2025.08. 25 本文字数：3943，阅读时长大约6分钟 作者 | 第一财经 武子晔、肖逸思 杨超（化名）几乎每天都会分享最新的二手车市场行情，而在全国多个地区的二手车交易市场，车商 们拍摄短视频、直播卖车已成为常态，他们需要通过这样的形式获取更多的客源。与几年前不同，如 今的二手车市场获客成本越来越高，生意难做、行情低迷，亏损是多数车商的现实写照。 硬币的另一边，是二手车保值神话已经破灭。"前几年受疫情影响，消费力下降，大家买车更谨慎； 这两年又赶上新车市场结构大变，新能源新势力扎堆降价，燃油车新车也跟着促销，二手车的残值根 本扛不住。"杨超说。 第一财经记者近日走访二手车市场时发现，二手车的价格与新车市场价格相关，同时也与保值率挂 钩。一些热销的日系车和保时捷也曾因高保值率一度被称为理财产品，但随着新车价格竞争越来越激 烈，二手车的保值率越来越低。 落地八折的二手车、粗放的交易模式，鱼龙混杂的交易主体、剧烈洗牌的二手车商，构成了二手车交 易市场中的方方面面。 "落地打八折" 新能源二手车保值率低的问题一直被市场热议。第一财经记者调查发现，新能源二手车"落地打八 折"并非空穴来风。 据中国汽车流通协会 ...

购买乘用车新燃油车的补贴标准分为3档，以价税合计发票金额为准，7万元（含）至15万元（不 含）的，补贴3000元；15万元（含）至25万元（不含）的，补贴4000元；25万元（含）以上的，补贴 5000元。购买新能源汽车的，在上述燃油车补贴标准基础上每档再补贴1000元。购买乘用车二手车的补 贴标准分为两档，发票金额5万元（含）至15万元（不含）的，补贴2000元；15万元（含）以上的，补 贴3000元。 消费者可下载"云闪付"APP进行补贴申领的相关操作。购买乘用车新车的，可兼得本次汽车消费补 贴和国家汽车报废更新补贴。 计划买车的消费者注意了：8月22日（含）至9月5日（含），沈阳市开展2025年秋季汽车消费补贴 活动，补贴总额为5000万元。 活动期间，在沈阳市参加活动的汽车销售企业购买乘用车新车或二手车，并持有中华人民共和国居 民身份证的个人消费者（户籍不限）均可提出补贴申请，以提交合格的申报材料时间为序，先到先得， 资金用完活动即止。 ...

8月22日，省政府新闻办召开新闻发布会，介绍大会筹备情况。本次大会由全国工商联与辽宁省政 府共同举办，将发布2025年中国民营企业500强、制造业500强、服务业100强企业榜单。以此为重要契 机，辽宁将搭建与全国优强民企深度交流合作平台，为完成三年行动目标任务提供有力支撑。 自2011年启动以来，中国民营企业500强发布会已成为反映中国民营经济发展的"晴雨表"、引领民 营企业贯彻新发展理念的"导航台"和推动区域经济发展的"风向标"，为助力地方招商引资和经济社会发 展发挥了重要作用、作出了突出贡献。在历届发布中，辽宁的禾丰食品、中升集团、福佳集团、大商集 团、方大集团、万达集团、沈阳远大等优秀民营企业曾入围500强榜单，展现出辽宁民营经济发展的活 力与韧劲。 一场民营经济领域的年度盛会落户辽宁。作为全国工商联主导的规格最高、规模最大、影响力最强 的品牌活动，2025中国民营企业500强发布会暨全国优强民企助力辽宁全面振兴新突破大会将于8月27日 至29日在沈阳举办。 本次大会邀请的企业家代表不仅人数众多、层次高，覆盖的行业领域也十分广泛。对辽宁而言，这 是同一时段内民营企业500强等全国优强民企参会数量最多、 ...

天眼查App显示，近日，沪上鲸洗物联科技（上海）有限公司成立，法定代表人为冯岱宗，注册资本 139万人民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；货物进出口；技术进出口；智能基础制造装备销售；环境保护专用设备销售；洗车设备销售；太阳 能热发电装备销售；机械设备销售；新能源汽车整车销售；汽车销售；机械零件、零部件销售；润滑油 销售；汽车装饰用品销售；通信设备销售；电子产品销售；光伏设备及元器件销售；充电桩销售；新能 源汽车换电设施销售；互联网销售（除销售需要许可的商品）；软件开发；机械设备租赁；新能源汽车 电附件销售；汽车零配件零售；电动汽车充电基础设施运营；普通机械设备安装服务；停车场服务；企 业形象策划；礼仪服务；信息系统集成服务；工业设计服务；广告设计、代理；数字广告设计、代理； 广告制作；广告发布。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The recent adjustments in the automobile replacement subsidy policies in Wuhan and other regions indicate a trend towards tightening these incentives, which may impact consumer purchasing behavior and overall market activity in the automotive sector [1][2][3]. Group 1: Policy Changes - Wuhan's automobile replacement policy was initially set to be suspended on August 19, 2025, but the announcement was seemingly retracted, leading to confusion among consumers and dealers [1]. - Other regions, including Qinghai, Guizhou, and Inner Mongolia, have already suspended their automobile replacement subsidies, while cities like Zhengzhou and Luoyang have also halted the processing of these applications [2]. - In Shaanxi, although the replacement policy remains active, the application process has been modified to require qualification before subsidy claims, indicating a tightening of access to these benefits [2]. Group 2: Market Impact - The automobile replacement subsidy has significantly stimulated market activity, with 4.12 million applications submitted by May 31, 2023, and a notable increase in applications in May compared to April [3]. - The suspension of subsidies is expected to lead to a decline in consumer purchasing, particularly among budget-conscious buyers, which could exacerbate market stagnation and affect sales performance in the automotive sector [3]. - In July, the overall activity in the automotive market decreased, with production and sales figures showing a decline compared to previous months [3]. Group 3: Alternative Stimulus Measures - The government is implementing alternative consumer stimulus measures, such as fiscal subsidies for personal consumption loans, which aim to support consumer spending in the automotive sector [4][5]. - Additional funding for automobile replacement subsidies has been announced in places like Chongqing, indicating a continued effort to stimulate the market despite the tightening of existing policies [5]. - The automotive industry is expected to benefit from these new measures, which are designed to enhance consumer demand and improve overall market conditions [5].

Core Viewpoint - The company, Meidong Automobile (01268.HK), anticipates a significant increase in losses for the mid-2025 period, projecting a loss of at least 800 million RMB compared to a loss of approximately 30 million RMB in mid-2024, primarily due to macroeconomic factors and a deteriorating consumer environment [1] Group 1: Financial Performance - The projected loss for mid-2025 is expected to be at least 800 million RMB, a substantial increase from the 30 million RMB loss reported in mid-2024 [1] - The company plans to recognize non-cash impairment of goodwill and dealership rights totaling at least 800 million RMB in mid-2025, compared to approximately 150 million RMB in mid-2024 [1] Group 2: Contributing Factors - The board attributes the anticipated losses to several factors, including macroeconomic conditions, a continuous decline in domestic consumer spending, and an imbalance in the supply-demand dynamics of passenger vehicles [1] - The intensifying price war, particularly affecting the luxury car segment, is also cited as a significant contributor to the expected financial downturn [1] - An increase in consumption tax on ultra-luxury vehicles is expected to negatively impact future performance in that segment, alongside a projected decline in mortgage commission rates affecting future mortgage application service income [1]

Core Insights - In July 2025, new car sales in Uruguay reached 6,079 units, representing a month-on-month increase of 18.13% and a year-on-year increase of 20% [1] - Significant growth was observed in the sales of sedans and SUVs, with sedans increasing from 1,669 units in June to 2,170 units, and SUVs rising from 1,545 units to 2,001 units [1] - The sales of multi-purpose vehicles and minibuses also saw an increase, while truck and bus sales experienced a slight decline [1] - For the first half of 2025, total car sales in Uruguay grew by 8% year-on-year, with cumulative sales exceeding 32,000 new vehicles [1] - SUVs demonstrated the strongest performance, with a year-on-year growth of 44% [1]

Core Viewpoint - Harmony Auto (03836.HK) will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for August 29, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The company may declare an interim dividend during this meeting [1]

Core Insights - The overall satisfaction score of automotive dealers in China dropped significantly to 64.7 points in the first half of 2025, primarily due to multiple operational pressures [2] - Only 30% of dealers met their sales targets in the first half of the year, indicating increased survival pressure for dealers [2] - The profitability of dealers is under severe strain, with 52.6% reporting losses, while only 29.9% reported profits [2] Group 1: Dealer Performance - The proportion of dealers completing sales targets is low, with 29% of dealers achieving less than 70% of their targets [2] - Among new energy independent brand dealers, 42.9% reported profits, compared to only 25.6% of traditional fuel vehicle brand dealers [2] - The overall performance of dealers is further complicated by a significant increase in the number of dealers reporting losses [2][3] Group 2: Profitability and Revenue Sources - The gross profit contributions from new cars, after-sales, and financial insurance are -22.3%, 63.8%, and 36.2% respectively, indicating a negative contribution from new car sales [3] - New energy brand dealers show relatively better profitability in new car sales compared to traditional fuel vehicle brand dealers [3] Group 3: Pricing and Financial Pressures - 74.4% of dealers experienced price inversion, with 43.6% facing price inversions exceeding 15% [4] - The severe price inversion is consuming dealers' liquidity, particularly affecting traditional fuel brand dealers [4] - The automotive industry is facing challenges with the complexity of rebate policies from manufacturers, which need to be simplified to alleviate financial pressures on dealers [4][5]

Core Insights - The overall satisfaction score of automotive dealers in China has significantly decreased to 64.7 points in the first half of 2025, reflecting multiple operational pressures [1] - Only 30% of dealers met their sales targets in the first half of the year, indicating a challenging survival situation for dealers [1] - The proportion of dealers reporting losses has risen to 52.6%, with only 29.9% reporting profits [1] Group 1: Dealer Performance - Dealers of independent new energy brands performed better than traditional fuel vehicle brands, with 42.9% of new energy dealers reporting profits compared to 25.6% of traditional dealers [2] - The overall satisfaction with new and used car sales remains low, with issues such as high target tasks and insufficient brand competitiveness affecting new car sales [2][3] - 74.4% of dealers experienced price inversion during sales, with 43.6% reporting a price inversion exceeding 15% [2] Group 2: Financial Pressures - Severe price inversion has consumed dealers' liquidity, particularly affecting traditional fuel brand dealers who face significant losses in new car sales [3] - The rebate policies from manufacturers are complex and need optimization, with a high proportion of vague rebates causing financial strain on dealers [3] - The recommendation is for manufacturers to simplify rebate policies and implement monthly assessments to improve cash flow for dealers [3]