1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3][4] 2. Core Viewpoints of the Report - Due to domestic new energy vehicle promotion policies, the inventory of domestic lithium carbonate will eventually decline. However, the falling price of lithium carbonate will reduce its production cost, resulting in a pattern of strong front and weak back for lithium carbonate. Investors are advised to wait and see, paying attention to the near - term support level of 53,000 - 58,000 and the near - term resistance level of 63,000 - 68,000 [4] 3. Summary by Relevant Catalogs Lithium Futures and Spot Prices - **Futures Prices**: On June 4, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 61,220 yuan/ton, 61,080 yuan/ton, 61,220 yuan/ton, and 61,220 yuan/ton respectively, showing increases compared to the previous day [1] - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures on June 4, 2025, was 413,239 lots, an increase of 108,078 lots from the previous day. The open interest of the active contract was 245,650 lots, a decrease of 14,008 lots from the previous day [1] - **Inventory**: The inventory of lithium carbonate was 33,397 tons on June 4, 2025, a decrease of 60 tons from the previous day [1] - **Spot Prices**: Various lithium - related products such as lithium ore, lithium carbonate, and lithium hydroxide showed different price changes on June 4, 2025, compared to the previous day. For example, the average price of battery - grade lithium carbonate was 60,250 yuan/ton, a decrease of 50 yuan/ton [1] Industry News and Project Progress - **Project Progress**: The GTM cylindrical battery project of Hami Haochen Xinghui Technology Co., Ltd. has entered the main construction stage, with a total investment of 1.9 billion yuan. It is expected to put 3 fully automated production lines into operation by the end of September 2025, with an annual output of over 1 million cells and an annual output value exceeding 5 billion yuan. Shengrong Technology's annual 1,000 - ton lithium - battery cathode lithium - supplementing agent project has been put into production, and its annual 2,000 - ton project is under construction, with an expected annual sales of 500 million yuan and annual taxes of 20 million yuan [2] - **Supply - related Information**: Tianqi Lithium's Greenbushes 5.7 - million - ton wet - process project may be put into production in October 2025, which may lead to a decline in the price of domestic lithium ore. The production capacity utilization rate of domestic lithium carbonate has increased, and the production volume in June may increase month - on - month. Some production lines will undergo maintenance, and new production capacities will be put into production in the future [2] Other Product Information - **Phosphoric Acid Iron and Lithium Iron Phosphate**: The monthly average production cost of phosphoric acid iron in China is 11,000 - 11,100 yuan/ton, and the production volume of lithium iron phosphate in June may increase month - on - month. Multiple lithium iron phosphate projects are under construction or will be put into production [3] - **Nickel Sulfate and Other Products**: The daily full - cost production cost of MEP in China is 126,000 - 129,000 yuan/ton, and the monthly production cost of high - water - level integrated nickel sulfate production in Indonesia is 114,500 yuan/ton. The export of cobalt from Congo (Kinshasa) has been suspended, affecting the processing fee of cobalt products in China [3] - **Other Battery - related Products**: The production volume of some battery - related products such as ternary precursors, ternary materials, and electrolytes may change in June. The export volume of some products may increase, while the production volume of others may decrease [4]

Core Insights - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) rural promotion initiative, aiming to integrate NEV industry with rural revitalization through policy collaboration and resource allocation [1][9] - The rural market has become a new growth engine for the NEV industry, with significant sales increases since the initiative began in 2020 [5][12] Sales Growth in Rural Markets - Since the launch of the NEV rural promotion initiative in 2020, rural market sales have surged, with 2021 sales reaching 1.068 million units, a year-on-year increase of 169.2%, contributing nearly 30% to total NEV sales [5] - In 2023, rural NEV sales exceeded 3.2087 million units, a 123% year-on-year growth, with the number of county-level charging facilities increasing by 119,700 units, a 73.9% increase compared to the previous year [5] Market Potential and Consumer Demand - NEV manufacturers are capitalizing on the rural market's potential, launching affordable models priced between 80,000 to 150,000 yuan, which are well-received by rural consumers [6] - The increasing recognition of NEVs among rural consumers is evident, with some regions reporting a ratio of one NEV for every five households, creating a demonstration effect [5][12] Policy and Infrastructure Support - Government policies, including purchase subsidies and infrastructure development, have significantly reduced consumer costs and supported the growth of NEVs in rural areas [9][11] - The 2023 initiative aims for comprehensive charging infrastructure coverage, with plans for "county-wide" and "village-wide" charging solutions to address the charging difficulties faced in rural areas [11] Transition to Quality Improvement - The NEV industry is shifting from quantity expansion to quality enhancement, with projections for plug-in hybrid and range-extended vehicle sales to exceed 8 million units by 2025, accounting for nearly 50% of total NEV sales [12] - The integration of advanced intelligent technologies is expected to increase, with L2-level and above driver assistance systems projected to reach a 65% penetration rate by 2025 [12]

新一轮新能源汽车下乡活动来了，且将与充电桩下乡、车网互动等相结合。 近日，工业和信息化部、国家发展改革委、农业农村部、商务部、国家能源局联合发布通知，组织开展2025年新能源汽车下乡活动。车型目录同时公布， 共包括124款车型，涵盖自主、合资及外资品牌。 01 规模及参与主体扩大 据悉，国家层面的新能源汽车下乡活动始于2020年，今年进入第六个年头。今年活动主题是"绿色、低碳、智能、安全——赋能新农村，畅享新出行"，旨 在加快补齐乡村地区新能源汽车消费使用短板，构建绿色低碳、智能安全的乡村居民出行体系。 地区方面，选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动；以此为中心辐射周边乡镇，结合地区特点开展若干 场特色活动。 车型方面，选取满足乡村地区使用需求、口碑好、质量可靠的新能源车型，开展展览展示、试乘试驾等活动。今年车型目录中共有124款车型，相比之 下，2020-2024年分别为60款、52款、70款、69款、99款。除了数量进一步扩大，车型种类也更丰富。不仅有常见的家用车型，还包括越野车、商用车， 以及皮卡、轻卡等适合农村使用场景的车型，价格从几万元到几十万元不等，为农村 ...

Group 1 - The core theme of the 2025 New Energy Vehicle (NEV) rural promotion activity is "green, low-carbon, intelligent, and safe," aimed at empowering new rural areas and enhancing transportation options [1] - Eight models from Dongfeng Motor Group, including the Dongfeng Yipai eπ007, eπ008, and others, have been selected for the initiative, showcasing a diverse range of electric and hybrid vehicles that meet rural consumers' needs for economic, multifunctional, and reliable transportation [1] - The initiative includes a comprehensive set of supporting policies such as tax reductions, trade-in support, and local purchase coupons, alongside exclusive discounts and after-sales packages from car manufacturers to lower the purchasing threshold for consumers [1] Group 2 - From January to April this year, China's rural retail sales of consumer goods reached 21,412 billion yuan, with a year-on-year growth of 4.8%, indicating that rural areas are becoming a new consumption market [2] - Over the past five years, more than 400 NEV models have been included in the "rural vehicle" directory across over ten provinces, with cumulative sales nearing 15 million units, highlighting the growing acceptance of NEVs in rural markets [2] - Dongfeng Motor's selection of multiple models for the rural initiative demonstrates its comprehensive layout and strong supply capabilities in the NEV sector, reaffirming its commitment to serving urban and rural consumers [2]

Group 1 - The U.S. government has announced a comprehensive travel ban for citizens from 12 countries, including Afghanistan, Myanmar, and Iran, along with partial restrictions for seven other countries [2] - The U.S. has implemented visa restrictions for international students at Harvard University [3] - A 5.0 magnitude earthquake occurred in Yunnan, China, prompting a level III emergency response [4][5] Group 2 - Vietnam's National Assembly has passed an amendment to the Population Law, allowing couples to decide on their reproductive choices based on various personal factors [6] - The Chinese Ministry of Finance has announced support for 20 cities, including Beijing and Tianjin, to implement urban renewal actions with a budget exceeding 20 billion yuan [9] - The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in May reached 1.24 million units, a year-on-year increase of 38% [10][11] Group 3 - The first domestically produced nine-valent HPV vaccine has been approved for market release, breaking the monopoly of imported vaccines [12] - Sichuan Province is seeking public opinion on extending marriage leave to 25 days and increasing maternity leave to a maximum of 150 days [13] - The U.S. Court of Appeals has blocked the Trump administration's attempt to dissolve the Department of Education, requiring the reinstatement of previously laid-off employees [19] Group 4 - Boeing is set to spend over $1.3 billion to settle lawsuits related to two fatal crashes, including fines and compensation payments [27] - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average ending a four-day winning streak [28] - Institutions have shown significant buying activity in stocks like Jiuzhitang and Caibai Shares, while selling off shares in Baili Electric [29][30]

6月3日，工业和信息化部办公厅等五部门发布《关于开展2025年新能源汽车下乡活动的通知》(以下简 称《通知》)，组织开展2025年新能源汽车下乡活动，加快补齐乡村地区新能源汽车消费使用短板，构 建绿色低碳、智能安全的乡村居民出行体系。 据悉，"新能源汽车下乡"的提法首次出现是在2020年，活动自启动以来，得到了各地政府、行业企业的 大力支持，有力支撑了全国新能源汽车销量快速增长。同时，也带动了农村地区汽车营销、服务网络以 及充换电基础设施的建设。 洪勇认为，新一轮新能源汽车下乡活动将利好新能源汽车制造业、充电设施建设和运营产业、售后服务 网络以及相关金融服务产业。同时，活动还将带动农村地区的就业增长和经济发展，为促进乡村振兴增 添新的活力。 2025年新能源汽车下乡活动共选取了124款新能源汽车车型，参与车型数量继续增长。《通知》还提 出，鼓励各类新能源汽车生产、销售、金融、充换电及售后服务等领域市场主体共同参与，结合以旧换 新、县域充换电设施补短板等政策工具，定制"购车优惠+用能支持+服务保障"一体化促销方案，健全 覆盖购车、用车、养车全周期售后服务网络。 从活动内容上看，此轮新能源汽车下乡将选取满足乡村地 ...

2025年新能源汽车下乡活动开始，今年五成车型价格超过12万元，中高价位车型比往年明显增多。 近日，工业和信息化部、国家发展改革委、农业农村部、商务部、国家能源局组织开展2025年新能源汽车下乡活动。 车型目录同时公布，共包括124款车型，涵盖自主、合资及外资品牌。 据《财经》统计，此次的124款车型中，有97款乘用车，27款商用车。从价格来看，有83款车型位于10万元以上，占 比67%；15万元以上车型有42款，占三分之一。 除一汽、上汽、广汽、比亚迪等熟面孔，今年的目录中也多了特斯拉、极氪、阿维塔、蔚来等新能源品牌。从品牌角 度也能看出价位逐渐上探的趋势。 今年五月中旬，中国汽车工业协会技术部副主任、高级工程师刘锴曾向媒体表示，新能源汽车下乡活动不断增加车型 选择，覆盖15万元以下主流车型，产品性能也显著提升，续驶里程普遍扩展至300公里～500公里。 从最新发布的车型目录价位分布来看，价格持续上探或成未来趋势，背后是新能源汽车在农村地区普及率的快速上 升。自2020年新能源汽车下乡开始至今，农村地区汽车销量逐年快速增加。 据中国汽车工业协会统计，2020—2023年新能源汽车下乡活动车型总销量分别为39 ...

2025.06. 04 本文字数：941，阅读时长大约2分钟 作者 | 第一财 经 黄琳 2025年新能源汽车下乡活动即将开启。近日，工业和信息化部、国家发展改革委、农业农村部、商 务部、国家能源局联合发布通知，部署开展2025年新能源汽车下乡活动，下乡车型目录涉及124款 车型，包括自主品牌、合资品牌、外资品牌，涵盖乘用车和小型商用车，其中，特斯拉首次进入下乡 车型目录中。 具体来看下乡车型，自主品牌中，比亚迪共有11款车型下乡、长安汽车（包括阿维塔）共有15款车 型下乡、东风旗下有10款车型下乡、吉利旗下超10款车型下乡。新势力下乡也展现踊跃态势，零 跑、小鹏、蔚来、理想均有车型加入下乡的队伍中。 与往年不同的是，被视为高端车型的特斯拉两款车型Model 3和Model Y首次进入新能源汽车下乡 名单中。尽管当前特斯拉仍是自主品牌对标高端产品的主要竞争对手，但渗透乡镇市场能够为特斯拉 带来快速的销量增长。 乘联会数据显示，4月新能源车在国内总体乘用车的零售渗透率51.5%，较去年同期提升7个百分 点。其中，自主品牌新能源车零售份额73%，同比增加0.4个百分点；新势力份额19.4%，同比增长 3.6个百分 ...

2025年，走向下沉市场已成为新能源车企的共识。一方面，三四线城市新能源汽车仍有增长空间。中汽 数研数据显示，今年一季度，北上广深等一线城市新能源汽车渗透率约50%，而如周口、榆林等部分三 四线城市新能源汽车渗透率约33%，仍有近20%的提升空间。另一方面，对于车企而言，加速下探更广 阔的乡镇区域也将有助于提升车型销量。 此外，在地点选择上，今年的新能源汽车下乡活动选取一批新能源汽车推广比例不高、市场潜力较大的 典型县域城市，并以此为中心辐射周边乡镇。与县域充换电设施补短板试点、智能网联汽车"车路云一 体化"试点等工作形成协同效应。同时，继续推行线上+线下双渠道购车模式。 5年来，江苏、四川、新疆、西藏、内蒙古等10余个省、自治区、直辖市先后举办了29场专场活动、上 百场巡游巡展活动；发布9批次、400余款新能源汽车下乡车型，下乡活动车型累计销售近1500万辆。 新能源汽车下乡正当时。 2025年新能源汽车下乡活动即将开启。近日，工业和信息化部、国家发展改革委、农业农村部、商务 部、国家能源局联合发布通知，部署开展2025年新能源汽车下乡活动，下乡车型目录涉及124款车型， 包括自主品牌、合资品牌、外资品牌， ...

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/06/04 隔夜夜盘市场走势 1. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 0.60%报 3376.90 美元/盎司， COMEX 白银期货跌 0.05%报 34.68 美元/盎司。美国关税政策调整带来的不确定 性使市场对未来经济增长的预期更加复杂，推动避险资产需求。全球重要经济 体如欧盟对美国关税政策表示担忧，进一步加剧了国际贸易的不确定性。 2. 国际油价全线上涨，美油主力合约合约涨 1.31%，报 63.34 美元/桶。布油主 力合约涨 1.47%，报 65.58 美元/桶。分析认为，由于地缘紧张局势，以及强劲 的劳动力市场信号，推动原油价格上涨。 重要资讯 【宏观资讯】 1. 据财新，6 月 3 日公布的 5 月财新中国制造业采购经理指数（PMI）录得 48.3， 较 4 月下降 2.1 个百分点，2024 年 10 月来首次跌至临界点以下。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 3. 伦敦基本金属收盘多数 ...