771 lines
35 KiB
HTML
771 lines
35 KiB
HTML
|
||
<!DOCTYPE html>
|
||
<html lang="zh-CN">
|
||
<head>
|
||
<meta charset="utf-8" />
|
||
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
|
||
<title>上汽集团华为智行 - 概念洞察报告</title>
|
||
<link href="https://fonts.googleapis.com/css2?family=Inter:wght@300;400;500;600;700;800&display=swap" rel="stylesheet" />
|
||
<!-- Font Awesome Icons -->
|
||
<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
|
||
<!-- Tailwind CSS -->
|
||
<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
|
||
<!-- DaisyUI -->
|
||
<link href="https://cdn.jsdelivr.net/npm/daisyui@5/dist/full.min.css" rel="stylesheet" type="text/css" />
|
||
<!-- Custom CSS -->
|
||
<style>
|
||
body {
|
||
font-family: 'Inter', sans-serif;
|
||
background: linear-gradient(135deg, #0f172a 0%, #1e293b 100%);
|
||
min-height: 100vh;
|
||
position: relative;
|
||
overflow-x: hidden;
|
||
}
|
||
|
||
.particle-container {
|
||
position: fixed;
|
||
top: 0;
|
||
left: 0;
|
||
width: 100%;
|
||
height: 100%;
|
||
z-index: -1;
|
||
}
|
||
|
||
.glass-effect {
|
||
background: rgba(255, 255, 255, 0.05);
|
||
backdrop-filter: blur(10px);
|
||
border: 1px solid rgba(255, 255, 255, 0.1);
|
||
}
|
||
|
||
.timeline-dot {
|
||
position: relative;
|
||
}
|
||
|
||
.timeline-dot::before {
|
||
content: '';
|
||
position: absolute;
|
||
width: 16px;
|
||
height: 16px;
|
||
border-radius: 50%;
|
||
background: #3b82f6;
|
||
left: -8px;
|
||
top: 6px;
|
||
box-shadow: 0 0 0 4px rgba(59, 130, 246, 0.2);
|
||
}
|
||
|
||
.timeline-line {
|
||
position: absolute;
|
||
left: 0;
|
||
top: 22px;
|
||
bottom: -22px;
|
||
width: 2px;
|
||
background: linear-gradient(to bottom, #3b82f6, #1e40af);
|
||
}
|
||
|
||
.highlight-box {
|
||
background: linear-gradient(135deg, rgba(59, 130, 246, 0.1) 0%, rgba(30, 64, 175, 0.1) 100%);
|
||
border-left: 4px solid #3b82f6;
|
||
}
|
||
|
||
.stock-table {
|
||
background: rgba(30, 41, 59, 0.8);
|
||
backdrop-filter: blur(10px);
|
||
}
|
||
|
||
.card-hover {
|
||
transition: all 0.3s ease;
|
||
}
|
||
|
||
.card-hover:hover {
|
||
transform: translateY(-5px);
|
||
box-shadow: 0 10px 30px rgba(0, 0, 0, 0.3);
|
||
}
|
||
|
||
@media (max-width: 768px) {
|
||
.timeline-line {
|
||
left: 10px;
|
||
}
|
||
|
||
.timeline-dot::before {
|
||
left: 2px;
|
||
}
|
||
}
|
||
</style>
|
||
</head>
|
||
<body class="text-gray-100">
|
||
<div id="particles-js" class="particle-container"></div>
|
||
|
||
<div class="container mx-auto px-4 py-8 max-w-6xl">
|
||
<!-- Header -->
|
||
<header class="text-center mb-12">
|
||
<h1 class="text-4xl md:text-5xl font-bold mb-4 bg-gradient-to-r from-blue-400 to-cyan-400 bg-clip-text text-transparent">
|
||
上汽集团华为智行
|
||
</h1>
|
||
<p class="text-xl text-gray-300">概念洞察与投资分析报告</p>
|
||
<div class="mt-6 flex justify-center space-x-4">
|
||
<span class="px-4 py-2 bg-blue-500/20 text-blue-300 rounded-full text-sm">汽车科技</span>
|
||
<span class="px-4 py-2 bg-cyan-500/20 text-cyan-300 rounded-full text-sm">智能驾驶</span>
|
||
<span class="px-4 py-2 bg-purple-500/20 text-purple-300 rounded-full text-sm">战略合作</span>
|
||
</div>
|
||
</header>
|
||
|
||
<!-- Concept Events Section -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-calendar-alt mr-3 text-blue-400"></i>
|
||
概念事件与时间轴
|
||
</h2>
|
||
|
||
<div class="grid md:grid-cols-2 gap-8">
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-blue-300">背景与催化事件</h3>
|
||
<ul class="space-y-3">
|
||
<li class="flex items-start">
|
||
<span class="text-blue-400 mr-2">•</span>
|
||
<span><strong class="text-cyan-300">2024年11月</strong>：市场首次传出上汽与华为接触合作，上汽官方回应"不予置评"，引发股价异动（11月27日）。</span>
|
||
</li>
|
||
<li class="flex items-start">
|
||
<span class="text-blue-400 mr-2">•</span>
|
||
<span><strong class="text-cyan-300">2025年1月</strong>：上汽集团内部文件泄露，确认与华为合作模式为"智选车"，首款车型基于飞凡RC7开发，预计2025年中推出。</span>
|
||
</li>
|
||
<li class="flex items-start">
|
||
<span class="text-blue-400 mr-2">•</span>
|
||
<span><strong class="text-cyan-300">2025年2月11日</strong>：36氪独家报道合作敲定，鸿蒙智行将推第五品牌"尚界"，定位17-25万元年轻化市场，<strong class="text-yellow-300">当日上汽集团股价涨超8%</strong>。</span>
|
||
</li>
|
||
<li class="flex items-start">
|
||
<span class="text-blue-400 mr-2">•</span>
|
||
<span><strong class="text-cyan-300">2025年2月21日</strong>：双方正式签署深度合作协议，明确智选车模式，华为团队已入驻上汽安研路研发中心。</span>
|
||
</li>
|
||
<li class="flex items-start">
|
||
<span class="text-blue-400 mr-2">•</span>
|
||
<span><strong class="text-cyan-300">2025年4月16日</strong>：鸿蒙智行发布会官宣"SAIC尚界"品牌，首期投入<strong class="text-green-300">60亿元</strong>，组建<strong class="text-green-300">5000人团队</strong>并建设专属超级工厂，首款车型计划2025年秋季上市。</span>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-blue-300">时间轴</h3>
|
||
<div class="relative pl-8">
|
||
<div class="timeline-line"></div>
|
||
|
||
<div class="mb-8 timeline-dot">
|
||
<div class="highlight-box p-4 rounded-lg">
|
||
<p class="font-semibold text-cyan-300">2024-11-27</p>
|
||
<p class="text-sm mt-1">合作传闻首次出现</p>
|
||
<p class="text-xs text-green-300 mt-1">股价单日涨7%</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-8 timeline-dot">
|
||
<div class="highlight-box p-4 rounded-lg">
|
||
<p class="font-semibold text-cyan-300">2025-02-11</p>
|
||
<p class="text-sm mt-1">合作细节曝光（尚界品牌）</p>
|
||
<p class="text-xs text-green-300 mt-1">股价涨8%，成交额15亿</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="timeline-dot">
|
||
<div class="highlight-box p-4 rounded-lg">
|
||
<p class="font-semibold text-cyan-300">2025-04-16</p>
|
||
<p class="text-sm mt-1">品牌正式发布</p>
|
||
<p class="text-xs text-green-300 mt-1">次日股价高开3%</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Executive Summary -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-lightbulb mr-3 text-yellow-400"></i>
|
||
核心观点摘要
|
||
</h2>
|
||
|
||
<div class="grid md:grid-cols-3 gap-6">
|
||
<div class="bg-gradient-to-br from-blue-500/10 to-blue-700/10 rounded-xl p-5 border-l-4 border-blue-400">
|
||
<h3 class="font-bold text-lg mb-3 text-blue-300">阶段判断</h3>
|
||
<p class="text-sm">上汽与华为的合作已从"传闻驱动"进入<strong class="text-white">实质落地阶段</strong>，尚界品牌成为鸿蒙智行填补中端市场空白的战略支点。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-br from-cyan-500/10 to-cyan-700/10 rounded-xl p-5 border-l-4 border-cyan-400">
|
||
<h3 class="font-bold text-lg mb-3 text-cyan-300">核心驱动力</h3>
|
||
<p class="text-sm">华为技术赋能（ADS智驾+鸿蒙座舱）叠加上汽规模化制造能力，目标在15-25万元红海市场打造"科技平权"爆款。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-br from-purple-500/10 to-purple-700/10 rounded-xl p-5 border-l-4 border-purple-400">
|
||
<h3 class="font-bold text-lg mb-3 text-purple-300">未来潜力</h3>
|
||
<p class="text-sm">若首款车型月销达2-3万辆（管理层内部目标），将直接贡献上汽<strong class="text-white">2026年30万辆销量</strong>（东吴证券预测），成为估值修复的核心催化剂。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Core Logic Analysis -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-brain mr-3 text-purple-400"></i>
|
||
核心逻辑与市场认知分析
|
||
</h2>
|
||
|
||
<div class="grid md:grid-cols-2 gap-8">
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-purple-300">核心驱动力</h3>
|
||
<div class="space-y-4">
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">1. 技术互补</h4>
|
||
<ul class="text-sm space-y-1 ml-4">
|
||
<li class="list-disc">华为提供<strong>ADS 3.0高阶智驾</strong>（2025年L3 Ready）和鸿蒙座舱，解决上汽自主品牌智能化短板。</li>
|
||
<li class="list-disc">上汽贡献<strong>年产能400万辆</strong>的规模化制造和全球化渠道（MG欧洲市占率9%）。</li>
|
||
</ul>
|
||
</div>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">2. 市场卡位</h4>
|
||
<ul class="text-sm space-y-1 ml-4">
|
||
<li class="list-disc">鸿蒙智行原有四界（问界/智界/享界/尊界）覆盖23-100万元，<strong>尚界是唯一下探至15万元的品牌</strong>，直面比亚迪宋PLUS、小鹏G6等竞品。</li>
|
||
</ul>
|
||
</div>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">3. 政策背书</h4>
|
||
<ul class="text-sm space-y-1 ml-4">
|
||
<li class="list-disc">上海市政府将上汽转型列为"一号工程"，市委书记陈吉宁2024年三次调研，明确要求"全市资源支持"。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-purple-300">市场热度与预期差</h3>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4 mb-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">市场热度与情绪</h4>
|
||
<ul class="text-sm space-y-1 ml-4">
|
||
<li class="list-disc"><strong>研报密集度</strong>：2025年2月以来，东吴、开源、华安等7家券商发布深度报告，一致给予"买入"评级。</li>
|
||
<li class="list-disc"><strong>情绪分化</strong>：乐观派（如东吴）认为"尚界可复刻问界成功"，谨慎派（如国泰海通）指出"20万元以下ADS成本压力未验证"。</li>
|
||
</ul>
|
||
</div>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">预期差分析</h4>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full text-sm">
|
||
<thead>
|
||
<tr class="border-b border-gray-700">
|
||
<th class="text-left py-2">市场预期</th>
|
||
<th class="text-left py-2">实际进展</th>
|
||
<th class="text-left py-2">预期差方向</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-2">尚界首款车型为全新开发</td>
|
||
<td class="py-2">实为<strong>飞凡ES39改款</strong>（外观改动小）</td>
|
||
<td class="py-2 text-red-300">低于预期</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-2">华为ADS全系标配</td>
|
||
<td class="py-2"><strong>15万元版本或减配</strong>（无激光雷达）</td>
|
||
<td class="py-2 text-red-300">低于预期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-2">2025年销量目标5万辆</td>
|
||
<td class="py-2">内部目标<strong>10万辆</strong>（未公开）</td>
|
||
<td class="py-2 text-green-300">高于预期</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Catalysts and Future Path -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-rocket mr-3 text-green-400"></i>
|
||
关键催化剂与未来发展路径
|
||
</h2>
|
||
|
||
<div class="grid md:grid-cols-2 gap-8">
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-green-300">近期催化剂（3-6个月）</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<div class="bg-green-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-file-alt text-green-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">工信部新车目录</h4>
|
||
<p class="text-sm text-gray-300">2025年7月ES39申报图曝光，验证华为ADS配置版本差异。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-green-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-store text-green-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">渠道落地</h4>
|
||
<p class="text-sm text-gray-300">华为门店尚界专区装修完成（预计8月），首批<strong>200家</strong>门店覆盖一二线城市。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-green-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-tag text-green-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">定价策略</h4>
|
||
<p class="text-sm text-gray-300">若15万元版本保留高速NOA（竞品需20万+），将形成<strong>降维打击</strong>。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-green-300">长期发展路径</h3>
|
||
<div class="space-y-4">
|
||
<div class="bg-gradient-to-r from-green-500/10 to-emerald-500/10 rounded-lg p-4">
|
||
<h4 class="font-semibold text-green-300 mb-2">2025-2026年</h4>
|
||
<p class="text-sm">尚界ES39、ES5（轿车）两款车上市，目标累计交付<strong>50万辆</strong>（开源证券预测）。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-emerald-500/10 to-teal-500/10 rounded-lg p-4">
|
||
<h4 class="font-semibold text-emerald-300 mb-2">2027年后</h4>
|
||
<p class="text-sm">上汽与华为联合开发全新纯电平台，成本较MEB降低20%，支撑<strong>200万辆远期目标</strong>（东吴证券情景假设）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Industry Chain Analysis -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-network-wired mr-3 text-indigo-400"></i>
|
||
产业链与核心公司深度剖析
|
||
</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-lg font-semibold mb-4 text-indigo-300">产业链图谱</h3>
|
||
<div class="bg-gray-800/50 rounded-lg p-6">
|
||
<div class="flex flex-col md:flex-row items-center justify-between space-y-4 md:space-y-0">
|
||
<div class="bg-blue-500/20 rounded-lg p-4 text-center min-w-[180px]">
|
||
<p class="font-semibold text-blue-300">上游</p>
|
||
<p class="text-sm mt-1">华为（芯片/算法）</p>
|
||
</div>
|
||
|
||
<div class="text-2xl text-gray-400">→</div>
|
||
|
||
<div class="bg-purple-500/20 rounded-lg p-4 text-center min-w-[180px]">
|
||
<p class="font-semibold text-purple-300">中游</p>
|
||
<p class="text-sm mt-1">上汽（整车制造）</p>
|
||
</div>
|
||
|
||
<div class="text-2xl text-gray-400">→</div>
|
||
|
||
<div class="bg-green-500/20 rounded-lg p-4 text-center min-w-[180px]">
|
||
<p class="font-semibold text-green-300">下游</p>
|
||
<p class="text-sm mt-1">鸿蒙智行渠道+MG海外网络</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-gray-700/50 rounded-lg p-3">
|
||
<p class="text-sm font-semibold text-cyan-300 mb-1">零部件</p>
|
||
<p class="text-xs">华域汽车（座舱域控）、保隆科技（激光雷达）</p>
|
||
</div>
|
||
|
||
<div class="bg-gray-700/50 rounded-lg p-3">
|
||
<p class="text-sm font-semibold text-cyan-300 mb-1">服务</p>
|
||
<p class="text-xs">安吉物流（出口运输）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-indigo-300">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full text-sm">
|
||
<thead>
|
||
<tr class="border-b border-gray-700">
|
||
<th class="text-left py-3 px-4">公司</th>
|
||
<th class="text-left py-3 px-4">角色</th>
|
||
<th class="text-left py-3 px-4">竞争优势</th>
|
||
<th class="text-left py-3 px-4">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-3 px-4 font-semibold text-cyan-300">上汽集团</td>
|
||
<td class="py-3 px-4">整车龙头</td>
|
||
<td class="py-3 px-4">产能400万辆+MG欧洲渠道</td>
|
||
<td class="py-3 px-4">合资品牌拖累利润</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-3 px-4 font-semibold text-cyan-300">赛力斯</td>
|
||
<td class="py-3 px-4">问界品牌</td>
|
||
<td class="py-3 px-4">华为深度合作先发优势</td>
|
||
<td class="py-3 px-4">产能瓶颈（M9交付延迟）</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-semibold text-cyan-300">江淮汽车</td>
|
||
<td class="py-3 px-4">尊界代工</td>
|
||
<td class="py-3 px-4">华为高端车型独家代工</td>
|
||
<td class="py-3 px-4">估值已透支（PB 3.5倍）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<div class="mt-6 grid md:grid-cols-2 gap-6">
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-green-300 mb-2">数据印证</h4>
|
||
<p class="text-sm">上汽2025年Q1新能源销量<strong>27.2万辆</strong>（+30%），其中出口占比40%，验证海外渠道价值。</p>
|
||
</div>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-yellow-300 mb-2">矛盾点</h4>
|
||
<p class="text-sm">路演称尚界"基于飞凡ES39"，但飞凡2024年销量仅<strong>1.2万辆</strong>（乘联会），品牌力存疑。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Risks and Challenges -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-3 text-red-400"></i>
|
||
潜在风险与挑战
|
||
</h2>
|
||
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full text-sm">
|
||
<thead>
|
||
<tr class="border-b border-gray-700">
|
||
<th class="text-left py-3 px-4">风险类型</th>
|
||
<th class="text-left py-3 px-4">具体表现</th>
|
||
<th class="text-left py-3 px-4">概率评估</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-3 px-4 font-semibold text-red-300">技术风险</td>
|
||
<td class="py-3 px-4">ADS低配版体验缩水，引发口碑反噬</td>
|
||
<td class="py-3 px-4">
|
||
<span class="px-3 py-1 bg-yellow-500/20 text-yellow-300 rounded-full text-xs">中</span>
|
||
</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-3 px-4 font-semibold text-red-300">商业化风险</td>
|
||
<td class="py-3 px-4">15万元车型毛利率<5%，需规模摊销</td>
|
||
<td class="py-3 px-4">
|
||
<span class="px-3 py-1 bg-red-500/20 text-red-300 rounded-full text-xs">高</span>
|
||
</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700">
|
||
<td class="py-3 px-4 font-semibold text-red-300">竞争风险</td>
|
||
<td class="py-3 px-4">比亚迪海狮07（16万起）提前上市</td>
|
||
<td class="py-3 px-4">
|
||
<span class="px-3 py-1 bg-red-500/20 text-red-300 rounded-full text-xs">高</span>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-semibold text-red-300">信息矛盾</td>
|
||
<td class="py-3 px-4">路演称"2025年Q4上市"，但供应链反馈"<strong>电池包未定型</strong>"</td>
|
||
<td class="py-3 px-4">
|
||
<span class="px-3 py-1 bg-blue-500/20 text-blue-300 rounded-full text-xs">需验证</span>
|
||
</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Investment Insights -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-chart-line mr-3 text-yellow-400"></i>
|
||
综合结论与投资启示
|
||
</h2>
|
||
|
||
<div class="mb-6 bg-gradient-to-r from-yellow-500/10 to-orange-500/10 rounded-lg p-5">
|
||
<h3 class="font-bold text-lg mb-3 text-yellow-300">阶段判断</h3>
|
||
<p class="text-lg">尚处于<strong class="text-white">主题炒作向基本面过渡</strong>阶段，核心取决于ES39上市后的订单转化。</p>
|
||
</div>
|
||
|
||
<div class="grid md:grid-cols-2 gap-6 mb-6">
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-yellow-300">投资价值方向</h3>
|
||
<div class="space-y-3">
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">1. 整车端</h4>
|
||
<p class="text-sm">上汽集团（<strong>PB 0.6倍</strong>历史底部，尚界弹性最大）。</p>
|
||
</div>
|
||
|
||
<div class="bg-gray-800/50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-cyan-300 mb-2">2. 供应链</h4>
|
||
<p class="text-sm">华域汽车（华为座舱域控独家供应商，2025年配套量或达<strong>30万套</strong>）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-lg font-semibold mb-4 text-yellow-300">关键跟踪指标</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<div class="bg-blue-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-shopping-cart text-blue-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">订单数据</h4>
|
||
<p class="text-sm text-gray-300">ES39预售48小时订单（目标<strong>1万辆</strong>）。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-green-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-percentage text-green-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">毛利率</h4>
|
||
<p class="text-sm text-gray-300">15万元版本BOM成本拆解（华为智驾套件占比需<20%）。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-purple-500/20 rounded-full p-2 mr-3 mt-1">
|
||
<i class="fas fa-store text-purple-400 text-sm"></i>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold">渠道密度</h4>
|
||
<p class="text-sm text-gray-300">华为门店尚界专区覆盖率（当前<strong>15%</strong>，目标年底<strong>50%</strong>）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-red-500/10 border-l-4 border-red-400 rounded-r-lg p-4">
|
||
<h3 class="font-semibold text-red-300 mb-2">风险提示</h3>
|
||
<p class="text-sm">若2025年Q3欧洲关税进一步加征至45%，MG出口利润或下滑30%，对冲尚界增量。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Related Stocks Section -->
|
||
<section class="mb-12">
|
||
<div class="glass-effect rounded-2xl p-6 card-hover">
|
||
<h2 class="text-2xl font-bold mb-6 flex items-center">
|
||
<i class="fas fa-chart-bar mr-3 text-cyan-400"></i>
|
||
关联股票数据
|
||
</h2>
|
||
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full stock-table rounded-lg overflow-hidden">
|
||
<thead>
|
||
<tr class="bg-gray-700/50">
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">股票名称</th>
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">行业</th>
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">项目</th>
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">分类</th>
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">产业链</th>
|
||
<th class="text-left py-3 px-4 font-semibold text-cyan-300">关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">整车</td>
|
||
<td class="py-3 px-4">2024年整车批发销量</td>
|
||
<td class="py-3 px-4">新能源车</td>
|
||
<td class="py-3 px-4">整车制造</td>
|
||
<td class="py-3 px-4 text-sm">公司2024年实现整车批发销量401.3万辆，其中新能源车123.4万辆</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">参股</td>
|
||
<td class="py-3 px-4">华域汽车</td>
|
||
<td class="py-3 px-4">持股比例</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">截止2024年3季度持股约58%</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">参股</td>
|
||
<td class="py-3 px-4">动力新科</td>
|
||
<td class="py-3 px-4">持股比例</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">截止2024年3季度持股约39%</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">参股</td>
|
||
<td class="py-3 px-4">交运股份</td>
|
||
<td class="py-3 px-4">持股比例</td>
|
||
<td class="py-3 px-4">汽车服务</td>
|
||
<td class="py-3 px-4 text-sm">上汽集团时控方上海汽车工业(集团)持有公司4.86%股份</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">无锡振华</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">上汽集团为公司第一大客户，往年营收占比40%+</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">华域汽车</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">2024年上半年预计公司主营业务收入的38%来自上汽集团</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">上海汽配</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">主要客户包括上汽集团</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">天成自控</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">主要客户包括上汽集团</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">多利科技</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">主要客户包括上汽集团</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">西上海</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车物流</td>
|
||
<td class="py-3 px-4 text-sm">主要客户包括上汽集团</td>
|
||
</tr>
|
||
<tr class="border-b border-gray-700 hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">松芝股份</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">供货上汽集团乘用车热管理产品</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-700/30 transition-colors">
|
||
<td class="py-3 px-4 font-semibold">上汽集团(250211)</td>
|
||
<td class="py-3 px-4">供应商</td>
|
||
<td class="py-3 px-4">新朋股份</td>
|
||
<td class="py-3 px-4">客户关系</td>
|
||
<td class="py-3 px-4">汽车零部件</td>
|
||
<td class="py-3 px-4 text-sm">上汽大众为公司核心客户，供货汽车零部件</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</div>
|
||
|
||
<!-- Scripts -->
|
||
<script src="https://cdn.jsdelivr.net/npm/tsparticles@3/tsparticles.bundle.min.js"></script>
|
||
<script>
|
||
// Initialize particles
|
||
tsParticles.load("particles-js", {
|
||
particles: {
|
||
number: {
|
||
value: 80,
|
||
density: {
|
||
enable: true,
|
||
value_area: 800
|
||
}
|
||
},
|
||
color: {
|
||
value: "#3b82f6"
|
||
},
|
||
shape: {
|
||
type: "circle"
|
||
},
|
||
opacity: {
|
||
value: 0.5,
|
||
random: false
|
||
},
|
||
size: {
|
||
value: 3,
|
||
random: true
|
||
},
|
||
line_linked: {
|
||
enable: true,
|
||
distance: 150,
|
||
color: "#3b82f6",
|
||
opacity: 0.4,
|
||
width: 1
|
||
},
|
||
move: {
|
||
enable: true,
|
||
speed: 2,
|
||
direction: "none",
|
||
random: false,
|
||
straight: false,
|
||
out_mode: "out",
|
||
bounce: false
|
||
}
|
||
},
|
||
interactivity: {
|
||
detect_on: "canvas",
|
||
events: {
|
||
onhover: {
|
||
enable: true,
|
||
mode: "grab"
|
||
},
|
||
onclick: {
|
||
enable: true,
|
||
mode: "push"
|
||
},
|
||
resize: true
|
||
},
|
||
modes: {
|
||
grab: {
|
||
distance: 140,
|
||
line_linked: {
|
||
opacity: 1
|
||
}
|
||
},
|
||
push: {
|
||
particles_nb: 4
|
||
}
|
||
}
|
||
},
|
||
retina_detect: true
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |