智通财经APP获悉，摩根士丹利发布研报称，据该行渠道调查，宝马中国自今年1月1日起将建议零售价 普遍下调10%至20%，主要涉及进口车型，例如7系、6系、M系及i系列纯电动车。 该行认为有关举措目的并非展开价格竞争，因宝马中国的经销商过去一段时间已持续提供远低于建议零 售价的折扣。因此，即使建议零售价下调，该行预期实际交易价将大致维持不变。 对经销商而言，该行认为永达汽车(03669)、中升控股(00881)及美东汽车(01268)将轻微受惠。随着建议 零售价下调，经销商亦可享有更低的入货成本，实时提升经销商的新车销售毛利。不过，未来经销商获 得的额外返利亦可能减少，因为返利金额是由制造商决定。 ...

大摩发布研报称，据该行渠道调查，宝马中国自今年1月1日起将建议零售价普遍下调10%至20%，主要 涉及进口车型，例如7系、6系、M系及i系列纯电动车。大摩认为，有关举措目的并非展开价格竞争， 因宝马中国的经销商过去一段时间已持续提供远低于建议零售价的折扣。因此，即使建议零售价下调， 预期实际交易价将大致维持不变。 对经销商而言，该行认为永达汽车、中升控股及美东汽车将轻微受惠。随着建议零售价下调，经销商亦 可享有更低的入货成本，即时提升经销商的新车销售毛利。不过，未来经销商获得的额外返利亦可能减 少，因为返利金额是由制造商决定。 智通财经APP获悉，汽车经销商集体上扬，截至发稿，永达汽车(03669)涨2.96%，报1.74港元；和谐汽 车(03836)涨1.96%，报1.04港元；中升控股(00881)涨3.88%，报12.33港元；美东汽车(01268)涨3.25%， 报1.27港元。 ...

对经销商而言，该行认为永达汽车、中升控股及美东汽车将轻微受惠。随着建议零售价下调，经销商亦 可享有更低的入货成本，即时提升经销商的新车销售毛利。不过，未来经销商获得的额外返利亦可能减 少，因为返利金额是由制造商决定。 大摩发布研报称，据该行渠道调查，宝马中国自今年1月1日起将建议零售价普遍下调10%至20%，主要 涉及进口车型，例如7系、6系、M系及i系列纯电动车。大摩认为，有关举措目的并非展开价格竞争， 因宝马中国的经销商过去一段时间已持续提供远低于建议零售价的折扣。因此，即使建议零售价下调， 预期实际交易价将大致维持不变。 汽车经销商集体上扬，截至发稿，永达汽车(03669)涨2.96%，报1.74港元；和谐汽车(03836)涨1.96%， 报1.04港元；中升控股(00881)涨3.88%，报12.33港元；美东汽车(01268)涨3.25%，报1.27港元。 ...

对经销商而言，该行认为永达汽车、中升控股及美东汽车将轻微受惠。随着建议零售价下调，经销商亦 可享有更低的入货成本，实时提升经销商的新车销售毛利。不过，未来经销商获得的额外返利亦可能减 少，因为返利金额是由制造商决定。 摩根士丹利发表研究报告指，据该行渠道调查，宝马中国自今年1月1日起将建议零售价普遍下调10%至 20%，主要涉及进口车型，例如7系、6系、M系及i系列纯电动车。该行认为有关举措目的并非展开价格 竞争，因宝马中国的经销商过去一段时间已持续提供远低于建议零售价的折扣。因此，即使建议零售价 下调，该行预期实际交易价将大致维持不变。 ...

Core Points - BMW China, Brilliance BMW, FAW-Volkswagen, and Ford China have filed recall plans with the State Administration for Market Regulation, totaling over 140,000 vehicles due to issues with components such as relays, airbags, seat belts, and batteries [1][4][8] Group 1: BMW Recall - BMW is recalling vehicles due to poor waterproof performance of the starter relay, which may lead to water ingress, circuit corrosion, and potential electrical short circuits, posing a fire risk [4] - The recall includes specific models and production dates, with a total of 58,533 domestic 3 Series vehicles and various imported models, including 604 units of the 4 Series and 27,950 units of the X5 [2][4] Group 2: FAW-Volkswagen Recall - FAW-Volkswagen is recalling 187 units of the ID.7 VIZZION due to a size deviation in the passenger airbag gas generator's filter, which may prevent the airbag from deploying correctly in an accident, increasing the risk of injury [5][7] Group 3: Ford Recall - Ford is recalling 3,357 units of the Lincoln Navigator due to insufficient welding in the pre-tensioner of the front seat belt retractor, which may cause unexpected deployment and safety hazards [8][10] - Additionally, Ford is recalling 58 units of the 2020 Lincoln Navigator for issues related to the battery junction box, which may corrode and pose a fire risk [10]

Recall Information - BMW (China) Automotive Trade Co., Ltd. and Brilliance BMW Automotive Ltd. have filed a recall plan with the State Administration for Market Regulation according to the regulations on defective automotive products [1] - Recall number S2025M0175V will take effect from November 14, 2025, involving a total of 60,604 vehicles across various models including the 4 Series, 5 Series, 6 Series, 7 Series, X4, X5, X6, and Z4, with production dates ranging from June 16, 2020, to December 15, 2020 [1] - Recall number S2025M0176V will also take effect from November 14, 2025, involving 58,533 domestically produced 3 Series vehicles manufactured between October 9, 2018, and May 14, 2020 [2]

Group 1 - The core viewpoint is that the import car market in China continues to shrink, with a significant decline in both import volume and sales of passenger vehicles in the first half of the year [1][2] - In the first half of the year, cumulative imports of passenger cars reached 221,000 units, a year-on-year decrease of 32.1%, while cumulative sales were 277,000 units, down 14.5% [1] - The decline is attributed to the rising competitiveness of domestic new energy vehicles and accelerated localization of imported cars, leading to weakened expectations among import car manufacturers [1] Group 2 - The sales structure shows that all three major vehicle categories—sedans, SUVs, and MPVs—experienced double-digit declines, with MPVs facing the largest drop [1] - In terms of vehicle classification, mid-to-large cars continue to dominate the import car market, maintaining a share of over 60%, with a 3.3 percentage point increase in share for mid-to-large cars in the first half of 2024 [1] - Luxury brands remain the absolute sales leaders, accounting for 91% of total sales, despite a year-on-year decline across non-luxury, luxury, and ultra-luxury segments [2] Group 3 - The top three sales regions are Guangdong, Jiangsu, and Zhejiang, all showing year-on-year declines in sales, with Zhejiang experiencing the largest drop of 19.2% [2] - Guangdong's sales decline was the smallest at 3.1%, supported by growth in models like Lexus RX and ES, while sales of models such as Audi A5 and BMW 6 Series contributed to the decline in Zhejiang [2]