Core Viewpoint - Geely Automobile's stock has risen nearly 4%, reflecting positive market sentiment following the release of the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments [1] Industry Summary - The "Work Plan" aims for annual automobile sales of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3%, with new energy vehicle (NEV) sales targeted at around 15.5 million units, a year-on-year increase of about 20% [1] - The plan also emphasizes stable growth in automobile exports and a 6% year-on-year increase in the added value of the automobile manufacturing industry [1] - By 2026, the industry is expected to maintain a stable and positive development trend, with further improvements in scale and quality [1] Company Summary - Geely Automobile is expected to benefit from its internal combustion engine (ICE) and NEV strategies, which may help mitigate potential impacts from electric vehicle subsidy policies [1] - The company anticipates that its market share in the NEV segment will exceed 29% this year, with export volumes reaching 420,000 units [1] - Analysts express confidence in Geely's ability to achieve its targets, supported by its expansion into new markets in Latin America and Europe, along with the introduction of more NEV models overseas [1] - Geely Galaxy's monthly sales are projected to exceed 150,000 units, with overall sales expected to surpass the 3 million unit target for the year, and ICE sales anticipated to reach at least 1 million units [1]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD with a rise of 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming to promote qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently announced the launch of the Tang DM-i smart driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from its shareholders to privatize Zeekr [1]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD up by 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming for qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently introduced the Tang DM-i Intelligent Driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from Zeekr shareholders for the privatization of Zeekr [1]

日前，工业和信息化部（以下简称"工信部"）等八部门关于印发《汽车行业稳增长工作方案（2025—2026年）》的通知（以下简称《工作方案》）。《工作 方案》提出，2025年，力争实现全年汽车销量3230万辆左右，同比增长约3%。 工信部有关负责人就《工作方案》答记者问时指出："《工作方案》从扩大国内消费、提升供给质量、优化发展环境、深化开放合作等4个维度，提出了15个 方面工作举措和3个方面保障措施，其中包含的细化措施有60余项。" 《中国经营报》记者关注到，工作举措中特别提到，"切实规范产业竞争秩序。加强成本调查和价格监测，强化产品生产一致性监督检查， 督促重点车企落 实好支付账期承诺。" 2025年，"以旧换新"政策实施以来成效显著。近日，商务部市场运行和消费促进司一级巡视员耿洪洲在"2025中国汽车产业发展（泰达）国际论坛"上表 示："截至9月10日，今年汽车'以旧换新'申请量已经达到830万份。" 耿洪洲还表示："商务部将大力提振消费，扩大国内需求。一是抓好汽车以旧换新政策落实，持续优化平台功能，让补贴资金及时、便捷直达消费者。二是 推进汽车流通消费改革试点走深走实，破除束缚汽车消费的限制性措施，推动从 ...

Core Viewpoint - The "Automobile Industry Stabilization Growth Work Plan (2025-2026)" aims to stabilize and promote growth in the automotive sector, with specific targets for vehicle sales and production value over the next two years [1][5]. Summary by Sections Industry Growth Targets - The plan sets a target of approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales projected at around 15.5 million, reflecting a growth of about 20% [1][5]. - The automotive manufacturing value-added is expected to grow by around 6% year-on-year [1]. Addressing Competition and Market Issues - The plan addresses the issue of disorderly competition in the automotive industry, particularly in the new energy vehicle sector, by proposing enhanced cost investigations and price monitoring [2]. - It emphasizes the importance of maintaining payment commitments between major automakers and suppliers to stabilize the supply chain [2]. Promotion of Smart and Connected Vehicles - The plan encourages the industrial application of smart and connected vehicle technologies, including pilot projects for integrated vehicle-road-cloud applications and the promotion of high-performance communication modules [3]. - It aims to facilitate the production approval of L3-level autonomous vehicles, indicating a significant advancement in China's autonomous driving technology [3]. Consumer Promotion and Market Development - The plan includes measures to support vehicle trade-ins and the replacement of old vehicles, promoting incremental consumption in the automotive sector [3]. - It also focuses on the development of the automotive aftermarket, proposing reforms to expand consumption in areas like vehicle modification and rentals [3]. Policy Changes for Vehicle Purchase and Use - The plan encourages the optimization of vehicle purchase restrictions, shifting from purchase management to usage management, which is expected to balance automotive consumption with urban traffic management [4]. - It proposes measures to facilitate the second-hand vehicle market, such as reverse invoicing and online transaction management [4]. Long-term Industry Impact - The implementation of the plan is expected to solidify the automotive industry’s role as a pillar of the national economy, with potential to replace real estate as a key economic driver [5]. - The focus on smart and connected vehicles, particularly L3-level autonomous driving, is anticipated to accelerate competition in automotive intelligence [5][6]. Supply Chain and Investment Shifts - The plan is likely to lead to a restructuring of the automotive supply chain, with increased value distribution to key component suppliers related to smart and electric technologies [6]. - Investment focus may shift from traditional automakers to upstream technology suppliers, such as those providing automotive chips and AI algorithms [6]. Consumer Benefits and Market Environment - The measures to promote automotive consumption are expected to unleash consumer potential, enhancing the overall market environment for vehicle purchases [6][7]. - Improvements in the automotive usage environment, including better infrastructure and traffic management, are projected to enhance vehicle efficiency and reduce congestion [7].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The market sentiment is negative due to CATL's meeting related to the resumption of lithium mines. There is a discussion about whether eight major mines will shut down simultaneously on September 30. Fundamentally, if they shut down, the impact on the total supply will be limited as other sources can supplement. Emotionally, it will stimulate the bullish sentiment in the market. In the short - term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2]. 3. Summary by Related Content Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 72,450, with a change of 3,000; SMM industrial - grade lithium carbonate average price is 70,200, with a change of 0 [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China) average price is 848, with a change of 0; lithium mica (Li₂O: 1.5% - 2.0%) price is 1075, (Li₂O: 2.0% - 2.5%) price is 1775; phospho - lithium - aluminum stone (Li₂O: 6% - 7%) price is 5975, (Li₂O: 7% - 8%) price is 7065 [1][2]. Futures Contract Prices - Carbonate lithium 2510 closing price is 72,520, with a 2.28% increase; 2511 closing price is 72,680, with a 2.31% increase; 2512 closing price is 72,880, with a 2.3% increase; 2601 closing price is 72,880, with a 2.36% increase; 2602 closing price is 72,660, with a 1.99% increase [1]. Positive Electrode Material Prices - Lithium iron phosphate (power type) average price is 33,375; ternary material 811 (polycrystalline/power type) average price is 146,450; ternary material 523 (single - crystal/power type) average price is 119,450; ternary material 613 (single - crystal/power type) average price is 123,950 [2]. Inventory Information - Total inventory (weekly, tons) change is - 1580, with a current value of 138,512; registered warehouse receipts (daily, tons) change is 338, with a current value of 38,963; smelter inventory (weekly, tons) change is - 3262, with a current value of 36,213; downstream inventory (weekly, tons) change is 3072, with a current value of 58,279; other inventory (weekly, tons) change is - 1390, with a current value of 44,020 [2]. Profit Estimation - Profit from purchasing lithium spodumene concentrate externally is - 3379; profit from purchasing lithium mica concentrate externally is - 7008 [2]. Price Difference - The difference between battery - grade and industrial - grade lithium carbonate (FOF) is 2250; the difference between battery - grade lithium carbonate and the main contract is - 230; the difference between the near - month and the first - continuous contract is - 160; the difference between the near - month and the second - continuous contract is - 360 [2]. Policy Information - Eight ministries and commissions including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", aiming to promote the industrialization of intelligent and connected technologies, standardize the competition order in the automobile industry, and more [2].

新京报贝壳财经讯（记者张冰）就汽车行业稳增长和进一步规范产业竞争秩序、推动车企践行账期承 诺，工信部9月13日-15日两次发声。对此，9月15日，汽车产业链股盘中大幅走高，截至当日收盘，江 淮汽车（600418）报收58.14元，涨6.68%；赛力斯（601127）报收142.50元，涨3.04%；比亚迪 （002594）报收108.70元，涨2.63%；朗博科技（603655）、天龙股份（603266）、迪生力 （603335）、征和工业（003033）、无锡振华（605319）、万向钱潮（000559）、浙江世宝 （002703）、路畅科技（002813）等近10股涨停。 港股整车股午后也集体走高。截至9月15日收盘，理想汽车涨4.56%，蔚来涨3.53%，比亚迪涨3.44%， 广汽集团（601238）涨2.40%，零跑汽车涨2.13%。 随后的9月15日，中汽协发布《汽车整车企业供应商账款支付规范倡议》，随后工信部有关负责人表 示，该倡议明确了货物交付验收、账期起计、对账结算、款项支付等要求，如明确货物验收时间原则上 不超过3个工作日，账期起算时间原则上为供应商交货并通过验收之日，对中小企业建议全部采用 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View The supply of coking coal and coke has increased significantly, and the second round of price cuts for coke has begun. After the military parade, the supply and demand of coking coal recovered rapidly, but the second - round price cut for coke started. Affected by factors such as anti - involution and over - production verification, coal mine output is difficult to return to previous highs. With the arrival of the peak demand season, there is still a need for coke - steel enterprises to replenish inventory before the National Day. The short - term market is expected to fluctuate strongly. The investment strategies are mainly range - bound operations for single - side trading, waiting and seeing for inter - period arbitrage, and waiting and seeing for coking profits [2][30]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review This week, the prices of coking coal and coke in the domestic market fluctuated. The first - round price cut for coke was officially implemented on Monday. Due to poor steel mill profits, the second - round price cut of 50 - 55 yuan/ton was proposed on Friday and took effect at 0:00 on September 15, while coke enterprises have not responded yet [2][4]. 3.2 Macro and Industrial News - The State Council approved pilot projects for comprehensive reform of factor market allocation in 10 regions including the Beijing Sub - center and key cities in southern Jiangsu. The goal is to break access barriers for new factors and promote their transformation into new productive forces [6]. - Eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady - Growth Work Plan (2025 - 2026)". The target for 2025 is to achieve annual automobile sales of about 32.3 million vehicles, a year - on - year increase of about 3%, with new energy vehicle sales of about 15.5 million vehicles, a year - on - year increase of about 20%. The industry aims for stable and positive development in 2026 [6]. - In the first eight months of 2025, the cumulative increase in social financing scale was 26.56 trillion yuan, 4.66 trillion yuan more than the same period last year. RMB loans increased by 13.46 trillion yuan. At the end of August, M2 increased by 8.8% year - on - year, M1 increased by 6% year - on - year, and the M1 - M2 gap continued to narrow [6]. - In August, China's total goods trade import and export value was 3.87 trillion yuan, a year - on - year increase of 3.5%. Exports were 2.3 trillion yuan, an increase of 4.8%; imports were 1.57 trillion yuan, an increase of 1.7%. Exports and imports increased for three consecutive months. In the first eight months, the total goods trade import and export value was 29.57 trillion yuan, a year - on - year increase of 3.5% [7]. - China's PPI in August decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and the month - on - month change turned from a 0.2% decrease to flat. China's CPI in August decreased by 0.4% year - on - year and was flat month - on - month [7]. - The US CPI in August increased by 2.9% year - on - year, and the core CPI increased by 3.1% year - on - year, generally in line with expectations. The US PPI in August increased by 2.6% year - on - year (expected 3.3%); it decreased by 0.1% month - on - month (expected 0.3% increase) [7]. - According to the China Iron and Steel Association, in early September, the social inventory of five major steel products in 21 cities was 9.2 million tons, a month - on - month increase of 320,000 tons, or 4.2%. The inventory continued to rise, up 2.61 million tons or 39.6% from the beginning of the year, and up 360,000 tons or 4.1% from the same period last year, with the year - on - year change turning from a decrease to an increase [7]. 3.3 Fundamental Analysis - **Supply**: Except for a few coal mines whose underground production has not recovered, most previously shut - down coal mines have resumed production, and the supply has returned to normal. The coking coal auction performance has been mixed, indicating that the market's bearish sentiment has eased [2]. - **Demand**: Currently, downstream coke - steel enterprises have low procurement willingness, mainly for just - in - time inventory replenishment. The market is in a wait - and - see state. Due to poor sales and continuous price pressure of finished products, while raw material costs were previously firm, steel mill profits have gradually shrunk. This week, the pig iron output recovered significantly, showing a short - term demand recovery, but the medium - and long - term market outlook remains cautious, and the peak - season characteristics are not significant [2]. 3.4 Market Outlook and Investment Strategies - **Market Outlook**: After the military parade, the supply and demand of coking coal recovered rapidly, but the second - round price cut for coke started. Affected by factors such as anti - involution and over - production verification, coal mine output is difficult to return to previous highs. With the arrival of the peak demand season, there is still a need for coke - steel enterprises to replenish inventory before the National Day. After the market correction in late August and considering potential macro - policy disturbances, the short - term market is expected to fluctuate strongly [30]. - **Investment Strategies**: For single - side trading, mainly conduct range - bound operations; for inter - period arbitrage, mainly wait and see; for coking profits, mainly wait and see [2][30].

点 击 蓝 字 关 注 我 们 本文全文共 5572 字，阅读全文约 18 分钟 关于发布《道路机动车辆生产企业及产品》（第398批）、《享受车船税减免优惠的节约能源 使用 新能源汽车车型目录》（第七十七批）、《减免车辆购置税的新能源汽车车型目录》（第二十一 批）的公告 9月8日，工业和信息化部公布"关于发布《道路机动车辆生产企业及产品》（第398批）、《享受车船税 减免优惠的节约能源 使用新能源汽车车型目录》（第七十七批）、《减免车辆购置税的新能源汽车车型目 录》（第二十一批）的公告"。 公告称，根据《中华人民共和国行政许可法》、《国务院对确需保留的行政审批项目设定行政许可的决 定》、《财政部 税务总局 工业和信息化部 交通运输部关于节能 新能源车船享受车船税优惠政策的通知》（财 税〔2018〕74号）、《工业和信息化部 财政部 税务总局关于调整享受车船税优惠的节能 新能源汽车产品技术 要求的公告》（2024年第10号）、《财政部 税务总局 工业和信息化部 科技部关于免征新能源汽车车辆购置税 的公告》（2017年第172号）、《财政部 税务总局 工业和信息化部关于延续和优化新能源汽车车辆购置税减免 政策的公 ...

Group 1 - The core viewpoint of the report highlights the positive momentum in the automotive industry, supported by government policies aimed at stabilizing growth from 2025 to 2026 [1][2] - The report notes that the A-share automotive sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index rising by 1.38% and the automotive sector increasing by 1.74% [1][2] - Key developments in the industry include the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, as well as significant advancements in electric vehicle sales and technology [2][3] Group 2 - The report suggests focusing on various companies within the automotive sector, including BYD, Great Wall Motors, and Li Auto, among others, indicating a diverse range of investment opportunities [3] - In the commercial vehicle segment, companies such as China National Heavy Duty Truck Group and FAW Jiefang are highlighted as potential investment targets [3] - The automotive parts sector is also emphasized, with recommendations for companies like Midea Group and Fuyao Glass, showcasing a broad spectrum of investment prospects across the industry [3]