Core Viewpoint - The article discusses the recent announcements by the Ministry of Industry and Information Technology regarding the approval of new vehicle production enterprises and products, as well as the lists of energy-saving and new energy vehicle models eligible for tax exemptions, highlighting the government's efforts to promote the development of the automotive industry and enhance the competitiveness of new energy vehicles [3][4][5]. Group 1: Vehicle Production and Tax Exemption Announcements - The Ministry of Industry and Information Technology released the 398th batch of approved vehicle production enterprises and products, including 92 automobile manufacturers and 320 private modification vehicle manufacturers [4]. - The list of energy-saving and new energy vehicle models eligible for tax exemptions includes 432 models, with 418 being new energy vehicles, such as 325 pure electric commercial vehicles and 54 plug-in hybrid passenger vehicles [5]. - The announcement also includes 521 models in the vehicle purchase tax exemption directory, with 519 new models, including 417 pure electric vehicles and 90 plug-in hybrid vehicles [5]. Group 2: Special Rectification Action in the Automotive Industry - A joint initiative by six departments, including the Ministry of Industry and Information Technology, aims to address online irregularities in the automotive industry, focusing on illegal profit-making, exaggerated and false advertising, and malicious attacks against competitors [6][7]. - The action will last for three months and aims to improve the quality of online content related to automotive enterprises, ensuring a fair competitive environment [9]. - Key issues targeted include the use of fake content to mislead consumers and the manipulation of public opinion through organized online campaigns [8][9]. Group 3: LNG Vehicle Standards and Development - The National Automotive Standardization Technical Committee is seeking public opinions on the draft national standards for liquefied natural gas (LNG) vehicles, which aims to regulate technical requirements and inspection rules for LNG vehicles [11][12]. - The LNG vehicle market is rapidly growing, with a projected domestic penetration rate of 30% for LNG commercial vehicles by 2025, indicating a significant expansion in both domestic and international markets [12][13]. - The revision of standards is deemed necessary to support the development of new technologies and ensure the safety and reliability of LNG vehicles [13]. Group 4: Automotive Industry Growth Plan (2025-2026) - The Ministry of Industry and Information Technology and other departments released a growth plan for the automotive industry, aiming for a vehicle sales target of approximately 32.3 million units in 2025, with a 20% increase in new energy vehicle sales [17][19]. - The plan outlines 15 initiatives across four dimensions, including expanding domestic consumption and enhancing supply quality, to address challenges posed by external pressures and domestic market conditions [18][20]. - Key measures include promoting the marketization of new energy vehicles, improving infrastructure, and enhancing international cooperation to boost exports [21][22].

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Fed's expectation of a rate cut in September is positive for rubber prices. There is some support on the supply side, but there is still supply pressure later. The demand side shows good performance, and inventory is continuously being depleted. It is expected that the market will likely maintain a volatile and slightly stronger trend in the short term [8][9][87][88]. - The main contract of natural rubber futures is expected to maintain a volatile and slightly stronger trend in the short term. For the operation strategy, consider going long at low levels on the long - side; pay attention to the reverse arbitrage opportunity between 2511 - 2601; and temporarily hold off on options [9][90][91]. Summary by Relevant Catalogs Price Analysis Futures Price - Last week, the price of the main contract of natural rubber, RU2601, ranged between 15,670 - 16,350 yuan/ton. The futures price fluctuated downward with a relatively large overall decline. As of the close on the afternoon of September 12, 2025, the main contract RU2601 closed at 15,820 yuan/ton, down 505 points for the week, a decrease of 3.09% [14]. Spot Price - As of September 12, 2025, the spot price of Yunnan state - owned whole latex (SCRWF) was 14,950 yuan/ton, down 200 yuan/ton from last week; the spot price of Thai triple smoked sheets (RSS3) was 19,700 yuan/ton, down 300 yuan/ton from last week; the spot price of Vietnamese 3L (SVR3L) was 15,250 yuan/ton, the same as last week. The Qingdao natural rubber arrival price was 2,170 US dollars/ton, down 10 US dollars/ton from last week [19][22]. Basis and Spread - Using the spot quotation of Shanghai Yunnan state - owned whole latex (SCRWF) as the spot reference price and the futures price of the main contract of natural rubber as the futures reference price, the basis between the two narrowed slightly compared with last week. As of September 12, 2025, the basis was maintained at - 1,005 yuan/ton, narrowing 170 yuan/ton compared with last week. The domestic and foreign prices of natural rubber both declined compared with last week [26][28]. Important Market Information - US economic data: The US non - farm payrolls were revised down by 911,000 from March last year to March this year. The August PPI inflation unexpectedly declined, with a month - on - month decrease of 0.1%. The August CPI was 2.9% year - on - year, in line with expectations. The initial jobless claims increased by 27,000 to 263,000. The September Michigan consumer confidence index was at a new low since May. Morgan Stanley predicts that the Fed may cut interest rates by 100 basis points starting from September [29][30]. - European economic data: The European Central Bank kept interest rates unchanged for the second consecutive meeting, indicating that the inflation - reduction process in the eurozone has ended [30]. - Chinese economic data: In August, China's core CPI increased by 0.9% year - on - year, with the increase expanding for the fourth consecutive month. The PPI decline narrowed, and the month - on - month figure was flat. The total import and export value in August increased by 3.5% year - on - year. The automobile production and sales in August increased by 13% and 16.4% year - on - year respectively. From January to August, the automobile production and sales exceeded 20 million for the first time [32][34][35]. Supply - side Situation - Natural rubber production: As of July 31, 2025, the production in Vietnam increased significantly compared with the previous month, while that in Indonesia and Thailand increased slightly. The production in China, Malaysia, and India decreased slightly. The total production of major natural rubber - producing countries in July was 927,000 tons, an increase of 91,600 tons or 10.96% compared with the previous month [40]. - Synthetic rubber production: As of July 31, 2025, the monthly production of synthetic rubber in China was 737,000 tons, a year - on - year increase of 8.2%, and the cumulative production was 5.12 million tons, a year - on - year increase of 11.1% [44][48]. - Tire imports: As of July 31, 2025, the import volume of new pneumatic rubber tires in China was 10,400 tons, a month - on - month increase of 10.64% [52]. Demand - side Situation - Tire enterprise operating rates: As of September 11, 2025, the operating rate of semi - steel tire enterprises was 73.46%, an increase of 5.99% compared with last week; the operating rate of all - steel tire enterprises was 65.59%, an increase of 5.81% compared with last week [54]. - Automobile production and sales: As of August 31, 2025, China's monthly automobile production was 2.815 million vehicles, a year - on - year increase of 13% and a month - on - month increase of 8.7%. The monthly sales were 2.857 million vehicles, a year - on - year increase of 16.4% and a month - on - month increase of 10.1% [58][61]. - Heavy - truck sales: As of July 31, 2025, China's monthly heavy - truck sales were 84,885 vehicles, a year - on - year increase of 45.62% and a month - on - month decrease of 13.26% [67]. - Tire exports: As of July 31, 2025, the export volume of new pneumatic rubber tires in China was 66.65 million pieces, a month - on - month increase of 10.51% [74]. Inventory - side Situation - As of September 12, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 151,740 tons, a decrease of 10,490 tons compared with last week. As of September 7, 2025, China's social inventory of natural rubber was 1.258 million tons, a month - on - month decrease of 7,000 tons or 0.57%. The total inventory of dark - colored rubber was 793,000 tons, a month - on - month decrease of 0.5%; the total inventory of light - colored rubber was 465,000 tons, a month - on - month decrease of 0.7%. The total inventory of natural rubber in Qingdao was 592,300 tons, a month - on - month decrease of 10,000 tons or 1.66% [84]. Fundamental Analysis - Supply side: Currently, the global natural rubber producing areas are in the peak supply season. Recently, the weather in Southeast Asian main producing areas has affected the tapping progress, boosting raw material prices. In domestic producing areas, the new rubber supply rhythm has slowed down. In July 2025, China's natural rubber imports were 474,800 tons, a month - on - month increase of 2.47% and a year - on - year decrease of 1.91%. From January to July, the cumulative import volume was 3.6005 million tons, a year - on - year increase of 21.82%, with the increase rate lower than in previous years [85]. - Demand side: Last week, enterprises that had undergone maintenance resumed production, and the operating rates of tire enterprises significantly rebounded. The inventory of all - steel tires was continuously depleted, with a high operating rate; the inventory of semi - steel tires was depleted slowly, and downstream stocking was cautious. In August, China's automobile production and sales increased by 13% and 16.4% year - on - year respectively. From January to August, China's automobile production and sales exceeded 20 million for the first time. In July 2025, China's tire exports were 812,600 tons, a month - on - month increase of 8.87% and a year - on - year increase of 11.48%. From January to July, the cumulative tire exports were 4.9339 million tons, a cumulative year - on - year increase of 7.18% [85]. - Inventory side: Last week, the inventory on the Shanghai Futures Exchange decreased significantly, and China's social inventory of natural rubber and the total inventory in Qingdao continued to decline slightly [86]. Future Outlook - Macro aspect: The significant downward revision of US non - farm payrolls and the unexpected decline in US PPI inflation data last week have increased the expectation of a Fed rate cut in September. China's core CPI in August increased by 0.9% year - on - year, with the increase expanding for the fourth consecutive month; the PPI decline narrowed, and the month - on - month figure was flat, ending the eight - month downward trend [87]. - Fundamental aspect: On the supply side, the weather in Southeast Asian main producing areas has affected the tapping progress, and the new rubber supply rhythm in domestic producing areas has slowed down. From January to July, the cumulative import volume increased by 21.82%, with the increase rate lower than in previous years. On the demand side, the operating rates of tire enterprises rebounded significantly last week. The inventory of all - steel tires was continuously depleted, and the inventory of semi - steel tires was depleted slowly. In August, China's automobile production and sales increased by 13% and 16.4% year - on - year respectively. From January to August, China's automobile production and sales exceeded 20 million for the first time. The cumulative tire production in 2025 increased slightly year - on - year. From January to July, the cumulative tire export data increased slightly year - on - year. In terms of inventory, last week, the inventory on the Shanghai Futures Exchange continued to decline, and China's social inventory of natural rubber and the total inventory in Qingdao continued to decline slightly, with a slightly larger depletion rate [87]. Views and Operation Strategies - This week's view: It is expected that the main contract of natural rubber futures will maintain a volatile and slightly stronger trend in the short term [90]. - Operation strategy: Consider going long at low levels on the long - side; pay attention to the reverse arbitrage opportunity between 2511 - 2601; and temporarily hold off on options [91].

智通财经APP获悉，汽车股涨幅居前，截至发稿，蔚来-SW(09866)涨4.22%，报50.15港元；广汽集团 (02238)涨3.6%，报3.45港元；比亚迪股份(01211)涨3.35%，报108港元；零跑汽车(09863)涨2.87%，报 62.7港元。 国泰海通证券发布研报称，该方案在工信部与中汽协提出"反内卷"倡议、六部门联合印发《关于开展汽 车行业网络乱象专项整治行动的通知》等一系列政策基础上，进一步明确了汽车行业应通过优化管理政 策、规范市场竞争秩序，营造健康有序的市场环境的政策导向，为2025–2026年汽车产业实现高质量发 展奠定更加坚实的基础。2025年1-8月中国乘用车市场表现稳健，销量达1835.4万辆，同比增长14%。该 行预计，中国2026年全年乘用车同比增长率有望达5%，存量市场背景下保持稳定增长态势。 消息面上，近日，工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》。方案提 出主要目标：2025年，力争实现全年汽车销量3230万辆左右，同比增长约3%，其中新能源汽车销量 1550万辆左右，同比增长约20%；汽车出口保持稳定增长；汽车制造业增加值同比增 ...

Core Viewpoint - The "Automobile Industry Stabilization Growth Work Plan (2025-2026)" aims to achieve a target of approximately 32.3 million vehicle sales in 2025, with a year-on-year growth of about 3%, and 15.5 million new energy vehicle sales, reflecting a year-on-year growth of around 20% [1][2] Group 1: Goals and Measures - The plan sets a target for the automobile manufacturing industry's added value to grow by about 6% year-on-year, emphasizing "quality improvement and efficiency enhancement" [2] - The plan includes 15 work measures and 3 guarantee measures across four dimensions: expanding domestic consumption, improving supply quality, optimizing the development environment, and deepening open cooperation [1][2] Group 2: Domestic Consumption Expansion - The first work measure focuses on expanding domestic consumption, with specific initiatives such as promoting electric vehicles in public transport and logistics in 25 pilot cities, aiming for over 700,000 new energy vehicles [2] - The plan encourages the optimization of vehicle purchase management policies, transitioning from purchase management to usage management [3] Group 3: Infrastructure and Insurance Reforms - The plan aims to enhance charging and battery swapping infrastructure in rural areas, striving for comprehensive coverage [3] - It proposes reforms in new energy vehicle insurance to lower costs and improve consumer purchasing willingness [3][4] Group 4: Innovation and Quality Improvement - The plan emphasizes the importance of high-quality supply to lead and create demand, focusing on technological innovation and standard upgrades to enhance product quality [4] - It includes reforms in automobile access management and group management of production enterprises to improve resource allocation efficiency [4]

Economic Data - The National Bureau of Statistics released economic data for August, including the monthly report on residential sales prices in 70 major cities [1] - The Michigan Consumer Sentiment Index fell to 55.4 in September, the lowest level since May, down from 58.2 in August [3] Stock Market Performance - The U.S. stock market showed mixed results, with the Nasdaq closing at a record high, while the Dow Jones fell by 0.59% and the S&P 500 decreased by 0.05% [2] - Notable tech stocks included Tesla rising by 7.4%, Microsoft by 1.8%, and Apple by 1.76%, while Oracle dropped by 5.1% [2] Commodity Prices - International oil prices increased, with WTI crude oil rising by 0.51% to $62.69 per barrel and Brent crude oil up by 0.93% to $66.99 per barrel [3] - Gold prices saw a slight increase, with COMEX gold futures for September delivery rising by 0.34% to $3649.40 per ounce [4] Semiconductor Industry - The Ministry of Commerce initiated anti-dumping investigations on U.S. imported simulation chips and launched a discrimination investigation regarding U.S. measures in the integrated circuit sector [6] - The China Semiconductor Industry Association expressed support for these investigations, emphasizing the need for a fair environment for the industry's healthy development [7] Automotive Industry - The Ministry of Industry and Information Technology, along with eight other departments, issued a work plan for stabilizing growth in the automotive industry, targeting annual vehicle sales of approximately 32.3 million by 2025, with a 20% increase in new energy vehicle sales [9] Corporate Governance - Tianpu Co. announced an investor briefing on September 16 regarding the transfer of control [12] - *ST Zitian's stock resumed trading on September 15 and entered a delisting arrangement period [15] - Yongyue Technology reported that its actual controller was granted bail pending trial due to an investigation into information disclosure violations [16]

汽车产业是推动新一轮科技革命和产业变革的重要力量，是国民经济的重要支柱。 长江商报消息 ●长江商报记者 李璟 《方案》明确了主要目标，其中，力争今年全年新能源汽车销量1550万辆左右，同比增长约20%。对此，《方 案》表示，将加快新能源汽车全面市场化拓展。加力推进公共领域车辆全面电动化先行区试点，推动25个试点城 市新增推广城市公交、出租、物流配送等领域新能源汽车70万辆以上。持续组织开展新能源汽车下乡活动和县域 充换电设施补短板试点，提升乡村居民用车电动化水平。积极开展燃料电池汽车示范应用，推动中远途、中重型 燃料电池商用车规模化应用。制定促进换电模式发展指导意见，满足市场多样化需求。深化新能源车险改革，优 化商业车险基准费率。落实好新能源汽车车辆购置税、车船税减免优惠政策，保障平稳有序过渡。 多项扩消费举措激活市场潜力 在扩大消费方面，《方案》共提出三个方面举措，除拓展新能源汽车市场化外，还要进一步加大力度促进汽车消 费，推动智能网联技术产业化应用。 9月13日，工业和信息化部等八部门联合印发《汽车行业稳增长工作方案（2025—2026年）》（简称《方案》）。 《方案》提出，将加快构建新发展格局，大力发展 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [4]. Core Insights - The automotive industry is projected to achieve approximately 32.3 million vehicle sales in 2025, reflecting a year-on-year growth of about 3%. New energy vehicle sales are expected to reach around 15.5 million units, with a growth rate of approximately 20% [33]. - The report outlines a comprehensive "Work Plan" aimed at stabilizing growth in the automotive sector, focusing on expanding domestic consumption, enhancing supply quality, optimizing the development environment, and deepening open cooperation [33]. - The automotive industry experienced an overall increase of 1.5% in the week from September 7 to September 13, with significant gains in the automotive services and parts sectors, which rose by 4.1% and 3.4% respectively [2][12]. Market Performance - The automotive sector's performance is highlighted by a 1.5% increase in the CS automotive index, with the Shanghai A-share index also reflecting a similar growth [10]. - Notable individual stock performances include Zhontai Automobile (+39.7%), Haowu Shares (+30.4%), and Zhejiang Rongtai (+22.5%), while stocks like Patell (-23.6%) and Huayang Racing (-20.3%) faced declines [3][16]. Industry Dynamics - The report notes that several new vehicle models are set to launch, including the Shangjie H5, which has already received over 80,000 pre-orders, and the new generation of Zhiji LS6, which achieved over 10,000 orders within 27 minutes of its launch [25][29]. - The report also mentions the upcoming Munich Auto Show, where Chinese exhibitors will represent a significant portion of the international presence, indicating the growing influence of Chinese automotive manufacturers [26]. Recommendations - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, such as BYD, Great Wall Motors, and Jianghuai Automobile, while also keeping an eye on strategic partnerships with companies like BAIC Blue Valley and Changan Automobile [8][9].

工业和信息化部将充分发挥新能源汽车行业企业交流会商机制作用，及时解决落实中的问题，多措并举 推动构建"整车—零部件"协作共赢发展生态，促进产业健康可持续发展。（记者赖奇春） 《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，提出了加快 新能源汽车全面市场化拓展、进一步加大力度促进汽车消费、推动智能网联技术产业化应用等15条工作 举措，以及加强统筹协调、强化运行监测、加强人才培养等3条保障措施，相关的细化措施60余项。 经济日报北京9月13日讯 工业和信息化部等八部门近日联合印发《汽车行业稳增长工作方案（2025— 2026年）》（以下简称《工作方案》），提出2025年力争实现全年汽车销量3230万辆左右，其中新能源 汽车销量1550万辆左右。2026年行业运行保持稳中向好发展态势，产业规模和质量效益进一步提升。 ...

Domestic - The National Health Commission has approved a draft national standard for the food safety of prepared dishes, which will soon be open for public consultation, marking a significant shift towards regulation in the prepared dish industry [3] - Jiangsu province has added three universities to its list of institutions with recommendation exemption qualifications, bringing the total to 28 [4] - Jiangsu's Human Resources and Social Security Department announced an increase in work injury insurance benefits starting January 1, 2025, affecting approximately 200,000 workers [4] Global - The Ministry of Industry and Information Technology and seven other departments have issued a plan aiming for 32.3 million vehicle sales in 2025, with a target of 15.5 million for new energy vehicles, representing a 20% year-on-year growth [6] - The Zhangjiagang Port to Qianhai Port direct shipping route has been launched, connecting Jiangsu with key logistics nodes in South America, expected to handle about 500,000 tons of cargo annually [6] - Fitch Ratings downgraded France's sovereign credit rating from AA- to A+ due to concerns over the lack of a credible fiscal consolidation plan [6] - The 54th Pacific Islands Forum concluded with leaders reaching consensus on key issues such as climate change and regional security [6] - Apple announced repair costs for the iPhone 17 series, with the standard model's screen repair estimated at 2,698 yuan [6] - Zhuosheng Microelectronics received a warning from the Jiangsu Securities Regulatory Bureau for failing to timely disclose significant shareholding changes [6] - SPD Bank's credit card center reported unauthorized transactions on certain cards but successfully mitigated the risks and protected customer interests [6]