Core Viewpoint - The article discusses the ongoing price war in the Chinese automotive market, emphasizing that while price competition is a natural market behavior, the industry lacks clear rules and regulations to govern such competition [4][11][14]. Price War Dynamics - Tesla's announcement of price cuts for Model 3 and Model Y triggered a price war, with BYD and other domestic brands quickly following suit [2][3]. - The first five months of 2024 saw a significant increase in vehicle production and sales, yet the industry's profitability continued to decline, leading companies to prioritize market share over profits [4][3]. Market Conditions - The automotive market has shifted to a buyer's market, where consumers have more choices and are highly price-sensitive, prompting companies to lower prices to clear inventory [7][8]. - The concept of "orderly price wars" is rejected, with the focus instead on the need for established rules to prevent excessive competition and ensure fair practices [9][11]. Regulatory and Industry Response - Industry leaders call for the establishment of clear regulations to govern pricing and competition, emphasizing the importance of legal frameworks such as the Price Law and Anti-Monopoly Law [11][12]. - The role of industry organizations is highlighted as crucial in creating fair contracts and facilitating self-regulation among members [12][14]. Dealer Dynamics - The relationship between manufacturers and dealers remains strained, with dealers facing pressure from manufacturers to maintain inventory while dealing with fluctuating market prices [15][16]. - Regional dealers have shown better adaptability compared to national groups, as they can pivot more quickly to new market demands, particularly in the growing electric vehicle sector [16][18]. Transition to New Energy Vehicles - The transition to new energy vehicles is deemed essential for traditional dealers, with a significant market shift already underway, as evidenced by a penetration rate exceeding 50% for new energy vehicles [18].

Core Viewpoint - The implementation of the "Self-Regulatory Agreement for Automotive Consumer Finance Business in Beijing" aims to lower financing costs for consumers and stimulate the automotive consumption market, aligning with national policies to promote consumption [1][2]. Group 1: Financial Services and Consumer Impact - The banking sector in Beijing is actively responding to the self-regulatory agreement by reducing interest rates on personal auto loans and credit card installment products, thereby alleviating the financial burden on consumers [1][2]. - This initiative is expected to enhance consumer confidence and purchasing experience by providing transparent financial services and addressing concerns about predatory lending practices [1][2]. Group 2: Industry Direction and Future Outlook - The self-regulatory action signifies a shift from price competition to service and efficiency competition within the automotive consumer finance sector, promoting a healthier market environment [1][2]. - Banks are adjusting their pricing strategies and improving risk management and operational efficiency to pass on cost savings to consumers, reinforcing the industry's commitment to serving the real economy and enhancing consumer welfare [2].

Group 1 - The core theme of the recent meeting held by the China Photovoltaic Industry Association is "production limits to maintain prices," with expectations of a 10%-15% reduction in operating rates in the third quarter [1] - The photovoltaic 50 ETF (159864) has seen an increase of nearly 2% due to favorable catalysts [2] - Dongxing Securities indicates that the rush for photovoltaic installations will lead to a recovery in Q1 2025 performance, although the entire industry is still in a loss phase, and capacity clearance is ongoing [2] Group 2 - Industry self-discipline and technological innovation are deemed crucial for breaking the current deadlock, with leading companies potentially establishing a capacity planning coordination mechanism to avoid vicious competition [2] - New battery technology is improving mass production efficiency, and breakthroughs in silver-free technology are accelerating the upgrade of production lines [2] - With the improvement of self-discipline mechanisms and technological advancements, the photovoltaic industry is expected to accelerate the elimination of outdated capacity and optimize the supply structure [2]

Core Viewpoint - The automotive industry in China is collectively committing to standardize supplier payment terms to within 60 days, in response to the "anti-involution" policy and the upcoming "Regulations on Payment of Funds to Small and Medium-sized Enterprises" effective June 1, 2025, aimed at improving the business environment and addressing payment delays to suppliers [1][4]. Group 1: Industry Context - The rapid development of the new energy vehicle sector has led to price wars that have negatively impacted supplier margins, with net profit margins for domestic parts suppliers dropping from 9% in 2015 to 3.8% in Q1 2025 [2]. - The average accounts payable turnover days for 16 listed Chinese car companies is estimated to be 182 days in 2024, significantly longer than the 60 days maintained by 14 international car manufacturers [2][3]. Group 2: Financial Implications - The profit margin for the Chinese automotive industry is projected to decline from 4.3% in 2024 to 3.9% in Q1 2025, which is below the average for the manufacturing sector, indicating a risk of increased losses for more vulnerable companies [3]. - Companies with high accounts payable ratios and extended payment terms face the dilemma of either participating in price competition, risking further profit loss, or abstaining, which could affect sales and cash flow [3]. Group 3: Regulatory and Structural Considerations - The need for stronger legislation to address delayed payments and protect supplier profits is emphasized, alongside the establishment of a reliable execution mechanism to enforce these regulations [4]. - The current commitments from some companies regarding payment terms lack sufficient binding power, as they may be contingent on further price reductions or cost-shifting to suppliers [3].

Core Viewpoint - The automotive industry in China is facing severe internal competition, which is detrimental to its healthy development, and there is a strong call for industry self-discipline to maintain fair competition [1][2] Group 1: Industry Self-Discipline - Industry self-discipline is deemed essential for the healthy development of the Chinese automotive sector, as highlighted by the senior vice president of Zhejiang Geely Holding Group [1] - Despite signing the "Commitment to Maintain Fair Competition in the Automotive Industry," adherence to these commitments is inconsistent among industry players [1] - The essence of competition in the industry is fundamentally a competition among individuals, and the root of industry chaos lies in the amplification of human flaws [1] Group 2: Legal Framework and Consumer Impact - The legal system must play a crucial role if industry self-discipline fails, ensuring transparency and accountability within the automotive sector [2] - The ongoing internal competition not only harms companies but also negatively impacts consumers, threatening the overall health of the industry [2] - The phenomenon of "involution" is described as a form of self-destructive competition that distorts market mechanisms and disrupts fair competition [2] Group 3: Company Positioning - Geely explicitly opposes involutionary competition and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [2]

Core Viewpoint - Industry self-discipline is crucial for the healthy development of the Chinese automotive industry, and companies are urged to resist vicious competition characterized by "involution" [1][3][5] Summary by Sections Industry Self-Discipline - Yang Xueliang emphasized that self-discipline is the guardian of healthy industry development, despite many companies signing the "Commitment to Maintain Fair Competition in the Automotive Industry" [3][4] - The implementation of this commitment varies among companies, and it should not be merely a formality; companies must fulfill their promises to ensure industry health [3][4] Human Factors in Self-Discipline - The effectiveness of self-discipline is influenced by human nature within companies, where the duality of good and evil can impact corporate behavior [3][4] - A lack of effective constraints can lead to industry chaos, while strict legal enforcement can promote positive behavior [3][4] Legal Framework - If industry self-discipline fails, legal intervention is necessary to ensure transparency and combat illegal activities [4] - Adherence to laws and strict enforcement is essential for orderly industry operations [4] Mutual Supervision and Respect - Companies should supervise and respect each other, as their actions are interconnected with the overall industry interests [4] - Malpractices that harm public interest or mislead consumers damage the industry's reputation and should be addressed [4] Concerns Over Involution - Involution is described as a detrimental form of competition that threatens the automotive industry, and companies should engage in open and healthy competition across various dimensions [5] - Industry leaders have expressed concerns about involution, recognizing it as a barrier to sustainable development [5] Call for Collective Efforts - Yang's call for collective self-discipline reflects the sentiments of many industry stakeholders, aiming to elevate the Chinese automotive industry on a global scale [5]

"治理行业乱象要从依法合规开始，有法必依、违法必究、执法必严是保证行业健康发展的良 药。""企业是行业自律的主体，企业不自律行业不可能自律。""内卷不仅威胁到行业的健康发展，消费 者也将深受其害。""同行间相互监督就是相互尊重，同行间的竞争就是建立在依法公平、透明竞争基础 上的比赛，只有在阳光下比赛，才能体现相互尊重，市场竞争就是公开赛。不公平的竞争就是对同行的 不尊重。"在今天上午2025中国汽车重庆论坛汽车产业生态分论坛上，吉利控股集团高级副总裁杨学良 在演讲中火力全开，直指汽车行业的内卷乱象，倡议"行业自律是中国汽车产业健康发展的守护神"。 杨学良表示，对吉利而言，无论行业如何变幻，无论友商如何内卷，吉利永远不搞内卷，永远不做 卷王，永远不搞内卷式恶性竞争。"吉利将坚持走开放式良性竞争的发展道路，坚持合作共赢、外延发 展的市场竞争原则。我们不简单地打价格战，我们要在保持价格优势的前提下，打价值战、技术战、品 质战、服务战、品牌战、企业道德战。" 依法治国应该在汽车行业充分体现 2023年7月，中国汽车工业协会组织16家汽车生产企业签署了《汽车行业维护公平市场秩序承诺 书》指出，坚持遵守行规行约，规范市场 ...

Core Viewpoint - The automotive industry in China is facing severe internal competition, and industry self-discipline is essential for healthy development [3][4]. Group 1: Importance of Industry Self-Discipline - Industry self-discipline is crucial for the healthy development of the Chinese automotive sector, as emphasized by the need for fair competition and adherence to market regulations [3][4]. - Despite the signing of the "Commitment to Maintain Fair Competition in the Automotive Industry," there are inconsistencies in adherence among signatories, highlighting the need for stronger self-regulation [3][4]. - Companies must operate in compliance with laws and regulations, fostering a transparent competitive environment through mutual respect and supervision [3][4]. Group 2: Dangers of Internal Competition - The phenomenon of "involution" is described as a form of self-destructive competition that threatens the integrity of the automotive industry [4]. - Some companies are adopting "involution" strategies, distorting market mechanisms and disrupting fair competition, which could undermine the industry ecosystem supported by government funding [4]. - As a leading company, Geely firmly opposes involution and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [4][5]. Group 3: Call for Unity and Progress - The industry is urged to cherish its achievements and avoid self-destructive competition for individual gain, emphasizing the importance of collective effort [5]. - The success of the Chinese automotive industry is attributed to wise government policies and substantial financial support, particularly since the 18th National Congress of the Communist Party [5]. - A message of goodwill is extended to all industry peers and consumers, promoting unity and high-quality development in the automotive sector [5].

6月7日2025重庆汽车论坛上，吉利控股集团高级副总裁杨学良发表演讲，呼吁企业自律，认为行业自律是中国汽 车产业健康发展的守护神。 杨学良表示，汽车行业内许多企业都已签订过《汽车行业维护公平竞争市场秩序承诺书》，做出过承诺。 据悉，《汽车行业维护公平竞争市场秩序承诺书》包含四点内容：坚持遵守行规行约，规范市场营销活动，维护 公平竞争秩序；注重营销宣传方式方法，不夸大宣传、不虚假宣传，不为吸引眼球、增加获客而对消费者进行误 导性宣传；发扬质量为先、品质为本的工匠精神，以高质量产品，高品质服务，满足人民对美好生活的需求；弘 扬社会主义核心价值观念，积极履行社会责任。 杨学良认为，企业是行业自律的主体，企业不自律行业不可能自律。"企业与企业之间的竞争从本质上讲是人与人 之间的竞争，行业乱象的根源在于人性的恶得到了放大，人性的伪没有被识破，假话到处行，真话不可行，有法 不依、违法不究、执法不严，这是行业乱象的根源。" 就目前行业中存在的内卷现象，杨学良认为，这不仅威胁到行业的健康发展，消费者也将深受其害。"'卷'字一日 不消，内卷发动者一日不改邪归正，中国汽车就不可能由大变强，真正走向全球。" "内卷是最低级的竞争行 ...

2025年5月末至6月初，中国汽车工业体系接连迎来两份重量级行业倡议。 5月31日，中汽协率先发布《关于维护公平竞争秩序促进行业健康发展的倡议》，直指无序价格战导致 的全行业利润危机。6月3日，全国工商联汽车经销商商会紧急跟进，揭开了经销商体系在价格战冲击下 的生存困境。 这两份文件的密集出台，标志着新能源汽车产业在市场渗透率突破40%的关键节点上，正经历"从规模 到利润"的剧痛转型。当新能源汽车从政策温室走向完全市场化竞争，持续两年的价格混战已让行业生 态发生深刻裂变。 在中国汽车工业协会最新发布的统计数据中，2025年前4月，新能源汽车产销量分别为442.9万辆和430 万辆，同比分别增长48.3%和46.2%，新能源汽车新车销量达到汽车新车总销量的42.7%，标志着我国新 能源汽车产业正式迈入规模化普及阶段。 然而在产销两旺的表象下，行业利润率正经历断崖式下滑。2025年一季度汽车制造业利润率为3.9%， 低于同期下游工业企业5.6%的平均水平。如果把时间倒退回2014年，彼时全国汽车制造业的营收不到 7000亿，但利润率约为8.99%。 价格体系的失衡，始于2023年的"国补退坡"。 随着延续13年的 ...