市场监管总局今天（12日）发布《汽车行业价格行为合规指南》（以下简称《指南》），以贯彻落实党中央、国务院关于整治"内卷式"竞争决策部署，进 一步规范汽车行业价格行为，促进汽车市场健康有序发展。 聚焦汽车新车销售环节，着力规范不按规定明码标价、虚假促销等突出问题。建立风险提示机制，鼓励平台对显著低价行为进行经营风险和消费风险双向 提示。 引导企业加强内部合规建设 鼓励汽车生产和销售企业建立内部价格合规管理机制，包括价格决策、销售合同管理、内部监督、价格应急处置、风险防控及价格合规培训6项机制，实 现价格行为全流程管控。 附则 《指南》共五章28条，主要包括以下五方面： 明确总体原则和要求 明确《指南》制定目的、依据和适用范围，规定价格行为应遵循的基本原则，并鼓励行业协会加强自律，推动行业价格合规建设。 细化汽车生产企业价格行为规范 明确从整车到零部件生产、从定价策略到销售行为各环节的价格合规要求。实行全流程价格管理，强化公平定价约束，规范促销与定价行为，依法打击不 正当价格行为。 明确汽车销售企业价格行为要求 汽车产业是国民经济的重要支柱，产业链长、覆盖面广，与消费者生活密切相关。当前，汽车行业存在不按规定明码 ...

中新社北京2月12日电中国国家市场监管总局12日发布《汽车行业价格行为合规指南》(下称《指 南》)，进一步规范汽车行业价格行为，促进汽车市场健康有序发展。 汽车产业是国民经济的重要支柱，产业链长、覆盖面广，与消费者生活密切相关。国家市场监管总局强 调，当前，汽车行业存在不按规定明码标价、价格欺诈等违法行为，损害消费者和经营者利益，破坏公 平竞争市场秩序，不利于行业高质量发展。《指南》立足当前汽车行业发展实际，进一步明晰行为边 界，统一监管规则，引导汽车生产和销售企业依法合规经营，推动形成优质优价、良性竞争的市场秩 序。 具体看，《指南》细化汽车生产企业价格行为规范，明确从整车到零部件生产、从定价策略到销售行为 各环节的价格合规要求。实行全流程价格管理，强化公平定价约束，规范促销与定价行为，依法打击不 正当价格行为。 《指南》明确汽车销售企业价格行为要求，聚焦汽车新车销售环节，着力规范不按规定明码标价、虚假 促销等突出问题。建立风险提示机制，鼓励平台对显著低价行为进行经营风险和消费风险双向提示。 《指南》引导企业加强内部合规建设，鼓励汽车生产和销售企业建立内部价格合规管理机制，包括价格 决策、销售合同管理、内部 ...

央视新闻消息，市场监管总局今天（12日）发布《汽车行业价格行为合规指南》（以下简称《指 南》），以贯彻落实党中央、国务院关于整治"内卷式"竞争决策部署，进一步规范汽车行业价格行为， 促进汽车市场健康有序发展。 明确汽车销售企业价格行为要求 聚焦汽车新车销售环节，着力规范不按规定明码标价、虚假促销等突出问题。建立风险提示机制，鼓励 平台对显著低价行为进行经营风险和消费风险双向提示。 引导企业加强内部合规建设 鼓励汽车生产和销售企业建立内部价格合规管理机制，包括价格决策、销售合同管理、内部监督、价格 应急处置、风险防控及价格合规培训6项机制，实现价格行为全流程管控。 汽车产业是国民经济的重要支柱，产业链长、覆盖面广，与消费者生活密切相关。当前，汽车行业存在 不按规定明码标价、价格欺诈等违法行为，损害消费者和经营者利益，破坏公平竞争市场秩序，不利于 行业高质量发展。《指南》立足当前汽车行业发展实际，进一步明晰行为边界，统一监管规则，引导汽 车生产和销售企业依法合规经营，推动形成优质优价、良性竞争的市场秩序。 《指南》共五章28条，主要包括以下五方面。 明确总体原则和要求 明确《指南》制定目的、依据和适用范围，规定价 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The automotive sector has shown a slight increase in performance, with a weekly change of +0.16%, ranking 9th among 31 primary industries [3] - November saw a total automotive production and sales of 3.532 million and 3.429 million units respectively, with year-on-year increases of 2.8% and 3.4% [4] - The penetration rate of new energy vehicles reached 53.2% in November, with sales of 1.823 million units, reflecting a year-on-year growth of 20.6% [4] Summary by Sections Market Review - The automotive sector's performance was +0.16%, with motorcycles and others performing the best at +1.7% [3] - The top five performing companies in the sector saw significant increases, with Superjet Co. at +39.03% [3] Sales Data - In November, automotive exports reached 728,000 units, marking a year-on-year increase of 48.5% [4] - Passenger vehicle sales were 3.037 million units, with a year-on-year increase of 1.2% [4] Regulatory Developments - The State Administration for Market Regulation has proposed guidelines to standardize pricing behavior in the automotive industry, aiming to prevent price collusion among manufacturers and parts suppliers [5] - The guidelines emphasize the need for comprehensive price management and fair pricing practices [5] Investment Recommendations - Focus on companies involved in smart technology related to vehicles, those with potential overseas sales, and parts manufacturers benefiting from domestic substitution [7] - Recommended companies include BAIC Blue Valley, Great Wall Motors, and GAC Group for vehicle manufacturers, and several parts manufacturers such as Songyuan Safety and Zhejiang Xiantong [9]

Core Viewpoint - The company, Seres Group, has issued a statement in response to the public consultation of the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," emphasizing its commitment to legal compliance and fair competition in the automotive sector [1] Group 1 - The "Guidelines" aim to regulate pricing behavior in the automotive industry, maintain a fair competitive environment, and promote high-quality development within the sector [1] - Seres Group asserts that legal compliance is a fundamental principle that must not be violated, indicating a strong commitment to adhering to the guidelines [1] - The company plans to enhance its pricing compliance management system across the entire value chain, including product pricing, dealer management, and sales promotion [1] Group 2 - Seres Group will strictly prohibit practices such as cost inversion, false marketing, and ambiguous pricing, reinforcing its dedication to fair competition principles [1] - The company aims to contribute to a healthy and orderly development environment in the automotive industry through its compliance efforts [1]

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, suggesting early positioning for opportunities in the upcoming year [1]. Core Insights - Recent automotive sales have remained relatively stable, but Mexico's announcement to increase tariffs on non-free trade agreement countries, particularly affecting vehicles and parts, is expected to impact domestic exports [1]. - The National Market Supervision Administration has released a draft guideline for compliance in automotive pricing behavior, aiming to deepen anti-competitive policies and stabilize price fluctuations in the market by 2026 [1]. - The report reiterates the previous viewpoint that the sector is likely to bottom out sooner, recommending early investment in next year's opportunities [1]. Data Tracking - In early December, discount rates for vehicles decreased slightly, with an average discount rate of 9.7%, down 0.4 percentage points from the previous month, but up 1.4 percentage points year-on-year [3]. - In October, wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6%, while retail sales fell by 9.2% year-on-year [3]. - New energy vehicle sales in November showed significant growth for companies like BYD, which sold 480,186 units, a month-on-month increase of 8.7% [4]. Industry News - The National Market Supervision Administration has drafted a guideline to regulate pricing behavior in the automotive industry, detailing compliance requirements from production to sales [7][28]. - The report highlights that the automotive market is experiencing a rational return in pricing and promotional activities, with a notable decrease in the number of price cuts across various vehicle categories [28]. - The report notes that the automotive production in November exceeded 3.5 million units, marking a historical high, with significant growth in new energy vehicle production and sales [28]. Market Performance - The automotive sector saw a slight increase of 0.09% this week, ranking 9th out of 29 sectors [8][31]. - The report indicates that the automotive index has shown varied performance across sub-sectors, with passenger vehicles increasing by 0.24% and parts decreasing by 0.11% [8][32]. - The average price-to-earnings (PE) ratio for the automotive sector is reported at 32, reflecting the current valuation landscape [31][33].

Core Viewpoint - The National Market Supervision Administration has released a draft guideline aimed at regulating pricing behaviors in the automotive industry, focusing on compliance for manufacturers and sales enterprises to promote lawful and fair competition [1][2]. Group 1: Pricing Behavior Regulations - The draft guideline specifies compliance requirements for pricing behaviors from vehicle production to sales, including the establishment of a comprehensive pricing management system covering all aspects of sales and financial services [2][3]. - It prohibits price collusion among manufacturers and suppliers, and mandates clear communication of pricing strategies and promotional policies to ensure consumer rights are protected [2][3]. Group 2: Sales Practices - The guideline emphasizes the need for transparent pricing in new car sales, requiring accurate price displays and the prohibition of hidden fees or misleading promotions [4][5]. - It mandates that sales enterprises must not engage in predatory pricing practices aimed at eliminating competition, such as selling below cost or using deceptive discounting methods [5][6]. Group 3: Internal Compliance Management - The draft encourages automotive companies to establish internal compliance management systems to prevent pricing violations, including risk identification and emergency response mechanisms [6][7]. - It outlines six core mechanisms for effective pricing behavior management, including decision-making, contract management, and compliance training [6]. Group 4: Industry Response and Market Trends - Major automotive companies like BAIC Group and Xpeng Motors have expressed commitment to adhering to the new guidelines, aiming to enhance their pricing compliance management systems [7]. - The automotive industry has seen a significant increase in production and sales, with a record of over 30 million vehicles sold in 2023, although profit margins have declined from 7.8% in 2017 to 4.3% in 2024 due to intense price competition [8][9].

Core Viewpoint - The National Market Supervision Administration has drafted the "Automobile Industry Price Behavior Compliance Guidelines (Draft for Comments)" to maintain fair competition and protect the rights of consumers and operators, with feedback due by December 22, 2025 [1][4][29]. Group 1: General Principles - The guidelines aim to standardize price behavior in the automobile industry, ensuring fair competition and protecting the legal rights of consumers and operators [6]. - The guidelines apply to all price behaviors occurring during automobile production and new car sales within the People's Republic of China [6]. - Key principles include compliance with laws, transparency, equality, and social responsibility in the automotive sector [6]. Group 2: Price Behavior of Automobile Manufacturers - Automobile manufacturers are required to establish pricing strategies based on production costs and market demand, managing price behavior across the entire sales chain [7]. - Clear and defined rebate policies must be established between manufacturers and dealers, respecting the dealers' right to set prices [8]. - Price collusion among manufacturers or parts producers poses significant legal risks, including fixed pricing and price manipulation [9]. - Manufacturers must avoid pricing below production costs for anti-competitive purposes, as this also carries substantial legal risks [9][10]. Group 3: Price Behavior of Automobile Sales Enterprises - Sales enterprises must clearly display prices and related information, including vehicle specifications and delivery timelines [12]. - Promotional activities must comply with regulations, including clear communication of rules and conditions [14]. - Sales enterprises are prohibited from misleading consumers through deceptive pricing practices, including false comparisons and unfulfilled price commitments [17]. Group 4: Internal Compliance Management - Automobile manufacturers and sales enterprises are encouraged to establish internal price compliance management systems to oversee and coordinate compliance efforts [21]. - The guidelines outline six core mechanisms for internal compliance, including price decision-making and risk prevention [23][24]. - Continuous improvement and timely updates to compliance management systems are mandated to adapt to legal and regulatory changes [24].

Core Viewpoint - The National Market Supervision Administration has drafted the "Guidelines for Compliance of Pricing Behavior in the Automotive Industry" to standardize pricing practices in the automotive sector, focusing on compliance from vehicle production to sales behavior [1][4]. Group 1: Guidelines Overview - The guidelines detail pricing behavior norms for automotive manufacturers, covering all aspects from vehicle production to parts sales and pricing strategies [4]. - Key components include full-process price management, clear promotional and pricing behaviors, legal actions against unfair pricing, restrictions on price discrimination, and regulations on parts and service fees [5]. Group 2: Industry Response - The China Automotive Industry Association emphasizes the need for manufacturers to establish internal compliance mechanisms to avoid irrational competition and protect brand integrity [6]. - BYD and other automotive companies have publicly committed to adhering to the guidelines, ensuring consumer protection and promoting fair competition [7][11]. - Companies like Xiaopeng Motors and BAIC Group have also expressed their support, pledging to enhance their pricing management and compliance systems [11][12]. Group 3: Industry Challenges - The automotive industry has faced severe "involution" competition, negatively impacting overall profitability, with the sales profit margin recorded at 3.9% in October 2025, the lowest in five years [15].

Core Viewpoint - The National Market Supervision Administration has released a draft guideline for price behavior compliance in the automotive industry, aiming to establish clear standards for pricing practices and enhance fair competition within the sector [2][3]. Group 1: Guidelines Overview - The draft guideline consists of five chapters and 28 articles, detailing compliance requirements for price behavior from vehicle production to sales, including pricing strategies and sales practices [3][6]. - It emphasizes the need for automotive sales enterprises to adhere to clear pricing and avoid misleading promotions, addressing significant issues in new car sales [6]. Group 2: Industry Response - Multiple automotive companies, including BYD and Xpeng Motors, have expressed their support for the guideline, committing to enhance their pricing management and compliance systems in line with the new standards [5][9][11]. - BYD stated that the guideline provides clear guidance for maintaining fair competition and protecting consumer rights, while also promoting sustainable development in the industry [7][9]. - Xpeng Motors pledged to ensure transparency and compliance in all pricing and sales processes, reinforcing consumer rights against price fraud and unfair competition [11]. Group 3: Association Insights - The China Association of Automobile Manufacturers highlighted the importance of legal and compliant operations, urging companies to establish robust internal price compliance mechanisms to prevent irrational competition and protect brand integrity [13]. - The association noted that adhering to these guidelines can enhance consumer trust and promote a healthy competitive environment in the automotive industry [13].