关注 「电动车公社」 和我们一起重新思考汽车 点一份外卖，需要1个小时。但如果说 一块新能源车的电池包，从下线到装进新车，只需要不到20分钟！ 你敢相信吗？ 前几天， 宁德时代 和 赛力斯 一起干了件很大胆的事， 他们把电池包产线直接建在了问界整车工厂里！ 他们管这个叫 "厂中厂" 。 过去主机厂跟电池厂下单电池，要包含包装、运输、仓储等中间环节，基本上要花费好几天，现在"即产即上"把中间环节的时间缩短了。 更关键的是，优质电池的产能可是香饽饽！ "厂中厂"最牛的地方就是 锁死产能 ，让两巨头绑得死死的，长期紧密合作。这比单纯节省物流环节，可重要多了。 这就好比，把米其林的大厨请到了家里，从此优质的电池出门左转就能直接装车。 可以说，这种模式对于新能源汽车现有的动力电池供应链体系来说，是一次颠覆式的创新。 大家好，这里是电动车公社的社长胡婷。今天这个视频我们就来聊聊，动力电池"厂中厂"模式究竟牛在哪？ 到底"关我们什么事"？ 关注电动车公社 视频号 更多精彩视频不错过 戳开看视频 01. 凭什么选宁德时代？ 相比之下，"独供"电池带来的质量统一性，更有利于车企生产整车质量的稳定可控。 更何况，现在消费者越来越 ...

Core Viewpoint - Recently, 17 major automotive companies, including FAW, Dongfeng, GAC, and Seres, have publicly committed to a payment term not exceeding 60 days for suppliers, raising questions about the feasibility of these commitments and prompting the Ministry of Industry and Information Technology (MIIT) to establish a feedback window for reporting issues related to these commitments [1][4]. Group 1 - The MIIT has launched an online feedback window to address issues related to the payment commitments made by major automotive companies, allowing small and medium-sized enterprises (SMEs) to report problems regarding the enforcement of the 60-day payment term [1][3]. - The feedback window will handle four types of issues: failure to adhere to the 60-day payment term, unreasonable payment term start dates, coercion of SMEs to accept non-cash payment methods, and other inadequacies in implementing the Payment Protection Regulation for SMEs [3][4]. - The MIIT supports the automotive companies' commitment to a 60-day payment term and aims to foster long-term stable relationships between vehicle manufacturers and their supply chain partners [3][4]. Group 2 - Data indicates that in 2024, the average accounts payable turnover days for Chinese domestic automotive companies will be 182 days, which is 2.3 times that of international companies, leading to skepticism among suppliers regarding the fulfillment of the 60-day payment commitment [4]. - The establishment of the feedback window provides a new channel for automotive suppliers to urge companies to resolve payment-related issues, thereby promoting better management practices and payment methods [4]. - The MIIT plans to guide industry organizations in developing payment settlement standards for the automotive sector and to promote a collaborative ecosystem between vehicle manufacturers and parts suppliers [4]. Group 3 - The Payment Protection Regulation for SMEs, effective from June 1, 2023, mandates that government agencies and institutions must pay for goods and services from SMEs within 30 days, or within 60 days if otherwise agreed in the contract [4]. - The newly revised Anti-Unfair Competition Law addresses the issue of delayed payments to SMEs, prohibiting large enterprises from abusing their advantages to impose unreasonable payment terms on SMEs [5].

工信部称，近期，一汽、东风、广汽、赛力斯等17家重点车企陆续作出"供应商支付账期不超过60天"的 公开承诺，社会反响良好，相关承诺如何进一步落实兑现备受社会关注。此次开通在线反映窗口，旨在 推动重点车企改进管理流程、优化支付方式，将《保障中小企业款项支付条例》落在实处，切实履行账 期承诺，惠及广大中小企业。 值得注意的是，下一步，工信部还将指导行业机构研究制定汽车行业结算支付规范，推行合同范本，进 一步规范汽车企业供应商货款支付流程，推动构建"整车—零部件"协作共赢发展生态，促进汽车产业健 康可持续发展。 乘联会秘书长崔东树向第一财经表示，这一政策能使企业的支付行为更加规范，尤其是合同条款的规 范，实际上是规范了企业兑现如期支付承诺的最基础的条件。他认为，这将改变原来政策相对不够清 晰、各大企业可能会制定个性化支付条款的局面，是行业进入支付规范的途径。 记者注意到，并非所有的车企拖欠款项问题都能通过此平台解决。工信部在"常见问题"中表示，该窗口 不受理已造成拖欠款项的相关问题。属于拖欠款项的，应通过全国投诉平台主页面"我的投诉"反映。 工信部在线受理中小供应商4类问题。 紧盯落实"60天账期"承诺，工信部再次 ...

该窗口主要受理4类问题（建议）：一是重点车企未践行60天支付期限承诺，在采购合同中约 定的付款期限超过60天；二是重点车企设定不合理的支付期限起算时间、无正当理由拖延出具 检验或验收合格证明等方式变相延长支付期限，以及以收到第三方货款作为支付条件或按照第 三方支付比例支付款项；三是重点车企强制或变相强制中小企业接受商业汇票、应收账款电子 凭证等非现金支付方式；四是重点车企落实《保障中小企业款项支付条例》不力的其他问题。 据了解，近期，一汽、东风、广汽、赛力斯等17家重点车企陆续作出"供应商支付账期不超过 60天"的公开承诺，社会反响良好，相关承诺如何进一步落实兑现备受社会关注。工业和信息 化部此次开通重点车企践行账期承诺线上问题（建议）反映窗口，旨在受理中小企业有关问题 （建议），推动重点车企改进管理流程、优化支付方式，将《保障中小企业款项支付条例》落 在实处，切实履行账期承诺，惠及广大中小企业。 记者丨 冉黎黎 编辑丨陈洁 7月9日，工业和信息化部在"全国违约拖欠中小企业款项投诉平台"开通"重点车企践行账期承 诺线上问题（建议）反映窗口"，受理中小企业关于重点车企践行货款支付周期承诺和落实 《保障中小企业款 ...

编者按：瑞银近期发布中国汽车行业研究报告，认为认为反内卷对行业利润率前景和股票市场情绪都是积极的，对宁德时代（300750）、比亚迪 （002594）、理想汽车、长城汽车（601633）和赛力斯（601127）给予买入评级。 价格战会停火吗？ 尽管可能只是暂时的，但我们最近已经看到了一些价格竞争有所缓和的迹象。例如：1）理想汽车在接近季度末时将其第二季度的业绩指引下调了约 12%，而小鹏汽车和蔚来汽车仅达到了销量指引的下限；2）比亚迪在 5 月 23 日宣布的限时激励政策于 6 月 30 日结束，随后激励力度有所适度缩减；3） 比亚迪 6 月的产量比其批发量低约 10%，比其零售量低约 20%，这显示出其克制生产的姿态；4）瑞银汽车团队走访了上海的一些经销商门店，发现在高 额保险佣金回扣被禁止后，部分激励措施也有所削减。 我们看到中央政府发出了一些呼吁，要求避免陷入低价竞争的恶性循环。《人民日报》在 6 月 29 日发表社论，呼吁行业摆脱 "内卷" 式竞争，遵循合理的 经济规律。新华社也在 7 月 1 日报道，呼吁改变低价无序竞争的做法。这一呼吁涵盖了多个行业，包括电动汽车、太阳能电池板、风电、电池等。 对行 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is taking steps to establish payment settlement standards in the automotive industry and promote contract templates to address payment delays to suppliers [1][6]. Group 1: Payment Issues and Regulations - To shorten the payment terms for suppliers, MIIT has introduced a new complaint window specifically for issues related to major automotive companies not adhering to payment commitments [2][4]. - The "Regulations on Ensuring Payment to Small and Medium-sized Enterprises" came into effect on June 1, which targets the issue of delayed payments to SMEs [4]. - Major automotive companies, including FAW, Dongfeng, and GAC, have publicly committed to a payment term of no more than 60 days, a significant reduction from previous terms that often exceeded three to six months [4][5]. Group 2: Supplier Concerns - Suppliers have expressed skepticism regarding the commitment of major automotive companies to adhere to the new payment terms, citing a lack of clear communication about changes in payment timelines [4][5]. - The complaint window will address four main issues, including companies not honoring the 60-day payment commitment and setting unreasonable payment start dates [5][6]. Group 3: Future Actions - MIIT plans to guide industry organizations in developing standardized payment settlement norms and contract templates to further regulate the payment processes between automotive companies and their suppliers [6].

Core Viewpoint - The domestic narrow passenger car market in China experienced significant growth in June 2025, with retail sales reaching 2.085 million units, marking an 18.2% year-on-year increase and a 7.6% month-on-month increase. Cumulative sales for the first half of 2025 reached 10.902 million units, up 10.8% year-on-year [1][3]. Sales Performance - In June 2025, the penetration rate of new energy vehicles (NEVs) in domestic retail sales rose to 53.3%, driven by policies such as vehicle scrappage, trade-in programs, and exemption from purchase taxes for NEVs [3]. - The wholesale and retail sales of passenger cars in June 2025 reached historical highs for the month, indicating strong market demand [3]. Manufacturer Rankings - **June 2025 Wholesale Sales Rankings**: - BYD Auto led with 377,628 units sold, a 0.2% increase month-on-month and an 11.0% increase year-on-year, capturing a 15.2% market share [5]. - Geely Auto and Chery Auto followed with 234,580 and 224,830 units, respectively, with Geely showing a slight decrease of 0.3% month-on-month but a substantial 41.2% year-on-year increase [5]. - **First Half of 2025 Wholesale Sales Rankings**: - BYD Auto also topped the list with 2,113,271 units sold, reflecting a 31.5% year-on-year increase and a 15.9% market share [6]. - Geely Auto and Chery Auto maintained their positions with 1,407,724 and 1,213,888 units sold, respectively, with Geely showing a remarkable 47.3% year-on-year increase [6]. Retail Sales Rankings - **June 2025 Retail Sales Rankings**: - BYD Auto again led with 352,081 units sold, a 20.2% increase month-on-month and a 25.7% increase year-on-year, holding a 16.9% market share [7]. - Geely Auto and Volkswagen followed with 195,537 and 142,913 units, respectively, with Geely experiencing a 4.7% decrease month-on-month but a 49.6% increase year-on-year [7]. - **First Half of 2025 Retail Sales Rankings**: - BYD Auto continued to dominate with 1,610,042 units sold, a 16.0% year-on-year increase and a 14.8% market share [8]. - Geely Auto and Volkswagen also performed well with 1,225,673 and 743,543 units sold, respectively, with Geely showing a significant 61.5% year-on-year increase [8]. New Energy Vehicle Sales - **June 2025 NEV Wholesale Sales Rankings**: - BYD Auto led with 377,628 units, a 0.2% increase month-on-month and an 11.0% increase year-on-year, capturing a 30.4% market share [9]. - Geely Auto and Changan Auto followed with 122,367 and 87,458 units, respectively, with Geely showing an impressive 85.5% year-on-year increase [9]. - **June 2025 NEV Retail Sales Rankings**: - BYD Auto again topped the list with 352,081 units sold, a 20.2% increase month-on-month and a 25.7% increase year-on-year, holding a 31.7% market share [11]. - Geely Auto and Changan Auto followed with 114,798 and 76,346 units, respectively, with Geely experiencing an 80.7% year-on-year increase [11].

Group 1 - Volkswagen leads the automotive industry with a market value of 545.6 billion, showing a 6.79% increase [2] - General Motors follows with a market value of 501.77 billion, reflecting a 3.54% increase [2] - Porsche has a significant growth of 15.8%, reaching a market value of 468.58 billion [2] Group 2 - Ford's market value stands at 460.88 billion, with a 3.57% increase [2] - Maruti Suzuki shows a decline of 3.94%, with a market value of 459.19 billion [2] - Mahindra & Mahindra's market value is 442.25 billion, with a slight decrease of 0.31% [2] Group 3 - Honda's market value is 405.95 billion, increasing by 9.01% [2] - Hyundai's market value is 383.16 billion, with a growth of 9.78% [2] - Geely's market value is 216.85 billion, reflecting a 4.38% increase [2] Group 4 - Changan Automobile has a market value of 156.1 billion, with a 1.33% increase [3] - Subaru's market value is 126.39 billion, showing a 3.06% increase [3] - NIO's market value is 76.54 billion, with a growth of 1.97% [3]

丨证券研究报告丨 公司研究丨点评报告丨赛力斯（601127.SH） [Table_Title] 赛力斯 6 月销量点评：M8 销量表现亮眼，问界 Q2 环比实现翻倍 报告要点 [Table_Summary] 7 月 1 日，赛力斯发布 6 月产销快报。数据显示，赛力斯新能源汽车 6 月销量 46086 辆，创历 史新高；今年 1-6 月累计销量达 172108 辆。M8 交付加速兑现，问界 Q2 销量环比翻倍增长。 新车规划逐步清晰，支撑公司长期销量增长 。预计公司 2025-2027 年归母净利润为 104.23/126.60/148.86 亿元，当前市值对应估值 21.39/17.61/14.98 倍，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛力斯（601127.SH） cjzqdt11111 [Table_Title 赛力斯 6 月销量点评： 2] M8 销量表现亮眼，问 ...

Investment Rating - The report assigns a "Buy" rating to several companies, including Changan Automobile, Asia-Pacific Holdings, and Haon Electric, while maintaining an "Overweight" rating for the overall automotive industry [1][4]. Core Insights - The automotive sector experienced a slight increase of 0.1% from June 30 to July 4, 2025, underperforming the CSI 300 index by 1.44 percentage points. The passenger vehicle segment rose by 0.43%, while commercial vehicles increased by 1.49% [9][36]. - Heavy-duty truck sales in June 2025 exceeded expectations, with a year-on-year increase of 32% and a month-on-month increase of 6%. Approximately 94,000 units were sold, with major manufacturers like China National Heavy Duty Truck and Dongfeng showing significant growth [2][36]. - The report highlights the launch of the Xiaopeng G7, the first AI car with L3-level computing power, priced between 195,800 and 225,800 yuan, showcasing advanced technology features [5][36]. Summary by Sections Market Review - The automotive sector's performance from June 30 to July 4, 2025, showed a 0.1% increase, with various segments performing differently against the CSI 300 index [9][36]. - The overall PE-TTM for the automotive industry was 25.95, reflecting a slight increase from the previous week [10][36]. Major Company and Industry Events - Heavy-duty truck sales in June reached approximately 94,000 units, with significant contributions from major manufacturers [2][36]. - Xiaopeng G7 was officially launched, marking a significant advancement in AI automotive technology [5][36]. New Vehicle Launches - A total of 33 new models were launched during the week, including the Xiaopeng G7 and various updated versions of existing models [34][36]. Investment Recommendations - The report suggests a cautious approach to investment in the automotive sector, given the mixed performance of different segments and the overall market conditions [36].