Core Viewpoint - The future competition focus of China's automotive industry is shifting from "price wars" to "value wars" as highlighted during the Guangdong-Hong Kong-Macao Greater Bay Area Auto Show [1][3][5] Industry Trends - The first day of the auto show attracted 183,000 visitors, a significant increase from 157,000 last year, indicating a growing consumer interest in safety and smart travel [1] - The China Association of Automobile Manufacturers (CAAM) called for rational competition and opposed chaotic price wars, emphasizing that such practices harm profit margins and product quality [1][2] Company Strategies - Executives from various automotive companies, including NIO and XPeng, expressed a preference for competing on technology and service rather than price, advocating for a focus on value [3][4] - The Ministry of Industry and Information Technology (MIIT) plans to enhance regulatory efforts to guide the industry towards high-quality development [2][5] R&D Investments - XPeng reported a quarterly R&D investment of nearly 2 billion yuan, while GAC Group has invested over 55 billion yuan cumulatively in R&D [4][5] - Huawei's overall R&D investment for 2024 is projected to reach 179.7 billion yuan, with over 10 billion yuan allocated specifically for automotive smart technology [5][7] Technological Innovations - The auto show featured significant technological showcases, including BYD's "megawatt flash charging" technology and Huawei's smart driving systems, reflecting the industry's shift towards intelligent and innovative solutions [6][7] - The event served as a platform for various brands to unveil new models and technologies, highlighting the industry's commitment to enhancing consumer experience through advanced features [6][7]

4、优化商务政策。合理制定经销商考核指标，慎用罚款手段，不以考核为手段胁迫经销商完成相应指 标任务。 全国工商联汽车经销商商会倡议：坚决抵制以"价格战"为主要形式的"内卷式"竞争行为 智通财经6月3日电，全国工商联汽车经销商商会公告称，在当前行业市场形势影响下，汽车经销行业受 到严重影响和冲击，面临经营压力加大、盈利能力降低、车辆库存偏高、流动资金紧张等一系列问题， 对行业持续、健康发展带来严重影响。特别是今年二季度以来，在新一轮"价格战"等影响下，广大汽车 经销商面临的形势更加严峻。为维护良好、健康、公平的市场竞争秩序，推动包括汽车经销行业在内的 汽车行业高质量发展，全国工商联汽车经销商商会提出以下倡议： 5、完善退网机制。不得以优化网络渠道名义胁迫经销商退网闭店，对确需退网闭店的经销商应给予相 应补偿。 1、全行业应以中国汽车产业实现高质量发展大局为重，严格遵守公平竞争原则，坚决抵制以"价格 战"为主要形式的"内卷式"竞争行为。 2、关注品牌形象。防止因频繁调整销售政策和产品销售价格，增加经销商销售难度，影响品牌在消费 者中的形象。 3、改善汽车经销商的生存状况。坚持以销定产，合理制定企业年度生产目标和经 ...

Group 1: Industry Overview - The Ministry of Industry and Information Technology (MIIT) of China will intensify efforts to regulate "involutionary" competition in the automotive industry, aiming to maintain a fair and orderly market environment [1] - The MIIT supports the initiative from the China Automobile Industry Association to promote healthy industry development and will implement necessary regulatory measures [1] - The ministry emphasizes that chaotic "price wars" are a typical manifestation of "involutionary" competition, which harms product quality and consumer rights, threatening the sustainable development of the industry [1] Group 2: New Energy Vehicle (NEV) Sales Data - In May 2025, BYD reported NEV sales of 382,500 units, with a production volume of 349,800 units [7] - Geely's May sales reached 235,208 units, a year-on-year increase of 46%, with NEV sales accounting for 59% of total sales [7] - SAIC Group's NEV sales in May grew by 50.30% year-on-year, totaling 124,575 units [8] - Chery Group sold 205,732 vehicles in May, a 9.1% increase year-on-year, with NEV sales up 47.7% [10] - Great Wall Motors reported May sales of 102,231 units, an 11.78% year-on-year increase, with NEV sales of 32,638 units [12] Group 3: New Entrants and Market Dynamics - In May 2025, new energy vehicle startups like Leap Motor, Li Auto, Xpeng, and NIO reported varying delivery figures, with Leap Motor leading the delivery rankings for three consecutive months [2][3] - New brands such as Hongmeng Zhixing and Xiaomi's automotive division also reported significant delivery increases in May, indicating a collective rise in the new energy vehicle market [4][5] - The automotive market is expected to improve due to rising consumer confidence driven by seasonal promotions and new vehicle launches [6] Group 4: Competitive Landscape - Tesla's sales in France plummeted by 67% in May, marking the lowest registration figures since July 2022, despite the launch of a redesigned Model Y [17] - The competitive landscape is characterized by a shift towards technological innovation and brand differentiation as companies seek to escape the "involution" trap [14]

Summary of Key Points Core Viewpoint - In May, domestic new energy vehicle manufacturers reported significant sales growth, with most companies achieving both year-on-year and month-on-month increases, highlighting the competitive landscape in the industry. Group 1: Sales Performance - Leap Motor led the new energy vehicle sector with a record delivery of 45,067 units in May, marking a year-on-year increase of over 148% and securing the top position for three consecutive months [2] - Li Auto delivered 40,856 units in May, reflecting a year-on-year growth of 16.7% and a month-on-month increase of 20.4%, ranking second among new energy vehicle manufacturers [2] - Aito's brand, under Huawei's HarmonyOS, delivered over 36,600 units in May, regaining the third position in the sales ranking [3] Group 2: Market Dynamics - The sales of new energy vehicles are increasingly supported by range-extended models, which are seen as a solution to range anxiety amid current battery technology limitations [1][2] - The competitive landscape is intensifying, with a monthly sales threshold of 20,000 units becoming a benchmark for new energy brands, while leading players are vying for sales above 40,000 units [1] Group 3: Strategic Initiatives - Leap Motor introduced a price reduction strategy during the Dragon Boat Festival, with significant discounts on its range-extended models [2] - Li Auto's sales growth was bolstered by the upgrade of its L series models and the implementation of a "Hundred Cities Star Plan" to expand its market reach [2] - The automotive market is experiencing a shift from traditional seasonal downturns to increased competition, driven by promotional activities and a focus on inventory clearance [5] Group 4: Financial Performance and Industry Trends - The financial performance of A-share automotive companies showed overall improvement in Q1, but significant disparities in net profit were noted, with leading companies dominating revenue and profit shares [5] - The industry is facing pressures from price competition and the transition to new energy, which may lead to further consolidation and restructuring within the market [5]

综合整治内卷式竞争是解决当前经济发展矛盾的关键举措。 监管部门正在密集出手，加力整治汽车行业、平台企业等领域的内卷式竞争。 近期，多家汽车企业发起新一轮大范围降价。中国汽车工业协会发布《关于维护公平竞争秩序，促进行 业健康发展的倡议》。 工信部表示，赞同并支持中汽协提出的倡议。将加大汽车行业内卷式竞争整治力度，推动产业结构优化 调整，加强产品一致性抽查，配合相关部门开展反不正当竞争执法，采取必要的监管措施，坚决维护公 平有序市场环境，切实保障消费者根本利益，推动汽车产业高质量发展。 国家发改委、市场监管总局等部门近期也就整治内卷式竞争作出部署。发改委表示，针对内卷式竞争问 题症结，因业施策、对症下药、标本兼治，化解重点产业结构性矛盾。重拳整治劣质、低价的市场乱 象。依法查处不正当竞争行为，坚决打击侵权假冒行为，加大质量监督和检查力度，共同维护公平竞 争、优胜劣汰的市场秩序。 多位专家对第一财经表示，综合整治内卷式竞争是解决当前经济发展矛盾的关键举措。路径在于政企协 同发力，通过完善市场机制与政府调控相结合的体制安排，激发经营主体活力，增强经济内生动力。 价格战没有赢家 中汽协倡议称，一段时间以来，行业盈利水平 ...

Core Viewpoint - SAIC Volkswagen has launched a "limited-time fixed price + lifetime warranty" car purchase campaign, marking its entry into the price reduction trend in the automotive market [1][3][4]. Group 1: Company Actions - The campaign covers several fuel SUV models including TAYRON, NEW TAYRON, TIGUAN L, TIGUAN L Pro, TAYRON X, and TAYRON Pro, running from May 31 to June 30 [1][3]. - The starting prices for the models are as follows: TAYRON at 79,900 yuan, NEW TAYRON at 109,900 yuan, TIGUAN L at 142,900 yuan, TIGUAN L Pro at 192,900 yuan, TAYRON X at 249,900 yuan, and TAYRON Pro at 269,900 yuan [8]. - The campaign includes trade-in subsidies of 8,000 yuan for limited license cities and 6,000 yuan for non-limited license cities, along with options for cash vouchers or maintenance coupons [8]. Group 2: Market Context - Several domestic car manufacturers have initiated similar "limited-time fixed price" and "billion-dollar subsidy" campaigns, but SAIC Volkswagen is the first joint venture to join this price reduction trend [3][9]. - The automotive market is currently experiencing a downturn, with SAIC Volkswagen's sales in May declining by 1.43% year-on-year to 88,700 units, and a cumulative decline of 7.14% to 399,400 units in the first five months [11][10]. - The China Association of Automobile Manufacturers has issued a statement advocating for fair competition and cautioning against price wars that could harm industry profitability [18].

端午长假结束，假期 12 条新闻有望对节后资本市场产生一定影响。 1 、俄乌新一轮谈判前夕再出 " 黑天鹅 " 俄罗斯伊尔库茨克州州长科布泽夫 6 月 1 日表示，乌克兰方面对斯列德尼镇军事基地发动了无人机袭 击，这是首次有西伯利亚地区的军事基地遭无人机袭击。此外还有无人机投弹击中了新马利廷斯克的一 栋旧建筑。无人机确切数量尚在统计中。科布泽夫称，发射无人机的一辆货运卡车已被发现并封锁。没 有平民在袭击中受伤。 2 、美国贸易代表办公室延长对中国 301 条款关税的部分豁免 当地时间 5 月 31 日，美国贸易代表办公室宣布延长对中国在技术转让、知识产权和创新方面的行为、 政策及做法的 301 调查中的豁免期限。这些豁免原定于 2025 年 5 月 31 日到期，现已延长至 2025 年 8 月 31 日。 3 、特朗普： 6 月 4 日起，进口钢铁关税提高至 50% 当地时间 5 月 30 日，美国总统特朗普表示，将把进口钢铁的关税从 25% 提高至 50% 。美国白宫当天 在社交媒体上发布公告称， " 为进一步保护美国钢铁行业免受外国和不公平竞争的影响，从下周起，美 国进口钢铁关税将从 25% 提高至 5 ...

而无序"价格战"显然打破了这种产业平衡及发展优势。 一方面，无序"价格战"对行业维持健康、可持续的盈利水平带来了不利影响。统计局数据称，2024年汽 车制造业利润率为4.3%，明显低于整体工业企业利润率的5.4%。而2025年一季度，汽车制造业进一步 下滑至3.9%。 在我国汽车工业从高速发展迈入高质量发展的关键阶段，根治以无序"价格战"为代表的"内卷式"竞争迫 在眉睫。 日前，中汽协发布《关于维护公平竞争秩序，促进行业健康发展的倡议》称，以无序"价格战"为主要表 现形式的"内卷式"竞争，是行业效益下降的重要因素，严重影响企业正常经营，冲击产业链供应链安 全，把产业发展带入恶性循环。 过去几年间，我国新能源汽车蓬勃发展，不仅是代表新质生产力的"中国名片"，也成为重塑全球汽车产 业格局的关键力量。 企业的市场竞争无可厚非，但价值为先、质量为王、创新协同才是市场竞争的正道。 相关数据显示，2024年我国汽车产销站稳3000万辆，其中新能源汽车年产量首次突破1000万辆，实现跨 越式发展。今年1~4月，我国在全球新能源车市场占据高达68%的份额。 随后，工信部表态支持倡议，强调"价格战没有赢家，更没有未来"，同时明 ...

以价换量？ 新一轮剧烈价格战之下，新能源汽车龙头企业比亚迪5月销售数据再创年内新高。 6月1日，比亚迪汽车官方微博宣布， 比亚迪5月份销售382476辆，同比增长15.3%。这一数据再度创新年内月度销量新高。 其中，乘用车及皮卡海外销售88640辆，比亚迪汽车王朝/海洋系列销售348393辆，方程豹汽车销售12592辆，腾势汽车销售15806辆，仰望汽车销售139辆。 今年5月下旬，比亚迪启动新一轮降价攻势，部分车型降幅高达34%，随后零跑汽车和吉利汽车等竞争对手迅速跟进。 比亚迪当时宣布进行一轮大规模降价促销，涉及王朝网、海洋网共计22款智驾版车型。其中，海豹07DM-i智驾版降幅最为惊人，限时一口价10.28万元，相比 指导价直降5.3万元，降幅高达34%。 海洋网10款车型限时"一口价"5.58万元起售，而王朝网12款智驾版车型限时补贴后起售价更是降至6.38万元。这一价格水平已经触及6万元级别，直接冲击传统 燃油车的价格底线。 这已是比亚迪不到两个月内已第三次推出促销，也是今年以来第三次的大规模促销。从3月底的非智驾版入门车型降价，到5月初的智驾版置换补贴，再到此次 覆盖面最广、力度最大的限时补贴，比 ...

短短两年时间内，不断推迟公布财报披露时间，单车平均净利润不断下滑，理想汽车（02015.HK）给 到投资者"并不理想"的趋势印象。 财务数据显示，2023年第一季度一度实现单车平均净利润1.78万元的理想汽车，两年间的这个数据就一 下子堕落到2025年第一季度的不到0.7万元/辆，单车利润降逾六成。 有业内人士认为，整车"价格战"影响着行业内每一家企业的财务报表，而对理想汽车来说，也包括了L6 等中低价产品销售占比上升的影响，增程技术路线能实现盈利，也有越来越多车企加入，"护城河"并不 深。 迟来的财报 相比2023年5月10日就公布一季报，这一次理想汽车的一季报在5月29日晚间才公布，来得比以往晚了近 20天。 理想汽车公布的2025年第一季度财报显示，公司前三月实现营业收入259.3亿元，同比增长1.1%；净利 润为6.46亿元，同比增长9.4%。一季度，理想汽车交付量为9.3万辆，同比增长16%。 "站在价值投资和产业格局的角度来看，我们认为这不是一个值得重仓押注的方向。未来的胜者或许还 未能看到，我们在其中找不到确定性的机会。"桓睿天泽总经理莫小城向第一财经记者表示，对新能源 车的未来持谨慎看法，认为 ...