智通财经APP获悉，乘联会秘书长崔东树发文称，2025年10月俄罗斯汽车销量达到18.3万辆的水平，同比下降8%，环比9月增35%。1-10月俄罗斯车市的 累计销量119万辆，同比下降23%。2023年中国出口俄罗斯100万辆车，自主的俄罗斯市场销量48万辆，销量是中国自主出口量的48%。2024年中国出口俄 罗斯128万辆车，自主的俄罗斯市场销量107万辆，自主的俄罗斯市场销量是中国自主出口量的84%。2025年1-10月中国出口俄罗斯45万辆车，自主品牌俄 罗斯销量68.5万辆，当地销量是中国出口的152%，终于实现了大幅去库存的走势。 面对俄罗斯的复杂环境，自主品牌多生孩子好打架的战略意义重大。自主品牌的整车官方车口，平行出口、绕道出口、本地化建厂、合资组装等各种模式 齐上阵，大量的品牌群狼作战，实现了很好的效果。规范出口对俄罗斯是不适合的，尤其我们面对是俄罗斯的针对性干扰措施，一定要在复杂的国际关系 下发挥群众优势，实现创新式发展。 中国车企在在俄罗斯加速本土化生产与供应链重构，多项举措改善状态。首先是针对俄罗斯进口关税阶梯式上调深化KD组装模式，建立区域生产基地。 通过本地化生产规避关税并缩短交付周 ...

格隆汇11月25日丨通达动力(002576.SZ)在投资者互动平台表示，ABB，西门子，比亚迪，WEG， GAMESA都是公司的重要客户。 ...

近日，国内汽车行业掀起一场针对"网络黑公关"的专项治理风暴。包括小鹏、理想、比亚迪在内的多家 知名车企接连以法律捍卫声誉，对涉嫌捏造散播虚假信息、恶意抹黑品牌形象的黑公关行为发起诉讼， 展现出行业净化舆论环境、维护公平竞争秩序的坚定决心。 舆论普遍认为，车企联手打击黑公关的举措，是营造清朗网络空间、构建诚信守法市场环境的重要一 步。唯有彻底铲除"黑公关"这颗毒瘤，才能保障企业在创新赛道上的公平竞赛，最终让消费者受益于真 实、透明的产品与市场信息。 据悉，此次行动并非孤立事件。今年以来，已有多家车企通过官方渠道发布声明，对持续遭遇的有组 织、规模化网络诽谤行为进行强硬回应。根据杭州市中级人民法院的判决，自媒体人"王悟空说车"在其 运营的账号上发布了多条针对比亚迪的不实贬损性视频，内容存在恶意误导公众、严重损害比亚迪品牌 商誉的行为。法院经审理认定，其行为构成对比亚迪的网络侵权，最终判决该账号需向比亚迪公开赔礼 道歉，并支付共计 31.38 万元赔偿款。 业内人士分析，随着汽车行业"新四化"转型进入深水区，市场竞争日趋白热化，部分不法分子利用网络 信息传播特点，通过炮制"黑稿"、雇佣"水军"等方式恶意攻击竞争对手 ...

Core Insights - The domestic passenger car market experienced a retail sales volume of 2.248 million units in October 2025, reflecting a year-on-year decline of 0.5% but a month-on-month increase of 0.2% [1] - The market is undergoing a transformation, with strong performances from domestic brands and the new energy sector contrasting sharply with the pressures faced by joint venture brands [1][3] Market Performance - The SUV segment was the only category to achieve positive growth, with sales reaching 1.142 million units, up 0.4% year-on-year and 1.0% month-on-month [3] - New energy vehicle sales in October totaled 1.281 million units, showing a year-on-year increase of 7.2% despite a slight month-on-month decline of 1.4% [3] - The market share of domestic brands reached 68.7%, a year-on-year increase of 3 percentage points, with retail sales of 1.55 million units, up 4% year-on-year and 3% month-on-month [3][4] Brand Performance - Joint venture brands faced significant challenges, with retail sales of mainstream joint venture brands at 510,000 units, a year-on-year decline of 10% [4] - The luxury car market saw retail sales drop to 190,000 units, down 10% year-on-year and 23% month-on-month, with market share falling to 8.4% [4] - BYD led the sales ranking with 295,871 units sold, despite a year-on-year decline of 31.4%, marking the largest drop among the top ten manufacturers [5][4] Sales Rankings - Geely ranked second with 265,565 units sold, achieving a remarkable year-on-year increase of 36.8%, driven by the Geely Galaxy series [5][6] - Volkswagen ranked third with 136,002 units sold, but experienced a year-on-year decline of 3.9% [7] - Changan and Chery followed closely, with sales of 132,229 and 130,128 units respectively, both showing positive growth [7][6] New Energy Vehicle Market - BYD maintained its lead in the new energy vehicle market with a market share of 23.1%, despite a year-on-year decline of 31.4% [15] - Geely's new energy vehicle sales reached 164,256 units, with a year-on-year increase of 54.7%, narrowing the gap with BYD [15][17] - The new energy vehicle penetration rate surpassed 57%, indicating a deepening market acceptance [14][21] Future Outlook - The market is expected to see a release of consumer demand as tax incentives end, coupled with increased promotional efforts from manufacturers [21] - The ongoing trends of electrification and smart technology are anticipated to reshape the Chinese automotive market, with domestic and new energy brands likely to lead the next phase of industry transformation [21]

11月21日，中国工程院公布2025年院士增选结果，71位新当选院士中首次出现3位来自民营企业的科学家，其中包括比亚迪股份有限公司首席科学家廉玉波，这是中国工程院首次出现新能源汽 出生于1964年的廉玉波，2004年加入比亚迪时，燃油车尚处绝对主导地位。凭借超前的战略眼光，他主导成立电动汽车研发部门，聚焦动力电池、电控系统和驱动总成三电核心技术攻关，为比 真正改变行业格局的，是廉玉波在核心技术上的持续突破。面对动力电池能量密度与安全性的世界性难题，他首创无模组刀片电池技术，重塑了行业安全标准，开创以电为主的插电式混合动力技 院士是中国科学技术领域的最高荣誉称号，廉玉波的当选是中国新能源汽车产业从跟随到引领的一个缩影，标志着汽车产业界的技术领袖得到了国家级学术荣誉体系的高度认可。 而廉玉波在比亚迪的20年，正是中国新能源汽车产业从跟跑到领跑的20年。 回首2015年11月，我国新能源汽车产销量在整体汽车行业里的占比首次突破1%关卡，我国也在这一年成为全球最大的新能源汽车市场。此后，中国新能源汽车产业便开启了高速发展模式。 中国新能源汽车产销量已连续十年位居全球第一。2024年产销量突破900万辆，占全球比重超6 ...

Core Insights - The core viewpoint of the articles highlights the significant growth in China's lithium battery shipments, particularly in the power battery segment, driven by the increasing demand from the electric vehicle market and overseas markets [1][3]. Group 1: Lithium Battery Shipments - In 2024, China's total lithium battery shipments are projected to reach 1175 GWh, representing a year-on-year growth of 32.6% [1]. - The breakdown of shipments includes power batteries at 780 GWh (up 23%), energy storage batteries at 335 GWh (up 64%), and consumer batteries at 55 GWh (up 14%) [1]. Group 2: Power Battery Growth - The power battery shipments are expected to grow to 780 GWh in 2024, with a year-on-year increase of 23.8%, indicating strong growth momentum [3]. - The growth is attributed to the rapid increase in domestic electric vehicle sales and high demand in overseas markets, which boosts the export scale of domestic battery manufacturers [3]. - In the first eight months of 2025, power battery shipments reached 476 GWh, with lithium iron phosphate batteries accounting for 78% of total power battery shipments, reflecting a year-on-year growth of 68% [3]. Group 3: Market Dynamics - In 2024, CATL holds a 45.1% market share in power battery installations, with the competitive landscape remaining largely unchanged among the top fifteen companies [5]. - New entrants like Jidian New Energy and Yaoning New Energy are emerging, backed by established automotive companies, indicating a trend towards vertical integration in battery production [5]. - The industry is expected to undergo consolidation, particularly among smaller manufacturers lacking economies of scale, with a focus on global expansion and local production [5]. Group 4: Energy Storage Battery Growth - The energy storage battery shipments are projected to reach 630 GWh in the first nine months of 2025, reflecting a year-on-year growth of 65% [9]. - The surge in energy storage demand is supported by strong fundamentals in the industry [9]. Group 5: Consumer Battery Trends - Consumer battery shipments are expected to rise to 55 GWh in 2024, with a year-on-year growth of 14% [10]. - The consumer battery market is experiencing steady growth, although the overall market share is declining, with portable computers showing rapid growth while smartphone sales are stabilizing [10]. - For the first eight months of 2025, consumer battery shipments are projected to reach 65 GWh, with an anticipated annual growth of 20% [10].

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

（图片来源：摄图网） 11月21日，中国工程院公布2025年院士增选结果，71位新当选院士中首次出现3位来自民营企业的科学家， 其中包括比亚迪股份有限公司首席科学家廉玉波，这是中国工程院首次出现新能源汽车产业链企业技术负责 人当选院士，具有里程碑意义。 出生于1964年的廉玉波，2004年加入比亚迪时，燃油车尚处绝对主导地位。凭借超前的战略眼光，他主导成 立电动汽车研发部门，聚焦动力电池、电控系统和驱动总成三电核心技术攻关，为比亚迪布局新能源赛道奠 定了基石。仅用一年多时间，便带领团队推出爆款车型比亚迪F3。二十余年间，他累计研发20多个车型、 100多款产品。 真正改变行业格局的，是廉玉波在核心技术上的持续突破。面对动力电池能量密度与安全性的世界性难题， 他首创无模组刀片电池技术，重塑了行业安全标准，开创以电为主的插电式混合动力技术路线，打破了日系 车企对混动技术的长期主导。其研发的DM-i超级混动系统，以"快、省、静、顺、绿"的核心优势，不仅引 领市场潮流，更于2024年被正式写入清华大学相关专业教科书，成为行业技术标杆。 院士是中国科学技术领域的最高荣誉称号，廉玉波的当选是中国新能源汽车产业从跟随到引领 ...

Core Insights - New-car registrations have increased as the company continues to expand in the continent despite facing pressure in its home market [1] Group 1 - The company is experiencing growth in new-car registrations [1] - Expansion efforts in the continent are ongoing [1] - The home market is under pressure, impacting overall performance [1]

Group 1 - The World Trade Organization (WTO) has played a significant role in promoting global trade development and economic growth over the past 30 years, especially in enhancing the participation of developing countries [1] - The current global trade landscape is facing challenges such as unilateralism, protectionism, and geopolitical conflicts, necessitating a commitment to a multilateral trade system centered around the WTO [1] Group 2 - India and Canada have agreed to restart trade agreement negotiations, which had been stalled for nearly 15 years due to diplomatic tensions [2][3] - The goal of the new comprehensive economic partnership agreement is to double bilateral trade to $50 billion by 2030 [2][3] - Both countries aim to deepen cooperation in defense, aviation, trade, technology, and energy sectors [3] Group 3 - The comprehensive economic partnership agreement negotiations cover various areas, including goods, services, investment, agriculture, digital trade, labor mobility, and sustainable development [4] - Despite previous diplomatic disputes, bilateral trade between India and Canada has continued to grow, although it remains relatively low compared to India's economic size [4] Group 4 - Canada is seeking to diversify its trade relationships in response to U.S. protectionist policies, with India being viewed as a reliable trade partner [5] - The Canadian government is focused on strengthening economic ties with India to boost its economy amid global trade order restructuring [5] Group 5 - The China-Germany relationship is seeking to set aside differences and enhance dialogue and cooperation, particularly in emerging fields such as new energy and intelligent manufacturing [6][7][8] - Germany remains a crucial investment partner for China, with significant capital inflows expected [13] Group 6 - The global semiconductor market reached a record $208 billion in Q3 2025, with Nvidia leading in revenue [39] - The growth in the semiconductor sector is driven by strong demand for storage and non-storage companies, with notable increases in revenue for companies like Micron and Sony Imaging [39] Group 7 - Tesla is entering an annual iteration cycle for its AI chips, aiming to produce up to 200 billion chips annually to meet the demand from its expanding fleet and future projects [40][41] - Samsung's 2nm Exynos 2600 chip has achieved a yield rate of 50-60%, with plans to price it competitively against Qualcomm's offerings [42][43] Group 8 - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with projections for total sales to exceed 20.43 million units for the year [45] - Chinese electric vehicles are gaining popularity in Latin America, driven by competitive pricing and practical advantages over traditional vehicles [46][48]