华泰证券研报指出，2025年一季度以旧换新政策快速衔接，刺激终端需求同比向好，乘用车板块营收/ 归母净利润分别同比+8%/+19%。板块内表现分化：1)新能源渗透率提升，规模效应增强下自主品牌盈 利能力同比改善；2)合资持续承压，以价换量策略收效有限，销量同比继续下滑；3)受汇兑收益影响， 汽车及乘用车财务费用率同比大幅下降。展望后市，看好二季度各省市促消费政策和自主品牌智能化新 车协同发力下，乘用车板块维持高景气，业绩水平进一步向好。 ...

Core Viewpoint - The "Credit Promotes Consumption Special Action" has been officially launched to enhance consumer confidence and support local specialty products through the establishment of the "Xinhua Credit Quality Products Pavilion" [3][4]. Group 1: Special Action Launch - The "Credit Promotes Consumption Special Action" aims to boost consumption and support the development of new consumption models, as outlined in the recent plan by the Central and State Offices [3]. - The action will leverage platforms like JD.com to promote local specialty products and create a comprehensive platform for showcasing and selling these products [3][4]. Group 2: Pavilion Objectives - The "Xinhua Credit Quality Products Pavilion" is designed to expand the scale of product consumption, revitalize local specialty industries, and enhance local brand recognition [4][6]. - The pavilion will focus on creating a cluster of high-quality products backed by credit, emphasizing regional characteristics through collaboration with local government and quality agricultural product enterprises [4][6]. Group 3: Strategic Approach - The initiative combines local government consumption subsidies, Xinhua credit certification, JD.com platform traffic support, and professional e-commerce operations to address challenges in promoting local agricultural products [3][6]. - The goal is to transform the sales capabilities of local products from "produced well" to "sold well," thereby enhancing sales and creating popular products [3][6]. Group 4: Future Plans - The "Credit Promotes Consumption Special Action" will provide a one-stop service for regional public brand credit protection, value enhancement, and innovative marketing [6]. - Future efforts will include annual regional public brand conferences, brand credit evaluations, and collaboration with professional e-commerce teams to drive sales [6].

乘联分会表示，在国家促消费和多省市对应的促消费政策的推动下，5月车展线下活动持续活跃市场气 氛并将加速拉升人气。在品牌产品矩阵日益丰富的背景下，此次上海车展的新车发布力度温和，自主新 势力品牌多为中高端车型发布亮相，合资车型率先开启新能源上市惊喜价，预计5月车市增长相对平 稳。由于外部环境的剧烈变化，且出现超预期的普遍加关税的巨大外部变盘压力，消费心态也受到一定 的影响。但此部分影响或在后续月份市场表现中逐步显现，且国家早有促进内需的政策导向，因此我们 的发展靠"内需、外需"共同推动的趋势日益明显，乘用车市场稳内需的效果也将持续体现，在海外汽车 市场环境相对宽松国家及地区的出口业务开拓也将有望成为车企新的增长动能。 ...

5月10日周六《新闻联播》要闻22条 智通财经5月10日电，今天《新闻联播》主要内容有： 18、俄罗斯各界高度评价习近平主席对俄罗斯进行国事访问并出席纪念苏联伟大卫国战争胜利80周年庆 典； 19、巴称对印发起军事行动 印称打击巴军事基地； 20、美联储理事警告美关税政策推高通胀 扰乱供应链 美媒调查显示七成小企业主认为美国经济正走向 衰退； 1、习近平会见塞尔维亚总统； 2、习近平会见缅甸领导人； 3、习近平会见古巴国家主席； 4、习近平会见委内瑞拉总统； 5、习近平会见斯洛伐克总理； 6、习近平圆满结束对俄罗斯国事访问并出席纪念苏联伟大卫国战争胜利80周年庆典； 7、应习近平邀请 巴西总统将访华； 8、"两新"政策持续支持各地促消费稳增长； 9、【在希望的田野上】春播迎高峰 各地全力保夏粮丰收； 10、4月居民消费价格指数环比由降转涨； 11、今起婚姻登记实现"全国通办"； 12、2025年汛期农业防灾减灾预案印发； 13、服务消费与养老再贷款设立 总额度5000亿元； 14、我国开展家政服务职业技能专项培训行动； 15、横琴口岸年内客流量突破千万人次 刷新历史最快纪录； 16、渝厦高铁重庆段试运行； 1 ...

来源：中国新闻网 中新社北京5月10日电 (记者 王恩博)中国国家统计局10日公布，4月份，中国工业生产者出厂价格指数 (PPI)环比下降0.4%，降幅与上月相同；同比下降2.7%，降幅比上月扩大0.2个百分点。 谈及4月份中国PPI下降的原因，国家统计局城市司首席统计师董莉娟指出，国际贸易环境变化，部分国 际大宗商品价格迅速下行，影响国内相关行业价格下降。 如促消费和设备更新等政策继续显效，部分消费品和装备制造产品需求释放带动相关行业价格回升。4 月份，家用洗衣机价格同比降幅比上月收窄0.3个百分点，食品制造业、新能源乘用车价格同比降幅均 收窄0.2个百分点。 随着中国持续推进贸易多元化，市场扩大也带动部分出口行业价格同比上涨或降幅收窄。4月份，集成 电路封装测试系列价格上涨2.7%，半导体器件专用设备制造价格上涨1.0%；拖拉机制造、电子器件制 造、纺织服装服饰业价格降幅均较上月收窄。(完) 其中，国际原油价格下行影响国内石油相关行业价格环比下降，石油和天然气开采业价格下降3.1%， 精炼石油产品制造价格下降2.5%，化学原料和化学制品制造业价格下降0.6%。部分出口行业价格环比 下降，汽车制造业价格下降 ...

Group 1 - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to support the real economy and maintain the health of the banking system, shifting the focus from merely promoting economic stability to consolidating the fundamentals of economic development and social stability [1][3] - The PBOC plans to maintain ample liquidity and align the growth of social financing and money supply with economic growth and price level expectations, while also promoting a reasonable rebound in prices [3] - The report outlines a comprehensive set of financial policies aimed at enhancing consumption, supporting technology and green finance, and stabilizing foreign trade, while also ensuring the stability of the financial market and preventing systemic financial risks [1][3] Group 2 - The PBOC will introduce a package of financial policies to boost consumption and guide financial institutions in enhancing consumer finance services [1] - The report includes six special sections discussing key topics such as the positioning of MLF after policy rate adjustments, measures to lower corporate financing costs, and improvements to the bond market system [1] - The PBOC aims to strengthen the execution and supervision of interest rate policies, reduce banks' funding costs, and ensure that monetary policy transmission mechanisms are effective [3]

报告显示，人民银行继续坚持支持性的政策立场，实施适度宽松的货币政策，灵活开展公开市场操作， 综合运用各类总量和结构性政策工具，保持流动性充裕，人民币汇率在复杂形势下保持基本稳定，金融 市场运行整体平稳。 适度宽松的货币政策将持续发力 市场人士表示，在各项货币政策支持下，货币信贷合理增长，社会综合融资成本稳步下行，信贷结构进 一步优化，持续多年、多次降准降息的累积效应不断显现，社会融资环境总体处于较为宽松状态。 报告显示，新的政策信号不断释放，一是进一步加大支持实体经济力度，二是支持扩大消费，三是有力 应对外部冲击。 【导读】遭受外部冲击关键时点，货币政策积极作为 专家对此表示，美国关税政策对全球经济金融秩序带来明显冲击，报告多次提及"关税政策"，显示政策 层面对此高度关注，宏观政策已在积极应对、重点发力，稳定外贸也将成为未来政策支持的一个重要方 向。 另一方面，在外需对经济增长的支撑作用趋弱的背景下，提振消费成为当前扩内需、稳增长的关键点。 报告对此进行了专题论述，服务消费与养老再贷款也于近日正式推出。市场预计，未来服务领域的消费 潜力有望进一步激发。 中国基金报记者 李树超 张玲 5月9日，央行官网发布的2 ...

5月9日，央行发布的《报告》以专栏形式提出"持续完善金融服务 支持提振和扩大消费"。 《报告》指出，当前全球贸易摩擦加剧，外需对经济增长的支撑作用趋弱，我国经济正加速向以内需为主导的增 长模式转型，消费已成为构建新发展格局的重要引擎，对拉动国民经济增长具有重大作用。 《报告》表示，金融机构围绕以旧换新、冰雪运动等消费场景，持续创新推出多元的消费信贷产品和服务模式， 有效激发了市场活力，全国社会消费品零售总额持续增长。同时，消费领域结构性矛盾仍较为突出，文体旅游、 养老托育、医疗健康等服务消费领域个性化、高品质供给存在缺口，县域服务消费基础设施建设和物流配送体系 不完善。 据介绍，下阶段，央行将实施好适度宽松的货币政策，发挥结构性货币政策工具作用，加大宏观信贷政策指导力 度，引导金融机构积极满足各类主体多样化资金需求。《报告》提到，出台金融促消费一揽子政策举措，包括研 究出台金融支持消费的指导性文件，指导金融机构加强消费金融服务，着重从供给侧发力，强化对旅游、住宿餐 饮、文体娱乐、教育培训、居民服务等重点服务消费领域的高质量供给，加大消费基础设施建设和商贸流通体系 建设金融支持力度等。 同日，央行印发了《关于设 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a balanced approach in monetary policy to support the real economy while maintaining the health of the banking system, amidst external economic challenges and the need for stable growth [1][2] Group 1: Monetary Policy and Economic Support - The PBOC aims to enhance macroeconomic policy effectiveness by balancing short-term and long-term goals, stabilizing growth, and supporting the real economy [1] - The report highlights the importance of expanding domestic demand and stabilizing expectations to reinforce economic development and social stability [1] - A shift in focus from merely promoting economic growth to consolidating the fundamentals of economic development and social stability is noted [1] Group 2: Financial Support for Consumption - The PBOC plans to implement a package of financial policies to boost consumption, guiding financial institutions to enhance consumer finance services [2][3] - There is a recognition of structural contradictions in the consumption sector, with a need for high-quality supply in areas like tourism, healthcare, and elder care [3] - The report emphasizes the necessity of developing financial products that align with consumer needs to create a virtuous cycle between consumption and finance [3][4] Group 3: Transparency in Corporate Financing - The PBOC is initiating a pilot program to improve the transparency of corporate loan financing costs, addressing non-interest costs that contribute to high financing burdens for businesses [5][6] - The "Loan Clarity Sheet" will detail all costs associated with loans, enhancing corporate understanding of financing expenses and promoting cost reduction [5][6] - The pilot program has already seen significant participation, with over 1.53 trillion yuan in loans evaluated for comprehensive financing costs [5] Group 4: Bond Market Development - The PBOC identifies the need to strengthen the bond market's pricing efficiency and risk management capabilities, noting the current dominance of large state-owned banks in bond holdings [8][9] - Recommendations include encouraging larger banks to engage more in bond trading to maintain market balance and improve pricing [10] - Future plans involve enhancing the bond market's functionality and supporting the issuance of technology innovation bonds to foster economic growth [10]

以下是报告的核心内容： // 经济长期向好的趋势未变 // 今年宏观经济政策协同发力，经济向好。一季度GDP同比增长5.4%，社会信心提升，高质量发展取得 进展，经济开局良好。 央行实施适度宽松货币政策，保持流动性充裕，推动社会融资成本下降，优化信贷结构，稳定汇率，加 强风险防范。金融总量平稳增长，3月末社会融资规模存量、广义货币M2同比分别增长8.4%和7.0%， 人民币贷款余额达265.4万亿元。融资成本处于历史低位，信贷结构优化，人民币汇率稳定。 报告分析了当前经济形势，认为 外部冲击影响加大，全球经济增长动能不足，贸易保护主义抬头，地 缘冲突持续 ，我国经济回升向好的基础需进一步稳固。但我国有超大规模市场、完备产业体系、丰富 人才资源等优势，经济长期向好的趋势未变。 5月9日，央行发布2025年一季度《中国货币政策报告》，总结一季度货币政策执行情况，并对未来货币 政策方向进行展望。 具体而言， 一是落实好适度宽松的货币政策 ，为扩大消费营造良好金融环境。综合运用准备金、再贷 款再贴现、公开市场操作等多种政策工具，保持流动性充裕。探索运用结构性货币政策工具，加大消费 重点领域低成本资金支持。 二是出台金 ...