至岁末，汽车行业整治"内卷式"竞争又迎新进展。 12月12日，为规范汽车行业价格行为，国家市场监督管理总局研究起草了《汽车行业价格行为合规 指南（征求意见稿）》（以下简称《指南》），面向社会公开征求意见。 《指南》一经发布，第一时间得到比亚迪、小鹏汽车、北汽集团等十几家车企的积极响应，多家车 企明确表态坚决杜绝任何形式的价格欺诈与不正当竞争行为。此时恰逢车企制定新一年销量目标和渠道 商务政策的关键节点，《指南》的出炉，无疑给深陷"内卷式"竞争泥沼多时的汽车行业带来曙光，更为 2026年车市健康发展奠定基础。 解顽疾 剑指行业"内卷"乱象 持续两年有余的车市内卷，让汽车经销商的日子愈发难捱。根据中国汽车流通协会的数据，2023年 全国汽车经销商亏损比例达43.5%，2024年亏损比例达41.7%，今年上半年这一数字则上升至52.6%，经 销商生存状况持续恶化。 "愈演愈烈的价格倒挂是导致经销商严重亏损的重要原因。"汽车流通行业专家李雪（化名）直言不 讳地说，面对激烈的车市竞争，为达成主机厂销售目标，经销商往往以低于购进价格销售车辆，由此造 成的价格倒挂已成为汽车流通行业的普遍现象。中国汽车流通协会数据显示，今年 ...

"明文规定不能低于成本销售，对于经销商来说多了一层保障，据我所知，多数经销商持欢迎态度。"李雪称，《指南》的出台将加速车企的优胜劣汰，对 于经销商而言则有望解决价格倒挂这一行业痼疾。 全国工商联汽车经销商商会（以下简称"全联车商"）党支部书记、秘书长邢海涛在接受《中国汽车报》记者采访时也表示，《指南》的发布对于纠治当前 汽车市场存在的一系列非理性竞争行为将发挥重要作用，特别是广大经销商普遍关注的价格倒挂问题如果能够得到根本纠治，将引导汽车市场从"价格 战"回归"价值战"。 行至岁末，汽车行业整治"内卷式"竞争又迎新进展。 12月12日，为规范汽车行业价格行为，国家市场监督管理总局研究起草了《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》），面向社 会公开征求意见。 《指南》一经发布，第一时间得到比亚迪、小鹏汽车、北汽集团等十几家车企的积极响应，多家车企明确表态坚决杜绝任何形式的价格欺诈与不正当竞争 行为。此时恰逢车企制定新一年销量目标和渠道商务政策的关键节点，《指南》的出炉，无疑给深陷"内卷式"竞争泥沼多时的汽车行业带来曙光，更为 2026年车市健康发展奠定基础。 解顽疾 剑指行业"内卷"乱象 持 ...

华龙证券指出，汽车反内卷新政出台，行业价格乱象有望纠正。2025年12月12日，国家市场监督管理总 局发布《汽车行业价格行为合规指南（征求意见稿）》，从生产端、销售端和制度建设三方面对汽车行 业价格行为进行规范，重点禁止出厂价格低于生产成本、虚假销售价格等行为。已有比亚迪、北汽集团 和小鹏汽车等多家车企积极响应。该政策是2025年初以来汽车行业反内卷的重要拼图，有望遏制不合理 竞争，从零部件到整车厂再到经销商的各环节盈利空间或迎来边际修复。此外，11月新能源乘用车零售 渗透率达59.4%，同比提升6.99个百分点；L2.5及以上智驾渗透率33%，智能化趋势持续强化。 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从市场中选取涉及整车制造、零部件供 应及汽车服务等领域的上市公司证券作为指数样本，以反映汽车产业链相关上市公司证券的整体表现。 该指数覆盖汽车行业全产业链，具有较高的行业集中度和市场代表性。 （文章来源：每日经济新闻） ...

兴业证券认为，《汽车行业价格行为合规指南（征求意见稿）》发布，汽车行业"反内卷"持续进 行。"反内卷"持续，多车企积极响应，行业盈利能力有望提升。本次政策从整车、零部件的生产环节以 及销售环节出发，对于行业此前存在的无序竞争在多领域进行规范，有利于重塑产业健康生态，构建全 链条规范体系。 国泰海通证券认为，从《汽车行业价格行为合规指南（征求意见稿）》的发布来看，"反内卷"进程有望 得到进一步明确，汽车行业价格战有望得到一定的遏制；结合以旧换新政策的推进，预计车企、经销商 内销业务的盈利能力都有望得到一定程度的修复。 为规范汽车行业价格行为，国家市场监督管理总局研究起草了《汽车行业价格行为合规指南（征求意见 稿）》，现向社会公开征求意见。 ...

12月12日晚，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称 《征求意见稿》）。据了解，《征求意见稿》共五章28条，主要内容聚焦于细化汽车生产企业价格行为 规范、明确汽车销售企业价格行为要求、引导建立健全内部合规管理制度等三个方面。中国汽车工业协 会相关人士表示，《征求意见稿》对汽车生产、销售企业给予了明确、具体、全面的指导和提示，避免 企业在经营活动中某些具体行为触及法律红线，从而有效帮助企业规避可能造成的法律法规风险，在源 头治理上促进企业切实做到合法、合规经营。 禁止价格串通 国家市场监督管理总局在《征求意见稿》的起草说明中提到，近年来，随着汽车市场尤其是新能源汽车 市场的快速发展，新型商业模式不断涌现，价格行为也日趋复杂。实践中，汽车生产销售领域存在价格 标示不规范、价格欺诈、价格串通、非理性竞争等行为，严重扰乱市场秩序，侵害了消费者和经营者的 合法权益，不利于汽车行业高质量发展。 此次，《征求意见稿》首先就是针对生产企业，细化价格行为规范。明确从整车到零配件生产、从定价 策略到销售行为各环节的价格合规要求。包括实行全流程价格管理，要求建立覆盖整车销售、金融服务 等环节 ...

Core Insights - The traditional fuel vehicle market in China is experiencing unexpected growth, with sales reaching 1 million units in September, marking a 1.7% increase year-to-date compared to the previous year [1][5][10] - The shift in consumer demand is leading to a higher concentration of fuel vehicle sales in the mid-to-high-end market, as entry-level models are being replaced by plug-in hybrid vehicles [1][6] Sales Performance - In the first nine months of the year, traditional fuel vehicle sales exceeded 8 million units, reversing a significant decline of nearly 18% from the previous year [1][5] - The promotional efforts for traditional fuel vehicles have intensified, with discounts reaching 23.9%, compared to 10.2% for new energy vehicles [5][10] Pricing Strategies - Major brands like Dongfeng Nissan and Beijing Hyundai are adopting a "one-price" policy to eliminate price negotiation, which has led to increased foot traffic and sales in dealerships [6][9] - The pricing of traditional fuel vehicles has significantly decreased, with models like the Dongfeng Nissan Sylphy dropping to 60,000-70,000 yuan from over 100,000 yuan [5][6] Policy Impact - The "trade-in" policy for fuel vehicles has been effective, allowing older models to qualify for subsidies, thus stimulating sales [5][10] - Cities with favorable subsidy policies, such as Chengdu, have seen notable increases in fuel vehicle sales, indicating the effectiveness of government incentives [5][10] Technological Advancements - Traditional fuel vehicles are undergoing significant upgrades in smart technology, with new models featuring advanced driver assistance systems and smart cockpit functionalities [6][9] - The integration of technology in fuel vehicles is essential to meet consumer expectations and compete with electric vehicles [9][10] Market Outlook - The overall automotive market in China is expected to see a 6% to 7% growth in retail sales for the year, despite a potential slowdown in new energy vehicle sales growth [10][11] - Regulatory measures are being implemented to stabilize market prices and prevent excessive competition among manufacturers [10][11]

Investment Rating - The report maintains a "Recommended" investment rating for Ningbo Gaofa [4][3]. Core Views - The company reported a revenue of 363.69 million yuan for Q3 2025, reflecting a year-on-year growth of 2.97%, while the net profit attributable to the parent company was 51.85 million yuan, down 13.04% year-on-year [1]. - Despite price pressures, the company has shown strong cost and expense control capabilities, maintaining stable profitability. The outlook for the company remains positive as it continues to expand into joint ventures and overseas markets [3][4]. - The company has a solid cash reserve of 870.44 million yuan as of Q3 2025, with short-term borrowings only amounting to 36.43 million yuan [3]. Summary by Sections Financial Performance - In Q3 2025, the comprehensive gross margin was 23.5%, slightly lower than Q2 2025 (24.2%) and Q3 2024 (25.9%). The net profit margin for Q3 2025 was 14.2%, stable compared to Q2 2025 (14.3%) but lower than Q3 2024 (16.8%) [2]. - The company’s revenue growth for the first three quarters of 2025 was 6.24%, with Q3 alone showing a growth of 2.97% [1]. Market Position and Strategy - The company has established a strong position in the domestic market and is expected to see significant growth from joint ventures and overseas markets. It has successfully entered the supply chains of major automotive manufacturers [2]. - The company is actively expanding its product line and has new products undergoing testing, which is expected to enhance its market presence [2]. Cash Reserves and Profit Forecast - The company has a robust cash position, with total cash and cash equivalents amounting to 870.44 million yuan, indicating strong liquidity [3]. - The profit forecast for 2025-2027 has been adjusted to 201 million yuan, 235 million yuan, and 277 million yuan respectively, with corresponding EPS of 0.90, 1.05, and 1.24 yuan [3].

Market Overview - In September 2025, the retail sales of passenger cars in China reached 2.239 million units, a year-on-year increase of 6% and a month-on-month increase of 11%. Cumulatively, retail sales for the year reached 17.004 million units, up 9% year-on-year [1][4] - The wholesale volume of passenger cars in September 2025 was 2.770 million units, representing an 11% increase year-on-year and a 12% increase month-on-month. Year-to-date wholesale volume reached 20.812 million units, up 13% year-on-year [1][9] New Energy Vehicle (NEV) Market - Retail sales of new energy vehicles in September 2025 were 1.307 million units, a 16% increase year-on-year and a 17% increase month-on-month, with a penetration rate of 58.5%. Year-to-date retail sales reached 8.878 million units, up 24% year-on-year [1][4] - Wholesale volume of new energy vehicles was 1.489 million units in September 2025, a 21% increase year-on-year and a 15% increase month-on-month, with a penetration rate of 53.8%. Year-to-date wholesale volume reached 10.433 million units, up 32% year-on-year [1][9] Weekly Sales Trends - The average daily retail sales for the first week of September 2025 were 43,885 units, down 10% year-on-year and down 4% month-on-month [3] - The average daily retail sales for the fifth week of September 2025 surged to 155,000 units, a 43% increase year-on-year and a 48% increase month-on-month [4] Manufacturer Wholesale Trends - The average daily wholesale volume for manufacturers in the first week of September 2025 was 44,000 units, down 5% year-on-year but up 9% month-on-month [8] - The average daily wholesale volume for the fifth week of September 2025 reached 222,360 units, a 57% increase year-on-year and a 37% increase month-on-month [9] Industry Profitability - From January to August 2025, the automotive industry reported a profit margin of 4.5%, with total revenue of 680.49 billion yuan, an 8% year-on-year increase. However, profits decreased by 0.3% year-on-year to 30.35 billion yuan [12] - In August 2025, the automotive industry revenue was 88.56 billion yuan, a 7.5% increase year-on-year, but profits fell by 10% year-on-year to 2.98 billion yuan, indicating a decline in profitability [12] Global Market Share - In the first eight months of 2025, China accounted for 34% of the global automotive market, with 21.1 million units sold, a 12% increase year-on-year [13] - China held a dominant 68% share of the global new energy vehicle market in the same period, with significant growth in both pure electric and plug-in hybrid vehicles [14][16]

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].