"蔚小理零"表现亮眼。其中零跑汽车单月交付 6.67 万辆，同比增长近一倍，首次突破 6 万辆关口，坐 实"黑马"地位；小鹏交付 4.16 万辆，同比增长 95%，创历史新高；蔚来交付 3.47 万辆，同比增长 64%，在蔚来、乐道、Firefly 三品牌并行下再创纪录；小米汽车交付突破 4 万辆，延续上市以来的势 能；理想汽车9月交付 33951 辆，今年Q3交付 93211 辆。 比亚迪的下滑是最大的不确定信号。9 月新能源销量 39.6 万辆，同比下降 5.5%。这是其多年高速增长 中罕见的回调，一方面源自去年同期的高基数，另一方面在于自主、新势力的分流效应。作为市场 的"风向标"，比亚迪的放缓意味着行业格局不再是单极驱动，而是逐渐演变为多极化竞争。 在自主集团中，长安和吉利的表现最为稳健。长安 9 月销量 26.6 万辆，同比增长 25%，其中新能源销 量达到 10.3 万辆，同比大增 87%，海外销量 6 万辆，同比增长 23%，展现出全方位的增长态势。吉利 则实现了 27.3 万辆的销量，同比增长 35%，银河品牌突破 12 万辆，同比激增 131%，成为自主品牌冲 击中高端新能源市场的重要样本。 ...

10月1日，中国主流新能源汽车上市公司发布2025年9月销量数据。其中，蔚小理（蔚来、小鹏汽车、理 想汽车）和零跑汽车月销量均呈现环比增长。比亚迪9月新能源汽车总销量突破39.6万辆；本年累计销 量突破326万辆，累计同比增长18.64%。小米汽车9月交付量超过4万辆。 长假首日，多地新能源汽车门店和地方车展迎来看车人流。工业和信息化部有关负责人日前表示，将优 化新能源汽车车辆购置税等优惠措施。业内专家对上海证券报记者表示，随着新能源电动化带来的汽车 保有周期缩短，在保有量不变的情况下，中国新能源汽车的需求量还将大幅增长。 小鹏汽车公布最新交付成绩显示，公司9月共交付新车41581辆，同比增长95%，环比增长10%，单月交 付量突破4万辆，创下历史新高。2025年前三季度，小鹏汽车累计交付新车313196辆，同比增长218%。 小鹏汽车董事长何小鹏日前表示，10—30年后，人们可以住在离城市中心100公里的地方，10分钟以内 到达，安全、快速、无人化。所以，低空飞行会为城市和城市之间或者城市周边的生活带来巨大的改 变。何小鹏介绍，2026年小鹏汽车会把全球第一台"汽车+飞机"组合折叠的飞行汽车真正量产并开始交 ...

Core Viewpoint - The new energy vehicle market is experiencing significant changes, with new players like Leap Motor and Xiaomi making substantial gains in delivery volumes, while traditional brands face challenges in maintaining their positions [1][20]. Group 1: Delivery Rankings and Performance - Leap Motor leads the delivery rankings with 66,657 units, showing a 97% year-on-year increase and a 17% month-on-month increase [2][3]. - Xiaomi enters the top four for the first time with over 40,000 deliveries, marking a 300% year-on-year increase and a 33% month-on-month increase [2][4]. - NIO ranks fifth with 34,749 units delivered, reflecting a 64% year-on-year growth, indicating the effectiveness of its multi-brand strategy [5][14]. - Li Auto's performance is mixed, with 33,951 units delivered, a 19% month-on-month increase but a 37% year-on-year decline [6][18]. Group 2: Market Dynamics and Strategies - The market is seeing a shift where traditional automakers' new energy brands are growing but struggle to pose a significant threat to the top six new energy players [7]. - Leap Motor's strategy focuses on offering high-value features in mainstream models, appealing to cost-conscious consumers [8][9]. - Xiaomi's growth is attributed to improved production capacity, although it faces challenges with long wait times for customers [12][13]. Group 3: Competitive Landscape - The competitive landscape is evolving, with brands like Aion experiencing a nearly 20% year-on-year decline, while BYD's Equation Leopard sees a 345% increase [7][14]. - The delivery threshold for the top tier has risen to 40,000 units per month, creating a gap for brands unable to meet this benchmark [7][20]. - The introduction of new models, such as Li Auto's i6, is seen as a potential solution to declining sales, but internal competition may pose challenges [18][19]. Group 4: Future Trends - The market is expected to further differentiate, with technological advancements becoming crucial for maintaining competitiveness [21][22]. - Traditional luxury brands are beginning to take the electric vehicle market seriously, as seen with the local production of Mercedes-Benz's electric CLA [21]. - The overall conclusion points to a future where the winners will be those who can balance cost control through scale while offering differentiated experiences through technology and multi-brand strategies [23].

Core Insights - Li Auto reported a total delivery of 33,951 vehicles in September 2025, with a cumulative delivery of 93,211 vehicles in Q3 2025, and a historical total of 1,431,021 vehicles as of September 30, 2025 [2] - The company continues to lead the market for SUVs priced above 200,000 yuan, surpassing Tesla in cumulative sales [2] - The newly launched Li MEGA achieved the highest sales in both the pure electric and MPV categories for vehicles priced above 500,000 yuan in Q3 [2] - The production of the six-seat pure electric SUV, Li i8, is ramping up, aiming to create a popular model in its segment [2] - The five-seat SUV, Li i6, was officially launched on September 26, 2025, featuring advanced technology such as the VLA driver model and self-developed components [2] - Li Auto has signed Yi Yangqianxi as its first brand ambassador in ten years, reflecting a new phase in the brand's development [2] - The company aims to enhance the concept of "home" for users, focusing on creating a unique space experience and continuous innovation in technology and products [2] - As of September 30, 2025, Li Auto operates 542 retail centers across 157 cities and has established 546 after-sales service and authorized repair centers in 225 cities [2] - The company has deployed 3,420 supercharging stations and has a total of 18,897 charging piles nationwide [2]

（文章来源：第一财经） 第7财经 造车新势力 9月成绩单 同比增速 ● 交付量 ▲ 超97% D 66657 U 零跑 n 10 k 52916 极镜 ▲ 8.5% 51159 小鹏 95% 41581 ▲ 超40000 小米 E 尉米 34749 ▲ 64% 33951 理想 33626 ▲ 48.1% 深蓝 29113 埃安 15224 岚图 ...

Group 1: Price Adjustments at Xibei - Xibei has announced significant price reductions on its menu items, with some dishes seeing price cuts exceeding 20% [1] - The price changes were implemented on October 1, with staff updating old menus with new price tags due to the sudden notice [1] - Examples of price changes include: - Scallion Grilled Fish reduced from 89 yuan to 79 yuan (11% decrease) - Sesame Oil Cucumber reduced from 23 yuan to 19 yuan (17% decrease) - Five Tomato Sour Soup Fish reduced from 29 yuan to 23 yuan (20% decrease) [1] Group 2: Tesla's Market Performance - Elon Musk has become the world's first billionaire to surpass $500 billion in net worth, largely due to Tesla's stock performance [2] - Tesla's stock rose by 2.6% to $456.29, reaching a year-high and bringing its market capitalization back to $1.5 trillion [2] - The increase in Tesla's sales in Europe, particularly in France and Denmark, is attributed to strong demand for the Model Y [2] Group 3: New Energy Vehicle Deliveries - In September, seven car manufacturers delivered over 30,000 new energy vehicles, with five companies reporting year-on-year growth exceeding 50% [3] - BYD delivered 396,000 units, a year-on-year decrease of 5.52%, but a month-on-month increase of 6.06% [3] - Leap Motor and Xiaopeng reported significant growth, with deliveries increasing by 97.4% and 94.74% respectively [3] Group 4: Investment Activities - Mixue Group plans to invest 285.6 million yuan to acquire a 51% stake in Fulu Family (Zhengzhou) Enterprise Management [2] - After the investment, Mixue will hold a total of 53% of Fulu Family, making it a non-wholly owned subsidiary [2] Group 5: Apple and AI Developments - Apple has denied any wrongdoing in its collaboration with OpenAI, stating that it plans to work with various AI companies, including xAI [3] - The company is facing a lawsuit from Musk's xAI, which claims that Apple's partnership with OpenAI stifles innovation [3] Group 6: Microsoft and AI Integration - Microsoft is integrating AI services into its Office software, launching a higher-priced version of Microsoft 365 at $19.99 per month [5] - This move aims to enhance competition with OpenAI's ChatGPT [5] Group 7: Automotive Industry Developments - Toyota Kirloskar Motor is reportedly considering an IPO in India, aiming to raise approximately $700-800 million [6] - The formal IPO process has not yet begun, and the company has denied any such plans [6] Group 8: Financial Performance of Nike - Nike reported Q1 revenue of $11.72 billion, a year-on-year increase of 1.1%, surpassing expectations [6] - The company's gross margin was 42.2%, down from 45.4% in the previous year [6] Group 9: ExxonMobil's Workforce Reduction - ExxonMobil announced a global workforce reduction of approximately 2,000 positions, representing about 3-4% of its total workforce [6] - This move is part of a long-term restructuring plan to consolidate smaller offices into regional centers [6]

Group 1: Price Adjustments at Xibei - Xibei has implemented significant price reductions across its menu, with some dishes seeing price drops exceeding 20% [1] - Specific examples of price changes include: - Grassland Tender Grilled Lamb Chops reduced from 119 RMB to 109 RMB - Scallion Grilled Fish reduced from 89 RMB to 79 RMB - Yellow Rice Cake (6 pieces) reduced from 29 RMB to 26 RMB [1][2] Group 2: Tesla's Market Performance - Elon Musk has become the world's first billionaire to surpass 500 billion USD in net worth, largely due to Tesla's stock performance [2] - Tesla's stock rose by 2.6% to 456.29 USD, reaching a year-to-date high and a market capitalization of 1.5 trillion USD, driven by strong demand for the Model Y in Europe [2] Group 3: New Energy Vehicle Deliveries - In September, seven companies delivered over 30,000 new energy vehicles, with five companies reporting year-on-year growth exceeding 50% [3][4] - BYD delivered 396,000 vehicles, a year-on-year decrease of 5.52%, but a month-on-month increase of 6.06% [3] - Other notable deliveries include: - Leap Motor: 67,000 vehicles, up 97.4% year-on-year - Xiaopeng: 42,000 vehicles, up 94.74% year-on-year - NIO: 35,000 vehicles, up 64.06% year-on-year [4] Group 4: M&A Activity in the Food and Beverage Sector - Mixue Group plans to invest 285.6 million RMB to acquire a 51% stake in Fulu Family (Zhengzhou) Enterprise Management [4] - This acquisition will make Fulu Family a non-wholly owned subsidiary of Mixue Group [4] Group 5: Technology and AI Developments - Apple has denied any wrongdoing in its collaboration with OpenAI, stating that it plans to work with various AI chatbots in the future [8] - Microsoft is integrating AI services into its Office suite to compete with ChatGPT, launching a higher-priced version of Microsoft 365 [11] - Apple is shifting focus from upgrading its Vision Pro headset to developing smart glasses to compete with Meta's products [11] Group 6: Financial Performance of Nike - Nike reported Q1 revenue of 11.72 billion USD, a year-on-year increase of 1.1%, surpassing estimates [11] - The gross margin for the quarter was 42.2%, down from 45.4% year-on-year but above the expected 41.7% [11] Group 7: Employment Changes in Major Corporations - ExxonMobil announced a global workforce reduction of approximately 2,000 positions, representing about 3% to 4% of its total workforce [12] - The layoffs are part of a long-term restructuring plan focused on core growth projects [12]

Core Insights - Li Auto reported a total delivery of 33,951 vehicles in September, with a year-on-year decline of 36.8% compared to 53,709 vehicles delivered in September 2024, marking a decrease of nearly 20,000 units [1] - The third quarter saw Li Auto deliver 93,211 vehicles, continuing a downward trend for the fourth consecutive month since June, although September's deliveries showed a 19% month-on-month increase from August's 28,529 vehicles due to the delivery of two new electric models, the i8 and i6 [1] - In contrast, Leap Motor led the market with a record delivery of 66,657 vehicles in September, achieving over 97% year-on-year growth, and a total of 395,516 vehicles delivered from January to September, reflecting a 128.8% increase [1] - Xpeng Motors delivered 41,581 vehicles in September, marking a year-on-year increase of approximately 95% and a month-on-month growth of 10%, with total deliveries reaching 313,196 vehicles for the year, up about 218% [1] - NIO reported 34,749 vehicle deliveries in September, a year-on-year increase of 64% and a month-on-month increase of 11%, setting a new historical high [1] - Xiaomi Auto also surpassed 40,000 vehicle deliveries in September, marking its first month of exceeding this threshold, following a previous milestone of over 30,000 deliveries in August [2] Company Performance - Li Auto's September deliveries: 33,951 vehicles, down 36.8% year-on-year [1] - Leap Motor's September deliveries: 66,657 vehicles, up over 97% year-on-year [1] - Xpeng Motors' September deliveries: 41,581 vehicles, up approximately 95% year-on-year [1] - NIO's September deliveries: 34,749 vehicles, up 64% year-on-year [1] - Xiaomi Auto's September deliveries: over 40,000 vehicles, first month exceeding this figure [2] Market Trends - Li Auto's deliveries show a recovery trend with a 19% month-on-month increase in September [1] - Leap Motor and Xpeng Motors demonstrate significant growth rates, indicating a competitive market landscape [1] - The overall performance of the electric vehicle sector remains strong, with multiple companies achieving record deliveries [1][2]

Core Insights - The Chinese new energy vehicle (NEV) industry has shown remarkable growth in September, with multiple companies achieving record delivery numbers, indicating a strong performance during the peak sales season [1] Group 1: Company Deliveries - Leap Motor achieved a delivery volume of 66,657 units in September, marking a year-on-year increase of over 97% [26] - Xiaopeng Motors and Xiaomi both surpassed 40,000 units in September, with Xiaopeng delivering 41,581 units, a 95% year-on-year increase [2][4] - Li Auto delivered 33,951 units in September, with a total of 93,211 units delivered in Q3, maintaining a leading position in the SUV market above 200,000 yuan [8][9] - NIO delivered 34,749 units in September, a 64% year-on-year increase, contributing to a cumulative total of 872,785 units [12][14] - Zeekr achieved a delivery of 51,159 units in September, with a year-on-year growth of 8.5% [31][32] - Lantu Motors delivered 15,224 units in September, a 52% year-on-year increase, with a cumulative total of 96,992 units for the year [41] Group 2: Market Trends - The NEV industry in China is experiencing a significant surge, with companies like BYD reporting a total NEV sales of 396,270 units in September, showing an 18.64% year-on-year growth [23][25] - The overall market is characterized by a strong performance in the "golden September" sales season, with various brands achieving historical highs in delivery numbers [1][26] - The competitive landscape is intensifying as companies like Xiaopeng and Xiaomi emerge as significant players in the market, reflecting a shift towards more established competition in the NEV sector [4][2] Group 3: Future Outlook - Leap Motor plans to showcase its flagship technology platform and the first flagship model D19 in October, aiming to set a new standard in the luxury segment [27] - Lantu Motors is expanding its product matrix with new models and has seen significant interest, with over 10,000 orders for the 2026 model within 18 hours of its launch [53] - The global expansion of Chinese automakers is accelerating, with companies like Zeekr and Xiaopeng entering multiple international markets, indicating a strategic focus on global growth [56]

Core Viewpoint - The automotive market in China experienced a significant surge in September 2025, with over 70 new car models launched and numerous promotional events, driven by the "Golden September and Silver October" sales peak and the impending changes in tax policies for electric vehicles [4][6][10]. Group 1: New Energy Vehicle Sales - New energy vehicle sales saw remarkable growth, with companies like Leap Motor delivering a record 66,657 units in September, marking a significant milestone [12]. - Xiaopeng Motors reported a delivery of 41,581 units in September, a 95% year-on-year increase, with a total of 313,196 units delivered from January to September, reflecting a 218% growth [12][15]. - Li Auto delivered 33,951 units in September, while NIO delivered 34,749 units, achieving a year-on-year growth of 64% [15][17]. Group 2: Marketing and Sales Strategies - Car manufacturers are increasingly investing in marketing, utilizing celebrity endorsements and extended sales hours to boost sales, with some dealerships offering test drives until midnight [8][10]. - The trend of late-night car shopping has emerged, with customers actively engaging in purchasing vehicles during unconventional hours [10][12]. Group 3: Traditional Automakers' Performance - Major traditional automakers also reported strong sales, with Changan Automobile selling 266,000 units in September, a 25% increase, and Great Wall Motors achieving a record 133,639 units sold [30][32]. - Geely's sales exceeded 270,000 units, with a 35% year-on-year increase, and BYD sold 396,270 vehicles, highlighting the competitive landscape among traditional manufacturers [32][40]. Group 4: Market Dynamics and Competition - The automotive industry is witnessing a shift as new energy vehicle manufacturers gain market share, while traditional automakers are working to enhance their technological capabilities and product offerings [41][47]. - The competition is intensifying, with both new and established players striving to meet consumer demands for smarter and more efficient vehicles [41][48].