2025年3月，特斯拉在中国销售了78,828辆电动车，同比下降11.5%。4月的销量进一步下降至58,459 辆，同比下降6%，环比下降25.8%。在此背景下，特斯拉的市场份额也在不断缩小。相比之下，中国自 主车企表现强劲，特斯拉的市场份额被不断蚕食。为了应对竞争压力，特斯拉计划推出一款代号 为"E41"的低成本Model Y，预计在2026年投产，目标是将生产成本降低至少20%。 此外，特斯拉还首次参与"新能源汽车下乡"计划，试图通过政府补贴和政策支持，拓展在农村市场的销 售。此次入目录或为中国政府对特斯拉的又一次"救助"，帮助其在竞争激烈的市场中稳住阵脚。然而， 特斯拉能否借此扭转在中国市场的颓势，仍需时间检验。在本土品牌强势崛起和市场竞争加剧的背景 下，特斯拉需要在产品、价格和服务等方面做出更多努力，才能重新赢得消费者的青睐。 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 特斯拉的"下乡"之路，或许只是其在中国市场自救的一部分。未来，特斯拉需要在更广阔的市场中，找 到新的增长点，才能在中国这个全球最大的电动车市场中立足。 6月3日，中国工业和信息化部公布了2025年"新能源汽车下乡 ...

Core Insights - The article highlights the significant growth and adoption of electric vehicles (EVs) in rural areas of China, driven by government initiatives and changing consumer preferences [2][5][8] Group 1: Government Initiatives - The Ministry of Industry and Information Technology, along with other government bodies, has launched a campaign for the promotion of EVs in rural areas, aiming to enhance the consumption and usage of EVs in these regions by 2025 [2][5] - The 2025 initiative includes a selection of 124 EV models, an increase from 99 models in 2024, indicating a broader brand coverage and a strategic push to stimulate rural markets [5][6] Group 2: Economic Benefits - Consumers are increasingly recognizing the cost advantages of EVs, with examples showing significant savings on fuel costs compared to traditional gasoline vehicles [3][4] - The shift from fuel to electric vehicles is particularly appealing to families with multiple cars, as they seek to retain SUVs for long trips while replacing smaller vehicles with EVs [4][6] Group 3: Market Demand and Consumer Behavior - There is a notable shift in consumer preferences, with younger buyers seeking unique designs and practical features, while families prioritize safety and cost-effectiveness [3][4] - The demand for EVs is evolving, with a growing interest in models that cater specifically to rural needs, such as micro-vans and light trucks, which are seen as practical for local logistics and agricultural use [7][8] Group 4: Infrastructure Challenges - Despite the growth in EV adoption, the lack of charging infrastructure in rural areas remains a significant barrier, with current coverage below 5% [6][7] - The disparity in charging station utilization rates between urban and rural areas highlights the need for improved infrastructure to support the growing number of EVs [6][7] Group 5: Future Outlook - The article suggests that the combination of government policy and market demand is laying a strong foundation for the transformation of transportation in rural China, with the potential to significantly impact the overall automotive market and contribute to rural revitalization [8]

Core Insights - The Chinese government is promoting the adoption of new energy vehicles (NEVs) in rural areas through a new initiative aimed at increasing market penetration and addressing infrastructure gaps [1][6] - A record number of 124 NEV models are participating in this initiative, indicating a growing trend towards higher-value vehicles in the market [2][3] - The sales of NEVs in rural areas have significantly contributed to the overall growth of NEV sales in China, with projections suggesting that sales could exceed 4 million units by 2025 [3] Group 1: Policy and Market Dynamics - The Ministry of Industry and Information Technology and other government bodies have launched a notification to promote NEVs in rural markets, focusing on areas with high market potential [1] - The initiative includes collaboration with charging infrastructure development and smart vehicle integration, aiming to enhance resource allocation to rural regions [1][6] - The number of NEV models participating in the rural initiative has increased significantly compared to previous years, with 124 models this year compared to 60-99 models in the past [1][2] Group 2: Consumer Trends and Challenges - There is a growing demand for vehicles among migrant workers, with NEV ownership among this group rising from 15.9% in 2015 to 34.1% in 2021 [2] - Despite rising incomes, the penetration of NEVs in rural areas remains low, with significant potential for growth as urban areas show higher adoption rates [2] - Challenges such as insufficient charging infrastructure and high insurance costs are hindering the adoption of NEVs in rural markets, with less than 5% coverage of charging facilities in these areas [4][5] Group 3: Future Projections and Industry Response - The sales data from the NEV rural initiative shows a substantial increase in sales from 39.7 thousand units in 2020 to 320.87 thousand units in 2023, with a projected increase to over 400 thousand units by 2025 [3] - The market is witnessing a shift in vehicle types, with a decrease in the share of pure electric vehicles and an increase in hybrid models, indicating changing consumer preferences [5] - The government is encouraging collaboration among service providers to improve the overall ecosystem for NEVs in rural areas, including tax incentives and enhanced service offerings [6]

五部门关于开展2025年新能源汽车下乡活动的通知 工信部 工信部的公开文件显示，2025年新能源汽车下乡车型目录共124款，涵盖了比亚迪、一汽、东风、长 安、吉利等33个主流品牌，价格区间从3万元至40万元不等。 【文/观察者网 周盛明 编辑/ 高莘】中华人民共和国工业和信息化部（下文简称"工信部"）2025年5月30 日发布通知，工业和信息化部办公厅、国家发展改革委办公厅、农业农村部办公厅、商务部办公厅、国 家能源局综合司五部门组织开展2025年新能源汽车下乡活动。 本次活动的主题为"绿色、低碳、智能、安全——赋能新农村，畅享新出行"。 从地区来看，今年一季度，特斯拉在国内的销量为13.46万辆，同比下降约2.1%；在欧洲的销量为3.28 万辆，同比下降37%。 从目前来看，特斯拉此前主要聚焦于城市和高端市场，此次入选下乡目录，意味着其开始重视并积极拓 展农村及三四线城市市场，寻求新的增长点。 2025年新能源汽车下乡车型目录 工信部 值得注意的是，特斯拉的Model 3和Model Y首次出现在了新能源汽车下乡车型目录中。 | 84 | 五菱星光 S | 上汽通用五菱汽车股份有限公司 | | --- | ...

免责声明 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何保证 ，据此投资，责 任自负。本报告不构成个人投资建议 ，客户应考虑本报告中的任何意见或建议是否符合其特定状况 。本报告版权仅为我公司所有 ，未经书面许 可，任何机构和个人不得以任何形式翻版 、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院 ，且不得对本报告 进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,502.00 | +80.00↑ | SF主力合约收盘价（日，元/吨） | 5,258.00 | +62.00↑ | | | SM期货合约持仓量（日，手） | 656,061.00 | +9112.00↑ | SF期货合约持仓量（日，手） | 443,325.00 | +1789.00↑ | | 期货市场 | 锰硅前20名净持仓（日，手） | -2 ...

金十数据6月4日讯，记者昨天从工业和信息化部了解到，工业和信息化部、国家发展改革委、农业农村 部、商务部、国家能源局五部门将于6月中旬在江苏启动2025年新能源汽车下乡活动。记者了解到， 2025年新能源汽车下乡将选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市。五年来， 山东、江苏、四川、海南、云南、重庆、湖北、广西、新疆、西藏、内蒙古、山西等10余个省、市、自 治区先后举办了29场专场活动、上百场巡游巡展活动；发布9批次、400余款新能源汽车下乡车型，下乡 活动车型累计销售近1500万辆。 （央视财经） 新能源汽车下乡累计销量近1500万辆 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On June 3, the liquidity situation was balanced with a slight easing trend. The bond market showed a weak and volatile performance overall, while the convertible bond market continued to rise following the equity market. US Treasury yields generally increased across various tenors, and the 10-year government bond yields of major European economies mostly declined [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: The "Regulations on the Sharing of Government Affairs Data" will be implemented on August 1, 2025. The Caixin China Manufacturing PMI in May was 48.3, dropping 2.1 percentage points from the previous month. The central bank conducted a standing lending facility operation of 14.01 billion yuan in May. The total social logistics volume in the first four months increased by 5.6% year-on-year. Five departments jointly launched the new energy vehicle campaign in rural areas [4][5][6]. - **International News**: The number of job openings in the US in April unexpectedly increased. The OECD downgraded the global economic growth forecast for 2025 to 2.9%. Lee Jae-myung won the South Korean presidential election [7][8][10]. - **Commodity News**: International crude oil and natural gas futures prices rose on June 3 [11]. 3.2 Liquidity - **Open Market Operations**: On June 3, the central bank conducted a 7-day reverse repurchase operation of 454.5 billion yuan at an interest rate of 1.40%. With 830 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 375.5 billion yuan [13]. - **Funding Rates**: On June 3, the funding situation was balanced with a slight easing trend, and major repurchase rates declined. DR001 decreased by 6.86bp to 1.414%, and DR007 decreased by 11.49bp to 1.550% [14]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: - **Cash Bond Yield Trends**: On June 3, the increase in the issuance price of negotiable certificates of deposit dampened market sentiment, and the bond market showed a weak and volatile performance. The yield of the 10-year treasury bond active bond 250011 rose by 0.10bp to 1.6760%, and the yield of the 10-year CDB bond active bond 250210 rose by 0.45bp to 1.7170% [17]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds was provided, including terms, issuance scales, winning yields, and other details [18]. - **Credit Bonds**: - **Secondary Market Transaction Anomalies**: On June 3, the trading price of one industrial bond, "H0 Baolong 04", deviated by more than 10%, with a gain of over 1200% [18]. - **Credit Bond Events**: Multiple credit bond events were reported, including bond resumptions, holder meetings, credit rating adjustments, and debt settlements [19]. - **Equity and Convertible Bond Indices**: - **Equity Market**: On June 3, the three major A-share indices closed higher. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.43%, 0.16%, and 0.48% respectively, with a total trading volume of 1.16 trillion yuan [20]. - **Convertible Bond Market**: The convertible bond market continued to rise following the equity market. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose by 0.29%, 0.28%, and 0.32% respectively. Most convertible bond issues closed higher [20]. - **Convertible Bond Tracking**: On June 3, Nenghui Convertible Bond announced that it would not adjust the conversion price downward, and Kesun Convertible Bond announced that it would not choose to adjust the conversion price downward if the downward adjustment conditions were triggered again within the next six months [22]. - **Overseas Bond Markets**: - **US Bond Market**: On June 3, the 10-year US Treasury yield remained unchanged at 4.46%, while yields of other tenors generally increased. The yield spread between the 2-year and 10-year US Treasuries narrowed by 2bp to 50bp [23][24]. - **European Bond Market**: On June 3, the 10-year government bond yield of France remained unchanged, while those of other major European economies mostly declined [26]. - **Price Changes of Chinese Dollar Bonds**: Information on the daily price changes of Chinese dollar bonds as of the close on June 3 was provided, including the daily and monthly changes, credit entities, bond codes, and other details [28].

Global Trade and Tariff Policy - The US has raised tariffs on imported steel and aluminum from 25% to 50%, causing concerns over global supply chain disruptions. The EU has threatened to implement countermeasures by July 14 if no agreement is reached, escalating trade tensions between the US and EU [3] - The Midwest aluminum premium surged by 54%, and steel futures rose over 8%, increasing cost pressures on downstream industries such as automotive and appliances [3] - Brazil and India have indicated they will take reciprocal measures or resort to the WTO if negotiations fail [3] US-China Trade Negotiations - The Trump administration has requested countries to submit their best trade proposals by June 4, or face the reinstatement of tariffs. China has responded by stating it will maintain communication based on the consensus from Geneva talks, with a potential extension of short-term tariff exemptions until the end of August [4] Federal Reserve and Interest Rate Policy - Federal Reserve officials have expressed caution regarding rapid interest rate cuts, emphasizing the need for more evidence of declining inflation. Current rates are seen as providing a solid foundation for economic conditions [5] - US factory orders fell by 3.7% month-on-month in April, marking the largest decline since January 2024, while job vacancies increased to 7.39 million, indicating a mixed picture of labor market resilience and cooling [6] - The market anticipates a 98% probability that the Federal Reserve will maintain interest rates in June, with the first rate cut potentially delayed until after July [7] Commodity Market - Oil prices have risen to a two-week high, with Brent crude increasing by 1.5% to $65.63 per barrel and US crude rising by 1.4% to $63.41 per barrel, influenced by ongoing Russia-Ukraine conflict and deadlock in the US-Iran nuclear deal [7] - Gold prices have faced downward pressure due to a strengthening dollar, with spot gold dropping nearly 1% to $3352.30 per ounce, while platinum and palladium prices rose by 0.9% and 2.1% respectively due to industrial demand [8] Stock Market Performance - US tech stocks led the market, with Nvidia rising nearly 3% to reclaim the title of the world's most valuable company, and Broadcom delivering record switch chip deliveries, contributing to the Nasdaq's first year-to-date gain [9] - In China, the Shanghai Composite Index rose by 0.43%, with the Shenzhen and ChiNext indices increasing by 0.16% and 0.48% respectively, supported by active trading in sectors such as innovative pharmaceuticals and robotics [10] Policy and Industry Highlights - A joint initiative by five departments has launched a campaign to promote the adoption of 124 models of new energy vehicles in rural areas, aiming to enhance charging infrastructure and vehicle-network interaction technology [11] - A collaboration between Yaoshi Bang and Yujian Technology is set to advance the development of pharmaceutical collaborative robots, with the medical robot market projected to exceed $373 million by 2028 [12]

Market Overview - The Hang Seng Index closed at 23,512, up 1.53% for the day and 17.21% year-to-date[4] - The Hang Seng China Enterprises Index rose 1.92% to 8,520, with a year-to-date increase of 16.87%[4] - The Hang Seng Tech Index increased by 1.08%, reaching 5,189, and has gained 16.15% this year[4] U.S. Market Performance - The Dow Jones Industrial Average closed at 42,520, up 0.51%, with a slight year-to-date decline of 0.06%[4] - The S&P 500 Index finished at 5,970, rising 0.58% and up 1.51% year-to-date[4] - The Nasdaq Composite Index increased by 0.81% to 19,399, with a year-to-date gain of 0.46%[4] Japanese Market Performance - The Nikkei 225 Index closed at 37,447, down 0.06% and has decreased by 6.14% year-to-date[7] - The Tokyo Stock Exchange Index fell by 0.22%[9] Sector Highlights - Major tech stocks in Hong Kong saw significant gains, with Xiaomi up over 3% and Tencent rising 1.32%[9] - Wind energy stocks surged, with Goldwind Technology increasing by over 13%[9] - Biopharmaceuticals performed well, with Junshi Biosciences rising over 9%[9] Notable Stock Movements - Nvidia rose by 2.8% and Microsoft by 0.22% in the U.S. market, while Apple gained 0.78%[9] - Chinese electric vehicle manufacturer Li Auto saw a 6.07% increase in stock price, with May deliveries up 16.7% year-on-year[9] Economic Indicators - The U.S. job openings report showed nearly 7.4 million available positions, exceeding market expectations[9] - OECD downgraded the U.S. economic growth forecast from 2.8% to 1.6% for the year[11]

Group 1 - The core initiative is the launch of the 2025 New Energy Vehicle (NEV) rural promotion activity in Jiangsu, organized by five government departments [1] - The program aims to select typical county-level cities with low NEV promotion ratios and significant market potential, encouraging participation from various market entities in production, sales, finance, charging, and after-sales services [4] - The initiative will implement promotional schemes combining vehicle purchase discounts, energy support, and service guarantees, utilizing both online and offline methods [4] Group 2 - Over the past five years, more than 29 special events and hundreds of promotional activities have been held across over 10 provinces and regions, resulting in the release of over 400 NEV models and nearly 15 million units sold [6] - In Beijing, since the launch of the old-for-new electric bicycle program in September 2024, over 140,000 applications have been submitted, leading to new vehicle sales exceeding 380 million yuan [7] - The sales volume of electric bicycles in stores has increased, with overall sales growth of approximately 15% to 20% compared to the same period in 2024 [11]