本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与玻璃价差(日,元/吨) | 1185 231 | -14 玻璃主力合约收盘价(日,元/吨) 14 纯碱主力合约持仓量(日,手) | 954 1438866 | -28 17164 | | | 玻璃主力合约持仓量(日,手) | 1561412 | 51077 纯碱前20名净持仓 | -196915 | 47021 | | 期货市场 | 玻璃前20名净持仓 | -206160 | 5691 纯碱交易所仓单(日,吨) | 2062 | 0 | | | 玻璃交易所仓单(日,吨) | 0 | 0 纯碱9月-1月合约价差 | 10 | 3 | | | 玻璃合约9月-1月价差 | -60 | 1 纯碱基差(日,元/吨) | 50 | 14 | | | 玻璃基差(日,元/吨) | 114 | 24 | | | | | ...

Group 1: Sales Performance of New Energy Vehicle Brands - Leap Motor leads the new energy vehicle brands with a delivery volume of 45,067 units in May, achieving a year-on-year growth of over 148%, driven by its self-research strategy and "high configuration at low price" advantage [1] - Hongmeng Zhixing follows closely with a record sales of 44,454 units, with the AITO brand contributing 36,600 units, and the AITO M9 achieving a monthly delivery of 15,481 units [3] - Li Auto ranks third with a delivery volume of 40,856 units, reflecting a year-on-year increase of 16.7% and a month-on-month growth of 20% [3] - Xpeng Motors delivered 33,525 units in May, marking a year-on-year surge of 230%, maintaining monthly sales above 30,000 units for seven consecutive months [4] Group 2: Other Notable Brands and Market Trends - Xiaomi Auto secured a position in the top five with over 28,000 units delivered, and cumulative deliveries from January to May exceeded 130,000 units [4] - NIO delivered 23,231 units in May, with a year-on-year growth of 13.1%, benefiting from the scale effect of its battery swapping network [4] - Geely Group's new energy vehicle sales reached 138,021 units in May, with a year-on-year growth of 135%, and a penetration rate of 59% for new energy vehicles [6] - BYD's sales of new energy vehicles reached 382,476 units in May, with a year-on-year increase of 38.7%, and overseas exports accounting for nearly one-quarter of its total sales [6] - The market trend indicates that new energy vehicle brands are solidifying their positions through technological advancements and multi-brand strategies, while traditional automakers are accelerating their catch-up through resource integration [6]

Market Overview - Hong Kong stocks rebounded with the Hang Seng Index rising 1.53% to 23,512.49 points, with a total turnover of HKD 2,036.81 million [1] - The Hang Seng China Enterprises Index increased by 1.92%, while the Hang Seng Tech Index rose by 1.08% [1] - Factors supporting the long-term strength of Hong Kong stocks include upward revisions of performance in the first half of the year, increased southbound capital, and a weakening US dollar index [1] Blue Chip Performance - Li Auto-W (02015) led blue-chip gains, rising 5.82% to HKD 116.4, contributing 14.55 points to the Hang Seng Index [2] - Other notable blue-chip performers included Cheung Kong (00001) up 4.33%, BYD Company (01211) up 3.94%, while Sands China (01928) and Galaxy Entertainment (00027) saw declines [2] Sector Highlights - Major technology stocks showed positive performance, with Tencent rising over 1% and Alibaba up 0.62% [3] - The automotive sector saw a collective rebound, with Li Auto and BYD leading the way, as the May car market showed steady improvement [4] - The financial sector performed well, with significant gains in banks ahead of the upcoming Lujiazui Forum [3][4] Automotive Sector Insights - The automotive market is recovering, with BYD's May sales reaching 382,500 units, leading the industry [4] - New energy vehicle deliveries from various companies showed significant year-on-year growth, with Li Auto delivering 40,856 units, a 16.7% increase [4] - The Ministry of Industry and Information Technology expressed opposition to price wars in the automotive sector, emphasizing the need for normal market competition [5] Biopharmaceutical Sector - The biopharmaceutical sector saw strong performance, with stocks like Aidi Kang Holdings (09860) and Yimeng Biotech-B (09606) experiencing significant gains [6] - The upcoming ASCO annual meeting is expected to showcase over 70 original research projects from Chinese researchers, indicating a robust pipeline for innovation [6] Notable Stock Movements - Weikang Brain Science (02172) surged 19.96% due to advancements in brain-computer interface technology [7] - China Everbright Holdings (00165) rose 15.53% following news of Circle's IPO plans, which could enhance market confidence in USDC [8] - Longpan Technology (02465) saw an 11.09% increase after signing a significant sales agreement with Eve Energy [9] - Haichang Ocean Park (02255) experienced a sharp decline of 13.1% due to a new share issuance that significantly dilutes existing shares [11]

金十图示：2025年06月03日（周二）全球汽车制造商市值变化 2 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t will and and and and the comments of | 宝马汽车 | 538.63 | V -13.41 | 87.08 | | --- | --- | --- | --- | | 通用汽车 | 458.51 | + -18.46 | 47.69 | | > 玛鲁蒂铃木 | 452.53 | + -1.09 | 143.94 | | 保时捷 | 440.65 | + -10.84 | 47.35 | | 马恒达汽车 | 425.13 | 1 +6.9 | 35.44 | | ( 本田汽车 | 423.73 | + -6.32 | 30.07 | | 福特汽车 | 396.86 | + -15.89 | 9.98 | | 7 现代汽车 | 330.29 | + -1.73 | 51.38 | | 塔塔汽车 OD | 310.22 | + -3.45 | 8.33 | | 赛力斯 | 307.41 | + -1.17 | 18.82 | | 斯特兰蒂 ...

Macro News - The Ministry of Transport held a meeting to deploy key tasks for 2025, emphasizing the need to deepen reforms in the comprehensive transportation system, focusing on railways, highways, waterways, civil aviation, and postal services [1][8] - As of May 31, 2025, the sales generated from the five major categories of consumer goods through the old-for-new policy reached 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers [3] - The manufacturing PMI for May was reported at 49.5%, a 0.5 percentage point increase from the previous month, indicating a slight expansion in economic output [3] Industry Developments - The People's Bank of China announced a new cybersecurity reporting management method effective from August 1, which requires financial institutions to report incidents affecting their operations [4] - The National Energy Group issued a statement warning the public about fraudulent activities impersonating the group, clarifying that it has not established any "expansion centers" or engaged in investment activities [2][5] - The Ministry of Industry and Information Technology released an action plan for computing power interconnectivity, aiming for standardized interconnectivity by 2028 [7] Market Trends - Recent data shows that the average price of new residential properties in 100 major cities rose by 0.30% month-on-month in May, while second-hand residential prices fell by 0.71% [15] - Fund distribution data indicates that 2,875 funds have announced or implemented dividends this year, with a total dividend amount increasing by 39.44% compared to the same period last year [13] - The ETF market saw significant inflows into blue-chip and growth-style ETFs, with notable net subscriptions reported for several funds [14] Company News - NIO's legal department refuted false information regarding stock changes of its co-founder, emphasizing that no changes occurred [20] - Xiaomi announced the opening of 29 new stores in May, with plans for 37 more in June, expanding its presence across multiple cities [20] - JD.com reported that its full-time delivery rider count has surpassed 100,000, with plans to increase to 150,000 [18]

Group 1 - The A-share market is expected to show a volatile upward trend in June, although the process may be somewhat tortuous [1][15] - The manufacturing purchasing managers' index (PMI) for May was reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating a slight expansion in manufacturing activity [5] - The non-manufacturing business activity index for May was 50.3%, a decrease of 0.1 percentage points from the previous month, suggesting a slight contraction in the services sector [5] Group 2 - Major U.S. stock indices experienced gains, with the Dow Jones Industrial Average rising by 35.41 points (0.08%) to close at 42305.48 points, marking three consecutive days of gains [4] - The Nasdaq index increased by 128.84 points (0.67%) to 19242.61 points, while the S&P 500 rose by 24.25 points (0.41%) to 5935.94 points [4] - International oil prices rebounded significantly, with light crude oil futures for July rising by $1.73 to $62.52 per barrel (up 2.85%) and Brent crude for August increasing by $1.85 to $64.63 per barrel (up 2.95%) [4] Group 3 - Several electric vehicle manufacturers reported their May delivery figures, with Li Auto delivering 40,856 vehicles (up 16.7%), Xpeng delivering 33,525 vehicles (up 230%), and NIO delivering 23,231 vehicles (up 13.1%) [15] - BYD's new energy vehicle sales reached 382,500 units in May, compared to 331,800 units in the same month last year [15] - The market is advised to focus on three main lines: consumption, technology, and dividends, as external uncertainties increase and market preferences shift towards core assets and low-position sectors [15]

Core Viewpoint - The article highlights the significant growth in sales and deliveries of various domestic electric vehicle manufacturers in May, showcasing the competitive landscape and market dynamics within the industry. Group 1: Sales Performance of New Energy Vehicle Manufacturers - Leap Motor achieved a record high delivery of 45,067 units in May, marking a year-on-year increase of over 148%, maintaining its leading position among new car manufacturers for three consecutive months [1] - Li Auto delivered 40,856 new vehicles in May, reflecting a year-on-year growth of 16.7% and a month-on-month increase of 20.38%, with the launch of the upgraded smart version of all models [1] - Xpeng Motors delivered 33,525 new vehicles in May, showing a year-on-year increase of 230% but a month-on-month decline of 4.34% [1] - NIO maintained a delivery level of around 20,000 units, with a total delivery of 23,231 vehicles in May, a year-on-year increase of 13.1% [2] - Hongmeng Zhixing achieved a new high with 44,454 new vehicle deliveries in May, with flagship SUV Wanjie M9 leading the sales [2] - Zeekr Technology Group delivered 46,538 vehicles in May, with a year-on-year growth of 15.2% and a month-on-month increase of 12.6% [2] - Deep Blue Automotive delivered 25,521 vehicles in May, reflecting a year-on-year increase of 78% and a month-on-month growth of 26.7% [2] - Avita's sales reached 12,767 units in May, marking a historical high with a year-on-year increase of 179% [2] Group 2: Performance of Established Automakers - Lantu Automotive delivered 10,022 new vehicles in May, with a year-on-year increase of 122% and a slight month-on-month growth [3] - Geely's sales reached 235,208 vehicles in May, showing a year-on-year growth of approximately 46% [3] - Great Wall Motors sold 102,200 vehicles in May, with 32,638 units being new energy vehicles [3] - Hongqi brand reported sales exceeding 34,100 units in May, with a year-on-year growth of 10.8% [3]

Core Viewpoint - The article highlights the competitive landscape of the new energy vehicle (NEV) market in June 2025, showcasing the sales performance of various new energy vehicle manufacturers and emphasizing the importance of new product launches in driving sales growth [1][4]. Sales Performance - Zeekr Technology reported May sales of 46,538 units, a year-on-year increase of 15.2% and a month-on-month increase of 12.6%, marking three consecutive months of sales exceeding 40,000 units [1]. - Homologous Intelligent delivered 44,454 vehicles, setting a new record for the company [1]. - Leap Motor achieved sales of 45,607 units, maintaining its position as the top single brand in the new energy vehicle sector for three consecutive months [2]. - Li Auto delivered 40,856 units in May, with a month-on-month growth of 20.4% [3]. - Xiaopeng Motors remained in the 30,000-unit range, delivering over 30,000 units for seven consecutive months [3]. - NIO delivered 23,231 units, a year-on-year increase of 13.1% [3]. Product Launches - The article notes that new product launches have become a significant driver of sales for these brands [4]. - Notable launches include the S800 from Homologous Intelligent, which saw over 1,600 pre-orders within 24 hours, and the upgraded models from Xiaopeng and Li Auto [4]. - Leap Motor introduced the 2026 version of the C10, featuring advanced technology at a competitive price point [4]. Financial Performance - Li Auto reported a quarterly revenue of 25.9 billion yuan, leading among new energy vehicle companies, with a net profit of 647 million yuan, a year-on-year increase of 9.4% [5]. - Leap Motor achieved a record revenue of 10.02 billion yuan in the first quarter, a year-on-year increase of 187.1%, with a gross margin of 14.9% [5]. - Xiaopeng Motors reported revenue of 15.81 billion yuan, a year-on-year increase of 141.5%, but incurred a net loss of 660 million yuan [6].

【DT新材料】 获悉， 6月1日 ， 比亚迪 公告，公司5月销量为38.25万辆，同比增长15.27%。 1月至5月，公司累计销量达176.34万辆，同比增长 38.70%。 同一天 ，新能源车企集中交出 的5月 "成绩单" 显示， 零跑汽车、理想汽车 在交付量上领先， 小鹏汽车 的 同比增速 仍排名 第一。小米汽车作为明星车 企，月度交付量依旧徘徊不前。5月，小米汽车的交付量超2.8万辆，连续三个月未能迈过月度交付量3万辆的门槛。 国内新能源车企的竞争格局，或将在未来几个月更为激烈。5月，多家车企进行产品焕新或推出新品，6月、7月的交付量将大幅度提升。 与此同时，近日车企降价也起风波。 为此，5 月31日， 中国汽车工业协会发布《关于维护公平竞争秩序 促进行业健康发展的倡议》。对于中汽协的倡 议，工信部相关负责人表示，赞同并支持中汽协提出的"维护公平竞争秩序，促进行业健康发展的倡议"。 工信部将加大汽车行业"内卷式"竞争整治力度， 推动产业结构优化调整，加强产品一致性抽查，配合相关部门开展反不正当竞争执法， 采取必要的监管措施，坚决维护公平有序的市场环境，切实保障消 费者根本利益，推动汽车产业高质量发展。 ...

Core Viewpoint - The electric vehicle market in May remains robust, with leading companies like BYD, Geely, and Chery implementing limited-time discounts to boost sales, while the overall sales landscape is experiencing fluctuations in rankings among brands [1][2]. Group 1: BYD Performance - BYD's total passenger car sales in May reached 376,930 units, with the Dynasty and Ocean series contributing 348,393 units, marking a year-on-year growth of 10.5% [2][5]. - The sales of BYD's Fangchengbao model surged by 418.2% year-on-year, while Tengshi and Yangwang also showed positive growth of 29.3% and minimal sales respectively [5][6]. - BYD's monthly sales have stabilized around 400,000 units, indicating a need for price adjustments to maintain its leading position amid increasing competition [8]. Group 2: Geely Performance - Geely's new energy vehicle sales in May totaled 138,021 units, with the Galaxy brand achieving over 100,000 units, demonstrating effective cost reduction strategies [9][10]. - The performance of Geely's Lynk and Zeekr brands is nearly equal, indicating a successful tiered strategy in its high-end market approach [12]. Group 3: Other Notable Performances - SAIC-GM-Wuling's new energy sales reached 74,201 units, reflecting strong demand for affordable electric vehicles [13][16]. - Leap Motor achieved a record delivery of 45,067 units, marking a year-on-year growth of over 148% [17][20]. - AITO's total deliveries in May were 44,454 units, with the M9 model contributing significantly to the overall performance [21][22]. - Li Auto delivered 40,856 units, showing steady growth amid increasing competition in the extended-range electric vehicle market [29]. - XPeng Motors reported 33,525 units delivered, with a year-on-year growth of 230%, continuing a trend of over 30,000 units for seven consecutive months [30][33]. - Great Wall Motors' new energy sales reached 32,638 units, benefiting from the launch of new models [35]. - NIO delivered 23,231 units, with a year-on-year growth of 13.1%, indicating a stable performance despite a quieter market presence [46][49]. - Changan's QiYuan brand delivered 18,899 units, showing effective penetration in lower-tier cities [52]. - BAIC's new energy sales reached 17,120 units, with its subsidiary, ARCFOX, achieving a record high of 13,509 units [54]. - Avita and Lantu both reported deliveries of 12,767 and 10,022 units respectively, indicating stable performance in the high-end segment [57][59].