崔東樹：11月車市劇烈分化特徵明顯 C級車型走勢較強

Core Insights - The article discusses the structural changes in the regional automotive market in China, driven by economic development and government policies aimed at boosting domestic consumption and diversifying exports. It predicts a unique growth trend in the passenger car market for 2025, characterized by strong retail performance from January to September, followed by adjustments in October and November [1]. Group 1: Market Trends - The automotive market is experiencing significant differentiation, with regions that have resumed subsidies showing substantial growth compared to those that have paused them [1]. - The subsidy policies are favoring mid to low-end vehicles, particularly economic models, reflecting a fair distribution of benefits across the market [1]. - The performance of A00 and A0 class electric vehicles is notably strong in regions like North China and Northeast China, indicating a positive impact of the "two new" subsidy policies [1]. Group 2: Regional Market Analysis - The overall growth pattern of the automotive market is shifting towards a "strong North, weak South" dynamic, with Northern regions, especially Northeast and Central Yangtze areas, showing relatively strong performance [2][3]. - In November, the market share of Northern regions decreased by 3.7 percentage points compared to the previous year, while it increased by 5.4 percentage points compared to 2022 [3]. - The Northeast and Northwest regions are identified as the fastest-growing areas in the Chinese automotive market, while Southern regions are underperforming [3]. Group 3: Policy Impact - The article highlights the significant role of government policies in shaping regional market structures, particularly through subsidy adjustments that influence consumer behavior and vehicle sales [4]. - The changes in subsidy policies have led to complex market structure variations across different regions, with Northern markets showing stronger annual performance despite some monthly fluctuations [3]. Group 4: Vehicle Type Market Structure - The demand for SUVs is particularly strong in the Central and Western regions, driven by geographical factors, while Eastern regions show weaker performance in this category [7]. - The growth of new energy vehicles, especially pure electric and plug-in hybrids, is notable, with traditional fuel vehicles still holding a significant market share in Northern and Central regions [8]. - The penetration rate of new energy vehicles is over 50% in Eastern regions, while Northern regions are experiencing rapid growth in pure electric vehicle adoption [8].