21世纪经济报道特约撰稿娄世艳王应贵 据新华社报道，特朗普6月5日在社交媒体上写道："要在预算中节省数十亿美元最简单的方法就是终止马斯克的政府补贴和合同。"受此影响，加上公 司在欧洲和美国销售大幅滑坡，特斯拉股价由479.86美元(2024年12月17日收盘价)跌至如今的308.58美元(9日周一收盘价)。离开政府补贴，特斯拉电 动车制造与销售是否会遭遇下滑？ 为了促进绿色发展，许多国家政府对购买新能源汽车给予了财政补贴。然而，电动车所代表的理念是否为广大消费者所接受？电动车是否最终能全部 替代燃油车？ 当前世界电动车消费市场发展并不平衡。最近几年，全球电动车销售不断创历史新高，2024年销量超过1700万台。其中，欧洲电动车销售占比超过 20%，美国占比则低于10%。中国等新兴市场国家发展势头最猛，电动车在汽车销售市场的份额超过20%，中国公路上每10辆车中必有一辆电动车。 同时，亚洲、非洲和拉美的新兴市场经济体成为电动车销售的增长中心，泰国、越南、埃及、摩洛哥和巴西电动车市场发展速度惊人。欧美电动车政 策差异较大 欧洲制定的环境标准较为严格，有利于电动车市场的发展，但随着购(新能源)车补贴减少，市场呈现停 ...

Group 1 - The article discusses the political dynamics between federal authorities and California, highlighting tensions due to immigration enforcement actions in Los Angeles County [7] - Elon Musk's recent social media activity shows his alignment with Trump against California's Governor Newsom, indicating a shift in political alliances [10][12] - The article suggests that Musk and Trump initially united against a common enemy, the Democratic Party, but their political differences have become more apparent over time [15][17] Group 2 - Musk's approach to budget cuts contrasts with Trump's more moderate stance on spending, particularly regarding support for the electric vehicle industry [18][19] - The "Big and Beautiful" bill, which aims to reduce taxes rather than cut spending, is acknowledged to increase the overall debt burden, reflecting a compromise in fiscal policy [20] - The article notes that Musk's political maneuvers have not garnered the expected support, leading to a decline in his standing among neutral observers, while Trump's image has improved [21][24]

Group 1 - The global electric vehicle (EV) market is experiencing significant growth, with April 2025 pure EV sales increasing by 38% year-on-year to 1.0797 million units, driven largely by the Chinese market which contributed over 60% of the total sales and saw a growth rate of 51% [1][3] - Morgan Stanley's report highlights a fundamental restructuring of the industry, indicating that the global EV market is entering a "China-dominated era," with Chinese brands showing clear advantages in technological innovation and cost control [3] - In April, BYD and Geely ranked as the top two global EV manufacturers, while Tesla fell to fourth place, with its global market share declining from 10.7% to 7.9% year-on-year [3] Group 2 - In terms of regional performance, China's EV sales reached 662,500 units, a substantial increase of 51%, with market penetration rising from 22.4% to 30.2%. In contrast, the European market saw sales of 214,300 units, up 30%, while the U.S. market experienced a decline, with sales of 95,400 units, down 4% [3] - The sales ranking among EV manufacturers changed significantly in April, with BYD leading at 181,000 units and a 17% market share, followed by Geely at 100,800 units and a 9% market share. Tesla's sales dropped to 84,800 units, a 17% year-on-year decrease, and its market share in the U.S. fell from 46.0% to 41.0% [3][4] - The top-selling model was Tesla's Model Y with 57,200 units sold, followed by BYD's Seagull/Dolphin Mini with 37,800 units. The global battery deployment reached 66,800 MWh, a 32% increase year-on-year, with lithium iron phosphate (LFP) batteries' share rising from 35% to 44% [4]

Group 1 - The core viewpoint of the article is that the former U.S. Ambassador to China, Burns, criticized the previous U.S. approach to China, particularly under Trump, highlighting that it underestimated China's resilience and capabilities [1][3] - Burns pointed out that the U.S. trade policies, especially tariffs, backfired, harming American businesses and supply chains while allowing Chinese companies to advance technologically and in market presence [1][3] - He emphasized that the U.S. alienated its allies, such as South Korea, Japan, and Europe, which could have collectively exerted more pressure on China if united [1][3] Group 2 - Burns identified three major mistakes in U.S. policy towards China: underestimating China's endurance, offending allies, and being overly complacent, which led to missed opportunities [3][5] - He noted that China's recovery post-pandemic has been rapid, with significant upgrades in manufacturing and increased foreign investments, suggesting that U.S. politicians need to adapt their views to avoid further disadvantages [3][5] - The interview serves as a wake-up call for both the U.S. and China, indicating that the U.S. must reassess its strategies and cannot rely on outdated methods to engage with China [5]

2025 年 06 月 08 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 海外算力催化利好 AIDC，欧洲电动车再超 预期 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 2025-06-02 《关税缓和需求小幅向上，固态新技 术如火如荼》 2025-06-02 东吴证券研究所 1 / 43 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024-6-11 2024-10-9 2025-2-6 2025-6-6 电力设备 沪深300 相关研究 《马斯克回归 Optimus 量产在即，汽 车反"内卷式"竞争》 ◼ 电气设备 6714 上涨 1.38%，表现强于大盘。本周 ...

Group 1 - The core viewpoint of the article is that the "trade-in" program for consumer goods is accelerating, particularly in the categories of home appliances and automobiles, while electric bicycles remain stable [1][2][3] - In May, the average daily trade-in volume for automobiles was approximately 38,000 units, a slight decrease from April's 39,000 units, while projections for September to December 2024 suggest an increase to 47,000 units per day [2][10] - Home appliances saw an increase in trade-in activity, with May's average daily volume reaching about 829,000 units, up from 630,000 units in April [2][10] - The trade-in volume for electric bicycles remained relatively stable, with May's average daily volume at approximately 62,000 units, compared to 65,000 units in April [2][11] Group 2 - The overall trade-in activity for the three consumer goods categories (automobiles, home appliances, and electric bicycles) showed an increase in May, with a weighted average daily trade-in volume rising from 92,000 units in April to 109,000 units in May [3][12] - The trade-in program is projected to drive significant sales, with the Ministry of Commerce estimating that the program will generate over 1.3 trillion yuan in product sales in 2024, and approximately 1.1 trillion yuan in the first five months of 2025 [4][5] - The macroeconomic indicators suggest a mixed outlook, with infrastructure projects and durable goods consumption being the main drivers of economic activity, while industrial production and external demand remain weak [15][16][22] Group 3 - The trade-in program's impact on consumer spending is significant, as evidenced by the strong sales figures driven by the program [4][5] - The weekly economic observations indicate a slight decline in the macroeconomic activity index, but it remains above 5%, suggesting ongoing economic recovery [15][16] - The trade-in program is part of a broader strategy to stimulate consumption and support economic growth, particularly in the context of fluctuating external trade dynamics [28][29]

宏观研究 证 券 研 究 报 告 【每周经济观察】 如何观察"以旧换新"的速度？ ❖ 以旧换新：4 月中旬以来在提速 1、数据与方法：基于商务部不定期公布的 5 大类消费品（汽车、家电、电动 车、家装厨卫、数码）以旧换新进度数据，可计算某个时间段内的日均换新数 量，我们以此观察消费品换新的速度。 2、近期消费品换新速度如何？ 5 月，消费品换新或在提速，结构上：汽车下、 家电升、电动车平。 3、物价：海外大宗品价格明显反弹，黄金、原油、铜均上涨。RJ/CRB 商品 价格指数上涨 3.6%；COMEX 黄金收于 3308.2 美金/盎司，上涨 0.6%；LME 三个月铜价上涨 1.6%；美油、布油分别上涨 6.2%、4%。 （二）景气向下 1）汽车，有所放缓，5 月（4.28~5.31）日均换新量约 3.8 万台，4 月（3.25~4.27） 约 3.9 万台；2024 年 9-12 月（2024.8.23~2024.12.31）日均 4.7 万台。 2）家电，有所提速，5 月（4.28~5.31）日均换新量约 82.9 万台，4 月（3.25~4.27） 约 63 万台；受数据限制，观察 2024 年 10- ...

Group 1 - Over 20 new energy companies have submitted listing applications in Hong Kong since the second half of last year, indicating strong international capital interest in the new energy sector [1] - International investors are leveraging Hong Kong to bet on the new energy sector, recognizing the global energy transition trend and China's leading position in the new energy industry [1] - China has established a global leading position in photovoltaic manufacturing and electric vehicles, with competitive companies attracting international capital eager to share in their growth opportunities [1] Group 2 - Since 2015, companies in electric vehicles, energy storage, and hydrogen have been listed in Hong Kong, driving the capitalization process of the entire industry chain [2] - The market capitalization of the Hong Kong new energy sector has grown from $125 billion in 2015 to $568 billion by March 2025, representing an increase of over four times and accounting for 12.5% of the total market capitalization of Hong Kong stocks [2] - Numerous new energy companies are continuously listing in Hong Kong, providing foreign institutions with more suitable investment targets [2] Group 3 - The valuation level of the Hong Kong new energy sector is currently low, making it attractive for international capital [3] - Sovereign wealth funds from the Middle East and Northern Europe have increased their holdings in Chinese assets, with Hong Kong becoming a core channel for allocating high-quality equity assets in Asia [3] - The value re-evaluation wave of the Hong Kong new energy sector has begun, with the growth potential of companies in electric vehicles, energy storage, and photovoltaics becoming increasingly evident [3]

Group 1 - The "old-for-new" consumption subsidy policy has revitalized the consumer market in Sichuan, with significant increases in product categories and consumer spending [1] - In Yilong County, the number of product categories for "old-for-new" has increased from 8 to 18, leading to over 70 million yuan in consumer spending [1] - In Quxian County, consumers receive a 10% subsidy on the actual purchase price of new green smart home appliances, along with an additional 10% from merchants, boosting consumer enthusiasm [1] Group 2 - In the first five months of this year, Quxian's physical stores sold over 10,000 electronic products, generating over 40 million yuan in consumption and 5 million yuan in subsidies for citizens [3] - Jiangxi's Xiangfeng County has implemented a comprehensive "old-for-new" subsidy policy for home appliances and electric bicycles, promoting rural consumption upgrades [4] - The "old-for-new" policy has led to a surge in consumer interest in rural areas, with various promotional strategies being employed by local stores [4] Group 3 - Local governments are enhancing the promotion of the "old-for-new" policy to ensure effective implementation, with many businesses participating to provide convenient and affordable options for rural consumers [6] - In Shandong, multiple regions are actively promoting the "old-for-new" policy in rural areas, with a focus on building charging infrastructure for electric vehicles [7] - Shandong Heze has set up convenient service stations to optimize consumer experience and streamline the "old-for-new" process [8] Group 4 - Tai'an City has introduced a "cloud-based" model for the "old-for-new" program, allowing consumers to order appliances online and receive home delivery and installation services [9] - The local government collaborates with businesses to simplify subsidy processes and enhance service delivery to rural households [9]

该联盟汇聚了行业内的众多领军企业和权威组织，形成了强大的产业协同效应。其中，雅迪、台铃、新日、金彭、立马、黑骑 士等知名整车制造企业，哈啰等共享出行企业，超电、瞬电、三石电子等核心零部件供应商，以及工信部中小商业企业协会、 安徽省电动车行业协会等行业组织纷纷加入，覆盖了从分钟级超充电池研发、充电设备制造到市场终端整车应用的全产业链关 键环节，为联盟的发展奠定了坚实基础。 超电集团董事长姚晓青在大会上强调了建立统一的分钟级超级快充行业标准的重要性。他指出，这一标准将全面涵盖充电接 口、通讯协议、安全规范等方面，不仅有助于消除行业乱象，促进市场的规范化和健康发展，还能提高产品的兼容性和通用 性，为用户提供更加便捷、安全的充电服务。通过标准化的引领，联盟将推动轻型动力补能行业朝着更加规范、有序的方向发 展。 联盟成立现场亮点纷呈，分钟级超级快充系列电池组产品的发布成为一大焦点。该产品具有"快充不挑车型"的强大兼容性，能 够为不同场景下的用户提供安全、高效、便捷的充电解决方案。此外，联盟将以"百城千企"安全超充计划为重要支点，加快构 建低压直流超充标准体系。目前，分钟级超充产业生态已覆盖60多个城市，仅两轮车商用超充 ...