2025年，谁成为车市大赢家？谁是失意者？通过新出炉的2025年车企销量成绩单不难发现，行业竞争格局又发生了变化。 自主品牌凭借电动化优势，全面占据市场主导地位并挤压合资车企空间，前两年的"趋势"已经演变成定势。同时，行业竞 争的焦点，正从单纯的销量和电动化，转向智能化、全球化及高质量增长。 车企销量前十中，自主品牌不仅稳占半壁江山，累计销量更是几家合资车企总销量的2.5倍。头部企业阵营中，吉利实现了 47%的高增长，"龙头老大"比亚迪虽然国内零售量出现下滑，但国外增速领跑，去年累计销量依然实现断层式领先。同为 造车新势力，特斯拉跌出新能源榜单前三，"流量王"小米首次进入该榜TOP10。 数据 去年新能源车渗透率稳超50% 崔东树：下半年价格战已回归价值战 据中国汽车流通协会乘用车市场信息联席分会最新销量数据统计，2025年全年累计销量为2374.4万辆，同比增长3.8%。其 中，新能源汽车全年销量为1280.9万辆，同比增长17.6%。按车型种类统计，轿车全年销量为1080.9万辆，同比增长3.1%； SUV全年销量为1187.8万辆，同比增长5%；MPV全年销量为105.8万辆，同比下跌2.3%。 对于去 ...

此次合作标志着比亚迪储能在东欧市场的进一步拓展。此前，该公司已在葡萄牙、英国、沙特、阿联酋等地交付多个百兆瓦时级以上项目。保加利 亚项目的快速落地，为其在欧洲储能市场的长期布局提供了新支点。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 1月19日，比亚迪储能官微宣布，其与欧洲能源企业ContourGlobal合作建设的500MWh独立式电池储能系统（BESS）已于1月8日在保加利亚 Maritsa East 3电厂正式投入运营。 该项目位于保加利亚普罗夫迪夫地区，是目前东欧规模最大的独立式储能项目之一，也是比亚迪储能在该区域迄今落地的最大单体项目。双方于 2024年12月签署合作协议，仅一个月后即实现并网投运，显示出较高的执行效率。 项目由ContourGlobal主导开发，比亚迪储能提供全套储能系统解决方案。ContourGlobal首席执行官Antonio Cammisecra邀请比亚迪代表出席 了投运及剪彩仪式。双方表示，该项目旨在支持保加利亚传统火电厂区向可再生能源转型，提升电网灵活性和稳定性。 预订电话：18964001371（微信同） ——The E ...

2026年1月20日，无锡理奇智能装备股份有限公司（简称"理奇智能"）即将接受深交所创业板上市委审 议，拟募资10亿元，国泰海通保荐。 《摩斯IPO》注意到，理奇智能近几年收入和利润规模快速扩大，但自2024年起，业绩增速明显放缓。 同时公司主营业务毛利率在报告期内呈下降趋势，剔除存货评估增值因素后，下滑更为明显。理奇智能 将原因归结为客户持续压价及行业竞争加剧，在项目招投标中通过降价维持订单和客户关系，盈利空间 被不断压缩，毛利率存在进一步下探风险。 值得注意的是，理奇智能收入高度集中于宁德时代、比亚迪等头部动力电池厂商，前五大客户收入占比 长期超过70%。其中，比亚迪和宁德时代合计贡献公司近半收入。随着宁德时代采购规模回落，公司对 单一大客户的依赖风险已开始显现。 回款压力大，坏账损失攀升 最后，公司近年来多次因合同履约及货款支付问题被供应商起诉，尚有多起百万元以上诉讼仍在审理 中。这些纠纷反映出新能源产业链"背靠背"付款模式下，资金压力沿链条逐级传导，公司回款与现金流 承压明显。随着业务规模扩张，公司应收账款和合同资产余额持续攀升，占流动资产比例不断提高。与 此同时，坏账损失整体呈上升趋势，回款质量与资 ...

Core Insights - The market share of South Korean domestic electric vehicle manufacturers is declining, with a significant shift towards imported models like Tesla and BYD, raising concerns about the competitiveness of the local automotive industry [1][3][5] Market Trends - By 2025, the market share of South Korean domestic electric vehicle companies is projected to be 52%, down from 69% in 2022, with a gradual decline to 62.7% in 2023 and 59.6% in 2024 [1][3] - The younger consumer demographic shows a strong preference for imported models, particularly the Tesla Model Y and BYD Atto 3 [3][4] Sales Data - In 2025, Tesla and BYD are expected to be the top two electric vehicle brands in South Korea, with Tesla selling 59,916 units and BYD selling 6,107 units [3] - The Tesla Model Y is projected to be the best-selling imported vehicle in South Korea in 2025, with sales reaching 48,187 units [3] Competitive Landscape - Tesla's success in South Korea is attributed to cost advantages from its Shanghai Gigafactory, allowing for significant price reductions, including a decrease of approximately 20 million KRW (around 94,600 RMB) for a lower-priced Model Y version [3][4] - BYD is also making strides in the South Korean market with competitive pricing for models like the Atto 3, which has an official price around 30 million KRW (approximately 141,900 RMB) and can drop to just over 20 million KRW (around 94,600 RMB) after government subsidies [4] Government Policies and Industry Response - The South Korean government aims for half of new car sales to be zero-emission vehicles by 2030, but there are concerns that the market share of imported electric vehicles will continue to grow under current trends [4][5] - Experts suggest that existing subsidy policies are insufficient to boost the adoption of domestic electric vehicles, despite higher subsidies for local brands compared to Tesla and BYD [5] - Recommendations include increasing budget support for future vehicle development and introducing a "domestic production incentive tax" to protect and nurture local manufacturing [5]

此外，福特或许看中了比亚迪的磷酸铁锂电池技术。相较于三元锂电池，这类电池不仅成本低30%，且循环寿命和安全性能表现更优。数据显 示，2025年，全球磷酸铁锂电池装机量预计同比增长38%至420GWh，占动力电池总份额突破54%。相关机构最新数据显示，2025年1至11月， 国内磷酸铁锂动力电池装机量490GWh，市场份额高达78.5%，显示出强劲的需求和市场竞争力。 有消息称，福特汽车正与比亚迪商谈一项电池合作计划，核心内容是为福特部分混动车型采购比亚迪电池。目前，双方仍在讨论具体合作机 制，其中一种方案是，福特将把比亚迪电池用于美国以外地区的整车工厂。 针对这一消息，福特中国方面向《每日经济新闻》记者回应称："我们在很多业务领域都与不同的公司有各种会谈。我们不对谣言或没有依据 的猜测发表任何评论。"截至记者发稿，比亚迪方面未就此事进行回应。 值得注意的是，不久前，福特汽车刚取消和韩国电池巨头LG新能源的数百亿元合作。 2025年12月19日，LG新能源披露称，收到福特汽车通知取消价值9.6万亿韩元（约合人民币459亿元）的动力电池采购合同，仅保留2026年至 2030年34GWh的供货部分，取消的为2027 ...

加拿大CP24网站1月18日文章，原题："我完全被震惊了"，汽车经销商为何称加拿大消费者将受益于加 中电动汽车协议 几乎每项交易都会有赢家和输家，看似加中电动汽车协议（加方将给予中国电动汽车 每年4.9万辆的配额，配额内享受6.1%的最惠国关税待遇——编者注）亦不例外。尽管加拿大汽车制造 商拉响警报，称协议可能影响加本土汽车行业岗位和供应链，但一些加拿大汽车经销商认为这是消费者 的胜利——能以实惠价格买到优质车。 也有车商质疑这项协议。对此阿瑟表示，鉴于当前美国政策充满不确定性，加拿大不能指望美国实现其 电动汽车制造目标，"加拿大人要追求多元化发展，找到其他选项和潜在制造方来这里发展制造业，这 才最符合我们的利益"。（作者卡米尔·卡拉马利是加拿大电视台记者，丁玎译） 另一家二手车经销企业的经理哈姆扎·帕特尔也这么认为，"如今，消费者可以在知名品牌和比亚迪、小 米等新兴品牌之间做选择，这些中国品牌以实惠的价格提供配备先进技术的豪华风格车型。尤其像比亚 迪这样的中国电动汽车品牌表现出色，与目前加市场上价格类似或更高价位区间的汽车相比，它们提供 更具竞争力的续航里程、更多的功能和更新的技术"。帕特尔说："从更广泛角 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and renewable energy sectors, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Stock Performance and Fund Outflows - The top stock with the largest fund outflow is Xinye Technology, with a decrease of 20.21 billion yuan and a drop of 5.01% [2] - Zhongji Xuchuang follows with an outflow of 18.09 billion yuan and a decline of 3.22% [2] - Yangguang Electric Power experienced an outflow of 15.07 billion yuan, with a decrease of 5.25% [2] - Shenghong Technology saw a fund outflow of 14.52 billion yuan and a drop of 5.02% [2] - China Satellite had an outflow of 13.92 billion yuan, with a significant decline of 7.84% [2] Group 2: Sector Analysis - The communication equipment sector is notably affected, with multiple companies like Xinye Technology, Zhongji Xuchuang, and Fenghuo Communication experiencing substantial fund outflows [2][3] - The photovoltaic equipment sector, represented by Yangguang Electric Power and Longi Green Energy, also shows significant outflows, indicating potential challenges in this industry [2][3] - The electronic components sector, including Shenghong Technology and Huadian Co., is facing similar trends with notable fund withdrawals [2][3]

Core Insights - The 2025 Chinese automotive market is characterized by the continued penetration of new energy vehicles (NEVs), strong performance of domestic brands, and a reshaping of market dynamics across various segments [1][14]. Passenger Car Market - Domestic brand NEVs dominate the passenger car sales rankings, with Geely's Star Wish leading at 465,775 units sold, supported by its competitive pricing and features targeting young families [2][5]. - BYD's models, including the Qin PLUS and Dolphin, also performed well, with the Qin PLUS achieving significant sales due to its low fuel consumption and spacious design [2][5]. - The top ten passenger cars include six NEVs priced under 100,000 yuan, indicating a strong market presence for affordable electric vehicles [5]. SUV Market - The Tesla Model Y leads the SUV segment with 425,337 units sold, despite facing competitive pressure from domestic brands [6][10]. - Domestic brands like Geely and BYD have shown strong performance, with Geely's Xingyue L and Boyue L achieving notable sales growth [9][10]. - The SUV market remains diverse, with a mix of six fuel vehicles and four NEVs in the top ten, highlighting the growing influence of electric models [10]. MPV Market - The MPV segment is witnessing a shift towards NEVs, with the BYD D9 leading sales at 92,988 units, despite a slight decline [11][13]. - Toyota's Sienna and other models have also performed well, indicating a competitive landscape where both domestic and joint venture brands are adapting to market demands [11][13]. - The top ten MPVs include six NEVs, showcasing the increasing acceptance of electric and hybrid models in the market [13]. Overall Market Trends - The 2025 Chinese automotive market is undergoing significant structural adjustments, with domestic brands leveraging their technological advantages and competitive pricing to challenge the long-standing dominance of joint venture brands [14]. - The penetration rate of NEVs is on the rise across all segments, with electrification and intelligence becoming irreversible trends in the industry [14].

Core Viewpoint - The launch of BYD's 2026 models, including the Qin and Song series, emphasizes long-range capabilities and enhanced comfort for family travel, positioning these vehicles as leaders in the plug-in hybrid market [1][2][3] Group 1: Product Features - The 2026 Qin PLUS DM-i features a 25.28 kW·h battery, offering a pure electric range of up to 210 kilometers and a fuel consumption of only 2.79 liters per 100 kilometers when the battery is depleted [2] - The 2026 Qin L DM-i also includes a 25.28 kW·h battery, with a combined range of 2110 kilometers when fully charged and fueled, and a low fuel consumption of 2.79 liters per 100 kilometers [2] - The 2026 Song Pro DM-i is equipped with a larger blade battery, providing a pure electric range of 220 kilometers, allowing for zero fuel consumption during daily commutes [3] Group 2: Technological Innovations - The vehicles are equipped with the "Tian Shen Zhi Yan" auxiliary driving system, enhancing safety and driving ease [2][3] - The interior of the Qin L DM-i features advanced technology such as an 8.8-inch full LCD instrument panel and smart connectivity with devices like intelligent child seats [2] - The Song Pro DM-i supports OTA remote upgrades, ensuring that the smart configurations remain up-to-date [3] Group 3: Market Positioning and Strategy - The launch event highlighted BYD's commitment to innovation in smart, electric, and comfortable vehicles, aiming to redefine family travel standards [1][3] - The Qin and Song families are positioned as core models in BYD's strategy to capture the mainstream market with their strong sales and reputation [1] - The delivery ceremony for the first batch of vehicles marked a significant step in BYD's outreach to families, symbolizing the brand's vision of enhancing everyday life through advanced automotive technology [3]

Group 1 - Goldman Sachs reports that BYD Electronic (00285.HK) management anticipates higher unit value from new foldable phones launched by major brand clients, which is expected to support future growth [1] - Management remains optimistic about the AI infrastructure cycle and is seeking opportunities among global and local clients [1] - BYD Electronic expects an increase in automotive parts shipment volume by 2026, with a faster rise in suspension system shipments and greater penetration of ADAS systems into more economical models [1] Group 2 - The firm maintains a positive view on BYD Electronic's strategy of focusing on leading clients and expanding its product line into AI infrastructure initiatives [1] - Goldman Sachs reiterates a "Buy" rating for BYD Electronic with a target price of HKD 53.08 [1]