735 lines
36 KiB
HTML
735 lines
36 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>小米汽车产业链弹性分析报告</title>
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<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
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<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5/dist/full.min.css" rel="stylesheet" type="text/css" />
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<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.4.0/css/all.min.css">
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<script src="https://cdn.jsdelivr.net/npm/chart.js"></script>
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<style>
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body {
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font-family: 'Inter', sans-serif;
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background: linear-gradient(135deg, #f5f7fa 0%, #c3cfe2 100%);
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min-height: 100vh;
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}
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.card {
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backdrop-filter: blur(10px);
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background: rgba(255, 255, 255, 0.9);
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transition: transform 0.3s ease, box-shadow 0.3s ease;
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}
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.card:hover {
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transform: translateY(-5px);
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box-shadow: 0 10px 25px rgba(0, 0, 0, 0.1);
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}
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.gradient-text {
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background: linear-gradient(90deg, #ff6b6b 0%, #4ecdc4 100%);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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background-clip: text;
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}
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.table-container {
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overflow-x: auto;
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max-width: 100%;
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}
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.table {
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min-width: 100%;
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}
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.progress-bar {
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transition: width 1s ease-in-out;
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}
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.highlight {
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background: linear-gradient(120deg, #a1c4fd 0%, #c2e9fb 100%);
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padding: 2px 6px;
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border-radius: 4px;
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font-weight: 600;
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}
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.badge-gradient {
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background: linear-gradient(90deg, #667eea 0%, #764ba2 100%);
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}
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.section-title {
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position: relative;
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padding-bottom: 10px;
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}
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.section-title::after {
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content: '';
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position: absolute;
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bottom: 0;
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left: 0;
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width: 50px;
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height: 3px;
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background: linear-gradient(90deg, #667eea 0%, #764ba2 100%);
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}
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@media (max-width: 768px) {
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.table-container {
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font-size: 0.8rem;
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}
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.card {
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margin-bottom: 1rem;
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}
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}
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</style>
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</head>
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<body class="p-4 md:p-8">
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<div class="max-w-7xl mx-auto">
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<!-- 页面标题 -->
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<div class="text-center mb-10">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 gradient-text">小米汽车产业链弹性分析</h1>
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<p class="text-lg text-gray-600 max-w-3xl mx-auto">深度解析小米汽车产业链投资机会与风险，把握新能源汽车行业新机遇</p>
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</div>
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<!-- 概念事件和背景 -->
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<div class="card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 section-title">概念事件与背景</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
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<div>
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<h3 class="text-lg font-semibold mb-3 text-indigo-600">背景概述</h3>
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<p class="text-gray-700 mb-3">小米汽车自2021年官宣造车以来，历经三年筹备，于2024年3月28日正式发布首款车型SU7（定位C级高性能纯电轿车），并同步开启交付。</p>
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<div class="bg-blue-50 p-4 rounded-lg">
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<p class="text-sm text-gray-600"><span class="font-semibold">定价：</span>21.59-29.99万元</p>
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<p class="text-sm text-gray-600"><span class="font-semibold">订单表现：</span><span class="highlight">24小时大定8.9万台</span>，27分钟破5万台，创行业纪录</p>
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</div>
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</div>
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<div>
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<h3 class="text-lg font-semibold mb-3 text-indigo-600">催化事件</h3>
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<ul class="space-y-2">
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<li class="flex items-start">
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<i class="fas fa-calendar-alt text-indigo-500 mt-1 mr-2"></i>
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<div>
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<span class="font-semibold">2024年3月：</span>
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<span>SU7发布，订单超预期引爆产业链关注</span>
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</div>
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</li>
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<li class="flex items-start">
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<i class="fas fa-calendar-alt text-indigo-500 mt-1 mr-2"></i>
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<div>
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<span class="font-semibold">2024年6月：</span>
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<span>单月交付破万，二期工厂筹备（产能30万辆/年）</span>
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</div>
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</li>
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<li class="flex items-start">
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<i class="fas fa-calendar-alt text-indigo-500 mt-1 mr-2"></i>
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<div>
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<span class="font-semibold">2024年底：</span>
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<span>SUV车型MX11（对标Model Y）计划发布，2025年上市</span>
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</div>
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</li>
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<li class="flex items-start">
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<i class="fas fa-calendar-alt text-indigo-500 mt-1 mr-2"></i>
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<div>
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<span class="font-semibold">2025年：</span>
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<span>产能扩张至95-100万辆（北京+武汉基地），年销量目标130万辆</span>
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</div>
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</li>
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</ul>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 section-title">核心观点摘要</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="bg-gradient-to-br from-blue-50 to-indigo-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-indigo-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-chart-line"></i>
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</div>
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<h3 class="text-lg font-semibold">阶段判断</h3>
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</div>
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<p class="text-gray-700">小米汽车已从"主题炒作"进入<span class="highlight">基本面驱动阶段</span>，SU7订单验证产品力，产业链进入<span class="highlight">订单兑现期</span>。</p>
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</div>
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<div class="bg-gradient-to-br from-green-50 to-teal-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-green-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-rocket"></i>
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</div>
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<h3 class="text-lg font-semibold">核心驱动力</h3>
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</div>
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<ul class="text-gray-700 space-y-1">
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<li>• <span class="font-semibold">销量爆发</span>（2024年10-13万辆→2025年81万辆）</li>
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<li>• <span class="font-semibold">技术降本</span>（800V平台、一体化压铸、自研智驾）</li>
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<li>• <span class="font-semibold">生态协同</span>（手机/IoT用户6.4亿导流）</li>
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</ul>
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</div>
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<div class="bg-gradient-to-br from-purple-50 to-pink-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-purple-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-globe"></i>
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</div>
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<h3 class="text-lg font-semibold">未来潜力</h3>
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</div>
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<p class="text-gray-700">2027年全球销量400万辆，产业链ASP（单车价值量）<span class="highlight">7000-16000元</span>，核心供应商收入弹性<span class="highlight">10%-40%</span>。</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知分析 -->
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<div class="card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 section-title">核心逻辑与市场认知分析</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
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<div>
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<h3 class="text-xl font-semibold mb-4 text-indigo-600">核心驱动力</h3>
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<div class="space-y-4">
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<div class="bg-blue-50 p-4 rounded-lg">
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<h4 class="font-semibold mb-2 flex items-center">
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<i class="fas fa-microchip text-blue-500 mr-2"></i>技术突破
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</h4>
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<ul class="text-sm text-gray-700 space-y-1">
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<li>• SU7搭载<span class="highlight">9100T压铸后地板</span>（减重17%）</li>
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<li>• <span class="highlight">800V碳化硅平台</span>（15分钟补能510km）</li>
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<li>• <span class="highlight">Orin芯片+激光雷达</span>（城市NOA 8月全国开通）</li>
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</ul>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<h4 class="font-semibold mb-2 flex items-center">
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<i class="fas fa-coins text-green-500 mr-2"></i>成本优势
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</h4>
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<p class="text-sm text-gray-700">小米通过<span class="highlight">垂直整合</span>（自研电机、电池CTB、泰坦合金）将毛利率控制在<span class="highlight">23-25%</span>，低于特斯拉但高于新势力。</p>
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</div>
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<div class="bg-purple-50 p-4 rounded-lg">
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<h4 class="font-semibold mb-2 flex items-center">
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<i class="fas fa-shield-alt text-purple-500 mr-2"></i>生态壁垒
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</h4>
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<p class="text-sm text-gray-700">澎湃OS打通手机-车机-家居，<span class="highlight">48% SU7车主为苹果/华为用户</span>，复用小米之家1.5万家门店渠道。</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-4 text-indigo-600">市场热度与预期差</h3>
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<div class="space-y-4">
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<div class="bg-yellow-50 p-4 rounded-lg">
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<h4 class="font-semibold mb-2 flex items-center">
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<i class="fas fa-fire text-yellow-500 mr-2"></i>市场热度
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</h4>
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<ul class="text-sm text-gray-700 space-y-1">
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<li>• <span class="font-semibold">研报密集度：</span>2024年3-4月超20篇研报聚焦产业链</li>
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<li>• <span class="font-semibold">高频推荐：</span>无锡振华、德赛西威、拓普集团</li>
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<li>• <span class="font-semibold">情绪指标：</span>SU7订单转化率<span class="highlight">40%</span>（大定→锁单）</li>
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<li>• <span class="font-semibold">等车周期：</span><span class="highlight">30周</span>，二手市场加价3-5万元</li>
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</ul>
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</div>
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<div class="bg-red-50 p-4 rounded-lg">
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<h4 class="font-semibold mb-2 flex items-center">
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<i class="fas fa-lightbulb text-red-500 mr-2"></i>预期差分析
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</h4>
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<ul class="text-sm text-gray-700 space-y-2">
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<li>
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<span class="font-semibold">增程车型：</span>2025年推出，将带动<span class="highlight">拓普集团空悬</span>（单车价值1万元）和<span class="highlight">无锡振华冲压件</span>（收入占比从20%→40%）。
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</li>
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<li>
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<span class="font-semibold">出海潜力：</span>小米手机欧洲市占率20%，<span class="highlight">复用渠道</span>可快速渗透，当前市场未充分定价。
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</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 关键催化剂与未来发展路径 -->
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<div class="card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 section-title">关键催化剂与未来发展路径</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
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<div>
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<h3 class="text-xl font-semibold mb-4 text-indigo-600">近期催化剂（3-6个月）</h3>
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<div class="space-y-4">
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<div class="flex items-start">
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<div class="bg-indigo-100 text-indigo-800 rounded-full w-8 h-8 flex items-center justify-center flex-shrink-0 mr-3 mt-1">
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1
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</div>
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<div>
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<h4 class="font-semibold">2024年7月</h4>
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<p class="text-gray-700 text-sm">SU7 Max版交付，验证高阶智驾（激光雷达+Orin芯片）</p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="bg-indigo-100 text-indigo-800 rounded-full w-8 h-8 flex items-center justify-center flex-shrink-0 mr-3 mt-1">
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2
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</div>
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<div>
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<h4 class="font-semibold">2024年Q3</h4>
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<p class="text-gray-700 text-sm">SUV MX11谍照曝光，<span class="highlight">对标Model Y</span>（年销48万辆），订单或再超预期</p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="bg-indigo-100 text-indigo-800 rounded-full w-8 h-8 flex items-center justify-center flex-shrink-0 mr-3 mt-1">
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3
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</div>
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<div>
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<h4 class="font-semibold">2024年Q4</h4>
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<p class="text-gray-700 text-sm">二期工厂投产，产能瓶颈缓解，<span class="highlight">月销有望突破2万辆</span></p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-4 text-indigo-600">长期路径</h3>
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<div class="space-y-4">
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<div class="flex items-start">
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<div class="bg-green-100 text-green-800 rounded-full w-8 h-8 flex items-center justify-center flex-shrink-0 mr-3 mt-1">
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1
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</div>
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<div>
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<h4 class="font-semibold">2025年</h4>
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<p class="text-gray-700 text-sm">SUV+增程车型上市，销量<span class="highlight">81万辆</span>（中性预期），产业链ASP提升至<span class="highlight">1万元+</span></p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="bg-green-100 text-green-800 rounded-full w-8 h-8 flex items-center justify-center flex-shrink-0 mr-3 mt-1">
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2
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</div>
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<div>
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<h4 class="font-semibold">2027年</h4>
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<p class="text-gray-700 text-sm">全球化加速（欧洲/东南亚），销量<span class="highlight">400万辆</span>，<span class="highlight">宁德时代、拓普集团</span>等进入全球供应链</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 产业链与核心公司分析 -->
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<div class="card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 section-title">产业链与核心公司分析</h2>
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<div class="mb-6">
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<h3 class="text-xl font-semibold mb-3 text-indigo-600">产业链图谱</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-blue-50 p-4 rounded-lg">
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<h4 class="font-semibold text-blue-700 mb-2">上游</h4>
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<ul class="text-sm text-gray-700 space-y-1">
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<li>• <span class="font-semibold">宁德时代</span>（电池，70%份额）</li>
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<li>• <span class="font-semibold">禾赛科技</span>（激光雷达，100%份额）</li>
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<li>• <span class="font-semibold">汇川技术</span>（电机）</li>
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</ul>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<h4 class="font-semibold text-green-700 mb-2">中游</h4>
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<ul class="text-sm text-gray-700 space-y-1">
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<li>• <span class="font-semibold">德赛西威</span>（智驾域控，ASP 1.6万元）</li>
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<li>• <span class="font-semibold">拓普集团</span>（底盘+空悬，ASP 7000元）</li>
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<li>• <span class="font-semibold">无锡振华</span>（冲压件，ASP 1500元）</li>
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</ul>
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</div>
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<div class="bg-purple-50 p-4 rounded-lg">
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<h4 class="font-semibold text-purple-700 mb-2">下游</h4>
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<ul class="text-sm text-gray-700 space-y-1">
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<li>• 小米之家渠道</li>
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<li>• 第三方售后</li>
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</ul>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-3 text-indigo-600">核心玩家对比</h3>
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<div class="table-container">
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<table class="table w-full">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="p-3 text-left">公司</th>
|
||
<th class="p-3 text-left">业务占比（小米）</th>
|
||
<th class="p-3 text-left">弹性逻辑</th>
|
||
<th class="p-3 text-left">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">德赛西威</td>
|
||
<td class="p-3">2025年<span class="highlight">9.8%</span>营收</td>
|
||
<td class="p-3">智驾域控龙头，城市NOA放量</td>
|
||
<td class="p-3">车企自研替代</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">拓普集团</td>
|
||
<td class="p-3">2025年<span class="highlight">3.8%</span>营收</td>
|
||
<td class="p-3">空悬+底盘，增程车型增量</td>
|
||
<td class="p-3">特斯拉订单下滑</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">无锡振华</td>
|
||
<td class="p-3">2025年<span class="highlight">40%</span>营收</td>
|
||
<td class="p-3">冲压件+上汽出口修复，PE仅<span class="highlight">13倍</span></td>
|
||
<td class="p-3">客户集中度（上汽50%）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 section-title">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="space-y-4">
|
||
<div class="bg-red-50 p-4 rounded-lg border-l-4 border-red-500">
|
||
<h3 class="font-semibold text-red-700 mb-2 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-2"></i>技术风险
|
||
</h3>
|
||
<p class="text-gray-700 text-sm">城市NOA算法迭代不及小鹏/华为，导致<span class="highlight">智驾付费率低于预期</span>（当前仅15%用户订阅）。</p>
|
||
</div>
|
||
<div class="bg-orange-50 p-4 rounded-lg border-l-4 border-orange-500">
|
||
<h3 class="font-semibold text-orange-700 mb-2 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-2"></i>商业化风险
|
||
</h3>
|
||
<p class="text-gray-700 text-sm">SU7标准版<span class="highlight">21.59万元</span>定价接近成本线，<span class="highlight">价格战</span>可能压缩供应商利润。</p>
|
||
</div>
|
||
</div>
|
||
<div class="space-y-4">
|
||
<div class="bg-yellow-50 p-4 rounded-lg border-l-4 border-yellow-500">
|
||
<h3 class="font-semibold text-yellow-700 mb-2 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-2"></i>政策风险
|
||
</h3>
|
||
<p class="text-gray-700 text-sm">欧盟对中国电动车加征关税（最高35.3%），影响<span class="highlight">上汽出口链</span>（无锡振华小分拼业务）。</p>
|
||
</div>
|
||
<div class="bg-purple-50 p-4 rounded-lg border-l-4 border-purple-500">
|
||
<h3 class="font-semibold text-purple-700 mb-2 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-2"></i>信息矛盾
|
||
</h3>
|
||
<p class="text-gray-700 text-sm">路演称小米2025年销量81万辆，但部分研报仅预测50万辆，<span class="highlight">差异源于SUV订单不确定性</span>。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 section-title">综合结论与投资启示</h2>
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-indigo-600">阶段判断</h3>
|
||
<div class="bg-gradient-to-r from-blue-50 to-indigo-50 p-4 rounded-lg">
|
||
<p class="text-gray-700">产业链处于<span class="highlight">订单兑现→业绩释放</span>过渡期，<span class="highlight">非主题炒作</span>。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-indigo-600">投资方向</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-green-50 p-4 rounded-lg">
|
||
<h4 class="font-semibold text-green-700 mb-2">高弹性</h4>
|
||
<ul class="text-sm text-gray-700 space-y-1">
|
||
<li>• <span class="font-semibold">无锡振华</span>（小米收入占比40%+估值修复）</li>
|
||
<li>• <span class="font-semibold">德赛西威</span>（智驾域控ASP最高）</li>
|
||
</ul>
|
||
</div>
|
||
<div class="bg-purple-50 p-4 rounded-lg">
|
||
<h4 class="font-semibold text-purple-700 mb-2">技术壁垒</h4>
|
||
<ul class="text-sm text-gray-700 space-y-1">
|
||
<li>• <span class="font-semibold">拓普集团</span>（空悬国产化率20%，替代博世/大陆）</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-3 text-indigo-600">跟踪指标</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-center">
|
||
<div class="w-3 h-3 rounded-full bg-blue-500 mr-3"></div>
|
||
<p class="text-gray-700"><span class="font-semibold">SU7月交付量</span>（2024年Q3需达1.5万辆以上）</p>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<div class="w-3 h-3 rounded-full bg-green-500 mr-3"></div>
|
||
<p class="text-gray-700"><span class="font-semibold">SUV MX11订单</span>（2024年底发布会后首周大定≥5万台）</p>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<div class="w-3 h-3 rounded-full bg-purple-500 mr-3"></div>
|
||
<p class="text-gray-700"><span class="font-semibold">产业链毛利率</span>（无锡振华能否维持25%+）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 bg-gradient-to-r from-indigo-500 to-purple-600 p-4 rounded-lg">
|
||
<p class="text-white font-semibold text-center">小米汽车产业链弹性由<span class="underline">销量爆发+技术降本</span>驱动，当前估值未充分反映2025年SUV和出海增量，<span class="underline">重点布局高ASP、低估值标的</span>。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据表格 -->
|
||
<div class="card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 section-title">小米YU7供应链弹性测算</h2>
|
||
<div class="table-container">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="p-3 text-left">股票</th>
|
||
<th class="p-3 text-left">项目</th>
|
||
<th class="p-3 text-left">单价（元）</th>
|
||
<th class="p-3 text-left">份额（%）</th>
|
||
<th class="p-3 text-left">收入弹性（2026）</th>
|
||
<th class="p-3 text-left">YU7收入（2026）</th>
|
||
<th class="p-3 text-left">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">渤海汽车</td>
|
||
<td class="p-3">低压线束+保险杠总成</td>
|
||
<td class="p-3">8000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">36%</td>
|
||
<td class="p-3">48.00</td>
|
||
<td class="p-3">该公司为小米YU7供应低压线束和保险杠总成，占100%份额，收入弹性36%，2026年预计贡献收入48亿元。</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">富特科技</td>
|
||
<td class="p-3">小三电</td>
|
||
<td class="p-3">2000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">35%</td>
|
||
<td class="p-3">12.00</td>
|
||
<td class="p-3">该公司为小米YU7供应小三电系统，占100%份额，收入弹性35%，2026年预计贡献收入12亿元。</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">禾赛科技</td>
|
||
<td class="p-3">激光雷达</td>
|
||
<td class="p-3">2500</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">26%</td>
|
||
<td class="p-3">15.00</td>
|
||
<td class="p-3">该公司为小米YU7供应激光雷达，占100%份额，收入弹性26%，2026年预计贡献收入15亿元。</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">无锡振华</td>
|
||
<td class="p-3">车身冲压件</td>
|
||
<td class="p-3">1500</td>
|
||
<td class="p-3">—</td>
|
||
<td class="p-3">—</td>
|
||
<td class="p-3">9.00</td>
|
||
<td class="p-3">该公司为小米YU7供应车身冲压件，2026年预计贡献收入9亿元。</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">德赛西威</td>
|
||
<td class="p-3">智驾域控</td>
|
||
<td class="p-3">16000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">23%</td>
|
||
<td class="p-3">96.00</td>
|
||
<td class="p-3">该公司为小米YU7供应智驾域控系统，占100%份额，收入弹性23%，2026年预计贡献收入96亿元。</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">凌云股份</td>
|
||
<td class="p-3">一体化工况，高强度钢，防滚架，热成型，安全防护系统</td>
|
||
<td class="p-3">5000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">15%</td>
|
||
<td class="p-3">30.00</td>
|
||
<td class="p-3">该公司为小米YU7供应一体化工况、高强度钢等安全防护系统，占100%份额，收入弹性15%，2026年预计贡献收入30亿元。</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">隆盛科技</td>
|
||
<td class="p-3">电机铁芯</td>
|
||
<td class="p-3">800</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">12%</td>
|
||
<td class="p-3">4.80</td>
|
||
<td class="p-3">该公司为小米YU7供应电机铁芯，占100%份额，收入弹性12%，2026年预计贡献收入4.8亿元。</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">华阳集团</td>
|
||
<td class="p-3">PHUD</td>
|
||
<td class="p-3">3000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">11%</td>
|
||
<td class="p-3">18.00</td>
|
||
<td class="p-3">该公司为小米YU7供应PHUD（抬头显示系统），占100%份额，收入弹性11%，2026年预计贡献收入18亿元。</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">经纬恒润</td>
|
||
<td class="p-3">ZCU</td>
|
||
<td class="p-3">1500</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">10%</td>
|
||
<td class="p-3">9.00</td>
|
||
<td class="p-3">该公司为小米YU7供应ZCU（中央控制单元），占100%份额，收入弹性10%，2026年预计贡献收入9亿元。</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">拓普集团</td>
|
||
<td class="p-3">内饰+底盘+热管理+空悬</td>
|
||
<td class="p-3">7000</td>
|
||
<td class="p-3">100%</td>
|
||
<td class="p-3">10%</td>
|
||
<td class="p-3">42.00</td>
|
||
<td class="p-3">该公司为小米YU7供应内饰、底盘、热管理和空气悬架，占100%份额，收入弹性10%，2026年预计贡献收入42亿元。</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">宁德时代</td>
|
||
<td class="p-3">电池</td>
|
||
<td class="p-3">50000</td>
|
||
<td class="p-3">70%</td>
|
||
<td class="p-3">4%</td>
|
||
<td class="p-3">210.00</td>
|
||
<td class="p-3">该公司为小米YU7供应电池，占70%份额，收入弹性4%，2026年预计贡献收入210亿元。</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 小米汽车产业链表格 -->
|
||
<div class="card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 section-title">小米汽车产业链</h2>
|
||
<div class="table-container">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr class="bg-gray-100">
|
||
<th class="p-3 text-left">股票</th>
|
||
<th class="p-3 text-left">行业</th>
|
||
<th class="p-3 text-left">项目</th>
|
||
<th class="p-3 text-left">分类</th>
|
||
<th class="p-3 text-left">产业链</th>
|
||
<th class="p-3 text-left">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">星源卓镁</td>
|
||
<td class="p-3">汽车零部件</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">上游供应商</td>
|
||
<td class="p-3">直接为小米汽车供应精密压铸件</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">拓普集团</td>
|
||
<td class="p-3">汽车零部件</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">底盘系统</td>
|
||
<td class="p-3">供应轻量化底盘部件</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">常熟汽饰</td>
|
||
<td class="p-3">汽车内饰</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">内饰系统</td>
|
||
<td class="p-3">提供汽车内饰件</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">无锡振华</td>
|
||
<td class="p-3">汽车零部件</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">冲压件</td>
|
||
<td class="p-3">供应车身冲压件</td>
|
||
</tr>
|
||
<tr class="border-b">
|
||
<td class="p-3 font-semibold">华阳集团</td>
|
||
<td class="p-3">汽车电子</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">智能座舱</td>
|
||
<td class="p-3">提供车载信息系统</td>
|
||
</tr>
|
||
<tr class="border-b bg-gray-50">
|
||
<td class="p-3 font-semibold">德赛西威</td>
|
||
<td class="p-3">智能驾驶</td>
|
||
<td class="p-3">小米汽车项目</td>
|
||
<td class="p-3">直接供货商</td>
|
||
<td class="p-3">智能驾驶</td>
|
||
<td class="p-3">提供智能驾驶解决方案</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 小米汽车产业链弹性表格 -->
|
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<div class="card rounded-xl shadow-lg p-6">
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<h2 class="text-2xl font-bold mb-4 section-title">小米汽车产业链弹性</h2>
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<div class="table-container">
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<table class="table w-full">
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<thead>
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<tr class="bg-gray-100">
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<th class="p-3 text-left">股票</th>
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<th class="p-3 text-left">行业</th>
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<th class="p-3 text-left">项目</th>
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<th class="p-3 text-left">分类</th>
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<th class="p-3 text-left">产业链</th>
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<th class="p-3 text-left">营收弹性</th>
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<th class="p-3 text-left">理由</th>
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</tr>
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</thead>
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<tbody>
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<tr class="border-b">
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<td class="p-3 font-semibold">无锡振华</td>
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<td class="p-3">汽车零部件</td>
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<td class="p-3">车身冲压件、分拼总成</td>
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<td class="p-3">汽车制造</td>
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<td class="p-3">小米汽车供应链</td>
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<td class="p-3">10.3%</td>
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<td class="p-3">高ASP（2300元）和较高营收弹性，受益于小米汽车销量增长对车身结构件的直接需求。</td>
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</tr>
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<tr class="border-b bg-gray-50">
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<td class="p-3 font-semibold">经纬恒润</td>
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<td class="p-3">汽车电子</td>
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<td class="p-3">ZCU、CCU</td>
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<td class="p-3">电子控制系统</td>
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<td class="p-3">小米汽车供应链</td>
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<td class="p-3">6.5%</td>
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<td class="p-3">产品为智能驾驶核心控制单元，技术壁垒较高，弹性反映其在小米汽车电子架构中的重要性。</td>
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</tr>
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<tr class="border-b">
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<td class="p-3 font-semibold">德赛西威</td>
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<td class="p-3">智能驾驶</td>
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<td class="p-3">ADAS+座舱域控</td>
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<td class="p-3">自动驾驶系统</td>
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<td class="p-3">小米汽车核心供应商</td>
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<td class="p-3">5.4%</td>
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<td class="p-3">高ASP（11000元）体现产品技术复杂度，弹性反映智能驾驶系统对销量的敏感性。</td>
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</tr>
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<tr class="border-b bg-gray-50">
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<td class="p-3 font-semibold">拓普集团</td>
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<td class="p-3">汽车零部件</td>
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<td class="p-3">底盘、空悬、座舱</td>
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<td class="p-3">底盘系统</td>
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<td class="p-3">小米汽车主要供应商</td>
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<td class="p-3">3.4%</td>
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<td class="p-3">多产品线分散风险，但高ASP（7000元）仍带来显著弹性。</td>
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</tr>
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<tr class="border-b">
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<td class="p-3 font-semibold">隆盛科技</td>
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<td class="p-3">电机部件</td>
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<td class="p-3">马达铁芯</td>
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<td class="p-3">新能源汽车电机</td>
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<td class="p-3">小米汽车电机供应商</td>
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<td class="p-3">2.0%</td>
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<td class="p-3">产品单一但ASP较低（350元），弹性适中反映电机核心部件需求。</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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</div>
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<script>
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// 添加页面滚动动画
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document.addEventListener('DOMContentLoaded', function() {
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const cards = document.querySelectorAll('.card');
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cards.forEach(card => {
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</script>
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</body>
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</html>
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``` |