人民财讯8月5日电，乘联分会8月5日消息，稍微上调2025年的行业年度预测。总体各项预测如下：1、 2025年乘用车零售：2025年乘用车零售2435万辆，增长6%，预测总量较6月的预测值增加30万辆。2、 2025年乘用车出口：2025年乘用车出口546万辆，增长14%，预测总量较年初的预测值提升16万辆。 ...

证券之星消息，8月5日乘用车板块较上一交易日上涨0.76%，上汽集团领涨。当日上证指数报收于3617.6，上涨0.96%。深证成指报收于 11106.96，上涨0.59%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 17.93 | 3.22% | 112.49万 | 20.13亿 | | 600733 | 北汽蓝谷 | 8.75 | 2.46% | 178.64万 | 15.52亿 | | 000572 | 海马汽车 | 4.53 | 1.57% | 52.36万 | 2.37 Z | | 601238 | 广汽集团 | 7.57 | 0.66% | 17.25万 | 1.30亿 | | 601633 | 长城汽车 | 22.26 | 0.18% | 12.46万 | 2.77 亿 | | 601127 | 赛力斯 | 127.76 | 0.08% | 11.17万 | 14.29亿 | | 000625 | 长安汽车 | 12.9 ...

Core Viewpoint - The sale of Iveco marks the end of an era for a once-dominant commercial vehicle giant, highlighting the challenges faced by traditional automotive companies in the electric vehicle era [6][12][24]. Group 1: Company Overview - Iveco was sold for approximately €55 billion (around 452.9 billion yuan), with Tata Motors acquiring the remaining business for about €38 billion (approximately 313.1 billion yuan) [12][15]. - The acquisition will lead to the formation of a commercial vehicle group with an annual sales volume exceeding 540,000 units, positioning it as the seventh-largest commercial vehicle manufacturer globally [22]. Group 2: Market Dynamics - The decline of Iveco is attributed to its inability to compete on performance and comfort, as well as the rise of domestic competitors offering better value [8][21]. - The Chinese commercial vehicle market has seen significant growth, with heavy truck sales reaching approximately 539,160 units in the first half of 2025, reflecting a 6.9% year-on-year increase [20]. Group 3: Industry Trends - The transition to electric vehicles represents a "Darwinian moment" for traditional automakers, emphasizing the need for technological adaptation and strategic foresight [24]. - The automotive industry is witnessing a shift where technology and software integration are becoming critical, as exemplified by the partnerships between Chinese automakers and tech companies like Huawei [29][30]. Group 4: Historical Context - Iveco was established in the 1970s through the merger of five European automotive companies, quickly gaining prominence with its flagship model, the Daily, which became a top seller in Europe [16][17]. - The brand's historical significance in China is marked by its joint ventures, particularly in the light commercial vehicle sector, which has since lost its competitive edge [19][21]. Group 5: Future Outlook - The lessons from Iveco's decline serve as a warning and an opportunity for Chinese automakers to prioritize technological innovation and ecosystem development in the face of global automotive restructuring [24][32]. - The rapid evolution of the automotive landscape necessitates continuous innovation to avoid obsolescence, as seen in the struggles of established luxury brands transitioning to electric vehicles [25][26].

根据中国海关数据显示：2025年5月中国纯电动乘用车进口数量为0.05万辆，同比下降75.9%，进口金额 为0.35亿美元，同比下降68.7%，2025年5月中国纯电动乘用车出口数量为18.85万辆，同比增长17.9%， 出口金额为31.31亿美元，同比增长3.9%。 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 相关报告：智研咨询发布的《2025-2031年中国汽车行业市场深度评估及投资机会预测报告》 数据来源：中国海关，智研咨询整理 数据来源：中国海关，智研咨询整理 ...

评级调高方面，8月4日，券商调高上市公司评级达到1家次，最新数据包括了华创证券对九号公司的评 级从"推荐"调高至"强推"。 | | | | 1家最新被调高评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 689009 | 九号公司 | 华创证券 | 推荐 | 强推 | 摩托车及其他 | | | | | 日期: 08月04日,南财投研通×南财快讯制图 | | | 首次覆盖方面，8月4日券商共给出了12次首次覆盖，其中创业环保（600874）获得华源证券给予"买 入"评级，山东威达（002026）获得华安证券（600909）给予"买入"评级，正裕工业（603089）获得东 北证券给予"买入"评级，铁大科技获得东吴证券给予"买入"评级，耐普矿机（300818）获得国海证券给 予"买入"评级。 | | | 12家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 6008 ...

乘联分会秘书长崔东树发文表示，2025年乘用车行业促销与降级均回归理性，市场秩序明显改善。2020 年-2022年的1-7月的车企降价力度在50款左右，2023年1-7月上升到113款，2024年1-7月进一步提升到 147款车型，实际出现指导价格的下降，今年的新车降106款的规模相对温和。2025年降价促销力度大幅 降低，尤其是4-7月的降价车型大幅减少。今年7月份有17款车型降价，较去年7月份的23款和2023年17 款数量，今年7月市场保持相对稳定。 ...

Economic Outlook - The Huachuang Macro WEI index has slightly increased to 6.35% as of July 27, up from 5.84% on July 20, indicating a recovery in infrastructure and durable goods consumption [2][8] - The land premium rate has risen for three consecutive weeks, reaching 9% as of July 27, with a four-week average of 6.9%, compared to 5.47% in June [2][12] Consumption Trends - Service consumption has shown a decline, with subway ridership remaining stable at an average of 81.53 million daily in 27 cities, and domestic flight numbers increasing by only 0.8% year-on-year [3][12] - Retail sales of passenger vehicles have decreased, with a year-on-year growth of 5% as of July 27, down from 17% previously [3][12] - The sales of commercial residential properties have seen a significant drop, with a 22% year-on-year decrease in July compared to 17.6% in June [3][12] Production Insights - Infrastructure activity is performing better than last year, with asphalt plant operating rates at 33% as of July 30, up 6.7% year-on-year [3][16] - Coal throughput at Qinhuangdao port has shown a year-on-year growth of 11.8% in July, down from 24.4% in June [3][19] Trade Developments - Port container throughput has experienced a seasonal decline, with a week-on-week decrease of 6.5% as of July 27, while the four-week cumulative year-on-year growth is 5.6% [3][21] - The U.S. import figures have shown a significant drop, with a year-on-year decrease of 20.5% in July [3][22] Price Movements - A decline in commodity prices has been observed, with the South China index down 2.5% and the RJ/CRB commodity price index down 2.3% [3][37] - Prices for upstream solar and lithium carbonate have significantly decreased, with polysilicon futures down 3.1% and lithium carbonate futures down 13.7% [3][38] Debt and Interest Rates - The issuance of special bonds has exceeded the pace of the previous year, with a total of 2.82 trillion yuan issued, representing 64% of the annual target [4][43] - Interest rates have decreased, with the one-year, five-year, and ten-year government bond yields reported at 1.3734%, 1.5686%, and 1.7059%, respectively [4][51]

乘联分会秘书长崔东树发文表示，2025年乘用车行业促销与降级均回归理性，市场秩序明显改善。2020 年-2022年的1-7月的车企降价力度在50款左右，2023年1-7月上升到113款，2024年1-7月进一步提升到 147款车型，实际出现指导价格的下降，今年的新车降106款的规模相对温和。2025年降价促销力度大幅 降低，尤其是4-7月的降价车型大幅减少。今年7月份有17款车型降价，较去年7月份的23款和2023年17 款数量，今年7月市场保持相对稳定。 （文章来源：第一财经） ...

Group 1 - Weihai Guangtai reported a net profit of 83.32 million yuan for the first half of 2025, a year-on-year decrease of 22.41%, while total revenue reached 1.425 billion yuan, an increase of 10.91% [1] - Haowei Group expects a net profit increase of 39.43% to 49.67% for the first half of 2025, estimating a profit range of 1.906 billion to 2.046 billion yuan [1] - Tengda Construction won a bid for a project worth 118 million yuan, with a construction period of 500 calendar days [1] Group 2 - Shanda Power plans to use up to 520 million yuan of idle raised funds for cash management, investing in safe and liquid products with a term not exceeding 12 months [3] - Rundu Co., Ltd. received approval for the listing application of its chemical raw material drug, which is suitable for surgical treatment in adults and children over one month old [4] - Zhongyuan Qihua's subsidiary's clinical trial application for a drug aimed at treating pulmonary fibrosis has been accepted [4] Group 3 - Shanghai Xiba plans to establish a joint venture with Yuyuan Rare Earth, focusing on advanced materials for lithium-ion solid-state batteries, with a registered capital of 200 million yuan [6] - Aorite's senior management plans to reduce their holdings by up to 62,500 shares, accounting for 0.02% of the company's total equity [7] - Yipin Hong's subsidiary's clinical trial application for a new oral drug for endometriosis has been accepted [8] Group 4 - Haya Pharmaceutical plans to lease idle assets covering 22,671.39 square meters for a period of 10 years [9] - Southern Precision Engineering applied for a credit limit of 50 million yuan from a bank for operational purposes [11] - Jindawei's subsidiary established a joint venture with a registered capital of 5 million yuan, focusing on the sale of food additives and health products [12] Group 5 - Gaode Infrared signed a product order contract worth 307 million yuan, expected to account for 11.46% of the company's audited revenue for 2024 [13] - Xichang Electric will implement a low valley electricity price policy starting September 1, 2025, which is expected to reduce net profit by approximately 5.55 million yuan [14] - Huyou Pharmaceutical's first subject has been dosed in a Phase I clinical trial for a drug targeting advanced solid tumors [16] Group 6 - Chuanheng Co., Ltd. received a patent for a dust removal system in mining operations [17] - Spring Wind Power's application for issuing convertible bonds has been accepted by the Shanghai Stock Exchange [18] - Liuyao Group plans to repurchase shares worth between 100 million and 200 million yuan [19] Group 7 - Baiyun Electric has obtained a commitment letter for a stock repurchase loan of up to 18 million yuan [20] - Tonghe Pharmaceutical received a patent for a method of preparing an intermediate for a migraine treatment drug [21] - Tainkang's subsidiary's Phase II clinical trial for a drug for vitiligo has shown significant efficacy and safety [23] Group 8 - Yuhua Tian's secretary and deputy general manager resigned for personal reasons [24] - Heizhima's controlling shareholder is planning a change in control, leading to a temporary suspension of stock trading [25] - Keda Li's subsidiary completed a capital increase, raising its registered capital to 700 million yuan [26] Group 9 - Fangda Special Steel's shareholder plans to reduce holdings by up to 1% of the company's shares [28] - ST Pava's director is under investigation for alleged embezzlement, but the company's operations remain normal [29] - Jiachuan Video's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [32] Group 10 - Danhua Technology will change its stock name to Jinmei Technology starting August 7, 2025, due to a relocation of its registered office [33] - Morning Wind Technology's shareholder plans to reduce holdings by up to 1% of the company's shares [34] - Leshan Electric will adjust residential gas prices starting September 1, 2025, which is expected to increase gross profit by approximately 2.7 million yuan [35] Group 11 - SAIC Motor reported a total vehicle sales of 337,500 units in July 2025, a year-on-year increase of 34.22%, with significant growth in new energy vehicle sales [36] - LIGONG Navigation's shareholders plan to reduce holdings by up to 3% of the company's shares [37] - United Imaging's employee stock ownership platform plans to reduce holdings by up to 1.62% of the company's shares [38] Group 12 - Beiqi Blue Valley's subsidiary reported a 6.38% decline in sales in July 2025 [39] - Watson Bio's clinical research application for an mRNA vaccine has been accepted [40]

Core Viewpoint - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage. The recommendation is to increase the allocation weight of "dividend style" investments in the second half of the year [6][8][13]. Weekly Review Summary - In the fourth week of July, the compulsory insurance for vehicles reached 440,000 units, with a week-on-week increase of 13.2% but a month-on-month decrease of 22.8% [3][11]. - The performance of segmented automotive sectors this week ranked as follows: SW commercial cargo vehicles (-0.4%) > SW commercial passenger vehicles (-0.7%) > SW automotive parts (-2.1%) > SW automobiles (-2.4%) > SW motorcycles and others (-2.4%) > SW passenger vehicles (-3.4%) [3][11]. Industry Core Changes - Xiaopeng's new P7 will debut on August 6, with 36,717 new cars delivered in July. - Li Auto launched its first pure electric SUV, the i8, with deliveries starting on August 20. The Pro version is priced at 321,800 yuan, the Max version at 349,800 yuan, and the Ultra version at 369,800 yuan, with 30,731 new cars delivered in July [5][12]. - Zhiji released the "Star" super range extension system, targeting a pure electric CLTC range of over 400 km and a comprehensive CLTC range of 1,500 km. Audi A5L Sportback was officially launched with a starting price of 259,900 yuan [5][12]. - Yutong Bus signed a procurement agreement for 400 pure electric buses with its partner in Pakistan, marking the largest single order for new energy buses in Pakistan [5][12]. Sector Outlook - The automotive sector remains optimistic, focusing on three main lines: dividends, intelligence, and robotics [6][13]. - The market's core focus this week was on the automotive sector, which underperformed the broader market, with heavy trucks performing relatively better. The internal demand for passenger vehicles met expectations, but the performance of new energy vehicles fell short [6][13]. - Recommendations for sector allocation include: - **Dividend & Good Pattern Main Line**: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group A-H / Weichai Power), two-wheelers (Chunfeng Power / Longxin General), and parts (Fuyao Glass + Xingyu Co., Ltd. + Xinquan Co., Ltd. + Jifeng Co., Ltd.) [8][13]. - **AI Intelligence Main Line**: Preferred passenger vehicles in Hong Kong stocks (Xiaopeng Motors-W / Li Auto-W / Xiaomi Group-W) > A-shares (Seres / SAIC Motor / BYD); preferred parts (Horizon Robotics-W / China Automotive Research / Desay SV / Bertel / Black Sesame Intelligence) [8][13]. - **AI Robotics Main Line**: Preferred parts (Top Group + Precision Forging Technology + Fuda Co., Ltd. + Xusheng Group + Aikodi) [8][13].