新华财经上海12月9日电（李一帆）12月8日，中国汽车流通协会乘用车市场信息联席分会（以下简 称"乘联分会"）发布11月国内乘用车市场零售数据。数据显示，11月全国乘用车零售量为222.5万辆， 同比下降8.1%，环比小幅回落1.1%。今年1-11月累计零售2148.3万辆，同比增长6.1%。 从今年各阶段的走势来看，市场增速呈现一定的波动特征，整体呈现"前高后稳、四季度承压"的节奏。 这种变化与去年同期基数较高有关，也反映出当前市场逐步回归常态增长。 从降价车型数量看，11月官方宣布降价的车型为19款，较去年同期有所减少。其中，传统燃油车与混动 车型的降价数量略有下降，而插电混动与增程式车型的降价数量则同比增加。一个显著的变化是，纯电 动车型的降价车型数量较同期大幅减少了10款，也反映出纯电市场整体表现较好。 乘联分会秘书长崔东树表示，影响今年车市增速变化的一个重要因素是以旧换新补贴政策。"以旧换 新"对前期车市增长起到了明显的支撑作用，截至10月22日，2025年汽车以旧换新补贴申请量已突破千 万辆。随着各地补贴陆续结束或暂停，政策拉动效应相应减弱，11月日均补贴规模已降至3万辆左右， 对整体增速的调节作 ...

Core Insights - The domestic passenger car retail market in China experienced a decline in November, with retail volume at 2.225 million units, down 8.1% year-on-year and a slight decrease of 1.1% month-on-month. Cumulatively, from January to November, retail sales reached 21.483 million units, reflecting a year-on-year growth of 6.1% [1] - The market dynamics show a pattern of "high at the beginning, stable later, and pressure in the fourth quarter," influenced by high base figures from the previous year and a gradual return to normal growth [1] - The "old-for-new" subsidy policy significantly supported market growth earlier in the year, but its impact is diminishing as subsidies are phased out, leading to a decrease in daily subsidy applications [1] Passenger Car Market Performance - In November, the wholesale sales of new energy vehicles (NEVs) saw 22 manufacturers surpassing 10,000 units, contributing 94.2% to total NEV sales, indicating a concentration in the market [2] - Major domestic brands like BYD, Geely, and Chery led the sales, with respective volumes of 475,000, 188,000, and 112,000 units [2] - The "second-generation" new energy brands are gaining momentum, with their market share reaching 14.65%, up 1.1 percentage points year-on-year [2] Export Trends - November marked a record high for passenger car exports at 601,000 units, a significant year-on-year increase of 52.4%. Domestic brands accounted for 525,000 units of this total [3] - Cumulatively, from January to November, exports of domestic brand NEVs reached 1.78 million units, a staggering increase of 139% year-on-year, with NEVs making up 40.6% of total exports [3] - The structure of NEV exports is improving, with the share of plug-in hybrid vehicles rising from 26% to 42% year-on-year [3] Promotional Activities and Market Dynamics - The anticipated year-end "tail effect" in the market did not materialize, although promotional activities remain strong, particularly for traditional fuel vehicles and NEVs [4] - In November, the average promotional discount for traditional fuel vehicles was stable at 24%, while NEVs saw an increase in promotional intensity, averaging 10.1% [4] - The average price reduction for new NEVs from January to November was 24,000 yuan, equating to 11.7% of the vehicle price [4] Inventory and Market Outlook - Due to weak retail performance in November, overall industry inventory increased by 60,000 units, contrasting sharply with a decrease of 220,000 units in the same month last year [5] - The inventory warning index for automotive dealers rose to 55.6%, indicating a decline in industry prosperity [5] - Looking ahead, the expiration of the NEV purchase tax exemption is expected to boost December sales but may create pressure for 2026, potentially leading to a "micro-growth" phase in the domestic market [6] Future Projections - Analysts predict that total passenger car wholesale sales will grow by approximately 2.9% in 2026, with NEVs expected to drive this growth with a projected increase of 19% [7] - The competitive landscape is set to intensify with 173 new models expected to launch, over 90% of which will be NEVs or offer NEV options [7] - The domestic market may enter a deep adjustment phase in 2026, with globalization becoming a critical factor for future automotive company trajectories [7]

11月分析:年初判断的国内零售增速呈现"前低中高后平"的走势已成定局。"双新政策"起到了稳定车市 和调节增长幅度的作用。下半年价格"反内卷"有效地得到了遏制。今年的插混车在国内外两个市场出现 极大反差，即国内放慢增速、出口加速增长。11月，新能源乘用车在国内零售渗透率已达59.4%，其在 自主品牌中的新能源车渗透率达79.6%；其在豪华车中的新能源车渗透率达38.8%。11月，乘用车出口 (含整车与CKD)呈现同环比双增长态势。 | 单位:辆 | | | | | | | --- | --- | --- | --- | --- | --- | | NO• | 自 厂商 | 2025.11 | 环比 | 同比 | 份额 | | 1 | 比亚迪汽车 | 474,921 | 8.7% | -5.8% | 15.8% | | 2 | 吉利汽车 | 310,428 | 1.1% | 24.1% % | 10.4% | | 3 | 奇瑞汽车 | 262,475 | -3.1% | -3.6% | 8.8% | | 4 | 长安汽车 | 179,650 | -0.8% | -4.5% | 6.0% | | 5 | 汽大众 | ...

点 击 蓝 字 关 注 我 们 本文全文共603 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新销量数据统计，2025年11月份国内狭义乘用车市场 零售 销量达222.5万辆，同比下降8.1%，环比下降1.1%；1-11月份累计销量2148.3万辆，同比增长6.1%。 | 11月销量 | | 1-11月累计销量 | | --- | --- | --- | | 222.5万辆 | | 2148.3万辆 | | 同比 8.1% | | 同比16.1% | | 环比 J 1.1% | | | | 各车型大类 | | | | 11月销量 | | 1-11月累计销量 | | #4 | 100.7万辆 | 983.1万辆 | | 同比↓ 10.0% 环比↓ 1.5% | | 同比↑5.3% | | MPV | 8.6万辆 | 95.3万辆 | | 同比↓ 16.8% 环比↑ 1.0% | | 同比↑0.1% | | SUV | 113.2万辆 | 1069.9万辆 | | 同比 5.6% 环比 0.9% | | 同比↑7.3% | | NEV | 132.1万辆 | 1147.2万辆 | | 同 ...

Group 1 - The core investment logic revolves around understanding the underlying demand for products, such as Moutai being a social currency in China rather than just a beverage [2][3] - The shift in consumer behavior, with increased spending power among the public, has led to a rise in Moutai consumption during gatherings and business events [3] - Long-term holding of quality assets like Moutai can effectively dilute costs, making it a reliable investment compared to traditional savings [3] Group 2 - The investment in Pinggao Electric was based on recognizing the policy-driven opportunities and the industrial logic related to energy transmission amidst severe pollution issues [6] - The tire mold industry is characterized by consistent demand, as new cars require molds and old ones need replacement, indicating a clear growth potential for companies like Haomai [8] - The investment in China Shenhua and China Mobile during market panic highlighted the importance of focusing on core assets with high dividend yields and low valuations [13] Group 3 - The investment strategy has evolved from relying on luck to a more structured approach based on asset allocation and industry research, emphasizing the importance of investing in understandable and essential companies [16] - Companies with strong management and stable income sources, such as Standard Chartered, are seen as resilient investments due to their diversified revenue streams and consistent dividends [15]

复盘来看，今年国内乘用车市场零售累计增速从1~2月增长1.2%，3~6月增长15%，7~9月增速徘徊在6%左右， 10~11月回落到偏低状态，呈现四季度高基数的减速特征，基本符合乘联分会在今年年初所判断的"前低中高后 平"的走势。 乘联分会认为，今年调节车市增速的重要政策是"以旧换新"。截至10月22日，2025年汽车以旧换新补贴申请量突 破千万辆，前11个月申请量已达1120万辆。随着各地补贴大面积暂停，11月的日均补贴规模降到3万辆，增速调节 效果明显。 新能源车月销1万辆以上车企增至22家 与往年年底车市翘尾走势不同的是，今年11月国内乘用车市场销量同比出现下滑。 12月8日，乘联分会公布的最新数据显示，11月，全国乘用车市场零售销量约222.5万辆，同比下降8.1%，环比下 降1.1%；今年以来累计零售销量约2148.3万辆，同比增长6.1%。 "11月乘用车市场销量环比出现下降，是比较少见的。"乘联分会秘书长崔东树认为，今年上半年，我国乘用车市 场销量实现了13%的较快增长，下半年车市增长需要回到合理、稳定的状态。 图片来源：每经记者 张建 摄 随着众多车企在新能源车路线上"多线并举"策略的实施，1 ...

重磅喜讯！ 东莞又迎来一家百亿企业 谢岗镇比亚迪新能源汽车 关键零部件项目 年产值突破百亿元 成为东莞第19家 年产值破百亿的龙头企业 谢岗镇迎来首家百亿龙头企业 记者从谢岗镇获悉，2025年12月，该镇产业发展迎来里程碑时刻——比亚迪新能源汽车关键零部件项目年产值突破百亿元，不仅成为东莞市第19家年产值 超百亿元的龙头企业，更让谢岗镇跻身全市第11个拥有百亿工业龙头企业的镇街（园区），实现了年产值超百亿元企业"零的突破"。 从2022年首次落子谢岗，到此后的两度加码投资，比亚迪在谢岗构建起计划总投资105亿元、占地约126万平方米的产业布局。这一持续深耕的布局，既彰 显了比亚迪锚定大湾区的战略远见，也印证了东莞市委市政府推动产业立新柱的坚定决心，更见证了谢岗镇紧抓粤港澳大湾区协同发展的时代东风，以战 略区位为依托、以产业升级为引擎，在区域融合发展浪潮中加速崛起的强劲势头与奋进姿态。 1 谢岗镇地处东莞市最东端，坐落于"东莞第一峰"银瓶山脚下，接壤惠州、毗邻深圳，是东莞的"东大门"，辖区总面积达91.04平方千米。凭借"一镇连三 城"的优越区位，广梅汕铁路、莞惠城际、深惠城轨穿城而过，4条高速公路形成"井"字 ...

人民财讯12月9日电，据东莞发布消息，2025年12月，东莞比亚迪（002594）新能源汽车关键零部件项 目(简称"东莞比亚迪")年产值突破百亿元，成为全市第19家产值超百亿的龙头企业。 ...

但在二十多年前，中国汽车工业还深陷"市场换技术"还是"自主创新"的激辩。 当中国新能源汽车和动力电池双双"领航"全球，改写产业格局时，回望当时的争论与抉择，中国汽车产 业的逆袭早已埋下伏笔。 文本节选自《电车之心：中国动力电池传》第一章《从0到1："砸"出一个市场》 【文/杨璐、张从志】 "市场换技术"转向"自主创新" 北京大学的路风教授，是美国哥伦比亚大学的博士，演化经济学、技术创新理论学者理查德·纳尔逊教 授的学生。2003年10月至2004年2月，他受科技部委托，调研并撰写了报告《发展我国自主知识产权汽 车工业的政策选择》。这篇报告最开始在内部印发，后来不知怎么就流传到媒体上，引起轩然大波。二 十年后，路风教授回忆起这篇报告，依旧觉得不可思议。"这个调研对我来讲非常简单，我用的就是从 美国学习的创新理论。我没想到会引起那么大的反响。这个报告引起的热潮持续了一两年，舆论非常 大。科技部也写了报告，这件事就到了高层那里。" 一开始路风教授并不清楚，自己无形中卷入了一场中国工业要不要自主创新的辩论之中。新能源汽车和 动力电池的从无到有，某种意义上就是从这场关于发展道路的辩论开始的。 辩论一方的观点是"市场换技 ...

方程豹钛7在11月卖了2万4千台，其实大家都很想知道，火爆的背后，究竟影响到哪些品牌。所以今天找了5位销售聊聊，看看实际情况究竟怎么样。 我们店是省会城市店，全市一共5家店，11月份店内共交车120台，其中钛7就占了70台。但因为现车不足，待交订单缺口仍然有十几台。 本月目前每天客流10批左右，每天订单有2-3台，周末可以翻倍。 这台车的用户画像直接用这几天的客户来举例吧。一句话总结就是：高质量客群，素质高、好沟通、下单不墨迹、贷款还容易。这几天办理了几个分期，职 业那一栏都是本地最大的国企央企员工，工作稳定收入也不得了。 钛7对比的车型很多很杂，几乎市面上差不多价格、不同风格的车型都有对比。 这里还是举个例子。 之前有个客户，上市当天就找我下了订单，后来到店里试驾，但是觉得尺寸太大，家人坐后排还有点晕车的感觉，然后又找我退了。 之后去对比了理想L6、领克900、福特锐界和银河M9，每款车又都试驾了一遍，结果发现也没有比钛7更好，再一看价格，还是钛7更香。过了几天又来店里 找我下单，这一进一出，提车时间硬生生延长了几周。 去年腾豹的大佬就曾 透露 过今年方程豹将是下沉的一年，但是当钛7、钛3真正上市的时候，还 ...