Core Insights - The Chinese automotive industry is projected to achieve record production and sales figures of 34.53 million and 34.40 million vehicles respectively in December 2025, maintaining its position as the world's largest market for 17 consecutive years [1][4]. Group 1: Market Performance - The passenger vehicle market is experiencing steady growth, significantly contributing to the overall automotive market expansion [5]. - The commercial vehicle market is recovering, with production and sales increasing by over 10%, surpassing 4 million units [5]. - New energy vehicles (NEVs) are leading the market, with production and sales exceeding 16 million units, accounting for over 50% of domestic new car sales [5]. Group 2: Export and Trade - The automotive export market shows strong resilience, with total exports exceeding 7 million vehicles, including 2.615 million NEVs, marking a new high in export scale [5]. Group 3: Market Concentration - The top fifteen automotive groups sold a total of 31.741 million vehicles, reflecting a year-on-year growth of 9.1%, which constitutes 92.3% of total vehicle sales, slightly down by 0.3 percentage points from the previous year [5][7]. - The top three groups, BYD, SAIC, and Geely, accounted for 36.6% of total vehicle sales [5][7]. - In the NEV segment, the top fifteen groups sold 15.669 million units, a year-on-year increase of 29.2%, representing 95% of total NEV sales, up by 0.7 percentage points from the previous year [5][7].

Core Insights - The Chongqing smart connected new energy vehicle market is gaining significant attention as companies report impressive sales figures for 2025, indicating a strong growth trajectory in the industry [1][2][3] Group 1: Company Performance - Changan Automobile reported a total sales volume of 2.913 million units in 2025, marking an 8.5% year-on-year increase, achieving the highest sales in nearly nine years [1] - Seres announced a total sales volume of 472,269 units for the year, reflecting a 10.63% year-on-year growth [1] - The AITO brand, under Seres, delivered over 420,000 vehicles in 2025, leading the high-end new energy vehicle market [1][3] Group 2: Technological Advancements - Changan has made significant technological strides with its self-developed "Golden Shield" battery and the industry’s first multi-in-one electric drive technology, which have entered mass production [4] - The company has also launched the "Tianshu Intelligent" brand, leveraging its technological advantages to enhance market competitiveness [4] - Seres is focusing on a "software-defined vehicle" approach, introducing several industry-leading technologies to strengthen its market position [4] Group 3: Global Expansion - Changan's overseas sales reached 637,000 units in 2025, up 18.9% year-on-year, with plans to establish 20 factories in countries like Brazil and Indonesia [6] - Seres successfully listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company to achieve an "A+H" listing, facilitating global resource integration and technological collaboration [6] Group 4: Autonomous Driving Development - Chongqing has introduced L3-level autonomous driving vehicles, with Changan receiving the first official license plate for such vehicles in China [8][9] - The city’s complex geographical environment serves as a testing ground for autonomous driving technologies, enhancing their development and validation [10] Group 5: Industry Ecosystem - Chongqing has developed a robust automotive industry ecosystem, led by Changan, Seres, and Qianli Technology, with over a thousand supporting parts manufacturers [11] - The region has established a cluster advantage in software and system capabilities necessary for intelligent driving, with numerous digital workshops and smart factories [12] Group 6: Green Initiatives - In 2025, Chongqing produced nearly 1.3 million new energy vehicles, supported by intelligent manufacturing and carbon reduction initiatives [12] - Financial innovations, such as the establishment of a 1 billion yuan fund, are driving the green transformation of the new energy vehicle industry [14]

编前：根据中国汽车流通协会乘联分会（以下简称"乘联分会"）的初步统计，2025年全国乘用车市场累计零售2377.9万辆，同比增长4%。在"以旧换新"等 多项政策的接续支持下，2025年中国车市依然保持正向增长态势。在平稳增长之下，比亚迪、吉利汽车、长安汽车、零跑汽车等多家车企实现突破性进 展，多家合资车企在华发展也呈现回暖迹象。 新能源稳步增长 大集团集体冲高 2025年自主汽车大集团销量表现中，涨势喜人的新能源汽车板块几乎成为每家车企的共同亮点。比亚迪2025年以460.24万辆的成绩再度刷新年度销量纪 录，同比增长7.73%，顺利达成年初销量目标。其中，纯电动汽车销量达225万辆，同比增长27.85%，实现全球纯电车型销量超越特斯拉。各子品牌方 面，方程豹汽车2025年销售23.46万辆，同比大增316.1%；腾势汽车15.71万辆，同比增长24.7%；定位百万级市场的仰望汽车全年销售4785辆。 上汽集团2025年销售整车450.7万辆，同比增长12.3%。上汽2025年新能源汽车业务比重显著增长，全年销售新能源汽车164.3万辆，同比增长33.1%。其 中，上汽乘用车新能源汽车零售同比增长22%；上汽 ...

财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，重庆长安汽车股份有限公司申请一项名为"换电站电池储存装置"的专利，公 开号CN121307388A，申请日期为2025年9月。 专利摘要显示，本申请提供一种换电站电池储存装置，涉及电池储存技术领域，解决了现有技术中电池 储存装置无法同时满足便于取放电池和有效保护电池周向的问题。换电站电池储存装置包括储存组件， 储存组件包括储存盒、放置板、多个弹性件、防护板、多个滑块、第一连接杆、第二连接杆，放置板设 置于储存盒的内部，多个弹性件固定连接于放置板与储存盒之间。防护板可移动地安装于储存盒与放置 板之间。储存盒还设置有多个调节滑槽，多个滑块设置于对应的调节滑槽内。多个滑块中的每个滑块均 连接有第一连接杆和第二连接杆。第一连接杆的第一端连接于防护板，第一连接杆的第二端连接于滑 块。第二连接杆的第一端连接于放置板，第二连接杆的第二端连接于滑块。 天眼查资料显示，重庆长安汽车股份有限公司，成立于1996年，位于重庆市，是一家以从事汽车制造业 为主的企业。企业注册资本991408.606万人民币。通过天眼查大数据分析，重庆长安汽车股份有限公司 共对外投资 ...

Core Insights - The Chinese electric vehicle (EV) industry is set to become mainstream by 2025, with retail penetration rates expected to exceed 60% by year-end, marking a significant shift from being an alternative option to a market leader [2][4] - Domestic brands like BYD and Geely are solidifying their positions, while new entrants are facing intense competition and differentiation [2][6] - The focus for 2026 will shift from market share expansion to value redefinition within the industry [3] Market Penetration - In the first eleven months of 2025, the production and sales of new energy vehicles (NEVs) in China saw a year-on-year increase of over 30%, with NEV sales accounting for 47.5% of total vehicle sales [4] - December is projected to see NEV retail sales reach 1.38 million units, with penetration rates likely to surpass 60% for the first time [4] - Domestic brands dominate the market, with a retail penetration rate of 79.6% for NEVs in November, far outpacing mainstream joint venture brands at 6.8% [4] Company Strategies and Challenges - BYD aims to expand its "smart driving equality" initiative, while facing challenges in balancing scale expansion with profit and quality [5] - Geely's strategy is showing results with a 60.5% NEV penetration rate, but it needs to build a "second growth curve" for overseas market presence [5] - Chery leads in overseas markets but must accelerate its domestic NEV transformation and smart technology integration [5] - New forces like Leap Motor are experiencing rapid growth, while Li Auto faces challenges due to product controversies and performance declines [6] Technological Advancements and Globalization - The "universal smart driving" concept is becoming a reality, with BYD's advanced driving assistance systems becoming more affordable [8] - The global expansion of Chinese EVs is evolving from simple product exports to establishing local manufacturing and supply chains in markets like Thailand [9] - The industry is witnessing a shift towards integrating technology and manufacturing, with companies like Chery and Seres successfully navigating the capital markets [10] Industry Restructuring and Future Directions - The industry is transitioning from a financing and expansion model to one focused on technology depth, profitability, and ecological value [10] - State-owned capital is evolving from a supportive role to an active industry integrator, aiming to stabilize the market and promote long-term R&D [11] - The automotive value chain is shifting towards a focus on electronic architecture, software, and services, with tech giants redefining the automotive experience [11] Challenges and Future Outlook - Structural challenges in the supply chain are emerging, with cost pressures affecting relationships with suppliers, particularly smaller firms [12] - Marketing practices that mislead consumers could damage long-term brand trust, highlighting the need for integrity in communications [12] - The industry must build resilient supply chains, drive technological innovation, and transition to localized ecosystems to sustain growth [13][14] - The competition is entering a new phase where success will depend on defining next-generation technology standards and achieving sustainable business models [15]

编前：根据中国汽车流通协会乘联分会（以下简称"乘联分会"）的初步统计，2025年全国乘用车市场累计零售2377.9万辆，同比增长4%。在"以旧换 新"等多项政策的接续支持下，2025年中国车市依然保持正向增长态势。在平稳增长之下，比亚迪、吉利汽车、长安汽车、零跑汽车等多家车企实现突破 性进展，多家合资车企在华发展也呈现回暖迹象。 新能源稳步增长 大集团集体冲高 奇瑞集团以280.64万辆的销量表现创历史新高，新能源车板块也实现较高增长。2025年，奇瑞集团依托旗下风云、星途、iCAR、智界等多个子品 牌，构建起覆盖10万~40万元主流价格区间新能源产品矩阵，上市的全新产品中新能源车型占比超90%，全年累计销售90.38万辆，同比增长54.9%。 东风汽车2025年正式达成新能源车年销百万辆里程碑，全年销售新能源汽车104万辆，同比增长21%。其中，岚图汽车销量15.02万辆，同比增长 87%；2025年新成立的奕派科技则在成立首年实现正增长，全年销售整车27.58万辆。 此前在新能源领域稍逊一筹的长城汽车与北汽新能源也在2025年打了一场漂亮的翻身仗。虽未能完成5年前立下的豪言壮志，但2025年长城加速新能 ...

证券之星消息，1月13日乘用车板块较上一交易日下跌0.71%，海马汽车领跌。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。乘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) | | --- | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 15.49 | 0.45% | 105.80万 | 16.58亿 | | 601238 | 广汽集团 | 8.46 | 0.24% | 55.15万 | 4.68亿 | | 002594 | 比亚迪 | 97.19 | -0.29% | 49.87万 | 49.05 Z | | 601127 | 審力斯 | 122.70 | -1.07% | - 22.38万 | 27.74亿 | | 601633 | 长城汽车 | 21.93 | -1.08% | 24.97万 | 5.51亿 | | 000625 | 长安汽车 | 11.82 | -1.09% | 95.84万 | 11.39亿 | | 600733 | 北汽蓝谷 ...

1月13日，A股三大指数集体下跌。截至收盘，沪指跌0.64%报4138.76点；深成指跌1.37%报14169.4点；创业板指跌1.96%报 3321.89点。从板块行情上来看，今日表现较好的是CRO、快手概念和黄金概念，而航天概念、大飞机和天基互联等板块下 跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。1月13日共有19位基金经理发生任职变动。 近一个月（12月14日-1月13日），华夏基金参与公司调研的数量最多，共调研43家上市公司，此外调研较为活跃的还有博 时基金、易方达基金和汇添富基金，分别调研38家、31家、30家上市公司；从调研行业上来看，基金公司对汽车零部件行 业的上市公司调研次数最多，共有125次，其次是通信设备行业，基金公司调研了119次。 | 近一个月基金公司调研股票个数排行 | | 近一个月基金公司调研行业排行 | | | --- | --- | --- ...

Core Viewpoint - The competition in the domestic automotive market is intensifying as major car manufacturers and alliances announce ambitious sales targets for 2026, totaling 18.339 million units, which exceeds the actual sales of 3.86 million units in 2025 [1] Group 1: New Energy Vehicle Manufacturers - New energy vehicle manufacturers such as Hongmeng Zhixing, Leap Motor, and NIO have set aggressive sales targets for 2026, with expected growth rates ranging from 40% to 121% [2][4] - Hongmeng Zhixing aims for sales between 1 to 1.3 million units, with a projected growth rate of 70%-121% [4] - Leap Motor targets 1 million units with a growth rate of 68%, while NIO's target is between 456,000 to 489,000 units, reflecting a growth of 40%-50% [2][12] - Xiaomi Auto plans to increase its sales target from 350,000 units in 2025 to 550,000 units in 2026, representing a growth of approximately 38% [8] Group 2: Traditional Automakers - Traditional automakers like Geely, Changan, and Chery have set more conservative targets, with Geely aiming for 3.45 million units, Changan for 3.3 million units, and Chery for 3.2 million units, reflecting growth rates of 14%, 13%, and 14% respectively [3][13] - Great Wall Motors plans to sell 1.8 million units in 2026, with a leading growth rate of 36% among traditional manufacturers [2][13] - Geely's target includes a significant focus on electric vehicles, aiming for 2.22 million units in 2026, up from 1.69 million in 2025, increasing its electric vehicle penetration from 56% to 64% [13][14] Group 3: Market Dynamics and Competition - The competition in the automotive market is shifting from mere scale expansion to a comprehensive contest involving technology, product offerings, and global strategies [18] - Market analysts predict that growth in the Chinese passenger car market may slow or even decline slightly in 2026, making every percentage point of growth critical and competitive [18] - The ability of companies to balance scale, profitability, and technological investment will determine their success in this increasingly fierce market [19]

在2026年车企公布的销量目标中，市场集中度提升的趋势愈发显著。从头部车企的销量目标来看，头部车企设定的目标总和已超过1000万辆。若加上零 跑、鸿蒙智行、小米汽车等新势力阵营，头部玩家将占据中国车市的半壁江山。这种销量目标的集中设定，反映出头部车企在市场中的主导地位不断强化， 它们凭借成熟的产品矩阵、强大的供应链管理能力以及广泛的渠道布局，精准把握市场动态，持续扩大市场份额。 市场集中度提升的背后，是行业资源的加速整合。头部车企凭借规模经济优势，能够投入更多资金进行技术研发，如比亚迪计划推出的刀片电池5.0版 本车型，长安汽车将密集推出11款全新车型。这些技术创新不仅提升了产品竞争力，还进一步巩固了头部车企的市场地位。同时，它们在供应链掌控、品牌 建设等方面也具有显著优势，能够更好地应对市场波动和竞争挑战。 相比之下，缺乏核心竞争力的中小车企则面临巨大压力。在摩根大通预测2026年中国汽车销量可能下滑3％～5％的背景下，市场资源加速向头部企业集 中，中小车企的生存空间被进一步压缩。它们或将因资金短缺、技术落后、品牌影响力不足等原因，难以在激烈的市场竞争中立足，面临被淘汰的风险。 市场集中度的提升还将对行业利 ...