Core Viewpoint - Multiple automotive companies have announced a unified payment term of 60 days for suppliers to enhance the efficiency of capital turnover in the industry and promote sustainable development [1][2]. Group 1: Company Actions - BYD announced on November 11 that it will unify the payment term for suppliers to within 60 days to support the healthy development of small and medium-sized enterprises and contribute to high-quality development in the automotive industry [1]. - China FAW stated on October 10 that it will clarify payment deadlines and methods, implementing a "60-day payment" requirement to strengthen financial supervision and streamline approval processes [1]. - Dongfeng Motor has also committed to a 60-day payment term to facilitate efficient capital flow and enhance collaboration within the supply chain [2]. - Geely Auto Group announced its alignment with the State Council's regulations to unify supplier payment terms to 60 days, aiming to accelerate capital turnover and ensure supply chain stability [2]. - Other companies such as GAC Group, Seres Group, Changan Automobile, Chery Group, Great Wall Motors, Xpeng Motors, and Xiaomi Auto have also declared similar commitments to a 60-day payment term [2]. Group 2: Regulatory Context - The revised "Regulations on Ensuring Payment to Small and Medium-sized Enterprises" will take effect on June 1, 2025, mandating large enterprises to pay within 60 days of delivery and prohibiting coercive non-cash payment methods [2]. - The regulations aim to protect the rights of small and medium-sized enterprises and optimize the business environment [2]. Group 3: Industry Perspective - Experts believe that a payment term of no more than 60 days is a leading standard within the global automotive industry, and they hope that Chinese automotive companies will adhere to this commitment to foster a fair and healthy market environment [3].

Group 1 - The A-share market experienced a rise and fall on June 11, with over 3,400 stocks gaining, and a total transaction volume exceeding 1.28 trillion yuan. The Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21% [1] - The automotive industry chain saw significant gains, with companies like QuanFeng Automotive, HeLi Technology, and YingLi Automotive hitting the upper limit. The ETF sector also performed well, with themes like rare earths, rare metals, Hong Kong automotive, and gaming leading in gains [1] - The automotive sector's strong performance was driven by a surge in BYD's stock, leading the Hong Kong Stock Connect Automotive ETF (159323) to close up by 3.05%, outperforming other ETFs in the same sector [1] Group 2 - Guoyuan International noted that shortening supplier payment terms would improve supply chain liquidity and alleviate financial pressure. The announcement from multiple automakers to shorten payment terms is seen as a positive response to regulatory bodies, which could enhance the overall competitive atmosphere in the industry [2] - The firm believes that the internal competition within the automotive industry may ease, potentially reducing profit pressures across the entire supply chain. Future competitive advantages for leading companies will extend beyond product pricing to include contributions to sustainable development within the industry ecosystem [2] - Data indicates that the Hong Kong Stock Connect Automotive ETF (159323) attracted 49.58 million yuan in net inflow over the past 10 days, with a net flow rate of 31%. This interest in the Hong Kong automotive sector is attributed to the presence of leading companies and new entrants in the intelligent driving field [2]

Core Viewpoint - Over 10 automotive companies have announced a unified payment term of 60 days for suppliers to enhance cash flow efficiency in the industry and promote sustainable development [1] Group 1: Companies Involved - Companies such as BYD, FAW Group, Dongfeng Motor, Geely, GAC Group, Seres Group, Changan Automobile, Chery, Great Wall Motors, Xpeng Motors, and Xiaomi Auto have all committed to this initiative [1] Group 2: Industry Impact - The move is expected to stabilize the supply chain and foster collaborative development among upstream and downstream enterprises in the automotive industry [1]

Market Performance - The A-share market continues its upward trend, with the Shanghai Composite Index closing above the 3400-point mark, driven by financial sectors such as brokerage and insurance [1][3] - The automotive parts sector experienced a surge, with multiple companies hitting the daily limit up [1] Automotive Parts Sector - Notable performers include: - Tongxin Transmission: +29.95% to 21.52 - Meichen Technology: +20.23% to 2.08 - Xinrui Technology: +20.00% to 20.46 - Other companies like Quan Feng Automotive, Disenli, and Jinqilin also reached the daily limit up [2] Supplier Payment Terms - Major automotive companies, including China FAW, Dongfeng Motor, and BYD, announced a unified supplier payment term of 60 days [5][7] - This change is significant as the industry typically sees payment terms ranging from 160 to 260 days, indicating a shift towards more favorable cash flow conditions for suppliers [7] Regulatory Context - The recent announcements align with the revised "Regulations on Payment of Small and Medium-sized Enterprises" issued by the State Council, which mandates large enterprises to pay small and medium-sized suppliers within 60 days starting from June 1, 2025 [9] - Industry insiders view this collective move by automakers as a positive step, although they remain cautious about the actual implementation [11]

Group 1 - The automotive stocks in the AH markets showed strong performance on June 11, with the Hong Kong Stock Connect automotive ETF (159323) rising over 2.5% in the afternoon, leading the gains among similar ETFs [1] - BYD shares surged nearly 5% and Xpeng Motors rose nearly 3% in the same trading session [1] - Xiaomi Auto announced its commitment to unify supplier payment terms to within 60 days, aligning with national policies to promote high-quality development in the automotive industry [1] Group 2 - Other major automotive companies, including BYD, GAC Group, FAW Group, Dongfeng Motor, Seres Group, Geely, and Changan Automobile, also pledged to maintain supplier payment terms within 60 days [1] - Huaxi Securities forecasts that the overall demand in the automotive industry will remain strong through 2025, driven by both domestic consumption upgrades and export growth [1] - The automotive market is entering a peak period for vehicle replacement, with increased demand for upgrades expected to sustain market growth [1] Group 3 - The Hong Kong Stock Connect automotive ETF (159323) attracted a total of 49.58 million yuan in net inflows over the past 10 days, with a net flow rate of 31% [2] - The automotive sector is favored by investors due to its inclusion of leading companies in intelligent driving and new energy vehicles [2] - BYD is the largest weighted stock in the ETF, accounting for 19.89% of the index [2]

Market Overview - In May, the automotive market showed strong performance despite being a traditionally slow season, driven by the "two new" policies and various consumption promotion measures [1] - Retail sales of new energy passenger vehicles reached 1.027 million units in May, representing a year-on-year increase of 28.9% and a month-on-month increase of 13.6% [1] - Cumulatively, sales for the first five months of the year reached 4.357 million units, up 34.2% year-on-year [1] Brand Performance - BYD maintained its leading position with retail sales of 293,021 units in May, showing a year-on-year growth of 9.2% and a month-on-month growth of 9.0% [1] - Geely Automotive ranked second with sales of 130,398 units in May, achieving a year-on-year growth rate exceeding 100% [2] - The top 10 new energy vehicle brands in May saw changes, with Hongmeng Zhixing and Seres Automotive entering the list, while Xiaomi and XPeng dropped out [1] Notable Models - The A0-class pure electric vehicle, Geely Xingyuan, significantly contributed to Geely's sales growth [2] - Hongmeng Zhixing's Aito series, particularly the Aito M9 and M8 models, achieved high delivery numbers, with M9 delivering 15,481 units and M8 delivering 12,116 units in May [2] - The Aito brand's strong performance in the high-end market solidified Hongmeng Zhixing's position and boosted Seres Automotive's sales [2]

Core Viewpoint - The automotive industry is witnessing a significant shift as multiple companies commit to controlling supplier payment terms within 60 days, responding to government regulations aimed at stabilizing the supply chain and promoting high-quality development in the sector [1][10]. Group 1: Company Commitments - GAC Group, FAW Group, Dongfeng Motor Group, and Seres were the first to announce their commitment to keeping supplier payment terms within 60 days [2]. - Following this, companies such as Geely, Changan Automobile, BYD, and Chery also declared their adherence to the 60-day payment term, emphasizing the importance of efficient cash flow and supply chain stability [2][3][7]. - Great Wall Motors has also pledged to unify payment terms to 60 days, contributing to the healthy development of the entire industry chain [4]. Group 2: Industry Response - The automotive supply chain is expected to benefit from these commitments, as they are seen as a positive signal for suppliers and may help reshape the upstream and downstream ecosystem [10]. - The stock market reacted positively, with the automotive parts sector experiencing a surge, leading to multiple stocks hitting the daily limit up [10]. Group 3: Government Regulations - The "Regulations on Ensuring Payment to Small and Medium Enterprises" was revised and approved by the State Council, set to take effect on June 1, 2025, further supporting the push for timely payments in the industry [10].

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Group 1 - Automotive stocks strengthened in the afternoon, with Jianghuai Automobile (600418) hitting the daily limit, and SAIC Motor (600104), BAIC Blue Valley (600733), BYD (002594), and Seres (601127) also seeing gains [1] - Multiple automakers, including GAC Group (601238), FAW Group, Dongfeng Motor, Seres, Geely Automobile, BYD, and Xiaomi Automobile, collectively announced that supplier payment terms will not exceed 60 days [1] - There is a notable influx of dark pool capital into these automotive stocks [1]

小鹏汽车官方微博也宣布，将支付账期统一至60天内。 截至目前，已有超过10家车企做出相关承诺。 6月11日上午，小米汽车表示，坚决落实国家及相关主管部门就促进汽车产业高质量发展、保障供应链稳定作 出的部署要求，将供应商支付账期统一至60天内。将以切实行动，携手上下游伙伴，共同推动中国汽车产业 高质量发展。 理想汽车表示，将持续贯彻60天以内的支付账期，与行业伙伴共同促进中国汽车产业高质量发展。 责编：叶舒筠 校对：王朝全 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 长安汽车表示，近期，工信部、国资委等国家部委就保障产业链供应链稳定、促进汽车产业高质量发展作出 一系列部署要求，为深入贯彻落实中央和部委的精神，长安汽车携旗下长安启源、长安凯程、深蓝汽车、阿 维塔，向行业宣布，将供应商支付账期统一至60天内，以切实行动践行央企社会责任，保障中小企业资金高 效流转，助力产业链良好协同运行，共同努力，推进行业高质量发展。 吉利汽车集团则表示，将供应商支付账期统一至60天内，以加速产业链资金周转效率，保障产业链供应链稳 定，发挥领军企业担当 ...