政策激活市场，5月汽车产销同比增长超11%

Core Insights - The Chinese automotive industry is showing a steady improvement, with increasing market vitality, although profitability continues to decline, indicating a situation of "growth without profit" [3] Group 1: Monthly Production and Sales Data - In May, the production and sales of automobiles reached 2.649 million and 2.686 million units, respectively, with month-on-month increases of 1.1% and 3.7%, and year-on-year increases of 11.6% and 11.2% [1] - For the first five months, cumulative production and sales totaled 12.826 million and 12.748 million units, reflecting year-on-year growth of 12.7% and 10.9% [1] - Passenger vehicle production and sales in May were 2.313 million and 2.352 million units, with month-on-month increases of 2.5% and 5.8%, and year-on-year increases of 12.8% and 13.3% [1] Group 2: Commercial Vehicle and New Energy Vehicle Data - In May, commercial vehicle production and sales were 336,000 and 335,000 units, showing month-on-month declines of 7.4% and 8.8%, while year-on-year production increased by 4.4% and sales decreased by 2% [2] - New energy vehicles saw production and sales of 1.27 million and 1.307 million units in May, with month-on-month increases of 1.5% and 6.7%, and year-on-year increases of 35% and 36.9% [2] - New energy vehicles accounted for 48.7% of total new vehicle sales in May, with cumulative production and sales from January to May reaching 5.699 million and 5.608 million units, representing year-on-year growth of 45.2% and 44% [2] Group 3: Industry Challenges and Initiatives - The automotive industry is facing a decline in profitability due to intense competition characterized by "price wars," which is a significant factor in the decrease of industry efficiency [3] - The China Automotive Industry Association (CAAM) has issued an initiative to promote fair competition and healthy industry development, which has received broad recognition and support within the industry [3]