来源：环球网 从匈牙利政府车队到巴西总统府，带有BYD标识的汽车正频繁出现在海外公务场景中。在全球公务车 市场这一长期被本土及传统德系、日系品牌占据的领域，中国品牌比亚迪正以破局者姿态悄然改变游戏 规则。从欧洲到亚太，从美洲到中东，比亚迪新能源汽车凭借创新赋能公务出行，目前已成为多国政府 机关和警务部门的优先选择。 海外公务车市场素以高标准、高门槛著称，长期被当地品牌及传统德系、日系车企垄断。然而，这一格 局正在被比亚迪打破。 目前多个国家选择比亚迪作为警务车辆，墨西哥大规模采购比亚迪混动皮卡"鲨鱼"用于城市安防与野外 任务。奥地利则选用比亚迪作为政府日常行政与外事用车。在匈牙利元PLUS的警务巡逻车现身街头。 甚至在乌兹别克斯坦总统府、巴西总统卢拉的座驾中都可以见到比亚迪的身影。 近年来，环保已成为全球公务车采购的核心标准之一。部分海外国家政府明确提出公务车新能源化比例 与时间表，传统燃油公务车在高强度使用下的高排放、高能耗问题日益凸显。比亚迪凭借全产业链新能 源技术优势，成为这一趋势的引领者。 在这一绿色转型浪潮中，比亚迪正在成为多国政府实现低碳目标的战略伙伴。其纯电与混动技术路线， 既满足低排放要求，又 ...

对于车企来说，30万分水岭下的差异化应对。按照现行10%的税率计算，1.5万元减税额对应的车辆价 格上限为30万元，30万元及以下车型可享受全额减半，而超过30万元的车型，需缴纳"车价×10%-1.5万 元"的购置税。 对主打中低端市场的车企而言，政策冲击相对有限。2023年电池级碳酸锂现货年均价为26.2万元/吨， 而到了2025年12月国内电池级碳酸锂基准价9.4万元/吨，而新能源汽车电池成本通常占整车成本的 30%-60%，原材料降价为车企提供了充足的让利空间。某品牌新汽车人员透露，公司的主销车型集中在 10-20万元区间，购置税调整后每辆车仅增加5000-10000元成本，完全可以通过供应链优化消化。 "到底要不要赶在年底买车？"这是最近纠结买新能源汽车的人共同发出的疑问。一边是2026年起新能源 汽车购置税从"全额免征"变为"限额减半"的政策倒计时，一边是车企扎堆推出的"现金直降+0息贷款"优 惠套餐，再加上社交平台上关于"明年新车技术更先进"的讨论，让无数潜在购车者陷入抉择困境。 告别全免时代，新能源汽车市场迎来"30万定价战" 2023年财政部等三部门联合发布的《关于延续和优化新能源汽车车辆购置 ...

Mainland China's billionaires have tightened their grip as Asia-Pacific's wealthiest after their combined fortunes swelled to nearly US$1.8 trillion, with electric-vehicle (EV) maker BYD's founder Wang Chuanfu and bubble tea chain Mixue's bosses among the biggest drivers of that growth, according to a UBS report. Backed by a booming tech sector and surging asset prices, the wealth of mainland China's billionaires jumped 22.2 per cent year on year to US$1.77 trillion in the 12 months to early April, accord ...

Core Viewpoint - BYD is not only a leader in electric vehicle sales but also a pioneer in electric vehicle technology, significantly influencing the industry standards and practices [3][14]. Sales Performance - In November 2025, BYD sold over 480,000 vehicles, with overseas sales exceeding 130,000, both achieving new highs for the year [1]. - Cumulatively, BYD's sales from January to November 2025 surpassed 4.18 million units, solidifying its position in the global electric vehicle market and making the annual sales target of 4.6 million units highly attainable [1]. Technological Innovations - BYD has introduced several groundbreaking technologies in the electric vehicle sector, including: - Remote vehicle control features launched in 2011, which are now standard in many electric vehicles [3]. - Remote driving capabilities introduced in 2012, evolving to smartphone control [6]. - Bidirectional inverter technology (VtoL) first launched in 2013, now widely adopted across various brands [8]. - The DM-i super hybrid technology introduced in 2021, which has set new benchmarks for fuel efficiency in the industry [10]. - Blade battery technology introduced in 2020, enhancing battery safety standards [11]. - Megawatt fast charging technology launched in early 2023, prompting competitors to develop similar platforms [12]. Research and Development Commitment - Between 2011 and 2024, BYD has consistently prioritized R&D, with 13 out of 14 years seeing R&D expenditures exceed net profits, totaling over 210 billion yuan by 2024 [13]. - In 2019, despite a low net profit of 1.6 billion yuan, BYD invested 8.4 billion yuan in R&D, laying the groundwork for future innovations [13]. - In the first three quarters of this year, BYD led A-shares in R&D investment, reaching 43.75 billion yuan, a 31% increase year-on-year, significantly surpassing its net profit of 23.33 billion yuan [15]. Industry Influence - BYD's evolution from being underestimated a decade ago to becoming a central player in the electric vehicle market reflects its significant impact on competitors, who have shifted from skepticism to emulation of BYD's innovations [14]. - The company's substantial R&D investment is comparable to the combined R&D expenditures of major competitors like Geely, SAIC, and Chery during the same period [15].

此次协议的履行预计将对公司业绩产生积极影响。青海弗迪作为我国新能源汽车头部生产制造商比亚迪 （002594）的全资孙公司，此次协议的签订，是对公司磷酸铁锂生产技术和产品质量的高度认可，有利 于公司积累磷酸铁锂生产技术和经验，拓展客户资源，提升市场地位，为公司新能源产业的高质量发展 奠定基础。公司主营业务为精细磷化工系列产品的生产与销售，近年来，公司顺势切入新能源产业，陆 续建成10万吨/年磷酸铁、8万吨/年磷酸铁锂、10万吨/年磷酸二氢锂项目，2025年1-9月新能源板块的收 入占公司总收入的比重约为3%。该协议的签署以及充分履行有利于公司新能源板块产能的充分释放， 预计会对公司经营业绩带来积极影响，符合公司的发展战略和全体股东利益。 兴发集团（600141）(600141.SH)发布公告，公司全资子公司湖北兴顺新材料有限公司(简称"兴顺新材 料")与青海弗迪实业有限公司(简称"青海弗迪")签署《磷酸铁锂委托加工协议》，由青海弗迪委托兴顺 新材料加工生产8万吨/年磷酸铁锂产品，并支付加工费。协议期限2年，经双方协商一致，可自动续约1 年。 ...

Core Viewpoint - The signing of the lithium iron phosphate processing agreement between Hubei Xingshun New Materials Co., Ltd. and Qinghai Fudi Industrial Co., Ltd. is expected to positively impact the company's performance and enhance its market position in the new energy sector [1] Group 1: Agreement Details - Hubei Xingshun New Materials will process and produce 80,000 tons per year of lithium iron phosphate products for Qinghai Fudi under a two-year contract, which can be extended for an additional year upon mutual agreement [1] - The agreement signifies a high recognition of the company's lithium iron phosphate production technology and product quality by Qinghai Fudi, a subsidiary of BYD, a leading manufacturer in the new energy vehicle sector [1] Group 2: Impact on Company Performance - The execution of this agreement is anticipated to lead to a significant release of production capacity in the company's new energy segment, which has been gradually integrated into its main business of fine phosphorus chemical products [1] - As of January to September 2025, the revenue from the new energy segment accounted for approximately 3% of the company's total revenue, indicating growth potential in this area [1] - The agreement aligns with the company's development strategy and benefits all shareholders, contributing to the high-quality development of its new energy industry [1]

Core Insights - The Ti7 model has achieved a monthly sales volume of 24,019 units in November, marking the second consecutive month of surpassing 20,000 units, with total sales exceeding 50,000 units within 80 days of launch, and an average transaction price exceeding 210,000 yuan [1][7] Group 1: Product Features and Upgrades - The recent OTA upgrade for the Ti7 introduces a smart IoT scene mode, which includes three major scenarios: daily commuting, baby travel, and outdoor activities, enhancing user experience through voice control of various IoT devices [3] - The integration of the Ant Forest feature into the vehicle's system allows users to collect energy seamlessly without opening the app, promoting an eco-friendly lifestyle by connecting daily travel with environmental contributions [5] - The OTA upgrade also includes multiple experience optimizations such as adjustments to DC charging strategy, improved driving smoothness, and enhanced audio effects, thereby increasing convenience and comfort for users [5] Group 2: Market Performance and Brand Strength - The Ti7's continuous sales growth, with over 50,000 units sold and a strong presence in delivery locations, reflects its market appeal and user acceptance [7] - The overall sales of the Fangchengbao brand reached 37,405 units in November, with cumulative sales exceeding 180,000 units in 2025, indicating robust brand performance [7] - The Ti7's diverse features and deep integration with BYD's smart ecosystem, including various smart products, contribute to a comprehensive intelligent travel experience [7][9]

Domestic News - In the first 11 months, over 11.2 million vehicles were replaced through the old-for-new policy, contributing to a sales volume exceeding 2.5 trillion yuan, benefiting over 360 million people [2] - From January to October, China imported 404,000 complete vehicles, a year-on-year decrease of 30%, with an import value of 20.25 billion USD, down 38.3% year-on-year [3] - GAC Group announced a year-end vehicle purchase tax subsidy plan, offering up to 15,000 yuan in subsidies for eligible customers [4] - Leap Motor launched a December purchase incentive program, providing cash discounts of up to 17,000 yuan on various models [5] - FAW's Middle East company was officially unveiled in Abu Dhabi, marking a new phase in Hongqi's overseas business [6][7] - BYD introduced its first plug-in hybrid vehicle, the Sealion 6 SUV, in Japan, targeting the local market dominated by Toyota [8] - Cao Cao Mobility announced a strategic goal for its Robotaxi service, aiming for a "ten years, hundred cities, and hundred billion" target, along with the launch of a green intelligent transportation hub [9] - Fudi Battery signed a strategic cooperation agreement with the government of Zhijiang City to promote new energy projects [10] International News - Spain plans to invest approximately 1.5 billion USD to support the electric vehicle market and industry chain development as part of its 2035 strategic plan [11] - South Africa's new vehicle sales reached 54,896 units in November, marking a 12.5% year-on-year increase, although it saw a 1.9% month-on-month decline [12] - Suzuki announced an investment of 2.5 billion rupees (approximately 196 million yuan) to build 2,000 electric vehicle charging stations in India [13] - India's automotive sales saw significant growth in November, with Maruti Suzuki reporting a 21% year-on-year increase, while Mahindra and Tata Motors also experienced a 22% rise [14] Commercial Vehicles - Weichai Power and Shaanxi Automobile launched a new high-efficiency engine, the WP12H-2.0, focusing on fuel efficiency [15] - Haikou plans to implement a full ban on light fuel trucks in designated zero-emission demonstration zones starting January 1, 2026 [16] - The 2026 Pickup Annual Model Evaluation has officially started, with 11 new pickup models participating in the assessment [17] - Jiangling's Baodian pickup has made its debut in Tunisia, marking a significant step for the brand in the North African market [18]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2025 年 11 月销量点评：总销量环比持 续增长，出海销量达 13 万辆超预期 报告要点 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 比亚迪（002594.SZ） cjzqdt11111 [Table_Summary] 11 月销量环比持续增长，出海销量超 13 万辆，创历史新高。公司 11 月整体销量 48.0 万辆， 同比-5.3%，环比+8.7%，乘用车销量 47.5 万辆，同比-5.8%，环比+8.7%。分品牌来看，11 月 海洋王朝销量环比改善，11 月海洋王朝/方程豹/腾势销量分别为 42.4/3.7/1.3 万辆，同比分别- 12.7%/+339.0%/+32.5%，环比分别+7.2%/+20.5%/+30.8%，11 月仰望销量 703 辆，同比大幅 提升 ...

枝江希望打造更加完整的新能源产业生态。 近日，比亚迪弗迪电池新能源产业项目正式签约湖北枝江，这是比亚迪在湖北投建的第三个电池项目。湖北因此也成为比亚迪在国内布局最多电池项目的 省份之一。 第一财经记者注意到，比亚迪在湖北选择布局的三个城市——武汉、襄阳、宜昌（枝江）是湖北新能源产业重要聚集地，三大城市基于自身资源和产业基 础形成差异化分工，构建起湖北新能源产业"研发-生产-应用"全链条生态。 50万人小城缘何引来比亚迪？ 据"枝江发布"消息，12月1日上午，比亚迪集团弗迪电池有限公司新能源产业项目签约仪式在枝江举行。 枝江市委书记余峰在签约仪式上表示，比亚迪的到来如同"头雁振翅"，将带动整个新能源产业链在枝江集聚发展。 比亚迪襄阳产业园规划50GWh动储电池产能，一期建成30GWh动力电池及零部件项目，可满足60万辆整车装配，产品供应东风、比亚迪整车厂并出口东 南亚，今年产值有望达到160亿元。武汉基地主攻固态电池、长循环寿命电池等前沿技术。 比亚迪在武汉设立的动力电池研发及中试基地，与武汉理工大学围绕人才培养与技术合作签订校地、校企战略合作协议，可衔接襄阳、枝江生产基地，实 现"研发-中试-量产"快速转化。 ...