根据汽车之家研究院公众号发布的9月乘用车零售价格监测月报，2025年9月国内乘用车平均零售价为 17.6万元，同比+6.8%，环比+3.6%，自2024Q4零售价格触底后持续提升。 分动力类型看 燃油车9月平均平零售价为17.8万元，同比+4.2%，环比+4.4%;纯电动车平均零售价为16.1万元，同比 +10.0%，环比+1.1%;插混&增程车平均零售价为19.9万元，同比+16.9%，环比+6.2%。该行认为，零售 价格的回升与高端新能源车型的投放有一定关系，同时也与反内卷改善了乘用车竞争环境有关。 智通财经APP获悉，国泰海通发布研报称，"金九银十"行业传统消费旺季的背景下，乘用车行业价格政 策依然稳定，终端平均零售价格持续回升。该行认为，乘用车价格反弹，说明供需状态有所改善;经销 商作为重要的渠道提供者，所面临的供需基本面与乘用车行业整体同向。该行预计，随着反内卷的继续 进行，经销商的新车业务毛利率有望有所回升，头部经销商的盈利改善确定性更大。另外，反内卷促使 主机厂回归价值竞争，有利于提升行业长期整体利润率，改善全产业链盈利环境。 国泰海通主要观点如下： 9月国内乘用车折扣减少，降价车系环比微升 根 ...

Core Viewpoint - GAC Group's stock has experienced a decline of 16.09% year-to-date, with a recent drop of 2.01% on October 17, 2023, indicating potential challenges in the automotive sector [1][2]. Financial Performance - For the first half of 2025, GAC Group reported a revenue of 42.611 billion yuan, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of -2.538 billion yuan, reflecting a significant decline of 267.39% [2]. - Cumulative cash dividends since the A-share listing amount to 25.639 billion yuan, with 3.974 billion yuan distributed over the last three years [3]. Stock Market Activity - As of October 17, 2023, GAC Group's stock price was 7.82 yuan per share, with a market capitalization of 79.741 billion yuan [1]. - The stock has seen a trading volume of 1.07 billion yuan and a turnover rate of 0.18% on the same day [1]. - The stock's recent performance includes a 2.36% increase over the last five trading days and a 0.64% increase over the last 20 days [1]. Shareholder Information - As of June 30, 2025, GAC Group had 135,800 shareholders, an increase of 1.03% from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 120 million shares, an increase of 19.8711 million shares [3].

Core Insights - The Chinese automotive market experienced both month-on-month and year-on-year growth in September 2025, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - The trend of "decreasing price competition and stable promotions" is emerging in the market, leading to a more stable automotive environment [1] - Domestic brands continue to outperform, while joint venture brands face challenges, with only a few exceptions showing positive performance [1] Domestic Brands Performance - In September, domestic brands achieved retail sales of 1.5 million units, marking a 13% year-on-year increase and a 12.9% month-on-month increase, capturing 66.9% of the domestic retail market share, up 3.6 percentage points year-on-year [2] - The penetration rate of new energy vehicles (NEVs) among domestic brands reached 78.1%, solidifying their position as a sales driver [2] - BYD remains a leader among domestic brands, although it experienced its first year-on-year decline in sales since March 2024, with September sales at 396,200 units, down 5.52% [2] Key Competitors in Domestic Market - Geely and Chery are actively increasing their market share in the NEV sector, with Geely reporting sales of 273,100 units in September, a 35.24% year-on-year increase [3] - Chery, which recently listed on the Hong Kong Stock Exchange, achieved sales of 255,600 units in September, up 8.90% year-on-year [3] - Other domestic brands like Changan and Great Wall also reported significant growth, with Changan's sales at 266,300 units (up 24.92% year-on-year) and Great Wall's at over 133,600 units (up 23.29% year-on-year) [3] Joint Venture Brands Performance - Joint venture brands saw a month-on-month sales increase but faced year-on-year declines, with mainstream joint venture brands retailing 490,000 units in September, down 6% year-on-year [4] - Luxury brands also experienced a year-on-year decline, with sales of 240,000 units in September, down 1% year-on-year [4] - Volkswagen's joint ventures showed mixed results, with SAIC Volkswagen achieving a record high of 94,100 units sold, while FAW-Volkswagen faced a similar decline as other mainstream joint ventures [4] Performance of Foreign Brands - Japanese brands held an 11.6% market share in September, down 1.1 percentage points year-on-year, with mixed performances among different brands [5] - American brands saw a slight increase in market share to 5.8%, with SAIC General reporting a remarkable year-on-year sales increase of over 124% [5]

智通财经APP获悉，据中国汽车工业协会统计，2025年9月，乘用车产销分别完成290万辆和285.9万辆，环比分别增长16% 和12.5%，同比分别增长15.9%和13.2%。2025年1-9月，乘用车产销分别完成2124.1万辆和2124.6万辆，同比分别增长13.9% 和13.7%。 近期，新一轮汽车行业稳增长工作方案发布，提振消费信心，企业也积极推动新车型持续投放上市，助力乘用车市场平稳 运行。 2025年9月，乘用车出口56万辆，环比增长5%，同比增长22.4%。 2025年1-9月，乘用车出口420.1万辆，同比增长15.6%。 2025年9月，乘用车国内销量229.9万辆，环比增长14.5%，同比增长11.2%。 2025年1-9月，乘用车国内销量1704.4万辆，同比增长13.3%。 2025年9月，在乘用车主要品种中，与上月相比，交叉型乘用车产量小幅下降、销量小幅增长，其他三大类乘用车品种产销 均呈两位数增长;与去年同期相比，四大类乘用车品种产销均呈不同程度增长，其中交叉型乘用车产销增速更为显著。 2025年1-9月，在乘用车主要品种中，与去年同期相比，四大类乘用车品种产销均呈不同程度增长，其 ...

Market Overview - The passenger car sector increased by 0.36% compared to the previous trading day, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable stock performances include: - China Chengtong (000572) rose by 10.02% to a closing price of 7.14 [1] - Changan Automobile (000625) increased by 3.82% to 13.33 [1] - BAIC BluePark (600733) gained 2.16% to 8.04 [1] - BYD (002594) decreased by 0.13% to 106.96 [1] - GAC Group (601238) fell by 1.36% to 7.98 [1] Capital Flow - The passenger car sector saw a net inflow of 1.516 billion yuan from main funds, while retail funds experienced a net outflow of 794 million yuan and 722 million yuan respectively [1] - Key capital flows for individual stocks include: - Changan Automobile had a net inflow of 1.109 billion yuan from main funds, with a net outflow of 588 million yuan from retail funds [2] - BAIC BluePark experienced a net inflow of 199 million yuan from main funds, with a net outflow of 101 million yuan from retail funds [2] - BYD had a net inflow of 87.44 million yuan from main funds, while retail funds saw a net outflow of 90.51 million yuan [2]

10月16日，长城汽车盘中上涨2.03%，截至10:15，报24.11元/股，成交2.18亿元，换手率0.15%，总市值 2063.30亿元。 资金流向方面，主力资金净流入661.18万元，特大单买入453.60万元，占比2.08%，卖出1300.48万元， 占比5.96%；大单买入5720.85万元，占比26.23%，卖出4212.79万元，占比19.32%。 长城汽车今年以来股价跌6.84%，近5个交易日跌2.59%，近20日跌6.33%，近60日涨11.52%。 长城汽车所属申万行业为：汽车-乘用车-综合乘用车。所属概念板块包括：证金汇金、整车、共享经 济、无人驾驶、百度概念等。 截至6月30日，长城汽车股东户数17.85万，较上期增加18.73%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，长城汽车实现营业收入923.35亿元，同比增长0.99%；归母净利润63.37亿元，同比减少 10.48%。 分红方面，长城汽车A股上市后累计派现346.96亿元。近三年，累计派现89.50亿元。 机构持仓方面，截止2025年6月30日，长城汽车十大流通股东中，中国证券金融股份有限公司位居第三 大 ...

Core Viewpoint - The passenger car sector experienced a rise of 1.61% on October 15, with Haima Automobile leading the gains, while the Shanghai Composite Index closed at 3912.21, up 1.22% [1] Group 1: Market Performance - The passenger car sector's individual stock performance showed significant increases, with notable gainers including: - Haima Automobile (10.00% increase, closing at 6.49) - GAC Group (7.44% increase, closing at 60.8) - Changan Automobile (2.39% increase, closing at 12.84) [1] - The overall trading volume for the passenger car sector was substantial, with Changan Automobile recording a transaction volume of 2.51 million shares and a transaction value of 3.208 billion [1] Group 2: Capital Flow - The passenger car sector saw a net inflow of 1.26 billion from main funds, while retail investors experienced a net outflow of 810 million [1] - Individual stock capital flows indicated: - Changan Automobile had a main fund net inflow of 651 million, while retail investors had a net outflow of 386 million [2] - BYD experienced a main fund net inflow of 245 million, with a retail net outflow of 158 million [2] - Haima Automobile had a main fund net inflow of 238 million, with retail investors seeing a net outflow of 116 million [2]

长安汽车所属申万行业为：汽车-乘用车-综合乘用车。所属概念板块包括：证金汇金、足球概念、央企 改革、网约车概念、共享经济等。 10月15日，长安汽车盘中上涨2.07%，截至09:48，报12.80元/股，成交7.61亿元，换手率0.72%，总市值 1269.00亿元。 资金流向方面，主力资金净流入1.07亿元，特大单买入1.39亿元，占比18.30%，卖出1.01亿元，占比 13.24%；大单买入1.96亿元，占比25.69%，卖出1.27亿元，占比16.68%。 长安汽车今年以来股价跌2.03%，近5个交易日涨4.66%，近20日涨1.75%，近60日涨3.02%。 资料显示，重庆长安汽车股份有限公司位于重庆市江北区建新东路260号,重庆市江北区东升门路61号金 融城2号T2栋，成立日期1996年10月31日，上市日期1997年6月10日，公司主营业务涉及汽车及汽车发 动机系列产品的开发、制造和销售。主营业务收入构成为：销售商品95.62%，提供劳务及其他4.38%。 截至8月31日，长安汽车股东户数61.92万，较上期增加0.00%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，长安汽车实 ...

晨会纪要 核心结论 分析师 【策略】资产的信号（20251013）：TACO 交易，并不容易 特朗普将关税时间定在 11 月 1 日，恰逢 APEC 峰会有两国领导人会晤的机 会，确实是为谈判和缓和留余地，但由于其面对的约束缓解，很可能螺旋式 地继续施压。因此我们认为不宜完全套用 4 月经验，形成"特朗普施压→市 场调整→TACO→市场大涨"的路径依赖，在中美谈判取得实质进展前不能 完全排除特朗普这个风险因素。大类资产继续做多黄金，超配 AH 股，但注 重控制波动率。 【交通运输】极兔速递-W（01519.HK）2025Q3 经营数据点评：东南亚、 新市场包裹量增长强劲，中国市场增速低于行业 极兔速递公告 2025Q3 经营数据。1、东南亚：2025Q3 包裹量增长迅猛。2、 中国：2025 年前三季度包裹量增速低于行业约 1.3pct。3、新市场：2025Q3 包裹量增长势头强劲。4、看好东南亚市场、新市场电商平台蓬勃发展带动 快递包裹量增长，中国市场"反内卷"政策环境下公司收入、利润改善。维 持"买入"评级。 【北交所】北交所市场点评——20251013：指数震荡调整，结构性机会聚 焦资源与国产替代 操作 ...

1 、华创宏观 WEI 指数继续下行 。 截至 10 月 5 日，该指数为 6.26% ，较前一周环比下行 0.39 个点。 2 、地产成交降幅再度扩大，二手房挂牌价续跌。 商品房住宅销售降幅再度扩大。我们统计的 67 个城 市， 10 月前 10 日，商品房成交面积同比为 -33% 。 9 月同比为 -1.2% 。 9 月 29 日当周，二手房挂牌 价，一线和全国均下跌 0.1% 。今年以来，一线城市二手房挂牌价累计下跌 2.8% ，全国累计下跌 4.1% 。 3 、非耐用品消费：增速回落 。 截至 10 月 5 日当周，快递揽收量同比增速 +4.5% 。 9 月前 4 周为 +12% 。前 9 个月累计同比增速为 +27% 。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 （一）景气向上： 1 、耐用品消费：乘用车零售增速回升 。 10 月 11 日，乘联分会初步统计称， 9 月 1-30 日，全国乘用车 市场零售同比增长 6% 。 8 月全月同比为 +3% 。 2 、外需领先指标持续回升。 G7 国家 ...