© 常年 | 令 房车研究院 小城车市洞察报告(2025版) 团队成员 ８ 周丽君 院长/首席分析师 8 高 英 行业分析师 ８ 石本雅 行业分析师 2023-2024年，小城车市快速崛起，市占率随之提升 新迹象应引起车企的高度关注,尤其是吉利、比亚迪等古流车企 所有问题的关键在小城车市的本轮突然崛起，到底是偶然还是必然？到底是短期还是长期? 资本下沉与人口回流 正提振小城车市 说到小城车市的突然崛起，直接原因首推2022-2025年各级政府密集出台的一系列以短期补 贴为主的刺激政策：2022上半年，中国车市凸显颓势，4月25日，国务院办公厅发布《关于 进一步释放消费潜力促进消费持续恢复的意见》，明确指出要稳定增加汽车等大宗消费，之后各 地政府纷纷出台购车补贴政策。5月23日，国务院常务会议决定，阶段性减征部分乘用车购置 税600亿元，中国乘用车销量立马被拉升，由5月的132万飙升至6月的193万辆。9月26日， 财政部、税务总局、工业和信息化部发布公告，新能源汽车免征车辆购置税政策延长至2023 年，给年底车市吃了颗定心丸；进入2023年，围绕新能源汽车，6月15日，工信部等五部门联 合发布了《关于开展20 ...

中国购车用户家庭收支洞察报告 之收入篇 (2025版) 团队成员 周丽君 院长/首席分析师 高 英 行业分析师 石本雅 行业分析师 临"危"不惧，新车购买用户的家庭可支配收入稳步提升 2024年均值突破20万元，中国新车市场越来越像"富人车市" 中国新车市场 越来越像"富人车市" 2020-2024年 中国乘用车(新车)市场的购车用户的 家庭可支配收入走势(万元) 近几年，虽然中国经济遭遇了来势汹汹的疫情及其后遗症、愈演愈烈的中美贸易战等诸多挑 战，使得就业形势略有压力、经济增长略显疲软，中国新车市场的购车用户理应会越来越 "穷"，但调研显示中国新车市场的购买用户的家庭可支配收入仍在持续提升，均值由2020 年16.45万元升至2024年20.49万元，中位值由11.49万元升至15.04万元； 国家统计局数据显示，2024年中国居民可支配收入的均值与中位值，分别为4.13万元和3.47 万元，按户均2.82人计算，中国居民家庭可支配收入的均值不及12万元，比购车家庭足足少 了8万元，中位值不及10万元，比购车家庭足足少了5万元，可见新车购买用户在中国算得上 "富人"了，中国新车市场算得上"富人车市"了。近几 ...

关于汽车购买的见解 （能源消耗）/ 吉利汽车竞争分析（2025） 腾艺研究院 张强 高莹 周立军 本雅·石 总监/首席分析师 zhoulijun1@yiche.com 行业分析师 gaoying1@yiche.com 视觉设计师 张强9@一车网.com 行业分析师 shibenya@yiche.com 作者 对节能的需求：买家对各种能源类型（如汽油、柴油、电力、甲醇和氢） 的转换效率和使用成本的偏好。 吉利能否全面抗衡比亚迪？ 对节能方案的渴望 汽油 柴油 能源消耗 使用成本 电力 渴望 节能 甲醇 能源消耗 其他 转换效率 氢 作为人类移动的工具，汽车在运动过程中会消耗能量。消耗的能量越多，成本就越高。为了降低使用成本，汽车 制造商投入了大量努力来推广节能新技术，用户可以根据自己的购买力和使用场景选择提供最佳经济性的产品。 本报告将节能需求定义为购买过程中买家对汽油、柴油、电力、甲醇和氢等各种能源类型的转换效率和使用成本 的偏好； 本报告主要基于TYRI（原名YRI）在2024年前三季度进行的在线研究，包含超过50,000个数据样本，并参考了 腾翼大数据和TYRI线下研究数据。 中国在2024年的汽车市场对 ...

Investment Rating - The report indicates a critical situation for overseas car manufacturers, suggesting a potential decline in market share and brand strength, particularly by 2025-2026 [82]. Core Insights - The brand appeal in the Chinese automotive market remains high at 68.35% in 2024, but overseas brands are experiencing significant declines in loyalty and net recommendation rates, threatening their brand power [7][82]. - Chinese brands have begun to surpass overseas brands in key metrics such as user loyalty and net recommendation rates, with Chinese brand loyalty reaching around 25% in 2024, while overseas brands are declining [7][82]. - The report emphasizes the need for overseas car manufacturers to adapt to evolving consumer trends, including the increasing middle-aged, female, and middle-class demographics in the Chinese market, which demand new product and service offerings [62][64]. Summary by Sections Brand Appeal and Consumer Trends - The report defines brand appeal as the comprehensive perception of a brand based on awareness, recognition, reputation, loyalty, and recommendation during the car purchasing process [3][6]. - The brand appeal among Chinese consumers has remained high, with a notable focus on brand loyalty and recognition, particularly towards established overseas brands [7][8]. Performance of Overseas Brands - Overseas brands have seen a drastic decline in loyalty and recommendation rates, with significant discounts being offered, leading to a "volume-price decline" scenario [14][82]. - The report highlights that from 2017 to 2024, overseas car manufacturers' sales in China dropped from 15 million to 10 million units, with market share falling from 60-70% to just over 40% [14][82]. Chinese Brands' Growth - Chinese brands like BYD, Geely, and others have significantly improved their brand power and market presence, achieving a doubling of sales from under 7 million to nearly 14 million units between 2020 and 2024 [69][76]. - The report notes that the loyalty and net recommendation rates for Chinese brands have surpassed those of overseas brands, indicating a shift in consumer preference [69][76]. Evolving Consumer Demographics - The report identifies key demographic shifts in the Chinese automotive market, including an increase in middle-aged and female consumers, which has led to new demands for energy-efficient and compact vehicles [26][35][62]. - The middle-class segment is expected to dominate the market, with a significant increase in the number of households owning multiple vehicles [44][62]. Challenges for Overseas Brands - Overseas brands are criticized for their slow adaptation to the changing market dynamics, remaining focused on younger consumers while neglecting the needs of middle-aged and female buyers [62][64]. - The report warns that without timely adjustments to their product and service offerings, overseas brands risk further erosion of their market position and brand strength [82].

吉利汽车 能否"硬刚"比亚迪 购车决策洞察报告之能耗篇(2025版) 吉利汽车竞争力分析报告(2025版) 团队成员 周丽君 院长/首席分析师 高 英 行业分析师 石本雅 行业分析师 | 张 | 强 | | --- | --- | | 视觉设计师 | | 节能诉求：指用户在购车过程中对汽油、柴油、电、甲醇、氢等 各大能源的转换效率与使用成本的要求 节能诉求定义模拟图 汽油 氢能 节能 诉求 甲醇 柴油 其它 电能 作为人类出行交通工具的汽车，每挪动一步就会消耗一定的能量。能源消耗越多，成本自然 越高，为了降低使用成本，企业会努力普及新节能技术，用户会根据支付能力与使用场景， 选择更经济的能源产品。本报告定义的节能诉求，指用户在购车过程中对使用汽油、柴油、 电、甲醇、氢等各大能源的转换效率与使用成本的要求； 本报告的研究数据以腾易研究院(前身为易车研究院)的线上调研为主，2024年前三季度的总 样本量超过5万份，并以腾易大数据和腾易研究院的线下调研数据为参考。 2024年中国车市的节能诉求高达54.59% 助力比亚迪于2021年起强势崛起 并将曾经的自主一哥吉利汽车按在地上摩擦 近二十多年，中国车市的能源形式以 ...

Investment Rating - The report suggests a strong investment opportunity in BYD, particularly in the context of its aggressive pricing strategy and market share growth in the electric vehicle sector [9][10][33]. Core Insights - BYD has successfully leveraged price wars to capture significant market share, with its global sales skyrocketing from 400,000 units in 2020 to over 4 million units in 2024, marking a tenfold increase [9][10]. - The report highlights that consumer price preference in China reached 66.56% in 2024, indicating a strong demand for competitively priced vehicles, which has been a key driver for BYD's growth [9][10]. - BYD's strategy of vertical integration and optimizing domestic supply chains has allowed it to maintain competitive pricing while expanding its product offerings [11][33]. Summary by Sections Price Preference and Demand - Chinese consumers' price preference has remained high, with 66.56% indicating a strong inclination towards price-sensitive purchasing decisions [9]. - The report notes that blue-collar buyers exhibit the highest price sensitivity, with over 70% of this demographic prioritizing price in their purchasing decisions [18][24]. Competitive Landscape - BYD's aggressive pricing strategy has forced competitors like Volkswagen and Toyota to adapt their pricing models, leading to a significant shift in market dynamics [10][51]. - The report emphasizes that BYD's market share in China has nearly doubled from 33% in 2020 to 60% in 2024, showcasing its disruptive impact on the traditional automotive market [9][10]. Future Outlook - BYD plans to expand its high-end market presence in 2025, introducing several new models aimed at capturing a share of the premium segment [33][40]. - The report warns that BYD must address challenges from emerging competitors like Li Auto and AITO, which have gained significant traction in the high-end market [68][69]. Pricing Strategy - The report indicates that BYD's pricing adjustments, such as the recent reduction of the Fang Cheng Bao 5's MSRP, have positively impacted sales, highlighting the importance of competitive pricing in the high-end segment [83][84]. - It is suggested that BYD needs to refine its pricing strategy to remain competitive against both domestic and international brands entering the high-end market [77][91].

Investment Rating - The report indicates a strong demand for power in the automotive market, suggesting a potential shift towards larger displacement vehicles and a focus on power as a key selling point for manufacturers [8][18][87]. Core Insights - The demand for power in the Chinese automotive market is projected to reach 39.52% in 2024, indicating that many consumers still prioritize power over other attributes like quietness and off-road capability [8][11]. - The market is witnessing a significant shift from small displacement engines (1.5L and 1.6L) to larger engines (2.0L and above), driven by consumer upgrades and changing preferences [8][9]. - The report emphasizes the need for automotive manufacturers to adapt to evolving consumer demands for power, particularly among the Baby Boomer generation, who are expected to lead a new wave of consumption focused on larger, more powerful vehicles [17][34][58]. Summary by Sections Power Demand - The report defines power demand as the preference for vehicles that provide immediate and sustained strong power during various driving scenarios [7][8]. - The shift in consumer preferences is evident, with a growing share of buyers opting for vehicles with larger engines, reflecting a broader trend towards power-oriented vehicles [8][9]. Consumer Segmentation - Middle-aged men (Baby Boomers) exhibit the highest demand for power at 42.47%, followed by older male buyers, indicating a demographic shift in power preferences [17][19]. - Female buyers generally show lower power demand across all segments, which influences the types of vehicles being marketed [17][54]. Market Trends - The report highlights a robust growth in the SUV market, which has become the dominant segment in China, with a market share exceeding 30% in 2023 [18]. - The demand for electric vehicles (EVs) is growing, but their power demand remains lower compared to traditional internal combustion engine (ICE) vehicles, primarily due to the demographics of EV buyers [52][80]. Product Development - Manufacturers are encouraged to focus on larger, more powerful vehicles to meet the evolving demands of consumers, particularly in the context of the Baby Boomer generation's preferences [58][59]. - The report suggests that the automotive industry must adapt its product offerings to include larger displacement engines and more versatile vehicle types to capture the growing market for power-oriented vehicles [58][87].

| --- | --- | |---------------------------------------------------|-------| | | | | 警惕比亚迪 | | | 卷完价格"卷品牌" 中国车市净推荐率洞察报告(2024版) | | | | | | | | 团队成员 周丽君 院长/首席分析师 行业分析师 高 英 行业分析师 石本雅 视觉设计师 张 强 净推荐率(Net- Promoter Score，简称NPS) ◆ 衡量用户对企业或品牌的满意度、喜好程度等； 易车研究院NPS的调研场景为：假 设 您 的 亲 朋 好 友 正 准 备 购 车，您 在 多 大 程 度 上 会 推 荐 他 们 购买这款车型； NPS=推荐者(%)-贬损者(%)； 0 1 2 3 4 5 6 7 8 9 10 贬损者 犹豫者 推荐者 0分表示肯定不推荐，10分表示肯定会推荐，分数越高，表示推荐的意愿越强； � 数据来源：易车认证车主线上调研数据； 数据说明：2024版报告使用的数据为2024年前8月的调研数据。 2024年中国乘用车市场的用户净推荐率下滑至15.23% 首要贬损为价格，首要推荐是品牌，价格战 ...

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2][3] Core Viewpoints - The core viewpoint of the report is that Geely Auto's current product strategy, heavily focused on compact fuel vehicles targeting the youth market, is becoming increasingly unsustainable due to the shrinking youth car market and the rise of middle-aged and elderly car markets [4][5][6] - Geely's "youth-oriented" strategy, which was successful from 2014-2018, has lost its effectiveness as the 90s generation, the new main car-buying demographic, has significantly reduced in size, leading to a decline in the market share of compact cars from nearly 60% to 47.54% by 2023 [4] - Geely's delayed response to the new energy vehicle (NEV) trend, compared to BYD's aggressive NEV strategy, has put Geely at a competitive disadvantage [4][5] Product Layout Analysis Youth Market - Geely's product lineup is still heavily concentrated in the shrinking compact fuel vehicle market, which primarily targets young consumers [4][5] - The youth car market has seen a sharp decline, with terminal sales dropping below 8 million units and market share falling to 36.55% by 2023 [7] - The youth market is expected to continue shrinking, with its market share potentially dropping to 25% by 2030, losing its dominant position [7] - Geely's youth-focused products, such as the Emgrand and Boyue, are increasingly at risk as the youth market trends towards feminization, single-person households, and urbanization [7] Middle-Aged Market - The middle-aged car market has become the new mainstream, with terminal sales exceeding 10 million units and market share surpassing 50% by 2023 [9] - Geely has not fully capitalized on the middle-aged market, with only a few models like the Xingyue L and Zeekr 001 benefiting from this trend [9] - BYD has been more successful in capturing the middle-aged market with models like the Qin PLUS and Song PLUS, which appeal to both middle-aged men and women [9] - Geely plans to launch new energy-efficient large vehicles, such as the Xingjian, to compete in the middle-aged market [9] Elderly Market - The elderly car market is emerging as a new growth opportunity, with terminal sales increasing from 550,000 units in 2014 to 2.27 million units in 2023 [11] - The elderly market is expected to continue growing, with market share potentially exceeding 20% by 2030 [11] - Geely has not yet developed a strategic focus on the elderly market, which presents a significant opportunity for future growth [11] Strategic Recommendations - Geely should accelerate its shift away from the youth market and focus on the middle-aged and elderly markets [18] - The company should optimize its product lineup to better cater to the middle-aged market, particularly by developing energy-efficient large vehicles and enhancing its presence in the commercial/ business vehicle segment [15][17] - Geely should also begin exploring the elderly market, particularly by developing vehicles suited for long-distance travel and urban commuting [15][18] - The report suggests that Geely should leverage its brands (Geely, Lynk & Co, and Zeekr) to target different segments: Lynk & Co for the youth market, Geely for the middle-aged market, and Zeekr for the premium and female markets [15][18] Competitive Landscape - BYD has gained a significant competitive advantage over Geely by aggressively pursuing the NEV market and effectively targeting the middle-aged market with models like the Qin PLUS and Song PLUS [5][9] - BYD's upcoming product launches, such as the Tang L and Tang MAX, are expected to further strengthen its position in the middle-aged market [9][17] - Geely's delayed response to the NEV trend and its continued focus on the shrinking youth market have left it vulnerable to BYD's dominance [4][5][17]

Investment Rating - The report indicates a declining trend in the salary car market, with a significant drop in market share and sales volume, suggesting a cautious investment outlook for companies focused on this segment [5][25]. Core Insights - The salary car market in China is shrinking, with sales falling below 12 million units in 2023, and market share dropping below 55%, indicating a potential loss of its dominant position [5][25]. - The average disposable income of Chinese households has increased from 20,200 RMB in 2014 to 39,200 RMB in 2023, leading to a shift in market dynamics as more families transition to middle-class status [5][7]. - The report highlights that the focus of consumers in the salary car market is on price, with 74.04% prioritizing affordability, followed by quality and safety [9][10]. - The rise of the second-hand car market is significantly impacting the salary car market, with 50% of salary car buyers opting for second-hand vehicles, reflecting a shift in consumer preferences [7][19]. Summary by Sections Market Overview - The salary car market is defined as the segment catering to consumers with a disposable income of less than 150,000 RMB per year, which remains a critical focus for many automotive companies [3]. - The report notes that the salary car market is still the largest segment globally, despite its decline, with a market size comparable to that of the EU [5]. Sales Trends - From 2014 to 2023, the sales volume of salary cars peaked at 16.51 million units in 2017 but has since declined sharply, reaching 11.86 million units in 2023 [5][6]. - The market share of salary car users has decreased from 70% to 54.87% over the past decade, indicating a significant structural change in consumer demographics [5][7]. Consumer Behavior - The report emphasizes that the primary reasons for purchasing salary cars are for commuting and daily use, with 45.66% of consumers citing commuting as their main motivation [15]. - The focus on cost-effectiveness is evident, as both salary car and second-hand car buyers prioritize value for money, with second-hand car buyers showing even greater sensitivity to price [9][13]. Competitive Landscape - The report identifies BYD as the new leader in the salary car market, surpassing traditional players like Volkswagen and Toyota, with a market share of 12.37% in 2023 [22]. - The competitive dynamics are shifting, with second-hand cars increasingly seen as viable alternatives to new salary cars, posing challenges for traditional manufacturers [19][25]. Future Outlook - The report predicts that the salary car market will continue to shrink, potentially dropping to a market share of 30% by 2030, driven by economic pressures and the growing appeal of second-hand vehicles [25].