销量方面，2025年上半年集团独立新能源（001258）品牌汽车销量达到10312台，同比上升49.0%。其 中经销模式销量4455台，直销模式销量5857台。由于集团代理的产品在进一步向高端领域发展，今年上 半年新车平均售价达到了26.73万元，尊界S800等车辆在下半年规模交付，集团相信届时会进一步增 长，单台新车综合毛利率也维持稳定，保持在了4%以上。截止到今年上半年结束，独立新能源品牌留 存订单达到近六千张，为下半年业务持续增长奠定了基础。 公告称，2025年上半年新车销量72501辆，同比下降13.4%。新车销售及相关服务收入为205.32亿元、同 比下降14.4%;新车销售及相关服务毛利率为1.03%，同比下降0.61个百分点。上半年行业竞争白热化， 部分品牌及经销商为抢占市场份额，采取激进的降价促销策略，导致新车销售价格持续下探，单车毛利 受损。鉴于现阶段的市场竞争环境，集团于上半年主动调整了新车经营策略，核心目标从'以量取胜'转 向'量利平衡'，在一定程度上影响了短期销量规模。集团通过积极与厂方沟通，实现批零售考核任务目 标的调减，并通过加大在短视频、直播、社交媒体等新媒体获客渠道的投入，以及 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep adjustment period, with significant changes in market demand growth trends. Companies like Canadian Solar (阿特斯) are adjusting their production strategies in response to these industry-wide developments [1][4]. Industry Summary - The growth rate of photovoltaic demand is slowing, becoming a consensus within the industry. The domestic photovoltaic installation market has shown a pattern of high growth followed by a decline. In the first half of the year, the newly installed capacity reached 212 GW, setting a historical record. The China Photovoltaic Industry Association has raised its forecast for new installations this year to a range of 270 GW to 300 GW. However, after the surge in installations in the first half, the pace is expected to slow down in the second half [3]. - The overseas market exhibits different development characteristics. Changes in U.S. policies have a relatively limited short-term impact on demand, while emerging markets continue to show stable growth. Rapid development in regions such as the Indo-Pacific and Middle East-Africa is providing significant support for global photovoltaic demand, with these areas gradually releasing market potential and becoming new drivers for industry growth [3]. Company Summary - In response to profound market changes, Canadian Solar has adopted a flexible production adjustment strategy. The company's third-quarter production was dynamically adjusted based on market demand, showing a decrease compared to the second quarter. This adjustment reflects the company's accurate judgment of market conditions and its ability to respond quickly [4]. - The company has stated that its component business will not solely pursue shipment scale but will prioritize profit stability. By balancing supply and demand, the company aims to ensure stable profitability. This strategic shift indicates a transition in photovoltaic manufacturing enterprises from scale expansion to high-quality development [4]. - Starting in the first half of 2024, Canadian Solar has established a "balance of quantity and profit" development strategy. The company is proactively optimizing its shipment structure and focusing on high-value markets to regulate production capacity. This forward-looking strategy is proving valuable in the current market environment, laying a foundation for maintaining competitive advantages during the industry adjustment period [4].

近日，阿特斯(688472)在披露的投资者关系活动记录中谈及当前行业的"反内卷"进展。 阿特斯认为，"反内卷"政策有利于引导光伏产业从规模扩张向高质量发展转型，避免无序竞争，推动行 业回归理性增长和长期健康发展的轨道。 阿特斯称，公司是"反内卷"的践行者，自2024年上半年就明确了"量利平衡"的策略，主动通过优化出货 结构、聚焦高价值市场等方式自律调节产能，这一策略在公司业绩中得到验证。在行业供需关系未发生 根本性改善前，公司寻求主动突围。同时，公司依托国际化能力、产品和技术创新、储能第二增长曲 线，有信心率先在本轮周期实现突围。 值得注意的是，受政策影响，国内上半年新增光伏装机212GW，创下历史新高，中国光伏行业协会对 今年国内光伏新增装机预测上调至270GW至300GW，历经上半年抢装后，国内装机下半年预计将阶段 性放缓。 上述变化也影响到阿特斯的排产策略。 据阿特斯透露，结合下半年国内装机会可能出现阶段性放缓，以及行业"反内卷"的整体导向，公司三季 度排产根据市场需求动态调整，环比二季度有所下调。全年组件业务不单纯追求出货规模，仍然以利润 优先，在平衡供需的同时保障盈利水平。 谈及国际贸易形势变化，特 ...