证券之星消息，9月12日乘用车板块较上一交易日下跌1.12%，长城汽车领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601238 广汽集团 | | -1001.83万 | -4.33% | 330.60万 | 1.43% | 671.23万 | 2.90% | | 600733 北汽蓝谷 | | -1836.45万 | -1.42% | 4972.92万 | 3.85% | -3136.47万 | -2.43% | | 000572 海马汽车 | | -2434.70万 | -4.89% | 722.90万 | 1.45% | 1711.80万 | 3.44% | | 601633 长城汽车 | | -8274.28万 | -13.08% | -77.38万 | -0.12% | ...

Core Viewpoint - SAIC Motor Corporation has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in the market [1][2]. Company Overview - SAIC Motor Corporation, established on April 16, 1984, and listed on November 25, 1997, is headquartered in Shanghai. The company engages in the research, production, and sales of vehicles (including passenger and commercial vehicles), components, logistics, automotive services, and financial services [2]. - The revenue composition of SAIC Motor includes 60.75% from vehicle sales, 30.38% from components, 6.71% from service trade and others, and 2.15% from financial services [2]. Stock Performance - Year-to-date, SAIC Motor's stock price has decreased by 10.12%, with a recent 5-day decline of 2.31%. However, the stock has increased by 0.98% over the past 20 days and by 20.31% over the last 60 days [2]. - As of September 12, the stock price was reported at 18.58 CNY per share, with a market capitalization of 213.58 billion CNY [1]. Fund Flow - On September 12, there was a net outflow of 58.42 million CNY in principal funds, with large orders accounting for 23.28% of purchases and 20.62% of sales [1]. Shareholder Information - As of June 30, 2025, SAIC Motor had 163,800 shareholders, a decrease of 23.10% from the previous period, with an average of 70,672 circulating shares per shareholder, an increase of 30.04% [2]. - The company has distributed a total of 150.94 billion CNY in dividends since its A-share listing, with 9.11 billion CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 344 million shares, an increase of 103 million shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Great Wall Motors' stock has experienced fluctuations, with a recent decline of 2.07% and a year-to-date drop of 3.09% [1] - As of June 30, 2025, Great Wall Motors reported a revenue of 923.35 billion yuan, reflecting a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.48% to 63.37 billion yuan [2] - The company has distributed a total of 346.96 billion yuan in dividends since its A-share listing, with 89.50 billion yuan distributed in the last three years [3] Group 2 - The stockholder count for Great Wall Motors reached 178,500 as of June 30, 2025, marking an increase of 18.73% from the previous period [2] - The main business revenue composition of Great Wall Motors includes 86.79% from vehicle sales, 6.35% from spare parts sales, and 4.03% from molds and others [1] - The company is categorized under the automotive industry, specifically in the passenger vehicle sector, and is involved in various concept sectors including complete vehicles and autonomous driving [1]

Market Overview - The passenger car sector increased by 0.7% on September 11, with Beiqi Blue Valley leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Beiqi Blue Valley (600733) closed at 8.75, up 3.55% with a trading volume of 1.7879 million shares and a transaction value of 1.531 billion [1] - BYD (002594) closed at 106.59, up 1.32% with a trading volume of 537,800 shares and a transaction value of 5.683 billion [1] - GAC Group (601238) closed at 7.77, up 0.65% with a trading volume of 351,500 shares and a transaction value of 271 million [1] - SAIC Motor (600104) closed at 18.97, up 0.64% with a trading volume of 483,600 shares and a transaction value of 908 million [1] - Changan Automobile (000625) closed at 12.57, down 0.40% with a trading volume of 1.0099 million shares and a transaction value of 1.262 billion [1] - Great Wall Motors (601633) closed at 25.61, down 0.51% with a trading volume of 253,500 shares and a transaction value of 646 million [1] Fund Flow Analysis - The passenger car sector experienced a net outflow of 656 million from institutional investors, while retail investors saw a net inflow of 692 million [1] - Beiqi Blue Valley had a net inflow of 138 million from institutional investors, while retail investors had a net outflow of 305,220 [2] - BYD experienced a net outflow of 122 million from institutional investors, but a net inflow of 143 million from retail investors [2] - GAC Group saw a net outflow of 13.15 million from institutional investors, with a net inflow of 22.63 million from retail investors [2]

北京商报讯（记者 刘晓梦）9月11日，中国汽车工业协会发布的数据显示，今年8月中国品牌乘用车共 销售新车176.6万辆，环比增长10.1%，同比增长21%，占乘用车销售总量的69.5%。 ...

9月8日，乘联分会发布的最新数据显示，今年1~8月，全国乘用车市场累计零售销量为1474.1万辆，同 比增长9.5%。其中，8月，全国乘用车市场零售销量为199.5万辆，同比增长4.6%，环比增长8.2%。 从数据来看，今年8月，全国乘用车零售销量再创新高，较2023年8月192万辆的历史最高水平增长了3.7 个百分点，呈现了逐步平缓的增长态势。"反内卷浪潮正推动车市向'降价减少、促销平缓'的方向转 变，车市运行日益平稳。"中国汽车流通协会乘用车市场信息联席分会（以下简称乘联分会）秘书长崔 东树表示。 据崔东树介绍，根据车企官宣降价或新车价格实质性突破近两年最低指导价的规则统计，今年8月，有 23款车型降价（去年同期29款，2023年同期25款），当前市场保持相对稳定；新能源乘用车促销力度维 持在10.7%的中高位水平，较去年同期增加2.5个百分点；传统燃油车的促销力度稳定在22.9%的水平 上，较去年同期增加0.9个百分点。 新能源乘用车零售渗透率连续5个月超50% 8月，自主品牌继续保持平稳增长态势，零售销量为132万辆，同比增长9%，环比增长8.6%；当月自主 品牌国内零售份额为65.7%，同比增长2. ...

Core Viewpoint - The Chinese passenger car market is experiencing a shift with a decrease in average prices, which is expected to stimulate growth in the mid-to-low-end segments and enhance overall market penetration [1][2][5]. Market Performance - In August, the national retail sales of passenger cars reached 2 million units, marking a year-on-year increase of 4.6% and a month-on-month increase of 8.2%. Cumulatively, 14.74 million units have been sold this year, reflecting a 9.5% year-on-year growth [1]. - The average price of passenger cars in August was 169,000 yuan, remaining stable compared to the same period last year, while the average price for the first eight months of 2025 is projected to be 170,000 yuan, down from 171,000 yuan in 2024 [1][3]. Price Trends - The average price of conventional fuel vehicles has risen from 150,000 yuan in 2019 to 183,000 yuan in 2023, but is expected to decline to 170,000 yuan by August 2025 due to a faster shrinkage in high-end fuel vehicle sales [1][3]. - The average price of new energy vehicles has also decreased significantly, from 184,000 yuan in 2023 to 159,000 yuan in August 2025, indicating a vibrant consumer interest in this segment [1][3]. Market Structure - The decline in average prices is attributed to an increase in the sales of entry-level pure electric vehicles, while the share of higher-priced hybrid and range-extended vehicles has decreased [4][10]. - The penetration rate of new energy vehicles is expected to reach 48% in 2024 and 55.2% by August 2025, indicating a strong growth trajectory for this segment [9]. Consumer Behavior - The decrease in average prices is seen as beneficial for market growth, particularly in promoting the adoption of passenger vehicles among lower-income consumers, as China's car ownership per thousand people remains relatively low [2][5]. - The mid-to-low-end market is expected to recover significantly in 2024 due to policies encouraging vehicle scrappage and trade-ins, which will further drive down average prices [2][5]. Brand Performance - The average price of luxury vehicles in the first eight months of 2025 is 361,000 yuan, slightly down from 364,000 yuan in 2024, while the average price for joint venture brands is 175,000 yuan, up by 0.2% from the previous year [12]. - Domestic brands are seeing a significant push in the new energy segment, with pure electric and narrow hybrid models performing well, while traditional fuel vehicles are facing downward pressure [12].

Group 1 - The passenger car sector experienced a decline of 0.66% on September 10, with Great Wall Motors leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Major stocks in the passenger car sector showed mixed performance, with BYD down 0.27% and Great Wall Motors down 1.72% [1] Group 2 - The net outflow of main funds in the passenger car sector was 573 million yuan, while retail investors saw a net inflow of 390 million yuan [1] - Specific stock fund flows indicated that Great Wall Motors had a significant net outflow of 61.29 million yuan from main funds [2] - BYD experienced a net outflow of 145 million yuan from main funds, but retail investors contributed a net inflow of 197 million yuan [2]

Core Viewpoint - The automotive industry shows positive sales growth, particularly in the passenger and new energy vehicle segments, with a notable increase in new model orders and market performance [1][2][4]. Weekly Data - Passenger car sales reached 523,000 units, up 4.2% year-on-year and 9.5% month-on-month [1][2]. - New energy vehicle sales totaled 290,000 units, reflecting a year-on-year increase of 13.9% and a month-on-month increase of 8.1% [1][2]. - New energy penetration rate stands at 55.3%, down 0.7 percentage points from the previous month [1][2]. Market Performance - The A-share automotive sector rose by 1.0%, ranking 9th among Shenwan sub-industries, outperforming the CSI 300 index, which increased by 0.6% [1][2]. - Sub-sectors such as commercial passenger vehicles, passenger vehicles, commercial freight vehicles, motorcycles, and auto parts saw increases of 6.2%, 1.7%, 1.0%, 0.9%, and 0.4% respectively, while automotive services declined by 1.9% [1][2]. Investment Recommendations - The report suggests focusing on key companies including Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, Xinquan, Huguang, and Chuncheng Power [2][5]. - For the parts sector, recommendations include intelligent driving companies like Bertley and Horizon Robotics, and intelligent cockpit companies like Jifeng [5]. - In the motorcycle segment, the report recommends leading companies in the large-displacement category such as Chuncheng Power and Longxin General [6]. New Model Highlights - New model orders are performing well, with significant upcoming launches including the new Aion M7, which has already received over 150,000 pre-orders [4][5]. - The report anticipates that the launch of new models will accelerate the growth of high-end domestic vehicles [5].

Group 1 - Chery Automobile has passed the listing hearing, marking a significant step in its capital market journey and global strategic layout [1][4] - The company plans to issue no more than 699 million overseas listed ordinary shares and convert 2.016 billion domestic shares into overseas shares to enhance market liquidity [4] - Chery's product matrix includes both fuel and new energy vehicles, with five major brands contributing approximately 90% of total revenue from 2022 to Q1 2025 [4][5] Group 2 - Chery ranks second among Chinese independent brands and eleventh globally in terms of passenger car sales, with a year-on-year growth of 49.4% [5] - The company's profitability has steadily improved, with net profits of 5.806 billion, 10.444 billion, 14.334 billion, 2.476 billion, and 4.726 billion from 2022 to Q1 2025, maintaining a net profit margin between 4.5% and 6.9% [5]