14日，中国汽车工业协会发布的数据显示，前9个月，我国新能源汽车产销量双双突破千万辆，同比增 幅均超过30%，新能源汽车产销两旺，彰显汽车产业活力蓬勃。 新能源汽车表现优异，月产销创历史新高。9月，新能源汽车产销分别完成161.7万辆和160.4万辆，同比 分别增长23.7%和24.6%，新能源汽车新车销量达到汽车新车总销量的49.7%。在新能源汽车主要品种 中，三大类新能源汽车品种产销环比、同比均呈不同程度增长。1至9月，新能源汽车产销累计完成 1124.3万辆和1122.8万辆，同比分别增长35.2%和34.9%。 内销实现环比同比双增。9月，新能源汽车国内销量138.2万辆，环比增长18%，同比增长17.5%。1至9 月，新能源汽车国内销量947万辆，同比增长28.1%。 出口表现依然亮眼。9月，新能源汽车出口22.2万辆，同比增长1倍。其中，新能源乘用车出口21.7万 辆，同比增长1倍；新能源商用车出口0.5万辆，同比增长35.2%。1至9月，新能源汽车出口175.8万辆， 同比增长89.4%。 对于后续市场走势，陈士华充满期待。他表示，近期，汽车以旧换新政策继续显效，部分暂停的地区开 始恢复，行业综 ...

Core Viewpoint - The automotive market in China is experiencing steady growth, supported by proactive macroeconomic policies and a focus on domestic circulation, with significant increases in production and sales across various vehicle categories [1][31]. Production and Sales Data - In September 2025, China's automotive production and sales reached 3.276 million and 3.226 million units, respectively, marking a month-on-month increase of 16.4% and 12.9%, and a year-on-year increase of 17.1% and 14.9% [2]. - From January to September 2025, cumulative production and sales totaled 24.333 million and 24.363 million units, reflecting year-on-year growth of 13.3% and 12.9% [2]. Commercial Vehicle Performance - In September, commercial vehicle sales approached 370,000 units, showing a year-on-year increase of 30% [3]. - Commercial vehicle production and sales in September were 376,000 and 368,000 units, with month-on-month increases of 19.3% and 16.3%, and year-on-year increases of 27.7% and 29.6% [4]. - For the first nine months of 2025, commercial vehicle production and sales reached 3.091 million and 3.117 million units, with year-on-year growth of 9.4% and 7.8% [6]. Truck Sales Insights - In September, truck production and sales were 322,000 and 312,000 units, with month-on-month increases of 19.1% and 14.9%, and year-on-year increases of 28.9% [8]. - Heavy-duty truck sales reached 106,000 units in September, with a month-on-month increase of 15.2% and a year-on-year increase of 82.9% [8]. Passenger Vehicle Trends - In September, passenger vehicle production and sales were 54,000 and 56,000 units, with month-on-month increases of 20.5% and 25%, and year-on-year increases of 21.2% and 33.7% [13]. - For the first nine months of 2025, passenger vehicle production and sales totaled 405,000 and 407,000 units, with year-on-year growth of 12.6% and 12.7% [18]. Export Performance - In September, commercial vehicle exports reached 93,000 units, with a month-on-month increase of 18% and a year-on-year increase of 13.3% [24]. - For the first nine months of 2025, commercial vehicle exports totaled 748,000 units, reflecting a year-on-year increase of 10.2% [26]. New Energy Vehicle Developments - In September, new energy commercial vehicle domestic sales were 83,000 units, with a month-on-month increase of 26.2% and a year-on-year increase of 71.9% [27]. - For the first nine months of 2025, new energy commercial vehicle domestic sales reached 566,000 units, marking a year-on-year growth of 61.4% [27]. Industry Outlook - The China Automotive Industry Association indicates that policies such as vehicle trade-in programs are positively impacting the market, with sustained monthly year-on-year growth rates exceeding 10% for five consecutive months [31]. - The Ministry of Industry and Information Technology, along with other departments, has issued a plan to stabilize growth in the automotive industry, outlining 15 measures to enhance domestic consumption and improve supply quality [31].

着力扩大国内消费，工作方案提出，加力推进公共领域车辆全面电动化先行区试点；持续组织开展新能 源汽车下乡活动和县域充换电设施补短板试点；支持汽车以旧换新、新能源城市公交车及动力电池更 新，促进汽车梯次消费、更新消费；开展汽车流通消费改革试点，拓展汽车改装、租赁、赛事及房车露 营等后市场消费；鼓励汽车限购地区优化限购政策，逐步实现从购买管理向使用管理转变等。 持续提升供给质量，工作方案明确，开发更多适应消费者需求的智能交互、智能驾驶等新功能；提高生 产一致性监督检查效能，推动企业持续提升汽车产品安全、节能、低温适应等性能；培育一批汽车产业 链中小企业特色产业集群，助力更多中小企业融入大企业供应链，形成相互依存、相互促进、稳定高效 的产业链供应链体系；支持企业分级建设智能工厂，推进产业链供应链数字化协同改造等。（记者唐诗 凝） 工业和信息化部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》，明确提出加快 新能源汽车全面市场化拓展，进一步加大力度促进汽车消费，同时以技术创新激发潜在消费需求，以标 准升级引领产品质量提升。 ...

Core Viewpoint - The article discusses the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" issued by the Ministry of Industry and Information Technology and other departments, aiming for a stable growth trajectory in the automotive sector, particularly focusing on the expansion of domestic consumption and the promotion of new energy vehicles [1][2][3]. Group 1: Industry Growth Targets - The plan targets an annual automobile sales volume of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million units, growing by about 20% [1]. - The automotive manufacturing industry's added value is projected to grow by around 6% year-on-year [1]. - In the first eight months of this year, China's new energy vehicle production and sales reached 9.625 million and 9.62 million units, respectively, marking year-on-year growth of 37.3% and 36.7% [3]. Group 2: Domestic Consumption and Market Expansion - The plan emphasizes expanding domestic consumption and accelerating the marketization of new energy vehicles, including initiatives for electric public transport and logistics vehicles in 25 pilot cities [2]. - The "old-for-new" vehicle replacement policy has seen 8.3 million applications as of September 10, indicating a strong consumer response [3][4]. - The plan aims to enhance the efficiency of the second-hand vehicle market and promote the circulation of automotive consumption [3][4]. Group 3: Supply Quality Improvement - The automotive industry achieved production and sales of over 21 million units in the first eight months, with a year-on-year growth of 12.7% and 12.6%, respectively [5]. - The conservative growth targets set in the plan are seen as a means to stabilize market confidence and guide rational growth, moving away from price wars towards innovation and value creation [5][6]. - The plan includes measures to enhance supply quality through technological innovation and digital transformation [6]. Group 4: Open Cooperation and Globalization - Xpeng Motors announced a partnership with Magna in Austria for localized production, marking a significant step in its European strategy [7]. - The article highlights the necessity for Chinese automotive companies to actively pursue globalization despite challenges, as collaboration with international firms can lead to mutual benefits [8][9]. - The future of the automotive industry is expected to see a shift from producing in China for foreign markets to local production in foreign markets, aligning with global economic trends [9][10].

Core Viewpoint - The automotive industry in China is set to achieve stable growth through a comprehensive work plan aimed at boosting domestic consumption, enhancing supply quality, optimizing the development environment, and deepening open cooperation, with specific targets for vehicle sales and production by 2026 [1][2][3]. Group 1: Industry Growth Targets - The work plan aims for approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales targeted at around 15.5 million, reflecting a 20% increase [1][2]. - The plan emphasizes maintaining stable growth in automotive exports and a 6% increase in the added value of the automotive manufacturing industry [1]. Group 2: Domestic Consumption and Market Confidence - The work plan includes measures to expand domestic consumption and accelerate the marketization of new energy vehicles, such as promoting electric vehicles in public transport and logistics across 25 pilot cities [2][3]. - The implementation of the "two new" policies has significantly boosted consumer demand, with over 8.3 million applications for vehicle trade-ins recorded by September 10 [3]. Group 3: Supply Quality and Industry Stability - The automotive industry has seen production and sales exceed 21 million units in the first eight months of the year, with year-on-year growth of approximately 12.7% and 12.6% respectively [4]. - The work plan's conservative growth targets are seen as a strategy to stabilize market confidence and encourage rational growth, moving away from price wars towards innovation and value creation [5]. Group 4: Open Cooperation and Globalization - Companies like XPeng Motors are expanding their global footprint through partnerships, such as with Magna in Austria for localized production, indicating a strategic move towards international collaboration [6][7]. - The participation of Chinese companies in international auto shows highlights their commitment to sharing products and collaborating with European firms, reflecting a shift from being merely a market to becoming a key partner in innovation and supply chain development [7][8]. Group 5: Future Outlook - Experts predict that while domestic sales may stabilize around 28 million units in the next five to ten years, global sales of products related to the Chinese automotive industry could exceed 40 million units, indicating a shift in production dynamics [9]. - The focus will be on integrating into local economies and contributing to local development, emphasizing the importance of cultural and economic integration in global markets [9].

Core Viewpoint - The automotive industry in China is set to achieve stable growth, with specific targets for vehicle sales and a focus on expanding the market for new energy vehicles (NEVs) as outlined in the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" issued by multiple government departments [3][5]. Group 1: Industry Growth Targets - The plan aims for total vehicle sales of approximately 32.3 million units in 2025, representing a year-on-year growth of about 3%, with NEV sales targeted at around 15.5 million units, reflecting a growth of about 20% [3]. - The automotive manufacturing industry's added value is expected to grow by around 6% year-on-year [3]. Group 2: Domestic Consumption and Market Expansion - The plan emphasizes expanding domestic consumption and accelerating the marketization of NEVs, including initiatives for electric public transport and logistics vehicles in 25 pilot cities, aiming to promote over 700,000 NEVs [5]. - NEV production and sales in China reached 9.625 million and 9.62 million units respectively in the first eight months of this year, marking year-on-year increases of 37.3% and 36.7% [5]. Group 3: Quality Supply and Market Stability - The automotive industry achieved production and sales of over 21 million units in the first eight months, with year-on-year growth of 12.7% and 12.6% respectively, indicating a strong market performance [7]. - The conservative growth targets set in the plan are intended to stabilize market confidence and encourage a shift from price competition to innovation and value creation [7][8]. Group 4: Open Cooperation and Globalization - Companies like XPeng Motors are expanding their global footprint through partnerships, such as the collaboration with Magna in Austria for localized production [9][10]. - The automotive industry is increasingly viewed as a globalized sector, with Chinese companies actively seeking to enhance their international presence and collaboration with foreign enterprises [10][11]. Group 5: Technological Innovation and Quality Improvement - The plan highlights the importance of technological innovation to stimulate consumer demand and improve product quality through standard upgrades and digital transformation [8]. - Companies are encouraged to focus on enhancing product quality and user experience as key competitive advantages in a rapidly evolving market [8].

1. Report Industry Investment Rating - No specific industry investment rating was provided in the report. 2. Core View of the Report - This week, the view on natural rubber is oscillating weakly. With the supply peak season reducing the upward momentum of raw materials, the pre - holiday inventory replenishment of downstream tire factories is basically completed, and the risk - aversion sentiment of funds before the National Day is increasing. It is expected that RU will oscillate weakly [85][86]. 3. Summary by Related Catalogs 3.1 Industry News - In August 2025, China's rubber tire outer - tube production was 102.954 million pieces, a year - on - year increase of 1.5%. From January to August, the production was 795.467 million pieces, a year - on - year increase of 1.6% [5]. - In the first eight months of 2025, China's rubber tire export volume reached 6.5 million tons, a year - on - year increase of 5.1%; the export value was 114.2 billion yuan, a year - on - year increase of 4.6% [5]. - The eight - department work plan aims for annual automobile sales of about 32.3 million in 2025, a year - on - year increase of about 3%, with new energy vehicle sales of about 15.5 million, a year - on - year increase of about 20% [6]. - Nigeria aims to contribute at least 12% of the global rubber production [7]. 3.2 Market Trends - This week, both domestic and foreign markets first rose and then fell. Japanese smoked sheets fell the most, followed by standard rubber. On September 19, 2025, the closing price of RU2601 was 15,535 yuan/ton, a month - on - month decrease of 1.80%; the closing price of NR2601 was 12,395 yuan/ton, a month - on - month decrease of 1.98% [9][11]. 3.3 Basis and Spread - As of September 19, 2025, the basis of whole - milk and RU01 was - 835 yuan/ton, a month - on - month increase of 15 yuan/ton; the 01 - 05 spread was 5 yuan/ton, a month - on - month increase of 125.00% [15]. - RU - NR, RU - BR, and NR - SGX TSR20 spreads decreased, while the RU - JPX RSS3 spread increased [17]. - The spreads of Thai mixed - RU01, Malaysian mixed - RU01, 3L - RU01, and African No. 10 rubber - RU01 were - 805 yuan/ton, - 855 yuan/ton, - 335 yuan/ton, and - 3,194.29 yuan/ton respectively, with month - on - month increases of 4.17%, 3.93%, 35.58%, and 0.62% [20][21][22]. - The spread of whole - milk - Thai mixed decreased, while the spread of 3L - Thai mixed increased [23]. 3.4 Substitute Prices - This week, the offer price of the imported rubber market declined. The mainstream offer price of the domestic natural rubber spot market decreased. The downstream of the substitute butadiene rubber market maintained a wait - and - see attitude and purchased at low prices [20][28]. 3.5 Capital Trends - The virtual - to - physical ratio of RU increased slightly, and the settled funds increased slightly. The virtual - to - physical ratio of NR continued to decline, and the settled funds continued to decline [31]. 3.6 Supply - In Thailand, the rainfall in the southern region is slightly lower than the same period, and the rainfall in the northeastern region is at a seasonal high [36]. - In China, Yunnan and Hainan are still in the rainy season [38]. - Raw material prices are differentiated. The price of Thai cup lumps decreased, the price of Thai latex increased, and the price of Yunnan latex decreased [40]. - Thai rubber processing profits generally recovered, while Hainan concentrated latex profits were under pressure [49]. - In July, Thailand's natural rubber exports increased month - on - month, with a significant year - on - year decrease in standard rubber exports and a low year - on - year level in latex exports [52]. - In August, Indonesia's natural rubber exports to China continued to grow rapidly, with significant year - on - year and month - on - month increases in standard rubber and mixed rubber exports to China [58]. - In July, Vietnam's natural rubber exports increased seasonally, with a high year - on - year level. The exports of standard rubber and latex to China increased significantly [62]. - In August, Cote d'Ivoire's natural rubber exports were at a high year - on - year level, and the exports to China were also at a high year - on - year level [66]. - In August, China imported 5.208 million tons of natural rubber (including mixed and composite rubber), a month - on - month increase of 9.68% and a year - on - year increase of 5.39% [69]. 3.7 Demand - During the cycle, the capacity utilization rate of sample tire enterprises fluctuated slightly. Tire inventory rebounded slightly. In August, the exports of all - steel and semi - steel tires decreased month - on - month but remained at a relatively high year - on - year level. In July, the sales volume of heavy - duty trucks continued to recover month - on - month and year - on - year; in August, the sales volume of passenger cars increased month - on - month and year - on - year [72][75]. 3.8 Inventory - As of September 12, 2025, China's natural rubber social inventory continued to decline, with an expanded decline compared to the previous period. The futures inventory of RU decreased the most, and the inventory in Qingdao continued to decline slightly [78]. - As of September 19, 2025, the futures inventory of natural rubber in the Shanghai Futures Exchange was 1.549 million tons, a week - on - week increase of 2.10%; the futures - spot inventory was 1.968 million tons, a week - on - week increase of 2.54% [82]. 3.9 This Week's View Summary - This week's view on natural rubber is oscillating weakly. The upward momentum of raw materials weakens during the supply peak season, the pre - holiday inventory replenishment of downstream tire factories is basically completed, and the risk - aversion sentiment of funds before the National Day is increasing. It is expected that RU will oscillate weakly. The recommended strategies are to wait and see or take a short - selling approach on rallies for single - side trading, and to observe for inter - period and inter - variety trading [85][86].

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 2.50%, outperforming the ChiNext index by 0.39% [1][2] - Over the past five trading days, the synthetic biology index rose by 2.88%, semiconductor materials increased by 9.04%, electronic chemicals went up by 6.88%, biodegradable plastics rose by 3.41%, industrial gases increased by 5.64%, and battery chemicals surged by 13.68% [1][2] Price Tracking - Amino acids showed the following prices and weekly changes: valine at 12,600 CNY/ton (-1.18%), arginine at 22,700 CNY/ton (-0.87%), tryptophan at 37,500 CNY/ton (-5.06%), and methionine at 21,900 CNY/ton (-0.68%) [3] - Biodegradable materials prices remained stable: PLA (FY201 injection grade) at 17,800 CNY/ton, PLA (REVODE201 film grade) at 17,200 CNY/ton, PBS at 17,800 CNY/ton, and PBAT at 9,850 CNY/ton [3] - Vitamin prices included: Vitamin A at 63,000 CNY/ton (-1.56%), Vitamin E at 60,500 CNY/ton (-6.20%), Vitamin D3 at 227,500 CNY/ton (unchanged), calcium pantothenate at 40,500 CNY/ton (unchanged), and inositol at 26,000 CNY/ton (unchanged) [3] - Industrial gases and wet electronic chemicals prices were stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 5,600 CNY/ton [3] - In plastics and fibers, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton (-1.18%), and aramid at 102,700 CNY/ton (+17.62%) [3] Investment Recommendations - The "Automobile Industry Steady Growth Work Plan" suggests focusing on upstream new materials in the automotive sector [4] - The State Council emphasized the need for rational competition governance in the new energy vehicle sector, aiming for improved profitability in the supply chain [5] - The Ministry of Industry and Information Technology's plan aims for approximately 32.3 million vehicle sales in 2025, with new energy vehicle sales projected at around 15.5 million, reflecting a 20% year-on-year growth [5] - Companies such as Times New Material and Jundingda are recommended for attention [5]

Core Viewpoint - The automotive industry is set to experience a qualitative improvement and reasonable growth in volume, driven by a new plan from the Ministry of Industry and Information Technology and other departments, targeting a sales goal of approximately 32.3 million vehicles by 2025, with a significant focus on electric vehicles [1] Industry Summary - The plan aims for a total vehicle sales target of around 32.3 million units by 2025, representing a year-on-year growth of about 3% [1] - The target for new energy vehicle sales is set at approximately 15.5 million units, with a year-on-year growth of around 20% [1] - The initiative includes measures to boost automotive consumption, such as supporting vehicle trade-ins, promoting new energy city buses, and facilitating battery updates [1]

Group 1 - Geely Automobile's stock rose nearly 4%, closing at HKD 19.77 with a trading volume of HKD 874 million [1] - The Ministry of Industry and Information Technology and other departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)", targeting annual automobile sales of approximately 32.3 million units by 2025, a year-on-year increase of about 3% [1] - The plan aims for new energy vehicle (NEV) sales to reach around 15.5 million units by 2025, representing a year-on-year growth of about 20% [1] Group 2 - The report from Citi indicates that Geely benefits from its internal combustion engine (ICE) and NEV layout, which may hedge against potential electric vehicle subsidy policies [1] - Geely expects its market share of new energy vehicles to exceed 29% this year, with an export volume of 420,000 units [1] - The firm is entering new markets in Latin America and Europe while launching more NEV models overseas, which boosts confidence in achieving its targets [1] Group 3 - Citi reaffirms that Geely Galaxy's monthly sales should exceed 150,000 units, with overall sales expected to surpass the target of 3 million units this year [1] - Internal combustion engine sales are projected to reach at least 1 million units [1]