Core Viewpoint - The phenomenon of "zero-kilometer used cars" is gaining attention in the market, where vehicles are sold at prices significantly lower than new cars, raising concerns about market dynamics and consumer protection [1][2]. Group 1: Market Dynamics - The circulation of "zero-kilometer used cars" is increasing, with 12.7% of the used car market consisting of vehicles registered for less than 3 months and having mileage under 50 kilometers, indicating a significant impact on new car sales and pricing structures [2]. - The presence of these vehicles is expected to disrupt the profit margins of new car retailers, leading to a potential decline in new car sales and increased pressure on manufacturers to adopt aggressive market strategies [2][4]. Group 2: Consumer Risks - Consumers purchasing "zero-kilometer used cars" may face hidden risks, including the loss of warranty rights, as many manufacturers only provide warranty coverage to the first owner, which could lead to high repair costs for subsequent owners [3]. - The export of "zero-kilometer used cars" to overseas markets has raised concerns about anti-dumping allegations and potential tariffs, posing a threat to the reputation and interests of Chinese automotive manufacturers [3]. Group 3: Regulatory Response - The industry is experiencing a push for regulatory measures to address the "zero-kilometer used car" phenomenon, with the Ministry of Commerce and the China Automotive Industry Association advocating for fair competition and the cessation of price wars [4][5]. - Initiatives are being implemented to promote healthy market practices, including enhancing product consistency checks and enforcing regulations against unfair competition, aimed at fostering a sustainable automotive industry [4][5].

盛夏的北京，汽车4S店展厅里挤满等待试驾的消费者。与之形成鲜明对比的是，同属汽车流通核心环 节的二手车市场却门庭冷落，空旷的展厅里回荡着车商直播带货的吆喝声。 这恰是当前二手车行业困境的缩影。 在国家以旧换新政策纵深推进的背景下，二手车市场正迎来大规模置换车辆的注入。在日前举行的2025 中国二手车大会上，中国汽车流通协会会长肖政三表示："二手车行业正处在转型升级的关键时期，在 政策和市场双重因素驱动下，其发展逻辑正从'量'的积累转向'质'的提升。" 一面是政策红利持续释放、车源量激增，一面是价格内卷加剧、诚信体系待完善、盈利模式遭挑战，二 手车行业已行至变革的十字路口。如何在这场变革中找准方向、突破困局，成为行业亟待解答的难题。 成长"烦恼"： 面临四大难题 2024年，16家二手车上市公司中，仅有3家实现净利润增长，8家深陷亏损之中。另据中国汽车流通协会 相关数据，今年前5个月，全国二手车累计交易量达791.26万辆，同比微增0.62%，增长疲态开始显露。 "二手车价格内卷与盈利困境是首要痛点，其次则是新车市场白热化的'价格战'不断挤压二手车生存空 间。"黄河科技学院客座教授张翔对《证券日报》记者表示。 ...

随着越来越多的新能源汽车进入二手车市场以及陆续脱离8年质保期，由动力电池老龄化引发的消费焦虑也在与日俱增。为此，一些保险公司、行业 企业试图通过业务和产品创新，来破解消费者关于动力电池寿命的焦虑。 今年1月，金融监管总局、工信部等4部门出台《关于深化改革加强监管促进新能源车险高质量发展的指导意见》提出，支持保险行业围绕新能源汽车 商业车险保障需求，创新优化新能源车险供给。 其实去年12月，人保财险四川省分公司和宁德时代合作，在四川落地了首单"新能源汽车动力电池容量保障保险"，对二手新能源汽车的动力电池进行 保障。当动力电池在约定的保险期限或行驶公里数内，达到约定的衰减率时，保险公司将对动力电池进行更换或维修。 电池衰减险方兴未艾 近年来，新能源汽车产业蓬勃发展，市场前景一片向好。受此影响，新能源二手车市场也迎来快速增长期，今年前5个月新能源二手车交易量突破50 万辆，但与此同时面临的严峻挑战却不容忽视，特别是动力电池保障困境成为行业发展的"绊脚石"。目前，主流车企提供整车或三电质保，大多仅适用于 首任车主，一旦车辆过户后超出质保期，动力电池健康保障便处于"裸奔"状态。这种状况不仅让消费者在选购新能源二手车时顾 ...

智通财经APP获悉，7月10日，据中国汽车流通协会，2025年6月，全国二手车市场交易量165.75万辆， 环比增长3.34%，同比增长9.12%，交易金额为1068.39亿元。2025年1-6月，二手车累计交易量957.01万 辆，同比增长1.99%，与同期相比增加18.72万辆，累计交易金额为6232.38亿元。 2025年6月，全国二手车市场在传统淡季中实现了温和增长，当月交易量达到165.75万辆，环比增长 3.34%，同比上升9.12%。虽然增速平缓，但释放出市场企稳向好的积极信号。 从市场背景来看，6月新车市场价格体系趋于稳定，降价促销车型数量缩减至14款，较往年同期有所减 少，这种新车市场的稳定态势对二手车市场产生了正向传导效应。与此同时，由于消费周期的延长，五 一假期积累的潜在消费需求在6月逐步释放，线上渠道的拓展也为市场注入了新的增长动力。从交易节 奏观察，中下旬市场活跃度明显提升，叠加各级促消费政策的持续发力，共同推动了市场信心的恢复。 乘用车情况：6月，基本型乘用车共交易92.27万辆，环比增长2.22%，同比增长5.80%;SUV共交易21.62 万辆，环比增长3.20%，同比增长4. ...

作为税收征管强基工程的重要实践，二手车数电发票的推行始终贯穿"数据赋能、流程再造、服务升 级"的改革逻辑。为确保开票试点平稳落地，天津市税务局与天津公安交管部门建立"数据直连、业务贯 通"的跨部门协作机制，围绕数据接口调试、征管流程衔接、风险防控节点等关键环节开展多轮技术联 调，构建起"信息实时交互、业务无缝对接"的征管基础架构。保税区税务分局同步启动"强基服务专项 行动"，组织业务骨干深入辖区二手车交易市场和相关企业开展"一对一"政策辅导，聚焦二手车交易税 收征管流程中的难点堵点，精准解读数电发票开具规则、系统操作规范及后续管理要求，为企业搭建 起"政策理解—系统实操—风险预判"的全链条服务体系。 央广网天津7月9日消息（记者周思杨）随着天津空港二手车交易市场有限公司通过电子发票服务平台顺 利开出天津市首张二手车数电发票，标志着税务部门以税收征管"强基工程"为引领、推动二手车交易税 收管理数字化升级的实践取得新突破。天津市公安机关交通管理部门、天津市税务局征管和科技发展处 相关领导全程参与，见证了从发票开具到车辆转让登记"一站式"办结的高效流程。 在二手车交易市场开票现场实操环节，企业财务人员通过电子发票服 ...

何健的服务还不止于此。他得知小李卖车后搬家不方便，主动帮小李联系了搬家公司，还贴心地为后者 介绍了新工作地周边的一些生活攻略。这份超出预期的服务，让小李感动不已。没过多久，小李就把同 样有售车需求的好友推荐给何健："把车交给健哥和淘车车，放心！" 何健的职业轨迹，充满了"跨界"色彩。加入淘车车前，他已在多家二手车平台深耕车源采购多年，练就 了"听声辨位"的验车本领，不仅能通过发动机怠速声判断缸内积碳情况，还能凭借手指的细微触感，判 断车辆是否经历过钣金修复；更特别的是，3年餐饮创业经历，让何健在烟火缭绕中洞悉用户需求与痛 点，深谙如何用真诚叩开客户的心门。 "当客户越来越懂行，比拼的就是谁的服务更贴心、流程更透明、体验更安心。"对如今信息高度透明、 价格竞争白热化的二手车市场，何健有着清醒的认知。淘车车强大的全国采购网络、标准化的服务流程 和诚信透明的交易模式，是构建优质服务壁垒的坚实后盾。对于未来，何健的目标清晰而笃定，他不仅 要继续提升专业素养，更希望凭借自己在平衡车源品质与客户满意度方面的经验，让更多"放心二手 车"走进千家万户。 2023年10月，何健加入淘车车，他迅速将过往经验转化为业务动能，把餐饮 ...

新车市场激烈的价格竞争仍在持续，并将生存压力传递到了二手车领域。 中国汽车流通协会数据显示，近期新车降价已导致二手车市场持续低迷。"5月份二手车交易量环比下降5.72%，同比增长仅为1.22%，主 要因素源于新车市场活跃和价格波动产生的分流效应和挤压效应。"对消费者而言，用相同或略高于二手车价格的预算购置新车，是更划 算的选择。 虽然新车价格不稳定是导致二手车行业面临困境的直接原因，但是长远来看，国内二手车市场的根本问题是二手车市场在面临新能源转 型的大变局中持续低迷。主要表现在二手车认证体系、流通体系、配套等层面不完善，比如新能源车"一年出三款"的快速换代导致老款 车型贬值加速且二手车主无法享受首任车主权益，电池健康度（SOH）检测标准不统一，车商持谨慎态度。金融售后等服务配套不足， 二手车贷款渗透率仅48%，远低于新车。 另外，二手车行业诚信体系仍然有待完善，部分经营者仍存在隐瞒车况、虚假宣传等失信违规行为，严重影响了行业的整体形象。 当然，随着中国车市不断"拨乱反正"，二手车行业阵痛只是暂时现象，根本出路在于构建"政策引导+技术透明+服务闭环"的新生态。 受新车冲击非常大 事实上，不断下调的新车价格在刺 ...

Market Overview - In May 2025, the national used car market saw a transaction volume of 1.6039 million units, a month-on-month decrease of 5.72% but a year-on-year increase of 1.22%, with a transaction value of 102.962 billion yuan [3] - From January to May 2025, the cumulative transaction volume reached 7.9126 million units, a year-on-year growth of 0.62%, with a cumulative transaction value of 516.399 billion yuan [3] Weekly Analysis - From June 16 to 22, 2025, the used car market continued to show signs of recovery, with an average daily transaction volume of 65,900 units, a month-on-month increase of 1.95% [5] - The estimated total transaction volume for June is approximately 1.57 million units, indicating a slight decline of 2.6% compared to the same period in May [5] Segment Market Changes - In May 2025, the transaction volume for basic passenger cars was 902,600 units, down 5.94% month-on-month and down 1.82% year-on-year [7] - The SUV segment saw 209,500 units traded, a month-on-month decrease of 7.12% and a year-on-year decrease of 0.23% [7][8] - The MPV segment recorded 104,300 units, with a month-on-month decrease of 5.77% but a year-on-year increase of 6.10% [8] Price Analysis - The average transaction price of used cars in May 2025 was 64,400 yuan, a decrease of 400 yuan from April and a decrease of 200 yuan year-on-year [25] - The largest market share was for vehicles priced below 30,000 yuan, accounting for 32.4% of transactions, although this was a decrease of 0.4 percentage points from the previous month [23] Regional Performance - In May 2025, all six major regions experienced varying degrees of decline in transaction volumes, with the Southwest and Northwest regions showing the most significant drops [27] - The East China region recorded a transaction volume of 458,000 units, down 5.34% month-on-month [27] New Energy Used Cars - In May 2025, the transaction volume of new energy used cars reached 121,000 units, a month-on-month increase of 2.7% and a year-on-year increase of 41.1% [31] - From January to May 2025, the cumulative transaction volume of new energy used cars was 545,300 units, a year-on-year increase of 29.7% [31] Flow Analysis - The used car transfer rate in May 2025 was 29.76%, a month-on-month decrease of 0.32 percentage points but a year-on-year increase of 1.06 percentage points [37] - The total transfer volume was 476,900 units, a month-on-month decrease of 6.72% but a year-on-year increase of 4.96% [37] Dealer Insights - The top five provinces by transfer rate in May 2025 were Beijing (35.20%), Hebei (32.75%), Guangdong (32.46%), Zhejiang (32.25%), and Shanghai (31.63%) [46] - Dealers showed a preference for "premium cars" that can quickly deplete inventory and "old cars" with stable prices [61]

Core Viewpoint - The export of used cars in China has become a new growth point for foreign trade, with significant increases expected in the coming years, driven by supportive government policies and market demand [1][4][12]. Group 1: Industry Development - Since the initiation of used car export trials in 2019, the industry has seen rapid growth, with 275,000 used cars exported in 2023 and projections of nearly 400,000 in 2024 [1][4]. - The Ministry of Commerce has announced plans to further support the healthy and orderly development of the used car export market, emphasizing the importance of quality and safety [2][12]. - The transition from a pilot program to a nationwide initiative in February 2024 has provided clarity and direction for companies involved in used car exports [4][5]. Group 2: Challenges and Competition - The industry faces challenges such as low-price competition and shortcomings in after-sales service, which could impact consumer trust and brand image [2][7]. - Some companies focus solely on trade without establishing adequate after-sales support, which is crucial for maintaining customer satisfaction and brand reputation [7][9]. - The emergence of "0-kilometer" used cars, which are essentially new cars marketed as used, presents a unique competitive advantage but also raises concerns about market saturation and quality perception [6][12]. Group 3: Recommendations for Improvement - Industry leaders suggest building robust after-sales service systems and establishing overseas service networks to enhance customer experience and trust [9][10]. - There is a call for stricter regulations on technical requirements and quality standards for used car exports to prevent issues arising from low-price competition [10][11]. - Encouraging innovation in marketing and sales channels, such as e-commerce platforms for used car exports, is seen as a way to enhance competitiveness and reach new markets [11][12]. Group 4: Future Outlook - The normalization of used car exports is viewed as a critical step for China to transition from a major automotive market to a strong automotive industry, enhancing global influence and market share [12]. - The establishment of a comprehensive traceability system for used cars is expected to address transparency issues and improve consumer confidence [6][12]. - The development of a complete supply chain, including logistics and financial services, is essential for supporting the growth of the used car export sector [11][12].

忘掉科技"七巨头"吧！今年上半年，美股投资者正学着爱上"未盈利的858"…… 有迹象显示，网红股(Meme)和那些迄今仍未能实现盈利的公司，在过去几个月正重获投资者 的青睐，并支撑着推动近期市场创下新高的反弹行情。 根据Bespoke投资集团的分析，在罗素3000指数成份股中，自4月8日以来涨幅超过200%的 总计有14家公司，而其中有多达10家未能报告实现任何利润。同时，截至6月下旬，罗素 3000指数中合计858家未能实现业绩盈利的股票的平均涨幅，达到了惊人的36%，表现远优 于那些实现盈利的公司。 从Avis Budget Group、Carvana到Aeva Technologies，这些新一批网红股的大涨，似乎表 明投资者正重新燃起了投机热情。 这也让一些分析师联想到了2021年的"散户大战华尔街"时 期， 当时近乎于零利率和新冠疫情的政府刺激措施，推动了游戏驿站、AMC等具有高度投机 性股票的疯狂上涨。 盈透证券首席策略师Steve Sosnick表示："我们还没有看到全面的'冲向垃圾股'(flight-to- crap)浪潮，但很明显，推动许多此类股票活动背后的动机，并非是基于贴现现金流的严谨考 ...