中经记者夏治斌石英婧上海报道 "马上要过去的9月份，真的是太卷了，中国品牌发布了这么多的新车。对于想在9月份买车的用户来 说，选择这么多，他们就（会）更加纠结。"9月24日，在全新领克08EM-P上市发布会上，领克汽车销 售公司常务副总经理周 向《中国经营报》等媒体记者打趣道。 "金九银十"是车市全年冲量的关键节点，已成行业共识。而2025年的9月尤为特殊，超过30家品牌重兵 押注，40余款新车型密集登场，将这场旺季竞争推向了前所未有的高潮。 面对这个史无前例的"最忙九月"，包括合资品牌、自主品牌、跨国品牌在内的诸多车企集体发力，在各 价格区间与产品配置上短兵相接，力求在激烈的市场竞争中占得一席之地。 中国汽车流通协会专家委员会委员颜景辉向记者分析道，汽车市场历来有两大核心促销手段：一是通过 改款、换代等新品发布刺激消费；二是价格营销，二者均为提升销量的传统有效策略。"当前9月超30款 新车密集上市，本质还是多重因素叠加下的行业规律性动作。" "从时间节点看，这是2025年成都国际车展后的常态化市场落地。车展作为产品集中亮相的窗口，会后 往往伴随量产车型的市场化投放，车企借此延续消费者对新品的关注度'保鲜期' ...

Core Viewpoint - The automotive sector is experiencing a decline, particularly in electric vehicle (EV) stocks, amid news that the exemption from vehicle purchase tax for new energy vehicles (NEVs) in China will end this year, leading to potential changes in consumer demand and market dynamics [1] Group 1: Stock Performance - Xpeng Motors (09868) fell by 3.95%, trading at HKD 81.55 [1] - GAC Group (601238) decreased by 2.57%, trading at HKD 3.41 [1] - Li Auto (02015) dropped by 2.49%, trading at HKD 101.9 [1] - Great Wall Motors (601633) declined by 1.26%, trading at HKD 17.26 [1] Group 2: Policy Changes - Reports indicate that 2023 is the last year for the exemption of vehicle purchase tax for NEVs in China, with the tax set to be reinstated next year [1] - According to the Ministry of Finance, from January 1, 2026, to December 31, 2027, NEVs will be subject to a 50% reduction in vehicle purchase tax [1] Group 3: Market Outlook - A report from Galaxy Futures suggests that the "Automotive Industry Growth Stabilization Work Plan (2025-2026)" aims for NEV sales to reach approximately 15.5 million units by 2025, reflecting a year-on-year growth of about 20%, which is lower than the initial forecast of 16 million units by the China Association of Automobile Manufacturers [1] - The end of the full exemption on NEV purchase tax may stimulate additional demand in the fourth quarter, potentially exceeding the outlined targets [1] - CITIC Securities indicates that with market shifts, the implementation of national subsidies in the second half of the year, and expectations of a decline in NEV purchase tax, the industry may experience a favorable market period in September and October [1]

A to H 上市浪潮影响有多大？20250603 摘要 港股市场活跃度提升，成交量和换手率显著高于 2024 年，特定板块如 AI、互联网科技等形成集聚效应，吸引更多公司赴港上市，但需关注南 向资金流入和 IPO 活动带来的市场波动。 H 股溢价现象罕见出现，部分龙头个股交易于 A 股溢价之上，可能与其 独特优势、行业前景及投资者预期有关。投资者需综合考虑宏观基本面、 政策环境及市场结构选择 A 股或港股。 特朗普 2.0 财政政策可能增加投资和资金流入，拉动经济增长，但同时 也会加重财政压力，需从正反两方面解读，并评估其长期影响，尤其关 注未来十年可能带来的额外赤字。 AH 溢价源于市场机制、流动性及投资者结构差异，长期存在是正常现 象，因两地股份不可兑换，套利机会无法抹平。中概股回归港美两地上 市无折溢价，因两边股份完全可兑换。 港币融资成本低因联系汇率制度，金管局投放港币流动性导致 HIBOR 利率下降。HIBOR 大幅下行对香港银行业息差和盈利产生影响，银行需 通过资产负债和衍生品对冲措施应对。 Q&A A 股公司转向港股上市的主要原因是什么？ A 股公司转向港股上市的主要原因可以归纳为以下三大类： ...