go 第一部分 特斯拉中国 第三季销量飙升！ 最新数据显示 在刚过去的一周 也就是第三季度的第三周 特斯拉在中国卖了 9900辆车！ 这是个不错的数字 咱们来看看背后的故事 第二季度 特斯拉在中国的表现 不够理想 总销量只有128803辆 比去年同期下降了11.7% 这让不少投资者 捏了把冷汗 但现在 第三季度刚开跑 特斯拉好像找到感觉 开始加速了！ 根据最新的 保险登记数据 截至7月20日这一周 特斯拉在中国 卖了9900辆车 累计前三周 达到27200辆 对比第二季度 同期的15800辆 多了将近12000辆 给第三季度带来了 一个梦幻开局！ 跟第一季度比 第三季度也领先不少 但第一季度有点特殊 因为当时Model Y 正在改款 加上又是中国的冬季 和农历新年 整体市场本来就偏冷 所以第二季度是 更公平的比较基准 而特斯拉现在的表现 真的让人眼前一亮 回顾过去的五个季度 只有2024年的 第 ...

Overall Situation - In June 2025, China's passenger car terminal sales reached 2.12 million units, a year-on-year increase of 22.7% and a month-on-month increase of 14.9% [1] - New energy passenger car sales totaled 1.12 million units, with a year-on-year growth of 33% and a month-on-month growth of 15% [1] - Pure electric vehicle sales were 681,000 units, up 42% year-on-year and 17% month-on-month [1] - Plug-in hybrid vehicle sales reached 321,000 units, a year-on-year increase of 31% and a month-on-month increase of 18% [1] - Range-extended vehicle sales were 115,000 units, showing no significant change [1] Market Overview - In July, many regions faced a temporary shortage of subsidy funds for vehicle trade-ins, leading to some cities suspending applications for vehicle replacement subsidies [3] - The reduction in promotional discounts in the car market during 2025, especially from April to June, has been significant [3] - Tightening auto credit policies and reduced loan rebate subsidies have increased sales pressure on dealers, prompting strong demands for assistance from automakers [3] Brand Rankings - BYD led the global new energy market with a monthly sales volume of 382,585 units, a year-on-year increase of 12%, including 90,049 units sold overseas [4] - Geely achieved a sales volume of 236,036 units, marking a 42% year-on-year growth, becoming the fastest-growing major automaker [4] - Chery Group's June sales reached 233,607 units, a year-on-year increase of 16.6%, with new energy vehicle sales growing by 59.6% [4] - Changan Automobile's total sales in June were 235,098 units, with new energy vehicle sales surpassing 100,000 units for the first time, a year-on-year increase of 57.11% [4] New Energy Vehicle Sales Rankings - In June 2025, BYD sold 308,000 new energy vehicles, followed by Changan with 63,000 and Tesla with 61,000 [6] - The top-selling pure electric models included Tesla Model Y with 44,000 units and BYD Sea Lion with 30,000 units [7] - The top-selling plug-in hybrid models were BYD Qin PLUS with 27,000 units and BYD Song Pro with 20,000 units [8] Additional Insights - BYD is expanding its presence in Southeast Asia, focusing on both performance and cost in battery cell procurement [13]

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]

Core Insights - The automotive recall landscape is shifting from mechanical failures to software and electronic system issues, reflecting the industry's transformation into mobile intelligent terminals [2][6][8] - In the first half of 2025, a total of 60 recall announcements affected 28 brands, impacting 5.281 million vehicles, marking a year-on-year increase of 29.5%, the second-highest in nearly a decade [2][3] - Over 40% of the recalls are attributed to vehicle system vulnerabilities, with new energy vehicles (NEVs) accounting for 30% of the recalls, highlighting the digital challenges faced by the industry [2][3] Recall Trends - Honda's joint ventures in China executed the largest single recall in industry history, affecting 1.367 million vehicles due to steering system defects, representing 25% of the total recalls in the first half of the year [3] - Tesla recalled 1.2068 million Model 3/Y vehicles due to electronic system defects, nearing its global delivery total for 2024 [3] - Korean brands saw a staggering 113-fold increase in recall volume, while European brands experienced a 45-fold increase, primarily due to supply chain management issues during their electrification transitions [3] Quality Management Improvements - Domestic brands have reduced recall volumes by 85.1% through enhanced quality management systems, reflecting advancements in research, development, and production control [4][5] - The frequency of recalls in the core battery management system and electric drive components has significantly decreased, indicating improved safety measures and technological maturity in the NEV sector [6][8] Regulatory Changes - The Ministry of Industry and Information Technology's 2025 inspections will include mandatory testing for battery performance and collision safety, pushing companies to establish comprehensive testing systems [7] - Luxury brands like Mercedes-Benz and BMW accounted for 55% of the total recall announcements, indicating ongoing challenges in quality control within the high-end market [7] Future Outlook - The automotive industry is transitioning to a new era of quality management, focusing on a "prevention-response-optimization" closed-loop system that encompasses the entire product lifecycle [8] - Companies that adapt to this new quality standard, prioritizing user experience and comprehensive lifecycle management, will gain a competitive edge in the intelligent mobility landscape [8]

Core Viewpoint - The article emphasizes the importance of maintaining simplicity in business operations, drawing inspiration from successful companies like Apple, while cautioning against blindly following competitors like Xiaomi [1][2][8]. Group 1: Learning from Competitors - The company aims to learn from Xiaomi's successful strategies but will not adopt them indiscriminately, focusing instead on its unique identity and user needs [1][4]. - There is a tendency among some stakeholders to believe that the company should emulate Xiaomi's successful practices, such as prioritizing aesthetics and targeting younger demographics [5][6]. Group 2: User-Centric Approach - The article discusses three perspectives that influence business decisions: desire, fear, and user perspective, with a strong emphasis on prioritizing user needs to achieve consensus and address core issues [3][4]. - The founder believes that understanding and solving customer problems should take precedence over competing with rivals, as focusing too much on competitors can lead to missed opportunities [6][7]. Group 3: Company Culture and Consensus - There is a lack of high-level consensus within the company regarding the concept of simplicity, as evidenced by the absence of engagement from employees and executives on social media regarding this principle [8]. - The article suggests that the company's culture and mission may not yet fully align with the idea of maintaining simplicity, indicating a need for better internal communication and alignment [8].

昨日晚间 8 点，雷军通过 " 万分感谢 " 返场直播回应外界有关 YU7 的疑问。 【导读】港股三大指数收跌，创新药概念股逆市大涨 见习记者 储是 7 月 3 日，港股三大指数高开低走。截至收盘， 恒生指数下跌 0.63%，恒生科技指数下跌 0.67% ，恒生国企指数下跌 0.88% 。 创新药概念股逆市大涨，恒生生物科技指数上涨 2.97%。 盘面上，科网股普跌，小米集团跌超 3% ；创新药概念股逆市大涨，华昊中天医药涨超 55% ；中资券商普涨，国泰君安国际上涨超 10% ；前一日快速拉升的钢铁板块回调，重庆钢铁股 份下跌超 20% 。 小米集团跌超 3% 今日，港股科网股普跌。小米集团盘中最大跌幅超 5% ，截至收盘，下跌 3.41% 。 首先，雷军回应了关于 YU7 大定数据的质疑。他说，大定量的统计口径与其他车企保持一 致，而且大定中 SU7 车主转单的占比很小，仅占 YU7 总订单数的 15% 。他补充道， YU7 的上市并未影响 SU7 的销量。实际上，在 YU7 预热宣传的 6 月， SU7 新增锁单更多了， 6 月份最终锁单大约 1.4 万辆。 其次，针对部分锁单用户更改配置的需求，雷军给 ...