Report Industry Investment Rating - No relevant content provided Core Viewpoints - The main contract price of rebar oscillated with a daily increase of 0.10%, and both trading volume and open interest decreased. Currently, rebar supply has dropped to a low level but its sustainability is questionable, while demand is seasonally weakening. The fundamentals continue to operate weakly, and steel prices in the off - season are still prone to pressure. The relatively positive factors are the low valuation and policy expectations. Under the game between expectations and reality, steel prices will maintain a low - level oscillating trend. Attention should be paid to the production situation of steel mills [5]. - The main contract price of hot - rolled coil oscillated with a daily increase of 0.03%, and both trading volume and open interest decreased. At present, both the supply and demand sides of hot - rolled coil are weakening, and the industrial contradictions are alleviated to a limited extent. Prices continue to be under pressure. The relatively positive factors are the low valuation and policy expectations. Under the game of multiple and short factors, hot - rolled coil will continue to oscillate. Attention should be paid to the production situation of steel mills [5]. - The main contract price of iron ore was relatively strong with a daily increase of 1.25%, trading volume decreased and open interest increased. Currently, short - term bullish factors remain, supporting iron ore prices at a relatively high level. However, the demand for iron ore is weakening while the supply remains high. Under the situation of strong supply and weak demand, the fundamentals of the iron ore market are weak, and the upward driving force is not strong. Under the game of multiple and short factors, iron ore prices will continue to oscillate. Attention should be paid to the performance of steel products [5]. Summary by Directory Industry Dynamics - From January to November, the national general public budget revenue was 2.00516 trillion yuan, a year - on - year increase of 0.8%. Among them, property tax revenue was 47.14 billion yuan, urban land use tax revenue was 23.4 billion yuan, a year - on - year increase of 5%; land value - added tax revenue was 37.82 billion yuan, a year - on - year decrease of 17.3%. The national government - managed fund budget revenue was 402.74 billion yuan, a year - on - year decrease of 4.9%. The central government - managed fund budget revenue was 39.38 billion yuan, a year - on - year increase of 0.6%; local government - managed fund budget revenue at the provincial level was 363.36 billion yuan, a year - on - year decrease of 5.5%. Among them, the income from the transfer of the right to use state - owned land was 291.19 billion yuan, a year - on - year decrease of 10.7% [7]. - In November, the production and sales of new energy vehicles were strong, with year - on - year rapid growth. In November 2025, the production and sales of new energy vehicles were 1.88 million and 1.823 million respectively, a year - on - year increase of 20% and 20.6% respectively. From January to November 2025, the production and sales of new energy vehicles were 14.907 million and 14.78 million respectively, a year - on - year increase of 31.4% and 31.2% respectively. In November 2025, the domestic sales of new energy vehicles were 1.522 million, a month - on - month increase of 4.3% and a year - on - year increase of 6.5%. From January to November 2025, the domestic sales of new energy vehicles were 12.466 million, a year - on - year increase of 23.2%. In November 2025, the export of new energy vehicles was 300,000, a month - on - month increase of 17.3% and a year - on - year increase of 2.6 times. From January to November 2025, the export of new energy vehicles was 2.315 million, a year - on - year increase of 1 time [8]. - As of December 17, 237 steel enterprises have publicly announced their ultra - low emission transformation progress on the website of the China Iron and Steel Association, including Guangxi Guigang Iron and Steel Group Co., Ltd. [9] Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,250 yuan, 3,160 yuan, and 3,299 yuan respectively. The spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,270 yuan, 3,180 yuan, and 3,288 yuan respectively. The price of Tangshan steel billet was 2,940 yuan, and the price of Zhangjiagang heavy scrap was 2,080 yuan. The spread between hot - rolled coil and rebar was 20 yuan, and the spread between rebar and scrap was 1,170 yuan. The price of PB powder at Shandong ports was 783 yuan, and the price of Tangshan iron concentrate was 772 yuan. The ocean freight from Australia was 10.55 yuan, and from Brazil was 22.69 yuan. The SGX swap price (current month) was 106.25 yuan, and the Platts Index (CFR, 62%) was 106.20 yuan [10]. Futures Market - The closing price of the rebar futures active contract was 3,084 yuan, with a daily increase of 0.10%. The trading volume was 593,611 lots, a decrease of 185,104 lots compared with the previous day, and the open interest was 1,604,729 lots, a decrease of 10,413 lots. - The closing price of the hot - rolled coil futures active contract was 3,245 yuan, with a daily increase of 0.03%. The trading volume was 286,883 lots, a decrease of 153,927 lots compared with the previous day, and the open interest was 1,199,948 lots, a decrease of 6,813 lots. - The closing price of the iron ore futures active contract was 768.0 yuan, with a daily increase of 1.25%. The trading volume was 229,787 lots, a decrease of 9,825 lots compared with the previous day, and the open interest was 488,996 lots, an increase of 9,427 lots [12]. Related Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory changes and total inventory), iron ore inventory (including national 45 - port inventory, 247 - steel - mill inventory, domestic mine iron concentrate inventory), and steel mill production (including 247 - sample steel - mill blast furnace operating rate and capacity utilization, 87 - independent electric - furnace operating rate, 247 - steel - mill profitable steel - mill ratio, 75 - building - material independent electric - arc - furnace steel - mill profit and loss situation) [14][19][34] 后市研判 - For rebar, both supply and demand are continuously weakening. The weekly output of rebar decreased by 105,300 tons month - on - month, and supply has continued to contract and reached a low level, which supports steel prices. However, the profit of short - process steel mills is acceptable, and the sustainability of production cuts needs to be tracked. Meanwhile, the demand for rebar is weak. The weekly apparent demand decreased by 138,900 tons month - on - month, and the high - frequency daily trading volume is weakly stable. Both are at the low levels in recent years, and the downstream shows no improvement. Demand is expected to continue to weaken seasonally, which will put pressure on steel prices. In general, the supply of rebar has dropped to a low level but its sustainability is questionable, while demand is seasonally weakening. The fundamentals continue to operate weakly, and steel prices in the off - season are still prone to pressure. The relatively positive factors are the low valuation and policy expectations. Under the game between expectations and reality, steel prices will maintain a low - level oscillating trend. Attention should be paid to the production situation of steel mills [36]. - For hot - rolled coil, the supply - demand pattern continues to be weak. In the off - season, steel mill production is weakening. The weekly output of hot - rolled coil decreased by 56,000 tons month - on - month, and the supply has continued to contract from a high level, but the inventory level is high, and the pressure relief is limited. Meanwhile, the demand for hot - rolled coil continues to be weak. The weekly apparent demand and high - frequency trading volume are weak. The relatively positive factor is that the production of the main downstream cold - rolled products continues to rise, which supports demand. However, there are new disturbances in export policies, and there are concerns about external demand. The resilience of hot - rolled coil demand is weakening. At present, both the supply and demand sides of hot - rolled coil are weakening, and the industrial contradictions are alleviated to a limited extent. Prices continue to be under pressure. The relatively positive factors are the low valuation and policy expectations. Under the game of multiple and short factors, hot - rolled coil will continue to oscillate. Attention should be paid to the production situation of steel mills [36]. - For iron ore, the supply - demand pattern has changed little. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The average daily hot - metal output and the daily consumption of imported ore of the sample steel mills decreased again last week, both reaching relatively low levels. Moreover, the profitability of steel mills has not improved, and the weak demand pattern for ore is difficult to change, which will continue to put pressure on iron ore prices. Meanwhile, the arrival volume of iron ore at domestic ports has increased significantly, and the shipments of miners have also increased. Both are at the high levels of the year. The overseas ore supply is active, while the domestic mine production is seasonally weak, and the ore supply remains high. In general, short - term bullish factors remain, supporting iron ore prices at a relatively high level. However, the demand for iron ore is weakening while the supply remains high. Under the situation of strong supply and weak demand, the fundamentals of the iron ore market are weak, and the upward driving force is not strong. Under the game of multiple and short factors, iron ore prices will continue to oscillate. Attention should be paid to the performance of steel products [37].

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]