点 击 蓝 字 关 注 我 们 本文全文共 3195 字，阅读全文约需 10 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 1.本周车市概述 乘用车： 5月1-18日，全国乘用车市场零售93.2万辆，同比去年5月同期增长12%，较上月同期增长18%， 今年以来累计零售780.4万辆，同比增长8%；5月1-18日，全国乘用车厂商批发85.8万辆，同比去年5月同期增 长18%，较上月同期下降2%，今年以来累计批发932.6万辆，同比增长12%。 新能源： 5月1-18日，全国乘用车新能源市场零售48.4万辆，同比去年5月同期增长32%，较上月同期增长 15%，全国新能源市场零售渗透率52%，今年以来累计零售380.8万辆，同比增长35%；5月1-18日，全国乘用 车厂商新能源批发46.7万辆，同比去年5月同期增长23%，较上月同期增长0%，新能源厂商批发渗透率54.4%， 今年以来累计批发444.8万辆，同比增长40%。 2.2025年5全国乘用车市场零售销量平稳 | | 1-5日 | 6-11日 | 12-18日 | 19-25日 | 26-31日 | ...

花旗上调比亚迪目标价 称中国乘用车出口格局利好该公司 智通财经5月21日电，花旗再次上调比亚迪目标价，称今年前四个月的中国乘用车出口格局进一步利好 比亚迪。分析师Jeff Chung等人在报告中表示，比亚迪纯电动车出口市场份额从2024财年的23%大幅上 升至2025年前四个月的38%。中国插电式混合动力车出口增长惊人，尚未形成市场共识。对于2026年潜 在的价格下调，比亚迪具备最强的应对能力。比亚迪2025财年出口80万至100万辆的目标进展顺利。花 旗分别上调比亚迪港股和A股目标价至727港元、669元人民币，此前花旗已于2月上调该股目标价。 ...

Core Viewpoint - The smart automotive sector is experiencing accelerated penetration of intelligent technology, which is expected to drive differentiation within the industry, particularly in the automotive parts sector [1]. Group 1: Industry Insights - The Special Vehicle Industry Innovation Development Conference was held in Shiyan, Hubei from May 15 to 17, focusing on the implementation of new energy and intelligent technology, emphasizing industry chain collaboration and global layout [1]. - Data indicates that by 2024, the penetration rate of new energy special vehicles in China is projected to reach 29.8% [1]. - The automotive parts sector is expected to see a divergence in revenue and profit growth from Q4 2024 to Q1 2025, with the intelligent driving industry chain performing notably well [1]. Group 2: Market Trends - Benefiting from the increase in intelligent driving penetration, sectors such as intelligent chassis, domain control, and sensors are expected to see performance growth surpassing the industry average [1]. - The penetration rate of L2.5 and above intelligent driving models is anticipated to enter a rapid growth phase by 2025 [1]. - The passenger vehicle market is accelerating its phase-out, with leading domestic automakers and new force car companies expected to expand their market share [1]. Group 3: Commercial Vehicle Outlook - In the commercial vehicle segment, new energy buses are maintaining high demand supported by subsidy policies, while the heavy truck market shows resilience in both domestic and international demand [1]. - Gas and new energy heavy trucks are likely to continue benefiting from market conditions [1]. Group 4: ETF and Index Information - The Smart Automotive ETF (159889) rose by 1.63%, tracking the CS Smart Automotive Index (930721), which is compiled by China Securities Index Co., Ltd. and includes listed companies involved in intelligent driving and vehicle networking [1].

Core Insights - The inventory of the passenger car industry in China reached 3.5 million units at the end of April 2025, an increase of 150,000 units from the previous month and 120,000 units from April 2024, indicating a continuous rise in industry inventory [1] - Current policies have led to overall optimism among manufacturers, with higher production levels post-Spring Festival and active wholesale activities, resulting in a significant inventory buildup [1] - April 2025 marked the highest inventory level for this month historically, and as sales are expected to decline seasonally from May to July, the overall inventory pressure has slightly increased compared to previous years [1] Inventory and Sales Analysis - The estimated inventory level at the end of April 2025 supports a sales duration of 57 days, which is an increase from 55 days in April 2023 and 52 days in April 2024, indicating a slight rise in inventory pressure [1] - The industry is experiencing a trend of increasing inventory levels, which may impact future sales performance as the market enters a seasonal downturn [1]

Summary of Conference Call Records Industry Overview - The automotive industry is experiencing a seasonal decline post-May Day, with increased consumer hesitation leading to longer purchase decision cycles. The competition from models like Zeekr 007GT against Tesla Model 3 and Galaxy models against BYD is notable, but overall performance aligns with expectations [1][4] Key Insights on Passenger Vehicle Market - The passenger vehicle market's inventory remains stable with moderate price competition. BYD's smart driving models are seeing increased discounts to reduce inventory, while Li Auto's new models are enhancing cost-performance ratios through upgrades and promotions [1][5] - The annual retail forecast for passenger vehicles has been revised down to 23.69 million units, reflecting a year-on-year increase of 4.1%. The forecast for new energy vehicle retail has been reduced by 400,000 units, with a penetration rate decrease of 1% [1][12] Company-Specific Highlights BYD - BYD's non-self-driving models are seeing significant inventory reductions, with stock levels in central and southern China expected to last 10 to 20 days. The share of self-driving models has increased from 40-50% to 75-80% [6] Li Auto - Li Auto has launched new models with configuration upgrades while maintaining prices, resulting in strong order performance. The L series is particularly well-received, with price and benefits being key attractions [7] Tesla - Tesla's recent delivery data has been lower than expected, primarily due to competition from Zeekr 007GT and Avita 06, which are diverting customer attention and increasing consumer hesitation [9] AITO (问界) - AITO's M8 model has seen strong order volumes since its launch in mid-April, although it is impacting the M9 model due to similarities in size and pricing [10] Zeekr - Zeekr's 007JT model is performing as expected, but its impact on the 001 model has exceeded expectations. Discounts provided in Hangzhou may lead to internal competition [11] Heavy-Duty Truck Market Insights - The heavy-duty truck market is showing signs of growth following the implementation of National IV emission standards in most provinces. Electric heavy-duty trucks are performing well, while natural gas trucks are declining due to narrowing gas prices [3][17] - The forecast for May heavy-duty truck sales is set at 60,000 units, reflecting a year-on-year increase of 12%. The annual domestic sales forecast is 700,000 units, with a projected year-on-year growth of 16% [3][20] Additional Considerations - The overall sentiment in the heavy-duty truck market is optimistic, with expectations of increased sales following policy implementations. However, there is a noted time lag between order placements and actual sales [16] - The pricing trends for heavy-duty trucks indicate a general increase in electric vehicle prices by 10,000 to 20,000 yuan since the beginning of the year, with stable prices observed in most stores [18] This summary encapsulates the key points from the conference call records, highlighting the current state and expectations of the automotive and heavy-duty truck industries.

摘要 ► 本 周数据： 2025 年 5 月第 2 周（ 5.5-5.11 ）乘用车销量 45.4 万辆，同比 +4.9% ，环比 +7.1% ；新能源乘用车销量 22.6 万辆，同比 +16.0% ，环比 +10.8% ；新能源渗透率 49.8% ，环比 +1.6% 。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（5月12日-5月16日）A股汽车板块上涨1.91%，在申万子行业中排名第7位，表现强于沪深300 （1.23%）。细分板块中，乘用车、汽车零部件分别上涨3.76%、1.61%，商用载货车、汽车服务、摩托车及 其他、商用载客车分别下跌0.48%、1.05%、1.33%、2.33%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、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】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 本周，特斯拉向华尔街分析师公布：Optimus目前的产能为每月1,000辆。特斯拉计划在第四季度启动投资者 参观制造过程的计划，第二代生产线的产能为每月10,000辆；全球领先的物流企业DHL与机器人技术先锋波士 顿动力深化合作； ...

汽车和汽车零部件行业周报 20250518 ➢ 乘用车基本面向上 新车催化密集 智驾平权提振估值。根据乘用车上险数 据，5 月第 1/2 周乘用车销量 42.4/45.4 万辆，新能源渗透率为 48.2%/49.8%， 受益车展后新车密集催化及五一需求好转，周销量快速恢复。近期，吉利银河星 耀 8 上市，上市限时价 11.58-15.58 万元，加速抢夺 20 万元以下市场；理想汽 车宣布 L 系列智能焕新版正式上市，新车全系标配激光雷达。展望，后续将迎新 车密集催化，重点新车包括小米 YU7、小鹏 M03 MAX、G7、吉利银河星舰 9、 零跑 B01、长安深蓝 S09 等，建议关注基本面向上及具有智驾能力的公司。 ➢ 投资建议：乘用车：看好智能化、全球化加速突破的优质自主，推荐【比亚 迪、吉利汽车、小鹏汽车、赛力斯、理想汽车】，建议关注【小米集团】。 零部件：1）新势力产业链：推荐 H 链-【沪光股份、瑞鹄模具、星宇股份】；建 议关注小米链【无锡振华】； 推荐 T 链【拓普集团、新泉股份、双环传动】； 2）智能化：推荐智能驾驶-【伯特利】，建议关注【地平线机器人】，推荐智能 座舱-【上声电子、继峰股份】。 ...

Market Performance - As of May 16, 2025, the Shanghai Composite Index fell by 0.40% to 3367.46 points, while the Shenzhen Component Index decreased by 0.07% to 10179.60 points, and the ChiNext Index dropped by 0.19% to 2039.45 points, indicating a broad market decline [1] - The total trading volume of the two markets reached 1.09 trillion yuan [1] Sector Performance - The top three sectors with gains were passenger cars (up 2.28%), auto parts (up 1.95%), and jewelry (up 1.87%) [1] - The sectors with the largest declines were fisheries (down 2.27%), insurance (down 1.52%), and cosmetics (down 1.43%) [1] ETF Insights - The ChiNext ETF (Hua Xia, 159957) closed down 0.38% at a price of 1.33 yuan, with a trading volume of 31.1295 million yuan and a turnover rate of 1.83% [1] - Over the past week, the ChiNext ETF has seen a cumulative increase of 1.22% [1] - The fund's scale increased by 6.5786 million yuan over the past week, ranking third among comparable funds [1] Valuation Metrics - The ChiNext Index tracked by the ETF is currently at a historical low valuation, with a price-to-book (PB) ratio of 4.11, which is lower than 82.17% of the time over the past five years, indicating strong valuation attractiveness [1] Top Holdings - As of April 30, 2025, the top ten weighted stocks in the ChiNext Index accounted for 50.3% of the index, including companies like Ningde Times, Dongfang Wealth, and Mindray Medical [2]

Core Insights - The Chinese passenger car market experienced a significant structural price adjustment in the first four months of 2025, with a total retail of 6.872 million units, reflecting a year-on-year growth of 7.9% [1] - The average price of passenger cars in 2025 was 170,000 yuan, a decrease of 7000 yuan compared to 2024, with April 2025 showing a decline of 21,000 yuan year-on-year, marking the largest drop in nearly five years [1] Market Dynamics - The decline in prices is attributed to the increase in entry-level model sales due to government subsidies for scrapping and replacing old vehicles, leading to a shift in consumer preference towards mid-to-low-priced vehicles [1] - The penetration rate of new energy vehicles (NEVs) in the market below 50,000 yuan reached 90% in April 2025, with pure electric models accounting for 86% of this segment [2] - In the high-end market (above 300,000 yuan), NEVs accounted for approximately 40%, with range-extended models being more prevalent than pure electric and hybrid models [2] Brand Performance - In the first four months of 2025, luxury brands maintained an average price of 366,000 yuan, while joint venture brands saw a slight increase to 174,000 yuan [3] - New force brands experienced a significant price drop of 36,000 yuan to 235,000 yuan, and domestic brands slightly decreased to 121,000 yuan [3] - Notably, the average price of NEVs across luxury, joint venture, and domestic brands surpassed that of their fuel counterparts, indicating a strong market position for NEV products [3]

Market Overview - The market experienced a weak fluctuation, with all three major indices closing down. The consumer sector showed resilience, while over 3,800 stocks declined [1][3] - Goldman Sachs raised the 12-month targets for the MSCI China Index and the CSI 300 Index to 84 points and 4,600 points, respectively, indicating potential upside of 11% and 17%. They maintain an overweight rating on Chinese stocks and suggest focusing on multiple themes for excess returns [1] Sector Performance - New hotspots emerged in the market, particularly in the ergot sulfur concept, with Chuaning Biological hitting a 20% limit up. Other sectors such as beauty care and medical aesthetics also saw significant gains [1] - The food and beverage sector rebounded in the afternoon, with several stocks, including Xiwang Food, hitting the limit up. The shipping and port sector continued its upward trend, with Nanjing Port achieving three consecutive limit ups [1] - The textile and apparel sector showed recovery, with Huafang Co. achieving six limit ups in eight days. Other sectors like coal, chemicals, synthetic biology, rare earths, and ST stocks also performed well [1] Individual Stock Movements - A total of 1,407 stocks rose, while 3,856 stocks fell, with 149 stocks remaining flat. There were 78 stocks hitting the limit up and 12 stocks hitting the limit down [3] - The Shanghai Composite Index fell by 0.68% to 3,380.82 points, with a trading volume of 461.3 billion yuan. The Shenzhen Component Index dropped by 1.62% to 10,186.45 points, with a trading volume of 688.7 billion yuan. The ChiNext Index decreased by 1.91% to 2,043.25 points [3] Fund Flow - Main funds focused on sectors such as chemical pharmaceuticals, small metals, and passenger vehicles, with notable net inflows into stocks like BYD, Chuaning Biological, and Shenghe Resources [4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) is expediting the introduction of a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the ChiNext, aiming to enhance the inclusiveness and adaptability of the system [5] Industry Insights - The anti-aging industry is divided into medical and non-medical tracks, with the former focusing on basic medical research and the latter encompassing various fields such as sociology and artificial intelligence [2] - The China Academy of Sciences has made breakthroughs in the electro-catalytic reforming of waste plastic PET to produce biodegradable plastic PGA, with projected market demand reaching millions of tons [6] Economic Outlook - Analysts from Minsheng Securities suggest that China's asset resilience may be higher than that of overseas markets, with a focus on consumption sectors and undervalued financial stocks [9] - Huazhong Securities indicates that the market will continue to experience fluctuations until significant improvements in the macroeconomic fundamentals are observed [10]