2025 年 12 月 07 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 曹操出行发布 [Table_Title] Robotaxi 战略目标，2025 年前 11 个月汽车以旧换新超 1120 万辆 ——汽车行业周报 最近一年走势 | 行业相对表现 | | 2025/12/05 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汽车 | -2.0% | -1.2% | 17.4% | | 沪深 300 | -0.9% | 2.8% | 16.9% | 相关报告 《汽车行业周报：阿维塔递交港股 IPO 申请，"蔚 小理"相继披露三季度财报（推荐）*汽车*戴畅》 ——2025-12-01 《汽车行业周报：广州车展开幕，小鹏 X9 增程版/ 享界 S9 新款上市，华为举办乾崑大会（推荐）* 汽车*戴畅》——2025-11-24 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 年底多家车企发布购车 ...

Core Viewpoint - The proposal by former President Trump to terminate strict fuel economy standards set by the Biden administration poses a significant challenge to Europe's aggressive policies on banning fuel vehicles, highlighting a shift in the automotive industry's dynamics towards a more sustainable and diversified future led by China's oil-electric hybrid strategy [1][9]. Group 1: Policy Changes and Impacts - Trump's proposal aims to reduce the average cost of purchasing new cars by $1,000, potentially saving Americans $109 billion over five years [3]. - The new fuel efficiency standard proposed by Trump's administration requires vehicles to achieve approximately 34 miles per gallon by 2031, compared to Biden's target of 50 miles per gallon [2]. Group 2: Industry Dynamics - The automotive industry's core profits are derived from fuel vehicles, and the transition to electric vehicles represents a significant restructuring of interests, with traditional automakers facing survival pressures due to lost profits from engine manufacturing and after-sales services [4]. - The shift in stance among U.S. automakers from supporting electric vehicle initiatives to opposing stringent regulations reflects the industry's struggle with profit erosion amid changing policies [4]. Group 3: European Market Challenges - European automakers are under severe pressure from the EU's legislation to ban fuel vehicles by 2035, which is seen as overly ambitious and detrimental to businesses [5]. - The EU's "Fit for 55" plan aims for a 55% reduction in new car carbon emissions by 2030, with a complete transition to zero emissions by 2035, but this has led to some companies planning to abandon engine development altogether [5]. Group 4: Global Automotive Trends - The trend of oil-electric hybrid strategies is gaining traction globally, with Asian automakers, particularly Chinese brands like BYD, Geely, and Chery, significantly increasing their market share [7][8]. - The global automotive market remains predominantly fuel-based, with 73% of vehicles still using fuel, indicating that a rapid transition to electric vehicles is unlikely in the short term [8]. Group 5: China's Strategic Position - China's oil-electric hybrid strategy is viewed as a successful model, with the recent release of the 3.0 roadmap emphasizing the continued importance of internal combustion engines alongside electric vehicles [10]. - By 2040, it is projected that 85% of new passenger vehicles in China will be electric, with a significant market still remaining for non-pure electric models, positioning Chinese automakers as key players in the global automotive technology landscape [10].

2025年11月份，我国新能源重卡销量再创新高，整体销量达到2.4万辆，同比大涨 176%。 新能源牵引车表现如何？增速会不会"跑"得更快？销量能否同步创造新高？ 答案是肯定的。请看第一商用车网带来的新能源牵引车市场观察。 11月新能源牵引车新增1.98万辆，同比大涨185% 截止到11月份，2025年新能源牵引车累计销量超过百辆的省级行政区已有29个，超1000 辆的省级行政区达到23个，超2000辆的省级行政区都有19个，上海、山西、河北、四川、 山东、河南、新疆等7省（市、自治区）累计销量已超过6000辆，广东、湖南、广西、江 西和云南等省（市、自治区）累计销量也超3500辆（如上图）。 解放/徐工超3000辆争冠， 重汽/联合重卡"上位" 根据重型货车营运证入网数据统计，2025年11月份，有12家企业新能源牵引车销量超过 100辆，其中10家企业销量超过400辆，8家企业销量超过600辆，销量破千的企业达到7 家（与上月持平）。排名前两位的解放和徐工双双突破3000辆，解放以3313辆斩获11月 份新能源牵引车月榜销冠，徐工销售3236辆紧随其后排名月榜第二位；三一排名月榜第3 位，销售2878辆； ...

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 ...

在合肥派河港铁路物流基地等待装车出口的新能源汽车。 新华社图 从量变到质变 2025年前三季度，安徽以240.44万辆位居全国汽车产量第一。预计2025年全年，安徽将登顶"全国汽车 产量第一大省" 从单点到生态 安徽已集聚奇瑞汽车、蔚来、江淮汽车、合肥比亚迪、大众安徽等7家整车企业，初步形成合肥、芜 湖"双核"和多个汽车零部件特色产业集群，涵盖汽车全产业链 从产品到价值 从奇瑞预告将在未来建立26个海外研发中心，到国轩高科加大投入布局海外建厂、蔚来在欧洲换电网络 布局，安徽的出海模式正由"产品输出"向"能力输出"转型 11月12日，在安徽芜湖港码头，300多辆奇瑞汽车缓缓驶入集装箱，这些新车将以"江海联运"的模式从 上海"出海"，最终抵达遥远的比利时。这一日常作业场景背后，是一次历史性的突破：据合肥海关统 计，安徽省汽车年出口量首次突破100万辆大关。 1997年，奇瑞汽车在芜湖城北的荒地上诞生。1999年5月，奇瑞首台轿车"风云"成功下线，旗云、QQ等 热销车型相继登场。 11月下旬，在安徽肥西的江淮汽车工厂，自动化产线精准运转，身着深蓝色工装的技术人员穿梭其间， 电子屏上实时跳动着"当日完成129台"的数 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2025-052 安徽江淮汽车集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 12 月 5 日（星期五）至 12 月 11 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jqgf@jac.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 安徽江淮汽车集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年前三季度经营成果、财务状况，公司计划于 2025 年 12 月 12 日 （星期 五）下午 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题 进行交流。 一、 说明会类型 ...

Core Viewpoint - The new energy heavy truck market experienced significant growth in November 2025, with a record monthly sales of 24,000 units, reflecting a year-on-year increase of 176% and a month-on-month increase of 40% [5][26]. Market Performance - In the "Golden September and Silver October" of 2025, the new energy heavy truck market saw year-on-year increases of 252% and 153% respectively, with September achieving the highest monthly sales record [1][2]. - November 2025 marked a new monthly sales record with 24,000 new energy heavy trucks added, representing a month-on-month increase of nearly 7,000 units [6][5]. - The average monthly sales from January to November 2025 approached 15,000 units, with continuous high sales maintained since March [6]. Regional Sales Distribution - In November 2025, all 31 provincial-level administrative regions in China reported new energy heavy truck sales, with 16 regions adding over 500 units [8]. - Shanghai and Shanxi led the sales, each adding over 2,000 units in November [8][10]. Company Performance - In November 2025, the top four companies in new energy heavy truck sales all exceeded 3,000 units, with XCMG leading at 3,963 units, followed by SANY, Jiefang, and Heavy Truck [12][14]. - The majority of leading companies experienced significant year-on-year growth, with XCMG, Heavy Truck, and others achieving increases above the market average of 176% [16]. Cumulative Sales Data - From January to November 2025, cumulative sales reached 161,000 units, a year-on-year increase of 189% [19]. - The top six companies, including XCMG, SANY, and Jiefang, each surpassed 10,000 units in cumulative sales, with XCMG leading at 26,200 units [20][22]. Market Share Insights - The market share of the top five companies exceeded 10%, with XCMG at 16.27%, SANY at 15.63%, and Jiefang at 15.14% [24]. - The competition among companies remains tight, with small differences in market share among the top players [24]. Conclusion - The new energy heavy truck market in 2025 has consistently shown explosive growth, with record-breaking sales and strong performances from leading companies, indicating a robust market outlook for the remainder of the year [26].

Core Viewpoint - The article highlights the recognition of the Jianghuai Han Tu PHEV as the "2025 Annual Recommended Thousand-Torque Electric Hybrid Pickup," emphasizing its product quality and innovative features in the commercial vehicle sector [1][16]. Group 1: Event Overview - The "2025 Annual Selection" event was organized by the First Commercial Vehicle Network, Truck Space Station, and Pickup Space Station to evaluate the technological innovation and market performance of domestic commercial vehicle companies [3]. - The event aims to discover outstanding products in the commercial vehicle industry and promote sustainable development within the sector [3]. Group 2: Product Features - The Han Tu PHEV features a torque of 1000 Nm and a range of 1000 km, marking the beginning of the Pickup 2.0 era [4]. - The vehicle is designed to meet diverse user needs, including urban commuting, outdoor off-roading, and camping, addressing the pain points of high fuel consumption in traditional pickups and range anxiety in electric vehicles [5][6]. - The Han Tu PHEV is powered by Jianghuai's H-Power hybrid architecture, combining a 2.0 TGDI hybrid engine, a 4DHT hybrid transmission, and dual electric motors, achieving over 520 horsepower and a peak torque of 1000 Nm, a first for its class [9]. Group 3: Efficiency and Cost-Effectiveness - The vehicle is equipped with a 31.2 kWh lithium iron phosphate battery, offering a pure electric range of 100 km and a combined range of 1000 km when fully charged [11]. - It boasts a fuel consumption of only 1.6 liters per 100 km, significantly reducing operational costs compared to traditional fuel pickups [13][15]. Group 4: Off-Road and Utility Capabilities - The Han Tu PHEV features a robust chassis with independent front suspension and a non-independent rear suspension, enhancing off-road capability with a minimum ground clearance of 205 mm [13]. - It includes a dual-motor four-wheel-drive system for precise torque distribution and can tackle a maximum gradient of 100%, improving its performance in various terrains [13]. Group 5: Additional Features and Safety - The vehicle offers a standard 3.3 kW external power supply, expandable to 15 kW, catering to various outdoor power needs [15]. - It is equipped with an L2-level driver assistance system, including adaptive cruise control and lane-keeping features, enhancing safety and reducing driver fatigue [15].

继成都车展上市后，江淮悍途PHEV这一全球首款扭矩破千的电混皮卡最近又重磅登陆了 2025广州车展。这一次，江淮悍途PHEV让车友们看到了新能源皮卡更广阔的边界，以及 更多的无限可能。 款千扭电混皮卡"就是悍途PHEV的定位，旨在以颠覆性的技术实力，满足不同用户对"强劲 动力、超低能耗、全场景适应、可靠安全"的核心诉求。 江淮皮卡颠覆性的技术实力源自哪里？ 悍途PHEV由江汽集团自主研发的H-Power悍行超级电混架构打造，这是一个专为新能源 皮卡打造的技术平台，其核心在于通过"2.0TGDI混动专用发动机+4DHT混动变速箱+P2.5 前桥电机+P4后桥独立电机"的黄金组合，构建以电为主、智能驱动的动力系统。值得一提 的是，上述"黄金组合"中的P2.5前桥电机采用行业首创解耦设计，集启动、发电、驱动三 大功能于一体，可与前后电机及发动机解耦运行，实现动力源的灵活组合与高效匹配； 4DHT混动专用变速箱则通过4挡调节，精准控制发动机转速，使其始终维持在最高效区 间。 架构与性能的双重赋能，重塑皮卡价值标杆 作为江淮皮卡旗下首款插电式混动车型，悍途PHEV系统综合扭矩达到1000牛米，不仅是 江淮皮卡中扭矩储备 ...

证券之星消息，12月1日商用车板块较上一交易日上涨1.24%，宇通客车领涨。当日上证指数报收于3914.01，上涨0.65%。深证成指报收于 13146.72，上涨1.25%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600066 | 宇通客车 | 32.00 | 2.86% | 16.38万 | 5.18亿 | | 600418 | 江淮汽车 | 49.86 | 1.76% | 40.37万 | 20.03亿 | | 600166 | 福田汽车 | 2.80 | 1.08% | 109.42万 | 3.06亿 | | 000957 | 中通客车 | 10.97 | 0.83% | 11.87万 | 1.30亿 | | 000951 | 中国重汽 | 16.81 | 0.66% | 12.73万 | 2.13亿 | | 600006 | 东风股份 | 7.46 | 0.40% | 16.35万 | 1.22亿 | | 000868 | 安凯客车 | 5.18 | ...