Group 1 - In July, China's automotive production and sales reached 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [1] - From January to July, automotive production and sales totaled 18.235 million and 18.269 million units, reflecting year-on-year increases of 12.7% and 12% [1] - The automotive market is experiencing seasonal fluctuations, with the "old-for-new" policy and new model launches contributing to stable growth [1] Group 2 - In July, the production and sales of new energy vehicles (NEVs) reached 1.243 million and 1.262 million units, marking year-on-year growth of 26.3% and 27.4% [1] - NEVs accounted for 48.7% of total new vehicle sales in July, with pure electric vehicle sales at 811,000 units, up 47.1% year-on-year [1] - Plug-in hybrid vehicle sales reached 451,000 units, a year-on-year increase of 2.8%, while fuel cell vehicle sales dropped by 63.5% [1] Group 3 - NEV exports in July were strong, totaling 225,000 units, with a month-on-month increase of 10% and a year-on-year increase of 120% [2] - Traditional fuel vehicle exports were 350,000 units in July, showing a month-on-month decline of 9.6% and a year-on-year decline of 4.3% [2] - Chinese brand passenger car sales reached 1.604 million units in July, with a year-on-year increase of 21.3%, resulting in a market share of 70.1% [2] Group 4 - The automotive industry requires stable policy expectations and market order regulation to ensure healthy and stable operations in the second half of the year [3] - Clear national policies are expected to boost consumer confidence and stimulate automotive consumption [3]

Core Insights - The express delivery industry in China is experiencing steady growth, with a significant increase in market scale and service quality as of July 2023 [1][4]. Industry Performance - The China Express Development Index for July is reported at 414.3, reflecting a year-on-year increase of 5.2% [1]. - The express delivery scale index reached 570.5, showing a year-on-year growth of 12.1% [1]. - The volume of express delivery services is expected to grow by 14.7% year-on-year, while revenue is projected to increase by nearly 8% [1]. Service Quality Improvement - The express service quality index for July stands at 566.5, with a year-on-year improvement of 0.3% [2]. - Public satisfaction with express services is estimated at 85.2 points, marking a year-on-year increase of 1.5 points [2]. Factors Contributing to Growth - Rapid emergency response by express companies during adverse weather conditions has enhanced service reliability [3]. - Extensive collaboration within the industry, leveraging events and tourism to boost service offerings [3]. - Innovative urban delivery methods, including the use of subways and partnerships with public transport, have improved logistics efficiency [3]. Technological Advancements - The express industry is exploring the use of unmanned vehicles for delivery in rural areas and developing smart logistics solutions [4]. - Continuous enhancement of delivery capabilities through the integration of technology in logistics operations [4].

Group 1 - In July 2023, China's automotive production and sales reached 2.591 million and 2.593 million units respectively, showing a month-on-month decline of 7.3% and 10.7%, but a year-on-year increase of 13.3% and 14.7% [2] - The decline in July is attributed to the traditional off-season for the automotive market and some manufacturers conducting annual equipment maintenance, leading to a seasonal slowdown in production and sales [2] - The "trade-in" policy continues to show positive effects, and the comprehensive rectification of the industry is making progress, with new models being continuously launched by companies, contributing to stable market operations [2] Group 2 - In July 2023, the production and sales of passenger vehicles were 2.293 million and 2.287 million units, respectively, with year-on-year growth of 13% and 14.7% [3] - Chinese brands are becoming a significant support for passenger vehicle sales, with sales of Chinese brand passenger vehicles reaching 1.604 million units in July, a year-on-year increase of 21.3%, and a market share of 70.1%, up 3.8 percentage points year-on-year [3] - The market share of Chinese brand sedans, SUVs, and MPVs in July was 64.9%, 73.7%, and 68% respectively, indicating growth in all categories [3] Group 3 - In the first seven months of 2023, the domestic sales of new energy vehicles reached 6.913 million units, a year-on-year increase of 32.3%, with new energy passenger vehicles accounting for 6.499 million units, up 30.9% [4] - The top fifteen groups in new energy vehicle sales accounted for 95.1% of total sales, with BYD and Geely being the top two, together holding over 42% of the market share [4] - The competition among Chinese brands is intensifying, with Leap Motor surpassing Li Auto to become the sales champion in the first half of the year, and new entrants like AITO and Xpeng also showing strong sales performance [5] Group 4 - In July 2023, exports of Chinese vehicles reached 575,000 units, a year-on-year increase of 22.6%, with Chery and BYD leading the export growth [5] - Chery exported 119,000 units, a year-on-year increase of 31.9%, while BYD's exports reached 81,000 units, a significant increase of 160% [5] - Chinese brands are actively expanding into overseas markets, with several companies establishing overseas R&D and production bases [5]

每经记者｜李星 每经实习编辑｜余婷婷 8月11日，中国汽车工业协会（以下简称"中汽协"）公布的最新数据显示，1至7月，全国汽车产销累计 完成1823.5万辆和1826.9万辆，同比分别增长12.7%和12%。其中，7月，全国汽车产销分别完成259.1万 辆和259.3万辆，环比分别下降7.3%和10.7%，同比分别增长13.3%和14.7%。 对于7月全国车市产销出现环比双下滑的原因，中国汽车工业协会副秘书长陈士华解释称，7月，车市进 入传统淡季，部分厂家安排年度设备检修，产销节奏有所放缓，环比呈现季节性回落。"从行业市场环 境看，以旧换新政策效果继续显现，行业综合整治'内卷'工作取得积极进展，企业新车型持续投放，助 力车市平稳运行，同比实现增长。"陈士华称。 中国汽车工业协会专务副秘书长许海东表示，今年前7个月，我国汽车市场保持12%的增长，说明整个 汽车行业在拉动内需、促进消费方面发挥了非常重要的作用。 中国品牌乘用车7月市占率达70.1% 1至7月，商用车产销分别完成239.7万辆和242.8万辆，同比分别增长6%和3.9%。其中，天然气商用车销 量为13.4万辆，同比下降9.6%。其中，货车产销分别完 ...

当天公布的数据显示，7月，中国汽车产销分别完成259.1万辆和259.3万辆，环比分别下降7.3%和 10.7%，同比分别增长13.3%和14.7%。1至7月，中国汽车产销分别完成1823.5万辆和1826.9万辆，同比 分别增长12.7%和12%，产销增速较1至6月分别扩大0.2个和0.6个百分点。 新能源汽车方面，7月，中国新能源汽车产销分别完成124.3万辆和126.2万辆，同比分别增长26.3%和 27.4%，新能源汽车新车销量达到汽车新车总销量的48.7%。1至7月，中国新能源汽车产销分别完成 823.2万辆和822万辆，同比分别增长39.2%和38.5%，新能源汽车新车销量达到汽车新车总销量的45%。 中新社北京8月11日电 中国汽车工业协会(简称"中汽协")11日举行月度信息发布会。记者从发布会上获 悉，7月，中国新能源汽车产销量同比分别增长26.3%和27.4%，延续快速增长态势。 中汽协相关负责人分析指出，7月，中国车市进入传统淡季，产销节奏有所放缓，环比呈现季节性回 落。从行业市场环境看，"以旧换新"政策效果继续显现，行业综合整治"内卷"工作取得积极进展，企业 新车型持续投放，助力车市平稳 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][4]. Core Viewpoints - Retail demand in July for home appliances remains strong despite the seasonal downturn, with air conditioning retail sales growing over 30% [1][18]. - The decline in home appliance exports has narrowed to 3% in July, with expectations for a return to stable growth as tariff policies ease [2][29]. - The U.S. housing market shows resilience, with expectations for recovery following anticipated interest rate cuts by the Federal Reserve in 2024, which could positively impact home appliance demand [3][34]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12][13]. 2. Retail and Export Performance - July retail performance shows strong growth in air conditioners (+39.4% online, +36.5% offline), washing machines (+21.6% online, +15.7% offline), and significant growth in small kitchen appliances like rice cookers (+17.6% online, +12.0% offline) [1][18]. - Home appliance exports in July reached 59.55 billion yuan, a 3% year-on-year decline, with a slight increase in export prices [2][29]. 3. Market Data Tracking - The home appliance sector achieved a relative return of +1.14% this week, outperforming the broader market [42]. - Raw material prices for copper and aluminum increased by 1.1% and 2.5% respectively, while cold-rolled steel prices rose by 0.8% [45][56]. - Shipping indices for routes to the U.S. and Europe showed a decline, indicating potential cost pressures in logistics [57]. 4. Company Earnings Forecasts - Earnings per share (EPS) estimates for key companies include Midea Group at 5.62 yuan for 2025, Gree Electric at 6.34 yuan, and Haier Smart Home at 2.26 yuan [5][67].

Core Viewpoint - The automotive market in China maintained a stable operation in July, supported by policies such as the trade-in program and the initial progress in addressing "involution" competition [1] Group 1: Market Performance - In July, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [1] - From January to July, automotive production and sales totaled 18.235 million and 18.269 million units, reflecting year-on-year growth of 12.7% and 12% [1] - The growth rates for production and sales in the first seven months expanded by 0.2 and 0.6 percentage points compared to the first half of the year [1] Group 2: New Energy Vehicles (NEVs) - In July, NEV production and sales reached 1.243 million and 1.262 million units, with year-on-year growth of 26.3% and 27.4%, accounting for 48.7% of total new car sales [1] - Sales of pure electric vehicles in July were 811,000 units, up 47.1% year-on-year, while plug-in hybrid vehicle sales were 451,000 units, a 2.8% increase [2] - NEV exports were notable, with 225,000 units exported in July, a month-on-month increase of 10% and a year-on-year increase of 120% [2] Group 3: Export Dynamics - NEVs have become the main driver of automotive export growth, with traditional fuel vehicle exports declining [3] - In July, traditional fuel vehicle exports were 350,000 units, down 9.6% month-on-month and 4.3% year-on-year [3] - From January to July, traditional fuel vehicle exports totaled 2.373 million units, a year-on-year decrease of 7% [3] Group 4: Brand Performance - In July, Chinese brand passenger car sales reached 1.604 million units, a year-on-year increase of 21.3%, with a market share of 70.1%, up 3.8 percentage points from the previous year [4] - Chery and BYD were among the top exporters, with Chery exporting 119,000 units (up 31.9%) and BYD exporting 81,000 units (up 160%) in July [4] Group 5: Future Outlook - The automotive industry is expected to maintain a stable operation in the coming months, supported by government policies such as the third batch of long-term special bonds for trade-in programs [5] - The government plans to ensure that funds are used effectively to boost consumer confidence and stimulate automotive consumption through the end of the year [5]

Group 1: CPI Analysis - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a previous decline of 0.1% in June, indicating a stable overall price level in the domestic market [1][2] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, driven by rising prices in gold and platinum jewelry, as well as seasonal service price increases [3][5] - Service prices increased by 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase, with significant rises in travel-related costs due to the summer vacation season [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than the previous month by 0.2 percentage points, marking the first narrowing of the month-on-month decline since March [4][5] - The PPI year-on-year fell by 3.6%, consistent with the previous month, reflecting ongoing adjustments in traditional industries and the growth of emerging sectors [5][6] - Improvements in market competition and the implementation of policies to curb disorderly price competition have contributed to a narrowing of price declines in industries such as coal, steel, and solar energy [4][5] Group 3: Consumer Demand and Market Trends - The expansion of domestic demand policies has led to positive changes in consumer prices, with an increase in demand for upgraded consumer goods driving price rises in specific sectors [6] - The prices of certain consumer goods, such as art and ceremonial products, sports balls, and nutritional foods, have seen year-on-year increases of 13.1%, 5.3%, and 1.3%, respectively, indicating a shift towards higher-value consumption [6] - The ongoing construction of large infrastructure projects is expected to support a gradual stabilization of industrial product prices, with the PPI potentially entering a mild recovery phase [6]

Group 1: Policy Impact on Consumption - The "old-for-new" policy has seen a subsidy scale double to 300 billion yuan, with 162 billion yuan allocated in the first half of the year[10] - Retail sales in China grew by 5% year-on-year in the first half of the year, but the monthly growth rate fell from 6.4% in May to 4.8% in June, indicating a slowdown[11] - The consumption multiplier effect of the "old-for-new" policy for home appliances and automobiles decreased from 2.29/2.68 times in Q4 2024 to 1.96/2.11 times in the first half of 2025[15] Group 2: Sector Performance - The service consumption sector is expected to take over from goods consumption as the main driver of growth, supported by policy shifts towards service consumption[2] - The automotive sector saw a significant increase in sales, with over 290 million vehicles scrapped and 370 million replaced in 2024, generating over 920 billion yuan in sales[30] - The consumer electronics sector experienced a decline in retail growth, with the retail growth rate for communication equipment dropping from 33% to 13.9% in June 2025[35] Group 3: Economic Indicators - The macroeconomic environment shows a recovery in upstream industrial prices, while downstream demand continues to decline, particularly in logistics[54] - The real estate sector remains under pressure, with a year-on-year decline in new housing sales area narrowing to -6.6% in June 2025, compared to -13.8% in the previous year[42] - The government plans to issue 4.4 trillion yuan in special bonds for infrastructure projects in 2025, an increase of 500 billion yuan from the previous year[36]

Group 1: Consumer Price Index (CPI) Insights - In July, the national Consumer Price Index (CPI) remained flat year-on-year and increased by 0.4% month-on-month, with an average decline of 0.1% from January to July compared to the previous year [1] - The decline in food prices significantly impacted the CPI, with food prices dropping by 1.6% year-on-year, contributing approximately 0.29 percentage points to the CPI's year-on-year decline [5][6] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking the highest level since March 2024, indicating a gradual improvement in market supply and demand relationships [6][10] Group 2: Producer Price Index (PPI) Insights - In July, the Producer Price Index (PPI) decreased by 0.2% month-on-month, with the decline narrowing for the first time since March, while the year-on-year decline remained at 3.6% [8][9] - The PPI's year-on-year decline has ended a four-month trend of increasing declines, with some industries showing price recovery due to improved supply-demand relationships [9][12] - The "anti-involution" policy is expected to support a rebound in industrial product prices, particularly in August, although overall PPI month-on-month growth is anticipated to be around 0.0% [12][13] Group 3: Economic Policies and Market Trends - The ongoing effects of demand expansion policies are leading to positive changes in consumer prices, with service prices rising by 0.6% month-on-month, contributing significantly to the CPI increase [6][10] - The "anti-involution" policy is projected to reshape industry supply-demand structures, particularly in overcapacity sectors, potentially leading to a more reasonable price recovery [13] - The overall economic environment remains uncertain, with external trade conditions and domestic demand pressures influencing price trends [11][12]