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21社论丨汽车行业发展需坚持长期主义
21世纪经济报道· 2025-09-16 23:53
近日,中国汽车工业协会发布《汽车整车企业供应商账款支付规范倡议》,众多车企发布声明 称将积极落实账款支付倡议,以实际行动推动汽车产业链上下游协同发展。受此鼓舞,汽车零 部件上市公司股价出现连续拉升现象。 根据我国汽车上市公司半年报统计显示,包括上汽、比亚迪、吉利汽车、长城在内的十家国内 主流车企,上半年向上游供应商的平均付款周期为183天,其中,广汽、比亚迪、吉利汽车、 上汽集团的账期最短,小鹏、上汽、长安、比亚迪等账期相较去年出现减少。 此次倡议是继叫停"销售周榜单"发布、规范"辅助驾驶"宣传、治理"低价无序竞争"行为,以及 汽车行业"网络乱象专项整治"之后的又一重要举措。最近几年,我国汽车市场日益繁荣的同 时,企业从价格、营销、技术等方面进行激烈的竞争,最终导致价格竞争压力向上游供应商进 行转嫁和传导,出现压低采购价格、延长付款周期等现象。 6月以来,我国整治汽车行业无序竞争已经逐步见效。乘联分会数据显示,8月,汽车市场共有 23款车型降价,而去年同期为29款。国家统计局的数据显示,8月份我国工业生产者出厂价格 指数(PPI)环比结束连续8个月下行态势,由上个月下降0.2%转为持平;同比降幅也比上月 收窄 ...
汽车海外销量点评:7月欧洲车市回暖,北美尚未全面涨价
Huachuang Securities· 2025-09-16 05:14
❑ 7 月全球轻型车销量约 705 万辆、同比+5.7%、环比-4.8%,海外合计约 462 万 辆、同比+1.9%、环比-1.5%,其中北美 166 万辆、同比+6.4%、环比+7.2%, 欧洲约 142 万辆、同比+3.4%、环比-9.3%,中国 243 万辆、同比+14%、环比 -10%。 ❑ 8 月速报:据 Marklines,估计 8 月北美轻型车销量同比+1.4%,欧洲-0.1%。 评论: 行业研究 汽车 2025 年 09 月 16 日 推荐(维持) 证 券 研 究 报 告 汽车海外销量点评 7 月欧洲车市回暖,北美尚未全面涨价 事项: 华创证券研究所 证券分析师:张程航 电话:021-20572543 邮箱:zhangchenghang@hcyjs.com 执业编号:S0360519070003 证券分析师:夏凉 电话:021-20572532 邮箱:xialiang@hcyjs.com 执业编号:S0360522030001 证券分析师:林栖宇 邮箱:linxiyu@hcyjs.com 执业编号:S0360525070002 行业基本数据 | | | 占比% | | --- | --- | ...
关税,大消息!开盘即涨
Zhong Guo Ji Jin Bao· 2025-09-16 02:30
汽车股马自达汽车、五十铃汽车和三菱汽车分别上涨2.32%、1.27%、1.28%。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | T | 7261 | 马自达汽车 | 1123.5d | 25.5 | 2.32% | | 2 | 7211 | 三菱汽车 | 419.2d | 5.3 | 1.28% | | 3 | 7202 | 五十铃汽车 | 2000.5d | 25.0 | 1.27% | | 4 | 7267 | 本田汽车 | 1669.5d | 20.0 | 1.21% | | 5 | 7203 | 丰田汽车 | 2923.0d | 34.0 | 1.18% | | 6 | 7270 | 斯巴鲁 | 3131.0d | 28.0 | 0.90% | | 7 | 7228 | DAYTONA | 3965.0d | 20.0 | 0.51% | | 8 | 7839 | SHOEI | 1854.0d | 8.0 | 0.43% | | O | 7269 | 铃木汽车 | 2089.0d | 5.5 | ...
8月社零增速放缓至3.4%,西贝致歉表示进行调整 | 财经日日评
吴晓波频道· 2025-09-16 00:21
Group 1 - In August, China's retail sales growth slowed to 3.4% year-on-year, with total retail sales reaching 39,668 billion yuan [2] - Excluding automobiles, retail sales increased by 3.7% year-on-year, indicating a gradual recovery in consumer spending, although the pace is slowing [2] - The service sector showed slight improvement, with the Ministry of Commerce planning to introduce policies to boost service consumption in September [2][3] Group 2 - The China Automotive Industry Association released guidelines for supplier payment practices, aiming to standardize payment terms and reduce financial pressure on suppliers [4] - Major automakers, including SAIC and BYD, have committed to shortening payment terms to 60 days, which may impact their cash flow management [4][5] - The domestic passenger car sales growth is slowing, and the cessation of price competition may challenge the competitiveness of many unprofitable new energy vehicle companies [5] Group 3 - In August, housing prices in major cities continued to decline, but the rate of decline is narrowing, indicating a potential stabilization in the real estate market [6][7] - Real estate investment remains weak, and the industry faces significant challenges, necessitating timely policy support to stabilize the market [7] Group 4 - The "2025 China Top 500 Enterprises" list was released, showing total revenue of 110.15 trillion yuan, with a net profit of 4.71 trillion yuan, reflecting growth in both metrics [8][9] - The list indicates a stable structure in large enterprises, with state-owned enterprises dominating the top positions, while private enterprises like JD.com are gaining ground in the digital economy [8][9] Group 5 - Recent trends show a rise in the issuance of large-denomination certificates of deposit (CDs) by banks, with interest rates approaching 2%, indicating a strategy to attract deposits amid low net interest margins [14][15] - The issuance of these CDs is not necessarily a signal of an interest rate hike but rather a response to the need for banks to bolster their deposit base [14][15] Group 6 - The stock market showed mixed performance, with the Shanghai Composite Index declining by 0.26% while the ChiNext Index rose by 1.52%, reflecting a volatile market environment [16][17] - Market sentiment is affected by uncertainties in U.S.-China trade negotiations, suggesting a need for new narratives to boost investor confidence [17]
行业自律是产业治理重要抓手
Zheng Quan Shi Bao· 2025-09-16 00:10
Group 1 - The core viewpoint emphasizes the importance of precise governance and execution in the automotive industry for maintaining stability and vitality in the supply chain [1] - The China Automobile Industry Association released a proposal focusing on the "60-day payment term commitment," addressing pain points in its implementation and establishing comprehensive guidelines for key processes such as order confirmation, delivery acceptance, payment settlement, and contract duration [1] - Seventeen major automakers, including Dongfeng, SAIC, Chery, and BYD, have committed to actively implement the payment term standards outlined in the proposal [1] Group 2 - The proposal not only sets a "hard benchmark" for automakers to adhere to payment term commitments but also signals a strong message for enhanced industry self-discipline [2] - The initiative reflects a significant transformation in industry governance concepts, demonstrating that self-regulation can be practical and effective [2] - Recent calls from industry associations in sectors like photovoltaics, cement, steel, and semiconductors to resist low-price competition indicate a positive trend towards industry self-discipline [2]
四大证券报精华摘要:9月16日
Xin Hua Cai Jing· 2025-09-16 00:06
Group 1: Medical and Health Sector - China Electronics' subsidiary, Zhongdian Yun Brain, launched the country's first domestic non-invasive brain-machine interface smart headset, with nearly 200,000 units in procurement intentions and over 100,000 units under formal contracts within a month of release [1] - Central enterprises are driving innovation in the medical health industry, focusing on breakthroughs in brain-machine interfaces, micro-light night vision technology, and the establishment of a computing power platform to support cutting-edge research [1] Group 2: AI and Semiconductor Industry - The demand for AI computing power is rapidly increasing, leading to quick iterations in core components and packaging technologies, with a significant focus on the integration of AI and optical communication at recent exhibitions [2] - Domestic AI chip manufacturers are seizing the market opportunity during the supply instability of Nvidia chips, with companies like Cambricon and Moore Threads showing promising product capabilities in AI inference chips [3] Group 3: Automotive Industry - The China Automobile Industry Association proposed a payment initiative for automotive manufacturers to pay small suppliers in cash or bank acceptance bills, with major companies like SAIC and BYD responding positively to build a healthier financial order in the supply chain [4] Group 4: Energy Storage Industry - The newly released action plan for large-scale construction of new energy storage aims to double the domestic storage installation capacity by 2027, providing strong support for the industry amid increasing overseas demand [5] Group 5: Robotics and Automation - Huike's subsidiary, Huizhi Wulian, signed a strategic cooperation agreement to deploy over 1,000 embodied intelligent robots in its global production bases, with a cooperation order amounting to nearly 500 million yuan [6] Group 6: Foreign Exchange and Investment - The State Administration of Foreign Exchange announced reforms to cross-border investment and financing management, including measures to facilitate foreign direct investment and increase cross-border financing limits [8] Group 7: Storage Market - The storage market is experiencing a new round of price increases, with major companies like SanDisk and Micron raising prices, leading to a significant rise in the stock prices of related companies [9] Group 8: Film and Entertainment Industry - The film and cinema stocks are active ahead of the upcoming National Day holiday, with several films set to release, leading to optimistic expectations for box office performance [10] Group 9: Consumer Market - The upcoming long holiday period is expected to boost consumer spending, supported by various government policies aimed at enhancing consumer capacity and willingness [11] Group 10: Offshore Wind Power - New policies are accelerating the development of offshore wind power projects, with significant market potential expected in the coming years [12] Group 11: AI Ecosystem in Mobile Industry - Mobile manufacturers are intensifying competition in the AI ecosystem, with companies like Meizu and others making significant advancements in integrating AI with their products [13][14]
数据看盘算力股龙虎榜多席位联动 外资、一线游资与机构现分歧
Sou Hu Cai Jing· 2025-09-15 12:18
Summary of Key Points Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 287.3 billion, with Cambricon and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1]. Trading Volume - The total trading amount for the Shanghai Stock Connect was 130.77 billion, while the Shenzhen Stock Connect was 156.54 billion [2]. Top Trading Stocks - In the Shanghai Stock Connect, Cambricon ranked first with a trading volume of 3.132 billion, followed by Haiguang Information and Industrial Fulian [3]. - In the Shenzhen Stock Connect, CATL led with a trading volume of 6.759 billion, followed by Luxshare Precision and Shenghong Technology [3]. Sector Performance - The transportation equipment sector saw the highest net inflow of funds, amounting to 2.977 billion, while the electronic sector experienced the largest net outflow of 8.911 billion [4][5]. ETF Trading - The Tianhong ChiNext ETF (159977) saw a significant increase in trading volume, with a 145% increase compared to the previous day, making it the top performer [9]. - The Rare Metals ETF (562800) also experienced a substantial increase of 142% in trading volume [9]. Futures Positioning - All four major futures contracts (IH, IF, IC, IM) saw both long and short positions reduced, with a notable decrease in short positions for the IC contract [13]. Institutional Trading Activity - Institutional trading was active, with significant purchases in automotive stocks and a notable buy of 597 million in Cambricon by one institution [15]. - Several battery-related stocks faced substantial selling pressure from institutions, including a sell-off of 207 million in Shangtai Technology [16]. Quantitative Trading Activity - Quantitative funds showed active trading, with Cambricon receiving a buy of 125 million from one quantitative seat, while another seat sold 203 million [18].
每日速递|比亚迪等17家车企表态:积极落实账款支付倡议
高工锂电· 2025-09-15 10:58
◆ 电池 ◆ 17 家车企表态 积极落实账款支付倡议 9月15 日,中国汽车工业协会发布《汽车整车企业供应商账款支付规范倡议》,呼吁车企落实 《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,推动汽车产业高质量发展。 截至当日 17 时,一汽、东风、长安、上汽、广汽、北汽、奇瑞、江汽、比亚迪、吉利、长城、赛 力斯、蔚来、理想、小鹏、零跑、小米等 17 家作出账期承诺的车企均已发布声明,表态将积极落 实账款支付倡议。 此前,这些车企已陆续作出"供应商支付账期不超过 60 天"的公开承诺,此次进一步响应协会倡 议,在订单确认、交付与验收、支付与结算、合同期限等关键环节落实相关要求。部分车企还明确 提出不采用商业承兑汇票等增加供应商资金压力的结算方式,如上汽集团、吉利汽车等。 ◆ 材料 ◆ 01 恩捷股份 下游客户需求和订单呈现稳定增长态势 年产 2 万吨碳酸锂项目投产 据紫金矿业消息,阿根廷当地时间 9 月 12 日,紫金矿业旗下锂业科思 3Q 锂盐湖年产 2 万吨碳 酸锂项目投产仪式在卡塔马卡省菲安巴拉市举行。 当前,二期项目许可审批等前期工作正 ...
中汽协发布《汽车整车企业供应商账款支付规范倡议》后,多家车企“发声”,汽车产业链多股涨停
Mei Ri Jing Ji Xin Wen· 2025-09-15 08:53
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].
今天,游戏板块大涨,锂电龙头股走强
Zhong Zheng Wang· 2025-09-15 08:27
今天,A股三大股指分化。截至收盘,上证指数下跌0.26%,深证成指上涨0.63%,创业板指上涨1.52%。 传媒板块表现活跃,游戏板块大涨,星辉娱乐(300043)、完美世界(002624)等个股大涨。影视院线板块上涨,幸福蓝海(300528)、中国电影 (600977)等个股大涨。 消息面上,传媒板块有两个催化因素。一是据灯塔专业版数据,截至9月13日12时54分,2025年以来电影票房(含预售)突破400亿元,历时256天,比去年 提前76天。此外,据猫眼专业版上映日历显示,目前共10部影片定档2025年国庆档上映。二是9月9日至14日,EA SPORTS FC PRO冠军杯暨FC PRO足球世 界挑战赛在上海虹口体育馆举行。 对于游戏板块,开源证券表示,从全球来看,无论端游、手游、主机游戏还是互动影游,作为能满足用户解压、社交等需求的情绪消费重要代表,游戏需求 持续旺盛,新品供给不断释放,供需共振下,游戏行业将延续高景气,且此轮景气周期长度或超市场预期。板块当前估值性价比优势依然凸显,建议继续关 注。 锂电产业链今天表现活跃,汽车整车、一体化压铸等板块上涨,宁德时代(300750)盘中涨超14%,截至收 ...