中美在马来西亚吉隆坡举行经贸磋商 10月26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在马来西亚吉隆坡举行中美经贸 磋商。双方以今年以来两国元首历次通话重要共识为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和执法合 作、农产品贸易、出口管制等双方共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋商，就解决各自关切的安排达成基本共 识。 何立峰表示，中美经贸磋商成果来之不易，需要双方共同维护。希望美方与中方相向而行，共同落实好两国元首历次通话重要共识和今年以来历 次经贸磋商成果。美方表示，美方愿同中方通过平等、尊重的方式解决分歧、加强合作，实现共同发展。（新华网） ｜点评｜ 这次中美经贸谈判，双方在相互关心的关键性问题上达成了初步共识，为月底的元首会面打下基础。美国向中国征收20%的额外关 税，对中美双方的生产贸易带来了极大干扰，由此引发的贸易冲突一度扩大。中国对芬太尼出口早已进行严格而合理管制，如果美方愿意正视 问题所在，中国与美国在解决芬太尼问题上可以进行更多合作而非对抗。 经过几轮的贸易协商，中美双方若能达成了"合则两 ...

Core Insights - BYD plans to launch its first plug-in hybrid vehicle (PHV) in the Japanese market around January 2026, specifically the "Sea Lion 6" model, as part of its strategy to capture market share in Japan [1][6] - The company believes there is significant demand for alternatives to electric vehicles (EVs), particularly among consumers hesitant about EVs due to concerns over range and charging infrastructure [1][4] - BYD's strategy includes promoting PHVs as a viable alternative to EVs, especially in markets like Japan where hybrid vehicles (HVs) are already popular [2][4] Group 1 - The PHV market is seen as a bridge between EVs and HVs, offering the ability to charge externally while also being able to run on gasoline, which alleviates range anxiety [2][9] - BYD's PHV sales are expected to be significant, with projections indicating that 58% of its total vehicle sales in 2024 will be PHVs, amounting to approximately 2.48 million units [4] - The company aims to position its PHV offerings at a competitive price point, below 5 million yen (approximately 241,300 yuan), to attract consumers in Japan [2][4] Group 2 - The global market share of PHVs is comparable to that of HVs, with PHVs accounting for 7.6% of new car sales in the first half of 2025, closely trailing EVs at 14.1% [7] - In China, PHVs have a market share of 15.9%, significantly higher than HVs at 3.0%, indicating strong consumer acceptance [7] - The compatibility of PHVs with advanced automotive technologies, such as autonomous driving, positions them favorably in the evolving automotive landscape [9][11] Group 3 - The environmental impact of PHVs is a critical factor for their future adoption, with estimates showing that PHVs have 20% higher CO2 emissions than EVs but 10% lower than HVs [11] - The development and sales strategies for PHVs must align with regional policies and incentives, as seen in different market responses to subsidies for PHVs in countries like China and Australia [11]

Core Insights - The South Korean Ministry of Environment has announced a budget of 15.9 trillion won for 2026, representing a 7.5% increase year-on-year [1] Electric Vehicle and Hydrogen Vehicle Subsidies - To promote electric vehicle adoption, the budget includes 177.5 billion won for electric vehicle transition subsidies, 73.7 billion won for new energy vehicle financing subsidies, 74 billion won for charging infrastructure funds, and 2 billion won for electric vehicle insurance [1] - The planned subsidies aim to support the purchase of 260,000 passenger cars and 36,000 trucks [1] - In contrast, due to decreased demand and low budget execution rates, the hydrogen vehicle subsidy has been reduced by 145 billion won compared to the previous year [1] Climate Disaster Response and Water Resource Management - The largest portion of the budget is allocated to addressing climate disasters such as floods and droughts, as well as managing water resources including rivers and sewage systems [1]

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].

Core Viewpoint - The article highlights the strong growth of the passenger car market in China, driven by favorable government policies and regional disparities, with northern regions showing significant gains compared to southern regions [1][6][11]. Group 1: Passenger Car Market Trends - In 2025, the national retail sales of passenger cars are expected to grow by 9% year-on-year, with a strong performance observed from February to May, maintaining a growth rate of around 13% [4][5]. - In May 2025, retail sales reached 1.932 million units, a year-on-year increase of 13.3% and a month-on-month increase of 10.1%, with cumulative sales for the year at 8.811 million units, up 9.1% year-on-year [5][6]. Group 2: Regional Market Characteristics - The northern car market is showing a clear strength, with market share increasing by 2.8 percentage points year-on-year in May 2025, and by 2.1 percentage points compared to 2019 [7][8]. - The northeastern and northwestern regions are experiencing significant growth, while the southern regions, particularly the eastern and central areas, are lagging behind [6][8]. Group 3: Policy Impact on Market Structure - Government subsidies are favoring the development of low-end and economic vehicles, particularly benefiting A00 and A0 class electric vehicles in northern regions [1][9]. - The article emphasizes the importance of policy fairness in promoting the adoption of small and micro electric vehicles, which is crucial for their widespread acceptance [1][9]. Group 4: New Energy Vehicle Market Analysis - The new energy vehicle market is showing strong performance, particularly in pure electric and plug-in hybrid vehicles, with traditional fuel vehicles still holding a significant share in the northern and midwestern regions [14][15]. - In May 2025, the proportion of new energy vehicles in regions like Hainan and Tianjin reached around 60%, indicating robust growth [14][15].