Market Performance - On June 9, the Shanghai Composite Index rose by 0.43%, the Shenzhen Component Index increased by 0.65%, and the ChiNext Index gained 1.07%[3] - Market turnover reached 1.31 trillion, an increase of approximately 130 billion compared to the previous trading day[1] Sector Analysis - All sectors except food and beverage saw gains, with pharmaceuticals, military industry, agriculture, and textiles leading the increases[1] - The military and innovative pharmaceuticals sectors have shown significant strength, driven by recent geopolitical events and advancements in clinical research[1] Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 0.4% month-on-month, with a year-on-year decline of 3.3%[5] - For the first five months of the year, China's total goods trade value reached 17.94 trillion, reflecting a year-on-year growth of 2.5%[6] Investment Trends - In the first week of June, new fund issuance exceeded 31 billion, with equity funds showing a "high volume, low amount" characteristic, totaling only 5.82 billion[11] - Public REITs' total market value surpassed 200 billion for the first time, with the Shanghai Stock Exchange accounting for nearly 70% of this total[12][13]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The current large basis of stock index futures reflects market hedging demand, which depends on the existence of obvious Alpha returns. The market's focus remains on the consumer and technology sectors. The high - tech manufacturing industry in China is in a capital expenditure expansion cycle, and the consumer sector benefits from policy support. In June, these two sectors are expected to be the main focus of the market. The bond market's focus has returned to changes in the capital side. Although there were concerns about capital tightening in June, after the central bank's operations, the expectation of capital tightening has weakened, and the bond market is expected to oscillate strongly [1]. - The stock index futures are expected to oscillate, and the bond futures are also expected to oscillate [1]. Summary by Directory Research Views - **Stock Index Futures**: The large basis of stock index futures reflects market hedging demand, which depends on Alpha returns. Last week, the market's focus was on consumer and technology sectors. The high - tech manufacturing industry is in a capital expenditure expansion cycle, and the consumer sector benefits from policies. In May, the retail of three major white - goods maintained a high year - on - year growth rate (over 60% each), and passenger car retail remained booming (16% year - on - year). There may be a pulse in overseas demand for textile, clothing, and electronic products due to "rush - to - export" [1]. - **Bond Futures**: On June 10, 2025, the 30 - year bond futures main contract rose 0.35%, the 10 - year main contract rose 0.09%, and the 5 - year and 2 - year main contracts were basically stable. The central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations with a stable interest rate of 1.4%, resulting in a net injection of 173.8 billion yuan. Capital interest rates declined slightly. The bond market's focus has returned to the capital side. Due to large maturing pressure of inter - bank certificates of deposit and increased government bond issuance, there were concerns about capital tightening in June, but after the central bank's operations, the expectation of capital tightening has weakened, and the bond market is expected to oscillate strongly [1]. Daily Price Changes - **Stock Index Futures**: On June 9, 2025, compared with June 6, 2025, IH rose 3.0 points (0.11%), IF rose 12.4 points (0.32%), IC rose 41.0 points (0.72%), and IM rose 67.6 points (1.11%) [4]. - **Stock Indexes**: The Shanghai Composite 50 Index fell 2.0 points (- 0.08%), the CSI 300 Index rose 11.3 points (0.29%), the CSI 500 Index rose 43.6 points (0.76%), and the CSI 1000 Index rose 66.1 points (1.07%) [4]. - **Bond Futures**: TS remained unchanged (0.00%), TF fell 0.015 points (- 0.01%), T rose 0.075 points (0.07%), and TL rose 0.36 points (0.30%) [4]. Market News - In May 2025, China's exports denominated in US dollars increased 4.8% year - on - year (previous value: 8.1%), and imports decreased 3.4% year - on - year (previous value: - 0.2%) [5]. - In May 2025, the national consumer price index decreased 0.1% year - on - year. From January to May, the average national consumer price index decreased 0.1% compared with the same period last year [5]. Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts and their respective basis trends [7][8][11]. - **Bond Futures**: There are charts showing the trends of bond futures main contracts, bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][16][18]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward US dollar against the RMB for 1M and 3M, forward euro against the RMB for 1M and 3M, US dollar index, euro against the US dollar, pound against the US dollar, and US dollar against the yen [21][22][25].

Group 1 - The core viewpoint of the articles highlights the strong growth in the passenger car market in China, with May retail sales reaching 1.932 million units, a year-on-year increase of 13.3% and a month-on-month increase of 10.1% [1] - Cumulative retail sales for the year reached 8.811 million units, reflecting a year-on-year growth of 9.1% [1] - The retail sales in May surpassed the highest level of 1.81 million units recorded in May 2018, indicating a robust growth trend [1] Group 2 - The new energy vehicle (NEV) market showed significant growth, with a retail penetration rate of 52.9% in May and NEV retail sales reaching 1.021 million units, a year-on-year increase of 28.2% [2] - Cumulative NEV retail sales from January to May totaled 4.351 million units, marking a growth of 34.1% [2] - The penetration rate of domestic brand NEVs reached 68.7%, while luxury NEVs had a penetration rate of 37.5%, and mainstream joint venture brands only achieved 4.3% [2] Group 3 - The export of domestic fuel passenger vehicles decreased by 14% year-on-year to 1.05 million units from January to May, while NEV exports surged by 95% to 640,000 units, accounting for 37.9% of total exports [2] - Despite a decline in exports to Russia, domestic brands maintained a market share of over 55% in that region, indicating potential for recovery in exports [2] - The manufacturing Purchasing Managers' Index (PMI) improved to 49.5% in May, suggesting an expansion in overall economic output [2]

乘联分会：5月全国乘用车厂商批发231.0万辆创当月历史新高 金十数据6月9日讯，乘联分会文章指出，5月全国乘用车厂商批发231.0万辆创当月历史新高，同比增长 12.8%，环比增长5.5%；1—5月全国乘用车厂商批发1，078.4万辆，同比增长11.5%。受零售较强的促 进，5月乘用车批发同比增速比零售增速低了0.5个百分点。5月自主车企批发160万辆，同比增长24%， 环比增长4%。主流合资车企批发46.1万辆，同比下降3%，环比增长5%。豪华车批发23.7万辆，同比下 降13%，环比增长12%。 ...

金十数据6月9日讯，乘联分会文章指出，由于5月厂商生产态势较好，5月厂商批发高于生产4万辆，而 厂商月度国内批发低于零售7万辆，5月乘用车厂商加渠道总体库存下降11万辆（去年同期下降9万 辆）。今年1-5月行业总体库存较去年同期持平（去年1-5月下降49万辆，2023年下降21万、2022年增长 3万、2021年下降82万、2020年下降55万），今年改变了过去2年1-5月持续降库存的特征，也带来厂商 销量的较好增长。 乘联分会：5月乘用车厂商加渠道总体库存下降11万辆 ...

乘联分会：中国5月狭义乘用车零售销量同比增长13.3%。 中国5月狭义乘用车零售销量环比增长10.1%。 ...

Group 1 - The core viewpoint of the article indicates that the retail sales of narrow passenger vehicles in May reached 1.932 million units, representing a year-on-year increase of 13.3% [1]

汽车和汽车零部件行业周报 20250608 乘用车需求向好 智驾下沉与高端跃迁共振 2025 年 06 月 08 日 ➢ 本周数据：2025 年 5 月第 5 周（5.26-6.1）乘用车销量 46.6 万辆，同比 +18.3%，环比+16.7%；新能源乘用车销量 24.7 万辆，同比+30.1%，环比 +11.6%；新能源渗透率 53.1%，环比-2.4pct。 ➢ 本周行情：汽车板块本周表现弱于市场。本周（6 月 3 日-6 月 6 日）A 股汽 车板块下跌 0.01%，在申万子行业中排名第 25 位，表现弱于沪深 300（0.96%）。 细分板块中，摩托车及其他、汽车服务、汽车零部件分别上涨 2.66%、0.92%、 0.48%，乘用车、商用载客车、商用载货车分别下跌 0.12%、2.67%、5.93%。 ➢ 本周观点：本月建议关注核心组合【吉利汽车、比亚迪、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 智驾下沉与高端跃迁共振，看好智驾加速落地。2025 年 5 月 28 日小鹏 M03 加推 Max 版（含 502km/600km 续航）及 Plus 版，上市 1 小时 ...

Investment Rating - The report maintains a positive outlook on the automotive and automotive parts industry, particularly focusing on intelligent driving and high-end vehicle transitions [6]. Core Viewpoints - The demand for passenger vehicles is improving, with a notable increase in sales and a strong performance from new energy vehicles. The intelligent driving sector is expected to accelerate its adoption, driven by competitive pricing and technological advancements [2][3]. - The report highlights the importance of strong product cycles and recommends focusing on companies with robust fundamentals and intelligent driving capabilities [3][10]. Summary by Sections 1. Weekly Insights - The report emphasizes the synergy between the down-market penetration of intelligent driving and the leap to high-end models, predicting a rapid adoption of intelligent driving technologies [2][9]. - It suggests that companies like Geely, BYD, and Xpeng are well-positioned to benefit from these trends [3][10]. 2. Market Performance - The automotive sector underperformed the market, with a slight decline of 0.01% in the A-share automotive sector during the week of June 3-6, 2025, ranking 25th among sub-industries [26]. 3. Sales Data - In the fifth week of May 2025, passenger vehicle sales reached 466,000 units, marking an 18.3% year-on-year increase and a 16.7% month-on-month increase. New energy vehicle penetration was at 53.1% [3][10]. 4. Key Companies and Recommendations - The report recommends focusing on companies with strong product cycles and intelligent driving capabilities, including Geely, BYD, Xpeng, and Li Auto [3][10]. - For the parts sector, it suggests investing in companies like Top Group and New Spring Co., which are well-positioned in the new energy vehicle supply chain [4][12]. 5. Intelligent Driving and Electric Vehicles - The report anticipates a significant shift in the intelligent driving landscape, with companies like BYD leading the charge in technology and market penetration [13]. - It highlights the importance of the new energy vehicle supply chain and suggests that companies with self-research capabilities will benefit from the evolving market dynamics [12][13]. 6. Motorcycles and Heavy Trucks - The motorcycle market is experiencing growth, particularly in the mid-to-large displacement segment, with companies like Chunfeng Power being recommended [17][19]. - The heavy truck market is expected to recover due to new policies supporting the replacement of older vehicles, with recommendations for companies like China National Heavy Duty Truck Group [20][21]. 7. Tire Industry - The tire industry is projected to benefit from ongoing globalization and demand recovery, with recommendations for leading companies like Sailun Tire and high-growth firms like Senqilin [22][25].

Group 1: Commodity Price Forecast - The article predicts that gold will experience range-bound fluctuations, while copper and oil are expected to trend upwards [1][13]. - Uncertainties in geopolitical negotiations, such as those involving the US and Iran, are contributing to the rebound in oil prices from their lows [13]. Group 2: Domestic Demand - New home sales, second-hand home sales, and passenger car sales have all declined, while the average monthly sales price of home appliances has shown a mixed trend with more increases than decreases year-on-year [3]. - During the Dragon Boat Festival holiday, domestic travel and spending increased by 5.7% and 5.9% year-on-year, respectively, with box office revenue reaching 460 million yuan, a 33.3% increase [4]. Group 3: External Demand - Export growth has generally slowed, with June showing a decline in high-frequency export indicators and shipping rates [6]. - Container arrivals from China to the US have shifted from an increase to a decrease, indicating reduced transshipment activity [7]. - South Korea's exports fell in May, particularly in steel and petroleum products [8]. Group 4: Production - Demand for steel is weak due to the off-season, leading to a decrease in production rates and prices [10]. - As summer approaches, coal and electricity demand may increase, although recent weather conditions have led to a temporary decline in coal consumption [11]. Group 5: Price Trends - Prices for major commodities have generally rebounded, while domestic prices for steel, glass, coal, and cement continue to decline [12]. - The article notes that the market's concerns over copper tariffs are supporting copper prices as they trend upwards [13].