展望2026年，如果维持一定的央地补贴，预计国内需求有望保持平稳，国内新能源销量有望保持双位数 增长，自主车企海外销量有望继续增长。得益于头部自主品牌持续加码、第三方智驾供应商赋能车企， 2025年高阶智驾经历了发展拐点，预计2026年高阶智驾渗透率仍将持续提升，带动产业链软硬件供应商 放量。 11月狭义乘用车零售承压，环比下降主要系地方补贴收缩、电池供应紧缺的影响。1-11月狭义乘用车累 计零售销量2148.3万辆，同比+6.1%，据乘联会数据，前11个月以旧换新申请量达1120万辆，政策支持 对全年汽车消费起到了有力的支撑作用。11月乘用车出口续创月度新高，其中新能源乘用车出口同比增 长2.4倍，比亚迪单月出口量增至13.2万辆。 新能源同环比延续增长，12月有望"翘尾"收官 11月新能源乘用车批发170.6万辆，同比增长18.7%，环比增长5.8%；零售132.1万辆，同比+4.2%/环比 +3.0%，表现优于乘用车整体水平，零售口径新能源渗透率达59.3%，同比+7ppt。分车企看，鸿蒙智 行、零跑汽车(09863)、蔚来-SW(09866)、岚图同比增长亮眼。展望12月，伴随电池供应边际改善、新 车 ...

一、中试线样品测试进展 1. 测试主体与进程 参与工信部 60 亿元 ASSB 补贴项目的企业（硫化物路线：宁德时代、比亚迪、吉利、一汽；聚 合物路线：上汽清陶、卫蓝）已在 11 月 7 日向中汽研提交中试线样品（60Ah 级别，对标 2027 年车载应用），原计划 9-10 月启动测试，因吉利、一汽样品交付延迟，整体推迟至 11 月。 最终测试结果预计 2026 年 2-3 月出炉，暂不对外公开。 2.测试指标与现状 ...

近日，吉利创新中心自主研发的"高效二氧化碳加氢制甲醇催化剂及千吨级中试验证"，顺利通过中国石 油和化学工业联合会组织的科技成果评价。评价委员会一致认定，该成果整体达国际先进水平，其中催 化剂性能达到国际领先水平。 吉利创新中心现已完成千吨级二氧化碳加氢制甲醇中试项目，实现2000小时持续稳定运行，催化剂性能 无衰减，该技术的工程化可行性已得到充分验证。2025年10月，该中试项目已顺利通过中国石油和化学 工业联合会组织的72小时连续现场考核，考核结果表明：该中试装置工艺流程可靠、运行状态稳定， CO2与H2总转化率、甲醇总选择性等核心指标均超预期，粗甲醇中杂质含量低。这一成果不仅验证了 该技术的工程落地能力，更为后续万吨级工业化装置建设奠定了坚实基础。 目前，吉利创新中心二氧化碳加氢制甲醇催化剂已具备量产能力，可实现商业化销售，既能满足国内化 工企业对低碳甲醇生产技术的需求，更可实现关键材料的国产化替代。 未来，吉利创新中心将深度依托吉利甲醇循环经济生态体系，加快该技术的产业化布局与市场推广，助 力全球二氧化碳资源化利用产业升级，为绿色低碳转型注入强劲的技术动能。 吉利创新中心通过3年的研发攻关，精准突破了行 ...

新华财经上海12月9日电 近日，吉利创新中心自主研发的高效二氧化碳加氢制甲醇催化剂及千吨级中试 验证，顺利通过中国石油和化学工业联合会组织的科技成果评价。 据了解，该技术成果突破了行业内二氧化碳加氢制甲醇的关键技术瓶颈，其创新突破集中体现在两大核 心维度： 其一，通过集成载体预合成-活性组分沉积沉淀、构筑疏水性功能层和原位自驱动造孔等创新性策略， 创制了催化剂成套制备工艺，显著提高了催化剂的机械强度和耐水性，得到高活性、高选择性、高稳定 性的二氧化碳加氢制甲醇催化剂，使得二氧化碳与氢气总转化率、甲醇总选择性均高达99%以上。 其二，技术团队已完成吨级催化剂放大制备，且基于核心催化剂性能数据，成功开发出适配的10万吨级 二氧化碳加氢制甲醇工艺包，为技术规模化应用扫清了工艺适配障碍。 吉利创新中心现已完成千吨级二氧化碳加氢制甲醇中试项目，实现2000小时持续稳定运行，催化剂性能 无衰减，该技术的工程化可行性已得到充分验证。2025年10月，该中试项目已顺利通过中国石油和化学 工业联合会组织的72小时连续现场考核，考核结果表明：该中试装置工艺流程可靠、运行状态稳定， CO2与H2总转化率、甲醇总选择性等核心指标均超 ...

近日，中国质量协会正式发布了2025年"质量标杆典型经验"名单，吉利汽车集团凭借《基于数字化转型驱动下的质量实名制管理经验》成功入选，成为本年 度质量管理数字化领域的标杆性实践代表。 作为中国汽车工业质量管理的先行者,吉利 汽车集团在质量管理体系建设与标准制定领 域持续突破。自2021年正式加入IATF (Inter- national Automotive Task Force, 国际汽车 工作组）、成为IATF首个拥有董事表决权的 亚洲成员之后,吉利一直代表中国汽车品牌 参与全球汽车质量标准制定,截至2024年底 已主导参与682项国际、国家、行业、地方及 团体标准制定,并已完成436项标准发布。同 时,吉利汽车集团还牵头推动国际汽车质量 标准化协会IAQSA成立,深度参与IATF16949 标准修订,将全流程竞争力质量管理相关理 念与信息安全等内容纳入标准,推动标准适 配汽车新四化变革。 深耕造车领域28年,吉利汽车集团始终将质 量视为企业发展的生命线。面对全球汽车产 业百年大变革,吉利汽车集团将"质量强 国"战略与企业发展实践深度融合,在构 建《吉利汽车全流程竞争力质量管理体系》 (G-TQS)的基础 ...

复盘来看，今年国内乘用车市场零售累计增速从1~2月增长1.2%，3~6月增长15%，7~9月增速徘徊在6%左右， 10~11月回落到偏低状态，呈现四季度高基数的减速特征，基本符合乘联分会在今年年初所判断的"前低中高后 平"的走势。 乘联分会认为，今年调节车市增速的重要政策是"以旧换新"。截至10月22日，2025年汽车以旧换新补贴申请量突 破千万辆，前11个月申请量已达1120万辆。随着各地补贴大面积暂停，11月的日均补贴规模降到3万辆，增速调节 效果明显。 新能源车月销1万辆以上车企增至22家 与往年年底车市翘尾走势不同的是，今年11月国内乘用车市场销量同比出现下滑。 12月8日，乘联分会公布的最新数据显示，11月，全国乘用车市场零售销量约222.5万辆，同比下降8.1%，环比下 降1.1%；今年以来累计零售销量约2148.3万辆，同比增长6.1%。 "11月乘用车市场销量环比出现下降，是比较少见的。"乘联分会秘书长崔东树认为，今年上半年，我国乘用车市 场销量实现了13%的较快增长，下半年车市增长需要回到合理、稳定的状态。 图片来源：每经记者 张建 摄 随着众多车企在新能源车路线上"多线并举"策略的实施，1 ...

但在二十多年前，中国汽车工业还深陷"市场换技术"还是"自主创新"的激辩。 当中国新能源汽车和动力电池双双"领航"全球，改写产业格局时，回望当时的争论与抉择，中国汽车产 业的逆袭早已埋下伏笔。 文本节选自《电车之心：中国动力电池传》第一章《从0到1："砸"出一个市场》 【文/杨璐、张从志】 "市场换技术"转向"自主创新" 北京大学的路风教授，是美国哥伦比亚大学的博士，演化经济学、技术创新理论学者理查德·纳尔逊教 授的学生。2003年10月至2004年2月，他受科技部委托，调研并撰写了报告《发展我国自主知识产权汽 车工业的政策选择》。这篇报告最开始在内部印发，后来不知怎么就流传到媒体上，引起轩然大波。二 十年后，路风教授回忆起这篇报告，依旧觉得不可思议。"这个调研对我来讲非常简单，我用的就是从 美国学习的创新理论。我没想到会引起那么大的反响。这个报告引起的热潮持续了一两年，舆论非常 大。科技部也写了报告，这件事就到了高层那里。" 一开始路风教授并不清楚，自己无形中卷入了一场中国工业要不要自主创新的辩论之中。新能源汽车和 动力电池的从无到有，某种意义上就是从这场关于发展道路的辩论开始的。 辩论一方的观点是"市场换技 ...

Macro Economic Overview - China's exports showed a short-term rebound in November, exceeding market expectations, driven by improvements in exports to the EU, Latin America, Japan, South Korea, and Africa, while exports to the US and ASEAN remained weak [2] - The semiconductor exports benefited from the global AI boom, maintaining a high growth rate, reflecting China's ongoing technological advancements [2] - Imports slightly improved due to processing trade, but general trade continued to decline due to weak domestic demand [2] Global Market Performance - The Hang Seng Index closed at 25,765, down 1.23% for the day but up 28.44% year-to-date [3] - The Shanghai Composite Index rose 0.54% to 3,924, with a year-to-date increase of 17.08% [3] - The US markets saw a decline, with the Dow Jones down 0.45% and the S&P 500 down 0.35% [3] Automotive Industry Insights - The Chinese automotive industry is expected to see retail and wholesale sales reach historical highs in 2025, with a more complex landscape anticipated in 2026 due to the phasing out of subsidies [6][7] - Despite challenges from subsidy reductions, retail sales are expected to remain stable, with wholesale volumes projected to grow by 2.9% in 2026 [7] - The competition in the automotive sector is expected to intensify, with new model releases at historical highs and potential price increases in battery costs impacting profit margins [7] Insurance Sector Analysis - The recent adjustment in risk factors for insurance companies aims to encourage long-term equity holdings, potentially releasing a minimum capital of 30.8 billion yuan [9][10] - The adjustment is expected to enhance the capital efficiency of insurance investments in A-shares compared to H-shares, benefiting major players like China Ping An and China Life [11] - The insurance sector maintains a "buy" rating, with recommended stocks including China Ping An, China Life, and AIA Group [12] Pharmaceutical Industry Developments - The MSCI China Healthcare Index has risen by 60.9% year-to-date, outperforming the MSCI China Index [13] - The recent release of the basic medical insurance directory supports innovation, with 114 new drugs added, including 50 innovative drugs [13][14] - The commercial insurance directory's introduction is seen as a significant step towards expanding China's commercial health insurance landscape [14][15]

Core Viewpoint - Renault is leveraging Chinese supply chain efficiency to revive its Twingo model for the European market, despite having exited the Chinese passenger car market since 2020 [3][4][5]. Group 1: Market Strategy - The new electric Twingo is priced starting at under €20,000, competing directly with BYD's Seagull in Europe, showcasing Renault's reliance on Chinese components [4]. - Renault has ceased local production in China but continues to utilize Chinese suppliers for significant parts of its vehicles, with 46% of the Twingo's components sourced from China [3][4]. Group 2: Historical Context - Renault was one of the first foreign car manufacturers in China, establishing a joint venture in 1993, but faced challenges due to high costs and low competitiveness, leading to the closure of its joint ventures by 2020 [5][6]. - The company’s late entry into the mainstream passenger car market in China resulted in a rapid decline in sales, with East Wind Renault's sales dropping from a peak of 72,000 units in 2017 to under 20,000 units by 2019 [5][6]. Group 3: Development and Production - The Twingo project was developed with a focus on utilizing existing Chinese supply chains to reduce costs and development time, achieving a prototype in just nine weeks and preparing for mass production in under 24 months [11][12]. - The decision-making process for the Twingo project was expedited in China, allowing for daily progress rather than the typical weekly pace seen in Europe [11][12]. Group 4: Future Plans - Renault plans to replicate the successful model of utilizing Chinese supply chains for other vehicles, including the entire Twingo family and a new A-segment car under the Dacia brand [13]. - The company aims to maintain a competitive edge in the European market by leveraging the efficiency and cost advantages of Chinese manufacturing [12][13].

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including Xpeng Motors, Geely Automobile, Great Wall Motors, BYD, GAC Group, and others, with target prices ranging from 2.5 to 125 [3][4]. Core Insights - The Chinese automotive industry is expected to achieve record-high retail and wholesale sales in 2025, with a more complex landscape anticipated in 2026 due to the phasing out of subsidies and tax incentives [2][4]. - The report expresses a more optimistic view on the resilience of the automotive sector compared to market expectations, predicting a slight decline in retail sales by 0.1% to 2,415 million units in 2026, while wholesale sales are expected to grow by 2.9% to 3,125 million units [4][22]. - The competition in the automotive sector is expected to intensify, with a record number of new models anticipated in 2026, leading to a potential increase in market share for domestic brands [4][24]. Summary by Sections Sales Forecast - Retail sales of passenger vehicles in China are projected to reach 2,418 million units in 2025, a 3.2% increase year-on-year, while wholesale sales are expected to exceed 3,000 million units for the first time [44][52]. - The report anticipates that the retail sales will remain stable in 2026, supported by the importance of automotive consumption to the Chinese economy and the introduction of new models [22][44]. Market Dynamics - The report highlights that the competition among automakers will become more fierce, with a record 173 new models expected to be launched in 2026 [23][24]. - The demand for electric vehicle batteries is expected to rise, potentially leading to increased battery prices, which could impact automaker profit margins [23][24]. Investment Strategy - The report recommends Geely Automobile as a top pick due to its solid fundamentals and attractive valuation, alongside the battery manufacturer Zhengli New Energy, which is expected to benefit from rising battery prices and a growing customer base [28][29]. - The report suggests that the valuation gap between traditional automakers and new entrants is likely to narrow as both groups adapt to market changes [25][26]. Export Potential - The report forecasts that China's passenger vehicle exports will increase by 16% in 2026, driven primarily by the growth in electric vehicle exports, which are expected to rise by 40% [61][62]. - The potential market for Chinese brands overseas is estimated at 7.8 million units, indicating significant growth opportunities in various regions [61][62].