智通财经10月13日讯（记者 徐昊）10月13日，乘联分会发布数据显示，9月全国乘用车市场零售224.1万辆，同 比增长6.3%，环比增长11.0%。今年以来累计零售1,700.5万辆，同比增长9.2%，再破历史峰值。 智通财经记者统计14家A/H股上市车企在9月销量表现表明，11家车企当月销量实现同比增长，占比为78.6%。 其中，新能源汽车成为销量增长的主要动力，上述14家主流车企新能源合计销量突破132万辆。另据乘联分会 数据显示，9月新能源车在国内总体乘用车的零售渗透率57.8%，较去年同期提升5个百分点，自主品牌中新能 源车渗透率更是达到78.1%。 | | | | | 部分A/H整车上市公司2025年9月销量(单位:辆) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上市车企 | 9月 | 同比 | 环比 | 9月新能源 | 同比 | 新能源占比 | 2025年累计 | 同比 | | 上汽集团 | 439.777 | 40.39% | 21.03% | 189.498 | 46.54% | 43.09% | ...

Core Insights - The passenger car market in China showed strong performance in September 2025, with record highs in retail, export, wholesale, and production, particularly in the new energy vehicle (NEV) sector [1][2][5] Retail Performance - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [2][4] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [2][4] - The retail penetration rate of NEVs in September was 57.8%, with a notable increase in the share of domestic brands [12][14] Export Trends - In September, the total export of passenger cars was 528,000 units, marking a year-on-year increase of 20.7% [5][15] - NEVs accounted for 40.1% of total exports, with a significant year-on-year increase of 15 percentage points [5][15] - The export of domestic brands reached 463,000 units, a year-on-year growth of 27% [5][15] Production Insights - Passenger car production in September was 2.838 million units, a year-on-year increase of 17.2% [5][6] - Cumulative production from January to September reached 20.78 million units, reflecting a 13.9% year-on-year growth [5][6] Wholesale Data - In September, wholesale sales of passenger cars reached 2.803 million units, a year-on-year increase of 12.4% [6][12] - The wholesale penetration rate of NEVs was 53.5%, with domestic brands leading at 68.3% [12][15] New Energy Vehicle (NEV) Performance - NEV production in September reached 1.501 million units, a year-on-year increase of 22.9% [8][9] - NEV wholesale sales were 1.500 million units, reflecting a year-on-year growth of 22.4% [9][12] - The cumulative retail of NEVs from January to September was 8.866 million units, a growth of 24.4% [9][12] Brand Performance - In September, domestic brands achieved retail sales of 1.5 million units, a year-on-year increase of 13% [4][17] - The market share of domestic brands in the retail sector reached 66.9%, up 3.6 percentage points year-on-year [4][17] - New energy brands like BYD, Geely, and Chery showed strong performance in both retail and wholesale segments [16][17] Market Dynamics - The market is transitioning towards a more stable environment with reduced price wars and moderate promotional activities [3][4] - The competitive landscape is evolving, with emerging brands gaining market share and traditional brands adapting to new trends [16][17]

电力设备及新能源周报 20251012 电力设备与新能源板块：本周下跌 2.52%，涨跌幅排名第 29，弱于上证指数。本周核 电指数涨幅最大，锂电池指数跌幅最大。核电指数上涨 9.82%，风力发电指数上涨 2.26%，储能指数上涨 0.35%，新能源汽车指数下跌 0.24%，工控自动化下跌 0.66%， 太阳能指数下跌 3.33%，锂电池指数下跌 5.95%。 9 月新势力销量公布，两部门针对价格无序竞争再发声 2025 年 10 月 12 日 ➢ 新能源车：9 月新势力销量公布，零跑汽车连续蝉联新势力交付量冠军 2025 年 9 月，多个造车新势力和传统车企交付数据表现强劲，推动新能源汽车市场 持续增长。零跑汽车继续领跑新势力销量，月销量连续突破新高，9 月交付 66,657 辆， 1-9 月交付超 39 万辆。小米汽车也实现显著增长，9 月交付超 40,000 辆，环比增长 33.3%。小鹏汽车 9 月交付 41,581 辆，单月交付量再创历史新高。此外，比亚迪依然 保持市场领先地位，9 月交付 396,270 辆，1-9 月累计交付超 326 万辆。整体来看， 各大车企交付量呈现增长态势。 ➢ 新能源发 ...

证券研究报告|行业定期报告 2025 年 10 月 12 日 汽车行业周报 减免车辆购置税技术要求有调整，多家新势力月销新高 中游制造/汽车 10 月 5 日至 10 月 11 日，汽车行业整体下跌 1.5%。本周，工业和信息化部、财 政部、税务总局等三部门近日联合公告 2026-2027 年减免车辆购置税新能源汽 车产品技术要求，明确纯电动乘用车、插电式（含增程式）混合动力乘用车有 关技术要求调整等情况。9 月新势力销量亮眼，零跑汽车月交付突破 6 万辆，交 付量刷新行业纪录；小鹏单月交付量达到 4.2 台，同比增长 95%，环比增长 10%； 小米交付超过 4 万台，创下历史新高；理想交付 3.4 辆，环比增长 19%，但同 比下滑约 36%。 ❑ 市场板块行情回顾 本周 CS 汽车-1.5%。本周（10 月 5 日至 10 月 11 日，下同）上证 A 指涨跌 幅为+0.4%，深证 A 指涨跌幅为-0.5%，创业板涨跌幅为-3.9%。本周各行业 板块多数上涨，涨幅居前的行业板块为 CS 有色金属（+4.3%）、CS 煤炭 （+4.3%）和 CS 钢铁（+3.7%），跌幅居前的行业板块为 CS 传媒（-3 ...

以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、智能汽车、LED照明与显示、机器人、新材料等。 倒计时38天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 传统"金九银十"销售旺季来临，各汽车厂商季度末冲量力度加强。从GGII跟踪统计的13个汽车品牌9月新能源车销量数据来看，环比增速均为正增 长。其中，零跑突破单月销售6万、小米单月销量破4万辆，小鹏、蔚来等品牌刷新历史销量新高。 | | | | 2025年9月新能源车销量&交付量排名 | | | | | --- | --- | --- | --- | -- ...

10月伊始，多家新能源汽车企业公布9月销量成绩，前三季度"战报"也随之揭晓。据经济观察报不完全统计，在12家新造车企业中，10家在"金九"实现销量 增长。1—9月，11家企业均实现增长，呈现良好发展态势。 然而，从年度目标完成率来看，新势力车企的形势却并不乐观，仅两家企业超过75%的标准线，9家企业目标完成率均低于50%。这意味着，第四季度诸多 新造车企业达标压力巨大。 记者 周菊 相比之下，在公布了新能源销量目标的传统车企中，达标情况相对乐观，有三家完成率达70%以上，有望达成年度销量目标。 | 排名 | 车企/品牌 | 1-9月销量 (万辆) | | --- | --- | --- | | T | 零跑汽车 | 39.6 | | 2 | 鸿蒙智行 | 34.4 | | 3 | 小鹏汽车 | 31.3 | | 6 | 理想汽车 | 29.7 | | 5 | 小米汽车 | 25.0 | | 7 | 深蓝汽车 | 23.2 | | イ | 蔚来汽车 | 20.1 | | 8 | 极氪汽车 | 14.4 | | g | 岚图汽车 | 9.7 | | 11 | 极狐汽车 | 9.2 | | 10 | 阿维塔 | 9 ...

完整早报音频，请点击标题下方小耳机收听 【知情人士：宗馥莉已辞去娃哈 哈集团董事长、法人代表等 职务】 宗馥莉在"十一"假期前已经辞任娃哈哈集团董事长兼总经理职位，此事已经通过股东 会和董事会。致电一名接近娃哈哈集团大股东——杭州市上城区文商旅集团的人士，对方表示目前不方便透露，后续可以关注集团公告。娃哈哈方面证 实，宗馥莉已于 9 月 12 日向娃哈哈集团有限公司辞去公司法人代表、董事及董事长等相关职务并已通过集团股东会和董事会的相关程序。一名消息人士 表示，宗馥莉此次辞职，是因为商标使用"不合规"，宗馥莉决定经营自己的品牌"娃小宗"。（财新） 【被传接受调查的娃哈哈核心成员严学峰已正常上班】 10 月 10 日，自两处信源独家获悉，娃哈哈集团的核心成员严学峰，已于 10 月 5 日被解除立案 审查，目前已经回到宏胜集团正常上班。就此记者向娃哈哈官方求证，暂未得到回应。 10 月 2 日，财新网报道称，严学峰因涉嫌违纪，被杭州市上城区 纪律检查委员会立案审查，立案通知书已经发送给娃哈哈集团党委。值得一提的是，严学峰名下关联近百家娃哈哈企业，包括高碑店娃哈哈启力饮料有限 公司、杭州娃哈哈宏振投资有限公司等。合 ...

Group 1 - The sales completion rates of various new energy vehicle manufacturers in the first three quarters of 2025 show significant disparities, indicating differing levels of success among companies [1][3] - Xiaopeng Motors leads with a completion rate of 89.5%, achieving cumulative sales of 313,000 units, exceeding its annual target of 350,000 units due to its strategic focus on product differentiation and advancements in smart driving [1][3] - Leap Motor follows with a completion rate of 79.1%, having sold 396,000 units, and is expected to meet its annual target of 500,000 units [1][3] Group 2 - Xiaomi ranks third with a completion rate of 71.4% and cumulative sales exceeding 250,000 units, but faces challenges in production capacity and supply chain management [3] - NIO's completion rate is only 45.7%, with cumulative sales falling short of expectations, despite the positive market response to its new models [3][5] - Other brands like Li Auto and Zeekr also show low completion rates, indicating challenges such as long product iteration cycles and heightened market competition [3][5] Group 3 - BYD has sold over 3.26 million units in the first nine months of 2025, achieving a completion rate of approximately 70.87%, and is expected to see further sales growth in the fourth quarter [5][7] - The upcoming peak sales period in the fourth quarter is critical for companies to meet their annual targets, with established players like BYD and Geely likely to exert pressure on new entrants [5][7] - The focus of competition is shifting from sales volume to comprehensive capabilities, technological strength, and global positioning, emphasizing the need for long-term strategies over short-term gains [9]

Core Insights - The new energy vehicle market in China is experiencing a mixed performance, with Leap Motor achieving significant growth while Li Auto faces challenges in meeting its delivery targets [1][9][12]. Group 1: Leap Motor Performance - Leap Motor delivered 66,700 vehicles in September, marking a year-on-year increase of over 97%, setting a new monthly sales record for new energy vehicle startups in China [1][3]. - For the first nine months of 2025, Leap Motor's total deliveries reached 395,500 units, representing a year-on-year growth of 128.8% [4]. - The company celebrated the production of its one-millionth vehicle in September 2025, highlighting its rapid growth trajectory [4]. Group 2: Li Auto Challenges - Li Auto's September deliveries were 34,000 units, a year-on-year decline of 36.8%, placing it sixth among new energy vehicle startups [11]. - Cumulatively, Li Auto delivered 297,100 vehicles in the first nine months of 2025, down 13.07% year-on-year, and only achieved 46.42% of its revised annual target of 640,000 units [12][14]. - The company has adjusted its sales target from an initial 700,000 units to 640,000 units for 2025, indicating difficulties in meeting market expectations [14]. Group 3: Other Competitors - NIO reported a 64% increase in September deliveries, totaling 34,700 vehicles, with cumulative deliveries reaching 872,800 units [8]. - Xpeng Motors delivered 41,600 vehicles in September, achieving a year-on-year growth of approximately 95%, with a total of 313,200 units delivered in the first nine months of 2025, up about 218% [7]. - Hongmeng Zhixing delivered 52,900 vehicles in September, with a total of over 950,000 units delivered, and reported a record high of over 110,000 new car orders in September [6].

Domestic News - During the National Day and Mid-Autumn Festival holiday, the average daily sales revenue of consumption-related industries in China increased by 4.5% year-on-year, with goods and service consumption growing by 3.9% and 7.6% respectively [5] - From October 1 to 3, the charging volume on highways in China increased by 51.33% year-on-year, reaching 43.81 million kilowatt-hours, which is 2.54 times the average daily charging volume [6] - Hainan Province announced the suspension of the 2025 automobile replacement subsidy policy starting from October 6, 2025, affecting new car purchases after this date [7] - Wenzhou, Zhejiang Province, will also suspend the automobile replacement subsidy policy starting from October 10, 2025 [8] - Geely Auto plans to implement a share repurchase program with a maximum amount of HKD 2.3 billion, aiming to optimize capital structure and enhance earnings per share [9] - BYD has commenced electric vehicle sales in Argentina, taking advantage of the country's removal of import tariffs on electric and hybrid vehicles [10] - Leap Motor will launch its sales in Brazil in November, starting with the B10 and C10 models [11] - Three Hongqi ceremonial vehicles have been exported to the UAE for diplomatic receptions, marking a significant milestone for the brand in the Middle East [12] International News - In India, passenger car retail sales increased by 5.8% year-on-year in September, driven by GST incentives and promotional schemes from manufacturers [13] - Toyota plans to launch pure electric vehicles equipped with all-solid-state batteries between 2027 and 2028, in collaboration with Sumitomo Metal Mining [14] - Mercedes-Benz is developing an advanced mobile charging vehicle, currently in the experimental stage, which features multiple charging interfaces and aims to explore the limits of charging technology [15] - Tesla has introduced budget versions of the Model 3 and Model Y, priced at $36,990 and $39,990 respectively, targeting a broader consumer base [16] Commercial Vehicles - BYD has established its first electric bus battery after-sales service center in the UK, marking a commitment to the UK market [18] - BAIC Foton's first CKD pickup model has successfully rolled off the production line in South Africa, showcasing the company's localization efforts [19] - MG has launched a new commercial vehicle brand at the BusWorld Brussels, focusing on high-end electric commercial vehicles [20] - Suzhou King Long showcased three new electric buses at the BusWorld, emphasizing the transition from manufacturing to intelligent and high-end solutions [21]