从东南亚到中东，从非洲到拉美，从中亚到欧洲……当前，在全球能源正加速转型的背景下，中国"新 三样"企业依托较为完备的产业链、持续的技术创新和成（002001）本竞争力，正在掀起新一轮"出海 潮"。 今年上半年，在全球投资环境趋紧的形势下，新能源汽车、锂电池、光伏产品等"新三样"企业对外投资 合作依然活力满满。商务部研究院对外投资合作研究所助理研究员张哲表示，"新三样"企业的海外布局 热度不减，正由"产品出海"迈向"产供链出海"，推动我国对外投资披上绿色"新装"。 "新三样"企业加速全球产能布局，构建本地化生产、配套和服务体系。在动力电池领域，以宁德时代、 比亚迪（002594）、亿纬锂能等为代表的头部锂电产业链企业正加速在东南亚、欧美等地建设生产基 地，海外市场正快速成长为其业务的新蓝海。在光伏领域，晶澳科技（002459）、晶科、天合等光伏企 业纷纷加快在中东、非洲等地区投资建厂步伐，推动组件及原材料本地化生产，逐步构建本地化、闭环 式产业链结构。在新能源汽车领域，比亚迪、长城汽车（601633）、北汽福田等新能源汽车企业加快在 东南亚、欧洲、拉美等建设制造基地，完善售后服务和品牌网络建设，拓展充电基础设施 ...

Group 1 - The article discusses how Australia is becoming a significant market for Chinese automobiles, contrasting with the U.S. which remains closed to them [1][2] - Australia is expected to see Chinese cars account for approximately 40% of all car sales by 2035, surpassing established Japanese and Korean brands [1] - Various Chinese brands, including BYD, Geely, Great Wall, and Chery, are gaining traction in the Australian market, with BYD becoming the largest Chinese car manufacturer in Australia [2] Group 2 - Factors contributing to the rise of Chinese car brands in Australia include the absence of import tariffs, competitive pricing, appealing designs, higher safety standards, and increasing local manufacturing capabilities [2] - Most Chinese cars sold in Australia are electric vehicles, with some brands also offering hybrid options for buyers not ready to transition to fully electric cars [2] - Historical context is provided, noting that major automakers like GM, Ford, Toyota, and Mitsubishi previously manufactured cars in Australia but ceased operations due to market size and production costs [2]

Group 1: New Vehicle Pre-sales - The all-new Tank 500 has commenced pre-sales with a price range of 360,000 to 388,800 yuan, featuring two models: Hi4-Z and Hi4-T [1][3] - Dongfeng Fengshen L8 has also started pre-sales, priced between 129,900 to 149,900 yuan, offering four models [2][16] - Lynk & Co 10EM-P has opened pre-sales with a price range of 192,000 to 222,000 yuan, featuring three models [2][16] Group 2: Vehicle Specifications and Features - The Tank 500's dimensions are 5078 × 1934 × 1905 mm with a wheelbase of 2850 mm, inspired by Chinese classical architecture and available in a new color, Dunhuang Green [5] - The Tank 500 is equipped with Coffee OS 3 smart cockpit system, featuring multiple screens including a 15.6-inch central display and a 17.3-inch rear entertainment screen [7] - The Dongfeng Fengshen L8 measures 4762 × 1910 × 1677 mm with a wheelbase of 2825 mm, offering various color options and a unique 4.5L cold and warm box in the rear [13][15] - The Lynk & Co 10EM-P has dimensions of 5050 × 1966 × 1487 mm and a wheelbase of 3005 mm, featuring high-end materials and advanced technology [18][21] Group 3: Advanced Technology and Performance - The Tank 500 features the third-generation intelligent driving system Coffee Pilot Ultra, with 27 sensors and 20 active safety functions, enhancing its off-road capabilities [9] - The Dongfeng Fengshen L8 includes a 1.5T hybrid engine paired with a 30.3 kWh battery, achieving a rapid charge from 20% to 80% in 18 minutes [15] - The Lynk & Co 10EM-P is equipped with the NVIDIA Thor chip and advanced driving assistance features, boasting a maximum power of 390 kW and high thermal efficiency [19][21] Group 4: Tesla's Strategic Shift - Elon Musk confirmed the dissolution of the Dojo supercomputer team, stating that Tesla will focus on AI5 and AI6 chips, indicating a strategic shift in resource allocation [4][22] - The decision to discontinue the Dojo project reflects Tesla's need to streamline its AI chip development efforts, which could impact its future market positioning [24]

据乘联分会最新销量数据统计，2025年7月份国内狭义乘用车市场零售销量达183.7万辆，同比增长 6.9%，环比下降11.9%；1-7月份累计销量1274.0万辆，同比增长10.2%。 具体看，7月乘用车厂商零售、出口、批发和生产均创当月历史新高。随着反内卷的深入，今年车市价 格战稍显平和。"两新政策"叠加厂补加码等措施让7月新能源车国内零售渗透率升到53.7%，新能源车呈 现出了由报废更新、以旧换新叠加新能源免征购置税等普惠政策托底背景下的新能源平稳强势增长。今 年总体车市预计朝着"前低中高后平"的走势发展。 | NO. | 自 厂商 | 2025.7 | 环比 | 目比 | 份额 | | --- | --- | --- | --- | --- | --- | | 1 | 比亚迪汽车 | 341,030 | -9.7% | 0.1% | 15.2% | | 2 | 吉利汽车 | 237,735 | 0.7% | 57.7% | 10.6% | | 3 | 奇瑞汽车 | 215,278 | -4.2% | 13.8% | 9.6% | | ব | 长安汽车 | 136,484 | -1.5% | 41.6% ...

Core Viewpoint - The domestic narrow passenger car market in China showed a retail sales volume of 1.837 million units in July 2025, representing a year-on-year increase of 6.9% but a month-on-month decrease of 11.9%. Cumulative sales from January to July reached 12.74 million units, up 10.2% year-on-year [2][4]. Sales Performance - July 2025 saw record highs in retail, export, wholesale, and production for passenger car manufacturers. The price war in the car market has calmed down, and the penetration rate of new energy vehicles (NEVs) reached 53.7% due to supportive policies [4]. - The overall car market is expected to follow a "low in the front, high in the middle, and flat in the back" trend for the year [4]. Wholesale Sales Rankings (July 2025) - BYD Auto led with wholesale sales of 341,030 units, a decrease of 9.7% month-on-month but a slight increase of 0.1% year-on-year, capturing 15.2% market share [5]. - Geely Auto and Chery Auto followed with 237,735 units (up 57.7% year-on-year) and 215,278 units (up 13.8% year-on-year), respectively [5]. Retail Sales Rankings (July 2025) - BYD Auto also topped the retail sales with 274,644 units, down 22.0% month-on-month and down 11.9% year-on-year, holding a 14.9% market share [7]. - Geely Auto achieved 202,447 units, reflecting a year-on-year increase of 71.0% [7]. New Energy Vehicle Sales Rankings (July 2025) - In the NEV wholesale segment, BYD Auto again led with 341,030 units, while Geely Auto saw a significant year-on-year increase of 120.4% with 130,142 units [11]. - Tesla China reported 67,886 units, down 8.4% year-on-year [11]. Cumulative Sales Rankings (January to July 2025) - BYD Auto maintained its lead with 2.454 million units sold, a year-on-year increase of 26.0% and a market share of 15.8% [6]. - Geely Auto and Chery Auto followed with 1.647 million units (up 48.8% year-on-year) and 1.429 million units (up 14.6% year-on-year), respectively [6].

智通财经APP获悉，中信建投发布研报称，8月第三批"以旧换新"国补各地已陆续恢复申领，周度数据 逐步改善，当前新能源车免征购置税3万元，26-27年将调整为减半征收(即从减免最高3万元下调为1.5万 元)，汽车反内卷叠加新能源需求前置催化行业beta亟待上行，利好强势新车周期主机厂以及30万元+高 端品牌;L2智驾国标或落地在即，板块密集催化下产业趋势进一步强化;商用车内需修复和非俄海外出口 景气度上行带来龙头公司上半年业绩连续超预期，稳健低估值属性仍为防御型资金青睐。 中信建投主要观点如下： 乘用车板块 汽车行业反内卷利好强产品周期可以充分定价新车的头部主机厂，江淮尊界S800上市76天后订单破 万，自主高端品牌仍是蓝海市场，2026年将是30万元以上赛道加速自主渗透率提升的一年，新车产品力 及品牌成为胜负手。在流动性充沛的情况下，关注汽车中的稀缺消费品(好格局)+边际改善的整车标的 (好alpha)。 智驾板块 L4智驾行业今年迎来行业成本和技术的拐点，当前技术迭代、行业格局、新商业模式等仍在演变，L2 强标征求意见稿即将发布意味着国家信用背书，智能化成为可定量的品牌力，重点关注智能化检测环节 和L3-L ...

Group 1 - The retail volume of passenger cars in China reached 12.728 million units in the first seven months of the year, representing a year-on-year increase of 10.1% [1] - In July, the retail volume of passenger cars was 1.826 million units, up 6.3% year-on-year, and 3% higher than the historical peak of 1.768 million units in July 2023 [1] - Domestic brands showed significant growth, with retail sales of 1.21 million units in July, a 14% increase year-on-year, and their market share rising to 65.9%, up 4 percentage points [1] Group 2 - The wholesale volume of passenger cars also reached a historical high in July, with 2.221 million units, a 13% year-on-year increase [2] - New energy vehicles (NEVs) were a key driver of growth, with wholesale sales of 1.181 million units in July, up 24.4% year-on-year, and retail sales of 987,000 units, a 12% increase [2] - The market share of new force brands in the NEV segment reached 21.4%, an increase of nearly 2 percentage points year-on-year [2] Group 3 - Inventory pressure in the car market is easing, with total inventory decreasing by 90,000 units in July, and the dealer inventory warning index at 57.2%, down 2.2% year-on-year [3] - The number of models with price reductions in July was 17, compared to 23 in the same month last year, indicating a stabilization in the price war [3] - The market outlook for August is optimistic, with new model launches expected to boost retail sales, and government subsidies supporting consumption policies [3]

Investment Rating - The report maintains a "Recommend" rating for the automotive industry, with an optimistic outlook for the second half of the year [1]. Core Insights - Traditional automakers are expected to ramp up marketing activities in August, leading to a positive sales outlook for the second half of the year. The market is still digesting weak investment sentiment, and patience is advised while waiting for the release of semi-annual reports [1]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for Xpeng, with a year-on-year increase of 2.3 times, while Li Auto saw a decline of 39.7% year-on-year. BYD delivered 344,296 vehicles, a slight increase of 0.6% year-on-year, but a decrease of 10.0% month-on-month [2][18]. - Traditional automakers also saw notable sales growth, with Geely's sales reaching 238,000 units, up 57.6% year-on-year. SAIC Group led the sales with 338,000 units, a 34.2% increase year-on-year [20]. Discount Rates and Amounts - The average discount rate in late July was 10.0%, a slight increase of 0.1 percentage points from early July, and the average discount amount was 22,311 yuan, up 126 yuan from early July [3][22]. Industry News - The report highlights significant developments in the automotive sector, including the launch of new models by various manufacturers, such as the new Audi A5L and Q6L e-tron, and the introduction of the third-generation UNI-V by Changan [28][29]. - The penetration rate of new energy vehicles reached 54.0% in July, marking a 2.7 percentage point increase year-on-year, with new energy vehicles accounting for 21.4% of the market share [28]. Market Performance - The automotive sector saw a weekly increase of 2.35%, ranking 9th among 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 2.11% [7].

Group 1 - The retail volume of passenger cars in China reached 12.728 million units in the first seven months of the year, representing a year-on-year increase of 10.1%. In July alone, retail volume was 1.826 million units, up 6.3% compared to the previous year [2] - Domestic brands showed the most significant growth, with retail volume reaching 1.21 million units in July, a 14% increase year-on-year, and market share rising to 65.9%, an increase of 4 percentage points [2] - The wholesale volume of passenger cars also hit a record high in July, reaching 2.221 million units, a 13% year-on-year increase [3] Group 2 - New energy vehicles (NEVs) have become a key driver of growth, with wholesale sales reaching 1.181 million units in July, a 24.4% increase year-on-year, and retail sales at 987,000 units, up 12% [3] - The market share of new force brands in the NEV segment reached 21.4%, an increase of nearly 2 percentage points year-on-year [3] - The inventory pressure in the car market is easing, with total inventory decreasing by 90,000 units in July, and the dealer inventory warning index dropping to 57.2%, down 2.2% year-on-year [4] Group 3 - The competitive pricing environment is stabilizing, with only 17 models seeing price reductions in July compared to 23 in the same month last year [4] - The upcoming release of new models in August is expected to further boost retail sales, supported by the third batch of national subsidies for trade-in policies [5]

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].