Morningstar晨星·2025-08-07 01:05Core Viewpoint - The automotive and new energy industries are facing intense competition and price wars, leading to significant price reductions and potential oversupply issues, while the food delivery sector is also experiencing aggressive pricing strategies from major players [2][3][11]. Group 1: Automotive Industry - The total market capitalization of the A-share automotive industry index is approximately 5 trillion, accounting for 5% of the total A-share market [1]. - In May 2023, BYD initiated a "100 billion subsidy" campaign, resulting in collective price reductions across 22 smart driving models, with other major players like Chery and Geely following suit [2]. - The average price reduction for new passenger cars in the first half of 2025 is projected to be around 21,000 yuan, with a reduction rate of 11.4% [2]. - The automotive parts industry is seen as having significant entry barriers and competitive advantages, which may provide long-term growth opportunities despite short-term price pressures [6][7]. Group 2: New Energy Industry - The new energy sector is experiencing an imbalance between supply and demand, with production capacity expected to exceed 1100 GW by the end of 2024, while global demand is projected at only 600 GW in 2025 [2]. - Prices for silicon materials, silicon wafers, battery cells, and components are expected to decline year-on-year in the first half of 2025 due to oversupply [2][7]. - Fund managers are cautious about the new energy sector, with some reducing their exposure in anticipation of regulatory changes aimed at curbing excessive competition [7][8]. Group 3: Food Delivery Industry - The food delivery market is witnessing intensified price wars, with major players like JD.com entering the market and offering zero commission for merchants [2]. - Ele.me has announced significant platform subsidies, indicating a competitive landscape where companies are vying for market share through aggressive pricing strategies [2]. - Fund managers recognize the competitive pressures in the food delivery sector, leading to adjustments in their investment strategies, particularly concerning Meituan [6][8]. Group 4: Regulatory Response - Regulatory bodies have begun addressing the issue of excessive competition, with discussions held among industry leaders in the automotive, new energy, and food delivery sectors [3]. - A draft amendment to the Price Law aims to regulate low-price dumping and restore order in market pricing, indicating a shift towards more rational competition [3][11]. - Fund managers are closely monitoring these regulatory developments, as they may significantly impact industry dynamics and investment strategies moving forward [7][11].