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全球汽车行业2025年中观察:二季度韧性超预期,下半年AI与关税成关键变量

发布于 2025-08-14

<h1 style="margin: 0px 0px 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 700;font-size: 24px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><span leaf="">全球汽车行业2025年中观察:二季度韧性超预期,下半年AI与关税成关键变量</span></h1><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利最新发布的《全球汽车监测报告》为我们揭示了2025年汽车行业的现状与未来走势。这份覆盖北美、欧洲、亚洲主要市场的深度分析,不仅呈现了二季度的业绩表现,更预判了下半年的行业趋势。本文将用通俗易懂的语言,带您读懂这份专业报告的核心观点。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">二季度表现:消费韧性超预期,车企交出满意答卷</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">2025年二季度,全球汽车行业交出了一份超出市场预期的成绩单。报告指出,尽管面临宏观经济不确定性,但</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">消费者需求展现出惊人韧性</span></strong><span leaf="">,特别是在北美市场,汽车销售数据表现强劲。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从具体数据来看,7月份美国汽车销量达到140.6万辆,同比增长8.9%,年初至今累计销量已达959万辆,同比增长4.3%。欧洲市场则呈现分化态势,德国销量增长11.1%,西班牙增长17.1%,而法国、意大利和英国则出现不同程度下滑。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041890" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHwGI5Raicjic6Z6uibVRPpUfGL4t7NnfobNbibdovoLAxJ2JcLgb8RzamNA/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利分析师Adam Jonas指出:"</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">2Q汽车财报反映出消费者的韧性</span></strong><span leaf="">,以及在下半年关税/激励措施悬崖前的需求提前释放。"这种"抢购"现象在电动车市场尤为明显,因为消费者担心下半年政策变化可能导致购车成本上升。</span></p><h2 style="margin: 24px 0px 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">下半年展望:两大风险与两大机遇</span></h2><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">风险一:关税政策与补贴退坡</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">报告特别强调了下半年可能面临的</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">政策风险</span></strong><span leaf="">。随着多国电动车补贴政策进入调整期,特别是美国激励措施将在四季度到期,市场担心这可能造成需求"断崖式"下跌。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">中国电动车企业面临更大挑战。报告显示,中国占据了全球纯电动车销量的60%,但随着美国关税政策调整,中国电动车进入美国市场的"引桥"将变得更加陡峭。摩根斯坦利预测:"随着美国激励措施在四季度到期,我们预计将看到中国'引桥'进入美国海岸的更明显迹象。"</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">风险二:宏观经济不确定性</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">除了政策风险,</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">宏观经济环境</span></strong><span leaf="">的不确定性也给行业蒙上阴影。报告指出,随着宏观担忧重新浮现,市场对转折点的耐心似乎正在耗尽。在利率高企、消费信心波动的背景下,大件消费品的需求韧性将面临考验。</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">机遇一:AI与自动驾驶驱动的"汽车2.0"</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">尽管存在风险,报告也指出了行业转型的</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">重大机遇</span></strong><span leaf="">。分析师认为,投资者已将目光投向由AI和自动驾驶驱动的"汽车2.0"新时代。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利特别看好AI与制造业的深度融合,报告中的一段话颇具前瞻性:"随着世界进入科学发展的新时代,思想家(AI研究)与实干家(制造业)之间将建立更紧密的'精神联系'。"这种融合将重塑汽车研发、生产乃至整个出行生态。</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">机遇二:二手车市场的结构性机会</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">另一个亮点是</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">二手车市场</span></strong><span leaf="">的持续走强。报告显示,7月经季节调整的Manheim指数环比下降0.5%,但同比上升2.9%,主要受供应紧张、零售新旧车销售强劲和电动车预购推动。二手车价格较2024年底上涨1.3%。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">Carvana的表现尤为亮眼,摩根斯坦利将其目标价从290美元上调至450美元,牛市情景下看至700美元。报告指出:"CEO Ernie Garcia和团队在数字汽车交付方面实现了'逃逸速度'。上一次CVNA股价达到350美元/股(2021年8月)时,公司亏损3亿美元。如今,CVNA收入增长了40%,有望盈利12亿美元。"</span></p><h2 style="margin: 24px 0px 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">区域市场分析:中国领跑电动车,日韩表现分化</span></h2><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">中国:电动车主导地位持续巩固</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">中国在全球电动车市场的主导地位仍在加强。报告显示,6月全球电动车销量同比增长30%,达到126万辆,其中中国增长43%,欧洲增长23%,而美国基本持平。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利中国汽车分析师Tim Hsiao指出:"中国(占年内至今BEV销量的60%)继续领先竞争对手。"在具体企业方面,比亚迪(BYD)获得"增持"评级,2026年预期每股收益为7.08元。</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">日本:丰田领跑,日产承压</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">日本市场呈现</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">明显分化</span></strong><span leaf="">。丰田表现优异,销量同比增长5.3%,市场份额达10.8%。相反,日产销量下滑,2026年预期每股收益为-17.40日元。本田获得"增持"评级,2026年预期每股收益为222.61日元。</span></p><h3 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">韩国:现代汽车集团表现亮眼</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">韩国市场中,现代汽车集团旗下企业普遍获得分析师青睐。现代汽车(005380.KS)获"增持"评级,目标价555,227韩元;起亚汽车(000270.KS)同样获得"增持",目标价130,000韩元。但LG能源解决方案(373220.KS)评级从"增持"下调至"中性"。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">投资建议:全球汽车股优选名单</span></h2><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">基于对各区域市场的分析,摩根斯坦利列出了</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">全球首选股票</span></strong><span leaf="">名单:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">北美地区</span></strong><section><span leaf="">:特斯拉(TSLA)、法拉利(RACE)、Group 1 Automotive(GPI)</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">欧洲地区</span></strong><section><span leaf="">:梅赛德斯-奔驰、米其林、斯特兰蒂斯</span></section></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">亚洲地区</span></strong><section><span leaf="">:比亚迪、现代汽车、本田汽车</span></section></li></ul><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">在具体推荐逻辑上,报告特别强调特斯拉的领先优势:"特斯拉在AI和自动驾驶领域的布局使其在汽车2.0时代具备先发优势。"同时,传统豪华品牌如梅赛德斯-奔驰和法拉利因品牌溢价和电动化转型顺利也获得分析师青睐。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041891" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHLkTJcuCLqe7EnIOaIEPgWRzZ0sNSNticWmA5Yv3qqQ0lvo4xlSLQ66w/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">行业转型:从硬件制造到智能出行服务</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利的报告不仅关注短期业绩,更揭示了汽车行业</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">深层次的转型趋势</span></strong><span leaf="">。分析师认为,汽车产业正在从单纯的硬件制造向智能出行服务转变,这一过程中将产生新的赢家和输家。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">报告中一段关于"机器人经济学"的论述颇具启发性:"随着世界进入科学发展的新时代,思想家(AI研究)与实干家(制造业)之间将建立更紧密的'精神联系'。"这种融合将催生新的商业模式和价值链。</span></p><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">在具体领域方面,报告看好:</span></p><ol style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">自动驾驶技术</span></strong><section><span leaf="">从L2+向L4进阶的商业化路径</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">车联网服务</span></strong><section><span leaf="">基于车辆数据的增值服务</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">共享出行</span></strong><section><span leaf="">特别是Robotaxi的商业化前景</span></section></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">能源管理</span></strong><section><span leaf="">电动车与电网的智能互动</span></section></li></ol><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">给投资者的建议:聚焦长期趋势,警惕短期波动</span></h2><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">基于报告分析,我们对投资者提出以下建议:</span></p><ol style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">长期布局AI与自动驾驶</span></strong><section><span leaf="">这些技术将定义汽车行业的未来,选择在这些领域有实质性进展的企业。</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">关注政策敏感度</span></strong><section><span leaf="">特别是电动车相关企业,需密切关注各国补贴政策和关税调整。</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">分散区域风险</span></strong><section><span leaf="">中国、欧洲、北美市场各有特点,组合投资可降低单一市场风险。</span></section></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">重视现金流</span></strong><section><span leaf="">在行业转型期,现金流充裕的企业更具抗风险能力。</span></section></li></ol><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根斯坦利报告最后提醒:"在业绩符合预期(甚至好于预期)但没有相应提高指引的情况下,投资者几乎没有什么可玩的,因为他们期待着由AI和自动驾驶驱动的汽车2.0时代的下一个阶段。"</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">结语:变革中的汽车行业</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">2025年的全球汽车行业正站在传统与创新的十字路口。二季度的业绩韧性证明了行业的生命力,而下半年的挑战与机遇将考验各企业的应变能力。从摩根斯坦利的分析来看,AI与自动驾驶已不再是遥远的概念,而是正在重塑行业格局的现实力量。</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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