❑ 7 月全球轻型车销量约 705 万辆、同比+5.7%、环比-4.8%，海外合计约 462 万 辆、同比+1.9%、环比-1.5%，其中北美 166 万辆、同比+6.4%、环比+7.2%， 欧洲约 142 万辆、同比+3.4%、环比-9.3%，中国 243 万辆、同比+14%、环比 -10%。 ❑ 8 月速报：据 Marklines，估计 8 月北美轻型车销量同比+1.4%，欧洲-0.1%。 评论： 行业研究 汽车 2025 年 09 月 16 日 推荐（维持） 证 券 研 究 报 告 汽车海外销量点评 7 月欧洲车市回暖，北美尚未全面涨价 事项： 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：夏凉 电话：021-20572532 邮箱：xialiang@hcyjs.com 执业编号：S0360522030001 证券分析师：林栖宇 邮箱：linxiyu@hcyjs.com 执业编号：S0360525070002 行业基本数据 | | | 占比% | | --- | --- | ...

Investment Rating - The report maintains a recommendation for the automotive industry [3] Core Views - The report highlights that overseas light vehicle sales remained flat year-on-year in May, with a slight month-on-month increase, totaling approximately 4.63 million units, down 0.1% year-on-year and up 2.1% month-on-month [2][6] - It anticipates a decline in overseas light vehicle sales in 2025, projecting a total of 53.97 million units, down 2.0% year-on-year [6][7] - The report suggests a cautious outlook for the second half of the year, particularly in Europe and North America, where sales growth is expected to slow [6][7] Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales in May were approximately 7.15 million units, up 3.8% year-on-year and 3.0% month-on-month, with overseas sales at about 4.63 million units [6] - North America saw sales of 1.78 million units in May, up 2.3% year-on-year, while Europe recorded 1.41 million units, down 2.2% year-on-year [6][7] - The report notes that global electric vehicle sales reached approximately 1.75 million units in May, up 31% year-on-year [6][7] 2. Market Competition - The report provides insights into the competitive landscape, indicating that major automakers like Toyota, Volkswagen, and BYD are leading in global sales [32][39] - It highlights the market share changes among the top ten automakers, with significant movements noted in the electric vehicle segment [32][39] 3. Automotive and Parts Company Export Situation - The report discusses the export performance of domestic automotive manufacturers, noting a monthly growth rate in export delivery values [42] - It emphasizes the importance of overseas revenue for certain automotive parts companies, with several companies reporting over 10% of their revenue from international markets [41]