转自：新华财经 图为ID.与众上海环球港快闪店（李一帆 摄） 在沃尔沃月星环球港店，刘先生一家三口正在看9月底刚刚上市的沃尔沃XC70。刘先生表示："主要是考虑换一辆空间大的车，更适合全家出行，坐得宽敞 的。看到XC70是新款，趁假期来对比一下，也已经看了其他品牌的车，哪款合适就'抄底'哪款。" 新华财经上海10月8日电（李一帆）"国庆长假看车的用户比平时多了不少，每天进店客流大概是平时的两倍，新一代智己LS6上市后卖得一直比较好，国庆 这几天订单也明显更多了。"智己汽车上海七宝领展广场店的销售人员在国庆假期格外忙碌。 图为智己汽车上海七宝领展广场店（李一帆 摄） 国庆中秋"双节"期间，这样的热闹场景在上海和全国多地同步上演。 热门门店客流翻倍，6天揽单23.6万辆 "这几天我们单店日均销量能达到三四百辆。"特斯拉上海七宝领展广场店销售人员告诉新华财经，"国庆期间卖得特别好，新的订单都要排队，现在下单预 计要等近一个月才能提车。" 图为特斯拉上海七宝领展广场店（李一帆 摄） 不远处的乐道门店也反馈，"节前定下的卖车任务基本上已经完成，销售势头非常不错。"蔚来门店销售则透露，10月1日至2日客流最为集中，后续虽 ...

2025.10. 03 本文字数：2085，阅读时长大约3分钟 作者 | 第一财经 黄琳 10月伊始，汽车市场迎来传统"金九银十"消费旺季的第二个重要节点。随着70余款新车进入车市， 国庆8天长假期间，车市消费迎来新一轮的爆发期，据第一财经记者不完全统计，今年国庆期间，全 国超23座城市举办了地方车展，通过以旧换新置换补贴、地方消费券等形式，推动汽车消费。 封面图 | 东莞国庆车展现场，参展观众密集。 黄琳摄 当前，超万元的以旧换新补贴仍是推动汽车消费的重要力量。但是，从今年8月开始，已有贵州、青 海、贵州、江苏、广西等超5个省份已暂停实施汽车更新补贴政策。但这并不意味着汽车补贴终止。 在东莞国庆车展现场，广汽丰田、一汽丰田、东风日产启辰等多家车企4S店销售告诉记者，东莞市 的以旧换新补贴已经暂停，但是可以帮助消费者开其他城市的发票，以此抢得其他城市的以旧换新补 贴名额。 有现场销售表示："虽然东莞没有了国补，但是我们的经销商集团在全国都有门店，所以能够在全国 范围内寻找补贴名额。目前，福建、四川等地还有少量的汽车以旧换新补贴可以抢。"现场还有合资 品牌销售提出代抢其他城市的补贴名额需要3000元代抢费，他称 ...

编辑 王琳琳 新京报贝壳财经讯 为进一步激发汽车消费潜力，助力"金九银十"汽车销售旺季，北京市海淀区商务局 将于10月1日0时至12月12日24时期间，组织开展"京彩四季·悦动海淀 中秋购车与国同庆"汽车消费补贴 活动。活动期间，消费者在海淀区规范经营的汽车销售企业购车，即可通过"懂车帝"App平台搜索"海 淀区汽车消费补贴"，申领1000元至15500元不等的购车补贴额度。此外，成功申请补贴的消费者，均有 机会参与"拼好运摇号"幸运抽奖活动，中奖者可额外获得500元幸运奖金。本次活动汽车消费补贴（含 奖金）总金额共3500万元，幸运奖名额共1000个（最终数量以符合活动规定的核销数量为准）。 ...

Core Points - Beijing's Haidian District is launching a car consumption subsidy campaign from October 1 to December 12 to stimulate automotive sales during the peak season [1] - Consumers can receive subsidies ranging from 1,000 to 15,500 yuan by purchasing vehicles from authorized dealerships in Haidian District through the "Dongche Di" app [1] - The total amount allocated for the car consumption subsidies and bonuses is 35 million yuan, with 1,000 lucky draw prizes available for participants [1]

Core Points - Beijing's Haidian District is launching an automotive consumption subsidy program from October 1 to December 12 to stimulate car sales during the peak season [1] - Consumers can apply for subsidies ranging from 1,000 to 15,500 yuan through the "Dongche Di" app, with a total subsidy pool of 35 million yuan [1] - The program includes a lucky draw with 1,000 additional prizes of 500 yuan each for successful subsidy applicants [1] Subsidy Standards - Fuel vehicle subsidy standards are as follows: - Below 100,000 yuan: 1,000 yuan per vehicle - 1,000,000 yuan and above: 15,000 yuan per vehicle [2] - Additional subsidies for new energy vehicles (NEVs) include: - An extra 500 yuan for NEVs priced at 200,000 yuan and above, in addition to the fuel vehicle subsidy [3] - Detailed subsidy amounts based on vehicle price brackets are provided in a table format [4][5] Additional Information - Participating dealerships will offer in-store discounts and benefits to consumers [6] - Consumers can find more details and inquire through the "Dongche Di" app or customer service hotline [6]

Core Points - Guangzhou is implementing a special automotive consumption promotion activity titled "Passion for the National Games, Enjoy Discounts for National Day," which runs until September 30, 2023, offering subsidies for new cars priced over 100,000 yuan [2] - The subsidy structure includes 4,000 yuan for vehicles priced between 100,000 and 200,000 yuan, and 5,000 yuan for those above 200,000 yuan, with additional consumer rights packages valued at 1,000 to 2,000 yuan [2][3] - The initiative has already engaged nearly 30,000 participants, resulting in over 1 billion yuan in subsidies and approximately 50 billion yuan in sales [2] - The total budget for the promotion is set at 300 million yuan, with expectations to directly boost automotive sales by over 8 billion yuan [3] Industry Impact - The automotive market in Guangzhou is experiencing a surge in activity, with new car launches and competitive pricing attracting consumer interest [2][3] - Local car manufacturers, including GAC Group and Xpeng Motors, are enhancing their offerings with additional incentives, such as GAC's maximum subsidy of 5,999 yuan and Xpeng's zero-interest financing options [3] - The recent influx of nearly 40 new car models in the market is expected to further stimulate consumer purchasing decisions ahead of the holiday season [3][4]

Report Overview - Report Title: Steel & Iron Ore | Daily Report - Report Date: September 26, 2025 - Report Author: Tu Weihua 1. Report Industry Investment Rating - No relevant content provided 2. Core Views - **Rebar**: The main contract price weakened and declined, with a daily decline of 1.58%, and both trading volume and open interest increased. Although the supply - demand pattern of rebar improved before the holiday, downstream performance remained sluggish, demand concerns persisted, the fundamental improvement was questionable, and the upward driving force was weak. With the fermentation of concerns about production cut negative feedback, steel prices were under pressure again and were seeking a bottom weakly. Attention should be paid to the change in position on the futures market [4]. - **Hot - rolled coil**: The main contract price declined weakly, with a daily decline of 1.22%, and both trading volume and open interest increased. In the current supply - demand weakness situation, the fundamentals of hot - rolled coils were weak, the high - supply pressure remained, and prices were under pressure. With the fermentation of concerns about production cut negative feedback, it was expected to continue to fluctuate weakly before the holiday. Attention should be paid to demand performance [4]. - **Iron ore**: The main contract price fell from a high level, with a daily decline of 1.74%, trading volume increased while open interest decreased. Currently, the demand for iron ore was okay, supporting the ore price, but supply was rising, demand benefits were weakening, the supply - demand pattern was weakening, and the over - valued ore price was under pressure again. Coupled with concerns about production cut negative feedback, the ore price was expected to be under pressure again and fall from a high level. Attention should be paid to the performance of finished steel products [4]. 3. Summary by Directory 3.1 Industry Dynamics - Trump announced that the US will impose a new round of high - tariffs on multiple imported products from October 1, including a 50% tariff on kitchen cabinets, bathroom sinks and related building materials, a 30% tariff on imported furniture, and a 100% tariff on patented and branded drugs [6]. - More than twenty regions have issued concentrated local subsidies for automobiles. Since entering the "Golden September", relevant local policies on a new round of automobile subsidies have been intensively issued, and the subsidy policies have significantly stimulated the automobile market. As of September 10, the number of applications for automobile trade - ins this year has reached 8.3 million [7]. - 208 steel enterprises have completed the public announcement of ultra - low emission transformation. On September 25, Xining Special Steel Co., Ltd. announced its progress in ultra - low emission transformation and evaluation and monitoring, and so far, 208 steel enterprises have made announcements on the CISA website [8]. 3.2 Spot Market | Product | Location | Spot Price | Price Change | | --- | --- | --- | --- | | Rebar (HRB400E, 20mm) | Shanghai | 3,230 | - 30 | | | Tianjin | 3,220 | - 10 | | | National Average | 3,292 | - 14 | | Hot - rolled coil (Shanghai, 4.75mm) | Shanghai | 3,390 | - 10 | | | Tianjin | 3,300 | - 30 | | | National Average | 3,427 | - 12 | | Tangshan billet (Q235) | - | 3,030 | 0 | | Zhangjiagang heavy scrap (≥6mm) | - | 2,160 | 0 | | 61.5% PB powder (Shandong port) | - | 783 | - 13 | | Tangshan iron concentrate (wet basis) | - | 802 | 4 | | Ocean freight (Australia) | - | 10.90 | 0.08 | | Ocean freight (Brazil) | - | 25.83 | 0.62 | | SGX swap (current month) | - | 105.60 | - 0.10 | | Platts Index (CFR, 62%) | - | 106.10 | - 0.40 | | Coil - rebar price difference | - | 160 | 2 | | Rebar - scrap price difference | - | 1,070 | - 30 | [9] 3.3 Futures Market | Product | Active Contract | Closing Price | Change (%) | High | Low | Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,114 | - 1.58 | 3,171 | 3,113 | 1,388,756 | 505,741 | 1,976,545 | 106,096 | | Hot - rolled coil | - | 3,313 | - 1.22 | 3,359 | 3,312 | 612,844 | 275,416 | 1,391,208 | 21,492 | | Iron ore | - | 790.0 | - 1.74 | 806.0 | 788.0 | 326,907 | 135,724 | 508,929 | - 20,811 | [12] 3.4 Related Charts - **Steel Inventory**: Included charts of rebar inventory (weekly change, total inventory of steel mills and social inventory), hot - rolled coil inventory (weekly change, total inventory of steel mills and social inventory) [15][17]. - **Iron Ore Inventory**: Included charts of 45 - port iron ore inventory (total inventory, seasonal inventory), 247 steel mills' iron ore inventory, and domestic mine iron concentrate inventory [20][24][25]. - **Steel Mill Production**: Included charts of 247 sample steel mills' blast furnace operating rate and capacity utilization, 87 independent electric furnace operating rates, 247 steel mills' profitable steel mill ratio, and 75 building material independent electric arc furnace steel mills' profit - loss situation [29][31][33]. 3.5后市研判 - **Rebar**: The supply - demand pattern continued to improve marginally. Rebar production increased slightly week - on - week, but due to poor profitability, the short - term production increase momentum was weak, and supply was stable at a low level. However, there was a pressure of inventory increase during the holiday, and the positive effect was limited. Demand continued to improve, with the weekly apparent demand increasing by 10.41 tons week - on - week, but high - frequency trading was weak, and both supply and demand were at low levels in recent years. The improvement space in the peak season was questionable. Before the holiday, although the supply - demand pattern improved, downstream performance was sluggish, demand concerns remained, the fundamental improvement was questionable, the upward driving force was weak, and steel prices were under pressure again and seeking a bottom weakly [37]. - **Hot - rolled coil**: The supply - demand pattern continued to be weak, and inventory continued to increase. Hot - rolled coil production decreased by 2.30 tons week - on - week, and inventory was high, so the supply pressure was still large. Demand resilience weakened, with the weekly apparent demand decreasing by 0.14 tons week - on - week, and high - frequency trading declined. Although the production of the main downstream cold - rolled products increased significantly, industrial contradictions persisted, which was likely to drag down hot - rolled coil demand. It was expected to continue to fluctuate weakly before the holiday [37]. - **Iron Ore**: The supply - demand pattern weakened, and inventory increased significantly. Steel mill production was stable, and ore terminal consumption was high. This week, the average daily hot metal output and imported ore daily consumption of sample steel mills increased week - on - week, and demand was okay, supporting the ore price. However, the restocking was coming to an end, and steel market contradictions were accumulating, so the positive effect was expected to weaken. At the same time, the arrival volume of iron ore at domestic ports increased significantly, overseas miners' shipments were still at a high level, and domestic ore supply recovered. The high - valued ore price was under pressure again and was expected to fall from a high level [38].

Group 1 - The article highlights the recent surge in local automotive subsidy policies across various regions in China, particularly during the "golden September and silver October" period, aimed at boosting car sales through trade-in and promotional activities [1][2] - Specific cities like Handan and Zhengzhou have initiated substantial subsidy programs, with Zhengzhou offering a total of 560 million yuan in green vehicle purchase subsidies, while Handan is providing trade-in vouchers valid until October 31 [1][2] - The highest single vehicle subsidy is reported in cities like Nanjing and Qingdao, reaching up to 8,000 yuan, with Nanjing's program running from September 5 to December 31, emphasizing that these local subsidies do not overlap with national or provincial programs [2] Group 2 - Over 20 provinces and cities have introduced new consumer subsidy policies in September, including major cities like Beijing, Chongqing, and Guangzhou, indicating a widespread effort to stimulate the automotive market [2] - The effectiveness of these subsidy policies is evident, with 8.3 million applications for vehicle trade-ins recorded by September 10, and Wuhan reporting a total of 17.9 billion yuan in trade-in subsidies, which significantly boosted local car sales [2][3] - Industry experts suggest that to further enhance automotive consumption, it is crucial to balance policies for electric and fuel vehicles, propose a clear timeline for trade-in subsidies, and shift focus from purchase incentives to broader consumption and service areas [3]

Core Viewpoint - The domestic automotive dealership industry is facing significant challenges due to long rebate redemption periods, price inversions, and inventory accumulation, compounded by new issues arising from inconsistent local subsidies [1][4]. Group 1: Sales Rhythm Disruption - The phenomenon of "same city, different subsidies" is widespread, disrupting normal market order and forcing dealers in non-subsidized areas to incur losses to remain competitive [5][6]. - A survey of 40 major automotive brands indicates that this issue is affecting market stability, with larger dealers able to exploit subsidy differences, leading to unfair competition [5][6]. - Many dealers express a preference for no subsidies over the current system, which they believe creates more market instability [5][6]. Group 2: Impact of Subsidy Variability - The inconsistency in subsidy amounts and timing across different regions leads to consumer hesitation and market disruption [3][4]. - The automotive consumption subsidy system is jointly funded by national and local governments, with local authorities having some discretion in subsidy distribution, which contributes to the variability [10][11]. - The current subsidy structure includes specific amounts for scrapping old vehicles and purchasing new ones, but local variations in implementation are common [11][12]. Group 3: Suspension of Subsidies - The sudden suspension of subsidies has a more significant impact on the market than the "same city, different subsidies" issue, causing unrest among consumers and dealers [14][15]. - Since mid-May, several regions have paused their subsidy applications, leading to increased consumer uncertainty [14]. - The government has allocated 300 billion yuan for consumption upgrades, with plans to resume subsidies in areas that have temporarily halted them [14][15].

Core Points - Guangzhou government has launched a special automotive consumption promotion activity with a total subsidy of 300 million yuan, running from September 15 to 30 [1] - Individual consumers purchasing new cars priced at 100,000 yuan (including tax) or above can receive a cash subsidy of up to 5,000 yuan [1] - The initiative aims to stimulate automotive sales, with an expected sales boost of over 8 billion yuan [1] Subsidy Details - Consumers can receive 4,000 yuan for cars priced between 100,000 yuan and 200,000 yuan, and 5,000 yuan for cars priced above 200,000 yuan [1] - Each consumer is eligible for the subsidy only once during the promotional period [1] - In addition to government cash subsidies, consumers will also receive supplementary benefits valued at no less than 1,000 yuan or 2,000 yuan from the activity platform [1] Activity Structure - The promotion operates on a "total amount control, first come first served, while supplies last" basis [1] - The total funding for the subsidies is capped at 300 million yuan [1] - The initiative is expected to significantly enhance automotive sales in the region [1]