近日，国家市场监督管理总局就《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》） 向社会公开征求意见。这是监管部门首次以行业指南形式，对汽车产业链价格行为进行系统性规范。 汽车产业是国民经济的重要支柱产业之一，产业链条长、关联行业多、社会关注度高，其价格行为不仅 关系企业自身经营状况，也直接影响产业链稳定和消费者切身利益。近年来，随着我国汽车市场逐步由 增量扩张转向存量竞争，叠加新能源汽车快速普及、新技术路线并行发展等因素，市场竞争显著加剧。 黄河科技学院客座教授张翔对《证券日报》记者表示，在激烈竞争环境下，部分企业通过频繁降价、加 大补贴力度等方式抢占市场份额，价格竞争不断升级。一些短期促销行为逐步演变为长期价格博弈，价 格体系稳定性受到冲击。相关影响也逐渐向产业链上下游传导，整车企业盈利空间被压缩，经销商价格 倒挂现象突出，部分服务环节被迫"降本压缩"，行业整体运行质量承压。 在此背景下，规范价格行为、遏制恶性竞争、稳定行业预期，成为推动汽车产业健康发展的关键议题。 《指南》正是针对上述突出问题，从制度层面对汽车行业价格行为作出的系统回应。 从内容看，《指南》以《中华人民共和国价格法》《明码标价 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

锂电产业链双周评（12月第1期） 电池价格小幅上扬，锂电产业链大单不断 证券研究报告 | 2025年12月14日 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 5000 10000 15000 20000 25000 30000 35000 23-01 23-02 23-03 23-04 23-05 23-06 23-07 23-08 23-09 23-10 23-11 23-12 24-01 24-02 24-03 24-04 24-05 24-06 24-07 24-08 24 ...

12月12日晚，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称 《征求意见稿》）。据了解，《征求意见稿》共五章28条，主要内容聚焦于细化汽车生产企业价格行为 规范、明确汽车销售企业价格行为要求、引导建立健全内部合规管理制度等三个方面。中国汽车工业协 会相关人士表示，《征求意见稿》对汽车生产、销售企业给予了明确、具体、全面的指导和提示，避免 企业在经营活动中某些具体行为触及法律红线，从而有效帮助企业规避可能造成的法律法规风险，在源 头治理上促进企业切实做到合法、合规经营。 禁止价格串通 国家市场监督管理总局在《征求意见稿》的起草说明中提到，近年来，随着汽车市场尤其是新能源汽车 市场的快速发展，新型商业模式不断涌现，价格行为也日趋复杂。实践中，汽车生产销售领域存在价格 标示不规范、价格欺诈、价格串通、非理性竞争等行为，严重扰乱市场秩序，侵害了消费者和经营者的 合法权益，不利于汽车行业高质量发展。 此次，《征求意见稿》首先就是针对生产企业，细化价格行为规范。明确从整车到零配件生产、从定价 策略到销售行为各环节的价格合规要求。包括实行全流程价格管理，要求建立覆盖整车销售、金融服务 等环节 ...

Core Insights - The Chinese automotive industry is undergoing a structural transformation in 2025, shifting from price competition to technology-driven growth, and from domestic focus to global expansion, marking a new development stage [1] Group 1: Price War Aftermath - The price war in the automotive industry has entered its third year, with profit margins dropping to 4.5% in the first three quarters of 2025, below the 6% average of downstream industrial enterprises [3] - There are signs of easing in the price war, indicating a shift from vicious competition to rational development, as companies recognize that quality, service, and technological innovation are essential for long-term success [3] Group 2: 60-Day Payment Terms - Major automotive companies have adopted a 60-day payment term, reflecting a significant change in the industry ecosystem and addressing long-standing payment issues that strained supply chains [6] - This shift enhances the credit system within the supply chain, allowing suppliers to invest more in innovation and quality improvement, thus fostering a healthier industry environment [6] Group 3: 5-Second Acceleration Standard - A new regulation proposes that new vehicles must achieve a 0-100 km/h acceleration time of no more than 5 seconds, marking a fundamental shift in competitive logic within the automotive industry [9] - This standard encourages companies to focus on safety, user experience, and practical technology rather than extreme performance metrics [9] Group 4: 50% Penetration Rate of New Energy Vehicles - By November 2025, new energy vehicles accounted for 53.6% of domestic passenger car sales, indicating a shift from policy-driven to market-driven growth in the sector [11] - This milestone signifies that new energy vehicles have become mainstream, reshaping the industry landscape and prompting traditional automakers to accelerate their electrification strategies [11] Group 5: Subsidy Phase-Out - The phase-out of subsidies for new energy vehicles is set to begin in 2026, transitioning the industry from reliance on government support to market-driven growth [14] - This change is expected to enhance market competition and compel companies to improve product quality and cost control [14] Group 6: New Normal in Exports - In 2025, China's automotive exports are projected to exceed 6.8 million units, maintaining the top position globally for the third consecutive year, with a significant increase in new energy vehicle exports [16] - The export model is evolving from product trade to a more integrated approach involving industry chain and technology exports [16] Group 7: Smart Driving Popularization - 2025 marks the year of smart driving technology's widespread adoption, with significant advancements in urban navigation assistance systems [19] - Regulatory measures are being implemented to ensure safety and compliance, balancing innovation with social responsibility [19] Group 8: Joint Venture Counterattack - Traditional joint venture brands are launching a "localization 2.0" strategy to regain market share in the new energy era, focusing on deep localization and embracing electrification [21] - This strategy enhances competition and provides consumers with more quality choices while integrating the supply chain into the local ecosystem [21] Group 9: Battery Safety Concerns - Battery safety issues have escalated to a regulatory priority, with new standards mandating thermal monitoring and warning systems for battery packs [24] - These regulations aim to enhance safety and accountability in the industry, pushing companies to prioritize safety investments [24] Group 10: Retreat of Hidden Door Handles - The decline of hidden door handles reflects a broader industry reconsideration of "over-design" in automotive engineering, emphasizing safety and practicality over aesthetics [27] - New regulations require mechanical release functions for door handles, signaling a shift towards user-centric design principles [27]

Core Viewpoint - The automotive market in China is expected to maintain strong growth in 2025, driven by government policies promoting consumption, with passenger vehicle growth projected at 11% and significant recovery in both truck and bus markets [1][2]. Group 1: Market Trends - The automotive market is experiencing a clear differentiation between passenger and commercial vehicles, with passenger vehicle consumption improving while commercial vehicle sales are weaker [4][6]. - In the first 11 months of 2025, total automotive sales reached 30.94 million units, with a cumulative growth rate of 11% [6]. - November 2025 saw total automotive sales of 3.42 million units, reflecting a year-on-year growth of 3% [6]. Group 2: Company Performance - There is significant performance differentiation among major automotive groups, with some state-owned enterprises lagging behind while companies like BYD and Chery show strong performance [9][12]. - The competitive landscape is shifting, with private enterprises like Geely, BYD, and Chery becoming the main players in the industry, indicating a sustainable trend [12][13]. Group 3: Passenger Vehicle Dynamics - Cumulative sales of narrow passenger vehicles reached 26.75 million units in the first 11 months of 2025, with an 11% growth rate [17]. - In November 2025, narrow passenger vehicle sales totaled 3 million units, showing a year-on-year increase of 2% [17][19]. - The retail sales of narrow passenger vehicles maintained a year-on-year growth of 5% since 2023, although a downward trend was observed from September 2025 [21]. Group 4: New Energy Vehicle Trends - In November 2025, sales of new energy passenger vehicles reached 1.71 million units, marking a year-on-year increase of 19% [24]. - Cumulative wholesale sales of new energy passenger vehicles from January to November 2025 reached 13.77 million units, reflecting a year-on-year growth of 28% [24][26]. Group 5: Commercial Vehicle Insights - The commercial vehicle market is characterized by structural growth driven by equipment renewal subsidies, with high subsidies accelerating the electrification of logistics and transportation [1][4]. - In the first 11 months of 2025, cumulative truck sales reached 3.35 million units, with a growth rate of 10% [37]. - November 2025 saw truck sales of 340,000 units, representing a year-on-year increase of 26% [37][39].

12月12日晚，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称 《征求意见稿》）。据了解，《征求意见稿》共五章28条，主要内容聚焦于细化汽车生产企业价格行为 规范、明确汽车销售企业价格行为要求、引导建立健全内部合规管理制度等三个方面。中国汽车工业协 会相关人士表示，《征求意见稿》对汽车生产、销售企业给予了明确、具体、全面的指导和提示，避免 企业在经营活动中某些具体行为触及法律红线，从而有效帮助企业规避可能造成的法律法规风险，在源 头治理上促进企业切实做到合法、合规经营。 禁止价格串通 《征求意见稿》同样聚焦汽车新车销售环节，着力规范未按规定明码标价、虚假促销等突出问题。《征 求意见稿》提到，要细化明码标价规则，要求经营场所及网络平台真实、准确标示商品和服务信息，严 格区分汽车产品价格与销售服务价格，严禁价外加价；规范促销行为，要求显著公示促销规则、期限及 限制条件，如实标明赠品信息；细化价格欺诈形式，明确禁止误导性标价、虚假比较价格、不履行价格 承诺等行为；建立风险提示机制，鼓励平台对显著低价行为进行经营风险和消费风险双向提示；规范服 务收费，严禁只收费不服务、重复收费、转嫁收费 ...

------------------------------- 当时 Jeremy 和 James 在北京试驾了广汽传祺、荣威350、比亚迪F0等车型，评价是：" 样子还 行，但开起来很糟糕 。" 以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 作者： 凤凰网财经 来源： 凤凰网财经 还记得 12年前《Top Gear》是怎么评价中国车的吗？ 但他们也在节目结尾预言： "五年前中国人还只能造三轮车，现在他们已经能造出这样的车了。谁 能想象五年后中国车会是什么样？" 如今回头再看，当年那些被调侃的 "山寨车"，早已蜕变为在海外市场"杀疯了"的中国燃油车军 团。 若是 "三贱客"今天再来试驾，表情该有多精彩？ 从被嘲讽到被追赶，中国车只用了十年。而今天，在这个电动化呼声最高的时代，中国制造的燃油 车，正在海外完成一场 "沉默的反击"。 01 猛猛出海 数据显示，自 2020年起，中国每出口四辆车，就有三辆是燃油车。 燃油车确实是在猛烈出海。 来自中国汽 ...

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

2025年接近尾声，过去这一年，在新的市场格局和竞争环境下，什么行业最赚钱，什么行业最受"打工人"青睐，公司最喜欢什么类型的员工？ 12月12日，职场社交平台脉脉高聘发布《2025年度人才迁徙报告》（以下简称"报告"）。《每日经济新闻》记者注意到，2025年1—10月，高薪岗位 TOP20的平均月薪均超过6万元，AI（人工智能）研发岗占据大半。 值得一提的是，2025年1—10月，高薪岗位TOP20中，AI岗位占据主导地位，AI研发岗占据大半。同时，AI带来的薪资溢价十分显著：AIGC算法工程师平 均薪资较普通算法工程师高出近18%，AI产品经理比普通产品经理高出20%。 高薪岗位TOP20中，平均月薪均超过6万元，AI科学家/负责人岗位以127225元的平均月薪居首，大模型算法岗位（平均月薪71060元）、数字前端工程师 岗位（平均月薪69197元）位列二、三。算法类岗位占比近半，包括广告算法（平均月薪65790元）、深度学习（平均月薪65625元）、语音算法（平均月 薪64282元）等岗位，展现算法技术的广泛应用。 2025年1—10月新经济行业新发岗位平均月薪TOP20 图片来源：报告截图 架构设计和数 ...