从价格战到价值战 汽车产业增长逻辑发生质变

Core Insights - In September, China's automotive industry achieved a historic milestone with production and sales exceeding 3 million vehicles, marking a significant shift in growth logic from quantity to quality [1][3] - The Ministry of Industry and Information Technology, along with eight other departments, released the "Automotive Industry Stabilization Growth Work Plan (2025-2026)," initiating a transformation towards effective quality enhancement [1][4] - The industry is transitioning from a "price war" to a "value war," focusing on technological innovation, brand elevation, and international cooperation [1][2] Consumption Expansion - September saw a record high in automotive consumption, with production reaching 327.6 million vehicles and sales at 322.6 million, representing year-on-year increases of 17.1% and 14.9% respectively [3] - The "trade-in" policy is expected to drive over 12 million vehicles for subsidies, boosting new car sales by approximately 1.7 trillion yuan [3] - In the first nine months, production and sales exceeded 24 million vehicles, with a year-on-year growth of 13.3% and 12.9% respectively, while new energy vehicle sales reached 46.1% of total new car sales [3][4] Technological Advancement - The automotive industry is a key driver of the new technological revolution, with recent regulations promoting upgrades in battery capacity and hybrid systems [6][7] - The focus is shifting towards smart and electric vehicles, with companies like BYD and Geely enhancing their intelligent driving features in lower-priced models [7] - The "Work Plan" emphasizes technological innovation to stimulate consumer demand, targeting breakthroughs in critical technologies such as automotive chips and AI [7][8] International Expansion - Chinese automotive companies are increasingly participating in international markets, with 116 exhibitors at the Munich International Motor Show, the highest number from any country outside Germany [9] - In the first nine months, exports reached 4.95 million vehicles, a 14.8% increase year-on-year, with new energy vehicle exports growing by 89.4% [9][10] - The "Work Plan" prioritizes export growth and aims to enhance international cooperation, with projections indicating that domestic automotive sales could reach around 28 million during the 14th Five-Year Plan [10][11]