5月11日，中国汽车流通协会乘用车市场信息联席分会(以下简称"乘联会")发布的2025年4月份全国乘用 车市场分析显示，4月份，全国乘用车市场零售同比增长14.5%至175.5万辆，数据仅略低于2018年4月份 的181万辆。此外，今年4月份的零售同比增速扭转了近10年来4月份零售增速偏低的特征，进一步削弱 汽车市场的季度周期波动特征。 从市场格局来看，4月份自主品牌表现突出，乘用车零售达115万辆，同比增长31%，国内零售份额为 65.5%，同比增长8个百分点。今年前4个月，自主品牌乘用车零售市场份额为64%，较去年同期增长7.9 个百分点，在新能源乘用车市场和出口市场获得明显增量。头部传统车企转型升级成效显著，比亚迪 （002594）股份有限公司、吉利汽车集团有限公司、奇瑞汽车股份有限公司、重庆长安汽车股份有限公 司等传统车企品牌份额提升明显。反观合资车企，德、日、美系汽车品牌市场份额不断下滑，转型压力 凸显。 新能源乘用车成为增长核心动力。4月份新能源乘用车厂商批发和零售渗透率均突破51%，其中新能源 乘用车批发销量达到113.3万辆，同比增长40.2%；新能源乘用车零售90.5万辆，同比增长33.9% ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740524070006 Email：baizz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 8,715.67 | | 流通股本(百万股) | 6,924.78 | | 市价(元) | 15.00 | | 市值(百万元) | 130,735.07 | | 流通市值(百万元) | 103,871.77 | 增长可期》2024-11-27 2、《【中泰汽车】潍柴动力 2024 年 一季报点评：天然气重卡高景气， 24Q1 营收同环比增长》2024-05-14 潍柴动力（000338.SZ） 证券研究报告/公司点评报告 2025 年 05 月 11 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何 ...

此外，国内车市加速升温，离不开利好政策的有力支撑。今年1月8日，国家发改委、财政部发布的《关 于2025年加力扩围实施大规模设备更新和消费品以旧换新政策的通知》（以下简称《通知》）提出，针 对汽车领域，要扩大汽车报废更新支持范围与完善汽车置换更新补贴标准。相比去年的政策，《通知》 将部分国四排放标准车型纳入报废换新补贴范围，同时享受报废换新补贴的新能源乘用车车龄再"年 轻"8个月。据中国汽车流通协会测算，今年报废换新车型标准范围放宽后，新增符合条件的国四排放标 准乘用车超1000万辆，新能源乘用车增长100万辆左右。 利好政策助力下，新能源汽车市场持续狂奔。数据显示，今年4月，新能源乘用车市场零售90.5万辆， 同比增长33.9%；批发量达113.3万辆，同比增长40.2%。从渗透率来看，今年4月新能源车在国内总体乘 用车的零售渗透率51.5%，同比提升7个百分点；新能源车厂商批发渗透率51.7%，同比提升11个百分 点。 北京商报记者 刘晓梦 5月11日，中国汽车流通协会乘用车市场信息联席分会（以下简称"乘联分会"）发布的数据显示，今年4 月乘用车市场零售175.5万辆，同比增长14.5%。"今年4月乘用车 ...

执业证书编号：S0740523020004 汽车零部件 Email：hejy02@zts.com.cn 执业证书编号：S0740524070006 Email：baizz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 8,715.67 | | 流通股本(百万股) | 6,924.78 | | 市价(元) | 15.00 | | 市值(百万元) | 130,735.07 | | 流通市值(百万元) | 103,871.77 | 增长可期》2024-11-27 2、《【中泰汽车】潍柴动力 2024 年 一季报点评：天然气重卡高景气， 24Q1 营收同环比增长》2024-05-14 潍柴动力（000338.SZ） 证券研究报告/公司点评报告 2025 年 05 月 11 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何 ...

Group 1 - Xi Jinping met with the President of Serbia, the leader of Myanmar, the President of Cuba, the President of Venezuela, and the Prime Minister of Slovakia during his visit to Moscow for the 80th anniversary of the victory in the Great Patriotic War [1][4][5][6][7][8] - Xi Jinping concluded his state visit to Russia and attended the 80th anniversary celebration of the victory in the Great Patriotic War, returning to Beijing on May 10 [2][9][21] - Brazilian President Lula will visit China from May 10 to 14 at the invitation of Xi Jinping [3][10] Group 2 - The summer grain production is entering a critical period, with various regions enhancing field management to ensure stable grain production [5][12] - The People's Bank of China established a service consumption and elderly re-loan program with a total amount of 500 billion yuan, aimed at boosting financial support for key service consumption sectors and the elderly industry [16] - The new policies continue to support local consumption and stabilize growth, with improvements in service processes enhancing market vitality [11]

Group 1: Ride-Hailing Industry Risks - Multiple cities, including Zhengzhou, Xichang, Shenzhen, and Haikou, have issued risk warnings for the ride-hailing industry, indicating market saturation [1] - Zhengzhou's daily operational vehicle ratio is 83.7%, with an average daily income of only 210 yuan per vehicle; Xichang has a taxi ownership of 40.5 per 10,000 people, significantly higher than similar cities [1] - In Shenzhen, the average daily orders per vehicle are only 12.4, while in Haikou, 36% of ride-hailing vehicles have fewer than 5 daily orders, prompting calls for rational risk assessment before entering the market [1] Group 2: Corporate Mergers and Restructuring - The merger between China Shipbuilding and China Shipbuilding Heavy Industry has made substantial progress, with the Shanghai Stock Exchange accepting the application for the merger [2] - Following the merger, China Shipbuilding Heavy Industry will be delisted, and all its assets will be inherited by China Shipbuilding, addressing issues of industry competition [2] - Both companies reported significant growth in Q1, with net profits increasing by over 180% year-on-year, reflecting a strategic restructuring trend among state-owned enterprises [2] Group 3: Home Appliance Market Challenges - The home appliance market is expected to recover in 2024 due to policy support, but small appliances continue to face pressure, with significant declines in retail sales for kitchen appliances and electric toothbrushes [3] - Leading brands like Joyoung and Bear have experienced revenue and profit declines, with Joyoung facing its largest drop in five years [3] - The industry struggles with product homogenization, insufficient R&D investment, and ineffective marketing, although some brands are attempting to expand overseas and transform channels [3] Group 4: Executive Compensation in the Energy Sector - In the A-share energy storage sector, over 20 companies reported that their chairpersons' annual salaries exceeded one million yuan, with nearly half seeing salary increases [4] - The top three earners are BYD's Wang Chuanfu (7.655 million yuan), Zhejiang Chint's Nan Cunhui (5.7994 million yuan), and CATL's Zeng Yuqun (5.743 million yuan), with Zeng's salary down 10.36% despite a 15% increase in net profit to 50.7 billion yuan [4] - CATL's energy storage battery business has a gross margin of 26.84%, surpassing that of its power battery segment, while BYD and Chint Electric's performance aligns with their chairpersons' salary growth [4] Group 5: Trade and Tariff Issues - U.S. small business owners are struggling with high tariffs, with one case showing a $3,000 product incurring over $4,600 in tariffs, highlighting the burden of tariff policies [5] - The April CPI decreased by 0.1% year-on-year but increased by 0.1% month-on-month, while the core CPI rose by 0.5%, indicating economic resilience [5] - PPI fell by 2.7% year-on-year, influenced by declining international commodity prices and weak domestic demand, with expectations of moderate CPI recovery and significant PPI downward pressure [6] Group 6: Corporate Restructuring and Layoffs - Panasonic announced plans to lay off 10,000 employees globally starting in the 2025 fiscal year, with 5,000 in Japan and South Korea, as part of a strategy to terminate unprofitable businesses and consolidate operations [7] - The company's fiscal report for 2024 showed a revenue of 8.46 trillion yen, a 0.5% year-on-year decline, and a net profit of 366.2 billion yen, down 17.5% [7] - The restructuring aims for profit growth by 2026, although a loss of 130 billion yen is anticipated for the 2025 fiscal year [7]

Group 1: Investment Trends - In Q1 2025, private investment grew by 0.4%, marking the fourth consecutive year of minimal growth since 2022, primarily impacted by a decline in real estate development investment, which fell by 9.9% [1][7] - Excluding real estate development, private investment increased by 6.0% in Q1 2025, while national fixed asset investment reached 103,174 billion yuan, growing by 4.2% year-on-year [1][3] - The share of private investment in national fixed asset investment dropped to below 50% for the first time since 2012, with a recorded share of 50.1% in 2024 [1][7] Group 2: Sector Performance - Manufacturing sector private investment rose by 9.7%, continuing a trend of high growth since 2021, driven by factors such as export growth and supportive policies [1][7] - Infrastructure private investment also saw a significant increase of 9.3%, contrasting with a decline in private investment in the tertiary sector, which fell by 7.7% [1][6] - The first industry investment grew by 16.0%, while the second industry investment increased by 11.9%, indicating robust performance in these sectors [5][6] Group 3: Economic Contributions - Net exports contributed significantly to economic growth, increasing by 50.4% and accounting for nearly 40% of GDP growth, despite a 6.0% decline in imports [2][4] - The "old-for-new" consumption policy supported a 4.6% growth in retail sales of consumer goods, highlighting the potential for further consumption growth [2][3] - State-owned investment grew by 6.5%, helping to stabilize overall investment growth amid declining private investment and real estate development [2][5] Group 4: Legislative Support - The newly passed Private Economy Promotion Law aims to enhance private investment by encouraging participation in national strategies and major projects, effective from May 20, 2025 [2][7] - The law is expected to support a rebound in private investment as the real estate market stabilizes [2][7]

5月7日，国家金融部门推出一揽子金融政策，其中，央行设立5000亿元服务消费与养老再贷款引发关 注。服务消费与养老为何成政策"靶心"？5000亿再贷款预计产生多大效力？面对外部关税压力，如何通 过投资消费对冲影响？ 就相关话题，南都湾财社记者专访中国首席经济学家论坛理事长、广开首席产研院院长连平。 连平表示，5000亿再贷款，瞄准住宿餐饮、文体娱乐、教育等市场化服务业及养老领域，兼具扩内需与 惠民生的双重功能，长期或额外推动社会消费品零售总额增长超10个百分点。他测算，若今年完成2500 亿元再贷款投放，叠加"以旧换新"政策，预计撬动居民消费超9000亿元。 面对美国关税施压等外部冲击，连平建议以扩大内需为"压舱石"，通过投资消费双轮驱动对冲外需收 缩，并依托完整产业链优势争取贸易谈判主动权。 连平。 5000亿再贷款，长期可能额外带动社零增长超10% 南都·湾财社：你如何看待央行此次专门针对服务消费和养老领域，创设再贷款工具的战略考量？ 连平：此次5000亿元额度的服务消费与养老再贷款，与此前已设立的400亿额度普惠养老专项再贷款的 投向领域有所不同。前者侧重投向对扩大内需有较大贡献的住宿餐饮、文体娱乐、教 ...

今年，家电以旧换新政策进一步加力扩围，在补贴范围和政策流程上进一步优化。截至到4月12日，消 费者购买12大类家电以旧换新产品带动销售1247.4亿元。这一数据的背后，是政策的强大推动力，更是 消费市场活力的生动体现，家电以旧换新政策正成为提振消费的有力引擎。 从消费者角度来看，以旧换新政策带来了实实在在的实惠。补贴范围的扩大，让更多品类的家电纳入其 中，消费者有了更多的选择空间。无论是想更换智能高效的冰箱、功能多样的洗衣机，还是追求高品质 视听体验的电视，都能在政策的支持下，以更优惠的价格实现心愿。而且，政策流程的优化，让补贴申 领更加便捷，减少了消费者的时间和精力成本，真正做到了让利于民。这不仅满足了消费者对品质生活 的追求，也激发了他们的消费欲望，让更多人愿意为家电升级买单。 对于家电企业而言，以旧换新政策是一次难得的发展机遇。市场需求的增加，促使企业加大研发投入， 推出更多符合消费者需求的新产品。企业可以利用这个契机，提升产品的品质和性能，推动产业升级。 同时，政策也有助于企业清理库存，回笼资金，提高资金的使用效率，增强企业的市场竞争力。在政策 的引导下，家电企业能够更好地适应市场变化，实现可持续发展 ...

• 中国重汽一季度销量 7.4 万辆，国内市场表现良好，出口 3.3 万辆同比下 降，主要受俄罗斯市场影响，但非洲、东南亚、中东、南美等地保持增长。 • 国家以旧换新政策逐步落地，预计将积极拉动国内重卡需求，上海、四川 等省份已开始实施，补贴对销量有一定程度的促进作用。 • 预计二季度商用车市场销量同比增长率可能达到两位数，主要受益于国内 需求上升，特别是新能源需求增加。 • 新能源商用车销量显著增长，中国重汽市场份额达 14%，位居行业前三， 但整个新能源商用车行业目前仍处于亏损状态。 • 公司采取采购降本、设计降本和工艺降本等措施以改善经营状况，并坚持 全年 14 万台的出口目标，尽管俄罗斯市场下滑超预期。 • 俄罗斯市场库存较高，中国品牌库存约 4 万台，中国重汽库存约六七千台， 预计需要四到五个月消化，且受政府行政手段影响，销量下滑。 • 国内库存稳定，全行业库存约 17.5 万辆，公司库存约 5 万辆，全年预期 销量为 65 万到 70 万辆，天然气车辆渗透率约 37-38%，以旧换新政策有 望推动其发展。 Q&A 商用车板块的市场行情及未来趋势如何？ 商用车板块的市场行情是以年维度的趋势进行分析。 ...