点 击 蓝 字 关 注 我 们 国家宏观经济持续向好，消费信心相对稳定，但由于部分地区的以旧换新和报废更新补贴政策大幅收 紧，11月零售出现环比负增长，而且燃油车零售达到下降22%，因此近期经销商的观望心态也较强。随着反内 卷的效果良好，市场促销力度保持温和，因此月初的零售进度并不快。受今年新能源车车购税免税到期，明年 买车多5个点车购税的政策影响，消费者年末购车紧迫感仍会很强。为应对交付周期延长导致的消费者购车成 本上升，车企纷纷推出购置税补贴方案，这种兜底式方案只是今年年末的暂时行为，未来不可持续。 3.2025年12月全国乘用车厂商批发销量走势 本文全文共 3585 字，阅读全文约需 12 分钟 本文详细资讯可在中国汽车流通协会乘用车市场信息联席分会官网下载：www.cpcaauto.com 1.本周车市概述 乘用车： 12月1-7日，全国乘用车市场零售29.7万辆，同比去年12月同期下降32%，较上月同期下降8%， 今年以来累计零售2,178.1万辆，同比增长5%；12月1-7日,全国乘用车厂商批发29.8万辆，同比去年12月同期下 降40%，较上月同期下降18%，今年以来累计批发2,706.3万辆， ...

吉利汽车(00175)公布，2025年12月10日耗资约2713.61万港元回购153.7万股股份。 ...

智通财经APP讯，吉利汽车(00175)公布，2025年12月10日耗资约2713.61万港元回购153.7万股股份。 ...

Group 1 - Hong Kong stocks experienced a decline, with the Hang Seng Index dropping 109 points or 0.43% to 25,325 points amid mixed performances from major tech stocks [1] - Alibaba (09988) aims to develop a super app through its newly established C-end business group, resulting in a 0.6% increase in its stock price [1] - Semiconductor stocks faced downward pressure, with SMIC (00981) down 1.7% and ASMPT (00522) down 3.2%, while the U.S. government allows NVIDIA to export H200 AI chips to China, but the Chinese government reportedly plans to restrict access to these chips [1] Group 2 - Automotive stocks showed weakness, with BYD (01211) down 1.1% and NIO (09866) down 2.8%, while Geely (00175) plans to secure a $420 million syndicated loan for the privatization of Zeekr, leading to a 0.9% increase in its stock price [2] - Shipping stocks saw significant declines, with the Baltic Dry Index (BDI) hitting a near two-week low, causing Orient Overseas International (00316) to drop 5.6% [2] - Pharmaceutical stocks were mixed, with China National Pharmaceutical Group (01177) and others declining by 2.5% to 3.3%, while Fosun Pharma (02196) rose by 3.8% [2] Group 3 - The Hong Kong market sentiment has turned cautious as southbound trading has been shrinking, with the upcoming Central Economic Work Conference expected to provide further guidance [3] - The Federal Reserve's interest rate decision is anticipated to impact Hong Kong stocks, with potential support for the market if a hawkish stance is not adopted [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份） ...

四川省通信管理局党组成员、副局长钱海燕介绍，截至目前，四川省算力中心集群和多级时延圈已初步 建设，同时在绿色安全算力建设方面，四川省已逐步探索出一条算力产业特色发展之路。 与会专家普遍提到，对于成渝地区双城经济圈核心城市而言，1ms城市算网的建设和运营，是推动区域 协同发展、激活西部发展动力、培育数字经济新质生产力的关键抓手。 与城市数字经济发展息息相关 1ms城市算网，是指以城市或都市圈为单元构建的新型信息基础设施，其核心特征是1ms低时延、一站 式用算，通过融合网络与算力资源，实现算力资源的高效匹配和充分利用。工业和信息化部《算力基础 设施高质量发展行动计划》及国家发展改革委"东数西算"工程实施意见都已将相关内容纳入。1ms城市 算网跟我们普通人有什么关系？带着这样的疑问，近日，《中国经营报》记者参加了在成都举行的1ms 城市算网中国行专家座谈会，并探访了相关企业和平台。 算力成为城市公共服务 "城市算网作为算力基建核心载体，对传统产业升级、新生态培育意义重大。"中国信息通信研究院党委 副书记王晓丽介绍，中国信通院近年来围绕1ms城市算网开展产业研究、标准研制等多项工作，持续推 动城市算网能力提升，助力全 ...

"对2026年车市的研判是（和今年）持平。"11月6日国家信息中心正高级经济师徐长明在2025年中国汽 车流通协会论坛上这样总结。 中汽中心专家认为，2025年全年增长率在4%左右，2026年增速或放缓至3.2%。 专家们还算"乐观"，年尾沟通会上，不少车企老总给出的预测悲观的多：几乎全部认为负增长，有的甚 至给出了两位数负增长的判断。 蔚来董事长李斌直言：明年的中国车市，没有闪电战，只有消耗战，真正考验多维度粮草储备的时候到 了。 11月的终端销量提前预示了明年的光景。 乘联分会数据显示，11月全国乘用车市场零售222.5万辆，同比下降8.1%，环比下降1.1%。继10月份同 比下降0.8%之后，终端继续下滑。 而补贴退坡可能引发的年底车市抢购热潮，也并没有及时出现，给2025年留一个好看的尾声。 你可以说这是政策的平稳过渡，也可以说，车市消费力已经早早透支干净了。 NO.1 [ 补贴一停，感情归零 ] 2026年的车市，可能比下周降温的北京还要冷。 9、10月份，2025年的"省补"（8000-15000元）、"国补"（15000-20000元）在全国范围内相继"突然"暂 停或者结束。 但由于现在很多新车 ...

招银国际发布研报称，中国乘用车零售销量和批发销量在2025年均有望实现历史新高，强于市场在去年 底的预期。2026年，考虑到"以旧换新"补贴和购置税减免优惠退坡，汽车行业或将呈现更为复杂的格 局，相较于部分投资者对行业销量放缓的担忧，更应该关注2026年中国汽车行业的竞争烈度与电池涨价 风险。整车板块首选吉利汽车(00175)，基本面扎实、估值具有吸引力。 招银国际主要观点如下： 汽车行业韧性或强于市场预期 尽管面临置换补贴退坡和新能源车购置税优惠减半，该行预计2026年中国乘用车零售销量同比有望基本 持平，同时得益于出口的增长，批发量或同比增长2.9%。相较于大部分投资者的预期，该行对中国汽 车销售韧性的判断更为积极，且不排除若2026上半年汽车销量疲软，政府出台新刺激政策的可能性。在 大量新车型推动下，该行预计2026年中国新能源乘用车的零售销量将同比增长15.5%至1,493万台，市占 率提升至61.8%。新能源乘用车批发量预计同比增长18.5%至1,850万台(市占率59.2%)，主要受益于中国 新能源车出口量有望保持较高增长(同比增40%)，也将拉动海外新能源渗透率的提升。 考虑到2026年新车型发 ...

Core Viewpoint - The Chinese passenger car retail and wholesale sales are expected to reach historical highs in 2025, surpassing market expectations from last year [1] Group 1: Industry Resilience - The automotive industry is anticipated to be more resilient than market expectations, with retail sales in 2026 expected to remain stable year-on-year despite the reduction of replacement subsidies and halving of new energy vehicle purchase tax incentives [2] - Wholesale volume is projected to grow by 2.9% year-on-year in 2026, supported by an increase in exports [2] - The report suggests that if sales are weak in the first half of 2026, there is a possibility of new government stimulus policies being introduced [2] Group 2: Market Trends and Competition - The competition in the Chinese automotive industry is expected to intensify in 2026 due to a record number of new model releases, with some companies benefiting from aggressive pricing strategies [3] - Chinese brands are expected to continue increasing their market share, while foreign brands will launch more localized new energy models [3] - The demand for energy storage batteries is expected to improve, leading to a rise in battery prices, which may impact automaker profit margins [3] - Plug-in hybrid electric vehicles (PHEVs) are anticipated to regain growth momentum in 2026 due to the introduction of new models and the reduction of subsidies [3] Group 3: New Energy Vehicle Landscape - The competition in the new energy vehicle sector is expected to enter a new phase in the second half of 2026, with valuation premiums between new players and traditional automakers likely to narrow [4] - The competitive landscape will expand beyond vehicle manufacturing to include AI applications, such as Robotaxi and robotics [4] - Foreign brands are expected to accelerate the launch of new energy models, gaining a deeper understanding of the Chinese market [4] Group 4: Investment Recommendations - The preferred stock in the automotive sector is Geely Automobile, which has solid fundamentals and attractive valuations, with potential for continued growth in new energy vehicle sales [5] - The high-margin models expected to launch in the second half of 2025, along with accelerated new energy exports, are likely to boost profit margins for Geely [5] - In the battery sector, attention is drawn to the new player, Zhengli New Energy, which has achieved industry-leading profit margins due to its efficient operations and is expected to benefit from an optimized customer structure and potential battery price increases [5]

Core Insights - The rise of unconventional hosts, such as cleaning staff, in car sales live streams is refreshing audiences tired of traditional formats [1][10][11] - The automotive industry is increasingly embracing e-commerce, with brands utilizing live streaming to showcase products and attract customers [19][20][21] Group 1: Unconventional Hosts - Cleaning staff and security personnel are becoming popular hosts in car sales live streams, contrasting with the traditional attractive hosts [1][4][11] - Two main types of cleaning staff hosts have emerged: the "flower and leaf" type, who appear alongside professional hosts, and the "independent" type, who present cars based on their own understanding [5][7][31] - A notable example includes a cleaning staff member from a Lexus dealership whose video received over 100,000 likes, surpassing previous content [11][37] Group 2: New Streaming Styles - Various unconventional streaming styles are gaining traction, including the "car-side parkour" style, "dialect car talk," and "short drama" formats [14][40][42] - The "car-side parkour" style features hosts performing stunts around vehicles, while "dialect car talk" uses local dialects to engage audiences [40][42] - The "short drama" format incorporates storytelling elements, creating engaging narratives that resonate with viewers [42][43] Group 3: E-commerce Integration - The automotive industry is shifting towards e-commerce, with brands increasingly using live streaming for product promotion and customer engagement [19][20][21] - Data shows a significant increase in live streaming activity among car manufacturers, with a 408% rise in average monthly live sessions and a 263% increase in interaction [20][46] - Major sales events, such as the Douyin Double Eleven shopping festival, have generated substantial revenue, indicating the effectiveness of this approach [21][47] Group 4: Competitive Landscape - The entry of unconventional hosts has created a new competitive dynamic in the automotive sales sector, as brands seek to differentiate themselves in a crowded market [26][52] - E-commerce strategies are being adopted by various platforms, with companies like Tmall and JD.com also entering the automotive sales space [50][52] - While unconventional hosts can drive traffic, dealerships must continue to innovate to maintain sales momentum and customer engagement [26][52]