乘联分会：7月狭义乘用车零售预计185.0万辆 新能源预计101万辆 智通财经7月24日电，据中国汽车流通协会乘用车市场信息联席分会，最新厂商调研数据显示，零售量 占总市场八成左右的头部厂商本月零售目标同比去年7月增长6%，环比上月下降约10%，综合估算，本 月狭义乘用车零售总市场预计为185万辆左右，同比增长7.6%，环比下降11.2%，其中新能源零售可达 101万左右，渗透率有望提升至54.6%。 ...

今年前5个月，新能源轻客市场走出一个降-增-增-降-增的走势，累计销量在5月过后增长 14%，净增长超1.2万辆。另一方面，作为商用车市场新能源渗透率最高的细分领域，轻客市 场今年前5个月有3个月新能源渗透率超过60%。 6月份，新能源轻客市场是增是降？渗透率能达到多少？哪家企业能问鼎月榜销冠？6月过后 的行业格局又是怎样？ 请看第一商用车网的分析报道。 6月实销2.4万辆，环比增长1%，同比增长10% 根据第一商用车网掌握的最新数据，2025年6月份，国内新能源轻客市场共计销售2.43万辆（注：本 文轻客指车长4.5米~7米，以4.5~6米的VAN类封闭式厢式物流车为主，数据来源为交强险实销口 由最近三年国内新能源轻客终端销量月度走势图可见，2024年3月-12月，新能源轻客销量一 直保持超2万辆高水准，新能源轻客市场上一轮的"狂潮"正是从2024年3月份起势的，在 2025年1月份经历了短暂低谷后，新能源轻客市场再度起势，2月份销量接近2万辆，3月份销 量达到2.54万辆，创造了史上最高单月销量，4月份销量有所回落，但也超过1.8万辆，5月份 和6月份销量再度攀升至2万辆以上，6月份2.43万辆的销量在年 ...

丨证券研究报告丨 行业研究丨点评报告丨汽车与汽车零部件 [Table_Title] 英国重启电车补贴，欧洲新能源有望提速 报告要点 [Table_Summary] 英国重启新一轮电动车补贴，政策主要覆盖售价 3.7 万英镑以下的电动车，每辆车最高补贴 3750 英镑，总补贴额度为 6.5 亿英镑，计划持续到 2028 至 2029 年。若按平均单车补贴测算， 计划内预计补贴 24.8 万辆，平均每年 8.3 万辆，看好本轮补贴带动英国新能源渗透率提升。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 英国重启电车补贴，欧洲新能源有望提速 [Table_Summary2] 事件描述 2025 年 7 月 15 日，英国交通部宣布了一项价值 6.5 亿英镑的电动汽车补贴计划，为购买售价 不超过 3.7 万英镑电动汽车的消费者提供至多 37 ...

AI基金工银新能源汽车混合A（005939）披露2025年二季报，第二季度基金利润3136.01万元，加权平均基金份额本期利润0.0487元。报告期内，基金净值增 长率为2.23%，截至二季度末，基金规模为16.29亿元。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至7月21日，单位净值为2.678元。基金经理是张剑峰、邢梦醒和张姝丽。 基金管理人在二季报中表示，基于对产业趋势的判断，本基金上半年对持仓结构进行了较大调整：一是规避下游价格竞争激烈的环节，二是增配上游压力缓 解的领域，三是加大对新技术板块的配置，四是重点布局具有全球竞争力的出海龙头企业。我们预计 2025 年中国新能源汽车渗透率有望达到60%，未来3 年仍将保持 10%左右的复合增长率。特别值得注意的是，海外新能源汽车市场渗透率才刚刚起步，而中国新能源产业链具备显著的全球竞争优势，具有国 际竞争力的龙头企业仍将拥有广阔的增长空间。 截至7月21日，工银新能源汽车混合A近三个月复权单位净值增长率为10.93%，位于同类可比基金76/171；近半年复权单位净值增长率为5.32%，位于同类可 比基金98/171；近一年复权单位净值增长率为2 ...

每经记者｜段思瑶 每经编辑｜裴健如 今年上半年，全国汽车市场产销量均突破1500万辆，带动汽车产业链上下游企业的盈利能力增强。 比如，以汽车非金属部件及模具的研发、生产和销售为主营业务的神通科技认为，本期业绩预增的主要原因是，"2025年以来，乘用车市场端保持平稳，公 司客户订单（如主动式油气分离器、A客户新项目等）持续放量"。 神通科技业绩预报显示，其2025年半年度预计实现归母净利润6300万~6500万元，与上年同期相比，将增加3254.97万元~3454.97万元，同比增加 106.89%~113.46%。 今年上半年，新能源乘用车已是车市增长的主力，渗透率稳定突破50%。另据中国汽车动力电池产业创新联盟发布的数据，今年1~6月，我国动力电池累计 装车量为299.6GWh，累计同比增长47.3%。 这一系列增长的数据映照在锂电上市公司2025半年度业绩预报上，便是一个又一个财务指标的增长。从归母净利润数值来看，华友钴业当前预计盈利最高， 预计2025年上半年实现归母净利润26亿~28亿元，同比增长55.62%~67.59%。 今年上半年，汽车零部件板块以11.26%的涨幅领跑整个汽车板块。在此背景下， ...

Group 1: Overall Market Performance - In the first half of the year, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, representing year-on-year growth of 12.5% and 11.4% [1] - In June, automotive production and sales were 2.794 million and 2.904 million units, with year-on-year growth of 11.4% and 13.8% [1] - The top fifteen automotive groups sold a total of 14.43 million units, accounting for 92.2% of total sales, with BYD leading at 2.146 million units, a 33.0% increase [1] Group 2: Passenger Vehicle Market - Passenger vehicle production and sales totaled 13.52 million and 13.53 million units in the first half, with year-on-year growth of 13.8% and 13% [2] - Chinese brand passenger vehicles sold 9.27 million units, a 25% increase, capturing 68.5% of the market share, up 6.6 percentage points from the previous year [2] - In June, sales of Chinese brand passenger vehicles reached 1.707 million units, growing by 19.3% [2] Group 3: Segment Performance - The top ten sedan manufacturers sold 3.907 million units, accounting for 68.9% of total sedan sales, while the top ten SUV manufacturers sold 4.802 million units, representing 67.5% of SUV sales [3] - New energy vehicles (NEVs) were a significant highlight, with production and sales of 6.968 million and 6.937 million units, reflecting year-on-year growth of 41.4% and 40.3% [3] - In June, NEV production and sales were 1.268 million and 1.329 million units, with new car sales accounting for 45.8% of total new car sales [3] Group 4: Powertrain Types - Both pure electric and plug-in hybrid vehicles showed rapid growth, with pure electric vehicle production and sales at 4.488 million and 4.415 million units, marking year-on-year growth of 50.1% and 46.2% [4] - NEV domestic sales reached 5.878 million units, a 35.5% increase, making up 46.8% of total domestic sales [4] - NEV exports reached 1.06 million units, a 75.2% increase, with June exports at 205,000 units, a year-on-year increase of 140% [4] Group 5: Future Outlook - The automotive industry anticipates continued growth in the second half of the year, driven by the orderly implementation of "two new" policies and a rich supply of new products from companies [5]

Group 1: Industry Overview - In the first half of 2025, China's automobile production and sales both exceeded 15 million units, with production at 15.62 million and sales at 15.65 million, representing year-on-year growth of 12.5% and 11.4% respectively [1] - The domestic market for new energy passenger vehicles has surpassed that of fuel vehicles, with sales of new energy vehicles reaching 5.52 million units, a year-on-year increase of 34.3%, while traditional fuel vehicle sales fell by 1.8% to 5.43 million units [1] - New energy vehicles accounted for 44.3% of total industry sales, indicating a significant shift towards electrification [1] Group 2: Profitability and Competition - Despite increased production and sales, the automotive industry's profits have declined, with profits for January to May 2025 at 178.1 billion, down 11.9% year-on-year, and a profit margin of 4.3% [1][2] - Intense price competition among companies is a primary reason for low profit margins, prompting industry associations to advocate against harmful competition and for improved product quality [2] - The Central Financial Committee has emphasized the need to regulate low-price competition and promote the exit of outdated production capacity [2] Group 3: Market Dynamics - Domestic brands are increasing their market share, with Chinese brand passenger vehicle sales reaching 68.5%, a rise of 6.6 percentage points year-on-year, while foreign brands continue to decline [3] - The top fifteen car manufacturers account for over 90% of the market share, with sales of 14.43 million units, a year-on-year increase of 9.8% [3] - BYD, SAIC, and Geely are leading the sales rankings, collectively holding a market share of 36.9%, with BYD achieving sales of 2.1 million units, a 33% increase [4] Group 4: Export Trends - China has become the world's largest automobile exporter, with passenger car exports reaching 2.581 million units in the first half of 2025, a year-on-year increase of 10.3% [6] - New energy vehicle exports surged by over 70% to 1.06 million units, while fuel vehicle exports declined by 7.5% [6] - Chery remains the top exporter, with 550,300 units exported, accounting for 17.8% of total industry exports [7] Group 5: Future Outlook - The automotive industry is expected to continue its transformation towards electrification and smart technology, with companies focusing on local market penetration and brand building [6] - The competition in the market is anticipated to intensify as companies strive to meet their annual sales targets, with BYD, SAIC, and Geely setting ambitious goals for 2025 [5][6] - The growth in exports is driven by the increasing demand for plug-in hybrid and mixed-power vehicles, particularly in markets like Australia and Southeast Asia [8]

交银国际研究 每日晨报 2025 年 7 月 10 日 今日焦点 | 汽车行业月报 | | | | | --- | --- | --- | --- | | 6 月新能源车渗透率升至 | 53.3%；预计 7 月车市 | 评级: | 领先 | | 增速平稳 | | | | | 陈庆 | angus.chan@bocomgroup.com | | | 资料来源： FactSet | 主要商品及外汇价格 | | | | | --- | --- | --- | --- | | | | 三个月 | 年初至 | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 70.17 | 7.36 | -5.91% | | 期金 | 3,307.00 | 8.20 | 25.78 | | 期银 | 36.25 | 20.10 | 25.39 | | 期铜 | 9,925.00 | 13.30 | 14.00 | | 日圆 | 146.47 | -1.16 | 7.30 | | 英镑 | 1.36 | 6.53 | 8.51 | | 欧元 | 1.17 | 6.13 | 13.14 | | 基点变动 | | 三个月 六个月 ...

点 击 蓝 字 关 注 我 们 本文全文共 1333 字，阅读全文约需 4 分钟 销量表现 01 乘用车市场整体表现 5月，乘用车市场销量为186.6万辆，同比上涨9.6%，环比上涨10.0%；新能源市场销量约 为96.5万辆，同比上涨22.9%，环比上涨10.8%，表现略好于整体市场。 5月，新能源市场的销量占总体乘用车销量的51.7%，较上月增加0.4%，相比去年同期上 涨5.6%。 新能源市场整体表现 新能源乘用车市场销量TOP10城市 5月，纯电动销量约57.9万辆，同比上涨19.6%，环比上涨5.3%；插电混动销量约38.6万 辆，同比上涨28.2%，环比上涨20.2%。 2025年新能源累计销量416.5万辆，累计同比上涨30.3%。 5月，TOP 10城市销量占比为25.5%，与上月一致；TOP 3城市分别是：上海市、深圳 市、成都市。 分燃料类型看，TOP 10 城市除深圳市和西安市外，销量均以纯电动居多；从产权归属 看，以个人用户居多。 本月TOP 10城市新能源渗透率均超过50%，其中TOP3城市为：深圳市(67.7%)、武汉市 (62.7%)和西安市(61.3%)；渗透率最低的城市是成都 ...

电新周报：民航局成立通用航空和低空经济工作领导小组 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 7 月 06 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： 动力电池格局有望优化，板块盈利有望回暖：1）锂电池板块经历长期大幅 回调。2）锂电池供给阶段性过剩问题有望迎来拐点。3）碳酸锂价格下降， 有望带动电池成本及终端售价下降，有望刺激下游需求。同时 5C 快充加速 推进，新能源车里程焦虑持续改善，复合集流体等新技术处于量产前夕，新 能源车渗透率有望继续提升。重视快速增长的充电桩行业及相关企业通合科 技、盛弘股份、沃尔核材等。重视磷酸锰铁锂、复合集流体等的 0-1 过程。 建议关注宁德时代、亿纬锂能、湖南裕能、当升科技、长远锂科、天赐材料、 科达利、比亚迪、星源材质、中伟股份、恩捷股份、德方纳米、信德新材、 天奈科技、杉杉股份、中科电气、壹石通、孚能科技等。 投资评级 看好 上次评级 看好 ...