证券代码：688778 证券简称：厦钨新能 公告编号：2025-036 厦门厦钨新能源材料股份有限公司 关于 2025 年 1-5 月经营情况的自愿性披露公告 一、2025 年 1-5 月主要经营情况 2025 年 1-5 月，厦门厦钨新能源材料股份有限公司（以下简称"公司"） 新能源材料产品实现销量约为 4.76 万吨，同比增长约 20.95%，其中：随着国家 将手机、平板电脑、智能手表手环等消费品纳入"两新"政策支持品类，以及 AI 功能在 3C 产品应用的不断创新，带动公司钴酸锂需求进一步提升，2025 年 1-5 月公司实现钴酸锂销量约为 2.23 万吨，同比增长约 53%；新能源汽车市场延 续良好表现，据中国汽车工业协会统计，2025 年 1-5 月，我国新能源汽车产销 量分别完成 569.9 万辆和 560.8 万辆，同比分别增长 45.2%和 44%，公司实现三 元材料（含磷酸铁锂及其他）销量为 2.36 万吨，同比增长约 2%，其中磷酸铁锂 连续数月出货达千吨级，销量同比实现显著增长。 二、相关风险提示 上述主要经营数据为公司初步核算数据，仅供投资者参考，具体准确的数据 以公司后续正式披露的定 ...

Economic Performance - In May, the industrial added value above designated size increased by 5.8% year-on-year, slightly exceeding market expectations[2] - The service industry production index rose by 6.2% year-on-year in May, indicating positive service sector performance[13] Consumer Trends - The total retail sales of consumer goods in May grew by 6.4% year-on-year, up from 5.1% in April, driven by the early "618" shopping festival[19] - Major categories such as home appliances and communication equipment saw significant growth, with home appliance sales increasing by 53.0% year-on-year[23] Investment Insights - Fixed asset investment (excluding rural households) grew by 3.7% year-on-year from January to May, below the market expectation of 4.0%[4] - Infrastructure investment increased by 5.6% year-on-year, while real estate development investment declined by 10.7%[4] Employment and Labor Market - The urban surveyed unemployment rate in May was 5.0%, a decrease of 0.1 percentage points from the previous month, indicating a stable employment situation[6] - The job market remains sensitive to external economic conditions, with policies aimed at supporting key demographics such as graduates and migrant workers[6] Market Outlook - The second quarter is expected to see a slight economic slowdown compared to the first quarter, with potential non-linear characteristics due to external uncertainties[1] - A dual bull market in stocks and bonds is anticipated in the second half of the year, supported by easing U.S.-China trade relations and risk mitigation funds[1]

Economic Performance - In May, the industrial added value increased by 5.8% year-on-year, down from 6.1% in the previous month[3] - Retail sales of consumer goods grew by 6.4% year-on-year in May, up from 5.1% in April, indicating stronger consumer demand[3] - Fixed asset investment for January to May showed a cumulative year-on-year growth of 3.7%, a decrease of 0.3 percentage points from the previous value[3] Industrial Sector Insights - The manufacturing sector's added value growth slowed to 6.2%, down 0.4 percentage points from the previous month, primarily due to external trade environment changes[8] - The export delivery value of industrial enterprises fell to 0.6% year-on-year in May, down from 0.9% in April, reflecting ongoing challenges in international trade[8] - High-tech manufacturing added value grew by 8.6%, indicating resilience in this sector despite overall industrial slowdowns[8] Consumer Behavior - The "old-for-new" policy significantly boosted sales in durable goods, with household appliances and communication equipment seeing growth rates of 53.0% and 33.0%, respectively[12] - Despite a rebound in automobile retail sales growth to 1.1%, there remains a significant gap between sales volume and revenue growth, attributed to price pressures in the market[12] - Overall, consumer spending showed strong resilience, supported by government policies aimed at stimulating consumption[12] Investment Trends - Manufacturing investment for January to May grew by 8.5%, but is expected to decline to around 8.3% in the coming months due to external economic pressures[13] - Real estate investment saw a cumulative year-on-year decline of 10.7%, with a monthly drop of 12.4% in May, reflecting a cooling housing market[13] - Infrastructure investment (excluding electricity) grew by 5.6% year-on-year, but the monthly growth rate fell to 5.1%, indicating a slowdown in project implementation[16] Future Outlook - The central bank is expected to continue interest rate cuts in the second half of the year to support economic growth, alongside new fiscal measures[17] - The real estate market requires further stabilization efforts, with policies aimed at supporting housing purchases and reducing mortgage rates being prioritized[17]

Core Insights - The industrial production in China showed a robust growth of 5.8% year-on-year in May 2025, with a month-on-month increase of 0.61% after seasonal adjustments [1] - The manufacturing sector outperformed the overall industrial growth, achieving a 6.2% increase, while mining and electricity sectors grew by 5.7% and 2.2% respectively [1] - The equipment manufacturing industry demonstrated significant growth, with a 9.0% year-on-year increase, contributing 54.3% to the overall industrial production growth [2] Industrial Performance - In May, 35 out of 41 major industries reported year-on-year growth, resulting in a growth coverage of 85.4% [1] - Among 623 major industrial products, 326 products saw an increase in output, reflecting a growth coverage of 52.3% [1] - Cumulatively, from January to May, the industrial added value increased by 6.3% year-on-year [1] Equipment Manufacturing - The equipment manufacturing sector maintained a strong performance, with all eight sub-sectors reporting growth [2] - The automotive industry experienced a notable increase of 11.6% in added value, accelerating by 2.4 percentage points compared to April [2] - Other sectors such as railway, shipbuilding, aerospace, and electrical machinery also recorded double-digit growth rates [2] Consumer Goods Manufacturing - The consumer goods manufacturing sector grew by 2.5% year-on-year in May, with 10 out of 13 major categories showing growth [2] - Specific industries like cultural and educational products, chemical fibers, and agricultural products saw increases of 10.1%, 6.1%, and 7.6% respectively [2] - Notable product growth included fiber-reinforced plastic products, carbon fibers, and health foods, with increases of 22.6%, 17.9%, and 14.9% respectively [2] Policy Impact - The "Two New" policy continues to stimulate growth in related industries, with significant increases in sectors like motor manufacturing and shipbuilding [3] - The implementation of vehicle replacement subsidies led to an 11.3% increase in automobile production and a 26.0% rise in charging station production [3] - The overall manufacturing output growth rate has shown signs of slowing down, particularly in high-tech and equipment manufacturing sectors [3] Export and Investment Trends - The production and demand for steel have declined, indicating a slowdown in the industrial sector's output [4] - The export delivery value for large-scale industrial enterprises dropped significantly from 7.7% in March to 0.6% in May, highlighting challenges faced by larger firms [4] - Manufacturing investment growth for the first five months of the year was 8.5%, with a monthly growth rate of 7.8% in May, reflecting a slight decline [5][6]

Economic Performance - In May, the industrial added value increased by 5.8% year-on-year, down from 6.1% in April, with a cumulative growth of 6.3% from January to May[1] - The total retail sales of consumer goods grew by 6.4% year-on-year in May, up from 5.1% in April, with a cumulative growth of 5.0% from January to May[1] - Fixed asset investment from January to May increased by 3.7% year-on-year, down 0.3 percentage points from the previous value, with May's investment growth at 2.7%, a decline of 0.8 percentage points from April[1][2] Industrial Sector Insights - The manufacturing sector's added value growth slowed to 6.2% in May, down 0.4 percentage points from the previous month, primarily due to external trade environment changes affecting export trade[4] - Despite a slowdown in export delivery value growth to 0.6% in May, the industrial added value remained around 6.0% due to domestic demand policies and technological innovation[5] - High-tech manufacturing added value grew by 8.6%, indicating strong support for overall industrial performance[5] Consumer Behavior - The rapid growth in retail sales was driven by the "old-for-new" policy for durable goods, with significant increases in categories like home appliances (53.0% growth) and communication equipment (33.0% growth) in May[8] - Automotive retail sales saw a rebound with a 13.6% increase, although the retail sales growth was only 1.1%, indicating pricing pressures in the market[8][9] Investment Trends - Manufacturing investment from January to May showed a cumulative year-on-year growth of 8.5%, with equipment investment growing by 17.3%, contributing significantly to overall investment growth[10] - Real estate investment continued to decline, with a cumulative drop of 10.7% from January to May, and a monthly decline of 12.4% in May, reflecting ongoing market adjustments[11] - Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May, but May's growth slowed to 5.1% due to weak project funding and execution[12] Future Outlook - The economic outlook suggests continued challenges from external trade dynamics, with expectations of further monetary easing and fiscal measures to support growth in the second half of the year[3][13] - The real estate market's stabilization is crucial for boosting consumer confidence and investment, with anticipated support measures to enhance housing market recovery[11][14]

Group 1 - The retail sales of passenger cars in China reached 1.932 million units in May 2025, representing a year-on-year increase of 13.3% and a month-on-month increase of 10.1% [1] - Cumulative retail sales for the year reached 8.811 million units, showing a year-on-year growth of 9.1% [1] - The retail market has shown a strong growth trend, with May 2025 sales surpassing the peak level of 1.81 million units in May 2018 by 6% [1] Group 2 - The automotive market has been buoyed by the "two new" policies, with local consumption promotion policies being implemented across various provinces [3] - As of May 31, the number of applications for the old-for-new vehicle subsidy reached 4.12 million, with May's applications estimated at 1.23 million, a 13% increase from April [3] - Approximately 70% of private car buyers benefited from the old-for-new policy, indicating a shift towards consumption upgrades [3] Group 3 - The automotive industry is undergoing significant changes in product structure, user demand, and channel development, necessitating proactive measures from dealers and industry players [3] - Dealers are encouraged to leverage favorable policies to explore new revenue streams and adapt their strategies accordingly [4] - The importance of digital transformation and the shift from sales to service in the automotive dealership model is emphasized, with a focus on utilizing digital marketing and data assets [4] Group 4 - The relationship between manufacturers and dealers is evolving, with a need for harmonious partnerships to adapt to the new market dynamics [5] - The automotive industry is facing challenges such as excessive dealership networks and profitability issues, leading to a necessary industry consolidation [5] - The establishment of exit mechanisms in dealership contracts is proposed to create a fairer and more orderly brand authorization cooperation model [6]

Group 1 - The emphasis on deepening the implementation of the free trade zone enhancement strategy to explore broader and deeper areas for higher-level free trade zones [1][5] - The steady expansion of institutional openness in various free trade zones this year, promoting innovation across the entire industry chain [1][5] - The role of free trade zones as a demonstration and leading force in economic development [1][5] Group 2 - The opening of the Fourth China-Africa Economic and Trade Expo, with participation from 53 African countries and over 3,000 enterprises and organizations [13] - The establishment of a domestic trade credit insurance co-insurance body to enhance domestic trade insurance capacity, providing an initial insurance guarantee of 10 billion yuan [18] Group 3 - The launch of a new batch of reserve rice by the Japanese government to stabilize rice prices, with 120,000 tons released [28][29] - The continuous rise in rice prices in Japan due to extreme heat and poor harvests, with the average price for 5 kilograms of rice around 210 yuan [29]

2025年6月11日下午，中国汽车工业协会信息发布会在北京召开。本次发布会内容主要包括2025年5 月汽车产销数据及经济运行情况。中国汽车工业协会副秘书长陈士华出席本次发布会。中国汽车工业协 会专务副秘书长许海东主持发布会。 中国汽车工业协会副秘书长陈士华发布2025年5月汽车产销数据及经济运行情况。 当前，我国汽车行业整体运行呈现稳中向好态势，市场活力不断释放，但行业盈利水平持续下 滑，"增量不增利"的局面未有改善。以无序"价格战"为主要表现形式的"内卷式"竞争，是行业效益 下降的重要因素。协会于5月31日对外发布了《关于维护公平竞争秩序，促进行业健康发展的倡 议》，旨在引导所有企业遵从公平竞争原则，坚持创新驱动，持续提升产品品质和服务质量，共同 维护行业健康发展，《倡议》得到了行业内外的广泛认可和支持。 来源： 中汽协会行业信息部 我国经济总体保持平稳增长，经济运行向新向好，内需空间不断扩展，外需市场更加多元。今 年以来，"两新"政策加力扩围，持续显效，叠加车企新品投放、多地车展促销等利好因素，助力汽 车市场消费活力加速释放。 5月，汽车市场延续良好态势，产销较去年同期实现10%以上的增长，且内需和出口均 ...

Core Viewpoint - The implementation of large-scale equipment updates and consumer goods replacement policies in China has effectively supported consumption expansion, investment stabilization, transformation promotion, and improved livelihoods, with noticeable policy effects emerging throughout the year [1] Group 1: Consumption Growth - The consumer goods replacement policies have significantly stimulated consumption, with retail sales of communication equipment, home appliances, and furniture increasing by 26.9%, 19.3%, and 18.1% year-on-year respectively in the first quarter [1] - Retail sales of cultural and office supplies also saw a growth of 21.7%, indicating sustained rapid growth in these sectors [1] Group 2: Investment Growth - Investment in equipment and tools increased by 19% year-on-year in the first quarter, contributing 64.6% to the overall investment growth [1] - Investment growth in sectors closely related to the "two new" initiatives, such as consumer goods manufacturing, equipment manufacturing, manufacturing technology upgrades, and raw materials manufacturing, rose by 13.5%, 8.9%, 7.2%, and 4.3% respectively [1] Group 3: Challenges and Solutions - There are ongoing issues such as imbalances in the "two new" initiatives across different regions and sectors, and the need for improved efficiency in subsidy applications [1] - The government is urged to implement comprehensive measures to address these challenges to avoid negatively impacting policy effectiveness [1] Group 4: Coordination and Support Mechanisms - Local governments and relevant departments are encouraged to strengthen responsibility awareness and ensure the smooth implementation of the "two new" initiatives [2] - A national information platform is proposed to facilitate data sharing and improve the efficiency of subsidy applications and fund disbursement [2] Group 5: Financial Support and Regulation - There is a call for accelerated review and disbursement of allocated funds to alleviate financial pressure on enterprises and ensure subsidies reach consumers effectively [3] - Financial institutions are encouraged to provide preferential loans and simplify application processes to lower financing costs for consumers and businesses [3] Group 6: Public Awareness and Engagement - Local governments are tasked with promoting the progress and benefits of the "two new" policies through various outreach activities, ensuring effective communication and community engagement [3]

具体车企方面，1月至5月，汽车销量排名前十的企业（集团）共销售1070.8万辆，占汽车销售总量的 84%。 出口方面，5月，中国汽车出口55.1万辆，环比增长6.6%，同比增长14.5%。1月至5月，中国汽车出口总 量达249万辆，同比增长7.9%。 据中汽协统计，5月，中国汽车产销分别完成264.9万辆和268.6万辆，环比分别增长1.1%和3.7%，同比 分别增长11.6%和11.2%。1月至5月，汽车产销累计完成1282.6万辆和1274.8万辆，同比分别增长12.7% 和10.9%。 新能源汽车方面，数据显示，5月，中国新能源汽车产销分别完成127万辆和130.7万辆，环比分别增长 1.5%和6.7%，同比分别增长35%和36.9%，新能源汽车新车销量达到汽车新车总销量的48.7%。 在新能源汽车主要品种中，与上月相比，纯电动汽车产量小幅下降、销量小幅增长，燃料电池汽车产销 明显下降，插电式混合动力汽车产销呈两位数增长；与上年同期相比，燃料电池汽车产销明显下降，其 他两大类新能源汽车品种产销均呈不同程度增长。 ◎记者俞立严 6月11日，中国汽车工业协会（简称"中汽协"）召开沟通会，公布一系列数据。20 ...