Express News | The Passenger Car Association predicts that narrow-definition passenger car retail sales in July will be around 1.73 million, with a year-on-year and month-on-month decrease of about 2%.
Cui Dongshu: In the first half of the year, imports of autos decreased by 4% year-on-year to 0.332 million units.
Cui Dongshu, Secretary-General of the China Association of Automobile Manufacturers, stated that the import volume of cars to China has continued to decrease at an average annual rate of about 8% since 2017, with only 0.8 million units expected to be imported by 2023.
China: Consumer goods in the Mainland could lead to GDP growth by 0.3 percentage points, or increase household appliance sales by 15%
China's Ministry of Finance issued a notice on “Certain Measures to Support Large-Scale Equipment Upgrades and Replacement of Consumer Goods” by the National Development Reform Commission and the Ministry of Finance. Proposed the coordination of around RMB 300 billion (below) in ultra-long term special government debt financing, and strongly supported large-scale equipment upgrades and the replacement of old consumer goods. This indicates a further decline in positive fiscal policy, which the Bank expects could drag down GDP growth by around 0.3 percentage points.
Hang Seng Index rose 28 points in half a day, with electronic related stocks being popular. Eastbuy fell 21%.
The US economy grew better than expected in Q1. The Dow rose more than 500 points the night before (25th) and closed up 81 points or 0.2%. Hong Kong stocks rebounded with the external market in the morning, and the Hang Seng Index opened high with 74 points, rose 224 points in the initial stage, saw 17,229 points and then fell back. It had previously fallen as much as 80 points to 16,924 points and then rose 28 points or 0.17% in the morning and reported 17,033 points. The national index fell 4 points or 0.1%, reported 6,012. The Hang Seng Technology Index rose 22 points or 0.7%, reported 3,443. The total turnover of the market in half a day was 60.193 billion yuan. The net inflow of Shanghai, Shenzhen and Hong Kong Stock Connect transactions was 2.42 billion and 14.88 billion respectively.
"Dahang" of Daiwa: Raising the standards for scrapping and upgrading subsidies for automobiles on the mainland should boost fourth-quarter sales, but may also cause concerns about sales in 2025.
Morgan Stanley's research report pointed out that the mainland has raised the subsidy standard for scrapping and updating automobiles. Individuals who scrap the National III and below emission standard fuel passenger vehicles or new energy passenger vehicles registered before a specified date and purchase new energy passenger vehicles or passenger cars with a displacement of 2 liters or less included in the "Catalog of New Energy Vehicles Eligible for Exemption from Vehicle Purchase Tax" will receive a subsidy of 0.02 million yuan for purchasing new energy passenger vehicles and 0.015 million yuan for purchasing passenger cars with a displacement of 2 liters or less. Morgan Stanley believes that the upgraded replacement incentive program has implemented the government's commitment to stimulating automobile demand, but it also exposes domestic consumption.
Intraday quick overview: The gains of the three major indexes have narrowed, golden industrial concepts have strengthened, and Chinagoldintl has risen nearly 5%.
Hang Seng Index rose 0.4%, Science Index rose 0.42%, and National Index rose 0.29%; Commercial vehicle and home appliances stocks joined forces to rise, Sinotruk rose by more than 11%, and Haier Smarthome rose by nearly 5%; Famous anchor Dong Yuhui left the company, East Buy fell by more than 19%.