一、 订单呈环比下滑趋势 自 10 月中下旬起，订单开始下滑。剔除 10 月底的短期抢购订单后，11 月市场形势进一 步小幅走弱 —— 这一方面因国家补贴额度耗尽，另一方面消费者进入 "观望模式"。 尽管多家车企宣布，若消费者订单无法在 2025 年内交付，将为部分车型承担额外购置 税，但消费者似乎仍在等待国家补贴，因此该举措的积极影响有限。 目前整个市场的新车发布阶段已结束，2025 年剩余时间内预计无更多需求催化剂。 上周各品牌订单情况如下： 比亚迪周订单不足 7 万辆； 吉利银河品牌周订单不足 3 万辆； 零跑汽车周订单超 1 万辆，主要受 Lafa 5 车型上市推动，若剔除该新车因素，其周订单 同样呈环比下滑趋势； ...

#总结 ：36g+18h续航+标配蔡司镜片1699起售+毫秒级响应速度 愿景：希望理想同学一直在身边，不仅在车上；没有理想汽车的人也能得到这种陪伴。哪种东西能够持续陪伴——眼镜，智能体验的最佳载体 1）控车：打开车门、前后备箱、打开空调、充电哦，不用掏出手机，打开应用，点击按钮，启动。之前7-8秒，现在一句话 2）墨镜：蔡司紫外线隔离率；外形好看；看到最好的HUD，专门做了适配，不影响faceid，还有光致变色镜片 3）livis头枕音箱：互不干扰，所有车屏的音源，后排睡觉、看电视不影响。音质：双磁炉扬声器，效果很好，理想车里的空间音频算法也装进去了 4）续航：连续听7个小时；充电：一个口都没有，无线充电，充电宝眼镜盒，和座椅门板一样舒适，充电盒可以放在车上的无线充电板上充电 5）链接：这辆车和AI眼镜，就像iPhone和AirPods一样的关系，带着眼镜，车上立马出现眼镜配对卡片，电机，无需任何输入，和车机相互认识，融为一 体。后续和车机还有很多升级空间。共享车机麦克风 9）芯片：恒玄2800，杭州极微电子ISP芯片 12）AI：快、自然、准，真正的AI交互，理想同学智能座舱很快，livis更快，0.8秒对 ...

1-11月出口约5.3万辆，其中11月出口约9千辆。海外库存极低，10月底仅1300-1400辆。同时，海外订单大幅增长，10月订单海外订单12000台，11月预计超 15000台，明年销量15-20万辆确定性进一步增长。欧洲单车碳积分收入3-4k欧，进而夯实明年利润确定性！ 展望未来 新车规划1）Lafa5预计11月27日国内上市，2026年第二季度推向全球；2）D19预计26H1；3）A10预计26H1；4）D系列及A系列各将有一款新车明年上市，指 引25年销量超60万辆，利润5-10亿；26年销量100万辆，利润50亿 往 期推荐 主机厂电芯采购：兼顾性能和成本 零跑11月销量70,327辆，同比增长75.1%，环比增长0.1%，销量再创历史新高，其中出口近9k，预期12月有望进一步加速。累计交付来看，零跑汽车1-11月累 计销量53.6万辆，同比增长113.4%，已提前完成今年50万辆销量目标！ 海外表现持续向好 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时 ...

Sales Performance - Total sales in November reached 133,000 units, representing a year-on-year increase of 4.6% [1] - Sales of new energy vehicles amounted to 40,000 units, with a year-on-year growth of 11.4% [1] - Sales of vehicles priced above 200,000 yuan reached 41,000 units, showing a significant year-on-year increase of 31.6% [1] - Overseas sales hit 57,000 units, marking a year-on-year growth of 32.7%, setting a new record [1] - Cumulative sales from January to November reached 1.2 million units, reflecting a year-on-year increase of 9.3% [1] New Models - The pre-sale performance of the Ora 5 in November was strong, while the Tank 400 had a delivery volume of approximately 6,000 units [2] - The Ora 5 and the Blue Mountain Intelligent Advanced Edition are expected to officially launch in December [2] - The company has over 10 (potentially 15) new models planned for 2026, with continuous launches scheduled from Q2 to Q4 of 2026 [2] Inventory and Market Strategy - Inventory levels in both domestic and overseas markets are at 1.6 to 1.7 months, which is considered low in overseas markets [3] - The sales target for 2026 aims for a 20% growth, focusing on the EU, Central Asia, and markets like Indonesia and Malaysia, where current sales are low or non-existent [3]

Group 1 - The company achieved a total sales volume of 310,000 units in November, representing a year-on-year increase of 24.1% and a month-on-month increase of 1.1% [1] - By brand, sales for Geely, Lynk & Co, and Zeekr were 247,000, 35,000, and 29,000 units respectively, with year-on-year changes of +76.3%, +7.3%, and +6.8% [1] - New energy vehicle (NEV) sales reached 188,000 units in November, a year-on-year increase of 53.4% and accounting for 60.5% of total sales, up 11.5 percentage points year-on-year [1] Group 2 - The company exported 42,000 units in November, marking a year-on-year increase of 22.2% [1] - The cumulative sales from January to November 2025 reached 2.788 million units, a year-on-year increase of 41.8% [1] - The strong new car cycle is expected to continue driving profitability in the NEV segment, with Zeekr and Lynk & Co focusing on high-end brand development [2] Group 3 - New models such as the Galaxy A7, M9, and Xingyao 6 have been launched, with accelerated deliveries expected in Q4 [2] - The high-end Lynk & Co 900 continues to see deliveries, while Zeekr 9X has accumulated over 40,000 orders, indicating strong demand [2] - The combination of scale enhancement and structural optimization is anticipated to improve profitability for Zeekr [2]

长城11月交付新车4.0万辆，同环比+11.4%/-13.1%。 理想汽车11月交付新车3.3万辆，同环比-31.9%/+4.5%； 鸿蒙智行11月交付新车8.2万辆，同环比+89.6%/+20.0%； 比亚迪11月交付新车48.0万辆，同环比-5.2%/+8.7%； 埃安11月交付新车3.6万辆，同环比-14.2%/+34.3%； 零跑11月交付新车7.0万辆，同环比+75.0%/+0.1%； 蔚来11月交付新车3.6万辆，同环比+76.3%/-10.2%； 极氪11月交付新车2.9万辆，同环比+6.8%/+34.6%； 小鹏11月交付新车3.7万辆，同环比+18.9%/-12.6%； 小米11月交付新车超4.0万辆； 智己11月交付新车1.4万辆，同环比+35.7%/+3.2%； 岚图11月交付新车2.0万辆，同环比+84.3%/+16.2%； 吉利11月交付新车18.8万辆，同环比+53.4%/+5.6%。 深蓝11月交付新车3.3万辆，同环比-8.2%/-10.1%。 加入社群 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 期推荐 往 CATL ：储能市场增长高于动力 添加半仙微信，备注"进 ...

Delivery Volume - Xiaopeng Motors achieved the highest delivery volume in Q3 2025, reaching 116,007 units, a year-on-year increase of 149.3% [2] - Li Auto delivered 93,211 units, but this represents a decrease of 39.0% year-on-year [2] - NIO delivered 87,701 units, marking a year-on-year increase of 40.8% [2] Revenue and Gross Margin - Li Auto led in total revenue with 273.65 billion RMB, although this is a decrease of 36.2% compared to the same period in 2024 [3] - Xiaopeng Motors reported the highest gross margin at 20.1%, an increase of 4.8 percentage points from 15.3% in 2024 [3] - Li Auto's gross margin was 16.3%, impacted by the estimated costs related to the Li MEGA recall; excluding this, the Q3 gross margin would be 20.4% [3] - NIO's gross margin reached 13.9%, the highest level in the past three years [3] Expense Spending - R&D expenses were highest for Li Auto at 29.74 billion RMB, a year-on-year increase of 15.0% due to new model projects and technology-related costs [4] - NIO and Xiaopeng had similar R&D expenses of 23.91 billion RMB and 24.29 billion RMB, respectively, with NIO's R&D expenses decreasing quarter-on-quarter due to organizational optimization [4] - NIO's SG&A expenses were the highest at 41.85 billion RMB, a 5.5% increase from the previous quarter, primarily due to increased sales and marketing activities related to new product launches [4] Net Profit - All three companies reported net losses in Q3 2025, with NIO's loss being the largest at 34.80 billion RMB [5] - Li Auto reported a net loss of 6.24 billion RMB [5] - Xiaopeng Motors had a net loss of 3.81 billion RMB [5] Long-term Strategic Outlook - NIO's long-term strategy focuses on accelerating growth and multi-brand synergy, with a strong emphasis on operational efficiency and positive cash flow [6] - Li Auto emphasizes product innovation, technological leadership, and sustainable growth, with confidence in achieving long-term strategic goals [7] - Xiaopeng Motors aims to become a global embodied intelligence company, focusing on the commercialization of AI and building a robust product technology ecosystem [8]

一、电池 A公司：12月排产预期77.5GWh，环比增长3%； B公司：12月排产预期27.5GWh，环比增长2%； C公司：12月排产预期12.1GWh，环比持平； D公司：12月排产预期0.9GWh，环比持平； E公司：12月排产预期12.2GWh，环比持平。 F公司：12月排产预期13.2GWh，环比增长2%。 二、正极 A公司：12月排产预期1.525万吨，环比增长1%； B公司：12月排产预期1.25万吨，环比持平； C公司：12月排产预期0.82万吨，环比持平； D公司：12月排产预期11万吨，环比持平； E公司：12月排产预期1.23万吨，环比下降2%。 F公司：12月排产预期2.9万吨，环比持平。 三、负极 A公司：12月排产预期1.4万吨，环比持平； B公司：12月排产预期5.3万吨，环比持平； C公司：12月排产预期5.4万吨，环比持平； D公司：12月排产预期3.3万吨，环比持平。 四、隔膜 A公司：12月排产预期10.8亿平，环比增长4%； B公司：12月排产预期4.3亿平，环比下降2%； C公司：12月排产预期4.7亿平，环比增长4%。 五、电解液 A公司：12月排产预期7.55万吨 ...

一、报告核心观点 二、技术架构迭代分析 2. 中国玩家技术路径对比 技术路径：从无图方案转向端到端+VLA（视觉语言行动模型），强调用户体验（如语音控车、系统推理过程可视化）。 2024年9月推送VLA模型，训练分三阶段：基座预训练、动作微调（模仿学习）、强化学习优化。 2、元戎启行（第三方供应商）： 聚焦VLA路线，核心优势在于"思维链推理能力"，解决传统端到端黑盒问题，集成知识库提升泛化能力。 4、地平线机器人 & 莫门塔： 务实路线，侧重"端到端+强化学习"，兼顾客户算力配置多样性（如地平线硬件交付超千万片）。 莫门塔覆盖160多款车型，合作方包括合资、国企及民营企业。 三、商业模式变革：无人车（Robotaxi）业务提速 趋势：2026年基于量产车的Robotaxi业务将成为重点，渐进式路线（特斯拉、小鹏）优于跨越式路线（Waymo、文远知行）。 四、未来趋势与行业方向 1. 技术主旋律： AI智驾进入2.0阶段：以2024年"端到端范式"确立为1.0标志，当前行业基于模型能力提升和多样化数据训练，正迈向能自主应对极端场景的"智能涌现"阶 段。 2026年成为关键节点：技术架构、硬件迭代和无人车（Ro ...

Group 1: BYD's Dominance Strategy - BYD has established a closed-loop capability across the entire industry chain, with over 75% self-manufacturing rate for key components, showcasing resilience during supply chain disruptions [1] - The DM-i super hybrid technology revolutionizes traditional hybrid vehicles by prioritizing electric drive, achieving pure electric range of 120-240 km [1] - BYD covers a wide price range from 70,000 to 300,000 CNY, with plans for over 550,000 overseas sales by 2025, marking a 225% year-on-year growth in the European market [1] Group 2: Comparison with Leap Motor - BYD employs a heavy asset integration model with a production capacity utilization rate of 78%, while Leap Motor adopts a light asset model, significantly reducing production costs [2] - Leap Motor's gross margin of 18% surpasses BYD's 15%, benefiting from a direct sales model and lower sales expense ratio [2] - BYD's high-end technology investments are substantial, but the high costs are primarily absorbed by premium models [3] Group 3: Leap Motor's Global Strategy - Leap Motor's localized strategy in Europe and Southeast Asia has led to significant sales growth, with a 3421.5% increase in nine European countries projected for 2025 [5] - The company plans to establish local production facilities in Spain and Malaysia to avoid tariffs and enhance local supply chain efficiency [5] - Leap Motor faces challenges such as quality control issues due to reliance on contract manufacturing and lower R&D investment compared to competitors [5] Group 4: Future Competitive Landscape - The industry is shifting from a focus on scale to precision efficiency, with BYD's vertical integration becoming a potential burden in stable markets [6] - Leap Motor's strategy of "light assets + heavy experience" could disrupt established players if it successfully localizes production and captures market share in Southeast Asia [6] - Leap Motor aims to replicate BYD's growth trajectory by launching global models and achieving significant market penetration by 2026 [6]