瑞银发布研报称，多家车企公布今年11月销量，环比大多持平或下滑。理论上11月属行业旺季，会受 2026年潜在政策退坡前的提前购车效应推动，但市场却显现更多走弱迹象，这加剧了市场对2026年车市 需求前景的担忧。瑞银对行业短期前景愈发谨慎，因市场需求走弱速度超预期，明年风险信号增多。 汽车股尾盘跌幅扩大，截至发稿，小鹏汽车-W(09868)跌4.32%，报75.35港元；长城汽车（601633） (02333)跌2.57%，报14.41港元；北京汽车(01958)跌2.28%，报2.14港元；广汽集团（601238）(02238)跌 2.12%，报4.16港元。 海通国际表示，年末冲刺阶段的格局分化进一步加剧，翘尾效应也明显弱于往年。随著两新政策补贴基 本退出，销量增速趋缓甚至下滑的态势恐难以逆转。车企年终冲刺更考验销量与盈利之间平衡。 ...

Core Viewpoint - The recent launch of the "National Good Car" Aion UT Super by GAC Group, CATL, and JD.com has faced order cancellations due to various customer complaints regarding configuration discrepancies and limitations on mileage and invoicing cities [1][2] Group 1: Customer Complaints - A significant issue raised by customers is the absence of a sunroof, which was initially advertised but later omitted from the final configuration details [1] - Customers expressed dissatisfaction with the battery rental plan, which has a mileage cap of 3,000 kilometers per month, leading to additional charges for exceeding this limit [1] - The invoicing city restriction has prevented customers from claiming local vehicle scrapping subsidies, increasing the overall cost of purchasing the vehicle [2] Group 2: Company Responses and Policies - A user meeting was held on December 1 to address the concerns and propose solutions, with GAC Group's Aion BU apologizing for the sunroof issue due to a content review error [1] - Refund policies were established, allowing customers who paid deposits between November 9 and 23 to receive unconditional refunds, while those who ordered after November 24 have a 48-hour "cooling-off period" [2] - JD.com's automotive marketing head stated efforts are underway to expand the list of invoicing cities to alleviate the subsidy issue [2] Group 3: Industry Context - GAC Group has been struggling with strategic inconsistencies, scattered R&D investments, management instability, and a lag in the transition of joint venture brands to new energy vehicles, leading to a decline in its self-owned brand's profitability [2] - Recent financial data indicates that GAC Group reported a net loss of 4.3 billion yuan in the third quarter of 2025, with a year-to-date sales drop of 11% and a 21% decline in Aion's sales during the same period [2]

Core Viewpoint - The article discusses the issues surrounding the Aion UT Super vehicle, including a content review error regarding the sunroof configuration, misleading rental terms, and invoice issuance limitations, leading to customer dissatisfaction [1][2][3]. Group 1: Content Review Error - Aion's Vice President Yang Long acknowledged that the sunroof configuration was a result of a content review error, which has been quickly rectified and a comprehensive self-inspection has been initiated [1][2]. - Customers reported seeing promotional images of the Aion UT Super with a sunroof, but upon delivery, the vehicle did not have this feature, and it could not be added [2][3]. Group 2: Refund Policy - To respect customer choices, the three parties involved (GAC Group, CATL, and JD.com) have committed to allowing customers who paid a deposit of 5,000 yuan between November 9 and 23 to request a refund before confirming their custom order [3]. - For customers who choose to customize their vehicle after November 24, they can request a refund within 48 hours of confirming their order [4]. Group 3: Battery Rental and Pricing - The Aion UT Super offers two purchasing options: battery rental and full vehicle purchase, with the battery rental price set at 49,900 yuan, and a promotional reduction in monthly rental fees from 499 yuan to 399 yuan if ordered by December 8 [6]. - There are limitations on the rental plan, including a maximum monthly mileage of 3,000 kilometers, with additional charges of 0.2 yuan per kilometer for exceeding this limit [7]. Group 4: Invoice Issuance - Initially, customers could only obtain invoices in Shanghai and Guangzhou, a measure intended to help users benefit from government subsidies without affecting vehicle registration nationwide [8]. - The three parties are working to expand the list of cities where invoices can be issued to accommodate customer requests [11].

针对消费者关于天窗疑问、租赁版里程限制、发票地限制等问题，12月1日，广汽、宁德时代、京东三方共同组织埃安UT super用户恳谈会，逐一回应三大 问题。 针对租电版本的里程限制问题，宁德时代旗下的时代电服副总裁邓旭回应，3000公里的基础里程是基于大量实际用车数据制定的，出发点就是想让大多数家 庭用户"为真正用得上的里程付费"，把用车成本降下来，不用为个性化或者偶发的需求多掏钱，让租比买更划算。 针对有用户提出的"399元家庭包设置3000公里基础里程有时可能不够用"的担心，邓旭介绍，除未用完里程可次月结转的政策外，三方也将于12月推出"50元 享1000公里"的里程增量包服务，进一步丰富用户出行场景的覆盖范围。宁德时代方面在接受北京商报记者采访时也透露："里程增量包每月限购两次，上线 时会有具体使用说明。" 在回答为何不同渠道的配置图片显示不同、车辆是否有天窗时，广汽集团埃安BU副总裁、埃安品牌首席用户官杨龙承认，在埃安社区上介绍三方合作生态 内容时出现了一张"天窗图片"，并表示属内容审核失误，已快速修正并全面自查。"从上市当天开始，在三方各种平台的产品配置表上，用户也非常清晰地 看到，没有天窗配置。"现 ...

Core Viewpoint - GAC Trumpchi's new positioning of the "Wishing" series as a "no range anxiety" electric vehicle lineup aims to address the fundamental concerns of electric vehicle users regarding reliability, charging convenience, and product quality [3][4][20] Product Strategy - The "Wishing" series includes three models: Wishing S7 (mid-size SUV), Wishing M8 (mid-large MPV), and Wishing S9 (mid-large SUV), effectively covering the SUV and MPV markets [5] - GAC Trumpchi has partnered with Huawei to enhance the smart features of Wishing M8 and Wishing S9, positioning them among the industry's top tier in terms of intelligence [5][11] Technical Innovations - The Wishing series addresses range anxiety through advanced technology, achieving a comprehensive range of over 1200 kilometers, with the Wishing M8 featuring a 2.0T ATK engine with a thermal efficiency of 44.14% [6][8] - The flexible energy strategy of "one car, three uses" allows users to switch between pure electric, range-extended, and plug-in hybrid modes, optimizing fuel economy and driving experience [6][8] Quality Assurance - GAC Trumpchi emphasizes product quality through rigorous testing, including wind tunnel tests and extreme condition evaluations, ensuring reliability under various scenarios [8][9] - The self-developed battery technology has maintained a record of over one million vehicles with "zero combustion," enhancing user confidence in safety [9] Resale Value - GAC Trumpchi has ranked first in resale value among domestic brands for three consecutive years, addressing consumer concerns about rapid depreciation in the electric vehicle market [11] - The collaboration with Huawei has further advanced the product evolution from "reliable" to "smart," enhancing user experience with top-tier intelligent features [11] Lifestyle Integration - GAC Trumpchi aims to create a comprehensive ecosystem beyond just vehicles, integrating various lifestyle aspects such as culture, health, and travel into the "Wishing Life Circle" [12][13] - The brand's partnership with the popular show "Wishing Life" reflects its commitment to building emotional connections with users, promoting a philosophy of enjoying life [13][15] Market Performance - As of October this year, GAC Trumpchi's cumulative sales of new energy vehicles have exceeded 150,000 units, indicating a positive market reception [17] - Future plans include launching upgraded models and expanding the product matrix to cater to diverse family structures and usage scenarios [18]

活动现场，三方针对用户关注的问题逐一解答。 对于用户关心的"是否有天窗"的疑问，广汽集团埃安 BU副总裁、埃安品牌首席用户官杨龙表示，这是埃安社区上介绍三方合作生态内容出现的一张"天窗图 片"，是内容审核的失误，在上市发布三天后已发现并立刻修正，并对所有官方内容完成自查，对此深 表歉意。 从上市当天开始，在三方各种平台的产品配置表上，也非常清晰地看到，没有天窗配置。 同时，为了尊重用户的选择，三方承诺对于自11月9号开始至23日支付定金5000元，在确认定制完成 前（确认定制包含用户需要逐一明确颜色、是否租电、发票提示、门店选择等）的用户，均可选择退 款；对于在11月24日（含）后选择立即定制的用户，在确认定制后48小时内均可选择退款。 编辑 ｜ 钉钉 对于租电版本，有的用户担心" 399 元家庭包设置 3000 公里基础里程有时可能不够用"。对此，时 代电服副总裁邓旭表示： 3000 公里的基础里程是基于大量实际用车数据制定的，出发点就是想让大 多数家庭用户"为真正用得上的里程付费"，把用车成本实实在在降下来，不用为个性化或者偶发的需 求多掏钱，让租比买更划算。关于更多的需求，除了未用完里程可次月结转的政策 ...

北京商报讯（记者 蔺雨葳）12月1日，由京东、广汽集团、宁德时代共同推出的埃安UT super在京举办 了第1000名车主交付仪式，标志着该车型正式迈入规模化交付新阶段。据了解，目前交付的1000辆埃安 UT super中，有990辆来自线上订单。 ...

杨龙进一步表示，自埃安UT Super发布至今，广汽集团、宁德时代、京东三方平台提供的埃安UT Super产品配置表，均可以看到没有 天窗配置。 为了尊重用户选择，上述三方承诺自11月9日至23日支付定金5000元的用户，在确认定制完成前（确认定制包含用户需要逐一明确颜 色、是否租电、发票提示、门店选择等）均可选择退款。 对于在11月24日（含）后选择立即定制的用户，在确认定制后48小时内均可选择退款。 【导读】广汽埃安致歉承认宣传失误，明确埃安UT super没有配置天窗 "是内容审核的失误，已快速修正并全面自查，对此深表歉意。"在12月1日召开的一场恳谈会上，广汽集团（601238）埃安BU副总 裁、埃安品牌首席用户官杨龙表示，埃安UT super没有配置天窗。 埃安UT super由广汽集团、宁德时代（300750）、京东联合推出，号称是"国民好车"，但自11月9日正式发布以来出现多个问题，包含 天窗配置误导、租电方案藏隐性条款、发票开具有地区限制未提前明示等。 广汽埃安明确系内容审核失误 近日，不少用户反馈网上出现埃安UT Super的天窗宣传图，并且在经客服确认存在该配置后才下单，但提车时发现实车没 ...

【导读】广汽埃安致歉承认宣传失误，明确埃安UT super没有配置天窗 "是内容审核的失误，已快速修正并全面自查，对此深表歉意。"在12月1日召开的一场恳谈会上，广汽集团 埃安BU副总裁、埃安品牌首席用户官杨龙表示，埃安UT super没有配置天窗。 对于在11月24日（含）后选择立即定制的用户，在确认定制后48小时内均可选择退款。 12月将推出里程增量包服务 埃安UT super引发市场关注，主要由于其提供电池租用和整车购买两种方式，其中采用电池租用方式的购 买价为4.99万元，并且在12月8日24点前下单，电池月租金由499元/月降至终身399元/月。 | 埃安UT super 电池租用价 49,900元 | | | | --- | --- | --- | | 补 2000元 | 购车补贴 | ¥45.400 | | 领 2500元 | 京银行卡 | 双11限时租电购买价 | | | 购车享受权益 | | | | 首年至高省万元 | | | 电池月租金优惠 | 限12月8日24点前下定用户 | 399元/月(原499元/月) | | 换电服务费减免 | 限12月8日24点前下定用户中的京东PLUS 减免1 ...

【 导读 】 广汽埃安致歉承认 宣传 失误，明确埃安UT super没有配置天窗 中国基金报记者 邱德坤 近日，不少 用户 反馈网上出现埃安UT Super的天窗宣传图，并且 在 经客服确认存在该配置 后 才下单，但提车时发现实车没有天窗， 且 无法选装。 杨龙表示，这是在埃安社区上介绍 广汽集团、宁德时代、京东 三方合作生态内容的一张"天窗图片"，是内容审核失误， 公司 已快速修正 并全面自查。 "是内容审核的失误，已快速修正并全面自查，对此深表歉意。"在 12月1日 召开的一场 恳谈会上， 广汽集团埃安BU副总裁、埃安品牌首 席用户官杨龙表示，埃安UT super没有配置天窗。 埃安UT super由广汽集团、宁德时代、京东联合推出，号称是"国民好车"，但自11月9日正式发布 以来 出现多个问题，包含天窗配置误 导、租电方案藏隐性条款、发票开具 有地区 限制未提前明示等。 来源：广汽埃安 广汽埃安明确系 内容审核 失误 杨龙进一步表示， 自埃安UT Super发布至今，广汽集团、宁德时代、京东三方平台提供的埃安UT Super产品配置表，均可以看到没有天 窗配置。 为了尊重用户选择，上述三方承诺自11月9 ...