点 击 蓝 字 关 注 我 们 本文全文共 4051 字，阅读全文约需 13 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 9月第四周全国乘用车市场日均零售9.8万辆，同比去年9月同期下降2%，较上月同期增长19%。 9月第五周全国乘用车市场日均零售15.5万辆，同比去年9月同期增长43%，较上月同期增长48%。 初步统计：9月1-30日，全国乘用车市场零售223.9万辆，同比去年9月增长6%，较上月增长11%；今年以 来累计零售1,700.4万辆，同比增长9%。 1.本周车市概述 初步统计： 9月1-30日，全国乘用车市场零售223.9万辆，同比去年9月增长6%，较上月增长11%，今年以 来累计零售1,700.4万辆，同比增长9%；9月1-30日,全国乘用车厂商批发277.0万辆，同比去年9月增长11%，较 上月增长12%，今年以来累计批发2,081.2万辆，同比增长13%。 初步统计： 9月1-30日，全国乘用车新能源市场零售130.7万辆，同比去年9月增长16%，较上月增长 17%，全国乘用车新能源零售渗透率58.5%，今年以来累计零售887.8 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The automotive industry is undergoing a transformation from scale - expansion to value - creation, with anti - involution as the underlying logic. In the short term, industry supervision will focus on preventing behaviors such as below - cost dumping, shoddy workmanship, and excessive promotion. However, it is difficult to immediately stop price cuts or raise car prices due to factors like scale effects, technological upgrades, raw material price drops, intense competition, and consumer behavior changes [31]. - The new energy vehicle industry is expected to continue growing, driven by public - domain and county - level market expansion, old - for - new subsidy policies, and the industrialization of intelligent and connected vehicle technologies [2][20][23]. 3. Summary by Directory 3.1 《汽车行业稳增长工作方案（2025—2026年）》 - **Sales Targets in 2025**: The target is to achieve annual vehicle sales of about 32.3 million, a year - on - year increase of about 3%, with new energy vehicle sales reaching about 15.5 million, a year - on - year increase of about 20%. The auto export is expected to maintain stable growth, and the added value of the automotive manufacturing industry is expected to increase by about 6% year - on - year. Compared with the initial forecast, the new energy vehicle sales target has been slightly adjusted down by 500,000 units [2][8]. - **Current Sales Performance**: From January to August 2025, the cumulative vehicle sales were 21.128 million, a year - on - year increase of 12.6%, completing 65.4% of the annual target. The cumulative new energy vehicle sales were 9.62 million, a year - on - year increase of 36.7%, completing 61.9% of the annual target. The sales growth rate has slowed down since August due to the high base from the previous year [9]. - **Growth Drivers**: - Public - domain and county - level markets will bring incremental demand. The plan aims to promote over 700,000 new energy vehicles in public - domain transportation in 25 pilot cities [13]. - Old - for - new subsidy policies have been optimized in 2025 compared to 2024, but some regional subsidies have been adjusted since mid - 2025 [20]. - The industrialization of intelligent and connected vehicle technologies, with the conditional approval of L3 - level vehicle mass production, will stimulate potential consumer demand [23]. 3.2 《汽车整车企业供应商账款支付规范倡议》 - **Key Operational Standards**: It defines the standards for order confirmation, delivery acceptance, payment settlement, and contract terms. For example, vehicle manufacturers should complete acceptance within 3 working days, and the payment period should not exceed 60 natural days from the date of acceptance. It encourages cash or bank acceptance bill payments, especially for small and medium - sized suppliers, and advocates long - term stable cooperation with contract validity of at least one year [3][24]. - **Background and Significance**: The automotive industry is experiencing price cuts (about 15% in the overall market, 20% for fuel vehicles, and 8% for new energy vehicles), and the industry's profit margin has declined to 4.3% in 2024. Vehicle manufacturers have transferred cost pressure to suppliers. The initiative aims to build a positive cycle of "quality - cost - price" and a collaborative ecosystem of "vehicle - parts" [25]. 3.3 Summary and Thinking - **Industry Transformation**: The automotive industry is shifting from scale - driven to value - driven growth. In the short term, industry supervision will focus on preventing unfair competition, but it is difficult to immediately change the price - cut trend due to various factors [31]. - **Market Incentive Policies**: - Loan interest subsidies are available for personal consumer loans from September 1, 2025, to August 31, 2026, with an annual interest subsidy rate of 1 percentage point, capped at 50% of the loan contract interest rate [35]. - New energy vehicle purchase tax exemptions will be phased out. They are fully exempted from January 1, 2024, to December 31, 2025, and halved from January 1, 2026, to December 31, 2027 [36][38].

Core Viewpoint - The article discusses the recent measures taken by the Chinese government to curb the price war in the automotive industry, emphasizing a shift from aggressive price competition to a focus on technological advancements and quality improvement in the sector [1][3][7]. Summary by Sections Industry Overview - The Chinese automotive market is projected to sell approximately 31.43 million vehicles in 2024, with a 4.5% year-on-year growth, and 12.6% growth in the first eight months of this year [4]. - New energy vehicle (NEV) sales are expected to reach 12.87 million units in 2024, reflecting a significant 35.5% increase [4]. Price War and Its Impact - The average price of vehicles in China has decreased by 19% over the past two years, with some models seeing price cuts of up to 35% [4]. - The net profit of the automotive industry fell by 12% to 178 billion yuan in the first five months of this year, with the median net profit margin dropping from 2.7% in 2019 to 0.83% in 2024 [4]. Government Measures - The "Automotive Industry Stabilization Work Plan (2025-2026)" was released to regulate competition, including cost investigations and price monitoring [1][5]. - The plan aims to address issues such as false advertising and to ensure fair competition, with a focus on improving the payment terms for suppliers [5][8]. Future Goals - The government aims for a total vehicle sales target of around 32.3 million by 2025, with NEV sales projected at 15.5 million, indicating a shift towards quality over quantity [6][7]. - The plan emphasizes the importance of quality and efficiency in the industry, signaling a transition from a volume-driven approach to a more sustainable model [6][8]. Market Dynamics - The restructuring of the industry is expected to accelerate the exit of less competitive firms, allowing resources to concentrate on more capable companies [8]. - The market share of domestic brands has increased significantly, rising from 34% in 2020 to 69% in early 2025, while foreign brands continue to lose ground [9][10]. Export Growth - Chinese automotive exports reached 4.3 million units in the first eight months of this year, including 1.5 million NEVs, indicating a strong global presence [10]. - The utilization rate of NEV factories is projected to rise from 61% in 2024 to 81% in 2026, reflecting improved supply-demand balance due to increased exports [10].

Core Viewpoint - The Chinese automotive industry is undergoing regulatory actions to combat irrational competition and promote orderly development, particularly in the new energy vehicle sector [5][10][12]. Group 1: Regulatory Actions - On September 10, six government departments initiated a special campaign to address online chaos in the automotive industry, focusing on illegal profit-making and false advertising [4][10]. - A follow-up notification on September 12 outlined the "Automotive Industry Growth Work Plan (2025-2026)," aiming to stabilize growth in the sector [5][10]. - The central government emphasizes the need for effective measures against internal competition, as highlighted in a meeting led by Premier Li Qiang on July 16 [5][6]. Group 2: Proposed Measures - Four main strategies have been proposed: strengthen supervision, establish long-term mechanisms, enhance standard guidance, and promote industry self-discipline [7][12]. - Specific actions include monitoring product prices, ensuring product consistency, and addressing payment terms with suppliers [7][9]. - The special campaign against online chaos is a direct implementation of the supervision strategy, aiming to create a healthier market environment [11][30]. Group 3: Industry Growth Plan - The "Automotive Industry Growth Work Plan" aims for approximately 32.3 million vehicle sales in 2025, with new energy vehicle sales projected at around 15.5 million, reflecting a 20% increase [16][17]. - The plan includes 46 specific measures across four main dimensions: expanding domestic consumption, improving supply quality, optimizing the industry environment, and enhancing international cooperation [23][24]. - Key initiatives involve promoting electric vehicles in public sectors, enhancing consumer incentives, and advancing smart and connected vehicle technologies [24][25][26][30]. Group 4: Challenges and Concerns - The automotive industry faces challenges such as complex external environments and insufficient domestic demand, which complicate growth efforts [16][17]. - There are concerns that the focus on regulating competition may dilute the effectiveness of the proposed measures, as the emphasis on internal competition might overshadow other critical initiatives [18][22]. - The absence of the Ministry of Ecology and Environment in the regulatory framework raises questions about comprehensive oversight in the automotive sector [19][21].

Core Insights - The automotive parts industry in the Yangtze River Delta is experiencing significant impacts from a price war, leading to a decline in profitability for upstream sectors, although initial effects of industry "anti-involution" are beginning to show [1][7] Group 1: Financial Performance - In the first half of the year, automotive parts companies in the Yangtze River Delta reported an average revenue of 2.675 billion yuan, with an average net profit from continuing operations of 160 million yuan, reflecting an average revenue growth of 11.66% but a decline in net profit by 5.43% [2] - Jiangsu's automotive parts companies saw an average net profit drop of 32.49%, while Zhejiang experienced a growth of 13.27%, indicating significant regional disparities [1][2] - Shanghai led in average revenue with 5.32 billion yuan, while Anhui showed the best revenue growth rate at 16.61% [3] Group 2: Market Dynamics - The automotive sector is facing intense competition and price wars, with companies adopting price reduction strategies to gain market share, which has eroded profit margins [2][3] - The decline in Jiangsu's net profit is attributed to the local automotive industry's challenges, including the shutdown of several brands and a decrease in fuel vehicle production [3] Group 3: International Expansion - Zhejiang has taken the lead in overseas expansion, with total overseas revenue for automotive parts companies reaching 56.9 billion yuan, significantly higher than other regions [5] - The growth rate of overseas revenue for Zhejiang's automotive parts companies was 28% compared to the previous year, indicating a strong international presence [5] Group 4: Industry Trends - The "anti-involution" movement in the automotive industry aims to combat the negative effects of price wars, with various stakeholders advocating for fair competition and improved operational practices [7][9] - The average accounts receivable turnover days for automotive parts companies in the Yangtze River Delta have shown initial improvement, particularly in Zhejiang, where the business environment and financial policies are more favorable [12]

Core Viewpoint - The automotive parts industry in the Yangtze River Delta is experiencing significant disparities in performance, with a notable impact from price wars and subsequent industry adjustments [1][5]. Revenue and Profitability - The average revenue of automotive parts companies in the Yangtze River Delta reached 2.675 billion yuan, with an average net profit from continuing operations of 160 million yuan, reflecting an 11.66% year-on-year revenue growth but a 5.43% decline in net profit [2][5]. - Jiangsu's automotive parts companies saw an average net profit drop of 32.49%, while Zhejiang experienced a 13.27% increase in net profit [1][2]. Regional Performance - Shanghai led in average revenue with 5.32 billion yuan, while Anhui showed the best revenue growth rate at 16.61% year-on-year [5]. - Jiangsu's declining net profit is attributed to local automotive manufacturers' struggles, including reduced production of traditional fuel vehicles and a lack of new energy vehicle production [6]. Export Trends - The Yangtze River Delta's automotive parts companies are increasingly focusing on overseas markets, with Zhejiang leading in export volume and growth [1][8]. - In the first half of the year, the overseas revenue for automotive parts companies in Zhejiang, Shanghai, Jiangsu, and Anhui was 56.9 billion yuan, 24.1 billion yuan, 15.4 billion yuan, and 5.3 billion yuan, respectively [8]. Industry Challenges - The automotive sector is facing intense competition and price wars, which have pressured profit margins and overall profitability [2][10]. - The tire and wheel segment has seen significant overseas revenue growth, although this has slowed due to the impact of the US-China trade war [8][10]. Anti-Competition Measures - The automotive industry has begun to show initial effects of anti-competition measures aimed at reducing price wars, with improvements in accounts receivable turnover days noted in the Yangtze River Delta [11][12]. - Zhejiang has seen the most significant improvement in payment cycles, attributed to better business environments and financial policies [12][14].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [46]. Core Insights - The automotive sector experienced a slight decline in profits in Q2 2025, attributed to intense market competition and price wars. However, with the gradual implementation of "anti-involution" strategies and continuous optimization of product structures, industry profits are expected to improve. The recent launch of new models is anticipated to catalyze growth [3][42][43]. Summary by Sections Automotive Industry Trends and Valuation Review - As of September 4, 2025, the Shenwan Automotive Index has decreased by 1.95% over the past two weeks, underperforming the CSI 300 Index by 3.74 percentage points. Year-to-date, the index has increased by 17.72%, outperforming the CSI 300 Index by 6.79 percentage points [10][15]. Industry Data Tracking - Raw material prices as of September 4, 2025, show steel prices stable, aluminum down by 0.05%, copper up by 0.36%, lithium carbonate down by 4.28%, synthetic rubber up by 0.16%, and glass up by 0.12% [19][20]. Industry News - Key developments include: 1. Chongqing City allocated an additional 135 million yuan for vehicle and electric bicycle trade-in subsidies [25]. 2. In July, China's automobile exports reached 11.84 billion USD, with a year-on-year increase of 25.6% [26]. 3. The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in August reached 1.3 million units, a 24% year-on-year increase [27]. 4. Jinan initiated a new round of automotive consumption subsidies totaling 12 million yuan [28]. Corporate News - Significant corporate updates include: 1. Leap Motor completed a 2.6 billion yuan domestic stock issuance [34]. 2. Changan Automobile reported an August sales increase of 25% year-on-year [35]. 3. NIO's Q2 2025 revenue was 19.01 billion yuan, with a quarter-on-quarter growth of 57.9% [37]. Investment Recommendations - As of September 4, 2025, the automotive sector's total revenue for the first half of 2025 was 1.955 trillion yuan, a year-on-year increase of 7.33%, with a net profit of 82.205 billion yuan, up 0.62% [42][43]. - The report suggests focusing on companies enhancing brand competitiveness through smart technology, such as BYD and Seres, and those benefiting from increased penetration of smart driving configurations, like Fuyao Glass and Joyson Electronics [44].

Core Viewpoint - The Hong Kong automotive sector experienced a significant surge, with the Hong Kong Automotive ETF (159210) opening high and rising over 3%, reaching a new high since its listing, driven by strong performance from major component stocks like XPeng Motors [1][2]. Group 1: ETF Performance - The Hong Kong Automotive ETF (159210) saw a jump of 3.21%, closing at 1.094, with a trading volume of 117,700 [1]. - The ETF's net asset value reached a high of 1.100, with a 52-week high of 1.08 and a low of 0.93 [1]. - The trading data indicates a significant increase in turnover, with a volume ratio of 27 [1]. Group 2: Major Component Stocks - XPeng Motors, the largest weight in the ETF, surged over 10% following a stock buyback announcement and strong earnings report, with a closing increase of 11.68% in the US market [1][3]. - Other notable stocks included Luoyang Molybdenum, which rose over 2%, and several others like Leap Motor and Great Wall Motors, which increased by over 1% [1]. - BYD and Geely experienced slight increases, indicating overall positive sentiment in the automotive sector [1]. Group 3: XPeng Motors Performance - XPeng Motors reported a remarkable 279% increase in vehicle deliveries for the first half of 2025, totaling approximately 197,200 units [3]. - The company's total revenue reached 34.09 billion yuan, a 132.5% increase year-on-year, with a significant reduction in net losses by 62.8% to 480 million yuan [3]. - The second quarter saw a record revenue of 18.27 billion yuan, with a gross margin improvement for eight consecutive quarters, and projected deliveries for Q3 are between 113,000 and 118,000 units [3]. Group 4: Market Outlook - The automotive industry is expected to benefit from the upcoming "Golden September and Silver October" sales period, with government incentives for new energy vehicles [4]. - The introduction of L2 autonomous driving standards is anticipated to further stimulate the market, enhancing the growth prospects for leading manufacturers [4]. - The overall sentiment in the automotive sector remains strong, with expectations of continued growth driven by new product cycles and technological advancements [5].

Core Viewpoint - The article provides an update on the motorcycle industry, highlighting sales data and trends for various displacement categories, as well as insights into key players and market dynamics [2][3][4][5][6]. Sales Data Summary - For motorcycles with displacement above 250cc, June 2025 sales reached 88,000 units, representing a year-on-year increase of 21.7% but a month-on-month decrease of 14.2%. Cumulative sales from January to July reached 590,000 units, up 37.9% year-on-year [2]. - In the 250ml to 400ml displacement category, July sales were 44,000 units, a year-on-year increase of 6.1% but a month-on-month decrease of 17.5%. Cumulative sales for the first seven months were 309,000 units, up 45.0% year-on-year [3]. - For the 400ml to 500ml category, July sales were 24,000 units, with a year-on-year decrease of 1.1% and a month-on-month decrease of 6.5%. Cumulative sales reached 153,000 units, up 5.7% year-on-year [4]. - In the 500ml to 800ml category, July sales were 19,000 units, showing a significant year-on-year increase of 238.8% and a month-on-month increase of 138.2%. Cumulative sales for the first seven months were 112,000 units, up 118.9% year-on-year [4]. - For motorcycles with displacement over 800cc, July sales were 1,000 units, a year-on-year increase of 12.5% but a month-on-month decrease of 40.7%. Cumulative sales reached 16,000 units, up 107.4% year-on-year [4]. Key Players Performance - Chuanfeng Power sold 18,000 units in July, with a year-on-year increase of 9.2% and a market share of 20.9%, down 1.4 percentage points month-on-month. Cumulative market share for the first seven months was 21.5%, up 1.7 percentage points compared to the full year of 2024 [5]. - Longxin General sold 14,000 units in July, a year-on-year increase of 15.8% with a market share of 15.9%, up 9.1 percentage points month-on-month. Cumulative market share for the first seven months was 13.8%, down 0.4 percentage points compared to the full year of 2024 [5]. - Qianjiang Motorcycle sold 10,000 units in July, a year-on-year decrease of 34.4% with a market share of 11.5%, up 3.3 percentage points month-on-month. Cumulative market share for the first seven months was 13.5%, down 3.2 percentage points compared to the full year of 2024 [5]. Industry Insights - The article suggests focusing on key companies such as Geely Automobile, BYD, Li Auto, Xpeng Motors, and Xiaomi Group, among others, as potential investment opportunities in the automotive sector [6]. - The Ministry of Industry and Information Technology's advocacy for reducing internal competition in the automotive industry is expected to benefit the passenger vehicle sector by alleviating supply chain financial pressures and promoting a shift from price wars to value-based competition [7]. - The acquisition of a significant stake in a materials company by Zhiyuan Robotics is anticipated to catalyze interest in the robotics sector, especially with upcoming events showcasing numerous intelligent robots [8].

Core Viewpoint - The automotive industry is responding to government initiatives to address "involution" competition by committing to a "60-day payment term" for suppliers, with initial results showing some companies successfully implementing these commitments [1][2][8]. Group 1: Commitment Implementation - Several automotive companies, including China FAW, GAC Group, and Seres Group, have begun to implement the "60-day payment term" commitment, showcasing their specific practices and results [1][2]. - China FAW has established a cross-departmental task force to ensure seamless management of payment processes, including revising contract templates to specify payment terms [2][3]. - GAC Group has developed a comprehensive control system that digitizes the entire payment process, allowing real-time tracking of order and payment statuses [3][4]. Group 2: Payment Methods - The payment method used by automotive companies significantly impacts the financial health of suppliers, with many previously relying on acceptance bills that extended payment periods [5][6]. - China FAW has shifted to 100% cash payments for recognized small and medium-sized suppliers, moving away from a mixed payment model [6][7]. - GAC Group has also prioritized cash payments, achieving a 95% cash transfer rate, which alleviates financial pressure on suppliers [7]. Group 3: Industry Trends and Effects - The automotive industry is witnessing a gradual return to healthy development, with a notable increase in production and sales, despite a decline in profit margins [8][9]. - The implementation of the "60-day payment term" and the reduction of price wars are contributing to improved industry stability, with a reported increase in industry profit margins [9]. - The government's "trade-in" policy and ongoing efforts to curb "involution" competition are showing positive effects on market stability and sales growth [9].