Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - The "anti-involution" policy in the automotive sector is expected to gradually be implemented, focusing on regulating competition in the new energy vehicle industry. Key measures may include price monitoring, inventory checks for dealers, control of new domestic production capacity, and strict monitoring of supplier payment terms. This is anticipated to ease the competitive pricing war that has been prevalent in the passenger car market over the past three years. Companies with product advantages, state-owned enterprises with strong cash flow, and flexible small suppliers are likely to benefit from these changes [5][15]. Industry Dynamics - Recent developments include the merger agreement between Geely Auto and Zeekr Technology, and adjustments to the consumption tax policy for ultra-luxury vehicles by the Ministry of Finance and the State Taxation Administration [16]. - The automotive sector outperformed the CSI 300 index, with the automotive sector index rising by 3.28% from July 14 to July 18, 2025, compared to a 1.09% increase in the CSI 300 index [5][38]. Data Tracking - In June 2025, retail sales of passenger vehicles reached 2.0851 million units, representing a year-on-year increase of 18.18% and a month-on-month increase of 7.59%. Retail sales of new energy passenger vehicles reached 1.111 million units, up 29.66% year-on-year and 8.16% month-on-month, with a retail penetration rate of 53.3% [5][61]. - The penetration rate of passenger vehicles equipped with L2.5 and above intelligent driving systems reached 24.68% in May 2025, with retail sales of 514,700 units [77]. Investment Recommendations - The report suggests focusing on leading companies in intelligent driving and electric vehicles, including BYD, Changan Automobile, Great Wall Motors, Geely, and others. It also highlights key suppliers in the intelligent core segment and commercial vehicle leaders [5][7].

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for July 2025, detailing various manufacturers, models, market segments, and engineering changes. Group 1: Manufacturer and Model Overview - Geely Auto is set to launch the Geely ICON on July 11, 2025, classified as an AO SUV with a minor engineering change (MCE1) [2][16] - GAC Passenger Vehicle will introduce the Trumpchi M6 on July 12, 2025, categorized as an A MPV with a minor engineering change (MCE1) [2][8] - Dongfeng Motor will release the Lantu FREE+ on July 12, 2025, classified as a C SUV with a medium engineering change (MCE2-1) [2][24] - Beijing Automotive will launch the Beijing X7 on July 12, 2025, categorized as an A SUV with a minor engineering change (MCE1) [2][32] - Chery Auto will introduce the Jietu Free on July 15, 2025, classified as an A SUV with no major engineering changes (NM) [2][40] - Dongfeng Nissan will launch the Venucia VX6 on July 15, 2025, categorized as a B SUV with a minor engineering change (MCE1) [2][48] - Dongfeng Infiniti will release the QX50 on July 16, 2025, classified as a B SUV with a minor engineering change (MCE1) [2][64] - Changan Auto will introduce the CS75 PLUS on July 16, 2025, categorized as an A SUV with no major engineering changes (NM) [2][72] - SAIC-GM-Wuling will launch the Baojun Yunhai on July 16, 2025, classified as an A SUV with a minor engineering change (MCE1) [2][80] - Volvo Asia Pacific will release the Volvo EX30 Cross Country on July 17, 2025, categorized as an AO SUV with a new product (NP) [2][88] - Great Wall Motors will introduce the Haval Big Dog on July 17, 2025, classified as an A SUV with a minor engineering change (MCE1) [2][96] Group 2: Technical Specifications and Pricing - The Trumpchi M6 will feature a 2.0T engine, DCT7 transmission, and a price range of 132,800 to 139,800 CNY [7][8] - The Geely ICON will offer a 1.5T engine, DCT7 transmission, and a price range of 89,800 to 95,800 CNY [15][16] - The Lantu FREE+ will have a 1.5T range-extended engine, EVT transmission, and a price range of 219,900 to 279,900 CNY [23][24] - The Beijing X7 will feature a 1.5T engine, DCT7 transmission, and a price of 119,900 CNY [31][32] - The Jietu Free will offer a 1.5T engine, DCT7 transmission, and a price of 132,800 CNY [39][40] - The Venucia VX6 will be fully electric with a price range of 134,900 to 159,900 CNY [47][48] - The QX50 will feature a 2.0T engine, CVT transmission, and a price range of 350,800 to 391,800 CNY [63][64] - The CS75 PLUS will have a 1.5T engine, 8AT transmission, and a price of 115,900 CNY [71][72] - The Baojun Yunhai will offer both hybrid and pure electric options with prices ranging from 109,800 to 129,800 CNY [79][80] - The Volvo EX30 Cross Country will be fully electric with a price of 263,800 CNY [87][88] - The Haval Big Dog will feature both 1.5T and 2.0T engines with prices ranging from 123,900 to 149,900 CNY [95][96]

Core Viewpoint - The fuel vehicle market in China shows signs of recovery after a challenging period, with sales figures indicating a slight increase in May, although the overall trend remains under pressure from the rise of electric vehicles [3][4][5]. Sales Performance - In May, domestic sales of traditional fuel passenger vehicles reached 854,000 units, marking a month-on-month increase of 2.2% and a year-on-year decline of 1% [4][5]. - Total passenger vehicle sales in May were 1.884 million units, reflecting a month-on-month growth of 5.2% and a year-on-year increase of 12.3% [4][5]. Market Dynamics - The market for fuel vehicles is experiencing a shift, with domestic brands like Chery, Geely, and Changan narrowing the gap with joint venture brands [3][12]. - The promotional efforts for fuel vehicles remain high, with a promotion intensity of 22.5% in May, which is an increase from previous months [6][7]. Consumer Behavior - A significant portion of consumers, particularly those with annual incomes below 150,000 yuan, show a preference for fuel vehicles due to concerns over purchase costs and convenience [6][10]. - The anxiety surrounding electric vehicle charging infrastructure continues to impact consumer choices, with many preferring the driving experience of fuel vehicles [6][10]. Competitive Landscape - Joint venture brands have seen a notable recovery in sales, with major players like Volkswagen and Nissan reporting significant month-on-month growth in A-class sedan sales [7][8]. - However, there is a growing divide among joint venture brands, with some experiencing declines while others, like Toyota, adapt to market demands by introducing new electric models [9][10]. Autonomous Brands Performance - Chinese brands accounted for 1.622 million passenger vehicle sales in May, representing a year-on-year growth of 22.6% and capturing 69% of the total market share [10][11]. - Notable performances in the new energy vehicle segment were recorded, with BYD, Geely, and Changan leading in sales growth [10][11]. Future Outlook - Despite the current recovery, experts predict a long-term decline in the fuel vehicle market share, with projections indicating that new energy vehicles could account for 70%-80% of total sales by 2027-2028 [13][16]. - The industry is expected to continue balancing fuel and electric vehicle offerings, as companies recognize the importance of maintaining a presence in the fuel vehicle market for profitability [16][17].

Core Insights - The domestic sales of traditional fuel passenger vehicles in China showed a slight recovery in May, with a total of 854,000 units sold, reflecting a month-on-month increase of 2.2% but a year-on-year decline of 1% [1] - The market dynamics are shifting, with domestic brands like Chery, Geely, and Changan improving in terms of cost-effectiveness, quality control, and product competitiveness, narrowing the gap with joint venture brands [1] Group 1 - In May, the total domestic passenger vehicle sales reached 1.884 million units, marking a month-on-month increase of 5.2% and a year-on-year increase of 12.3% [2] - The "two new" policies have stimulated the market, with 4.12 million applications for vehicle trade-in subsidies by the end of May [2] - A-class sedans remain the dominant segment, with significant contributions from brands like Volkswagen and Nissan, which saw substantial month-on-month sales growth [2] Group 2 - The differentiation among joint venture brands is becoming more pronounced, with mainstream brands experiencing a year-on-year decline of 5% in retail sales, while some brands like FAW-Volkswagen showed recovery [3] - Successful joint venture brands are adapting to local market demands and leveraging local technologies, enhancing their competitiveness [3] - In May, domestic brands sold 1.622 million passenger vehicles, accounting for 69% of total sales, with a year-on-year increase of 22.6% [3] Group 3 - Geely, Changan, and Chery performed well in the fuel vehicle market, with Geely's "China Star" series selling over 86,000 units in May [4] - Despite the progress of domestic brands, they still face challenges in brand recognition compared to joint venture brands in the fuel vehicle segment [4] - Audi and Volvo have recently retracted their previous commitments to fully electrify by 2033 and 2030, respectively, indicating a continued focus on fuel vehicles [5] Group 4 - The industry trend is leaning towards a dual-fuel strategy, with plug-in hybrid vehicle sales in May reaching 300,000 units, a year-on-year increase of 32% [5] - The sales growth of range-extended vehicles also outpaced that of pure electric vehicles, indicating a preference for hybrid solutions among consumers [5]

Core Insights - The "zero-kilometer used car" market has gained significant attention recently, with various forces influencing its trajectory after a period of rapid growth and regulatory ambiguity [2] - Li Auto has officially ceased supplying "zero-kilometer used cars" to Russia through parallel import channels, marking a strategic shift in its market approach [2][3] Group 1: Market Dynamics - The Russian automotive market has experienced significant upheaval due to the Ukraine conflict, leading to a surge in demand for Chinese vehicles as Western automakers withdraw [4][6] - In 2023, China's automobile exports to Russia increased by 340%, capturing 45% of the Russian import market, surpassing Japan for the first time [4] - The parallel export model, which allows for the sale of new cars as used vehicles without manufacturer authorization, has become a dominant trade route [4][5] Group 2: Li Auto's Strategy - Li Auto has established a network of 32 official dealerships in Russia through a partnership with Sinomach Auto, aiming to provide a robust after-sales service and quality assurance [3] - The company has introduced new models in Russia, priced between approximately 460,000 to 710,000 RMB, and offers extensive warranties [3] - Li Auto's decision to tighten parallel export channels aligns with its strategy to enhance brand reputation and market control [8][16] Group 3: Challenges and Risks - The parallel export model has led to price instability and a lack of after-sales support, damaging the brand image of Chinese vehicles in Russia [9][10] - Approximately 90% of parallel imported cars lack formal warranties, leading to consumer complaints and a decline in trust towards Chinese brands [9] - The Russian government has begun to restrict parallel imports, mandating that all vehicles must be imported through authorized dealers, which could further impact the market [10][12] Group 4: Future Outlook - The automotive landscape in Russia is shifting, with companies like Li Auto moving towards more regulated and official channels to stabilize their market presence [14][18] - There is a growing trend among Chinese automakers to limit parallel exports, focusing instead on establishing official sales channels to maintain pricing integrity and brand reputation [16][18] - The potential for growth in the second-hand car export market remains, as consumer acceptance of Chinese used cars is on the rise, suggesting a strategic pivot could be beneficial [19]

Core Viewpoint - The article discusses the sales performance and customer demographics of the Chery Tiggo 5X, highlighting its appeal among budget-conscious consumers in lower-tier cities, particularly focusing on the vehicle's pricing and configuration options [2][4][9]. Sales Performance - In a four-tier city, a Chery dealership sold 62 vehicles last month, with only 10 units being the Tiggo 5X, indicating limited interest compared to other models [2]. - The dealership has 18 units in stock, primarily the 1.5L CVT Excellent Edition and the 1.5T CVT Comfort Edition, with colors predominantly in white and gray [2]. Customer Demographics - The majority of customers (over 90%) are males aged 28-35, including factory workers and small business owners, often motivated by government subsidies for vehicle trade-ins [4]. - Customers often compare the Tiggo 5X with models like the Geely Bin Yue and Wuling Xingchi, with many opting for the Tiggo 5X due to its affordability and acceptable features [6]. Competitive Analysis - The most common competitor for the Tiggo 5X is the Geely Bin Yue, with customers often perceiving Geely as a more reputable brand despite the price difference [9]. - The article notes that many potential buyers are deterred from purchasing the Tiggo 5X due to brand perception issues, even when the price is competitive [9]. Pricing and Discounts - The dealership offers discounts of ¥8,000 on the Excellent Edition and ¥9,000 on the Comfort Edition, with stable pricing trends observed [11]. - A financial breakdown for the Excellent Edition shows a total cost of ¥24,900 after discounts and financing options [14]. Configuration Preferences - The best-selling configuration is the 1.5L CVT Excellent Edition, accounting for 70-80% of sales, while the 1.5T CVT Comfort Edition struggles due to its higher price and perceived maintenance costs [15]. - Customers prefer white vehicles, which are chosen by 80% of buyers for their visual appeal [15]. Customer Feedback - Common complaints include the low brightness of halogen headlights in the Excellent Edition, which customers describe as inadequate [17]. - Maintenance costs for the Excellent Edition are approximately ¥260 per service, while the Comfort Edition incurs an additional ¥100 [18]. Product Insights - The Comfort Edition's design is criticized for being outdated, as it is essentially a rebranded version of a previously unsuccessful model [19]. - The vehicle's infotainment system is also a point of contention, with customers finding it outdated and unattractive compared to competitors [20].

Core Insights - The electric vehicle (EV) wave is rapidly transforming the global automotive industry, with Chinese automakers accelerating their overseas expansion, particularly in Malaysia, which is becoming a key market for them [2][3] Group 1: Market Dynamics - Stellantis and Leap Motor are launching a local assembly project in Malaysia with an initial investment of €5 million, aiming to produce the Leap C10 model by the end of 2025 [3] - Malaysia's new car sales reached a record high of 816,700 units in 2024, surpassing both 2022 and 2023 figures, while Thailand's sales dropped by 26% to approximately 570,000 units [3] - The Malaysian automotive market is characterized by strong local brands, Proton and Perodua, which hold about 60% market share, while Japanese brands account for around 30% [4] Group 2: Chinese Automakers' Strategies - Chinese automakers like Geely and BYD have made significant inroads into the Malaysian market, with Geely acquiring a 49.9% stake in Proton in 2017 and expanding its presence through technology sharing [4][7] - BYD's Atto 3 has quickly become a best-seller since its launch in late 2022, indicating strong demand for Chinese EVs in Malaysia [8][9] - Chery has also re-entered the Malaysian market, launching multiple models and establishing a new factory in Shah Alam, which is expected to enhance its local production capabilities [8] Group 3: Government Initiatives and Market Potential - Malaysia aims to increase the share of electric vehicles to 15% by 2030 and 38% by 2040, supported by tax incentives for EV manufacturers [6] - The country has introduced various tax exemptions for electric vehicles, including a 70%-100% income tax reduction and exemptions from import duties and sales taxes for locally assembled EVs [6] - The presence of Chinese automakers is driving significant growth in Malaysia's EV sales, which doubled to 21,789 units in 2024 compared to 10,159 units in 2023 [9] Group 4: Supply Chain and Local Production - Chinese automakers are establishing a comprehensive supply chain in Malaysia, with local production facilities for battery manufacturers and parts suppliers [11] - Companies like EVE Energy have begun operations in Malaysia, supporting local production with battery supply [11] - The local assembly of vehicles, such as the Leap C10, will leverage Stellantis's existing facilities, enhancing cost efficiency and market reach [10]

有车主咨询了银河机器人关于"APP系统崩溃"的问题，银河机器人客服在线回应：由于云服务 器出现异常波动，导致部分用户APP车控登录和使用出现异常，目前已在紧急处理，部分服务 正在逐步恢复。 今天上午，有吉利车主爆料：吉利汽车APP崩了，显示网络不可用，手机无法解锁等。 "突然就崩了！我们一家子顶着风雨，在路边等了3个多小时了！" 据杭州交通91.8报道，今早 （4月29日）7点多，王先生一家开着一辆吉利缤越，吃了个早餐的功夫，没想到车门就打不 开了。"吃了个早餐也就十几分钟，吉利的APP崩了。因为是用蓝牙钥匙开锁，现在服务器连 不上，车门打不开，只能在现场苦等。"王先生说。 有网友爆料称，是吉利APP无法登录，显示服务器异常。但也有部分吉利银河车主表示"可以 正常使用"。 另据媒体报道，客服对此表示，目前技术部门正在抓紧排查原因，建议车主近期先使用遥控 钥匙或NFC钥匙来驾驶车辆。 不仅吉利APP，在社交媒体上，也有网友反馈领克APP出现"车辆信息获取异常""行驶途中座 椅位置被更改"等报错。 对此，吉利控股集团高级副总裁杨学良回应称：实在抱歉，IT小伙伴们已经全力修复了，现 在应该可以正常使用了。 今天中午 ...