本文来自：乘联会 1.9月全国乘用车市场回顾 零售：9月全国乘用车市场零售224.1万辆，同比增长6.3%，环比增长11.0%。今年以来累计零售1,700.5 万辆，同比增长9.2%。今年国内车市零售累计增速从1-2月的1.2%持续拉升到1-6月的11%，7-9月增速徘 徊在6%呈现高基数的减速特征，符合年初判断的"前低中高后平"的走势。今年9月零售销量再创新高， 较2017年9月219万的历史最高水平高5万辆，呈现年末政策退出前的强增长特征。 反内卷浪潮正推动车市向"降价减少、促销平缓"的方向转变，车市运行日益平稳。根据车企官宣降价或 新车价格实质性突破近两年最低指导价的规则统计：今年9月份有23款车型降价（去年同期36款和2023 年同期11款），当前市场保持相对稳定。2025年9月新能源车的促销力度维持在10.2%的中高位水平， 较同期增加2.6个百分点，较上月微增0.7个百分点。2025年9月传统燃油车的促销力度23.9%，较上月增 加1个百分点，较同期增加1.9个百分点。 面对外部冲击加大、内部困难挑战叠加的复杂局面，强有力的对冲平衡措施支撑了前三季度经济与车 市。随着各省以旧换新补贴政策的差异化显 ...

Core Insights - The passenger car market in China showed strong performance in September 2025, with record highs in retail, export, wholesale, and production, particularly in the new energy vehicle (NEV) sector [1][2][5] Retail Performance - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [2][4] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [2][4] - The retail penetration rate of NEVs in September was 57.8%, with a notable increase in the share of domestic brands [12][14] Export Trends - In September, the total export of passenger cars was 528,000 units, marking a year-on-year increase of 20.7% [5][15] - NEVs accounted for 40.1% of total exports, with a significant year-on-year increase of 15 percentage points [5][15] - The export of domestic brands reached 463,000 units, a year-on-year growth of 27% [5][15] Production Insights - Passenger car production in September was 2.838 million units, a year-on-year increase of 17.2% [5][6] - Cumulative production from January to September reached 20.78 million units, reflecting a 13.9% year-on-year growth [5][6] Wholesale Data - In September, wholesale sales of passenger cars reached 2.803 million units, a year-on-year increase of 12.4% [6][12] - The wholesale penetration rate of NEVs was 53.5%, with domestic brands leading at 68.3% [12][15] New Energy Vehicle (NEV) Performance - NEV production in September reached 1.501 million units, a year-on-year increase of 22.9% [8][9] - NEV wholesale sales were 1.500 million units, reflecting a year-on-year growth of 22.4% [9][12] - The cumulative retail of NEVs from January to September was 8.866 million units, a growth of 24.4% [9][12] Brand Performance - In September, domestic brands achieved retail sales of 1.5 million units, a year-on-year increase of 13% [4][17] - The market share of domestic brands in the retail sector reached 66.9%, up 3.6 percentage points year-on-year [4][17] - New energy brands like BYD, Geely, and Chery showed strong performance in both retail and wholesale segments [16][17] Market Dynamics - The market is transitioning towards a more stable environment with reduced price wars and moderate promotional activities [3][4] - The competitive landscape is evolving, with emerging brands gaining market share and traditional brands adapting to new trends [16][17]

Key TakeawaysGlobal markets reacted sharply to renewed US-China trade tensions, with Korean stocks (KOSPI) falling over 2% and Chinese equities tumbling, while gold surged past $4,000 per ounce to a record high on safe-haven demand.UK Prime Minister Keir Starmer arrived in Egypt for a summit aimed at finalizing a US-brokered peace agreement to end the Gaza conflict, which includes a potential Israel-Hamas hostage exchange.Tesla (TSLA) introduced lower-priced Model Y variants in Europe, aiming to boost sales ...

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RT ELON CLIPS (@ElonClipsX)Elon Musk: The narrative saying I didn't create Tesla is wrong.Joe Rogan: “You came in at Tesla in the beginning, but they were already doing something, right?”Elon: “No, Tesla did not exist in any meaningful form. There were no employees. JB Straubel and I joined three other people. There was no car, there was no nothing.”Joe Rogan: “So there wasn't even a prototype yet?”Elon: “No.”Joe Rogan: “Oh, okay. That's a funny narrative that people like to say that you didn't even create ...

装备制造 [Table_ReportDate] 2025 年 10 月 13 日 [T分析师： able_Author 赵晓闯] 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn [Table_ReportType]装备制造行业周报（10 月第 2 周） [Table_S 市场行情回顾 ummary] ： 上周 4 个交易日（2025.09.29-2025.10.10）机械设备、电力 设备及汽车行业指数涨跌幅分别为+1.43%、+2.19%及+0.43%， 在 31 个申万一级行业中排名分别为第 15、11、22 位；同期沪 深 300 涨跌幅为+1.47%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title ...

ab 9 October 2025 Tesla rolled out lower-cost Model 3/Y Tesla introduced a more affordable version of its Model 3/Y SUV priced at US$36,990/US $39,990, featuring simplified interiors and exteriors, fewer amenities, and a reduced range. The lower-cost Model 3/Y can be ordered immediately, deliveries are scheduled to begin in November. Production will start at Tesla's US plant first, with manufacturing at the Shanghai plant anticipated to launch in Q126. We believe the launch of the lower- cost Model 3/Y coul ...

贸易战影响下，如何调整机器人板块的投资策略 20251012 摘要 Figure AI 发布 Figure 03，定位为通用型机器人，全面升级 Helix 系统， 目标四年内生产 10 万台；小鹏和特斯拉也即将发布新一代人形机器人 产品，预示行业技术快速迭代。 特斯拉链四季度迎来重要更新，包括业绩会和股东大会，预计发布 Optimism V3 代机器人，重大催化因素明确，对板块行情持乐观态度。 特朗普拟对中国商品加征 100%关税，历史经验表明短期市场或有恐慌， 但考虑到特斯拉机器人催化，回调或是投资机会，中国供应链的成本优 势仍具竞争力。 人工智能领域头部创业公司估值飞速提升，人形机器人主机厂市值有望 重构，关注小鹏、赛力斯及优必选等标的。 短期关税影响情绪，长期催化不断，建议关注拓普、银轮、均胜等汽车 行业相关标的，回调或是特斯拉链最佳上车机会。 贸易战背景下，稀土、镁铝合金、国产芯片、传感器四大细分板块或将 受益，稀土竞争格局较好，镁铝合金可减轻机器人重量，国产芯片自主 可控需求增强，传感器需求大幅增加。 特斯拉三代机器人对传感器需求增加，国内上市公司大力投入研发，摄 像头、激光雷达、力传感器等领域值得 ...

乘联分会：初步统计全国乘用车市场零售223.9万辆，同比增长6% 10月11日，乘联分会发布数据显示，初步统计：9月1-30日，全国乘用车市场零售223.9万辆，同比去年 9月增长6%，较上月增长11%；今年以来累计零售1,700.4万辆，同比增长9%。9月1-30日，全国乘用车 厂商批发277.0万辆，同比去年9月增长11%，较上月增长12%；今年以来累计批发2,081.2万辆，同比增 长13%。 深圳支持车内全无人测试 深圳市交通运输局近日发布通告，就《深圳市智能网联汽车道路测试与示范应用管理实施细则（修订征 求意见稿）》公开征求社会公众意见。依据《征求意见稿》，深圳将支持车内全无人测试场景，允许企 业开展车内全无人道路测试、示范应用活动，支持企业在复杂场景进行技术验证，推动高阶自动驾驶产 品应用落地。 即日起吉林省汽车报废更新补贴政策调整 吉林发布官微消息，吉林省即日（10月11日）起调整汽车报废更新补贴政策。调整后，实行"预约资格 制"，需通过"云闪付APP"领取资格券。首期1000万元补贴资金今日10时开放预约，新能源车补贴2万 元、燃油车补贴1.5万元，资格券领取后当月有效。 冯长军任东风汽车集团 ...

每经AI快讯，10月13日，美股夜盘，英伟达涨近3%，特斯拉涨2%，苹果涨1%，AMD涨超3%，高通涨 2.3%。 ...