Core Viewpoint - The Ministry of Industry and Information Technology and the China Automobile Industry Association advocate against disorderly price competition, promoting fair market practices to foster healthy industry development [1] Group 1: Market Competition Dynamics - Car manufacturers are shifting focus from price competition to technological innovation and enhancing user experience, recognizing that long-term competitive advantages cannot be achieved solely through pricing strategies [1][10] - Despite the shift, price competition remains prevalent in terminal sales, with 4S dealerships employing various limited-time promotional activities to capture market share [1] Group 2: Promotional Strategies - Many 4S dealerships are implementing aggressive promotional strategies, such as cash discounts and additional incentives, to attract customers during events like the "6.18 Mid-Year Sale" [2][3] - For instance, a BMW dealership offers a cash discount of up to 10,000 yuan, with some models seeing discounts as high as 50%, indicating a significant reduction from the official price [2] - Toyota's promotional activities also reflect substantial cash discounts, with some models offering up to 60,000 yuan in total incentives [3] Group 3: Inventory and Supply Chain Challenges - The industry faces high inventory levels, with national passenger car inventory reaching 3.5 million units in April, a 120,000-unit increase from the previous year, necessitating promotional strategies to alleviate stock pressure [5] - Sales personnel emphasize that accepting in-stock vehicles can lead to greater discounts, highlighting the need for manufacturers to manage inventory effectively [5] Group 4: Economic Pressures on Dealers - The automotive industry is experiencing significant economic pressure, with profit margins projected to drop to 4.3% in 2024, below the average for downstream industries [9] - A substantial portion of dealers are facing financial difficulties, with 41.7% reporting losses, and 84.4% experiencing price discrepancies that threaten their viability [9] Group 5: Consumer Behavior and Market Trends - Despite the industry's recognition of the dangers of price wars, consumer attraction through cost-effectiveness remains a critical sales strategy, as evidenced by the ongoing reliance on promotional pricing [10] - Sales personnel express confidence in their products and technologies, actively promoting new features to enhance consumer appeal, indicating a gradual shift away from price-centric sales tactics [10]

这是"最好"的时期，也是"最坏"的时期。对消费者而言，各种补贴政策叠加车企降价促销，购车成本降至历史低点；在汽车厂商看来，行业利润跌破 4%警戒线，订单背后的"心酸"行内人士都懂。 进入六月份之后，车市各种让利促销进入高潮。2万元不到买到大品牌新车，15万元可以入手传统豪华品牌车型。放在以前，二手车市场"老车"才有的 价格，已经出现在新车报价中。 6月各大车企促销猛 但"限时特价"不容易拿？ 进入六月之后，随着端午假期以及粤港澳大湾区车展、重庆车展等主打"卖车"定位的区域车展接踵而至，众多车企推出的优惠措施让人眼花缭乱。 近期，广汽昊铂带来了最新优惠政策：全系可享终生免费充电权益；2024款昊铂HT全国限量置换一口价17.99万元起；2024款昊铂GT全国限量置换一口 价16.39万元起；昊铂HL官方指导价26.98万元起，可享至高3年20万的免息金融政策，至高国补2万元。 广汽埃安第二代AION V（霸王龙）置换补贴至高可享3.5万元；埃安RT 650激光雷达版特惠价14.08万元限量发售；埃安UT购车可至高享受价值2.5万元 的大礼包，而在重庆车展现场，该车5.38万起的"特价"更是让人吃惊。 广汽传祺方 ...

行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-05 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《低空经济行业周报（5 月第 3 周）： 沃飞长空获 120 架 AE200 订单，需求 拉动下吉林化纤碳纤维涨价—行业周 报》-2025.5.18 《新质生产力为矛，周期成长为盾— 电新行业 2025 年中期投资策略》 -2025.5.15 《充电桩"倍增"行动或引领新一轮 充电桩投资 — 行 业 点 评 报 告 》 -2025.5.14 电力设备 电力设备 2025 年 05 月 21 日 投资评级：看好（维持） 欧洲电车趋势已起——从欧洲车企 2025Q1 财报看电 动化趋势 ——行业深度报告 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 2025Q1 雷诺、大众、宝马在欧 BEV 销量大幅增长，特斯拉份额下滑。 2025 年第一季度，包括雷诺、大众、宝马在内的多家车企在欧洲的 BE ...