Core Viewpoint - The article highlights the significant growth in China's new energy vehicle (NEV) market and the corresponding increase in power battery installation capacity, indicating a pivotal year for GWh-level shipments in 2025 [2][3]. Summary by Sections New Energy Vehicle Sales - In the first seven months of 2025, China's NEV sales reached 8.22 million units, a year-on-year increase of 38.5%, with a penetration rate of 45.0%, up by 8.6 percentage points [2]. Power Battery Installation - The power battery installation capacity in China for the same period reached 343.52 GWh, reflecting a year-on-year growth of 40.2% [2]. Battery Enterprises and Clients - A total of 48 power battery companies provided installation for vehicles, a decrease of 3 companies compared to the previous year, primarily serving passenger vehicles [6]. - The top 10 battery enterprises by installation volume include CATL, BYD, and others, with a total installation of 153.46 GWh for the leading companies [7][8]. Market Concentration - The market concentration for the top 10 battery companies (CR10) was 95.3%, a decrease of 1.3 percentage points year-on-year, attributed to the market share gains of emerging companies [8]. Battery Material Types - In terms of battery materials, the installation of ternary batteries was 66.63 GWh, accounting for 19.4%, down by 7.2 percentage points year-on-year, while lithium iron phosphate batteries reached 276.56 GWh, making up 80.5%, an increase of 7.2% [8]. Battery Shapes - The installation of square batteries was 334.29 GWh, representing 97.3% of the total, an increase of 0.5 percentage points year-on-year. Cylindrical batteries accounted for 2.1% and soft-pack batteries for 0.6% [10]. - BMW announced the upcoming use of large cylindrical batteries in its new vehicles, which is expected to boost the market share of cylindrical batteries [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's new energy vehicle market penetration rate exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually ending. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as Belt and Road countries and the Middle East. Domestic independent brands' market share continues to expand, and companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [3][114]. 3. Summary According to the Directory 3.1 Financial Market Tracking - It presents the one - week price changes of related sectors and listed companies. For example, BYD's closing price on August 22 was 110.66 yuan, with a one - week increase of 4.33% [13][17]. 3.2.1 China's New Energy Vehicle Market Tracking - China Market Sales and Exports - Relevant charts show the sales volume, penetration rate, domestic sales, and exports of China's new energy vehicles [18][23]. 3.2.1 China's New Energy Vehicle Market Tracking - China Market Inventory Changes - The charts display the monthly new inventory of new energy passenger vehicles in channels and manufacturers [26][27]. 3.2.1 China's New Energy Vehicle Market Tracking - China's New Energy Vehicle Manufacturers' Deliveries - Charts show the monthly delivery volumes of various domestic new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO [30][34]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - Global Market - Relevant charts show the sales volume, penetration rate, and sales volume of EV and PHV in the global new energy vehicle market [42][45]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - European Market - Charts show the sales volume, penetration rate, and sales volume of EV and PHV in the European new energy vehicle market, as well as the sales volume of EV and PHV in countries like the UK, Germany, and France [48][57]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - North American Market - Charts show the sales volume, penetration rate, and sales volume of EV and PHV in the North American new energy vehicle market [61][62]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - Other Regions - Charts show the sales volume, penetration rate, and sales volume of EV and PHV in other regions, including Japan, South Korea, and Thailand [64][74]. 3.2.3 Battery Power Chain - Charts show the battery loading volume, export volume, weekly average price of battery cells, cell material cost, and the prices and operating rates of various battery materials [78][97]. 3.2.4 Other Upstream Raw Materials - Charts show the daily prices of rubber, glass, steel, and aluminum [100][104]. 3.3.1 Hot News Summary - China: Policy Dynamics - The three - department joint release of the "Interim Measures for the Total Quantity Regulation and Management of Rare Earth Mining and Rare Earth Smelting and Separation" strengthens the total quantity regulation of rare earths. From January to July in Chengdu, the production of new energy vehicles increased by over 300% [106]. 3.3.2 Hot News Summary - China: Industry Dynamics - The Passenger Car Association expects 1.94 million passenger vehicle retail sales and 1.1 million new energy retail sales in August. From August 1 - 17, new energy retail sales increased by 9% year - on - year, and cumulative retail sales since the beginning of the year increased by 18% year - on - year [106][107]. 3.3.3 Hot News Summary - China: Enterprise Dynamics - Tesla China launched the Model Y L, a six - seat pure - electric SUV, with a starting price of 339,000 yuan and expected delivery in September. Dongfeng Group will delist, and Voyah will be listed on the Hong Kong Stock Exchange [108][109]. 3.3.4 Hot News Summary - Overseas: Enterprise Dynamics - Great Wall Motors' Brazilian factory opened, with an initial annual production capacity of 50,000 vehicles. BlueOval SK's first factory in Kentucky started delivering battery cells [110][111]. 3.4 Industry Views - The domestic market has faced high - base pressure since August, but the market has maintained stable growth. There is a trend of more refined subsidy regulation and diversified subsidy methods. Overseas, North American new energy vehicle sales increased in July, mainly due to the pre - sales caused by the upcoming end of the electric vehicle tax credit policy. Europe has launched a new round of subsidy measures, which are expected to drive the electric vehicle market [111][113]. 3.5 Investment Advice - China's new energy vehicle market penetration rate has reached a high level, and high - competitiveness new products are continuously emerging. Attention should be paid to new overseas growth points and domestic independent brand companies with strong comprehensive strength [3][114].

周度报告——新能源汽车 smingfTable_Title] 新能源乘用车周度销量报告 2025 年第 33 周（8 月 11 日-8 月 17 日） | . . | | --- | | 期 | | 日 . | | ﻟﻠ D | | 非 | ★ 周度乘用车市场概述 2025 年第 33 周（8 月 11 日至 8 月 17 日），国内乘用车和 新能源乘用车销量环比上升。乘用车零售 43.2 万辆，同比增长 7.6%；新能源乘用车零售 24.6 万辆，同比增长 13.7%；新能源渗 透率为 57.0%，处于历史较高水平。 今年以来，乘用车累计零售 1,337.4 万辆，同比增长 6.6%； 新能源乘用车累计零售 687.1 万辆，同比增长 25.4%；累计新能 源渗透率为 51.4%。 能 ★ 重点新能源车企销量分析 新能源与新材料-新能源汽车-周度报告 2025-8-21 源 与 新 材 料 车企层面，比亚迪新能源乘用车周销量 7.1 万辆、吉利汽车 3.3 万辆、上汽通用五菱 1.7 万辆、长安汽车 1.2 万辆、奇瑞汽车 0.9 万辆，以及特斯拉（中国）销量 1.4 万辆、鸿蒙智行 0.9 万辆。 新势力 ...

Summary of Key Points from the Equity Research Report Industry Overview - **Chinese Stock Market**: The report highlights a rally in Chinese stocks driven by abundant domestic liquidity, despite ongoing foreign fund outflows [3][7][50]. Core Insights - **Liquidity Drivers**: - Mutual funds have seen a year-to-date (y-t-d) new issuance growth of **132%** year-on-year [3]. - Margin financing accounts exceeded **RMB 2 trillion** in August 2025 [3]. - Insurance funds are increasing their equity allocations [3]. - The National Team has been active in buying ETFs to protect market downside [3]. - Southbound net inflows reached **HKD 900 billion** y-t-d, marking a new high since the Stock Connect was introduced in 2014 [3]. - **Economic Fundamentals**: - Major economic indicators missed consensus expectations in July, including: - Retail sales growth at **+3.7%** y-o-y [3]. - Industrial production growth at **+5.7%** y-o-y [3]. - Fixed asset investment (FAI) growth at **+1.6%** y-o-y y-t-d, with a decline of **-5.3%** y-o-y in July [3]. - All major components of FAI (manufacturing, infrastructure, and property investment) are contracting on a y-o-y basis [3]. - **Sector Highlights**: - **New Energy Vehicles (NEV)**: NEV penetration reached **54.1%** in July, a historical high [3][60]. - **Battery Prices**: Prices of EV batteries and polysilicon have slightly rebounded from their trough levels [3]. - **Semiconductors**: Prices for NAND flash and DRAM continued to rise in August [3][70]. - **Gaming Industry**: Domestic game license issuances remained high at **127** in July [3][76]. - **Real Estate**: Property sales from the top 100 developers fell by **24.3%** y-o-y in July [3][82]. Additional Insights - **Global Economic Context**: Rising unemployment in the US (4.2% in July) and downward revisions to nonfarm payrolls have raised concerns about a cooling labor market, potentially leading to three 25 basis point rate cuts by the Federal Reserve in 2025 [4][7]. - **Market Valuation**: The Chinese market is trading at a **10.4% discount** compared to emerging markets (12.5x forward PE for FTSE China vs 13.9x for FTSE EM) [11]. - **Earnings Revisions**: In July 2025, healthcare and agriculture sectors saw the most upward earnings revisions, while real estate and computer sectors were revised down the most [13][14]. Conclusion - The report indicates a complex landscape for the Chinese stock market, characterized by strong liquidity support but weak economic fundamentals. Investors should remain cautious while monitoring sector-specific developments and macroeconomic indicators.

Core Viewpoint - The article discusses the dual dynamics of the Chinese electric vehicle (EV) market, highlighting the slowdown in domestic growth alongside strong export expansion, which is reshaping the competitive landscape and growth pathways for the battery industry [3][5]. Domestic Market Trends - In July, the production of new energy passenger vehicles reached approximately 1.15 million units, showing a year-on-year increase of 22%, but a month-on-month decline of 3%. Retail sales were about 990,000 units, with a year-on-year growth of 12% but a significant month-on-month drop of 11% [5][6]. - The penetration rate of new energy vehicles in the domestic market has remained stagnant between 50% and 54% for nearly a year, failing to surpass the 55% mark [5]. - The retail market for pure electric vehicles grew by about 25% year-on-year, while plug-in hybrid sales saw a slight decline of 0.2%, and range-extended models dropped significantly by 11% [5][6]. - The market share of domestic brands in new energy vehicles stabilized at 70%, with a penetration rate of 75%, while luxury brands had a penetration rate of 30% and mainstream joint ventures only 7% [5][6]. Price Competition and Cost Pressures - The average price reduction for new energy vehicles in July was approximately 17,000 yuan, representing an 11.1% decrease, indicating ongoing price wars that are transferring cost pressures to battery manufacturers [6][7]. - The average price of plug-in hybrid models dropped by about 33,000 yuan, with a reduction rate of 14%, which is higher than that of pure electric vehicles [6][7]. Battery Supply Chain Dynamics - In July, lithium iron phosphate batteries accounted for 81% of the domestic battery installations, with a year-on-year growth of 49%, while the installation of ternary batteries decreased by 4% [7]. - The market concentration of domestic power battery manufacturers continued to decline, with the top two companies' market share dropping by 4.5 percentage points year-on-year [7]. Export Growth and Global Market Trends - In July, exports of new energy passenger vehicles reached 210,000 units, a year-on-year increase of 120%, accounting for 45% of total passenger vehicle exports [9][10]. - Exports of pure electric vehicles constituted 65% of new energy exports, with A00 and A0 class small pure electric vehicles' share rising from 26% to 43% [9][10]. - BYD's exports reached 80,000 units in July, a year-on-year increase of 160%, particularly strong in the European market, where sales grew by 470% [10][11]. - The overall export volume of domestic power batteries increased by approximately 48%, surpassing domestic sales for the first time [10]. High-End Market Opportunities - Despite price competition in the low-end market, the high-end market (vehicles priced above 250,000 yuan) is emerging as a new battleground, with several brands launching new models in this segment [11][12]. - The global production of ternary materials reached a historical high in July, indicating a strong demand for high-performance batteries [11][12]. Future Outlook - The transition of automotive consumption subsidies from direct grants to loan interest subsidies signals a shift in policy direction, with a focus on service consumption areas such as battery testing and maintenance [12]. - As some hybrid models begin to retract in the domestic market, automakers must find ways to expand their advantages over traditional fuel vehicles rather than competing within the pure electric segment [12].

Core Insights - The Chinese automotive market has shown significant growth in the first seven months of the year, with production and sales reaching 18.23 million and 18.27 million units, respectively, marking year-on-year increases of 12.7% and 12% [1][3] - July saw a seasonal decline in production and sales, attributed to traditional market slowdowns and manufacturers' equipment maintenance schedules, with production and sales dropping by 7.3% and 10.7% month-on-month, but still showing year-on-year growth of 13.3% and 14.7% [1][3] Production and Sales Performance - In July, the production and sales of passenger vehicles reached 2.29 million and 2.29 million units, reflecting year-on-year growth of 13% and 14.7% [4] - From January to July, passenger vehicle production and sales totaled 15.84 million units, with year-on-year increases of 13.8% and 13.4% [4][7] - The market share of Chinese brand passenger vehicles reached 70.1% in July, with sales of 1.60 million units, a year-on-year increase of 21.3% [4][7] Commercial Vehicle Insights - Commercial vehicle production and sales in July were 298,000 and 306,000 units, respectively, showing month-on-month declines of 15.8% and 17.1%, but year-on-year growth of 16.3% and 14.1% [7][8] - From January to July, commercial vehicle production and sales reached 2.40 million and 2.43 million units, with year-on-year increases of 6% and 3.9% [8] New Energy Vehicles (NEVs) - NEVs continued to be a highlight in the automotive market, with July production and sales reaching 1.24 million and 1.26 million units, respectively, marking year-on-year growth of 26.3% and 27.4% [9][11] - NEVs accounted for 48.7% of total new car sales in July, with domestic sales surpassing 50% for the first time since December [9][11] - From January to July, NEV production and sales totaled 8.23 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [11] Export Trends - NEVs have become a major driver of export growth, with total automotive exports reaching 3.68 million units from January to July, a year-on-year increase of 12.8% [11][14] - Traditional fuel vehicle exports decreased by 7%, while NEV exports surged by 84.6% [11][14] Market Outlook - The industry anticipates the need for stable policy expectations and improved market competition regulations to support healthy market operations in the second half of the year [14]

Investment Rating - The report assigns a "Buy" rating to multiple companies in the automotive sector, indicating a positive outlook for their future performance [2][12][13]. Core Insights - In July, the penetration rate of new energy vehicles (NEVs) reached 54%, marking a new high for the year, with expectations for stable growth in the automotive market in August [1][5]. - The retail sales of passenger vehicles in July were 1.826 million units, showing a year-on-year increase of 6.3% but a month-on-month decline of 12.4% [5]. - The cumulative retail sales for the first seven months of 2025 reached 12.728 million units, reflecting a year-on-year growth of 10.1% [5]. - Domestic brands outperformed the overall industry, with retail sales of 1.21 million units in July, a year-on-year increase of 14% [5]. - The report highlights that NEV retail sales in July were 987,000 units, with a year-on-year increase of 12% [5]. Summary by Sections Market Performance - The automotive market entered a sales lull in July, with a slight decline in month-on-month sales but maintained year-on-year growth due to trade-in programs [5]. - The market share of domestic brands increased to 65.9%, while mainstream joint venture brands saw a decline in retail sales [5]. New Energy Vehicles - The NEV penetration rate for the first seven months of 2025 was 50.7%, with July's rate at 54%, an increase of 2.7 percentage points year-on-year [5]. - The report notes that the export of NEVs maintained a strong growth trend, with July exports totaling 213,000 units, a year-on-year increase of 120.4% [5]. Investment Opportunities - The report suggests that the upcoming launch of several new models, including Li Auto's i6 and the new XPeng P7, will enhance market supply and drive retail sales recovery [5]. - Companies to watch include BYD, XPeng Motors, and Geely, all rated as "Buy" due to their potential for growth and market performance [5][12].

Core Viewpoint - The automotive industry is undergoing a significant transformation as traditional fuel vehicles face increasing competition from electric vehicles (EVs), leading to a decline in the market share and resale value of fuel vehicles [4][5][10]. Market Trends - In July, the retail penetration rate of new energy vehicles (NEVs) in China's passenger car market reached 54.0%, a year-on-year increase of 2.7 percentage points. Cumulatively, 6.455 million NEVs were sold in the first seven months of the year, representing a 29.5% year-on-year growth [4][16]. - The second-hand fuel vehicle market is experiencing downward pressure on prices, with average inventory cycles extending to 43 days and 35.6% of businesses facing cycles over 30 days, indicating increased operational pressure [5][21]. Resale Value Decline - The resale value of previously high-value brands like Toyota and Honda is declining, with the three-year resale value for Toyota dropping to 56.6% from 83.24% in 2021, and Honda to 57% from 78.19% [10][13]. - Specific examples include a two-year-old Toyota Camry priced at 12.96 million yuan, reflecting a 65% resale value, down from higher values in previous years [6][8]. Shift to New Energy Vehicles - The second-hand market for NEVs is growing, with penetration rates rising from 8% to 9.9% in recent months, indicating a shift in consumer preference [16][18]. - Some second-hand car dealers are increasingly focusing on selling NEVs to compensate for the declining profits and sales of fuel vehicles [5][20]. Consumer Behavior - Consumers are showing a preference for NEVs, with many second-hand car dealers reporting that the inventory of NEVs is now greater than that of fuel vehicles [18][20]. - Despite the growth of NEVs, fuel vehicles still maintain a significant market presence, with many consumers still willing to purchase them if priced competitively [21].

Core Insights - The Chinese passenger car market has shown strong growth in the first seven months of 2023, with retail sales reaching 12.728 million units, a year-on-year increase of 10.1% [1][2] - In July, retail sales were 1.826 million units, reflecting a year-on-year growth of 6.3% but a month-on-month decline of 12.4% [1][2] - The growth in the market is attributed to the enhanced support from the "Two New" policy subsidies, leading to an upward revision of sales expectations for the year [2][3] Passenger Car Sales Breakdown - In July, the breakdown of sales included 836,000 sedans, 89,000 MPVs, and 901,000 SUVs, contributing to a total of 1.826 million units sold [2] - Cumulatively, from January to July, the sales figures were 5.870 million sedans, 598,000 MPVs, and 6.260 million SUVs, totaling 12.728 million units [2] - The year-on-year growth rates for sedans, MPVs, and SUVs were 10.1%, 6.0%, and 10.5% respectively [2] New Energy Vehicle (NEV) Market - The NEV market has been a significant driver of growth, with July retail sales reaching 987,000 units, a year-on-year increase of 12% and a penetration rate of 54% [3][4] - Domestic brands accounted for 70% of the NEV retail market share, while Tesla's share fell to 4.1%, a decrease of 1.1 percentage points [3][6] - The top three NEV manufacturers in July were BYD, Geely, and Changan, with sales of 274,600, 121,400, and 55,700 units respectively [5][4] Market Trends and Future Outlook - The overall market is expected to maintain a stable trajectory in August, influenced by the "sales determine production" strategy [7][8] - The joint venture brands have shown signs of recovery, with retail sales in July reaching 450,000 units, a year-on-year increase of 1% [7] - The luxury car segment continues to face challenges, with a 20% year-on-year decline in retail sales in July [7] - The export of passenger cars reached 475,000 units in July, a year-on-year increase of 25%, with domestic brands accounting for 415,000 units [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 30th week of this year (July 21 - July 27), domestic new energy passenger vehicle retail sales reached 239,000 units, a year - on - year increase of 11.7%, with a new energy penetration rate of 53.8%. Since the beginning of the year, cumulative retail sales of new energy passenger vehicles have reached 6.16 million units, a year - on - year increase of 27.7%, and the cumulative new energy penetration rate is 50.9% [1][117]. - From July 1 - 27, the retail sales of new energy vehicles in the national passenger vehicle market were 789,000 units, a year - on - year increase of 15% compared to the same period in July last year, and a 17% decrease compared to the same period last month. The retail penetration rate of the new energy market was 54.6%. Since the beginning of the year, cumulative retail sales have reached 6.258 million units, a year - on - year increase of 31%. The wholesale volume of new energy vehicles from national passenger vehicle manufacturers was 816,000 units, a year - on - year increase of 17% compared to the same period in July last year, and a 20% decrease compared to the same period last month. The wholesale penetration rate of new energy manufacturers was 54.2%. Since the beginning of the year, cumulative wholesale volume has reached 7.264 million units, a year - on - year increase of 35% [1][118]. - In terms of vehicle manufacturers' July delivery volume, Leapmotor and XPeng broke monthly records, and the sales data of Hongmeng Zhixing (AITO) was also relatively good. The Ministry of Industry and Information Technology stated that it will consolidate the comprehensive governance results of the "involution - style" competition in the new energy vehicle industry and strengthen the management of new energy vehicle power battery recycling [2][118]. - Globally, in June, the sales volume of new energy vehicles increased by 13.3% year - on - year to 1.483 million units. In the first half of 2025, the cumulative year - on - year increase was 27.0% to 7.813 million units. The new energy penetration rate in June was 27.3%, a month - on - month increase of 0.8 percentage points. The European new energy market has clearly recovered this year due to last year's low growth and the introduction of subsidy policies this year. The US automobile market has been affected by import vehicle tariffs. Vehicle sales increased significantly in March and April, but have turned negative year - on - year since May and June. The electrification trend has reversed. In June, the sales volume of new energy vehicles was 119,000 units (a year - on - year decrease of 9.0%), and the penetration rate has remained in the 10% range for a long time [2][119]. 3. Summary According to Relevant Catalogs 3.1 Key Target Tracking - The report shows the weekly price changes of relevant sectors and listed companies, including BYD, SERES, Great Wall Motor, SAIC Motor, etc., and provides their closing prices and weekly price change percentages [12][15]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: It includes charts of China's new energy vehicle sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV models, with data sources from the China Association of Automobile Manufacturers and Marklines [16][21][23]. - **Inventory Changes in the Chinese Market**: There are charts of monthly new inventory in new energy passenger vehicle channels and manufacturers, with data from the East - Securities Derivatives Research Institute [24][25]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Charts show the monthly delivery volumes of Leapmotor, Li Auto, XPeng, NIO, ZEEKR, AION, VOYAH, and Deepal, with data from company announcements [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts present global new energy vehicle sales (by region), penetration rate, and sales of EV and PHV models, with data from Marklines [39][40][43]. - **European Market**: It includes charts of European new energy vehicle sales, penetration rate, and sales of EV and PHV models in the UK, Germany, and France, with data from Marklines [44][45][49]. - **North American Market**: Charts show North American new energy vehicle sales, penetration rate, and sales of EV and PHV models, with data from Marklines [56][57][58]. - **Other Regions**: Charts display new energy vehicle sales, penetration rate, and sales of EV and PHV models in Japan, South Korea, Thailand, etc., with data from Marklines [59][60][63]. 3.2.3 Power Battery Industry Chain - It includes charts of power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, cell material cost,开工 rates and prices of ternary materials, ternary precursors, lithium iron phosphate, etc., with data from the China Automotive Power Battery Industry Innovation Alliance, SMM, and Shanghai Steel Union [75][77][81]. 3.2.4 Other Upstream Raw Materials - Charts show the daily prices of rubber, glass, steel, and aluminum, with data from Shanghai Steel Union, Longzhong Information, and Wind [99][100][102]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The National Development and Reform Commission has completed the allocation of the third batch of 69 billion yuan in ultra - long - term special treasury bond funds to support the replacement of old consumer goods with new ones in the third quarter of this year. The fourth batch of 69 billion yuan will be allocated in October [105]. - The Ministry of Industry and Information Technology will strengthen the management of new energy vehicle power battery recycling and consolidate the comprehensive governance results of the "involution - style" competition in the new energy vehicle industry [105]. 3.3.2 China: Industry Dynamics - From July 1 - 27, the retail sales of new energy vehicles in the national passenger vehicle market increased by 15% year - on - year, and the cumulative retail sales since the beginning of the year increased by 31% year - on - year. It is estimated that the retail sales of new energy vehicles in July will be about 1.01 million units [106][107][108]. - In the 30th week (July 21 - July 27), the retail sales of new energy passenger vehicles were 239,000 units, and the cumulative retail sales since the beginning of the year were 6.16 million units, a year - on - year increase of 27.7% [108]. 3.3.3 China: Enterprise Dynamics - Changan Automobile's indirect controlling shareholder will change to China Changan Automobile [108]. - VOYAH Automobile acquired the Wuhan Yunfeng Factory for 723 million yuan [109]. - Leapmotor delivered 50,129 vehicles in July, a year - on - year increase of over 126%, and its monthly sales exceeded 50,000 for the first time [110]. - XPeng delivered 36,717 vehicles in July, a year - on - year increase of 229%, setting a new monthly delivery record [110]. - Li Auto delivered 30,731 vehicles in July, a year - on - year decrease of 39.7%, and launched its first pure - electric SUV, the Li i8 [111]. - NIO delivered 21,017 vehicles in July, a year - on - year increase of 2.5%, and launched the new large - sized pure - electric SUV, the LeDao L90 [111]. - Hongmeng Zhixing delivered 47,752 vehicles in July [113]. 3.3.4 Overseas: Policy Dynamics - The US will impose a 15% tariff on the EU and South Korea and extend the tariff agreement with Mexico for 90 days [113]. 3.3.5 Overseas: Industry Dynamics - In June, the global sales volume of new energy vehicles increased by 13.3% year - on - year to 1.483 million units. In the first half of 2025, the cumulative year - on - year increase was 27.0% to 7.813 million units [114]. 3.3.6 Overseas: Enterprise Dynamics - Stellantis' adjusted operating profit in the first half of the year decreased by 94%. Its inventory at the end of June was 1.2 million vehicles, including 298,000 vehicles in the manufacturer's inventory [114][115][116]. - Mercedes - Benz's adjusted EBIT in the second quarter decreased by 50.9%, and in the first half of the year, it decreased by 40.7%. Its car and van sales also showed a downward trend [116]. 3.4 Industry Views The content is consistent with the core views of the report, emphasizing the sales situation of new energy vehicles in China and globally, the performance of vehicle manufacturers, and the development trends of the European and US markets [117][118][119]. 3.5 Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously being launched, and price wars are gradually being halted. - Due to severe trade protectionism in Europe and the US, which poses risks to exports, attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In terms of the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].