1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].

Group 1 - On August 8, Jianghuai Automobile had a financing purchase amount of 303 million yuan, ranking 36th in the two markets, with a financing repayment amount of 404 million yuan on the same day, resulting in a net sell of 101.72 million yuan [1] - Over the last three trading days from August 6 to August 8, Jianghuai Automobile received financing purchases of 395 million yuan, 437 million yuan, and 303 million yuan respectively [1] - In terms of securities lending, on the same day, there were no shares sold short, but there was a net purchase of 17,600 shares [1]

Company Announcements - Jihua Group's main business and existing product system do not involve brain-computer interface related fields [1] - Hongjing Optoelectronics plans to invest 1.533 billion yuan to build a research and manufacturing headquarters project [1] - Zhuojin Co., Ltd. won the bid for soil control project around Longchao Line [1] - Jianghuai Automobile's July sales totaled 25,197 units, a year-on-year decrease of 21.73% [1][2] - Lakala intends to transfer 100% equity of certain subsidiaries [1] - Haitai High-tech completed a buyback, spending a total of 70.91 million yuan to repurchase 6.69995 million shares [1] - Tongchen Beijian reported a net profit of 737 million yuan for the first half of the year, a year-on-year decrease of 17.34% [1][3] - Xuelang Environment's shareholders plan to reduce their holdings by a total of no more than 3% [1] - Huaxia Happiness's shareholders plan to reduce their holdings by a total of no more than 3% [1] - Sanxin Medical plans to issue convertible bonds to raise no more than 530 million yuan [1] - *ST Gaohong's stock may face mandatory delisting due to major legal violations [1] Investment and Financial Data - GAC Group's July automobile sales were 119,482 units, a year-on-year decrease of 15.38% [2] - Minghe Co., Ltd. reported July sales revenue of 41.36 million yuan [2] - Tangrenshen's July pig sales revenue totaled 589.6 million yuan [3] - Tiankang Biological's July pig sales revenue was 335 million yuan [3] - Chongqing Construction's new contract amount for the first half of the year was 24.271 billion yuan, a year-on-year decrease of approximately 19.20% [3] Shareholder Actions - Guangdong Hongda's subsidiary plans to acquire 60% equity of Changzhilin [3] - Ningbo Energy intends to acquire a total of 41% equity of Yongneng Comprehensive Energy [3] - Tianyang Technology plans to invest to acquire 51% equity of Moshuzhiqing [3] - ST Lutong's specific shareholders plan to reduce their holdings by a total of no more than 3.27% [3] - Jiuliang Co., Ltd.'s shareholders plan to reduce their holdings by a total of no more than 3% [3] - Ailis's employee stock ownership platform plans to reduce a total of no more than 13.5 million shares [3] - Huaxia Happiness's shareholders plan to reduce their holdings by a total of no more than 3% [3] Other Developments - Sanxin Medical plans to use the raised funds for the expansion project of producing 10 million blood dialysis membranes and 10 million blood dialysis devices [3]

Group 1 - The announcement is regarding the production and sales report of Anhui Jianghuai Automobile Group Co., Ltd. for July 2025 [1] - The company assures that the announcement does not contain any false records, misleading statements, or significant omissions [1] - The report provides preliminary data, with specific figures to be detailed in the company's regular reports [1]

Group 1 - The core point of the article is that Jianghuai Automobile (600418) reported a total sales volume of 25,197 vehicles for July 2025, representing a year-on-year decline of 21.73% [1] - Among the total sales, the sales of new energy passenger vehicles were 1,925 units, which is a year-on-year decrease of 29.23% [1]

安徽江淮汽车集团股份有限公司截至 2025 年 7 月份产销快报数据如下： 2025 年 7 月产、销快报 本公司董事会及全体董事保证本公司公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码:600418 证券简称:江淮汽车 公告编号:2025-035 安徽江淮汽车集团股份有限公司 | 单位：辆 | | --- | 安徽江淮汽车集团股份有限公司 董事会 2025 年 8 月 9 日 | | | | | 月度同比 | | | 年度同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 七月份产销量明细 | 本月 | 去年 | 增减 % | 本年 | 去年 | 增减 % | | | | | | 同期 | | 累计 | 累计 | | | | 乘 | 运动型多用途乘用车（SUV） | 4908 | 8855 | -44.57 | 43830 | 43831 | 0.00 | | | 用 | 多功能乘用车（MPV） | 1471 | 942 | 56.16 | 10258 | ...

Core Viewpoint - The article highlights the rapid growth and increasing market presence of new energy VAN vehicles in the logistics and transportation industry, with various manufacturers launching innovative models to meet diverse operational needs [1][2]. Group 1: New Energy VAN Models - Jianghuai's 1van series includes three main product lines: Blue Cat (6-7 cubic meters), Van Baolu (over 8 cubic meters), and the Kara unmanned vehicle, targeting urban logistics and multi-purpose applications [4][5]. - Foton's Xiangling U7, a pure electric model, offers a spacious design and features a self-developed semi-solid-state battery with two configurations (40.18 kWh and 50.23 kWh), achieving a maximum range of 360 kilometers [7][9]. - The Farizon Super VAN series, including X-VAN and Chuan Hydrogen Super VAN, focuses on diverse market needs, offering solutions for camping, commercial use, and cost-effective ownership [11][13]. Group 2: Market Trends and Innovations - Dongfeng's Rui Lida emphasizes high cargo capacity with models like V5 (6.61 cubic meters) and V7 (7.27 cubic meters), designed for efficient loading and unloading, and features a comprehensive range of over 310 kilometers [14][16]. - Changan's Kai Cheng V919 offers eight different versions, featuring a long range of 470 kilometers and low energy consumption of 16.5 kWh per 100 kilometers, significantly reducing operational costs compared to fuel vehicles [17][20]. - Skyworth's Hongtu, a multifunctional pure electric VAN, aims to provide efficient solutions for global logistics and passenger transport, featuring a modular design and a cargo space of 14 cubic meters [21][23]. Group 3: Competitive Landscape - Foton's Tuyano X5 introduces a versatile platform compatible with fuel, pure electric, and hybrid technologies, achieving a maximum range of 520 kilometers and the lowest energy consumption in its class at 17.7 kWh per 100 kilometers [24][26].

Summary of JAC Motors Conference Call Company Overview - **Company**: JAC Motors - **Industry**: Automotive, specifically focusing on electric vehicles and luxury cars Key Points and Arguments 1. **Market Positioning**: JAC Motors' "Zun Jie" is positioned in the ultra-luxury executive sedan market, expected to benefit from the high-end trend in China's electric vehicle market, potentially capturing significant market share [2][4] 2. **Partnership with Huawei**: The Zun Jie S800 features an L3 autonomous driving system, showcasing advanced technology and receiving positive market feedback with sales surpassing 10,000 units shortly after launch [2][16] 3. **Consumer Trends**: High-net-worth individuals are increasingly seeking a balance between price and technology, with Zun Jie attracting consumers through its high-tech features and comfort [2][17] 4. **Commercial Vehicle Stability**: JAC's commercial vehicle business remains stable, with room for market share growth domestically and rapid growth in export operations [2][11] 5. **Sales Projections**: Expected sales for the Zun Jie brand could reach 69,000 units by 2026, with an average selling price (ASP) of 720,000, leading to a net profit of 4.5 billion [2][6] 6. **Valuation Methods**: Traditional business valuation using the Price-to-Book (PB) method suggests a market value of 25 billion, while the overall valuation, including the Zun Jie brand, could reach 160 billion [2][6][22] 7. **Catalysts for Growth**: Upcoming events, such as mass deliveries in mid-August, are anticipated to demonstrate production capacity improvements, despite potential short-term delivery bottlenecks [3][5] 8. **Competitive Landscape**: Zun Jie competes in a market with limited direct competitors in the electric luxury segment, primarily facing competition from traditional fuel luxury vehicles [19] 9. **Future Models**: Plans to introduce additional models, including those priced above 1 million and MPVs or C-class sedans priced over 600,000, to cater to diverse consumer needs [18][20] 10. **Financial Performance**: The company has experienced revenue fluctuations, with a significant loss in 2024 due to a one-time asset impairment and poor sales of the "Yuzong 06" model, but expects to reduce losses with new model launches [8][9][10] Additional Important Content 1. **Risk Factors**: Potential risks include a slowdown in electric vehicle penetration, increased market competition, lower-than-expected acceptance of new models, and deviations in profit forecasts and valuation methods [23] 2. **Historical Context**: JAC Motors has a long history since its establishment in 1964, with strategic partnerships with major tech companies like Huawei and Volkswagen, enhancing its international presence [7] 3. **Market Dynamics**: The luxury car market is witnessing a shift in consumer preferences towards high-tech, cost-effective domestic electric vehicles, which Zun Jie aims to capitalize on [17][20] This summary encapsulates the essential insights from the conference call, highlighting JAC Motors' strategic positioning, market dynamics, financial outlook, and potential risks.

Core Viewpoint - The new energy light truck market has been experiencing significant growth since 2025, driven by policy incentives and market demand, leading to an accelerated pace of new product launches by automotive companies [1]. Group 1: Market Trends - The 397th batch of new product announcements from the Ministry of Industry and Information Technology shows that 16 companies participated in the application for new energy light truck chassis, with a total of 31 models submitted, indicating high market interest in new energy logistics vehicles [3][4]. - Among the 31 chassis models, pure electric vehicles remain dominant, with 29 models being fully electric, including 3 models designed for battery swapping and 2 models featuring CNG/electric hybrid systems, reflecting a diversification in technology routes for new energy logistics vehicles [7][11]. Group 2: Key Players and Products - Fei Die Automobile leads the application list with 5 new chassis models, followed by Kai Rui Automobile with 4 models, and Jianghuai and Foton with 3 models each [4]. - The competition in the small micro truck market is intensifying, with various manufacturers accelerating their layouts in this segment, as evidenced by the total weight of models submitted ranging from 2510 to 3495 kg [16]. Group 3: Technological Innovations - The introduction of battery swapping technology is gaining traction, with models from Jianghuai, Qingling, and China National Heavy Duty Truck Corporation featuring this capability, indicating a consensus among manufacturers to enhance product offerings in this niche [11]. - The power systems of the chassis models show a trend towards using lithium iron phosphate batteries from CATL, while China National Heavy Duty Truck is innovating with ternary lithium batteries, showcasing competitive advantages in the market [13]. Group 4: Market Dynamics - The competition for battery market share is intensifying, with CATL's influence being challenged by other manufacturers like Yiwei Lithium Energy and Guoxuan High-Tech, indicating a shift in consumer preferences away from relying solely on CATL [20]. - The focus for light truck brands is shifting towards quickly penetrating various market scenarios to capture user interest, as the new energy logistics vehicle market enters a critical phase of competition [23].

汽车行业分城市零售跟踪 2Q25 低线城市占比同比持续提升 证 券 研 究 报 告 中国汽车终端零售量近年在波动中增长，并在一二三四线城市中出现分化，我 们持续跟踪季度分车系分城市零售数据，以便投资者更好理解销量状态。 2Q25 零售情况： 同比角度： 绝对增量上看，自主品牌同比贡献最多，其中自主豪华增长主要来自新一线、 二线城市，自主普通在所有线级城市均有所增长，其中四线增长最多；合资豪 华在各级城市均有所下降。 环比角度： 绝对增量上看，自主和合资普通环比贡献最多，其中自主普通增长主要来自新 一线、二线城市，合资普通增长主要来自新一线、二线城市。 市占率角度： 环比变动：合资豪华≈合资普通-0.5PP<特斯拉-0.4PP<自主+0.5PP<自主 豪华+0.9PP。 自主不断蚕食合资市场，受季节性影响低线城市占比有所下滑。 详细内容可参考正文图表。 行业研究 汽车 2025 年 08 月 07 日 推荐（维持） 华创证券研究所 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 行业基本数据 ...