Core Viewpoint - The Ministry of Industry and Information Technology released a public notice regarding the audit of subsidy funds for new energy vehicles from 2016 to 2020, revealing that many automakers received less subsidy than applied due to non-compliance with documentation and data submission requirements [1] Group 1: Subsidy Application and Reduction - From 2016 to 2020, domestic automakers applied for a total of 75,814 new energy vehicles, with a verified number of 54,089, resulting in a reduction of 21,725 vehicles [1] - The total subsidy funds applied for amounted to approximately 2.93 billion yuan, while the approved subsidy was about 2.07 billion yuan, leading to a reduction difference of 860 million yuan [1] - Chery Automobile and BYD accounted for 44% of the total subsidy reduction, with reductions of 240 million yuan and 140 million yuan, respectively [1] Group 2: Chery Automobile's Performance - Chery Automobile's application for vehicles from 2016 to 2020 totaled 8,762, with a reduction of 7,663 vehicles, resulting in a reduction rate of 87.5%, significantly higher than the industry average of 28.7% [1][2] - The peak application year for Chery was 2019, with 7,454 vehicles applied, but only 21 were approved, leading to a reduction rate of 99.6% [3] - The primary reason for reductions was non-compliance with documentation requirements, which accounted for over 98% of the cases [2] Group 3: BYD's Performance - BYD also experienced high reduction rates, particularly in 2019, where 2,604 vehicles were reduced, and the subsidy amount was cut by 74.93 million yuan [4] - The reduction rates for BYD in 2018 and 2019 were 78% and 88%, respectively, primarily due to issues with documentation and data submission [4] - In 2020, BYD faced reductions for 32 vehicles due to data not being uploaded, continuing a trend from previous years [4] Group 4: Industry Insights - Other companies like BAIC New Energy and Dongfeng Group also faced significant reductions, with BAIC New Energy having 2,776 vehicles reduced, amounting to 53.8 million yuan [5] - The overall data management and statistical standardization in the industry still show significant gaps compared to international leading companies, despite improvements in data access capabilities post-2019 [5]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has published a report on the preliminary audit of subsidy funds for the promotion of new energy vehicles (NEVs) from 2016 to 2020, revealing significant reductions in subsidy amounts for several automakers, particularly BYD and Chery, which saw reductions exceeding 140 million yuan [2][4] Summary by Category Subsidy Application and Approval - The total number of NEVs reported by domestic automakers from 2016 to 2020 was 75,814, while the approved number was only 54,089, indicating a substantial gap [3] - The total subsidy funds applied for by automakers amounted to approximately 2.93 billion yuan, with the approved subsidy funds around 2.07 billion yuan, resulting in a discrepancy of about 860 million yuan [3] Specific Automaker Impacts - BYD, which has consistently received subsidies over the past five years, averaged 3.76 million yuan annually, with a peak of 8.11 million yuan in 2019. However, the actual number of subsidized vehicles was reduced by nearly 5,000, leading to a subsidy reduction of approximately 142 million yuan [3][4] - Changan Automobile received an average annual subsidy of about 1.48 million yuan, with a reduction of 438 vehicles and a subsidy decrease of around 13.27 million yuan [3] - Beijing Electric Vehicle Company averaged 124 million yuan in annual subsidies, with a reduction of 2,776 vehicles and a subsidy cut of about 97 million yuan [4] - Chery faced a subsidy reduction exceeding 140 million yuan, with 6,411 vehicles disqualified in 2016 due to discrepancies in energy storage device specifications, amounting to 288 million yuan [4] Industry Trends and Implications - The audit highlights vulnerabilities in the subsidy application process among certain companies, with BYD and Chery having previous issues related to subsidy reductions due to non-compliance [4] - The MIIT's actions signal a need for automakers to reduce their reliance on subsidies, emphasizing the importance of technological advancement over subsidy competition for sustainable growth in the industry [4]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released a public notice regarding the preliminary audit of subsidy funds for the promotion and application of new energy vehicles (NEVs) from 2016 to 2020, indicating that many car manufacturers received less subsidy than applied due to non-compliance with submission requirements and data upload issues [1][6]. Summary by Relevant Sections Subsidy Reduction Data - From 2016 to 2020, the automotive industry saw a total subsidy reduction of 860 million yuan, with Chery Automobile and BYD accounting for over 40% of this total, with reductions of 240 million yuan and 140 million yuan respectively [2][6]. - Chery's peak subsidy reduction occurred in 2019, with 7,216 vehicles and over 230 million yuan reduced, while BYD's peak was also in 2019, with 2,604 vehicles and 749 million yuan reduced [6][8]. Company Responses - Chery Automobile clarified that the subsidy reduction was due to the sales terminal payment vouchers not meeting requirements, asserting that there was no fraudulent behavior involved [3][8]. - BYD has not yet provided a response to the situation [3]. Historical Context of Subsidies - The subsidy policy for NEVs began in 2009, significantly boosting sales, with a peak of 74,700 units sold in 2014, marking the emergence of new car manufacturers [4]. - A joint inspection mechanism was established in 2016 to verify vehicle usage and data authenticity, leading to a gradual reduction of subsidies to encourage industry upgrades [5]. Regulatory Implications - The MIIT's review of subsidy flows over the past five years serves as a regulatory measure to ensure fair competition in the industry as it transitions to a post-subsidy era [9].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Macro aspect: Trump's tariff turmoil has resurfaced, but the overall tariff pressure has been reduced, leading to strong uncertainty in the policy. Most Fed officials still believe it is appropriate to cut interest rates at the end of the year, and the impact of Trump's tariffs on prices remains uncertain [3]. - Fundamental aspect: Nickel ore prices have weakened, stainless - steel production has declined, spot inventories are high, steel mills' willingness to replenish raw materials is weak, nickel - iron prices are under pressure, and the cost pressure on nickel - iron plants is still prominent. The power market has no significant changes, and nickel sulfate is relatively stable. Pure nickel continues the de - stocking trend, but the spot market is cold, and the premium has dropped significantly [3]. - Future outlook: Supply increases month - on - month, demand decreases month - on - month, and nickel prices lack fundamental drivers. In the short term, focus on macro risks. The nickel price may fluctuate weakly [3][11]. Group 3: Summary by Relevant Catalogs 1. Last Week's Market Important Data - SHFE nickel price rose from 120,540 yuan/ton on July 7, 2025, to 121,390 yuan/ton on July 11, 2025, an increase of 850 yuan/ton. LME nickel price rose from 15,177 dollars/ton to 15,198 dollars/ton, an increase of 21 dollars/ton. LME inventory increased by 3,708 tons to 206,178 tons, while SHFE inventory decreased by 390 tons to 20,442 tons. Jinchuan nickel premium increased by 50 yuan/ton to 2,050 yuan/ton, and Russian nickel premium increased by 250 yuan/ton to 550 yuan/ton. High - nickel pig iron average price decreased by 10 yuan/nickel point to 912 yuan/nickel point, and stainless - steel inventory increased by 1.47 tons to 93.1 tons [4]. 2. Market Review Nickel Ore - The price of 1.5% laterite nickel ore in the Philippines dropped from 52 dollars/wet ton to 51 dollars/wet ton, and that in Indonesia dropped from 46.9 dollars/wet ton to 46.4 dollars/wet ton. Due to rainfall disturbances, the supply shortage at the mine end has persisted. With the long - term pressure on nickel - iron, some nickel - iron plants have reduced production and carried out maintenance, alleviating the shortage of nickel ore and causing the high - level price to weaken [5]. Nickel Iron - The price of high - nickel pig iron (10% - 12%) dropped from 907.5 yuan/nickel point to 905 yuan/nickel point. In June, China's nickel - iron production was expected to be about 24,550 metal tons, a month - on - month decrease of 4.82%, and 24,540 tons in July, a month - on - month decrease of 0.04%. In May, domestic nickel - iron imports were about 848,200 tons, a year - on - year increase of 30.19% and a month - on - month decrease of 3.83%. Indonesia's nickel - iron production in June was 136,800 nickel tons, a year - on - year increase of 13.51% and a month - on - month decrease of 3.26%, and 134,700 nickel tons in July, a year - on - year increase of 28.42% and a month - on - month decrease of 1.52%. The stainless - steel production has shrunk significantly, the inventory is at an absolute high level, and the downstream steel mills' willingness to replenish nickel - iron is weak. The cost pressure on nickel - iron plants is increasing, and many plants have reduced production. If the production continues to shrink, it may drive the price to stop falling and stabilize [6]. Nickel Sulfate - The price of battery - grade nickel sulfate rose slightly from 27,400 yuan/ton to 27,420 yuan/ton, and the price of electroplating - grade nickel sulfate remained at 28,000 yuan/ton. In June, the metal output of nickel sulfate was about 24,795 tons, a year - on - year decrease of 18.68% and a month - on - month decrease of 1.39%. The output of ternary materials increased to about 64,600 tons, a year - on - year increase of 30.95% and a month - on - month increase of 1.36%. As of July 4, the downstream nickel - sulfate inventory days increased to 13 days, and the upstream inventory days decreased to about 8 days. The high inventory may suppress the material plants' replenishment intensity, and the nickel - sulfate price may be difficult to rise further [7]. 3. Macro and Fundamental Analysis - Macro: Trump's tariff turmoil has resurfaced, with most countries seeing a decline in tariff rates compared to April. The Fed believes it is appropriate to cut interest rates at the end of the year and emphasizes observing the impact of tariffs on the supply chain [3][8]. - Fundamental: In July, the domestic monthly production capacity decreased slightly by 400 tons to 53,699 tons, and the smelter production increased slightly month - on - month. The expected production of electrolytic nickel in July was 32,200 tons, a month - on - month increase of about 1.25%. The export profit turned negative, which may suppress the domestic inventory de - stocking [8]. 4. Terminal Consumption - From July 1 - 6, the retail sales of new - energy passenger vehicles in China were 135,000, a year - on - year increase of 21% and a month - on - month decrease of 11%. The retail penetration rate of the new - energy market was 56.7%, and the cumulative retail sales since the beginning of the year were 6.583 million, a year - on - year increase of 37%. The sales growth rate of new - energy vehicles weakened in the first week of July. The shortage of subsidy funds may drag down demand, and the export of new - energy vehicles to Europe is expected to weaken. The "Big and Beautiful" Act in the US will cancel subsidies for new - energy vehicle purchases after September 30. The domestic policy will focus on the automotive industry, and the demand is not expected to increase significantly [9]. 5. Inventory - The current total social inventory of pure nickel in six places is 39,173 tons, a decrease of 1,144 tons from the previous period. SHFE inventory is 20,442 tons, a month - on - month decrease of 399 tons, and LME nickel inventory is 206,178 tons, a month - on - month increase of 3,708 tons. The total inventory of the two major global exchanges is 226,620 tons, a month - on - month increase of 3,318 tons [10]. 6. Industry News - Indonesia's approved nickel - ore production in 2025 reached 364 million tons, higher than the 2024 target [12]. - Zhongwei Co., Ltd.'s first - phase 40,000 - ton nickel - based material production line in Morocco has been fully put into operation, and the base has a complete industrial - chain layout [12]. - Zhejiang New Era Zhongneng Technology Co., Ltd.'s project of producing electrowon nickel - cobalt in a sulfuric - acid system has been successfully put into production [12]. - Indonesian ITMG acquired a 9.62% stake in a nickel - mining enterprise [12]. 7. Relevant Charts - The report provides charts on the trends of domestic and foreign nickel prices, spot premiums, LME 0 - 3 nickel premiums, nickel domestic - to - foreign ratios, nickel - futures inventories, nickel - ore port inventories, high - nickel - iron prices, 300 - series stainless - steel prices, and stainless - steel inventories [14][16]

【文/观察者网 潘昱辰 编辑/高莘】针对近日工信部发布《关于2016—2020年度新能源汽车推广应用补 助资金清算审核初审情况的公示》，其中奇瑞、比亚迪被核减较多引发舆论关注一事，7月12日，奇瑞 发布《关于近期奇瑞申报工信部新能源推广补助相关情况的声明》进行回应，称相关情况被部分国内和 国际媒体误读及炒作，申报流程没有违规行为。 奇瑞汽车 视觉中国 奇瑞表示，此次2025年度申报是将2016—2020年未完成申报的新能源车辆汇总申报，四部委审核通过后 才发放补贴，并非企业已经拿到补贴需要退还。 奇瑞表示，被核减原因中提到的"相关凭证不符合清算通知申报要求"，主要原因为此次审核中，要求销 售终端提供相关凭证作为新增补充材料。但在2016—2020年这批车辆销售期间，当时的政策并未要求经 销商收集相关凭证。 奇瑞表示，由于申报时间距离实际销售已间隔5年以上，追溯终端凭证存在客观困难。申报过程中，公 司已就这一情况向政府部门提出过咨询，收到的建议是先按照通知应报尽报，由审核程序决定最终是否 过审，因此申报流程没有不当。 奇瑞表示，公司提交的申报材料此前已通过省市两级第三方审计机构严格审核，并按要求附具了情况说 明 ...

Group 1 - The article discusses allegations made by author Michael Wolff that President Trump claimed he provided information to The New York Times regarding Elon Musk's drug use, which Musk has denied [1][2] - The New York Times reported on May 30 that Musk allegedly used various illegal drugs during the 2024 presidential election, including ketamine, ecstasy, and psychedelic mushrooms, which Musk refuted [2] - Tensions between Trump and Musk have escalated, with Musk criticizing Trump's "big and beautiful" tax and spending bill, threatening to form a new party if the bill passes [2][3] Group 2 - Trump suggested the possibility of investigating Musk's companies, Tesla and SpaceX, regarding government subsidies they received [3][4] - The U.S. Air Force has paused SpaceX's plan to test hypersonic rocket cargo delivery from the Pacific atoll, exploring other locations for the project [4] - On July 4, Trump signed the "big and beautiful" tax and spending bill into law, which had passed the House with a vote of 218 to 214 [5]

Core Points - The U.S. Senate passed the "Big and Beautiful" tax and spending bill with a narrow margin of 51-50 votes, reflecting significant partisan division [1][3] - Elon Musk has publicly criticized the bill, suggesting it could escalate tensions and calling it "extremely crazy and destructive" [1][7] Group 1: Legislative Details - The bill extends tax cuts for corporations and individuals initially enacted in 2017, exempts tips and overtime pay from taxation, and cuts funding for Medicare and nutrition assistance programs [4] - The Senate version of the bill is expected to increase the U.S. debt ceiling by an additional $5 trillion, surpassing the amount proposed in the House version [5] - The Congressional Budget Office estimates that the Senate version will increase the deficit by nearly $3.3 trillion from 2025 to 2034, while the House version is projected to increase it by $2.8 trillion [5] Group 2: Economic Implications - The Senate's modifications to healthcare programs could lead to an increase of nearly 12 million uninsured individuals by 2034 [5] - Concerns over U.S. fiscal sustainability have contributed to a decline in the dollar's value against the euro, with the dollar index dropping below 96.50, the lowest since February 2022 [6] Group 3: Political Reactions - Some Democratic senators have labeled the bill as a "robbery from the poor to give to the rich," criticizing it as irresponsible [6] - Musk's criticism of the bill has led to a public spat with Trump, who suggested that Musk's opposition stems from the elimination of electric vehicle tax credits, which could negatively impact Tesla [10][12]

Group 1 - The core point of the article is that Henan Province is offering a cash subsidy of 3,000 yuan for each new energy vehicle priced at 200,000 yuan or above, equipped with Huawei's HarmonyOS and the Huawei Tuling platform, purchased and registered in the province from July 1 to July 31, 2025 [1] - The total budget for this subsidy program is 6 million yuan, which will cover 2,000 vehicles, and the subsidy is available on a first-come, first-served basis until the funds are exhausted [1] - This initiative is classified as a "targeted subsidy" by the staff of the Henan Province Automobile Industry Association, indicating a specific focus on promoting the adoption of certain new energy vehicles [1]

Core Points - The Inner Mongolia Autonomous Region has released the "Special Fund Management Measures for the Promotion and Application of New Energy Vehicles" on April 28 [1] - The region will provide subsidies for the purchase of new energy vehicles at a ratio of 1:0.5 based on the national subsidy standards [1] - The total subsidy from national, regional, and municipal finances will not exceed 60% of the vehicle's sales price [1] - The special fund will only subsidize new energy vehicles purchased before the end of 2022, following the relevant regulations from the Ministry of Finance and other departments [1]