以"中国经济：开放与韧性共生长"为主题的2025贝壳财经年会开幕。7月10日下午举办的"智能网联汽车如何重构 新生态"分论坛聚焦中国汽车如何巩固和扩大智能网联汽车优势，加速构建产业新生态。 在"车圈圆桌派"环节，嘉宾谈及智能化对燃油车的影响，认为智能化为燃油车的发展赋能，带来了新的机会。 苏琳珂：从能源本身来说，燃油车有固有、短期内很难被新能源汽车替代的优势，比如在低温下的性能优势以及 成本优势。从中长期来看，燃油车还是会有一定的持续生存空间。 从智能化来看，智能化会给燃油车带来一些赋能，虽然燃油车动力系统扭矩控制精度和响应比电机稍差，但通过 智能化系统和动力可以解耦。以智能辅助驾驶为例，绝大多数智能辅助驾驶工况偏稳态，基于此，燃油车可以在 智能化的加持下找到新增长点和新活力。现在很多政策更倾向于促进消费者关注和购买新能源车，这方面可能是 燃油车在品牌和认知上需要突破的点。 郑新芬北京汽车研究总院有限公司副院长 苏琳珂深蓝汽车软件开发总经理 董志华阿维塔科技自动驾驶及座舱总监 张栋林上汽集团大乘用车智能驾驶总监 新京报贝壳财经：智能网联生态是否会加速冲击燃油车退场？随着市场竞争愈发激烈，未来市场格局会如何变 ...

崔东树表示，自第二季度开始，在"反内卷"的大环境下，车 市"价格战"已有熄火迹象，车企降价促销的力度大幅降低。 作者：周菊 封图：图虫创意 率4.3%，虽较1—4月的4.1%利润率有所改善，但相对于下游工业企业利润率5.7%的平均水平，汽 车行业仍偏低。 在乘用车市场中，新能源汽车仍然是亮点，维持着较高增速。6月，新能源乘用车市场零售111.1万 辆，同比增长29.7%；1—6月累计零售546.8万辆，同比增长33.3%。 与此同时，新能源汽车的销售结构发生变化，纯电动车份额增长强劲，而此前增长迅猛的插电式混 合动力和增程式混合动力车型份额有所下降。数据显示，6月新能源批发结构中，纯电动占比 62.1% ， 同 比 增 长 5.1%； 狭 义 插 混 占 比 28.0% ， 同 比 下 降 4.0%； 增 程 式 占 比 9.8% ， 同 比 下 降 1.1%。1—6月，纯电动占比61.4%，同比增长3.2%；狭义插混占比29.8%，同比下降2.4%；增程 式占比8.8%，同比下降0.8%。 6月，新能源车的渗透率53.3%，较去年同期提升4.8个百分点。其中，自主品牌中的新能源车渗透 率75.4%；豪华车中 ...

Group 1: Market Overview - From July 1-6, the national retail sales of passenger cars reached 238,000 units, a year-on-year increase of 1%, but a decrease of 6% compared to the previous month. Cumulative retail sales for the year reached 11.14 million units, up 11% year-on-year [1][3] - In the same period, wholesale sales of passenger cars were 233,000 units, showing a year-on-year increase of 39% and no change from the previous month. Cumulative wholesale sales for the year reached 13.51 million units, up 13% year-on-year [1][5] - The retail penetration rate for new energy vehicles (NEVs) was 56.7%, with retail sales of 135,000 units, a year-on-year increase of 21% but a decrease of 11% from the previous month. Cumulative retail sales of NEVs reached 6.58 million units, up 37% year-on-year [1][3] Group 2: Market Trends and Predictions - The domestic economic situation has improved, particularly in exports, stabilizing domestic demand. July is expected to be a month of adjustment in the car market, with a structural differentiation in growth [3][4] - The trend of "old-for-new" vehicle replacement is anticipated to strengthen in the second half of the year, with recommendations for local governments to improve budget planning for subsidies [4][6] - The automotive industry is increasingly driven by both domestic and international demand, with a notable improvement in industry order and a strong start to production and sales in July [5][6] Group 3: Pricing Analysis - The number of models with price reductions has significantly decreased in 2025, with only 14 models in June compared to higher numbers in earlier months. The average price reduction for new energy vehicles was 12% in the first half of 2025 [8][9] - The average price reduction for conventional fuel vehicles was 8.9% in the first half of 2025, indicating a trend of stabilizing prices in the market [9][10] Group 4: Used Car Market Insights - The used car market in China is experiencing growth, with a transaction volume of 7.91 million units in the first five months of 2025, up 0.6% year-on-year, although transaction value decreased by 2.1% [9][10] - The potential for the used car market is significant, especially with the development of new energy vehicles, which provide consumers with lower-cost options for car ownership [10]

Core Viewpoint - Volkswagen's global sales growth has significantly slowed down due to high tariffs in the U.S. and declining demand in key markets [1] Group 1: Sales Performance - In Q2, Volkswagen's global vehicle deliveries increased slightly by 1.2% year-on-year, reaching 2.27 million vehicles [2][4] - In the U.S., Volkswagen's overall sales dropped by 16% year-on-year in Q2, contrasting with a 4.4% growth in Q1, indicating the direct impact of tariff policies on demand [2] - Sales of high-profit brands such as Porsche, Audi, Lamborghini, and Bentley fell by 7.7% year-on-year in Q2, totaling 480,200 units [3] Group 2: Market Dynamics - The U.S. has imposed a 20% tariff on products from the EU, which has adversely affected Volkswagen's North American operations [3] - In China, Volkswagen's electric vehicle sales plummeted by nearly one-third due to intensified competition from local brands like BYD, although overall sales in China grew by 2.8% driven by an increase in gasoline vehicle sales [3] - Despite pressures in major markets, Volkswagen's electric vehicle sales globally rose by 38% year-on-year in Q2, with a remarkable 73% increase in the European market [3] Group 3: Profitability Concerns - Volkswagen's profit in Q1 declined by 40%, raising concerns about profitability due to a structural shift towards lower-margin vehicles [5] - The management emphasized the continuation of electric vehicle strategies and expansion into emerging markets to adapt to changing global market dynamics [5]

7月8日，中国汽车流通协会乘用车市场信息联席分会（下称"乘联会"）发布2025年6月国内乘用车产销情况。数据显示，6月全国乘用车市场零售208.4万 辆，同比增长18.1%，创历年6月销量最高记录，比2022年6月194万辆增长7%。 6月较强的表现拉高了上半年乘用车的销量增速。今年1—6月，国内乘用车零售1090万辆，增长10.8%，较1—5月9%的增速提升了近两个百分点。 乘联分会秘书长崔东树表示，6月乘用车市场表现突出，主要有两方面原因。首先，国家"两新"（推动新一轮大规模设备更新和消费品以旧换新）政策补贴 力度加大、范围扩大，拉动效果显著；第二，近期多地以旧换新补贴资金紧张，部分城市宣布暂停汽车置换更新补贴申请，触发部分经销商利用政策到期 的"末班车效应"刺激消费者尽快下单，为市场带来增量。 崔东树同时指出，6月的销量并非依靠"以价换量"的结果。自第二季度开始，在"反内卷"的大环境下，车市"价格战"已有熄火迹象，车企降价促销的力度大 幅降低。"4—6月的降价车型大幅减少，5月明确宣布降价或新车新定价的仅有12款，6月份仅有14款车型降价。而此前曾达到单月上百款。"据崔东树介绍， 2025年6月新能源车 ...

21世纪经济报道见习记者冉黎黎 北京报道 7月9日，国家统计局发布6月份全国CPI（居民消费价格指数）和PPI（工业生产者出厂价格指数）数 据。其中，CPI同比上涨0.1%，环比下降0.1%；PPI同比下降3.6%，环比下降0.4%。 国家统计局城市司首席统计师董莉娟解读表示，6月CPI同比上涨0.1%，为连续下降4个月后转涨。CPI 由降转涨主要受工业消费品价格有所回升影响。PPI环比下降0.4%，降幅与上月相同。受环比下降及对 比基数变动影响，PPI同比降幅比上月扩大0.3个百分点，但随着各项宏观政策加力实施，部分行业供需 关系有所改善，价格呈企稳回升态势。 前海开源基金首席经济学家、基金经理杨德龙对21世纪经济报道记者表示，6月份我国CPI同比上涨 0.1%，进入正增长区间；核心CPI涨幅创14个月新高，反映出稳增长政策逐步落地，效果逐步显现。 中国民生银行首席经济学家温彬对21世纪经济报道记者表示，CPI将呈现低位温和回升态势，PPI走出负 区间仍需时日。 国家统计局数据显示，2025年6月份，全国居民消费价格同比上涨0.1%。其中，城市上涨0.1%，农村下 降0.2%；食品价格下降0.3%，非食品价 ...

宏观研究 宏观月度数据点评 CPI 同比转正，PPI 降幅扩大 —— 6 月通胀数据点评 相关研究： 1. 《CPI同比由正转负，PPI同 环比负增长》 2024.03.12 2. 《核心CPI有所回暖，PPI继 续承压》 2025.04.14 3. 《CPI、PPI同比双降》 2025.06.09 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 证券研究报告 2025 年 7 月 9 日 湘财证券研究所 ❑ 事件 根据 Wind 数据显示，6 月我国 CPI 同比增长 0.1%；PPI 同比下降 3.6%。 ❑ CPI 同比转正 根据 Wind 数据，6 月 CPI 食品项同比增速录得-0.3%，较前值上涨 0.1 个 百分点；CPI 非食品项同比增速录得 0.1，较前值上涨 0.1 个百分点。剔除 食品和能源的核心 CPI 同比增速为 0.7%，同样较前值上涨 0.1 个百分点。 总体来看，6 月消费物价水平正在温和回升，CPI 由降转涨主要受工业消 ...

Group 1 - In June, China's Producer Price Index (PPI) decreased by 0.4% month-on-month, with some industries showing signs of price stabilization and recovery [1] - The main reason for the month-on-month decline in PPI was the seasonal decrease in prices of certain raw material manufacturing industries, influenced by high temperatures and increased rainfall affecting construction progress in real estate and infrastructure projects [1] - The increase in green energy production contributed to a decrease in energy prices, with the electricity and heat production and supply industry seeing a month-on-month price drop of 0.9% [1] Group 2 - The year-on-year decline in PPI expanded by 0.3 percentage points to 3.6% in June, influenced by both month-on-month declines and changes in comparison bases [1] - The construction of a unified national market has led to a narrowing of year-on-year price declines in certain industries, with prices for gasoline and diesel vehicle manufacturing and new energy vehicle manufacturing increasing by 0.5% and 0.3% respectively [2] - Policies aimed at boosting consumption have led to a year-on-year increase in prices of daily necessities, with general daily goods and clothing prices rising by 0.8% and 0.1% respectively in June [2]

6月CPI同比由降转涨，汽车光伏等"内卷"行业价格降幅收窄 受工业品价格回升等因素影响，6月份CPI同比结束了此前四个月的负增长。 国家统计局7月9日发布的数据显示，6月居民消费价格指数（CPI）同比由上月下降转为上涨0.1%；环 比下降0.1%。工业生产者出厂价格指数（PPI）环比下降0.4%，降幅与上月相同；同比下降3.6%，降幅 比上月扩大0.3个百分点。 CPI同比由降转涨 国家统计局城市司首席统计师董莉娟分析，CPI同比上涨0.1%，为连续下降4个月后转涨。CPI由降转涨 主要受工业消费品价格有所回升影响。 数据显示，6月工业消费品价格同比降幅由上月的1.0%收窄至0.5%，对CPI同比的下拉影响比上月减少 约0.18个百分点。其中，油价变动影响能源价格降幅比上月收窄1.0个百分点，对CPI同比的下拉影响比 上月减少约0.08个百分点；受国际大宗商品价格变动影响，金饰品和铂金饰品价格同比分别上涨39.2% 和15.9%，合计影响CPI同比上涨约0.21个百分点。 食品价格降幅略有收窄。食品价格同比下降0.3%，降幅比上月收窄0.1个百分点，其中牛肉价格结束28 个月连续下降，转为上涨2.7%；猪肉价 ...

齐鲁晚报·齐鲁壹点记者 白新鑫 山东力诺瑞特新能源有限公司研发团队与上海交通大学联合攻关，成功开发出180℃高温热泵蒸汽系统，节能率突破40%。 该技术已应用于酿酒、化工等高耗能领域，替代传统燃煤锅炉，入选国家科技进步奖项目。其建设的全球首座太阳能平板 集热器"黑灯工厂"，通过智能控制实现零碳排放生产，成为工业热力系统低碳转型的示范样板。 太阳能驱动"黑灯工厂"全速运转，小麦从育种到深加工实现全程零废弃，化工废弃物在先进工艺中实现资源重生……在山 东加速构建绿色低碳循环经济体系的进程中，青年力量正成为关键技术突破与产业模式创新的关键引擎。 7月1日至4日，由团省委组织的2025年第一期"青春当先开新局"融媒采风活动走进济南、滨州、东营三地，深入探访多家民 营企业，解码青年人才如何以科技赋能产业转型，推动绿色循环经济体系加速成型。 一幅幅青年创新创业推动发展的生动画卷，成为山东经济高质量发展的最美注脚。 新材料与新能源的绿色攻坚 在产业链上游，一场由青年主导的技术革命正打破国际垄断，夯实绿色根基。 山东国瓷功能材料股份有限公司研发工程师王键带领团队，向柴油车尾气处理的"卡脖子"技术发起冲锋。面对长期被国外 企业 ...