中美关税迎来缓和挪威基本达成全面电动化目标

1. Report Industry Investment Rating No information provided in the given text. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and the price war is gradually ending [3][117]. - Overseas markets are affected by severe trade protectionism in Europe and the United States, which brings volatility risks to exports. New growth points such as the Belt and Road countries and the Middle East should be focused on [3][117]. - In the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [3][117]. 3. Summary by Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented. For example, among listed companies, BYD's closing price on October 31st was 103.61 yuan with a one - week decline of 0.14%, while SAIC Motor's closing price was 16.75 yuan with a one - week increase of 0.42% [14]. 3.2产业链 Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - Sales and Exports: From January to August globally, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6%. In China, from October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - Inventory Changes: Information on the monthly new inventory of new energy passenger vehicle channels and manufacturers is presented through relevant charts [25]. - Delivery Volume of Chinese New Energy Vehicle Enterprises: The monthly delivery volumes of companies such as Leapmotor, Li Auto, XPeng, and NIO are presented through charts [28][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - Global Market: From January to August, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6% [1][115]. - European Market: The cumulative sales in Europe were 2.442 million, with a year - on - year growth rate of 30.8% [1][115]. - North American Market: The cumulative sales from January to August were 1.205 million, with a year - on - year growth rate of 4.8% (cumulative sales from January to September were 1.399 million, a year - on - year increase of 8.3%). The sales and penetration rate in the United States reached record highs in August and September, mainly due to the expiration of the federal electric vehicle tax credit ($7,500) on September 30th [1][115]. - Other Regions: The cumulative sales in other regions were 665,000, with a year - on - year growth rate of 50.6% [1][115]. 3.2.3 Power Battery Industry Chain - Information on power battery loading volume (by material), export volume (by material), weekly average price of battery cells, and material costs is presented through relevant charts [76][80]. 3.2.4 Other Upstream Raw Materials - The daily prices of rubber, glass, steel, and aluminum are presented through relevant charts [99][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - On October 30th, China and the United States reached a consensus. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. China will suspend relevant export control measures announced on October 9th for one year [103][104]. - On October 31st, the Ministry of Industry and Information Technology stated that it will promote green products and vigorously develop green industries such as new energy vehicles [105]. 3.3.2 China: Industry Dynamics - From October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - In the first three quarters of 2025, Anhui's automobile production was 2.4044 million, ranking first in China, mainly due to the significant increase in new energy vehicle production [107]. - As of the end of September 2025, the cumulative export of domestic cars from Shanghai Waigang Haitong Wharf exceeded 5.32 million, with an average annual growth rate of 10.6%, and the proportion of new energy vehicles increased from 34% to 59% [108]. 3.3.3 China: Enterprise Dynamics - BYD sold 441,706 vehicles in October, a record high this year. In Q3, its total revenue was 194.985 billion yuan, a year - on - year decrease of 3.05% [109]. - Leapmotor delivered 70,289 vehicles in October, a year - on - year increase of over 84% [111]. - XPeng delivered 42,013 vehicles in October, a year - on - year increase of 76% [111]. - NIO delivered 40,397 vehicles in October, a year - on - year increase of 92.6% [111]. - Li Auto delivered 31,767 vehicles in October, and the orders for the Li i6 exceeded 70,000 after its launch [111]. 3.3.4 Overseas: Policy Dynamics - The US Senate voted to reject Trump's global tariff policy, but the vote may only be symbolic before the House of Representatives conducts a similar vote [111][112]. - Norway has basically achieved the 100% electrification goal and plans to gradually cancel electric vehicle subsidies within two years [2][113][116].