8月25日公司公告显示，东风汽车集团（武汉）投资有限公司通过吸收合并方式取得东风股份55%股 权，公司控股股东变更为东风投资，但实际控制人未发生变化。同日公司在业绩说明会上透露，与华为 的合作可能从乘用车领域延伸至商用车板块。 资金流向数据显示，8月26日主力资金净流出2.53亿元，近五个交易日累计净流出2.06亿元。 风险提示：本文不构成任何投资建议，投资者需注意二级市场交易风险，审慎决策。 截至8月26日15时，东风股份股价报7.91元，较前一交易日下跌0.37元，成交额达9.88亿元。盘中股价波 动区间为7.90-8.30元，换手率为6.16%。 东风股份主营业务涵盖商用车、乘用车及汽车零部件的研发、生产和销售。公司产品包括轻型商用车、 SUV、MPV、皮卡等车型，拥有"东风"品牌系列商用车和"风光"品牌系列乘用车。 ...

成都：1-7月新能源汽车产量增长326.2% 8月22日，据成都发布，今年1-7月，全市规模以上工业增加值同比增长8.0%，全市固定资产投资（不含 农户）同比增长4.5%，其中民间投资增长5.6%。分行业看，37个大类行业中有24个行业增加值实现增 长，汽车制造业增长22.9%，计算机、通信和其他电子设备制造业增长17.2%。从主要工业产品产量 看，新能源汽车增长326.2%，智能手表增长135.2%，锂离子电池增长41.4%。 江苏实施车网互动放电价格标准 据新华社，江苏省已正式明确新能源汽车参与车网互动放电价格机制，以具有一定吸引力的放电价格标 准，进一步推动车网互动迈入规模化、商业化运营新阶段。车网互动主要指新能源汽车在电网负荷低谷 时段充电储能，在高峰时段或有需要时向电网反向送电，使电动汽车成为移动的分布式储能单元。该技 术应用对增强电网灵活性、促进新能源消纳具有重要意义。 江苏省发展改革委近日推出支持车网互动规模化建设相关电价政策，参与试点的公共及居民车网互动设 施均可开展反向放电，执行具有经济吸引力的放电价格。以2025年8月国网江苏电力代理购电工商业用 户电价为例，尖峰时段放电价格可达每度电1. ...

Overall Market - The report provides an in-depth analysis of the domestic and international wholesale sales of passenger vehicles, focusing on narrow and broad definitions of passenger cars [1][4] - In July 2025, the production and sales figures for narrow passenger cars were 2,255,670 units produced and 2,243,361 units wholesaled, with retail sales reaching 1,843,625 units [6][10] - Year-on-year growth for narrow passenger cars in July 2025 was 13.4% for production, 14.1% for wholesale, and 7.3% for retail [6][10] Model Category Segmentation - The market share changes for various model categories, including sedans, MPVs, and SUVs, are analyzed, showing different growth rates and sales figures for July 2025 [4][15] - In July 2025, sedans accounted for 841,663 units sold, with a year-on-year growth of 6.5%, while SUVs had sales of 910,767 units, growing by 7.8% [6][15] Country Segmentation - The report details market share changes by country, highlighting the performance of different vehicle categories across various national markets [3][22] - For July 2025, the Japanese brands showed a year-on-year growth of 6.1% in retail sales, while German brands experienced a decline of 12.6% [23][24] Brand Positioning Segmentation - The analysis includes market share changes among different brand categories, with luxury brands like BMW and Audi showing significant performance metrics [4][29] - In July 2025, luxury brands accounted for 13.2% of the total market, with a year-on-year growth of 25.3% in cumulative retail sales [29][31] Price Positioning Segmentation - The report categorizes the market based on price segments, distinguishing between vehicles priced at or above 300,000 yuan and those below [4][35] - In July 2025, vehicles priced below 300,000 yuan represented 89.3% of total sales, while those priced at or above 300,000 yuan accounted for 10.7% [35][37]

在上述十家企业中，与上年同期相比，广汽传祺和上汽大通销量呈不同程度下降，其他企业销量均呈不同程度增 长。 智通财经APP获悉，据中国汽车工业协会统计分析，1-7月，销量排名前十位的MPV生产企业共销售52.1万辆，占 MPV销售总量的77.9%。 ...

据中国汽车工业协会统计 分析， 1-7 月，销量排名前十位的 MPV 生产企业共销售 52.1 万辆，占 MPV 销 售总量的 77.9% 。 在上述十 家 企业中， 与上年同期相比，广汽传祺和上汽大通销量呈不同程度下降，其他企业销量均呈不 同程度增长 。 来源： 中汽协会行业信息部 ...

Core Insights - The second-hand car market in China showed a trading volume of 1.66 million units in July 2025, with a month-on-month increase of 0.2% and a year-on-year increase of 3.2% [1][4] - The total transaction amount for July reached 106.01 billion yuan, while the cumulative trading volume from January to July was 11.23 million units, reflecting a year-on-year growth of 2.17% [1][4] Market Performance - The average transaction price for second-hand cars in July was 63,800 yuan, down 700 yuan from the previous month and 1,300 yuan from the same month last year, indicating a continued downward trend in prices, although the rate of decline has narrowed [4] - The proportion of nearly new cars (under 3 years old) reached 26%, an increase of 1 percentage point compared to the same period last year, indicating improved supply of high-quality vehicles [4] - The average inventory turnover period extended to 45 days, indicating a slowdown in inventory turnover and increased capital occupation costs for dealers [4] Market Trends - The current trend in the automotive market is towards reduced new car price cuts and promotional efforts, which is expected to positively impact the second-hand car market by stabilizing consumer price expectations and stimulating demand [5] - The penetration rate of second-hand new energy vehicles surpassed 10% for the first time, becoming a significant variable in reshaping the market landscape [5] Vehicle Type Analysis - In July, basic passenger cars traded amounted to 924,100 units, with a month-on-month increase of 0.15% and a year-on-year increase of 0.5% [8] - The SUV segment saw 217,400 units traded, with a month-on-month increase of 0.57% and a year-on-year increase of 0.03% [8] - Commercial vehicles also showed positive performance, with 96,000 buses traded (up 7.87% year-on-year) and 147,000 trucks (up 10.62% year-on-year) [9] Regional Performance - The East China region experienced a decline in trading volume, with a total of 464,400 units, down 1.59% month-on-month [15] - The Northeast region stood out with a significant growth of 10.39%, trading 139,400 units in July [17] - The North China region saw a 2% increase in trading volume, totaling 260,100 units, with notable growth in Hebei and Shanxi provinces [16] Cross-Regional Flow - The second-hand car transfer rate reached 30.41%, an increase of 0.9 percentage points from the previous month and 1.4 percentage points year-on-year, with a total of 505,100 vehicles transferred [21]

Core Insights - The automotive sales of GAC Group showed a significant decline in July, with total sales dropping by 15.4% year-on-year to 119,482 units, and cumulative sales for the first seven months down by 12.9% to 874,782 units [4] Group Summaries GAC Honda - GAC Honda's July sales were 28,039 units, a decrease of 34.99% year-on-year, with cumulative sales for the year at 193,301 units, down 15.15% [1] - The decline is attributed to shrinking demand for fuel vehicles and inventory adjustments, with July sales dropping to 16,033 units, a sharp decline of 51.81% [1] GAC Toyota - GAC Toyota reported July sales of 57,903 units, an increase of 12.74% year-on-year, making it the only segment with positive growth [2] - Cumulative sales reached 406,815 units, reflecting a growth of 4.04% compared to the previous year [2] GAC Trumpchi - GAC Trumpchi's sales in July were 23,414 units, down 28.94% year-on-year, with cumulative sales at 176,537 units, a decline of 22.08% [1][2] - The brand's performance continues to struggle, with a year-on-year decrease of 6.66% in July sales [1] GAC Aion - GAC Aion's July sales were 18,849 units, a decrease of 35.51% year-on-year, with cumulative sales for the year at 151,851 units, down 10.40% [1] - The decline is attributed to intensified competition in the A-class electric vehicle market and adjustments in pricing strategies [2] New Energy Vehicles - GAC Group's new energy vehicle sales in July were 31,485 units, a slight decrease of 9.76% year-on-year, with cumulative sales at 218,617 units, nearly flat with a decrease of 0.08% [1][2] - The new energy segment accounted for 28.0% of total passenger vehicle sales, with Aion contributing approximately 70% of new energy sales, although its growth rate lagged behind the industry average [2] Vehicle Categories - In July, sedan sales plummeted by 43.5% to 30,300 units, while MPV sales fell by 26.8% to 17,200 units [3] - Conversely, SUV sales increased by 12.1% to 71,700 units, driven by strong demand for models like the Toyota Highlander and Trumpchi GS8 [3] Overall Production and Sales - GAC Group produced 128,490 vehicles in July, a decrease of 18.06% year-on-year, with total production for the first seven months at 930,155 units, down 8.48% [1][4] - The overall automotive market is facing challenges, with significant declines in various segments impacting total sales figures [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 | | | | 產 | 量（輛） | | | | | 銷 | 量（輛） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 單 位 | | | 月度同比 | | | 累計同比 | | | 月度同比 | | | 累計同比 | | | 本月數 | 去年同期 | 增減 | 本年累計 | 去年累計 | 增減 | 本月數 | 去年同期 | 增減 | 本年累計 | 去年累計 | 增減 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 廣汽傳祺汽車 有限公司 | 23,414 | 32,949 | -28.94% | 176,537 | 226,552 | -22.08% | 24,079 | 25,797 | -6.66% | 170,366 | 2 ...

广州汽车集团股份有限公司 2025 年 7 月汽车产量为 128,490 辆，同比下降 18.06%，本年累计产量为 930,155 辆，同比下降 8.48%； 7 月汽车销量为 119,482 辆，同比下降 15.38%，本年累计销量为 874,782 辆，同比下降 12.89%。各主要投资企业产销数据如下： | 单 位 | | 去年 | 产 月度 | 量（辆） 本年 | 去年 | 累计 | | 去年 | 销 月度 | 量（辆） 本年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | | | | | | 本月数 | | | | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车有限 公司 | 28,039 | 43,133 | -34.99% | 193,301 | 227,824 | -15.15% | 16,033 | 33,270 | -51.81% | 170 ...

Core Insights - The report highlights the significant performance of the A-share market driven by passive investment and leveraged funds, with the total margin financing and securities lending balance exceeding 1.99 trillion as of August 4, 2025, marking a historical high since 2024 [5][8][6] - The automotive sector, particularly the company North Car Blue Valley (600733.SH), has launched a "Three-Year Leap Plan" aimed at enhancing profitability through sales growth, structural optimization, cost control, and expanding its profit ecosystem [4][16] - The company reported a 151% year-on-year increase in revenue for Q1 2025, with a gross margin improvement of 4.1 percentage points, and a reduction in net loss by 60 million [4][16] Industry Overview - The automotive industry is focusing on high-end market penetration, with North Car Blue Valley collaborating with Huawei to enhance its brand image and product offerings, particularly in the high-end vehicle segment [18][17] - The report indicates a notable increase in sales for the "Extreme Fox" brand due to comprehensive adjustments in product positioning, marketing strategies, and channel expansion [17] - The "Enjoy" brand, under the Huawei partnership, aims to redefine high-end sedans with innovative features and improved range, which is expected to boost sales significantly [18] Market Dynamics - The report discusses the microstructure of the market, emphasizing the importance of early trading concentration and the dynamics between institutional and retail investors [9][10][12] - It notes that the market's profitability effect has increased retail participation, contrasting with the trend of rising institutional ownership since 2017 [6][8] - The report tracks high-frequency factors, indicating strong performance in various trading strategies, with notable returns from specific factors such as the high-dimensional memory factor yielding 29.3% since 2023 [14]