点 击 蓝 字 关 注 我 们 本文全文共 373 字，阅读全文约需 1 分钟 据中国汽车流通协会乘用车市场信息联席分会最新 零售 销量数据统计，2025年5月份国内狭义乘用 车市场 零售 销量达193.8万辆，同比增长13.7%，环比增长10.4%；1-5月份累计销量881.7万辆，同比增长 9.2%。 | 单位: 辆 | | | | | | | --- | --- | --- | --- | --- | --- | | NO. | 自国广商 | 2025.1-5 | 2024.1-5 | 同比 | 份额 | | 1 | 比亚迪汽车 | 1,735,643 | 1,266,934 | 37.0% | 16.1% | | 2 | 吉利汽车 | 1,173,144 | 789,645 | 48.6% | 10.9% | | 3 | 奇瑞汽车 | 989,058 | 865,873 | 14.2% | 9.2% | | ব | 长安汽车 | 701,046 | 676,001 | 3.7% | 6.5% | | 5 | 汽大众 | 588,567 | 618,513 | -4.8% | 5.5% | | 6 | ...

对于自主品牌乘用车保持高增长的原因，崔东树认为，这主要得益于自主品牌在新能源车市场和出口市 场获得明显增量。特别是主流车企转型升级表现优异，包括比亚迪（002594）汽车、吉利汽车、奇瑞汽 车、长安汽车等传统车企品牌市场份额提升明显。 6月9日，中国汽车流通协会乘用车市场信息联席分会发布《2025年5月份全国乘用车市场分析》显示，5 月份全国乘用车市场零售193.2万辆，同比增长13.3%。今年以来累计零售881.1万辆，同比增长9.1%。 乘联分会秘书长崔东树表示，与过去几年国内车市零售呈现"前低后高"的走势不同，今年5月车市零售 量较2018年5月销售181万辆的最高水平增长了6%，呈现出强增长态势。 不仅零售，5月乘用车厂商批发和生产均创当月历史新高。5月乘用车生产227.0万辆，同比增长12.6%， 较历史同期高点2024年5月的202万辆高出25万辆；5月全国乘用车厂商批发231.0万辆，同比增长 12.8%。 崔东树表示，受"两新"政策的拉动，春节后车市热度持续走强。在国家促消费政策推动下，很多省市出 台并逐步落实了相应的地方促消费政策，叠加车展等线下活动的全面启动，推动5月车市走势良好。 以旧换 ...

Core Viewpoints - The improvement in consumer demand stabilizes the core CPI, but supply-side factors significantly suppress inflation readings [3][68] Group 1: Key Features of Core CPI Stabilization - Feature 1: The core commodity PPI shows a significant rebound, primarily due to improved demand and a lack of further tariff impacts. In May, the core commodity PPI increased by 0.3 percentage points to -1.4% [3][68] - Feature 2: Consumption promotion policies combined with rising gold prices lead to an increase in core commodity CPI. In May, the core commodity CPI rose by 0.1 percentage points to 0.2% [4][19] - Feature 3: The increase in holiday days in May allows for a more substantial release of service demand, pushing the core service CPI higher. The service CPI rose by 0.2 percentage points to 0.5% in May [4][22] Group 2: Outlook and Regular Tracking - The combination of policy reinforcement and recovery in domestic demand is expected to alleviate inflationary pressures, but supply-side changes must be monitored for their impact on price readings [5][33] - The overall CPI in May was -0.1%, slightly better than market expectations, with food supply showing a mixed performance [5][27] - The non-food CPI saw improvements in transportation and communication, while fuel prices for transportation significantly declined [51][71]

今年1月8日，国家发改委、财政部发布的《关于2025年加力扩围实施大规模设备更新和消费品以旧换新 政策的通知》（以下简称《通知》）提出，针对汽车领域，要扩大汽车报废更新支持范围与完善汽车置 换更新补贴标准。相比去年的政策，《通知》将部分国四排放标准车型纳入报废换新补贴范围，同时享 受报废换新补贴的新能源乘用车车龄再"年轻"8个月。据中国汽车流通协会测算，今年报废换新车型标 准范围放宽后，新增符合条件的国四排放标准乘用车超1000万辆，新能源乘用车增长约100万辆。崔东 树表示，得益于"两新"政策的拉动效应，今年春节后的车市热度持续走强。在国家促消费政策推动下， 很多省市出台并逐步落实相应地方促消费政策，叠加车展等线下活动的全面启动，达成5月车市的良好 走势。 利好政策助力下，新能源汽车市场也持续狂奔。数据显示，今年5月，新能源乘用车市场零售102.1万 辆，同比增长28.2%，环比增长12.1%。从渗透率看，今年5月，新能源车在国内乘用车整体市场的零售 渗透率达52.9%。乘联分会方面表示，国内零售渗透率的提升，呈现出新能源乘用车在报废更新、以旧 换新叠加免征购置税等普惠政策托底下的强劲增长态势。 值得一提的 ...

证券研究报告 | 2025年06月09日 家电行业周报（25 年第 23 周） 优于大市 618 中段厨房小家电需求迎加速，家电内销增长良好 本周研究跟踪与投资思考：618 大促行至中段，厨房小家电需求依然加速增 长，在第 22 周增长靓丽，预计有望在 618 期间实现强劲增长。 618 数据跟踪：厨房小家电景气度环比加速。618 大促自 5 月 13 日开启，奥 维云网监测数据显示，2025 年第 1-22 周（2024 年 12 月 30 日-2025 年 6 月 1 日），家电主要品类线上增速较 1-4 月均有明显提升。其中空调/冰箱/洗 衣机前 22 周线上零售额同比分别+22.4%/-6.4%/+8.0%，线下零售额维持在 10%+的增长水平；油烟机/燃气灶/洗碗机线上零售额增速分别为 +19.6%/+18.0%/+12.1%，线下则维持 20%+的增长；电饭煲/电水壶线上零售 额增速为+15.4%/+2.0%；扫地机/洗地机线上零售额增速为+50.7%/+46.1%。 从第 22 周的表现看（2024 年 618 京东平台从 5 月 31 日开始），厨房小家电 的零售额增速环比依然有所加速，第 2 ...

Core Viewpoint - The expected GDP growth rate for the second quarter is around 4.8%, influenced by factors such as export fluctuations, the diminishing impact of trade-in policies on consumption, and ongoing adjustments in the real estate sector [1][2]. Economic Analysis - The economic situation in China is projected to remain relatively stable in the short term, primarily due to a backlog of export orders and the positive effects of trade-in policies on retail [2]. - Export growth is expected to maintain a high level in May and June, potentially close to April's 8% growth rate, but challenges may arise in the second half of the year [2]. - The increase in tariffs on Chinese goods by the U.S. has significantly impacted exports, particularly with a 54% tariff on small packages, which may lead to a substantial decline in exports after the initial surge [3]. - The positive effects of trade-in policies for durable goods are expected to wane, with potential negative impacts on consumer demand in the latter half of the year [3][4]. - The real estate sector is experiencing a prolonged downturn, with a 10% annual decline and a 22% drop in new housing starts, complicating efforts to stabilize domestic demand [4]. Policy Recommendations - Maintaining the stability of the RMB exchange rate is crucial for economic stability, especially given the current challenges in the real estate market and capital outflow concerns [5][6]. - Accelerating fiscal spending and exploring additional stimulus measures are necessary to stabilize the economy in the second half of the year [6]. - The stability of the real estate market is critical, requiring measures such as interest rate cuts and debt resolution for developers to prevent further economic decline [7]. - Structural reforms in the social security system are needed to enhance consumer spending, particularly by increasing pension levels for rural elderly populations [8]. - Fiscal reform is essential to improve local government finances and create independent revenue sources beyond real estate, which is vital for enhancing the business environment [9].

Group 1 - The "Top Ten Sports Events" award ceremony was held in Shenzhen, with Bao'an district achieving a "Grand Slam" by having three events recognized [2] - Bao'an district leaders visited Dongguan to learn about successful talent service and infrastructure development, aiming to enhance talent initiatives in Bao'an [2] Group 2 - Bao'an district launched electronic consumer vouchers, encouraging local spending [3] - Local enterprises showcased their star products and solutions at domestic and international industry events [3] - The World Sinology Conference will be held for the first time in Bao'an, Shenzhen [3] Group 3 - The "Discover the Beauty Around You" civil practice activity invites participation to showcase the livability of Bao'an [4] - The Bao'an district is preparing for the 2025 enrollment of first-grade and middle school students, with online registration starting on June 7 [4] - A youth mental health technology festival was successfully held in Bao'an, organized by the district's youth committee and education bureau [4] Group 4 - Shenzhen has proposed three "gold standards" for smoke-free areas, marking a national first [6] - The city continues to enhance convenience for visitors with a seamless mobile experience [6] Group 5 - The pet industry in Shenzhen has surpassed one million pets, with a market size exceeding 100 billion [8] - The 15th International Space Design Award has officially launched its global call for entries in Shenzhen [8]

Summary of Hisense Home Appliances Conference Call Industry Overview - The air conditioning market is highly competitive, with significant price pressure on flow models and cost-effective models. The national subsidy policy is being utilized quickly in coastal eastern regions, although some areas face funding shortages, which are expected to be resolved later. The policy has a significant positive effect on consumer demand [2][3][7] - The home appliance industry is experiencing single-digit growth in domestic sales, particularly after the 618 shopping festival began on May 13. Online sales growth has significantly improved in May, with a notable change in sales structure for refrigerators, air conditioners, and washing machines compared to the same period last year [3][21] Company Performance - Hisense's air conditioning installation card growth in May was in the high single digits, with new air conditioning installations exceeding 50% growth, accounting for over 20% of domestic sales. The company is actively expanding online channels for its flow models [4][5] - Hisense employs a K-shaped pricing strategy, improving the average price of high-end products while reducing prices for flow models due to intense competition [6] - The company anticipates that the effects of the national subsidy policy will become evident in the second quarter, with expectations for additional government funding to stimulate consumption [7][8] Market Dynamics - The central air conditioning market is expected to remain weak in the second quarter, with inventory levels around 90 days. The C-end and public construction sectors are expected to maintain single-digit growth, with profit margins stabilizing around 17% [9][10][11] - The overseas market, particularly in emerging regions like ASEAN, is expected to see strong growth, with overseas revenue growth and profit margin improvements being more certain than in the domestic market [12][13][14] Challenges and Strategies - Issues with the national subsidy policy include regional funding shortages and irregularities, which may lead to localized market disruptions. However, the overall impact is expected to be positive as more funds are anticipated to be allocated [7][19] - Hisense's strategy in response to the national subsidy policy involves requiring dealers to pre-finance, which may affect promotional activities during the 618 shopping festival [8][18] - The company plans to leverage the 618 shopping festival for marketing, with strategies tailored to optimize sales performance based on current trends [21][23] Future Outlook - Hisense aims to continue pushing for high-end product offerings, with plans to launch more products priced above 10,000 yuan. The company is also focusing on energy efficiency upgrades in the refrigerator sector [22] - The overseas marketing strategy includes sponsorship of major sports events like the World Cup and NBA, with a focus on expanding into new markets in the Middle East, Africa, ASEAN, and Latin America [25] Conclusion - Hisense Home Appliances is navigating a competitive landscape with strategic pricing and marketing initiatives while responding to government policies and market demands. The company is optimistic about growth in both domestic and international markets, particularly in emerging regions, despite facing challenges related to funding and competition.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall economic data in April declined to some extent compared with March but remained resilient under the background of the tariff war. The year-on-year growth rate of social retail sales was 5.1%, which was significantly supported by the "trade-in" policy. The social credit demand in April was weak. The cumulative new RMB loans in April reached 10.06 trillion yuan, a year-on-year increase of 2.86%. The year-on-year growth rate of M2 in April was 8%. The joint statement issued by China and the United States laid a good foundation for further trade negotiations, exceeding market expectations. Recently, the three departments held a joint press conference. The central bank announced a reserve requirement ratio cut and interest rate cut policy to reduce the cost of the liability side of enterprises. The Financial Regulatory Administration emphasized that it would vigorously promote the entry of medium - and long - term funds into the market and support, stabilize and activate the capital market through a quasi - flat fund. The CSRC said it would optimize the fee model of active equity funds. The internal policy drive is the main line for the stock index in 2025. In terms of financial reports, in the first quarter, the decline rate of the full - market revenue growth of A - share listed companies narrowed for three consecutive quarters, but was still lower than the policy interest rate. The net profit increased year - on - year by about 4%, but the ROE was still in the stage of bottoming out and stabilizing. These measures are conducive to helping enterprises repair their balance sheets and promoting the stable development of the real economy, leading to a stable increase in stock market valuations. The stock index is expected to fluctuate [1]. - On the day of the bond futures closing, the 30 - year main contract rose 0.10%, the 10 - year main contract rose 0.09%, the 5 - year main contract rose 0.07%, and the 2 - year main contract rose 0.04%. The capital market remained loose, with DR007 rising 1BP to 1.56%. In June, it is difficult for the bond market to have a trending market. After macro - level disturbances, the bond market will fluctuate following the capital market and economic fundamentals again. After the reserve requirement ratio cut and interest rate cut, the capital market is unlikely to fluctuate significantly in the short term, the expectation of incremental policies in the short term has cooled, and the economic resilience remains. The bond market shows a sideways shock pattern again after adjustment [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index Futures**: The stock index is expected to fluctuate. The internal policy drive is the main line in 2025. The measures are conducive to the stable development of the real economy and the stable increase of stock market valuations [1]. - **Bond Futures**: The bond market is expected to fluctuate. In June, it is difficult to have a trending market. After adjustment, it shows a sideways shock pattern [1][2]. 3.2 Daily Price Changes | Variety | 2025 - 06 - 04 | 2025 - 06 - 03 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH (Stock Index Futures) | 2,673.6 | 2,668.6 | 5.0 | 0.19% | | IF (Stock Index Futures) | 3,842.4 | 3,824.8 | 17.6 | 0.46% | | IC (Stock Index Futures) | 5,688.8 | 5,638.4 | 50.4 | 0.89% | | IM (Stock Index Futures) | 6,054.0 | 5,998.0 | 56.0 | 0.93% | | Shanghai Composite 50 (Stock Index) | 2,690.8 | 2,687.3 | 3.5 | 0.13% | | CSI 300 (Stock Index) | 3,868.7 | 3,852.0 | 16.7 | 0.43% | | CSI 500 (Stock Index) | 5,739.0 | 5,694.8 | 44.2 | 0.78% | | CSI 1000 (Stock Index) | 6,123.2 | 6,070.0 | 53.1 | 0.88% | | TS (Bond Futures) | 102.40 | 102.35 | 0.044 | 0.04% | | TF (Bond Futures) | 106.04 | 105.96 | 0.075 | 0.07% | | T (Bond Futures) | 108.77 | 108.69 | 0.08 | 0.07% | | TL (Bond Futures) | 119.57 | 119.45 | 0.12 | 0.10% | [3] 3.3 Market News - On June 4, local time, the results of the South Korean presidential election were announced. Lee Jae - myung of the Democratic Party was elected president with a vote - share of 49.42% (17.2875 million votes). His term officially began at 6:21 am on June 4, and his inauguration ceremony was held at the National Assembly at 11 am on the same day [4]. 3.4 Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts, and the basis trends of IH, IF, IC, IM [6][7][10][11]. - **Bond Futures**: There are charts showing the trends of bond futures main contracts, bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][24][25].

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月5日，三大股指小幅高开，沪指 涨0.06% ，深成指 涨0 .08% ，创业板指 涨0.08% 。虚拟电厂、新能源车、生物科技概念股活跃；新消 费、可控核聚变题材回调。 今日券商观点 ①华泰证券：6月锂电排产增长 看好长期需求 华泰证券研报称，鑫椤锂电发布锂电产业链6月预排产，样本企业中电池排产1 0 7 . 7GWh，环比增长2 . 9%，正极1 3 . 3万吨，环比增长9 . 1%，负 极11 . 7万吨，环比增长0 . 9%，隔膜1 4 . 9亿平，环比增长4 . 3%，电解液7 . 6万吨，环比增长6 . 6%，总体排产环比微增，主要系以旧换新政策拉 升新能源汽车需求，美国对华关税下调后储能迎来新一轮抢出口。长期而言，国内新车型新技术不断推出，欧洲及亚非拉储能市场前景向好， 看好电池环节供需边际持续改善，看好头部电池企业提升产能利用率，实现量利齐升。 ②中金：小家电行业需求有望延续复苏态势，重点关注盈利能力改善公司 中金公司发文称，家电以旧换新政策带动及低基数效应下，预计今年小家电行业需求有 ...