尽管扩大产量，LG Energy Solution、Panasonic和SK Innovation份额仍下滑。其表现受欧美需求疲软 （美国增速放缓、欧洲市场收缩）、新超级工厂投产延迟及传统车企订单减少影响。二线厂商中仅 CALB保持稳定势头。 主要厂商新纯电汽车电池装机量（GWh） 2024年vs 2023年 2024年新能源汽车新车电池装机量同比增长22%，主要得益于关键市场新能源车普及率提升及 车型销售结构变化。 中国电池制造商占据超70%的装机份额，其中CATL以38%的份额位居首位，BYD则凭借国内 市场的强劲表现和海外扩张占据18%的份额。 韩日厂商份额下滑，主因欧美新能源车销量放缓（美国增长减速、欧洲市场萎缩），叠加工厂 投产延期及传统车企订单削减。 插电混动汽车（PHEV）正改变电池结构占比：其占新能源车销量比例从2023年30%升至2024 年37%。尽管纯电汽车（BEV）电池包容量有所增长，但PHEV较小电池容量拉低了整体平均 装机量。 欧美新关税及政策压力正引发生产布局与合作策略调整，投资流向墨西哥、美国东南部、印度 和印尼等地。 根据 Counterpoint最新的《全球新能源车电池追踪 ...

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2024年4月乘用车国内零售偏弱，5-12月出现持续上升态势。由于春节前置等因素，2025年1月车市较弱， 2月全国乘用车市场零售138.5万辆，同比增长25%，环比下降23%； 3月零售194万辆，同比增长15%，环比增 长40%，处于历年3月零售历史高位；4月全国乘用车市场零售175万辆，同比增长14%，环比下降9%，继续保 持10%以上的超强的走势。 | 零售 | | | | | 16年 17年 18年 19年 20年 21年 22年 24年 | | | | | 25年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1-3月 | 545 | 542 | 567 | 509 | 302 | 514 | 492 | 427 | 484 | 513 | | 4 H | 164 | 165 | 181 | 151 | 143 | 161 | 105 | 162 | 153 | 175 | | 5-6月 | 336 | 348 | 349 | 335 | 327 | 321 | 330 | 364 | 347 | | ...

Company Performance - Li Auto delivered 40,856 vehicles in May 2025, marking a year-over-year increase of 16.7% [1] - Cumulative deliveries reached 1,301,531 as of May 31, 2025 [1] Product Development - The company completed a comprehensive upgrade of its entire model lineup, with the new Li MEGA Home deliveries starting in late May [2] - The Li L series features significant enhancements, including dual-chamber air suspension and industry-leading safety capabilities with standard all-weather LiDAR [2] Technological Advancements - Li Auto rolled out OTA update version 7.4, enhancing the smart assistant Li Xiang Tong Xue with new animated avatars and improved intelligence [3] - The company plans to complete the deployment of its 2,500th super charging station in June, ahead of the launch of its first battery electric SUV, Li i8, in July [3] Infrastructure Expansion - As of May 31, 2025, Li Auto operated 506 retail stores in 152 cities and 502 servicing centers across 222 cities [4] - The company had 2,414 super charging stations in operation, equipped with 13,195 charging stalls in China [4] Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [5] - The current model lineup includes Li MEGA, Li L9, Li L8, Li L7, and Li L6, with plans for further expansion to target a broader user base [5]

Core Viewpoint - Zeekr Group reported strong delivery results for May 2025, showcasing significant year-over-year and month-over-month growth in vehicle deliveries [2]. Delivery Performance - In May 2025, Zeekr Group delivered a total of 46,538 vehicles, marking a 15.2% increase year-over-year and a 12.6% increase compared to April 2025 [2]. - The Zeekr brand accounted for 18,908 vehicle deliveries, while Lynk & Co contributed 27,630 vehicles [2]. Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group, focusing on creating a fully integrated user ecosystem [3]. - The company operates two brands, Lynk & Co and Zeekr, and is committed to innovation, sustainability, and diversity [3]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain to enhance its market position [3].

New Energy Vehicles - In the first four months of this year, China accounted for 68% of the global share of new energy vehicles, while domestic brands held a 12% share in overseas markets [1] Artificial Intelligence - Kuaishou launched its AI model series 2.1 [3] - Alibaba open-sourced its innovative autonomous search AI agent, WebAgent [3] - CloudWalk Technology's multimodal large model topped the OpenCompass global multimodal ranking [3] Automotive Industry - NIO Energy and Zeekr Energy reached a charging interconnectivity cooperation [3] - Xiaomi's YU7 is available in stores, but test drives and onboard experiences are not allowed before the launch event [3] - Li Auto's second pure electric SUV, the Li Xiang i6, is set to be released in September [3] - Li Auto reported a net profit of 647 million yuan in the first quarter, a year-on-year increase of 9.4% [3] - Elon Musk stated that Tesla has been testing the autonomous driving Model Y on public roads in Austin without any accidents reported [3] - Neta Auto's debt-to-equity swap failed, with investors demanding the removal of the CEO [3] Robotics and Technology - The first domestic rocket using "liquid oxygen and methane + stainless steel + offshore soft landing recovery" successfully completed recovery [3] - Boston Scientific exited the global heart valve business [3] - Zhuhai offers up to 30 million yuan in funding for key core technology breakthroughs in robotics [3] - Yush Tree changed its name to "Joint Stock Company," leading to speculation about its listing, which the company clarified as a routine operational change [3] - The U.S. Department of Energy announced a new supercomputer supported by Dell and NVIDIA to accelerate scientific research [3] - Support for domestic operating systems from Huawei, Loongson, NVIDIA, and Intel was announced [3] - Foxconn's chairman stated that a comprehensive robot manufacturing platform has been established, with sales expected to exceed 7 trillion TWD by 2025 [3]

Investment Rating - The report maintains an "Overweight" (OW) rating for Weichai Power with a price target of HK$22.00 for the H shares and Rmb24.00 for the A shares, both with a target date of December 31, 2026 [4][13]. Core Insights - Weichai Power is positioned as a growth stock within the heavy-duty truck (HDT) and engine markets, anticipating double-digit year-on-year monthly sales growth due to the China IV HDT trade-in program starting in June/July 2025 [2][3]. - The company is making significant advancements in large-bore engines and AI Data Center (AIDC) engines, targeting sales of 10,000-12,000 units in 2025, with a goal of capturing a 10% market share in China and 5% globally for AIDC engines [7][8]. - Weichai is enhancing its new energy capabilities through collaboration with BYD, focusing on electric HDT solutions and leveraging technology and customer resources to drive growth [2][7]. Summary by Sections Heavy-Duty Truck Market - China's domestic HDT sales are expected to increase significantly due to the trade-in program, with management projecting full-year sales to reach approximately 1 million units, implying a 15-20% year-on-year growth for the remaining months of 2025 [3][4]. - Weichai holds a dominant market share of around 60% in the domestic LNG HDT engine market, positioning itself to benefit from the increased demand for LNG trucks [3][4]. Engine Development - Weichai aims to sell 1,000-1,200 AIDC units in 2025, significantly increasing from 400 units in 2024, with a production capacity expansion to 4,000 units planned for the long term [7][8]. - The company produced nearly 200 AIDC power engines in Q1 2025, with 55% of these engines destined for overseas markets, indicating strong international demand [7]. New Energy Initiatives - Weichai anticipates that EV penetration in China will reach around 30% in the medium term, up from 20% year-to-date, while addressing challenges related to long-distance EVs [7][8]. - The Yantai New Energy Industrial Park Phase I is set to produce electric solutions for various vehicle types, marking a significant step in Weichai's strategic transition towards new energy [7][8]. Valuation - The price target of HK$22.00 for Weichai Power's H shares and Rmb24.00 for A shares is based on a discounted cash flow (DCF) valuation, with a weighted average cost of capital (WACC) of 9.4% [9][14].

点 击 蓝 字 关 注 我 们 本文全文共 3604 字，阅读全文约需 12 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 乘用车： 5月1-25日，全国乘用车市场零售135.8万辆，同比去年5月同期增长16%，较上月同期增长9%， 今年以来累计零售823万辆，同比增长9%；5月1-25日，全国乘用车厂商批发138.9万辆，同比去年5月同期增长 17%，较上月同期下降1%，今年以来累计批发985.8万辆，同比增长12%。 新能源： 5月1-25日，全国乘用车新能源市场零售72.6万辆，同比去年5月同期增长31%，较上月同期增长 11%，全国新能源市场零售渗透率53.5%，今年以来累计零售405万辆，同比增长35%；5月1-25日，全国乘用 车厂商新能源批发75.3万辆，同比去年5月同期增长26%，较上月同期增长0%，新能源厂商批发渗透率54.2%， 今年以来累计批发473.4万辆，同比增长39%。 2.2025年5月全国乘用车零售市场平稳较强 | | 1-5日 | 6-11日 | 12-18日 | 19-25日 | 26-31日 | 1-25日 | ਵ ...

Core Insights - BYD's shares dropped by as much as 8.25% following the announcement of price cuts on 22 electric and plug-in hybrid models, effective until the end of June [1][3] - Significant price reductions include a 20% cut for the Seagull hatchback to 55,800 Chinese yuan ($7,780) and a 34% reduction for the Seal dual-motor hybrid sedan to 102,800 yuan [2] - Analysts from Citi predict a 30% to 40% increase in dealership footfall due to the price cuts, indicating a potential boost in sales [3] Company Performance - Other Chinese automakers also experienced declines in share prices, with Geely Automobile down 7.29%, Great Wall Motor Co down 2.94%, Li Auto down 4.93%, and Xpeng down 4.19% [4] - Despite the price cuts, Citi's analysts do not foresee a significant erosion of competitors' market share, expecting robust sales growth for new energy vehicle companies priced below 200,000 Chinese yuan [4]

Group 1 - General Motors (GM) has decided to stop exporting vehicles from the United States to China amid ongoing trade negotiations between the two countries [1] - The Durant Guild, GM's premium import brand, accounted for less than 0.1% of total sales in China, prompting a restructuring of operations due to significant economic shifts [2] - In Q1 2025, GM and its joint ventures delivered over 442,000 vehicles in China, achieving year-over-year sales growth and increasing market share for the third consecutive quarter [3] Group 2 - Sales of new energy vehicles (NEVs) in China surged by 53.2% year-over-year, with GM planning to expand its NEV portfolio further in 2025 [3] - Ford Motor Company has also paused shipments of several U.S.-built vehicles to China due to retaliatory tariffs, which have increased import taxes significantly [4] - Tesla halted new orders for its Model S and Model X in China following increased tariffs on U.S. imports, facing rising competition from domestic manufacturers like BYD [5]