Core Viewpoint - The "60-day payment commitment" initiative among automotive manufacturers and suppliers continues to evolve, with the China Automotive Industry Association releasing a new guideline to standardize payment practices within the industry [1][4]. Group 1: Initiative Details - The new initiative specifies that payment terms should not exceed 60 calendar days from the date of delivery and acceptance by the automotive manufacturers [4][5]. - It encourages cash payments or bank acceptance bills, especially for small and medium-sized enterprises, to alleviate financial pressure on suppliers [5][9]. - The initiative aims to enhance the execution of payment commitments and promote the healthy development of the automotive industry [5][10]. Group 2: Industry Response - Major automotive companies, including Dongfeng, Changan, and SAIC, have committed to implementing the initiative's requirements to protect supplier rights [6][9]. - As of the announcement, several automotive stocks saw significant gains, indicating positive market sentiment towards the initiative [4][10]. - The Ministry of Industry and Information Technology has emphasized the importance of adhering to payment commitments to support innovation and stability within the supply chain [10][11]. Group 3: Financial Impact - In the first half of the year, 14 automotive companies reported a decrease in accounts payable compared to the end of the previous year, with Changan, SAIC, and Geely showing the largest reductions [10]. - The initiative is seen as a critical step in addressing cash flow challenges within the automotive supply chain, which is still maturing [10][11]. - The potential obstacles to implementing the 60-day payment term include the financial management capabilities of some companies and the need for better internal coordination among departments [11].

Media Sector - The media sector is experiencing active performance, with significant gains in the gaming sector, particularly for companies like Xinghui Entertainment and Perfect World [1] - As of September 13, 2025, the cumulative box office for films has surpassed 40 billion yuan, occurring 76 days earlier than the previous year [1] - The upcoming release of 10 films scheduled for the National Day holiday in 2025 is expected to further boost the sector [1] - The EA SPORTS FC PRO Championship Cup and FC PRO World Challenge took place in Shanghai, contributing to the media sector's positive momentum [1] Gaming Sector - The gaming sector is witnessing strong demand across various platforms, including PC, mobile, and console games, driven by consumer needs for stress relief and social interaction [1] - The current valuation of the gaming sector remains attractive, with expectations of sustained high prosperity and a longer-than-expected cycle of growth [1] Lithium Battery Industry - The lithium battery supply chain is showing active performance, with notable increases in stocks such as CATL, BYD, and Ganfeng Lithium [2] - Recent policy support includes the "Automobile Industry Stabilization Growth Work Plan (2025-2026)," aiming for approximately 32.3 million vehicle sales in 2025, a 3% year-on-year increase [2] - The plan also targets 15.5 million sales of new energy vehicles in 2025, reflecting a 20% year-on-year growth [2] Energy Storage Sector - The National Development and Reform Commission and the National Energy Administration have issued a new action plan for large-scale energy storage construction from 2025 to 2027 [3] - A notification has been released to improve pricing mechanisms to promote the local consumption of renewable energy [3] - The World Energy Storage Conference will be held from September 16 to 18, showcasing innovative achievements in the energy storage industry [3]

Core Viewpoint - The China Automobile Industry Association (CAAM) has released a guideline to standardize payment terms between automobile manufacturers and suppliers, establishing a maximum payment period of 60 days from the date of delivery and acceptance of goods [4][5]. Group 1: Payment Terms - The payment period for automobile manufacturers to suppliers starts from the date the supplier delivers goods and passes the manufacturer's acceptance, with a maximum of 60 calendar days [4]. - Manufacturers are encouraged to complete the acceptance of goods within three working days after receipt [4]. - Payment methods should be negotiated, with a preference for cash (bank transfer, remittance, etc.) or bank acceptance bills, especially for small and medium-sized suppliers [4][5]. Group 2: Supplier Relations - The initiative promotes the establishment of long-term stable relationships between manufacturers and suppliers, with contracts having a minimum validity of one year [4]. - For non-small and medium-sized suppliers providing continuous supply (more than twice a month), both parties can agree to consolidate accounts within a certain timeframe, starting from the date of reconciliation [5]. - Manufacturers are required to conduct at least one reconciliation per month to verify the quantity of accepted goods and corresponding payments [5]. Group 3: Support for Small and Medium Enterprises - The initiative aims to implement the "Regulations on Payment for Small and Medium Enterprises," supporting key manufacturers in fulfilling their payment commitments to suppliers [5]. - It emphasizes not exploiting the advantages of large enterprises to harm supplier interests, fostering a collaborative ecosystem between manufacturers and parts suppliers for high-quality development in the automotive industry [5].

Market Overview - The three major indices in the A-share market collectively rose in early trading, with mixed performance in the afternoon session. The Shanghai Composite Index closed at 3860.50 points, down 0.26%, with a trading volume of 986.17 billion yuan. The Shenzhen Component Index closed at 13005.77 points, up 0.63%, with a trading volume of 1291.21 billion yuan. The ChiNext Index closed at 3066.18 points, up 1.51%, with a trading volume of 616.54 billion yuan [1]. Sector Performance - The gaming, aquaculture, and film and television sectors saw the highest gains, while small metals, precious metals, and cultural media sectors experienced the largest declines [2]. Sector Rankings - The gaming sector led with a gain of 3.65%, totaling a trading volume of 1649.50 million hands and a transaction value of 27.49 billion yuan, with a net inflow of 2.75 billion yuan [3]. - The aquaculture sector increased by 1.48%, with a trading volume of 1349.98 million hands and a transaction value of 1.47 billion yuan, showing a net inflow of 1.18 billion yuan [3]. - The film and television sector also rose by 1.48%, with a trading volume of 1555.04 million hands and a transaction value of 1.60 billion yuan, along with a net inflow of 0.32 billion yuan [3]. - In contrast, the small metals sector fell by 2.10%, with a trading volume of 1171.95 million hands and a transaction value of 35.17 billion yuan, experiencing a net outflow of 4.57 billion yuan [3]. - The cultural media sector declined by 1.46%, with a trading volume of 2730.78 million hands and a transaction value of 25.87 billion yuan, facing a net outflow of 2.39 billion yuan [3].

Core Viewpoint - The main focus of the article is on the significant net outflow of funds from the electronic sector, with a notable net selling of over 1.8 billion in Northern Rare Earth stocks, while other sectors like transportation equipment and automotive saw net inflows [1] Group 1: Fund Flow Analysis - The transportation equipment, automotive, and agriculture sectors experienced net inflows of funds [1] - The electronic sector faced a substantial net outflow exceeding 7.2 billion [1] - Northern Rare Earth recorded the highest net selling, surpassing 1.8 billion [1] Group 2: Individual Stock Performance - BYD saw a rise in stock price with a net buying of 0.895 billion, leading the inflow rankings [1] - Top companies with significant net inflows included Top Group, Shanghai Beiling, and Zhongke Shuguang [1] - Companies like Wolong Electric Drive, Zhongji Xuchuang, and Chip Origin faced notable net outflows [1]

Core Viewpoint - The China Automotive Industry Association has launched an initiative to standardize payment practices between vehicle manufacturers and suppliers, aiming to protect suppliers' interests and promote a collaborative ecosystem for high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative encourages long-term stable cooperation between parties, with contracts having a minimum validity of one year [2]. - It specifies requirements for goods delivery acceptance, payment terms, reconciliation, and payment processes, which are crucial for promoting standardized development in the automotive sector [2]. Group 2: Company Responses - Chery Group has committed to standardizing contract agreements in key areas such as order confirmation and payment processes, in line with the initiative [3]. - Li Auto has reiterated its commitment to a payment term of within 60 days and will adhere to standards for timely goods acceptance and reconciliation [3]. - Seres has called for self-discipline among companies to foster a healthy development environment and enhance industry competitiveness [3]. - Changan Automobile has confirmed it has fully implemented the 60-day payment term and developed an efficient payment process for suppliers [3]. - GAC Group has expressed strong support for the initiative and aims to maintain transparent and efficient cooperation with suppliers [3]. - BYD has committed to focusing on key areas such as order confirmation and payment processes to promote high-quality development in the automotive industry [3]. - NIO has emphasized the importance of a healthy supply chain for product quality and user experience, committing to long-term mutually beneficial relationships with partners [3]. - Xiaomi Auto has pledged to continue adhering to the 60-day payment term and enhance supply chain resilience [3].

Market Overview - The three major indices in the A-share market collectively rose in early trading, with the Shanghai Composite Index at 3879.29 points, up 0.22%, the Shenzhen Component Index at 13061.86 points, up 1.07%, and the ChiNext Index at 3084.68 points, up 2.13% [1]. Sector Performance - The gaming sector led the gains with an increase of 3.59%, followed by the electric machinery sector at 2.00% and the battery sector at 1.93% [2]. - Other notable sectors include the automotive complete vehicles sector, which rose by 1.90%, and the automotive parts sector, which increased by 1.68% [2]. - Conversely, the small metals, cultural media, and precious metals sectors experienced the largest declines, with the small metals sector down by 1.64% and the cultural media sector also down by 1.64% [2]. Trading Volume and Net Inflow - The total trading volume for the gaming sector was 1182.34 million hands, with a net inflow of 199.55 billion yuan [2]. - The electric machinery sector had a trading volume of 783.71 million hands and a net inflow of 195.23 billion yuan [2]. - In contrast, the small metals sector saw a trading volume of 781.08 million hands with a net outflow of 23.94 billion yuan [2].

Core Viewpoint - The main focus of the article is on the significant net inflow of capital into the transportation equipment, automotive, and power equipment sectors, while the electronics, computer, and communication sectors experienced substantial net outflows, particularly in the electronics sector which saw over 6 billion yuan in outflows [1] Group 1: Capital Flow Analysis - Major capital inflow was observed in BYD, with a net purchase of 1.026 billion yuan, leading the market [1] - Other companies with notable net inflows include CATL, Top Group, and Shanghai Beiling [1] - Northern Rare Earth faced a significant net sell-off exceeding 1.2 billion yuan, indicating a bearish sentiment towards the stock [1] Group 2: Sector Performance - The transportation equipment, automotive, and power equipment sectors showed positive capital movement, suggesting investor confidence in these areas [1] - In contrast, the electronics sector experienced a net outflow of over 6 billion yuan, reflecting potential concerns or reduced investor interest [1] - Companies like Wolong Electric Drive, Chip Origin, and Shenghong Technology were among those with the highest net outflows, indicating a trend of capital withdrawal from these stocks [1]

Core Viewpoint - The article discusses the initiative by the China Automobile Industry Association to standardize payment terms between automakers and suppliers, aiming to support high-quality practices and ensure timely payments to suppliers [1][4]. Group 1: Payment Terms Initiative - The initiative proposes that the payment period for automakers should not exceed 60 calendar days from the date of delivery and acceptance of goods by the automaker [1][4]. - For continuous supply from non-small and medium-sized enterprises, parties can agree to consolidate accounts within a certain timeframe, with the payment period starting from the date of reconciliation [1][4]. - If the price of supplied goods is not agreed upon, the automaker should make an initial payment based on a certain percentage of the last contract price, with a minimum of 80% of the supply contract price or 50% of the development price [1][4]. Group 2: Long-term Cooperation - The initiative encourages both parties to establish long-term stable cooperative relationships, with each contract having a minimum validity period of one year [1][4]. - The initiative aims to promote a healthy development ecosystem in the automotive industry, emphasizing mutual support and shared growth between automakers and suppliers [4][5]. Group 3: Industry Context and Challenges - The industrial transformation towards electric vehicles is accelerating, with new energy vehicles becoming mainstream, while traditional fuel vehicles have a longer development history [4]. - The supply chain for new energy vehicles is still maturing, and suppliers face instability, which can hinder technological innovation and the overall development of the industry [4]. - Delayed payments from automakers can increase operational pressure on suppliers, negatively impacting their ability to invest in innovation and development [4].

新倡议。 中国汽车工业协会15日发布《汽车整车企业供应商账款支付规范倡议》（简称"倡议"），围绕订单确认、 交付与验收、支付与结算、合同期限等关键环节，对整车企业与供应商企业采购合同中相关内容作出规范 倡议。 倡议强调，落实《保障中小企业款项支付条例》要求，不利用大企业优势地位侵害供应商利益，致力于构 建"整车—零部件"协作共赢发展生态，共同推动汽车产业高质量发展。 倡议明确，甲（整车企业）乙（供应商企业）双方通过采购订单确认订货日期等事项；乙方应按采购订 单、交货通知单约定向甲方交货；甲方应在接收货物后及时完成验收（原则上不超过3个工作日）等。 在支付与结算方面，倡议提出，甲方支付账期自乙方交货并通过甲方验收合格之日起计算，最长不超过60 个自然日（如支付当日遇法定节假日顺延）；若乙方为连续性供货的非中小企业，经双方协商，可在一定 时间内集中对账，账期自双方对账日起算；甲方应至少每月进行一次集中对账；如双方供货单价暂未达成 一致，甲方应按照与乙方最近一次供货合同单价或开发定点单价计算金额的一定比例先行支付；鼓励使用 现金或银行承兑汇票支付，如乙方为中小企业，倡导全部采用现金或银行承兑汇票支付等。 版权声明 ...