5月20日，四川统计局官微发布，2025年1—4月全省国民经济主要指标数据，规上工业增加值同比增长 7.1%，产品产销率为94.6%。分行业看，41个大类行业中有35个行业增加值实现增长，其中，汽车制造 业增加值同比增长22.3%， 化学原料和 化学制品制造业增长20%， 计算机、 通信和 其他电子设备制造 业增长15.0%。从主要工业产品产量看， 天然气产量同比增长9.4%，发电量增长4.1%， 智能手表增长 92.7%，发电机组（发电设备）增长73.1%，锂离子 电池增长66.7%，汽车增长35.6%。 ...

长江商报消息 ●长江商报记者 黄聪 在境外销量大幅增长之下，长安汽车（000625.SZ）又传来海外拓展的好消息。 近日，长安汽车首个海外整车工厂——泰国罗勇工厂宣告正式投产。长安汽车党委书记、董事长朱华荣透露，长 安泰国罗勇工厂采用分期建设模式。目前一期已建成，年产能达10万辆，未来全部建成后产能将提升至20万辆/ 年，以满足市场发展需求。 同时，除了推进泰国工厂的建设，长安汽车还规划了20个KD工厂（组装工厂）。 2024年，长安汽车实现营业收入1597.33亿元，同比增长5.58%。其中，公司境外营收达324.26亿元，同比增长 57.9%，成为公司整体收入正增长的关键因素。 据了解，长安汽车泰国罗勇工厂于2023年11月8日举行奠基仪式，总投资约100亿泰铢。 朱华荣透露，长安泰国罗勇工厂采用分期建设模式。目前一期已建成，年产能达10万辆，未来全部建成后产能将 提升至20万辆/年，以满足市场发展需求。 根据规划，未来三年，长安将在东南亚投放12款新能源车型，并建立泰国备件仓库作为全球右舵车备件中心。同 时，AI技术将赋能泰国数智服务平台，提供智能维保、电池监控等创新功能。 长安汽车表示，通过研发、生产 ...

6只ST/*ST股将"摘星脱帽"。 Wind统计数据显示，根据上市公司公告，截至发稿，明日（5月20日）将有8只A股复牌。 其中，ST中泰、ST升达等6股均因撤销退市风险警示、其他风险警示而在今日（5月19日）停牌一天，将 自明日复牌，股票代码不变，股票简称均有所变化。 慧博云通和信邦智能则是发布了重大资产重组预案，并宣布复牌。 6股即将"摘星脱帽" 20日复牌 *ST傲农（603363）此前公告，公司股票将自5月20日撤销退市风险警示及其他风险警示并复牌，股票简 称由"*ST傲农"变更为"傲农生物"，股票代码不变。 根据公告，2025年4月28日，容诚会计师事务所（特殊普通合伙）对公司2024年度财务报告出具了标准无 保留意见的审计报告。经审计，截至2024年12月31日，公司期末归属于上市公司股东的净资产为25.66亿 元；2024年度，公司实现营业收入87.63亿元，实现归属于上市公司股东的净利润为5.79亿元。此外，根 据公司《董事会关于2023年度审计报告非标意见涉及事项影响已消除的专项说明》，董事会认为，公司 2023年度审计报告非标意见涉及事项的影响已消除。容诚会计师事务所（特殊普通合伙）于20 ...

Financial Data and Key Metrics Changes - The company's revenue for Q1 2025 reached RMB 12 billion, representing an annual increase of approximately 187% [5] - Gross profit in Q1 2025 was 14.9%, up from 13.3% in Q4 2024, attributed to increased sales and optimized portfolio [5] - The net loss for Q1 2025 was about RMB 130 million, a significant reduction from approximately RMB 1 billion in the previous year [6] - The company reported RMB 25.7 billion in cash reserves, indicating strong capital availability [6] Business Line Data and Key Metrics Changes - C car deliveries in Q1 reached about 60,000 units, contributing to a total of 700,000 units delivered [6] - The launch of the Dayton model on April 10 resulted in over 18,000 units sold shortly after its release [7] - The A10 model showcased at the Shanghai Auto Show targets the young generation, emphasizing optimal range and performance [8] Market Data and Key Metrics Changes - The company plans to expand its retail presence, targeting over 80 additional cities in China, focusing on second-tier cities [11] - In Q1, the efficiency of retail operations improved by 4% compared to 2024 [12] - The company exported a significant volume of locomotives, ranking first among its peers in overseas markets [14] Company Strategy and Development Direction - The company aims to enhance investments in smart driving technology, with anticipated investments exceeding RMB 1 billion [11] - Strategic cooperation with Stellantis will facilitate localized assembly and manufacturing in Malaysia and Europe by the end of 2025 [15] - The company is committed to integrating technological innovation with social service, evidenced by a RMB 5 million donation to improve local livelihoods [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust sales in Q2, expecting sales to reach between 130,000 to 140,000 units [25] - The company aims for annual sales targets of 500,000 to 600,000 units, with a gross profit margin close to 10% [26] - Management remains optimistic about achieving annual breakeven based on Q1 performance [26] Other Important Information - R&D expenses increased by about 52% year-on-year to RMB 800 million, reflecting greater investment in labor and technology [18] - The company achieved a significant improvement in customer service response rates, with a 99.4% response rate within 15 minutes [13] - The company is focused on digital transformation to enhance customer service and operational efficiency [61] Q&A Session Summary Question: What is the expectation for gross profit margin in Q2? - Management indicated that while Q1 performance was robust, a slight decline in gross profit margin is expected in Q2 due to the launch of new models [24] Question: What percentage of revenue is due to strategic cooperation? - Management stated that specific data on revenue from strategic cooperation is confidential, but gross profit margins for complete vehicles are similar to 2024 levels [27][28] Question: How will the company handle tariffs in overseas markets? - The company plans to follow market-based pricing strategies and prioritize market share over immediate profits in international markets [46][47] Question: What is the target for channel stores? - The company aims to exceed 1,000 stores, with about 800 stores already established in Q1 [59] Question: How will the company address battery supply pressures? - Management confirmed that battery supply issues are expected to be resolved by May, ensuring sufficient production capacity [62]

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue reached RMB 12 billion, representing an annual increase of approximately 187% [5] - The gross profit margin in Q1 was 14.9%, up from 13.3% in Q4 2024, attributed to increased sales and an optimized portfolio [5][17] - The net loss for Q1 was about RMB 130 million, a significant reduction from approximately RMB 1 billion in the previous year [6] - The company reported RMB 25.7 billion in cash reserves, indicating strong capital availability [6] Business Line Data and Key Metrics Changes - The delivery volume of C cars in Q1 reached about 60,000 units, contributing to a total of 700,000 units delivered [6] - The newly released Dayton model achieved sales of 18,000 units shortly after its launch [7] - R&D expenses increased to RMB 800 million, reflecting a 52% year-on-year rise due to greater investment in labor and R&D costs [18] Market Data and Key Metrics Changes - The company plans to expand its retail presence, targeting over 1,000 stores, with 800 stores already established in Q1 [59] - The company aims to penetrate second-tier cities, expecting to add over 80 cities of second level or below [11] Company Strategy and Development Direction - The company is focused on enhancing investments in smart driving technology, with anticipated investments exceeding RMB 1 billion [11] - Strategic cooperation with Stellantis aims to localize assembly and manufacturing in Malaysia and Europe by the end of 2025 [15] - The company emphasizes technological innovation and social responsibility, having received an ISG International certificate for its environmental, social, and governance performance [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust sales in Q2, expecting sales to reach between 130,000 to 140,000 units [25] - The company aims for annual sales targets of 500,000 to 600,000 units, with a gross profit margin close to 10% [26] - Management acknowledged potential slight declines in gross profit margin in Q2 due to the launch of new models but remains optimistic about achieving annual objectives [24][26] Other Important Information - The company has expanded its overseas operations, ranking top in export volume among competitors [14] - The integration of Qualcomm chips into the company's architecture has enhanced its product offerings and competitiveness [10][9] Q&A Session Summary Question: What are the expectations for gross profit margin in Q2? - Management indicated that while Q1 performance was robust, a slight decline in gross profit margin is expected in Q2 due to new model launches [24][21] Question: What is the percentage of revenue from strategic cooperation? - Specific data on revenue from strategic cooperation was not disclosed, but management noted that gross profit margins for complete vehicles in Q1 were similar to those in 2024 [27][28] Question: How will the company handle tariffs in overseas markets? - The company plans to follow market-based pricing strategies and prioritize market share over immediate profits in the early stages of international expansion [46][47] Question: What is the target for channel stores? - The company aims to exceed 1,000 stores, with a focus on ensuring dealer profitability and quality in channel development [59][60] Question: How does the company plan to address battery supply pressures? - Management stated that battery supply issues are expected to be resolved by May, ensuring sufficient supply for production [62]

Economic Performance - In April, the industrial added value for large-scale industries grew by 6.1% year-on-year, down from 7.7% in March, with a cumulative year-on-year growth of 6.4%[3] - High-tech industries maintained a strong performance with a 10% year-on-year growth in April, although slightly down from 10.7% in March[3] - Fixed asset investment saw a cumulative year-on-year growth of 4% in April, a decrease of 0.2 percentage points from the first quarter[3] Consumer Trends - The total retail sales of consumer goods in April increased by 5.1% year-on-year, down from 5.9% in March, but still better than the previous year's performance[3] - Jewelry retail sales surged by 25.3% year-on-year in April, significantly higher than the previous month's 10.6% growth[3] - Home appliance and audio-visual equipment sales also showed strong growth at 38.8% year-on-year in April, up from 35.1% in March[3] Employment and External Factors - The urban surveyed unemployment rate in April was 5.1%, a slight decrease of 0.1 percentage points from the previous month, indicating stable employment conditions[3] - Despite external pressures, domestic demand indicators such as employment and retail sales did not show signs of a sharp decline, suggesting resilience in the economy[3] - The report highlights potential risks from export-driven growth strategies that may affect the second half of the year[3]

Economic Indicators - In April, industrial added value year-on-year was 6.1%, a significant drop of 1.6 percentage points from March, indicating a slowdown in industrial production[4] - Fixed asset investment in April grew by 3.5% year-on-year, down 0.8 percentage points from March, with infrastructure investment declining by 3 percentage points to 9.6%[7] - Real estate investment in April saw a year-on-year decrease of 11.3%, a slight decline of 1.3 percentage points from March, with new construction area down by 22.1%[11] Consumer and Market Trends - Retail sales of consumer goods in April increased by 5.1% year-on-year, down 0.8 percentage points from the previous month, but still at a relatively high level[13] - Social financing in April grew by 8.7% year-on-year, an increase of 0.3 percentage points from the previous month, primarily driven by government bond issuance[16] - The A-share market has shifted from initial panic over economic slowdown to a focus on the extent of economic deceleration, with confidence in the economy improving for the second half of the year[20] Tariff Impact and Policy Response - The imposition of reciprocal tariffs has led to a noticeable decline in total demand, with April's PPI showing a month-on-month decrease of 0.4%[5] - The recent U.S.-China trade negotiations have eased expectations regarding tariffs, suggesting a potential moderation in the negative impact on the real economy[5] - The central bank's likelihood of significantly tightening monetary policy appears limited due to greater downward pressure on the economy compared to earlier in the year[22]

一组数据将新能源车险再度推入公众视野。 标普全球数据显示，特斯拉2024年在美国销售保险费达9.92亿美元； 尤其备受关注的莫过于高达103%的赔付率，这比美国财产与意外险赔付率高出37.1百分点。 不论险企或车商、"老牌"或"新贵"，如今的新能源车险对赛道上的各位玩家而言，仍旧是一块被争相分 食、却无人能消化的蛋糕。 长期之困 新能源车险的困境由来已久，承保亏损的压力可归结为维修成本、出险率、部险水平三类原因。 信风自业内了解到，维修费用居高不下是新能源车险亏损的核心之一。 一方面，部分品牌、车型维修成本高企。 这意味着，即便是强如北美市场已无敌手的特斯拉，其在车险端的赔付金额大于保费收入；若考虑后续 服务营销等费用，盈亏状况恐怕更不容乐观。 大洋的另一边，中国新能源车险市场似乎上演着相似的尴尬。 2024年，新能源车险综合成本率高达107%，整体亏损57亿元。 缺少行业数据2025年一季度，比亚迪自营财险业务综合成本率为103%、主营新能源网约车的现代财险 综合成本率更是高达122%； 行业中，只有体量遥遥领先、具备规模效应的"财险一哥"人保财险，公开表态力争2025年实现新能源车 险业务盈利。 一位华南 ...

Core Viewpoint - The trend of "going global" has become a significant development direction for Chinese automotive companies, with substantial growth in exports and unique strategies adopted by leading firms like SAIC and BAIC [1][3]. Group 1: Export Growth - In September, China's automotive exports reached 444,000 units, a month-on-month increase of 9% and a year-on-year increase of 47.7% [1]. - From January to September, total automotive exports amounted to 3.388 million units, reflecting a year-on-year growth of 60% [1]. Group 2: SAIC Group's International Strategy - SAIC Group's MG brand has achieved significant success, ranking first in overseas sales among Chinese single brands for four consecutive years [3]. - In September, SAIC's overseas wholesale sales reached 105,000 units, maintaining a steady performance above 100,000 units for two consecutive months [3]. - MG's sales in Europe reached 28,000 units in September, doubling year-on-year, and the MG4 EV has become the best-selling Chinese electric vehicle in over 30 countries [3][5]. - SAIC's MG brand is projected to sell over 800,000 units this year, contributing to the group's goal of reaching 1.2 million overseas sales [5]. Group 3: BAIC Group's International Strategy - BAIC's Magic Cube model has been a key product in its South African market strategy, officially launched under the name "BEIJING X55" [6]. - The BAIC Magic Cube features advanced technology, including an L2.5 level autonomous driving assistance system and a 540-degree transparent chassis [6]. - In the first three quarters of 2023, BAIC's passenger car exports approached 30,000 units, marking a year-on-year increase of 142% [8]. Group 4: Challenges in Overseas Markets - The overseas market presents both opportunities and challenges for Chinese automotive brands, with economic conditions, tight logistics, high tariffs, and unfavorable policies posing significant hurdles [8].

当地时间18日，美国《政治报》网站发表题为《在美国各州，关税并未带来特朗普所承诺的外国投资激 增》的文章。文章称，与美国政府声称的所谓"关税激增将为美国带来数万亿美元的外国投资"相反，美 国多个州的官员表示，美国政府关税政策引发的经济不确定性导致赴美外国投资放缓。文章称，美国政 府当前急于展示美国经济增长的迹象，一些公司仅仅是发表声明称"考虑增加在美国的产能"，就能得到 美国政府的赞赏与宣传。但这些声音"可能掩盖了经济现实"，许多美国政府所吹嘘的企业投资计划要么 早已酝酿多年，要么被夸大，不少还可能在未来发生改变。数据显示，尽管美国政府表示，近期多家汽 车公司称会将生产线转移至美国，但目前美国汽车制造业提供的工作岗位不增反降，反而较2024年减少 了超过20%。(央视新闻) ...