党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，部 署未来5年的战略任务和重大举措。其中明确提出，"形成优质优价、良性竞争的市场秩序"。价格行为 合规是形成优质优价、良性竞争的市场秩序的重要内容和重要基础。然而，在汽车领域，市场需求放缓 使得企业对低价竞争的依赖度逐渐提高，新型销售模式、新型商业模式发展使得企业价格行为日趋复 杂，甚至部分企业不惜采取不正当价格行为、非理性价格策略来应对压力或牟取不当利益。汽车行业价 格行为合规不仅直接关系经营者与消费者合法权益的保护，还事关行业健康发展的根基。在我国经济已 由高速增长阶段转向高质量发展阶段的背景下，市场监管总局起草发布《汽车行业价格行为合规指南 （征求意见稿）》（以下简称《指南》），依法指导汽车生产企业、汽车销售企业加强价格合规建设， 是促进汽车行业形成优质优价、良性竞争的市场秩序的重要举措，也将助推汽车行业深化质量变革、效 率变革、动力变革。 为此，《指南》既强调汽车生产企业的自主定价权利，也强调其应当公平合理定价。根据《指南》，建 立以生产成本为基础、市场供求为导向的定价策略是汽车生产企业自主定价的前提和基本原则。汽 ...

Group 1 - Xiaomi Auto Technology Co., Ltd. has initiated a recall of 116,887 units of the SU7 standard electric vehicle due to insufficient recognition, warning, or handling of extreme scenarios in L2 highway navigation assistance, which may increase collision risks if the driver does not intervene in time [1] - This is the second large-scale recall since the establishment of Xiaomi Auto, with the first recall in January 2025 involving over 30,000 SU7 models due to misjudgment risks in the automatic parking function [1] - The cumulative recall of the SU7 standard version has approached 150,000 units, covering a significant proportion of the total sales since its launch [1] Group 2 - The current recall is characterized by an OTA upgrade to optimize the driving assistance algorithm for free, rather than physical repairs, reflecting a shift in how recalls are perceived in the industry [2] - The use of the term "recall" by Xiaomi Auto indicates a commitment to corporate social responsibility, while also highlighting the regulatory scrutiny faced by new car manufacturers regarding OTA practices [2] - The recall stems from issues related to driving assistance technology, which has seen rapid development, but the maturity of the technology remains a critical concern amid stringent new regulations targeting disorder in the industry [2] Group 3 - The automotive industry is undergoing a correction of chaotic competition, with various measures being implemented to ensure high-quality development, which is seen as a long-term battle [3] - Companies like Tesla and others in the smart driving sector will face compliance challenges as the industry transitions from chaotic growth to a new era focused on safety and responsibility [3] - The development of intelligent connected vehicles is crucial for fostering new productive forces and driving industrial upgrades, emphasizing the importance of safety in this transition [3]

Core Viewpoint - The article emphasizes the release of the "Automobile Industry Steady Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, which outlines a policy direction for the high-quality and steady development of the automotive industry, leading to a maintained "overweight" rating for the sector [2][3]. Summary by Relevant Sections Industry Growth Targets - The work plan aims for approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales targeted at around 15.5 million units, reflecting a year-on-year increase of approximately 20%. The automotive manufacturing industry's added value is expected to grow by about 6% year-on-year [3]. Key Initiatives - The work plan outlines 15 initiatives across four dimensions: expanding domestic consumption, improving supply quality, optimizing the development environment, and deepening open cooperation. Key measures include accelerating the marketization of new energy vehicles, enhancing efforts to promote automotive consumption, and advancing the industrial application of intelligent connected technologies [2][3]. Market Environment - The work plan builds on previous initiatives such as the "anti-involution" proposal by the Ministry of Industry and Information Technology and the joint notice on addressing online chaos in the automotive industry. It aims to create a healthy and orderly market environment through optimized management policies and standardized market competition [3]. Recent Market Performance - In the first eight months of 2025, the Chinese passenger car market showed steady performance, with sales reaching 18.354 million units, a year-on-year increase of 14%. The industry is expected to maintain a stable growth rate of around 5% in 2026, despite a backdrop of a saturated market [3].

Group 1 - The automotive stocks have shown significant gains, with NIO-SW (09866) up 4.22% at HKD 50.15, GAC Group (601238) (02238) up 3.6% at HKD 3.45, BYD (002594) (01211) up 3.35% at HKD 108, and Leap Motor (09863) up 2.87% at HKD 62.7 [1] - The Ministry of Industry and Information Technology and seven other departments have issued the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)", aiming for approximately 32.3 million vehicle sales in 2025, a year-on-year increase of about 3%, with new energy vehicle sales targeted at around 15.5 million, a year-on-year increase of about 20% [1] - The plan also aims for stable growth in automotive exports and a 6% year-on-year increase in the added value of the automotive manufacturing industry [1] Group 2 - Guotai Junan Securities released a report stating that the plan builds on previous initiatives like the "anti-involution" proposal and the joint notice on rectifying network chaos in the automotive industry, emphasizing the need for optimized management policies and regulated market competition to foster a healthy market environment [2] - The report indicates that the Chinese passenger car market performed steadily from January to August 2025, with sales reaching 18.354 million units, a year-on-year increase of 14% [2] - The firm anticipates a 5% year-on-year growth rate for the Chinese passenger car market in 2026, indicating a stable growth trend in the context of a mature market [2]

Core Viewpoint - Xiaopeng Motors has taken the lead in fulfilling its commitment to shorten payment terms to suppliers to within 60 days, responding to industry demands for high-quality development and stability in the supply chain [2][4][6]. Group 1: Commitment to Suppliers - On July 11, Xiaopeng Motors notified multiple suppliers via email about the implementation of a payment term of no more than 60 days [2][5]. - This commitment aligns with a broader initiative by 17 major automotive companies, including FAW, Dongfeng, and GAC Group, to ensure payment terms do not exceed 60 days [3][6]. - Xiaopeng Motors' CEO, He Xiaopeng, emphasized the importance of quick action in fulfilling this commitment, indicating a shift towards more orderly competition in the automotive industry [6]. Group 2: Industry Response and Developments - Other major automotive companies have varied in their progress towards fulfilling similar commitments, with some companies stating they do not need to change their payment terms as they already comply [8]. - GAC Group, for instance, has consistently maintained a payment term of no more than 60 days, highlighting the importance of supplier viability for product quality and service [8]. - The Ministry of Industry and Information Technology has opened an online platform for reporting issues related to the fulfillment of payment term commitments by major automotive companies, aiming to promote a healthier and sustainable automotive industry [8].

Core Viewpoint - GAC Group has committed to ensuring the fulfillment of dealer rebates within two months, aiming to build a trustworthy and mutually beneficial cooperation ecosystem with dealers and enhance consumer service and experience, thereby promoting high-quality development in the automotive industry [1]. Group 1 - On June 14, GAC Group announced a commitment to complete dealer rebate payments within two months [1]. - GAC Group's brands, including GAC Haobo, GAC Trumpchi, GAC Aion, GAC Honda, and GAC Toyota, are involved in this commitment [1]. - This initiative is part of a broader effort to foster high-quality development in the automotive industry [1]. Group 2 - On June 10, GAC Group also announced a commitment to maintain supplier payment terms not exceeding 60 days to ensure efficient capital turnover in the supply chain [4]. - This aligns with the revised "Regulations on Payment for Small and Medium Enterprises" that took effect on June 1, prompting several domestic automakers, including China FAW, BYD, Dongfeng Motor, and others, to make similar commitments [8]. - According to a report from CITIC Securities, these actions are responses to policy changes and are expected to drive positive transformations in the automotive industry [9].

Core Viewpoint - GAC Group is committed to ensuring the timely payment of dealer rebates within two months, aiming to build a trustworthy and mutually beneficial cooperation ecosystem with dealers and enhance consumer service and experience, thereby promoting high-quality development in the automotive industry [1]. Group 1 - GAC Group announced on June 14 that it will ensure the completion of dealer rebate payments within two months, emphasizing integrity and action [1]. - On June 10, GAC Group also committed to maintaining a supplier payment term of no more than 60 days to ensure efficient capital turnover in the supply chain [4]. - Several domestic automakers, including China FAW, BYD, Dongfeng Motor, and others, have made public commitments to limit supplier payment terms to no more than 60 days in response to the revised "Regulations on Payment for Small and Medium-sized Enterprises" effective from June 1 [8].

Group 1: Securities Industry Mergers and Acquisitions - A new wave of mergers and acquisitions in the securities industry is anticipated, with the financial technology sector being particularly promising [3][5] - Central Huijin Investment has become the actual controller of several securities firms, which is expected to drive market consolidation [4][6] - Regulatory encouragement for industry integration suggests that mergers and acquisitions will enhance overall competitiveness and resource allocation in the securities sector [5][6] Group 2: Automotive Industry Developments - Multiple automotive companies, including BYD and China FAW, have committed to a payment term not exceeding 60 days, marking a shift towards high-quality development in the industry [10] - The implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" is expected to standardize payment practices and improve cash flow for upstream suppliers [11] - This change in payment terms is likely to reduce financial costs for parts suppliers and may lead to a recovery in profitability for the automotive sector starting in the third quarter [11]