14家国内车企前三季度财报梳理：入账2万亿，净利率仅为1.76%。 车东西12月4日消息，截至今天，国内已有14家主要车企发布了2025年第三季度财务报告。 在2025年第三季度财务报告基础上，车东西整合了各家车企今年前三个季度的业绩表现，进行逐一梳理后发现：这14家国内车企今年前三季度营收规模总 和达到2.07万亿元，归母净利润总和为364亿元，简单计算一下，这14家车企净利率仅为1.76%。 各大国内车企前三季度表现差距明显，分化加剧。 传统车企阵营，8家传统车企前三季度净利润总和超过471亿元。 其中，比亚迪赚走6成净利润，凭借233亿元的归母净利润领跑，吉利净利润超过131亿元，长城、上汽各自净利润均超过80亿元，接近比亚迪1/3，而广汽 集团、江淮汽车、北汽蓝谷仍在亏损，最狠暴跌3691%。 同期新势力阵营，6家新势力车企前三季度净亏107亿元。其中，仅赛力斯、理想、零跑前三季度实现盈利，赛力斯凭借53亿元的归母净利润领先。 今年前三季度，小米智能电动汽车及AI等创新业务经营亏损为1亿元，小鹏亏掉15亿元，蔚来亏损加剧达到156.93亿元，汽车行业呈现出冰火两重天的局 面。 14大车企前三季度财报交 ...

Core Viewpoint - The 2025 Global Intelligent Machinery and Electronic Products Expo (AIE) is held in a groundbreaking "dual-city" model in Macau and Zhuhai, showcasing over 1,000 enterprises across a total exhibition area of 70,000 square meters, highlighting the significance of the intelligent machinery and electronics industry as a key driver of future economic development [1][3]. Group 1: Industry Context - The global technological revolution and industrial transformation are reshaping competitive landscapes, with the intelligent machinery and electronics sector being a core engine for future development [1]. - China is the largest manufacturing country and consumer market for the intelligent machinery and electronics industry, with Guangdong province being a hub for consumer electronics, smart home appliances, high-end equipment, and new energy vehicles [1]. - Guangdong produces 40% of the world's smartphones, 70% of consumer-grade drones, one-third of industrial robots, one-quarter of new energy vehicles, and one-fifth of integrated circuits [1]. Group 2: Exhibition Significance - The AIE aims to fill the gap of a major international exhibition platform in China, which lacks a globally influential large-scale exhibition despite being the largest manufacturing base and consumer market for electronics and home appliances [2]. - The success of international exhibitions like CES and IFA is attributed to the strong industrial foundation and historical advantages of Western countries, which have established these events as key platforms for defining industry futures and accelerating technological evolution [2]. Group 3: AIE's Unique Model - The AIE's "dual-city" model enhances its functionality, with the Macau venue focusing on trade connections and international exchanges, while the Zhuhai venue emphasizes manufacturing implementation and application scenarios [3]. - This design aligns with AIE's positioning as a "technology barometer, global meeting place, and industry accelerator," serving as a hub for supply chain communication and rapid marketization of technologies [3]. Group 4: Future Prospects - The establishment of a world-class exhibition brand like AIE requires long-term industrial accumulation, market cultivation, and brand building, which China is now poised to achieve [4]. - AIE is positioned to leverage the strong momentum of the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to become a globally influential professional platform that leads technological trends [4].

广汽集团将旗下昊铂、传祺、埃安三大自主品牌的跨年购置税补贴延续至2025年年底，明确以"2026年2 月14日前完成开票交付"为时限，补贴金额最高1.5万元。 据中国证券报记者不完全统计，截至12月初，选择"自掏腰包"为年内锁单消费者补贴购置税的车企已近 20家，除前述鸿蒙智行与广汽集团外，还包括奇瑞汽车、极氪、蔚来、理想汽车、广汽丰田等。 事实上，除补贴购置税外，从11月至今，车企围绕降低购车门槛和提升附加值，已展开多维度竞争，与 购置税政策形成互补。特斯拉的动作颇具代表性，11月份，针对Model 3下单用户，提车后购买合作车 险可享8000元尾款抵扣，12月更加码赠送基础保养1次。奔驰则同步推出金融方案，主力车型支持48期 低息贷款，首付比例最低为10%，降低购车资金压力。 此外，现金优惠与置换补贴同样亮眼。比亚迪11月底起针对宋PLUS DM-i推出"置换补贴5000元+限时现 金优惠3000元"活动；广汽埃安12月将AION Y系列入门价降至11.98万元，叠加地方补贴后性价比突 出。 ● 龚梦泽 熊永红 2025年12月的车市，正被"促销热"包围。12月4日，深蓝汽车一纸购置税兜底政策打响了年末车 ...

广汽的制造、宁德时代的电池、京东的服务，三方联盟正将"用户导向"从口号变为可感知的消费信心。 12月1日，一场特殊的"用户全开麦"恳谈会让京东、广汽、宁德时代三家企业的项目负责人坐在一起，直面用户的尖锐提问。从"宣传图有天窗，实车为什么 没有"的质疑，到租电方案里程限制的担忧，再到开票地域限制的困惑，用户的问题直接而具体。 这场恳谈会没有变成简单的答疑解惑，而是三方合作模式进入深度磨合期后的一次集中展示。更为重要的是，这一次的恳谈会，直接体现出了三方都在积极 面对用户，持续为提升用户的体验而出力。 在本次合作中，京东、广汽、宁德时代三大巨头跨界联盟，以C2M（用户直连制造）模式对汽车产业价值链进行了一次外科手术式重构。 京东以其覆盖超3000家门店的线下网络与数亿用户的数据洞察能力，扮演"超级供应链组局者"，精准定义需求并压缩渠道成本；广汽依托其智能制造体系， 担当整车品质与安全的"压舱石"；宁德时代则以其"巧克力换电"技术及"只换不修"的承诺，构建起解决续航与电池衰减焦虑的"技术护城河"。 三者分工明确，风险共担，共同为消费者编织了一张名为 "三倍保障" 的信心之网。这一模式的竞争力，在于其同时祭出了 "高 ...

中国企业集团正在加速"走出去"，广汽集团也不例外。在全球化布局过程中，财务公司所发挥的作用更 加举足轻重。 当前中国汽车产业正处于转型升级、迈向高质量发展的关键期。作为企业的金融机构，财务公司为集团 的战略发展发挥了重要的支撑作用。 与商业银行相比，财务公司的金融服务有哪些不同？在集团"走出去"过程中，财务公司又扮演怎样的角 色呢？近期，记者调研走访了广汽集团财务公司，详细了解财务公司对集团发展的价值贡献。 支持困难企业"渡难关" "好企业在银行贷款容易，困难企业在银行贷款会很难。相比而言，财务公司更懂产业，更了解企业现 实情况，可以在企业困难时给予一定授信支持，帮助企业顺利渡过难关。"广汽集团财务公司总经理吴 泽云表示。 据他介绍，银行授信看重的是企业财务报表，而财务公司能够根据企业的未来发展方向、存量客户情 况、经营思路等方面对企业进行多维度的评估。"有些银行不贷的企业，财务公司是能够给予贷款支持 的。" 吴泽云表示，财务公司是离实体产业最近的金融机构，在信贷投放上能够更精准发力。"十四五"期间 （截至2025年9月末），财务公司累计发放库存融资超2000亿元，积极落实国家"保链、稳链、强链"战 略，推出 ...

Core Insights - The report maintains a bullish outlook on the automotive industry, emphasizing the synergy between policies, exports, and smart technology, which is reshaping the market landscape [1][2]. Group 1: Industry Growth Logic - The automotive industry is projected to see a total sales volume of over 34 million units in 2025, with a year-on-year growth rate of approximately 8% [8]. - In the first ten months of 2025, cumulative sales reached 27.65 million units, reflecting a year-on-year increase of 12.29% [8][7]. - The penetration rate of new energy vehicles (NEVs) reached 46.70% in the same period, with cumulative sales of 12.91 million units, up 32.42% year-on-year [21][4]. - The export growth rate for NEVs was significantly higher at 87.57%, compared to domestic demand growth of 25.71% [21][4]. Group 2: Export Dynamics - In the first ten months of 2025, China's automotive exports reached 5.58 million units, marking a year-on-year increase of 15.05%, with exports accounting for 20.19% of total sales [11][10]. - The top ten exporting companies included Chery and BYD, with Chery exporting 1.063 million units, a 12.9% increase, and BYD's exports surging by 140% to 789,000 units [11][10]. Group 3: Domestic Demand - Domestic sales in the first ten months of 2025 totaled 22.06 million units, reflecting an 11.61% year-on-year increase [15][14]. - The "trade-in" policy has been enhanced to stimulate domestic demand, expanding the scope of vehicle scrappage and increasing subsidy standards [15][14]. Group 4: Self-owned Brands - The market share of domestic brands in passenger vehicles rose to 69.48% in the first ten months of 2025, up from 38.43% in 2022, with a growth rate of 21.31% [19][18]. - The overall growth rate for passenger vehicles was 12.80%, indicating a strong performance from domestic brands [19][18]. Group 5: Smart Technology and Parts - The smart driving market in China is expected to approach 450 billion yuan by 2025, with the penetration rate of L2-level assisted driving exceeding 50% [33][31]. - The report highlights the acceleration of domestic parts replacement, driven by supportive national policies and expanding market scales, particularly in the NEV sector [38][34]. - The synergy between smart connected vehicles and humanoid robots is noted, with both industries sharing over 50% of supply chain resources, which could significantly reduce production costs for robots [41][39]. Group 6: Investment Recommendations - Recommended companies in the complete vehicle sector include BAIC Blue Valley, GAC Group, and Great Wall Motors [47]. - In the parts sector, companies such as Bertley, Yinlun, and Longsheng Technology are highlighted as potential investment opportunities [47]. - For small-cap stocks, Baihehua is suggested as a promising investment [47].

对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增多。交银国际表示，4季度 集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波 动。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 金吾财讯 | 汽车股普遍下滑，广汽集团(02238)跌3.86%，理想汽车-W(02015)跌3.37%，蔚来-SW(09866) 跌2.41%，北京汽车(01958)跌2.34%，小鹏汽车-W(09868)跌2.25%，零跑汽车(09863)跌1.23%，赛力斯 (09927)跌1.12%。 ...

每经AI快讯，12月4日，港股汽车股集体走低，广汽集团跌超4%，理想汽车跌超3%，蔚来、小鹏汽车 跌近3%。 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant disparities in market valuations between A-shares and H-shares [1][2] - Northeast Electric (00042) leads with a premium rate of 900.00%, while CATL (03750) shows a negative premium rate of -4.93%, suggesting potential investment opportunities and risks [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 900.00% and a deviation value of 34.85% [1] - Hongye Futures (03678) with a premium of 272.56% and a deviation value of 8.87% [1] - Zhejiang Shibao (01057) with a premium of 261.81% and a deviation value of 5.38% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750) with a premium of -4.93% and a deviation value of 6.10% [1] - China Merchants Bank (03968) with a premium of -1.58% and a deviation value of -1.24% [1] - Heng Rui Medicine (01276) with a premium of 0.64% and a deviation value of -2.66% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are: - Guanghetong (00638) with a deviation value of 36.62% [1] - Northeast Electric (00042) with a deviation value of 34.85% [1] - Beijing Machinery (00187) with a deviation value of 27.48% [1] - The bottom three stocks with the lowest deviation values are: - GAC Group (02238) with a deviation value of -20.57% [1] - Jiangsu Ninghu Highway (00177) with a deviation value of -13.89% [1] - Shenzhen Expressway (00548) with a deviation value of -12.04% [1]

本文源自：金融界AI电报 港股汽车股集体走低，广汽集团跌超4%，理想汽车跌超3%，蔚来、小鹏汽车跌近3%。 ...