2025年5月，比亚迪海外销量成绩斐然，高达88640辆，同比增长133.6%。在 欧洲 16国 的 市场，销量再度超越特斯拉 ！ 更喜人的是， 比亚迪欧洲五大市场再突破 ！ 在英、法、德、意、西这五大欧洲核心市场，比亚迪更是以 10199辆的销量，领先特斯拉6619 辆，优势显著。 德国，作为欧洲最大的汽车市场，比亚迪5月销量达1857辆，同比增长824%，已连续两个月超 越特斯拉； 英国市场，比亚迪单月售出3025辆，同比增长408%，销量也超过特斯拉； 意大利，比亚迪以近2000辆的成绩，环比增长15.6%，销量领先特斯拉135%； 西班牙销量2434辆，是特斯拉的3倍之多； 法国，比亚迪首次反超特斯拉，销量为938辆 。 回顾比亚迪初入欧洲市场，可谓困难重重。 2021年，欧洲消费者对新能源车接受度低，对中国品牌存在刻板印象，比亚迪在当地品牌认知近 乎为零。 在德国，面对中国电动车企的冲击，当地削减电车补贴，比亚迪主力车型售价翻倍，还要承受欧 盟17%的"反补贴"税。 意大利市场，起初只能靠销售团队驱车全国，以"扫街式"试驾来打破消费者对中国技术的怀疑。 面对这些出海壁垒，比亚迪积极应对。 比亚迪欧洲 ...

点 击 蓝 字 关 注 我 们 本文全文共 3621 字，阅读全文约需 12 分钟 2. 东风商用车再拓成渝版图 3. 远程第40万台新能源商用车整车下线 4. 曼恩长途电动重卡正式投入量产 广州:下半年额外增加6万个普通车增量指标 国内新闻 1 目录 国内新闻 1.广州:下半年额外增加6万个普通车增量指标 国外新闻 1.加拿大5月新车销量增长7.9% 商用车 1. 特斯拉 Semi 电动卡车准备进军欧洲市场 2.工信部发布第396批新车公示 3.蔚来全国充换电站超8000座 高速换电站破千 4.广汽印尼智慧工厂投产 产能将逐步扩至5万台 5.比亚迪计划2026年前在英国推出六款新车 6.赛力斯总裁宣布问界正式登陆澳门市场 7.特斯拉电网侧储能电站项目落户上海临港 8.鸿蒙智行已接入1000座华为超充站 2.英国5月新车销量增长1.6% 3.中东首家电动汽车充电桩制造公司成立 4.西班牙5月新车销量21861辆 时间:2025.6.20 来源: 易车原创报道 作者: 关雪涛YC 易车讯 6月20日，广州市交通运输局发布通告，在普通车增量指标配置计划基础上，2025年下半年额外增 加6万个普通车增量指标配置额度 ...

Investment Rating - The investment rating for the automotive industry is "Recommended" (maintained) [2]. Core Viewpoints - The phased allocation of funds for the vehicle trade-in program continues to support the growth of passenger car sales. Since mid-June, some regions have suspended the acceptance of vehicle trade-in subsidy applications. However, relevant national departments have stated that the policy for consumer goods trade-in remains unchanged, and the progress of subsidy fund usage is in line with expectations. A total of 162 billion yuan in central funds has been allocated in two batches in January and April 2025 to support local trade-in efforts. An additional 138 billion yuan will be allocated in the third and fourth quarters, which is expected to help maintain the growth trend in domestic passenger car sales [5][15]. Summary by Sections Industry Dynamics - Key industry news includes partnerships such as the collaboration between WeRide and Uber, as well as Waymo's expansion of autonomous taxi services in the San Francisco Bay Area. New vehicle models launched include the SAIC Zhiji LS7 and Leapmotor C16 [5][16]. Market Performance - The automotive sector under the Shenwan index underperformed the CSI 300 index by 2.10 percentage points, with the Shenwan automotive sector declining by 2.56% from June 16 to June 20, 2025. The PE ratio for the Shenwan automotive sector is 25.2 times, down from the previous week [5][35][40]. Data Tracking - In May 2025, retail sales of passenger cars reached 1.9381 million units, a year-on-year increase of 13.66% and a month-on-month increase of 10.02%. Retail sales of new energy passenger cars reached 1.021 million units, with a year-on-year increase of 26.90% and a month-on-month increase of 12.87%, achieving a retail penetration rate of 52.7% [5][42][54]. Investment Recommendations - The ample funding for the vehicle trade-in subsidy is expected to continue supporting the growth of domestic passenger car sales. The report suggests focusing on companies such as BYD, Changan Automobile, Great Wall Motors, and Geely for whole vehicle manufacturing, as well as companies like Desay SV, KOBODA, and Huayang Group for intelligent core components [5][15].

以下文章来源于信息量有点大 ，作者信大校长 信息量有点大 . 聚焦外部视角，一天一篇外资研报 高盛近日发表的《中国民营企业回归系列报告 》 中定义了高盛眼中的Prominent 10（民营10巨头），并 表示这10大中国民营企业正在崛起，在市值、竞争力等方面正实现向上突破，对标美国Mag 7的市场地 位： 一、Prominent 10：中国股市的 "核心资产" 矩阵 高盛定义的中国 Prominent 10涵盖科技、消费、制造等核心领域，合计市值 1.6 万亿美元，占 MSCI 中国 指数权重 42%，日均交易额 110 亿美元。其中腾讯（市值 6010 亿美元 / 日均交易额 18 亿美元）、阿里 巴巴（2890 亿美元 / 16.08 亿美元）、比亚迪（1210 亿美元 / 5.88 亿美元）等龙头，2025-2027 年盈利复 合增长率预计达 13%，当前市盈率 16 倍，fPEG（未来市盈率相对盈利增长率）1.1 倍，兼具成长与估值 优势。 二、与美国 Mag 7 的对标：规模差距与成长韧性 （一）市值与估值对比 规模差距 ：Mag 7 总市值 19.2 万亿美元（如微软 3.6 万亿、英伟达 3.5 ...

2025 年 06 月 23 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 以旧换新"国补"将[Ta持ble续_T ， itle]理想汽车完成 2500 座 5C 超充站建设以及 i6 工信部产品公告 ——汽车行业周报 | 行业相对表现 | | | 2025/06/20 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | -6.8% | -10.8% | 24.3% | | 沪深 | 300 | -1.3% | -3.2% | 9.8% | 相关报告 《汽车行业周报：多家车企发布"60 天账期宣言"， 特斯拉暂定 6 月 22 日正式运营 Robotaxi（推荐）* 汽车*戴畅》——2025-06-15 《汽车行业周报：兵器装备集团汽车业务将成为独 立央企，小米集团举办 2025 投资者日（推荐）* 汽车*戴畅》——2025-06-09 《汽车行业专题报告：Robotaxi 景气度加速上行， 商业化拐点渐近（推荐）*汽车*胡惠民，戴畅》— — ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 06 月 23 日 [Table_Title] 固态电池渐近，欧洲新能源继续强劲 ——汽车行业周报 [Table_Summary] 报告要点： 乘用车：6 月 1-15 日，全国乘用车市场零售 70.6 万辆，同比去年 6 月 同期增长 20%，较上月同期下降 9%，今年以来累计零售 952.2 万辆，同 比增长 10%；6 月 1-15 日，全国乘用车厂商批发 71.4 万辆，同比去年 6 月同期增长 24%，较上月同期增长 4%，今年以来累计批发 1,150.4 万 辆，同比增长 12%。 新能源：6 月 1-15 日，全国乘用车新能源市场零售 40.2 万辆，同比去 年 6 月同期增长 38%，较上月同期增长 0%，全国新能源市场零售渗透率 57%，今年以来累计零售 476 万辆，同比增长 35%；6 月 1-15 日，全国 乘用车厂商新能源批发 36.9 万辆，同比去年 6 月同期增长 18%，较上 月同期下降 2%，全国新能源厂商批发渗透率 51.7%，今年以来累计批发 557.6 万辆，同比增长 3 ...

6月22日，比亚迪宣布，第五艘汽车运输船"西安号"在江苏仪征顺利交付，"长沙号"也即将交付投入使用。交付仪 式上，方程豹销售事业部总经理熊甜波担任命名嘉宾。 比亚迪"西安号"总长219.9米，型宽37.7米、服务航速19节、共1层甲板，同样拥有9200个标准装载车位，是目前已 投入运营的全球最大LNG双燃料汽车运输船之一。而同期进入试航阶段的"长沙号"，同样可载9200辆汽车。 熊甜波发文称，继去年开拓者号、常州号，今年合肥号、深圳号，比亚迪第5艘汽车运输船"西安号"正式交付，作 为目前已投入运营的全球最大 LNG 双燃料汽车运输船之一，助力国际化进程再加速。比亚迪第6艘滚装船，6月 24日长沙号也即将首航。 2022年，比亚迪为破解海外运力瓶颈，宣布订购8艘7000+运力级滚装船，其中2艘由广船国际建造，6艘由中集来 福士承建。所有船舶均采用液化天然气与燃油双动力系统，大幅降低远洋运输碳排放。 从2024年初开始，比亚迪订购的滚装船开始交付，"开拓者1号"和"常州号"分别在当年的1月和12月交付即运营。 今年1月和4月，"合肥号"和"深圳号"也相继交付启航。据了解，第7艘"郑州号"和第8辆"济南号"，预计将 ...

Core Viewpoint - The article discusses the resurgence of private enterprises in China, highlighting their importance in the market and the potential for growth amid a changing regulatory environment and technological advancements [1][2]. Group 1: Importance of Private Enterprises - The significance of the private sector has been recognized by high-level policymakers [2]. - The regulatory cycle for the private economy has eased, indicating a more favorable environment for growth [2]. - Private enterprises are leading China's ambition to "go global" [2]. Group 2: Financial Performance and Valuation - Since the low point in 2022, private enterprises have seen profits and return on equity (ROE) increase by 22% and 1.2 percentage points, respectively [2]. - Compared to their historical performance and state-owned enterprises, private companies are currently undervalued [2]. - The top ten leading companies, referred to as "Chinese Prominent 10," are expected to enhance their market dominance, similar to the "Mag 7" in the U.S. [2][4]. Group 3: Growth Projections - The selected ten companies are projected to achieve a profit growth rate of 17% over the next decade, with a 13% growth expected in the next two years [5]. - Despite macroeconomic challenges, these companies are expected to maintain double-digit profit growth [5]. Group 4: Market Dynamics and Opportunities - The market concentration of the top ten companies in China is only 17%, compared to 30% in the U.S., indicating potential for growth [4]. - The article emphasizes the importance of selecting individual stocks within the private sector, as there are significant differences in returns [6]. - Many of these companies are expanding their businesses overseas, particularly in emerging markets along the "Belt and Road" initiative [6]. Group 5: Sector Focus and IPO Trends - The consumer services sector is viewed as superior, with healthcare stocks gaining attention due to past regulatory challenges [7]. - Recent interest in Hong Kong IPOs is noted, with around 60 companies planning or applying for listings, presenting further investment opportunities [7].

编辑丨刘恒涛 图源丨midjourney 0 :4 ，败给南京，常州又双叒叕输了！ 五场比赛，一球未进，一场未赢，常州 "笔画不够用了"，" 0 州"冲上热搜第一。 但常州在玩梗上可没输，面对失利，常州坦然自嘲，输球不输人，展示了自信大气的一面。周六这场 比赛，常州队主场对阵南京队，单场观众达到 36712 人，破了"苏超"单场纪录。常州的娱乐精神， 赢得了好感，赚足了人气。 输了五场，赢了一座城。 作 者 丨卜松 几天前，针对前来消费的球迷，常州旅游协会推出了 "看球游城赢大奖"的活动，来常州看球、看演 出、看展消费，都可以参与抽"土特产"活动，更是大大刷了一波存在感。 所谓的 "土特产"是什么呢？ 抽奖的这三件 "土特产"，背后是理想汽车、小牛电动、九号科技，是常州的新能源企业代表。 官方公布的 "土特产"，特等奖是理想 L6 Pro ，一等奖是小牛 Umax 顶配版，二等奖是九号平衡车 L8 。 常州市旅游协会和携程平台，会在每轮主场开赛前，开通专场直播间，直播销售推广特色产品，同时 互动抽奖。 解读这个活动背后透露出来的信息，可以看到常州这座城市的活力和实力。能借苏超热度，快速反应 搞直播抽奖，暑假在 ...

Market Overview - A-shares showed mixed performance on June 23, with the Shanghai Composite Index slightly up by 0.15% to 3365.07 points, while the Shenzhen Component Index fell by 0.16% to 9988.66 points, and the ChiNext Index decreased by 0.33% to 2003.26 points [1] - The trading volume for the Shanghai market was 264.3 billion yuan, while the Shenzhen market recorded 406.3 billion yuan [1] Sector Performance - The shipping sector experienced significant gains, with stocks like Ningbo Shipping and Lianyungang hitting the daily limit [1] - Oil and gas stocks also performed well, with Shandong Molong achieving a seven-day limit-up streak [1] - The banking sector rebounded, with major banks like ICBC and Agricultural Bank of China reaching historical highs [1] - Conversely, the liquor sector lagged, with stocks such as Wuliangye and Shanxi Fenjiu showing notable declines [1][2] Institutional Insights - Galaxy Securities predicts a potential upward trend in the A-share market by the second half of 2025, driven by supply-side reforms and capital market reforms [3] - Guojin Securities highlights the increasing capital expenditure in nuclear fusion and emphasizes the importance of marine high-end equipment manufacturing [3] - Zheshang Securities anticipates continued market fluctuations, suggesting that the current index structure remains solid, and recommends maintaining positions in large financial stocks [3] Corporate Developments - Alibaba announced the integration of Ele.me and Fliggy into its China e-commerce business group, maintaining their management structure while aligning with centralized goals [4] - BYD responded to rumors regarding solid-state batteries being used in its Seal model, clarifying that such information is inaccurate and that official announcements regarding solid-state battery applications are expected around 2027 [5]