Core Insights - The Chinese government has launched the 2025 New Energy Vehicle (NEV) rural promotion initiative, which aims to enhance the adoption of NEVs in rural areas, reflecting a continuous effort since 2020 to optimize policies and expand coverage [1][2] Sales Growth - NEV sales in rural areas have shown significant growth, with cumulative sales reaching nearly 1.5 million units over five years. The sales figures for rural NEVs from 2020 to 2024 were 397,000, 1.068 million, 2.66 million, 3.2087 million, and 7.598 million, representing a penetration rate of 29%, 30%, 39%, 34%, and 59.1% respectively [1][2] Infrastructure Development - The construction of charging infrastructure has been prioritized, with policies encouraging the development of charging stations in rural areas. By the end of 2024, Jiangsu province is expected to have 2.691 million NEVs and 1.673 million charging terminals, achieving a charging station to vehicle ratio of 1.61:1, surpassing the national average [2][4] Market Dynamics - Companies like SAIC-GM-Wuling view the rural NEV initiative as a long-term strategy, with sales in lower-tier cities increasing significantly. In 2024, their NEV sales in these areas are projected to grow by nearly 60%, with over 50% of total sales coming from these markets [3][8] Consumer Benefits - Consumers benefit from additional subsidies and incentives when purchasing NEVs through the rural initiative, which helps reduce the overall cost of ownership. Transparency in subsidies has been highlighted as a positive aspect of the program [3][8] Challenges and Recommendations - Despite progress, challenges remain in charging infrastructure and service support. Experts suggest enhancing the planning and layout of public charging facilities, addressing land use issues, and improving operational efficiency through smart management systems [7][8]

Core Insights - In June 2025, China's retail sales of passenger cars reached 2.084 million units, marking an 18.1% year-on-year increase and the highest sales record for June, surpassing 1.94 million units in June 2022 by 7% [2] - For the first half of 2025, retail sales of passenger cars totaled 10.9 million units, reflecting a 10.8% growth, an increase of nearly 2 percentage points compared to the 9% growth observed in the first five months [2] - The strong performance in June was attributed to increased government subsidies under the "Two New" policy and a rush by consumers to take advantage of expiring trade-in incentives [2][3] Market Performance - The automotive market is showing signs of stabilizing, with a significant reduction in price-cutting promotions by manufacturers. In June, only 14 models were discounted, compared to over a hundred in previous months [3] - The average profit margin for the automotive industry remains low, with revenues of 412.83 billion yuan in the first five months of 2025, a 7% increase, but profits fell by 11.9% to 17.81 billion yuan, resulting in a profit margin of 4.3% [3] New Energy Vehicles (NEVs) - NEVs continue to be a bright spot in the market, with retail sales of 1.111 million units in June, a 29.7% year-on-year increase, and cumulative sales of 5.468 million units in the first half of 2025, up 33.3% [3][4] - The market share of pure electric vehicles is growing, with a June share of 62.1%, up 5.1% year-on-year, while plug-in hybrids and range-extended hybrids saw declines [4][5] Brand Performance - Domestic brands are gaining market share, with NEV retail sales reaching 1.34 million units in June, a 30% increase, and a market share of 64.2%, up 5.6 percentage points year-on-year [5] - In contrast, traditional joint venture brands are experiencing a decline in market share despite a 5% increase in sales, with German and Japanese brands seeing significant drops [5][6] Export Trends - In June, passenger car exports reached 480,000 units, a 23.8% increase year-on-year, with NEVs accounting for 41.1% of total exports, up 17 percentage points from the previous year [6] - The export of NEVs surged by 116.6% to 198,000 units in June, with pure electric vehicles making up 63% of NEV exports [6] Future Outlook - The automotive market is expected to enter a consolidation phase in July, influenced by high sales figures from the previous year and a potential slowdown in growth due to reduced consumer incentives [6][7] - The "old-for-new" policy is anticipated to continue supporting retail sales, with a significant number of consumers benefiting from these incentives [7]

Core Viewpoint - The Chinese passenger car market showed strong performance in June, with record highs in retail, wholesale, production, and exports, alongside a significant reduction in inventory levels for both passenger and new energy vehicles [1][5]. Retail Performance - In June 2025, the national retail of passenger cars reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1][5]. - Cumulatively, retail sales for the year reached 10.901 million units, up 10.8% year-on-year [1][5]. - The retail penetration rate of new energy vehicles (NEVs) rose to 53.3% in June, supported by policies such as scrappage incentives and tax exemptions [1][6]. Production and Wholesale - Passenger car production in June was 2.419 million units, a year-on-year increase of 13.3% [11]. - Wholesale figures reached 2.490 million units, marking a 15.1% increase year-on-year [12]. - The overall inventory of passenger cars decreased by 150,000 units in June compared to the previous year [13]. Export Trends - In June, passenger car exports reached 480,000 units, a year-on-year increase of 23.8% [11]. - New energy vehicles accounted for 41.1% of total exports, with a significant year-on-year increase of 17 percentage points [23]. - Cumulatively, exports for the first half of the year reached 2.479 million units, up 6.8% year-on-year [11]. Market Share Dynamics - The wholesale market share of domestic brands in June was 67.1%, reflecting a year-on-year increase of 2.2% [6]. - The retail share of domestic brands reached 64.2%, up 5.6 percentage points year-on-year [7]. - The luxury car segment saw a retail volume of 230,000 units in June, a year-on-year decrease of 7% [8]. New Energy Vehicle Insights - In June, the production of new energy vehicles reached 1.200 million units, a year-on-year increase of 28.3% [14]. - The wholesale volume of new energy vehicles was 1.241 million units, up 27% year-on-year [15]. - The penetration rate of new energy vehicles in the domestic market was 53.3%, with domestic brands achieving a penetration rate of 75.4% [22]. Competitive Landscape - Major players like BYD, Geely, and Chery have shown strong performance in the new energy vehicle sector, with BYD leading in both production and sales [25][26]. - The new energy vehicle market is characterized by a growing number of models exceeding 20,000 units in sales, indicating a robust competitive environment [21]. Future Outlook - The market is expected to experience a gradual slowdown in growth due to high inventory levels and the need for manufacturers to stabilize prices [29]. - The introduction of policies aimed at promoting new energy vehicles in rural areas is anticipated to boost demand and provide new growth opportunities for the market [29].

Core Insights - The 2025 New Energy Vehicle (NEV) rural promotion initiative has gained momentum, indicating that county-level markets are becoming crucial for NEV sales growth and ecosystem restructuring [1][2][4] Policy and Market Response - The initiative aims to promote NEVs in underdeveloped counties with low market penetration, supported by local governments offering subsidies and organizing promotional events [2][3] - Multiple provinces, including Jiangsu, Hainan, and Anhui, have actively engaged in the initiative, with over 200 counties targeted for NEV promotion [2][3] Marketing Strategies - Companies are adopting localized marketing strategies, integrating online and offline channels to reach rural consumers effectively [3][4] - Major automakers are participating enthusiastically, with 124 models selected for the initiative, reflecting a strong commitment to tapping into rural markets [4][5] Competitive Landscape - Automakers like Wuling and BYD are offering substantial discounts and incentives to attract rural buyers, with Wuling providing up to 10,888 yuan in total benefits [5][6] - The competition is intensifying as companies focus on building a comprehensive ecosystem that includes product offerings, infrastructure, and services tailored to rural needs [6][8] Market Potential and Challenges - The rural NEV market is expected to grow significantly, with projections indicating that by 2027, NEV sales in small cities and counties could account for over 45% of total sales [7][8] - Companies face challenges in adapting strategies that worked in urban markets to the unique characteristics of rural consumers, necessitating a focus on product design and service networks [7][9]

Group 1 - The Ministry of Commerce has announced the organization of the 2025 New Energy Vehicle (NEV) Consumption Season, aimed at promoting NEV consumption in rural areas through various initiatives [1] - The event will take place from July to December 2025, focusing on enhancing the purchasing and usage environment for NEVs in county and township regions [1] - Subsidies of 20,000 yuan will be provided for scrapping eligible old vehicles when purchasing new energy passenger cars, and 15,000 yuan for scrapping eligible fuel passenger cars when purchasing fuel cars with an engine size of 2.0 liters or below [1] Group 2 - The automotive consumption in lower-tier markets, such as counties and townships, is experiencing rapid growth, and the NEV promotion activities are expected to expand the overall automotive market size [2] - The demand for vehicles among farmers is continuously increasing, with vehicle ownership rates rising by an average of 4 percentage points annually over the past few years [2] - The consumption season is anticipated to drive NEV sales to a million units, highlighting the significant market potential in the rural automotive sector [2]

Core Insights - The development of charging infrastructure in rural areas of Chongqing is accelerating the adoption of electric vehicles (EVs) [1][2] - The convenience of local charging stations is encouraging more residents to purchase and use EVs, including both passenger and commercial vehicles [1][2] Group 1: Charging Infrastructure Development - Chongqing has built 1,964 charging stations and 10,500 public charging piles in rural areas [2] - The plan for 2024 includes the establishment of over 2,000 supercharging stations by 2025 [1][2] Group 2: Adoption of Electric Vehicles - The trend of green travel is leading to a significant increase in charging volume, with a projected 35 million kilowatt-hours of charging in 2024 for the Hechuan District, a 52% increase from the previous year [2] - Monthly average charging volume in the first half of this year reached 3.6 million kilowatt-hours, a 42% increase compared to the same period last year [2] Group 3: Technological Enhancements - Smart technologies are being utilized to improve the convenience of charging services, allowing real-time updates on charging station status through navigation software and charging apps [2]

2025 年 06 月 29 日 商务部开展 2025 年千县万镇新能源汽车消费季 活动，政策加码新能源车下乡再提速 推荐(维持) 事件 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 表现 1M 3M 12M 汽车(申万) -2.3 -3.7 30.0 沪深 300 1.6 0.2 13.3 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：Robotaxi 开启 试运营，人形机器人中长期信心不 改》2025-06-26 行业相对表现 2、《汽车行业周报：人形机器人渠 道+应用场景加速落地，汽车供应链 迎来 60 天账期新变革》2025-06-16 3、《汽车行业周报：Figure 展示强 大物流分拣能力，尊界 S800 上市七 天大定突破 3,600 台》2025-06-10 6月23日，商务部办公厅发布《关于组织开展2025年千县万镇 新能源汽车消费季活动的通知》，活动主题为"乐享消费 '焕'新出行"，活动时间将从7月持续到12月。 投资要点 ▌活动意在打造多元消费场景， ...

Group 1 - The core viewpoint indicates that the retail sales of passenger cars in China reached 1.269 million units from June 1 to June 22, representing a year-on-year increase of 24% and an 8% increase compared to the previous month [1] - Cumulative retail sales for the year have reached 10.086 million units, showing an 11% year-on-year growth [1] - The retail sales of new energy vehicles (NEVs) during the same period totaled 691,000 units, marking a 38% year-on-year increase and an 11% increase from the previous month, with a market penetration rate of 54.5% [1] - Cumulative NEV retail sales for the year stand at 5.049 million units, reflecting a 35% year-on-year growth [1] Group 2 - According to Galaxy Securities, the combination of domestic demand and exports is expected to drive a 6.7% increase in annual passenger car sales [1] - The sales proportion of vehicles priced below 300,000 yuan is anticipated to continue rising, with "high-level intelligent driving equality" further concentrating the competitive landscape [1] - Supportive policies such as trade-in programs, NEV promotion in rural areas, and the expiration of the tax exemption for NEVs at the end of the year are expected to bolster domestic demand [1] - The competitive landscape is shifting, with increased costs related to intelligent driving technology and a focus on R&D capabilities among automakers [1] Group 3 - The report suggests focusing on specific companies within the passenger car sector, recommending BYD (002594) and Li Auto-W, with beneficiaries including Geely, Xpeng, and Leap Motor [2] - In the motorcycle sector, recommended beneficiaries include Chunfeng Power (603129) and Longxin General (603766) [2] - For commercial vehicles, beneficiaries include China National Heavy Duty Truck (000951) and Yutong Bus (600066) [2] - In the intelligent components sector, recommended companies include Sutech (002920), Desay SV (002920), and others [2] - The humanoid robot sector highlights Top Group (601689) and Jingzhan Technology (300258) as recommended companies, with additional beneficiaries listed [2]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - The credit spreads of the entire industry have recently declined slightly, but there are risks such as unexpected economic policies and global geopolitical conflicts [3]. - Upstream: International oil prices dropped significantly yesterday, and egg prices have recently rebounded [3]. - Midstream: The operating rates of polyester, PTA, and urea in the chemical industry have seasonally declined, while the PX operating rate has remained stable [3]. - Downstream: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low, and the number of domestic flights has periodically decreased [3]. 3. Summary by Relevant Catalogs 3.1 Market Pricing - The credit spreads of the entire industry have recently declined slightly [3]. 3.2 Upstream - **Energy**: International oil prices dropped significantly compared to the previous day [3]. - **Agriculture**: Egg prices have recently rebounded [3]. 3.3 Midstream - **Chemical Industry**: The operating rates of polyester, PTA, and urea have seasonally declined, while the PX operating rate has remained stable [3]. 3.4 Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low [3]. - **Service Industry**: The number of domestic flights has periodically decreased [3]. 3.5 Industry Credit Spreads - The credit spreads of various industries have generally declined. For example, the credit spreads of the agriculture, forestry, animal husbandry, and fishery industry decreased from 56.87BP last week to 56.12BP this week; the chemical industry decreased from 50.48BP to 47.16BP [47]. 3.6 Key Industry Price Indicators - **Agriculture**: The spot price of eggs increased by 4.46% year - on - year to 5.9 yuan/kg on June 24, while the spot price of corn was 2345.7 yuan/ton, up 0.43% year - on - year [48]. - **Energy**: The spot price of WTI crude oil was 68.5 dollars/barrel on June 24, down 4.54% year - on - year; the spot price of Brent crude oil was 71.5 dollars/barrel, down 2.39% year - on - year [48]. - **Chemical Industry**: The spot price of PTA was 5114.0 yuan/ton on June 24, up 1.37% year - on - year; the spot price of urea was 1804.0 yuan/ton, down 0.88% year - on - year [48]. - **Real Estate**: The cement price index nationwide was 137.8 on June 24, down 1.95% year - on - year; the building materials composite index was 111.0, down 0.75% year - on - year [48].

中经记者 陈燕南 北京报道 "此次新能源汽车下乡是2020年开展以来的最大规模、覆盖最广的下乡活动，以满足消费者从够用到好 用的升级需求和农村地区多样化的现实需求。以入门及主流自主品牌为主，扩展为包括自主、合资、新 势力品牌并行及皮卡、VAN车等细分产品，车型数量从2020年的60款到现在的124款，包括从微型车到 豪华产品全覆盖，价格带上移，不乏售价达到30万—40万元的高端产品线。"针对新能源汽车下乡与此 前有何不同以及痛点等问题，麦肯锡全球董事合伙人方寅亮在接受《中国经营报》记者采访时表示。 形成政策合力 近日，由工业和信息化部、国家发展改革委等五部门组织的2025年新能源汽车下乡首站活动启动。不仅 涵盖 5 万元级代步小车，更纳入越野皮卡、轻型商用车等适配乡村生产生活场景的车型。 第二，产品适应性待提升。"当前新能源产品以乘用车产品为主，针对农村使用需求和工况的适配产品 供给和推广力度仍然不足。"他表示。 第三，售后服务体系强化。"新能源售后服务需求与传统燃油车具备较大差别，当前广大低线城市仍然 缺乏足够网点、专业维修人员布局和能力均不足。"他表示。 针对痛点，方寅亮建议，基础设施先行，哺育生态基础。 ...