11月国内新能源乘用车零售增速7%，年累计增速20%

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's new energy vehicle market penetration rate exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [3][117][118]. - Overseas, trade protectionism in Europe and the United States is severe, posing risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. Overall, the development space of new energy vehicles in non - US regions is promising [3][116][118]. - In terms of 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][118]. 3. Summary by Relevant Catalogs 3.1 Financial Market Tracking - The report shows the one - week price changes of relevant sectors and listed companies. For example, BYD's one - week price increase was 0.85%, SAIC Group's was 3.21%, while CATL's was 4.26%, and Rongbai Technology's dropped by 7.94% [12][14]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - Sales and Exports: In November, the retail sales of new energy passenger vehicles were 1.354 million, a year - on - year increase of 7%, and the cumulative retail sales from January to November were 11.504 million, a year - on - year increase of 20% [1][104]. - Inventory Changes: Data on the monthly new inventory of new energy passenger vehicle channels and manufacturers are presented [25]. - Delivery Volume of Chinese New Energy Vehicle Manufacturers: Monthly delivery volume data of manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are provided [29][30]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - Global Market: Data on global new energy vehicle sales and penetration rate are presented [38][40]. - European Market: In October, the sales volume of new energy vehicles in Europe was 354,000, a year - on - year increase of 36.4%, and the cumulative sales from January to October were 3.205 million, a year - on - year increase of 31.9% [2][116]. - North American Market: In October, the sales volume of new energy vehicles in the US was 94,000, a year - on - year decrease of 32.4% and a month - on - month decrease of 50.9%. The cumulative sales from January to October were 1.425 million, a year - on - year increase of 9.1%. The penetration rate dropped from 15% in September to 7% in October [1][115]. - Other Regions: In October, the sales volume in other regions was 102,000, a year - on - year increase of 88.8%, and the cumulative sales from January to October were 884,000, a year - on - year increase of 59.8% [2][116]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, and material costs are presented. Also, data on the operating rates and prices of various battery materials such as ternary materials, lithium iron phosphate, and negative electrode materials are provided [78][82][88]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of raw materials such as rubber, glass, steel, and aluminum are presented [98][99]. 3.3 Hot News Summary 3.3.1 Industry Dynamics: China - According to the Passenger Car Association, from November 1 - 30, the retail sales of new energy vehicles increased by 7% year - on - year, and the cumulative retail sales since this year increased by 20% year - on - year [104]. - According to the Ministry of Commerce, in the first 11 months of this year, over 11.2 million cars were replaced under the trade - in program [106]. 3.3.2 Industry Dynamics: Overseas - In Germany, in November, the sales of pure - electric and plug - in hybrid electric vehicles increased by 58.5% and 57.4% respectively. The ban on fuel - powered vehicles was relaxed for plug - in hybrid electric vehicles [107]. - The US reduced the import tariff on South Korean cars to 15% and retroactively applied it from November 1 [110]. - The US announced a proposal to relax the corporate average fuel economy standards [111]. 3.3.3 Enterprise Dynamics - BYD's vehicle sales in November were 480,186, a year - on - year decrease of 5.3%. The cumulative sales from January to November were 4.182038 million, a year - on - year increase of 11.3% [112]. - Geely Auto's vehicle sales in November were 310,428, a year - on - year increase of 24%. The cumulative sales from January to November were 2.78775 million, a year - on - year increase of 42% [114].