2025年2月， 比亚迪 因频繁降价引发老车主集体维权，比亚迪背刺老车主话题冲上热搜，阅读量超3.2 亿。从"汉系列两年降价10万"到"提车当天新车降价1.3万"，从"智驾版增配不加价"到"4S店甩卖旧款"， 一系列现象暴露出品牌与消费者之间的信任危机。 一、降价潮频现，老车主集体"破防" 1."刚买就降价，车价跌成'骨折价'" -比亚迪汉系列车主王先生反映，2021年购入的汉车型（指导价27万）如今售价已跌至19万左右，配置 却从油电混合底盘升级为纯电3.0底盘，新增香氛系统、抑菌模块等。 - 2025年1月购入宋L的车主陈女士，因1月底比亚迪推出 保险 补贴政策，导致车辆未提先降，直言"晚 买一个月多花5000元"。 2."提车即贬值，残值缩水超5万" -河北车主张先生1月16日购入唐DM-i尊荣版，2月10日比亚迪推出智驾版（增配天神之眼智驾、后5连 杆悬架等），导致其车辆残值瞬间减少5万元。 -海豹06 DM-i车主集体投诉，称新车增配城市NOA、哨兵模式后，旧款车残值暴跌，部分车主自嘲车尾 贴"韭菜之眼"。 二、销售"隐瞒迭代"，消费者知情权被漠视 1."销售说这是2025年主力款，结果当天就换代" ...

美国制造业活动连续九个月萎缩 美国调查报告显示，美国制造业活动连续九个月萎缩。 新华社报道，美国供应管理学会星期一（12月1日）公布的调查报告显示，受关税政策和联邦政府"停 摆"等因素影响，11月份美国制造业采购经理人指数（PMI）从10月份的48.7降至48.2，低于市场共识预 期的49。 这意味着美国制造业活动连续第九个月处于萎缩状态。 美商务部长确认对韩国的15%关税将追溯至11月1日生效 美国商务部长霍华德·卢特尼克周一证实，对包括汽车在内的韩国进口商品的一般关税税率将降至 15%，追溯至11月1日生效，因为韩国已在议会提出立法，以实施对美国的战略投资承诺。 卢特尼克在社交平台X上发布的一条帖子中表示，此举释放了韩国与美国达成的贸易协议的"全部好 处"。 他写道："作为回应，美国将根据该协议将某些关税（包括汽车关税）降至15%，从11月1日起生效。我 们还将取消飞机零部件的关税，并将韩国的对等税率降至与日本和欧盟相同的水平。" 欧盟将公布经济安全战略 降低对中国原材料依赖 欧盟本周将公布一系列措施，以降低对中国关键原材料的过度依赖，从而应对来自美国和亚洲的激烈竞 争。预料，欧盟要降低对华依赖，将比摆脱 ...

比亚迪汽车：汉系列5月销量21672辆，累计销量突破101万辆。 ...

Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]