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【券商聚焦】交银国际：动力电池装车量延续高增 小鹏(09868)G7首搭图灵AI芯片

金吾财讯
Jun 13, 2025

金吾财讯 | 交银国际发布研报指，小鹏汽车(09868)的小鹏G7正式亮相并开启预售，新车首搭图灵AI芯片，具备L3级别算力，全系标配702km超长续航，精简SKU。维持买入评级，目标价134.69港元。

研报指出，小鹏G7定位25万级纯电SUV，上市后将与特斯拉ModelY、智界R7及即将上市的YU7等竞争。今年四季度，小鹏汽车将发布增程车型，预计随着新车/改款车上市，销量、ASP和毛利率均有望持续增长。

在电池行业方面，中国内地动力和其他电池合计产量/销量为123.5GWh/123.6GWh，分别同比增长47.9%/58.1%，产销比接近1。动力电池装车量为57.1GWh，同/环比+43.1%/+5.5%，其中磷酸铁锂电池装车量占比82%。亿纬锂能拟发行H股股票，推进公司全球化战略。全固态电池判定标准发布，推动行业成果转化。宁德时代锂金属电池产品研发迎进展，推动电池能量密度突破500Wh/kg。

全球主要指数方面，恒指收报24,035点，跌1.41%；国指收报8,730点，跌1.53%；上证指数收报3,566点，微升0.01%；深证成指收报2,121点，升0.15%。道指收报42,968点，升0.24%；标普500收报6,045点，升0.38%；纳指收报19,662点，升0.24%。

恒指技术走势方面，50天平均线为23,239点，200天平均线为21,815点，14天强弱指数为59.28，沽空金额为29,786百万港元。

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