According to the Zhitong Finance APP, Minsheng Securities released a research report stating that while the U.S. light vehicle market continued its upward trend in July, price increases, narrowing discounts, and tariff pressures have led to a gradual slowdown in growth. The recent symposium on the photovoltaic industry once again emphasized &#34;anti-involution.&#34; From the recent component bidding situation, prices are generally showing a warming trend, and with the continuous advancement of supply-side related measures, profitability in the photovoltaic sector is expected to see further marginal improvement. In July, the total electricity consumption in society reached a new high, surpassing 1 trillion kilowatt-hours for the first time. Recommended stocks to watch include: CATL (300750.SZ), KDL (002850.SZ), Daikin Heavy Industries (002487.SZ), Haili Wind Power (301155.SZ), and Deye Co., Ltd. (605117.SH).
<h2>Key points from Minsheng Securities are as follows:</h2>
U.S. light vehicle market continues upward trend
In July 2025, while the U.S. light vehicle market continued its upward trend, price increases, narrowing discounts, and tariff pressures have led to a gradual slowdown in growth. The average price of new cars in July was $45,063, an increase of nearly $1,000 year-on-year, with discounts narrowing to 6.1%. Light vehicle inventory reached 2.19 million units, a year-on-year increase of 28%. In brand competition, Toyota led with a 21.9% increase, while Hyundai-Kia and Ford also saw growth, and Honda had a slight increase. Luxury brands showed varied performance, with electric vehicles accounting for over 10% for the first time, reaching 10.9%, and SUVs and pickups maintaining their dominant position. Overall, the car market is short-term reliant on high-priced models and SUV demand, and multiple pressures may lead to a slowdown in growth in the second half of the year, with the enthusiasm for electric vehicles possibly cooling as policies expire.
Photovoltaic industry symposium emphasizes &#34;anti-involution&#34;
On August 19, the Ministry of Industry and Information Technology, the Ministry of Civil Affairs, the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission, the State Administration for Market Regulation, and the National Energy Administration jointly held a symposium on the photovoltaic industry. The meeting emphasized the following four key points: 1) Strengthening industrial regulation; 2) Curbing low-price disorderly competition; 3) Regulating product quality; 4) Supporting industry self-discipline. Compared to previous meetings, this one had a higher specification, involving more relevant departments in addition to the Ministry of Industry and Information Technology and associations, and included participation from the State-owned Assets Supervision and Administration Commission and power companies. The participation of downstream owners may eliminate previous market confusion regarding whether components can be priced reasonably. From the recent component bidding situation, prices are generally showing a warming trend, and with the continuous advancement of supply-side related measures, profitability in the photovoltaic sector is expected to see further marginal improvement.
Electricity consumption surpasses 1 trillion kilowatt-hours for the first time
From January to July, total electricity consumption in society reached 58,633 billion kilowatt-hours, a year-on-year increase of 4.5%, of which industrial power generation above designated size was 54,703 billion kilowatt-hours. In terms of electricity consumption by industry, the first industry consumed 84.7 billion kilowatt-hours, a year-on-year increase of 10.8%; the second industry consumed 37,403 billion kilowatt-hours, a year-on-year increase of 2.8%; the third industry consumed 11,251 billion kilowatt-hours, a year-on-year increase of 7.8%; and urban and rural residents' electricity consumption was 9,132 billion kilowatt-hours, a year-on-year increase of 7.6%.
Risk warning: Policy not meeting expectations, intensified industry competition leading to unexpected price declines, etc

159863

300750

002850

Minsheng Securities released a research report stating that the photovoltaic industry symposium emphasized "anti-involution." Recently, the bidding prices for components have warmed up, and supply-side measures continue to advance, which is expected to lead to marginal improvements in profitability for the photovoltaic sector. Meanwhile, although the U.S. light vehicle market continued to rise in July, growth has slowed due to rising prices and tariff pressures. It is recommended to pay attention to companies such as CATL and KDL

Minsheng Securities: Anti-involution escalates, profitability in the photovoltaic sector is expected to see marginal improvement