投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 核心观点 螺纹钢：主力期价震荡运行，录得 0.10%日涨幅，量仓收缩。现阶段， 螺纹供应降至低位但持续性存疑，而需求季节性走弱，基本面延续弱势 运行，淡季钢价仍易承压，相对利好的是估值偏低与政策预期，预期现 实博弈下钢价维持低位震荡运行态势，关注钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 0.03%日涨幅，量仓收缩。目前来 看，热卷供需两端均在走弱，产业矛盾缓解有限，价格继续承压运行， 相对利好则是估值偏低与政策预期，多空因素博弈下热卷延续震荡运行 态势，关注钢厂生产情况。 铁矿石：主力期价偏强运行，录得 1.25%日涨幅，量缩仓增。现阶 段，短期利多未退，支撑矿价维持相对高位，但铁矿石需求走弱，而供 应维持高位，供强需弱局面下矿市基本面表现偏弱，上行驱动不强，多 空因素博弈下矿价延续震荡运行态势，关注钢材表现情况。 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从 ...

Core Insights - The core viewpoint of the article highlights the significant growth of China's new energy vehicle (NEV) market, with NEV sales surpassing 50% of total new car sales for the first time in October 2025 [1] Production and Sales Data - In October 2025, NEV production and sales reached 1.772 million and 1.715 million units, respectively, marking year-on-year increases of 21.1% and 20% [1] - From January to October 2025, cumulative NEV production and sales totaled 13.015 million and 12.943 million units, reflecting year-on-year growth of 33.1% and 32.7% [1] Overall Automotive Market Performance - The overall automotive market in China saw cumulative production and sales of 27.692 million and 27.687 million units from January to October 2025, with year-on-year increases of 13.2% and 12.4% [1] - In October 2025, total automotive production and sales were 3.359 million and 3.322 million units, showing month-on-month growth of 2.5% and 3%, and year-on-year growth of 12.1% and 8.8% [1] - The automotive market continues to demonstrate a positive development trend, with monthly production and sales reaching record highs for the same period [1]

Core Insights - Changan Automobile reported a significant increase in production and sales for October 2025, with production reaching 285,380 units, a year-on-year increase of 17.86% [2] - Cumulative production for the year reached 2,212,514 units, reflecting a 9.95% year-on-year growth [2] - The company achieved a total sales volume of 278,436 units in October, marking an 11% increase compared to the same month last year [2] - Cumulative sales for the first ten months of 2025 reached 2,374,002 units, a 10.12% increase year-on-year [2] Production and Sales Performance - In October 2025, Changan's self-owned brand production was 245,948 units, up 21.5% from 2024 [2] - Cumulative production for the self-owned brand reached 1,854,908 units, a 12.21% increase year-on-year [2] - The overall production and sales growth trend remains stable for the company [2] Overseas Market Performance - Changan's overseas sales for the first ten months of 2025 reached 522,660 units, indicating strong performance in international markets [2] New Energy Vehicle Segment - The new energy vehicle segment showed remarkable growth, with October production at 133,722 units, a substantial increase of 57.36% year-on-year [3] - Cumulative production for new energy vehicles reached 849,380 units, reflecting a 66.34% year-on-year increase [3] - In terms of sales, October saw 119,167 units sold, a 36.14% increase compared to the same month last year [3] - Cumulative sales for new energy vehicles reached 868,724 units, marking a 60.58% year-on-year growth [3] - This segment has become the primary growth driver for the company [3]

Core Insights - SAIC Motor Corporation reported a total vehicle production of 466,324 units in October, representing an 11.93% year-on-year increase compared to 416,636 units last year [2] - Cumulative production for the year reached 3,758,893 units, up 22.61% from 3,065,844 units in the previous year [2] Production and Sales Summary - **SAIC Volkswagen**: - October production: 96,501 units, down 16.27% year-on-year - Cumulative production: 878,776 units, down 1.93% [3][5] - October sales: 93,669 units, down 17.47% year-on-year - Cumulative sales: 846,080 units, down 4.46% [3][5] - **SAIC General Motors**: - October production: 57,984 units, up 60.44% year-on-year - Cumulative production: 443,065 units, up 50.23% [3][5] - October sales: 53,182 units, up 46.66% year-on-year - Cumulative sales: 433,877 units, up 37.85% [3][5] - **SAIC Passenger Vehicle Division**: - October production: 93,437 units, up 21.35% year-on-year - Cumulative production: 686,719 units, up 24.91% [6] - October sales: 93,367 units, up 25.06% year-on-year - Cumulative sales: 689,365 units, up 23.99% [6] - **SAIC-GM-Wuling**: - October production: 173,271 units, up 13.18% year-on-year - Cumulative production: 1,395,682 units, up 37.76% [6] - October sales: 167,956 units, up 19.54% year-on-year - Cumulative sales: 1,325,611 units, up 35.20% [6] - **Intelligent Auto**: - October production: 12,543 units, up 36.17% year-on-year - Cumulative production: 56,100 units, up 6.07% [7] - October sales: 13,132 units, up 31.31% year-on-year - Cumulative sales: 55,756 units, up 17.40% [7] New Energy Vehicles - October production of new energy vehicles reached 221,747 units, a 34.16% increase from 165,290 units last year [4] - Cumulative production for the year was 1,340,298 units, up 44.08% from 930,243 units [4] - October sales of new energy vehicles were 206,692 units, up 31.58% year-on-year [4] - Cumulative sales reached 1,289,519 units, up 42.47% from 905,115 units [4] Export and Overseas Production - October export and overseas production totaled 97,174 units, down 5.79% from 103,147 units last year [4] - Cumulative export production for the year was 865,831 units, up 3.17% from 839,202 units [4] - October export sales were 97,143 units, down 6.71% year-on-year [5] - Cumulative export sales reached 862,186 units, up 2.23% from 843,340 units [5]

Core Insights - In September, China's new energy vehicle (NEV) production and sales reached 1.617 million and 1.604 million units, marking year-on-year growth of 23.7% and 24.6% respectively, with NEVs accounting for 49.7% of total new car sales, setting a historical monthly record [1] - For the first nine months of the year, NEV production and sales totaled 11.243 million and 11.228 million units, reflecting year-on-year increases of 35.2% and 34.9%, with NEVs making up 46.1% of total new car sales [1] - Domestic sales of NEVs from January to September reached 9.47 million units, a year-on-year increase of 28.1%, with passenger NEVs at 8.903 million units (up 26.5%) and commercial NEVs at 566,000 units (up 61.4%) [1]

Core Insights - Chongqing Qianli Technology Co., Ltd. reported strong production and sales performance in the automotive sector, particularly in the new energy vehicle (NEV) segment, for September 2025 [3]. Production and Sales Data - In September, the production of new energy vehicles reached 4,282 units, representing a year-on-year increase of 975.88%. Cumulatively, 13,284 units were produced this year, marking a growth of 212.42% [1][2]. - Sales of new energy vehicles in September totaled 4,423 units, with a year-on-year increase of 106.68%. The cumulative sales for the year reached 26,487 units, reflecting a growth of 67.42% [1][2]. - For other vehicle models, production in September was 7,775 units, showing a year-on-year increase of 293.67%, with cumulative production of 44,370 units for the year, up 145.74% [2]. - Sales of other vehicle models in September amounted to 8,145 units, a year-on-year increase of 226.32%, with cumulative sales of 46,098 units for the year, up 118.30% [2]. - Overall, total production in September was 12,057 units, a year-on-year increase of 408.09%, with cumulative production of 57,654 units for the year, reflecting a growth of 158.45% [2]. - Total sales in September reached 12,568 units, a year-on-year increase of 171.10%, with cumulative sales of 72,585 units for the year, marking a growth of 96.50% [2]. Market Position - The significant growth in production and sales of new energy vehicles indicates that the company is enhancing its competitiveness in the NEV market, driven by strong market demand [2].

Core Insights - In August, China's automotive production and sales reached 2.815 million and 2.857 million units respectively, with month-on-month increases of 8.7% and 10.1%, and year-on-year increases of 13% and 16.4% [1] - From January to August, automotive production and sales totaled 21.051 million and 21.128 million units, reflecting year-on-year growth of 12.7% and 12.6% [1] - The production and sales figures for the first eight months mark the first time in history that both exceeded 20 million units [1] Production and Sales Performance - In the first eight months, new energy vehicles (NEVs) production and sales reached 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [1] - NEVs accounted for 45.5% of total new vehicle sales [1] Economic Context - The macroeconomic environment in China continues to show expansion, with automotive production and sales maintaining over 10% year-on-year growth in August [1] - Policies such as personal consumption loans and fiscal subsidies have been timely introduced, contributing to a stable automotive market [1] - The enthusiasm for new model launches among enterprises remains high, and the industry's comprehensive rectification efforts are showing positive effects [1]

同时，公司8月新能源汽车产量为140,510辆，同比增长60.08%；1-8月累计产量为921,264，同比增长47.92%。销量方面，8月，公司新能源汽车销量为 129,771辆，同比增长49.89%；1-8月累计销量为893,328，同比增长44.39%。 | | | | | 产 量(辆) | | | | | 销 | 量(辆) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਸ 位 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | | 上汽大众 | 90.423 | 86,317 | 4.76% | 686.525 | 683.910 | 0.38% | 86.593 | 85.000 | 1.87% | 658,322 | 678.091 | | 汽车有限公司 | | | | | | | | | | | | | 上汽通用 ...

Core Insights - The China Association of Automobile Manufacturers (CAAM) released the economic operation data for the automotive industry in July 2025, showing significant growth in both production and sales of vehicles [1] Production and Sales Data - In July, vehicle production and sales reached 2.591 million and 2.593 million units, respectively, representing year-on-year increases of 13.3% and 14.7% [1] - From January to July, vehicle production and sales totaled 18.235 million and 18.269 million units, with year-on-year growth of 12.7% and 12%, respectively [1] - The growth rates for production and sales in the first seven months expanded by 0.2 percentage points and 0.6 percentage points compared to the first half of the year [1] New Energy Vehicles (NEVs) - In July, production and sales of new energy vehicles reached 1.243 million and 1.262 million units, with year-on-year growth of 26.3% and 27.4% [1] - NEVs accounted for 48.7% of total new vehicle sales in July [1] - From January to July, NEV production and sales totaled 8.232 million and 8.220 million units, with year-on-year growth of 39.2% and 38.5% [1] - NEVs represented 45% of total new vehicle sales during the first seven months [1] Export Performance - NEVs showed strong export performance, becoming a key driver for overall automotive export growth [1] - In July, 225,000 NEVs were exported, marking a month-on-month increase of 10% and a year-on-year increase of 120% [1] - Among the exports, 220,000 were passenger NEVs, with a month-on-month increase of 11.9% and a year-on-year increase of 120% [1] - For commercial NEVs, 5,000 units were exported, reflecting a year-on-year growth of 76.5% [1] - From January to July, NEV exports totaled 1.308 million units, representing a year-on-year increase of 84.6% [1]

Group 1 - The core viewpoint is that the production and sales of new energy vehicles (NEVs) in China continue to show strong growth, with significant year-on-year increases in July 2025 [1][3] - In July 2025, NEV production reached 1.243 million units, and sales reached 1.262 million units, representing year-on-year growth of 26.3% and 27.4% respectively [1] - From January to July 2025, NEV production totaled 8.232 million units, and sales totaled 8.22 million units, with year-on-year growth of 39.2% and 38.5% respectively [1] Group 2 - In July 2025, domestic sales of NEVs were 1.037 million units, showing a month-on-month decline of 7.8% but a year-on-year increase of 16.9% [3] - From January to July 2025, domestic sales of NEVs reached 6.913 million units, reflecting a year-on-year growth of 32.3% [3] Group 3 - In July 2025, NEV exports amounted to 225,000 units, marking a month-on-month increase of 10% and a year-on-year increase of 120% [4] - From January to July 2025, NEV exports totaled 1.308 million units, with a year-on-year growth of 84.6% [4]