随后，记者来到南山区西丽二手车交易市场，发现昔日的豪车，如今只剩原价的十分之一。"这台2009 年款奔驰现在卖3.6万元，这辆2011年款宝马卖4.2万元，以前新车都是三四十万元，现在只卖一个零头 了。" 深圳商报·读创客户端记者 周良成 "金九银十"是汽车行业传统的销售旺季，国庆期间记者走访深圳市区多家汽车销售门店，发现二手车市 场整体呈现回暖迹象，但行业整体仍面临"量升价跌"的结构性压力。 新车价格降价促销，二手车库存周期拉长 在深圳南山一家宝马4S店，记者看到不少明星车型6折促销，广告牌上写着内部员工价活动："全新宝马 2系四门轿跑车指导价25.99万元，福利一口价16.8万元"、"德国原装进口宝马X2指导价31.69万元，一口 价18.8万元"等促销广告。 图：宝马新车6折促销。周良成/摄 在西丽经营二手车行近二十年的老板感慨道，今年深圳二手车价格下行压力显著，库存周期延长。"在 2014年的时候，我们车行一周之内可以把收来的二手车全部卖掉。后来拉长到了半个月左右，今年已经 拉长到一个月左右。" 近日，中国汽车流通协会发布《2025年上半年中国汽车流通行业报告》（以下简称"协会报告"），据协 会二手车 ...

Key Points CarMax had a disappointing second quarter, with revenue and earnings declines. Management pointed to cost-cutting and marketing efforts aimed at mitigating a challenging economic environment. The stock looks cheap, at least on the surface. 10 stocks we like better than CarMax › Shares of used car giant CarMax (NYSE: KMX) plunged 26.9% in September, according to data from S&P Global Market Intelligence, drastically underperforming an otherwise positive month for the markets. Not only i ...

Core Viewpoint - Carvana's stock has seen a significant increase, with shares up approximately 4.5%, indicating a recovery from previous lows where it lost almost all its value [1][2] Company Performance - Carvana has a market share of about 2%, while CarMax holds slightly over 3% [4] - CarMax reported a decline in same-store sales by 6.3% and a 1% drop in average retail selling price, contrasting with the overall increase in used car prices [3] Market Trends - The used car sector is facing challenges, with CarMax experiencing a notable 20% drop in stock price recently [2] - Tariffs are impacting the pricing of replacement parts, adding complexity to the used car market [5] Technical Analysis - Carvana's stock is currently above its moving averages, indicating a bullish trend, with notable resistance around the $390 mark [6] - Key support levels are identified near $355 and $370, which align with trend lines and moving averages [7] Options Activity - Options trading shows approximately 55,000 contracts, with about two-thirds being calls and one-third puts, indicating bullish sentiment [9] - A significant bullish trade was noted with 500 November 21st 360 strike calls executed at a debit of approximately $2.66 million [11]

Core Viewpoint - The event "2025 Shandong Used Car Reassured Consumption Season" aims to boost consumer confidence and promote the used car industry in Shandong, aligning with national policies to stimulate consumption [1][19]. Group 1: Event Overview - The event was held on September 26 at the Yuantong Used Car Trading Market, marking a significant initiative to enhance consumer confidence in the used car sector [1]. - It serves as the main venue for a series of promotional activities for the used car industry in Shandong for the year 2025 [1]. Group 2: Government and Industry Support - Key leaders from the Shandong Provincial Department of Commerce, China Automobile Circulation Association, and local government attended and shared insights on industry development and consumer promotion [3]. - The Shandong Provincial Department of Commerce emphasized the importance of "reassured consumption" to guide the standardized development of the industry [5]. Group 3: Market Analysis and Opportunities - The Director of the Used Car Division of the China Automobile Circulation Association provided an analysis of the current market situation, highlighting changes and potential opportunities for industry growth [6]. Group 4: Local Impact and Future Events - The Deputy Director of the Linyi Business Development Service Center discussed the significance of the event in stimulating local consumption and promoting automotive circulation [8]. - A series of upcoming events, including a grand used car exhibition from October 1 to 8 and a procurement conference from October 10 to 12, are planned to further engage consumers and enhance market vitality [10]. Group 5: Industry Standards and Consumer Trust - The Shandong Used Car Circulation Association awarded plaques to representatives of trustworthy used car dealers, aiming to establish benchmarks for industry standards and strengthen consumer confidence [14]. Group 6: Innovative Development - The activities during the event included car exhibitions, dealer empowerment, and interactive promotions, showcasing a new model for automotive circulation [18]. - The series of events is seen as a practical implementation of the Ministry of Commerce's "Buy in China" initiative, fostering consensus for development within the industry [19].

（文/观察者网 张家栋 编辑/高莘） 据路透社9月30日报道，韩国正以蓬勃发展的二手车出口业务，来减轻美国关税对于新车出口的影响。 一家韩国的二手车贸易商表示，"我们不好意思说我们的业务是明星出口产品，但这个行业的数量在不 断增长，所以我认为我们正在为国家出口做出贡献。" 韩国仁川一家二手车出口综合体 路透社 今年4月，特朗普正式宣布对进口汽车征收25%关税，这一被看作全球贸易摩擦开端的征税对全球汽车 行业造成重创，尤其是对美出口保持紧密联系的英、德、韩、日等国，均陆续与美国展开谈判并达成了 一系列降税协议。 然而，即便这些对美汽车贸易国已经与美国各自达成降税协议，但其汽车出口仍在政策的不确定性中遭 受着严重打击。 以韩国为例，虽然今年7月，韩国与美国就汽车关税下调至15%的方案达成协议，但是双方围绕对美投 资方式的后续谈判陷入困境，目前，韩国汽车关税率仍维持在25%。这也导致韩国对美国的汽车出货量 已连续六个月下降。 不过，根据韩国贸易部和海关的数据，受二手车销量创历史新高的支撑，韩国全球汽车出口已连续三个 月增长。韩国产业通商资源部称，8月份韩国汽车出口额达55亿美元，同比增长9%，创下有记录以来的 最高 ...

Core Insights - The article highlights the significant increase in used car exports from South Korea, which is helping to offset the negative effects of U.S. tariffs on new car sales [1] Group 1: Industry Impact - The booming used car export market is emerging as a crucial factor for the automotive industry in South Korea, providing a buffer against tariffs imposed by the U.S. [1] - The location of the exports is from a former amusement park on South Korea's coast, indicating a unique logistical operation for vehicle shipments [1] Group 2: Economic Implications - Tens of thousands of vehicles are being prepared for shipment, showcasing the scale of the used car export business and its importance to the local economy [1]

Core Viewpoint - Yongtaiyun Chemical Logistics Co., Ltd. has responded in detail to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, addressing business development, financial status, and related risks [1] Business Fluctuations and Gross Margin Changes - The revenue from Yongtaiyun's cross-border chemical logistics supply chain services showed significant fluctuations, with figures of 2.698 billion, 1.564 billion, 2.152 billion, and 950 million yuan for the respective periods. This revenue is influenced by the shipping market's conditions and the chemical export price index [2] - The gross margin for 2024 is projected at 11.35%, a decrease of 4.17 percentage points from 2023, primarily due to intensified industry competition reducing price increase potential per container. However, the gross margin for the first half of 2025 has stabilized [2] - To counteract the decline in gross margin, the company is enhancing overseas warehousing resources, such as establishing a comprehensive storage base in Dubai, and is also exploring new clients and businesses to lower logistics costs and improve gross margin [2] Supply Chain Trade Business Expansion - Following its listing, the company has significantly expanded its supply chain trade business, which generated revenue of 1.349 billion yuan in 2024, accounting for 34.68% of total main business revenue. This business synergizes with other main operations, promoting cross-border logistics and improving warehouse resource utilization [3] - The main products in the supply chain trade include used cars, nickel products, chemicals, and textiles, with different revenue recognition methods applied. The company adheres to market pricing principles in transactions with major clients and suppliers, maintaining stable credit policies and cooperation history [3] Used Car Trade Business Compliance and Risks - The used car trade primarily involves zero-kilometer vehicles, complying with relevant policies and regulations, resulting in low legal risks. In 2024, some overseas clients faced payment delays due to geopolitical events, but the negative impact has been mitigated [4] - The gross margin for the used car trade, previously low, has risen to 3.89% in the first half of 2025, with the company continuing to monitor policies to ensure stable and sustainable operations [4] Equity Changes in Haotai Chemical and Nickel Shen New Materials - The company sold 51% of its stake in Haotai Chemical and reduced its stake in Nickel Shen New Materials to 49% due to unmet synergy expectations and strategic adjustments. These sales are deemed commercially reasonable and do not affect the stability of the company's operations [5] Revenue Recognition and Accounting Policies - The revenue recognition methods for different product types comply with accounting standards and are consistent with comparable companies in the industry. Adjustments were made in 2023 to correct revenue recognition methods, ensuring accuracy and completeness [6] Agency Business and Client-Supplier Relationships - The agency business involves companies that are both major clients and suppliers, which is typical in the industry. The relationships are deemed commercially reasonable, with no significant conflicts of interest identified [7][8] Prepaid Procurement and Financial Management - The company employs prepaid procurement practices, which are standard in the industry, ensuring good settlement conditions and no capital occupation. In 2024, the company aims to optimize financial management by shortening payment terms [9] Issued Goods and Inventory Risks - The company's issued goods mainly consist of used cars and nickel products, with inventory management aligned with business models and procurement strategies. The inventory aging structure is healthy, and while cash flow was negative in 2024 and the first half of 2025, inventory turnover remains rapid, minimizing risks of inventory backlog and depreciation [10]

Group 1 - The used car market in China saw a transaction volume of 9.57 million units in the first half of the year, representing a year-on-year growth of 1.99%. The total annual transaction volume is expected to reach 20.5 million units, with a projected growth rate of 4%-5% [1] - Despite the increase in transaction volume, the average transaction price for used cars decreased by 12.3% year-on-year, indicating a trend of rising volume but falling prices [1] - The proportion of used car dealers facing losses increased to 73.6% in the first half of the year, highlighting the challenging operating environment for businesses in the sector [1] - The average inventory cycle for used cars extended to 43 days, with 35.6% of companies experiencing inventory cycles exceeding 30 days, indicating growing inventory pressure [1] - The average customer acquisition cost rose to 6,200 yuan, while the average profit per transaction was only 1,500 yuan, reflecting high costs and low margins in the market [1] - Intense competition exists in the market, with major used car platforms having similar business models, leading to price wars as the primary means of competition [1] Group 2 - In the first half of 2025, the proportion of new energy vehicles in the used car transaction market was only 5.3%, significantly lower than that of traditional fuel vehicles [2] - The low market share of new energy vehicles is attributed to their relatively small ownership compared to fuel vehicles and the fact that many are still new cars not yet entering the used market [2] - The average three-year residual value for new energy vehicles is only 43%, compared to 62% for fuel vehicles, indicating lower value retention [2] - Traditional used car platforms are inadequately prepared for the valuation, inspection, and after-sales service of new energy vehicles, contributing to the small market size [2] - Despite the challenges, the transaction volume of new energy used cars is showing a trend of rapid growth [2]

Core Insights - The second-hand car industry in China is facing significant challenges in the first half of 2025, with a rising loss ratio among dealers reaching 73.6% [3] - The average inventory cycle for second-hand cars has extended to 43 days, indicating increased operational pressure on dealers [3] - The average customer acquisition cost for second-hand car platforms has surged to 6200 yuan, while the average profit per transaction is only around 1500 yuan [3] Industry Overview - The second-hand car market saw a transaction volume of 9.57 million units in the first half of 2025, a year-on-year increase of 1.99%, with a total transaction value of 623.24 billion yuan [4] - The average transaction price for second-hand cars dropped from 61,180 yuan in 2024 to 53,673 yuan, reflecting a decline of 12.3% [4] - The overall transaction volume for second-hand cars in 2025 is projected to reach approximately 20.5 million units, with a year-on-year growth rate expected to be between 4% and 5% [4] Electric Vehicle Segment - In the first half of 2025, electric vehicles accounted for 36.7% of total vehicle sales in China, but only 5.3% of second-hand car transactions, indicating a significant gap compared to new car sales [4] - The low resale value of electric vehicles, with a three-year depreciation rate of only 43% compared to 62% for fuel vehicles, contributes to their underrepresentation in the second-hand market [5] - Despite the challenges, the transaction volume of second-hand electric vehicles grew by 35.5% year-on-year, totaling 687,000 units [5] Dealer Challenges - New car dealers are also experiencing severe losses, with 52.6% reporting operational losses in the first half of 2025, and only 29.9% achieving profitability [5]

具体来看，当前二手车商库存仍普遍较高。2025年6月，二手车平均库存周期延长至43天，库存周期30 天以上的企业占比提升至35.6%，反映出车商经营压力仍在加大。其中，百强二手经销商也有部分企业 通过转型和优化运营取得了较好的成绩，毛利率可到6%~8%，周转天数控制在15~20天，从而提升了企 业盈利能力。 在今年上半年二手车交易中，新能源车占比仅为5.3%。 二手车商经营状况正面临着严峻的挑战，今年上半年逾七成二手车商亏损。 9月28日，根据中国汽车流通协会（下称"协会"）二手车事业部2025上半年进行的二手车企业营商环境 调研显示，上半年二手车经销商亏损比例上升至73.6%。 今年上半年，二手车市场交易量达到957.01万辆，同比增长1.99%，累计交易金额达6232.38亿元。从协 会监测数据来看，二手车交易规模有所增长，但均价却出现了下降，成交均价从2024年同期的61180元 降至53673元，跌幅达12.3%，呈现量升价降态势。 近两年来的新车价格战对二手车造成较大影响。自2022年下半年开始，燃油车和新能源车价格战此起彼 伏，多个品牌的产品售价大幅度下降，这导致部分车型甚至出现了新车的价格低于二 ...