Investment Rating - The report does not explicitly state an investment rating for the automotive industry in Shanghai for April 2025 Core Insights - The total vehicle registration in Shanghai for April 2025 was 36,932 units, reflecting a month-on-month decrease of 7.97% and a year-on-year decrease of 6.38% [4] - The registration of new energy vehicles showed a slight year-on-year decline of 1.48% in April 2025, with a total of 19,899 units registered [4] - The overall trend indicates a significant decline in the registration of domestic and imported passenger cars, with domestic sedans experiencing a year-on-year drop of 21.92% [4] Summary by Relevant Sections Vehicle Registration Data - Imported passenger cars (including sedans) registered 2,819 units in April 2025, down 11.77% year-on-year [4] - Domestic sedans saw 4,008 units registered, marking a 21.92% decrease year-on-year [4] - Small passenger cars (excluding sedans) totaled 7,444 units, down 15.21% year-on-year [4] - New energy passenger cars had a total of 19,899 units registered, with a year-on-year growth of 3.21% for the first four months of 2025 [4] Monthly Registration Trends - The cumulative monthly registration data indicates a downward trend in overall vehicle registrations in Shanghai over recent years [5][7] Source Country of Imported Vehicles - In April 2025, Germany was the leading source of imported cars (excluding new energy), with 1,556 units registered, reflecting a year-on-year decline of 13.12% [9] - Japan followed with 804 units, showing a year-on-year increase of 6.49% [9] - The UK and Sweden experienced significant declines, with registrations down 36.01% and 2.70% year-on-year, respectively [9]

就在特朗普宣布对华加征104%的超级关税之后，欧盟委员会主席冯德莱恩也在电视讲话中称，欧盟对此表示关切，呼吁双方理性克制。 最重要的是，冯德莱恩说，"我们也会密切关注这些关税可能带来的间接影响，因为我们无法消化全球的产能过剩，也不会接受对我们市场的倾销行为。" 二元对立的全球化，就更需要我们理解对方的意图和想法，这一点有助于我们更好理解今天这个世界。 就在特朗普宣布对等关税前一天，还发生了一件大事，但由于特朗普的对等关税过于炸裂，导致很多人都没有注意到这件事。 没有注意到，并不代表着这件事不存在。 4月1日，越南对产自我国和韩国的普碳及合金钢镀层板卷做出反倾销初裁，初步裁定对涉案产品征收临时反倾销税，其中我国为0至37.13%。 韩国也紧随其后发布公告，决定对我国生产的厚板征收最高38%的关税，韩国方面称，此举旨在应对近四五年来，我国日益深化的"低价倾销式钢铁出口"。 所谓的倾销当然是胡说八道，但越南和韩国的反应，并非偶然。 事实上，对我国商品出口的担忧，并不是目前才发生的；在2018年，特朗普第一个任期时，就提到了这一点。 在新冠病毒时期后，欧盟又率先提出了"去风险化"，要在供应链上摆脱对我国商品的依赖。 ...