Core Viewpoint - High dividend stocks continue to rise, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030) [1][4] Group 1: Market Performance - The value ETF (510030) opened slightly lower but then rose, with a current price increase of 0.27% [1] - The 180 Value Index has outperformed major A-share indices since the beginning of the year, with a cumulative increase of 7.24% compared to the Shanghai Composite Index's 4.73% and the CSI 300 Index's 2.03% [1][3] - As of July 11, 2025, the 180 Value Index's price-to-book ratio is at 0.85, indicating a relatively low valuation compared to the past decade [8] Group 2: Sector Analysis - The banking sector is the largest weight in the 180 Value Index, accounting for 50% as of June 2025 [5] - Insurance funds are expected to continue increasing their allocation to high-dividend bank stocks due to anticipated decreases in preset interest rates [4][6] - The focus on high dividend and high free cash flow return combinations is emphasized as a strategy to mitigate external uncertainties [6] Group 3: Investment Strategy - The value ETF closely tracks the 180 Value Index, which selects the top 60 stocks based on value factor scores, including major financial and infrastructure stocks [6] - The strategy suggests maintaining a "dividend core + small-cap growth" allocation to balance stability and growth potential [6]

乘联会近日公布的最新数据显示，今年1-6月国内乘用车市场出现10.8%的超预期增长， 其中，2025年6月全国乘用车市场零售208.4万辆，同比增长18.1%，环比增长7.6%。今年累计零售1090.1万辆，同比增长10.8%。 乘联会认为，车市降价价格战稍显温和，但年款增配、调整车主权益等隐形优惠措施层出不穷。 | 零售(4) | | | | | | | 批发(9 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 销量 | 轿车 | MPV | SUV | 狭义乘用车 | 微客 | 广义乘用车 | 销量 | 轿车 | МРУ | SUV | 狭义乘用车 | 微量 | 广义乘用车 | | (单位:万辆) | 60 | t | 8 | 合计 | and | 合计 | (单位:万辆) | 600 | C | 1 | 合计 | and | 合计 | | ୧남원 | 04.8 | 9.7 | 104.0 | 208.4 | 2.5 | 211.0 | | 103.9 ...

金十图示：2025年07月14日（周一）全球汽车制造商市值变化 | (BYD) | 比亚迪 | 1360.61 | + -21.7 | 44.47 | | --- | --- | --- | --- | --- | | P | 法拉利 | 887.78 | + -13.15 | 490.66 | | (4) | 梅赛德斯奔驰 | 597.78 | | 62.08 | | 19 | 宝马汽车 | 566.63 | ↑ +1.19 | 100.03 | 2 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM the will and the comments of the may | 入》 大众汽车 | 537.15 | + -0.48 | 109.85 | | --- | --- | --- | --- | | 通用汽车 | 513.31 | 1 +2.3 | 53.39 | | 福特汽车 | 468.44 | + -5.16 | 11.78 | | >> 玛鲁蒂铃木 | 461.17 | + -2.36 | 146.68 | | 保时捷 | 444.88 | + -6.5 | 51.05 ...

2025 年上半年，上汽集团的销量表现非常出色。前六个月累计销量达到 205.3 万辆，同比增长 12.35%。其中，6 月份的销量为 36.5 万辆，同比增长 21.56%。从季度来看，二季度的销量也实现了同比和环比增长。具体到品牌 方面，上汽大众 6 月份销量约为 9.3 万辆，同比增长 13%；通用汽车 6 月份销 量为 4.7 万辆，同比增长 80%，1-6 月累计 24.5 万辆，同比增长 8.6%；上 汽乘用车 6 月份销量为 6.3 万辆，同比增长 15.5%，1-6 月累计 36.8 万辆， 同比增长 9.8%。整体而言，上汽集团今年上半年在销售方面取得了显著进展。 上汽集团 20250613 摘要 上汽集团上半年销量显著增长，上汽大众、通用汽车和上汽乘用车均实 现同比正增长，其中通用汽车增速尤为显著，同比增长 80%，为公司整 体业绩提供了有力支撑。 上汽集团 2025 年上半年出口表现强劲，批发出口量达 49 万辆，零售 出口量达 57 万辆，全年出口目标为 110 万辆以上，名爵品牌预计出口 65 万辆，表明其在全球市场具有较强的竞争力。 上汽集团计划在 2025 下半年至 2026 年 ...

Core Viewpoint - The rapid growth of China's passenger car exports is driven by changes in the international environment and the advantages of the domestic automotive industry, with significant future growth potential in overseas markets [1][2]. Group 1: Passenger Car Export Growth - In 2023, China became the world's largest automobile exporter, with a projected CAGR of 4.0% in overseas automotive sales over the next six years, indicating an incremental space of over 10 million vehicles [1]. - The company has been the champion of export sales among Chinese car manufacturers for eight consecutive years from 2016 to 2023, with the overseas sales proportion expected to increase from 2.5% in 2017 to 25.9% in 2024 [1]. - The company anticipates that the profitability of overseas models will exceed that of domestic ones due to export price differentials and improved operational efficiency, making export growth and the introduction of high-value-added models crucial for enhancing overseas profitability [1]. Group 2: Strategic Expansion and Organizational Changes - The company is transitioning from product exports to a full industrial chain export model, which is expected to enhance its adaptability and risk management in various overseas markets [2]. - The establishment of a new organizational structure, integrating various subsidiaries under a "large passenger vehicle sector," is expected to improve operational efficiency and profitability in overseas markets [2]. - Forecasted EPS for 2025-2027 is 0.95, 1.03, and 1.15 yuan respectively, with a target price of 23.75 yuan based on a 25x PE ratio, maintaining a buy rating [2].

"相关部门预计将有新的行动安排，聚焦如何综合提高汽车产能利用率。有观点认为，有必要重新定义汽车产能，合理进行产能优化和资源配置。"日前， 有业内人士向《每日经济新闻》记者透露。 产能问题近年来一直是行业关注的焦点之一。根据国家统计局数据，2024年全年，汽车制造业产能利用率为72.2%，相较于上一年下降了2.4个百分点，且 略低于规模以上工业75.0%的利用率。而在2017年，我国汽车制造业的产能利用率曾处于82.2%的高位。 | | 四季度 | | 美生 | | | --- | --- | --- | --- | --- | | 行业 | 产能利用率 | 比上年同期 | 产能利用率 | 比上年 | | | (%) | 增减 | (%) | 增减 | | | | (百分点) | | (百分点) | | 规模以上工业 | 76.2 | 0.3 | 75.0 | -0.1 | | 其中:采矿业 | 75.6 | -1.5 | 75.3 | -0.3 | | 制造业 | 76.4 | 0.4 | 75.2 | -0.1 | | 电力、热力、燃气及水生产和供应业 | 74.8 | 0.4 | 73.0 | 0.0 | ...

汽车行业周报 理想 i8 即将月底上市，尚界发布首款车型预热海报 中游制造/汽车 7 月 6 日至 7 月 12 日，汽车行业整体下跌 0.6%。2025 年 6 月，中国汽车经销 商库存预警指数为 56.6%，同比下降 5.7 个百分点，环比上升 3.9 个百分点，汽 车流通行业景气度环比有所下降。新车方面，理想 i8 将于 7 月 29 日上市，预 计 35 万起售；零跑首款轿车零跑 B01 将于 7 月下旬正式上市，预售价区间为 10.58-13.58 万元；尚界发布首款车型预热海报，首款车型的轮廓为一款 SUV。 ❑ 市场板块行情回顾 本周 CS 汽车-0.6%。本周（7 月 6 日至 7 月 12 日，下同）上证 A 指涨跌幅 为+1.1%，深证 A 指涨跌幅为+2.0%，创业板涨跌幅为+2.4%。本周各行业板 块多数上涨，涨幅居前的行业板块为 CS 综合金融（+6.7%）、CS 房地产 （+6.1%）和 CS 非银行金融（+3.9%），跌幅居前的行业板块为 CS 汽车 （-0.6%）、CS 家电（-0.2%）和 CS 银行（-0.1%）。 汽车产业链各板块行情：本周，汽车行业二级板块多数下跌，其中 ...

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 13 日 再谈反内卷，聚焦中高端及燃油车 边际改善机会 1.1 比亚迪首发 L4 级智能泊车 看好 ——2025/7/7-2025/7/11 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：中国车市处于第三和第四消费时代之间，家庭和悦己并存。看到中高端市场，供 给驱动的销量攀升。我们看到中大型 SUV 和个性化产品均出现扩容的迹象，消费潜力 尚存，市场需要有跨越式领先的供给来激发。足够优秀的供给可以让消费者忽视降价预 期，我们相信 Yu7，尊界 S800 和后续的理想 i8/i6 都将是这样具备跨越式领先的产 品。与此同时，市场对于明年购置税影响的讨论，也将让 ...

Group 1 - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investment and to strengthen long-cycle assessments of state-owned commercial insurance companies. The assessment method for "return on net assets" has been adjusted to include annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1][5][16] - The Ministry of Industry and Information Technology (MIIT) is promoting digital transformation in manufacturing and small and medium-sized enterprises (SMEs) through pilot programs and guidelines, aiming to enhance the digital capabilities of key industries [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to focus on strategic emerging industries and enhance their role in technological innovation and industrial control [3] Group 2 - The Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [4] - The National Development and Reform Commission and the National Energy Administration announced plans to increase the green power consumption ratio for steel, cement, polysilicon industries, and new data centers by 2025 [2] - The Shanghai Stock Exchange released guidelines for the "Science and Technology Innovation Growth Layer," allowing 32 unprofitable companies to enter this new tier without additional listing thresholds [5] Group 3 - The China Securities Regulatory Commission (CSRC) has initiated investigations into companies suspected of financial misconduct, including Yuandao Communication for false financial reporting and Jiaoda Anlian for information disclosure violations [7][32] - The National Energy Administration reported that the new energy capacity connected to the grid exceeded 203 million kilowatts in the first half of the year, marking a 108.7% year-on-year increase [20] - The automotive industry in China is experiencing stability compared to other countries, with a noted decline of only 12% in the passenger car market from 2018 to 2020, indicating strong macroeconomic support [21]

【信达汽车|行业周报】汽车行业跟踪（2025.7.7- 2025.7.11）：上半年汽车产销量首破 1500 万辆，比亚迪全球 首推智能泊车兜底承诺 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 7 月 13 日 2 证券研究报告 行业研究 [Table_ReportType 行业周报 | ] [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xuguoquan@cindasc.com 信达证券股份有 ...