舆情大数据，帮你看清市场全貌、看懂涨跌原因。 基于全网舆情的近期数据统计， 对吉利汽车股价的影响分析报告。 来源｜ 36氪企业全情报（ID：EV36kr） 吉利汽车 6月13日放量下跌2.39% 16.34 -0.40 -2.39% 以下文章来源于36氪企业全情报 ，作者36氪 36氪企业全情报 . 昨日收盘价16.74；当日收盘价：16.34 当日开盘价16.52；交易量9689.39万股 换手率0.96%；放量幅度0.26% 3日涨幅 -6.74% ；5日涨幅 -8.92% 成交额：15.78亿；总市值：1647.74亿 较过去一年的平均收盘价 +0.20% ；较过去一年的日均交易量 +0.30 % " 汽车价格战下吉利的应对举措 " 舆情分析 在汽车价格战中，吉利汽车宣布多款车型降价，吉利星愿限时补贴价5.98万元起，相比6.88万元的指导价优惠9000元。吉利控股集团董事长李书福呼吁 行业尊重产业规律，摒弃投机思维，并宣布吉利将不再建设新的汽车生产工厂，不搞重复建设。 ｜事件正负面性质分析 截止6月13日，此事件匹配的到全网舆情信息总量为 807条 ，正面信息 419条 ，占比 51.9% ，负面信息 ...

Core Viewpoint - The automotive industry is facing significant pressure from various stakeholders, including suppliers and regulatory bodies, due to ongoing price wars and extended payment terms, which are impacting the financial health of the entire supply chain [1][5]. Group 1: Price War Dynamics - Automotive companies are primarily relying on price negotiations rather than improving supply chain efficiency or technological innovation to reduce costs [1][2]. - The current price war is characterized by companies sacrificing their profits and pressuring suppliers to accept longer payment terms, effectively lowering procurement costs [2][3]. - The accounts payable and notes payable of major automotive companies have generally expanded, with notable increases in companies like Beiqi Blue Valley and Zerorun, which saw over 120% and 90% growth, respectively [2][3]. Group 2: Supplier Impact - Approximately 80% of automotive parts manufacturers have reported an increase in accounts receivable, with some companies experiencing growth rates exceeding 50% [3]. - The average turnover days for accounts payable among domestic automotive companies exceed 180 days, while international counterparts maintain around 60 days, indicating a significant burden on suppliers [3][4]. - Suppliers are often forced to accept unfavorable conditions due to the dominance of high market share companies, leading to cost-cutting measures that may compromise quality [4]. Group 3: Regulatory Changes - The newly implemented "Regulations on Payment for Small and Medium Enterprises" aims to address the long payment terms and low capital efficiency issues in the automotive supply chain by mandating payments within 60 days [5][6]. - While some companies have committed to reducing payment terms, many have not explicitly stated their intention to avoid increasing supplier financial pressure through non-cash payment methods [5][6]. - The regulations serve as a "mirror" for the financial health of automotive companies, allowing suppliers to make informed decisions based on the payment practices of their partners [6].

围绕车圈下一个恒大问题，海豚君通过《比亚迪：到底会不会成下一个恒大？》 （已发布在长桥App，可以添加小助手微信"dolphinR124"获取） 一文详解汽 车产业链供应链账款问题，并指出： 类似比亚迪这种无论是供应链融资，还是垂直一体化重资产运作，均需维持苛刻的高销量。 一旦汽车行业激烈竞争导致销量停滞，强势的供应链金融也可能翻 车，不仅重创车企财务报表，更易引发上游供应链资金断裂的系统性风险。 但海豚君刚做完这个分析，车企开完会后形势突变：从6月10日晚起，短短一天内，超15家车企声明将供应链账期缩短至60天，向全球行业均值（45-60天）看齐， 到现在基本全部车企都已表态账期缩短到60天。 然而，在我们拉出来的一众汽车公司中，2024年仅特斯拉一家60天账期达标。中国车企平均应付账款周期长达5-6个月（比亚迪近7个月，海马/北汽蓝谷达8-9个 月）。 若硬性立即执行60天付款周期，车企现金流将急剧恶化。周转天数最长且现金储备不足者，将直接陷入危机。 那么问题来了：60天账期严格执行，对各家的影响到底多大？到底哪些车企在裸跑？可能应对方案背后对资本市场投资的可能影响？ 本篇海豚君再跟进研究下这 些问题。 ...

Core Viewpoint - The article discusses the potential risks and impacts of a strict 60-day payment term for automotive companies, highlighting that many companies, including BYD, may face significant cash flow challenges if this policy is enforced [1][5][20]. Group 1: Impact of 60-Day Payment Term - If the 60-day payment term is strictly enforced, companies like BYD could face a payment gap of nearly 300 billion yuan, with other companies like SAIC and Geely also having substantial gaps [6][9]. - The average accounts payable cycle for Chinese automotive companies is currently 5-6 months, with some companies like BYD having cycles as long as 7 months, which would lead to severe cash flow issues if the new term is implemented [1][5]. Group 2: Company Cash Flow Analysis - Tesla and Li Auto are identified as the safest companies with sufficient cash flow to cover their payment gaps, while companies like NIO, Geely, and BYD are at risk of needing immediate external financing [8][9][12]. - The analysis categorizes companies into different risk levels based on their cash flow and debt levels, with NIO, Geely, and BYD being among the highest risk due to their cash flow deficiencies [12][14]. Group 3: Reasons for Shortening Payment Terms - The automotive industry has an average accounts payable cycle of 6 months, indicating a heavy reliance on upstream supply chain financing, which is unsustainable in the current competitive environment [16][18]. - The ongoing price wars among automotive companies are exacerbating financial pressures, leading to a situation where many companies are experiencing losses while also carrying high operational and interest-bearing debts [18][20]. Group 4: Policy Implications and Industry Dynamics - The government's intention behind enforcing a shorter payment term is to prevent systemic risks in the automotive supply chain and to curb the excessive reliance on supply chain financing for growth [20][22]. - The article suggests that the policy may lead to a shift in competition from leveraging payment terms to focusing on product quality and operational efficiency, thereby changing the competitive landscape of the automotive industry [29][30].

据新浪报道，6月12日汽车博主孙少军微博转发视频显示，中国汽车流通协会、 乘用车市场信息联席分会秘书长崔东树 近日表 示，其 绝对不会买新能源汽车 。 崔东树表示："燃油车这个绿色环保性是比较强的，生命周期的碳排放是很低的，而电动车在电池制造过程中，碳排放是极高的。" 6月9日，乘联会发布数据显示，2025年5月全国乘用车市场零售193.2万辆， 同比增长13.3%，环比增长10.1% 。5月新能源促销环比 增长1.6%，达到11%； 5月新能源车国内零售渗透率提升到52.9% 。 崔东树表示，新能源车跟传统燃油车价格体系和税收体系完全不同， 燃油车是作为奢侈品去管理的 ，有巨额的税收的压力，而新能 源车作为一个不税的产品成本是极低的。 崔东树说： " 燃油车是背负了整个车市所有的社会责任， 交了巨额的税收背负着重大的骂名， 反正我是只买燃油车的， 我绝对不会买新能源车的。" 有观点认为， 崔东树的观点揭示了电动车产业链在电池制造环节的环境挑战，但忽略了全生命周期评估和技术进步的动态影响。 电动车在绿电占比高的地区已展现出显著的减排优势，且电池回收、碳捕获等技术正快速降低制造环节的碳排放。中国政策与国际 趋势 ...

Group 1 - BYD has launched its cheapest and smallest electric vehicle, the Dolphin Surf, in the UK, priced at £18,650 (approximately ¥181,959), highlighting the competitive pricing strategy of Chinese automakers in the European market [1] - The Dolphin Surf is the UK version of BYD's popular Seagull model, which sells for less than £6,000 (approximately ¥58,539) in China, making the UK price nearly three times higher [1] - The compact car segment is identified as the next frontier for electrification in Europe, with BYD's executive vice president noting that the electrification process for small cars is slower than that for larger SUVs [1] Group 2 - The automotive price war appears to have spread to Europe, with Renault and Volkswagen leveraging Chinese engineering and components to accelerate the development of compact electric vehicles at lower costs [2] - Analysts suggest that as Western automakers adopt cheaper lithium iron phosphate batteries to compete with Chinese rivals, there is potential for further price reductions in small electric vehicles [2] - Despite the convergence of prices among automakers, consumers may still be attracted to the advanced technology and software offered by Chinese brands, with BYD planning to introduce ultra-fast charging technology in Europe within the next 12 months [2]

5 月需求小幅恢复，新能源渗透率续创新高 事项： 乘联会发布数据，5 月狭义乘用车产量 227 万辆，同比+13%，环比+2%； 批发 231 万辆、同比+13%、环比+6%。 评论： 由于电/油车销量变化、自主库销比高于合资，单看库存总量同比情况 相对失真，我们主要观察库销比。按测算，油车库销比 5 月低于去年 同期、电车高于去年同期约 0.5 个月，显示电车库存压力有所提升，已 不如去年健康，未来行业价格主要变动因素将主要为电车。 证券研究报 告 汽车行业重大事项点评 整车：近期板块投资情绪受创，考虑行业增速节奏、市场担忧因素，整车 选股将更倚向结构性机会。推荐理想汽车、江淮汽车，建议关注北汽蓝 谷、上汽集团、小鹏汽车、小米集团。 零部件：1）机器人板块继续推荐拓普集团、豪能股份、冠盛股份、福达 股份、敏实集团。2）高阶智驾下沉放量，建议关注地平线机器人、比亚 迪电子、速腾聚创、亿咖通等。3）推荐主业基本面表现良好的星宇股 份、继峰股份、银轮股份，以及处于相对低位的新泉股份。 风险提示：宏观经济、国内消费低于预期，汽车出口低于预期，新能源车 销量低于预期，原材料价格波动等。 行业研究 汽车 2025 年 ...

Group 1: Regulatory Actions and Market Dynamics - The Ministry of Industry and Information Technology (MIIT) announced an increase in inspections for vehicles with significant quality and safety concerns, focusing on high public attention models [1] - The inspections will include checks on compliance with national standards, particularly for electric vehicles and their safety requirements [1] - The secretary-general of the China Passenger Car Association, Cui Dongshu, emphasized the importance of market-driven price competition in the automotive sector, noting a recent stabilization in lithium carbonate prices [1] Group 2: Company Developments - Xiaomi Auto has surpassed 300 stores nationwide, indicating significant expansion in its retail presence [2] - GAC Aion has undergone a leadership change, with He Xianqing replacing Feng Xingya as chairman [2] - BYD has established a new industrial company in Shanwei with a registered capital of 10 million RMB, focusing on various automotive manufacturing and services [2][3] - Changan Automobile Investment (Shenzhen) Co., Ltd. has increased its registered capital from approximately 238 million RMB to about 876 million RMB, marking a 268% increase [3] Group 3: Sales Performance - Honda China reported a total vehicle sales figure of 55,108 units for May, reflecting a year-on-year decline of 16.8% [4][5]

Core Viewpoint - The automotive industry is facing significant challenges, including price wars and disordered competition, leading to a decline in sales and income for many companies and sales personnel [1] Group 1: Sales and Income Trends - Sales income in first-tier cities has decreased significantly, with some reporting declines of up to 40% compared to last year [3] - The average transaction price for vehicles has dropped by over 10,000 yuan compared to last year, indicating a tough market environment [3] - Many brands are reducing staff and facing severe layoffs, with stricter hiring processes in place [3] Group 2: Pricing Strategies and Discounts - Price reductions have been frequent, with some models seeing discounts of 20,000 to 30,000 yuan [5][8] - The competition among brands has intensified, leading to aggressive pricing strategies and frequent adjustments in promotional policies [5][8] - Some brands are experiencing a lack of effective promotional results, leading to customer dissatisfaction [8] Group 3: Product and Quality Adjustments - There have been no significant changes in product quality, but some brands have started to reduce configurations to cut costs [4][8] - New models are being introduced with slight price adjustments, but overall quality complaints remain low [4][11] - Brands are focusing on enhancing product features and technology to attract customers, with some emphasizing their unique selling propositions [15] Group 4: Inventory and Production - Inventory levels are reported to be unhealthy for some brands, leading to pressure on sales teams [5][13] - Companies are adopting order-based production strategies to manage inventory more effectively [15] - The inventory coefficient for some brands is reported to be healthy, indicating a more controlled approach to stock management [15]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show achieved over 10 billion yuan in pre-order sales, indicating a strong market response amidst a competitive environment [2][3][4] - The auto industry is facing intensified price wars and "involution," prompting calls from industry leaders and associations to halt such practices to protect profit margins and product quality [6][10][11] Group 1: Event Highlights - The auto show featured 112 vehicle brands and 1,039 models, attracting approximately 890,000 visitors and resulting in pre-orders for over 42,800 vehicles, totaling around 10.07 billion yuan [3][4] - Major brands like Audi and BYD showcased new models, with Audi's Q6L e-tron family and BYD's various electric vehicles drawing significant attention [4][5] Group 2: Industry Challenges - The ongoing price wars have led to a decline in profit margins, with the average price of passenger cars dropping by 21,000 yuan year-on-year as of April [10][11] - Industry experts noted that while sales volumes are increasing, profit levels are deteriorating, with a reported 5.1% year-on-year decline in industry profits for the first four months of the year [10][11] Group 3: Responses to Involution - Industry leaders, including executives from NIO and GAC Group, emphasized the need to compete on technology and service rather than price, highlighting the detrimental effects of price wars on long-term sustainability [6][7] - Various industry associations have issued statements against "involution," warning that it could harm consumer rights and overall industry health [11][12]