点 击 蓝 字 关 注 我 们 本文全文共 3289 字，阅读全文约需 11 分钟 目录 国内新闻 1.工信部:鼓励中国光伏、锂电池、新能源汽车等优势企业"走出去" 2.上汽产投人形机器人领域投资已涵盖本体、具身智能等 5.清华大学-赛力斯汽车有限公司电池创新技术联合研究中心揭牌 6.内蒙古乌海半固态锂电池储能项目成功并网发电 7.全新MG4购置税跨年补贴方案升级 托底补贴延至12月28日 3.创维汽车与Kaly Emotors签署框架合作协议 8.尚界H5推出跨年购置税补贴方案 4.极氪于12月1日起在德国销售三款车型 国外新闻 1.美国确认对韩15%关税税率追溯至11月1日生效 2.南非11月新车销量增长12.5% 3.意大利11月新车销量同比持平 4.本田10月全球汽车产量下滑11% 商用车 1. 四川:计划年内实现普货车辆智能年审 2. 广东深圳:继续实施便利部分中型厢式货车通行政策 3. 全球首条"零碳无人货运走廊"战略启动 4. 远程进军Robovan领域 国内新闻 1 工信部:鼓励中国光伏、锂电池、新能源汽车等优势企业"走出去" 时间:2025.12.2 来源:财联社 12月1日，《中国日报》刊 ...

点 击 蓝 字 关 注 我 们 本文全文共 691 字，阅读全文约需 2 分钟 11月新能源乘用车市场预判 随着年末新能源车辆购置税免税政策到期，11月车市步入年末抢购阶段，叠加厂商"双十一"促销活动，市 场热度应该持续攀升。但截至月中，全国大多数省份置换更新与以旧换新补贴出现不同程度的调整，加剧了消 费者的观望情绪，也为十一月车市带来较大的冲击。部分厂商及时调整新能源生产节奏，降低库存风险。 根据乘联分会最新数据，全国乘用车市场2025年10月新能源销量万辆以上厂商的批发销量占总体新能源 乘用车当月销量的93.4%。根据月初步汇总数据，这些10月新能源销量万辆以上厂商企业的11月销量为161万 辆。目前绝大部分厂商销量基本都已经锁定，因此按照上月结构占比结合本月数据，测算11月的全国新能源乘 用车批发销量为172万辆。 综上，根据月度初步乘联数据综合预估：11月1-30日，全国乘用车厂商新能源批发172万辆，同比增长 20%，环比增长7%。今年以来累计批发1,378万辆，同比增长29%。 注:乘联快报数据为初稿，与厂商终稿数据可能有差异，请不要与历史终稿数据直接对比，以防误导。 11月乘用车主力厂商新能源批 ...

【文/观察者网 王一】在近来德国不断施压欧盟、试图为2035年燃油车禁令"踩刹车"之际，瑞典车企却 急得跳了出来。沃尔沃和极星高管12月2日对英国《卫报》发声称，德国此举不过是为了挽救本国汽车 业而做出的孤注一掷的尝试，不仅会延缓欧洲电动汽车的普及时间，还会把未来"拱手让给中国"。 "暂停2035年目标是个糟糕透顶的主意，我没有更委婉的说法。"极星首席执行官（CEO）迈克尔·罗谢 勒（Michael Lohscheller）直言，"如果欧洲不率先进行这场变革，请放心，其他国家会替我们做到。" 罗谢勒补充称，"中国人可不会停下，他们会接管一切"。作为沃尔沃旗下的高性能电动汽车子品牌，极 星在2017年独立成为纯电品牌。目前，该公司由中国吉利控股集团控股。 据报道，德国总理默茨上周致信欧盟委员会主席冯德莱恩，要求放宽禁令，允许插电式混合动力汽车、 搭载燃油增程器的电动汽车以及"高效能"传统燃油车在2035年后继续生产。他称，消费者仍对电动车犹 豫不决，德国希望以"技术中立的方式"保护气候。 罗谢勒在位于瑞典哥德堡的极星总部对德国的态度感到震惊。他透露，自己试图参与欧盟关于汽车业未 来的"战略对话"，却遭到冷落。" ...

证券研究报告 | 2025年12月02日 港股 12 月投资策略 优于大市 11 月的回调为 2026 年赢得确定空间 美国：12 月份降息预期飙至近 90%。11 月，当美联储还试图用缺乏数据的 理由来给降息预期降温时，PMI、裁员（挑战者）、消费、褐皮书等多 重数据显示当下美国经济已经面临较大的压力，故而以纽约联储主席为 代表的降息主张迅速占据上风。 2026 年早些时候，预计股票市场可能会较为温和，不会有大幅下跌的风险， 理由是美联储的托底，但实际时薪的下行依然会导致经济表现较弱。美元指 数将进一步走弱，这将利于新兴市场的股票表现。 A 股：反内卷与效率进步是看点。11 月的经济数据受到房地产、服务业的 下行而表现偏弱。对于 PPI 恢复的预期很大程度上源自反内卷，亏损企 业亏损额同比继续降低就是比较积极的信号。 此外，劳动生产率已经在 AI 的驱动下改善，软件行业表现较为显著。 在过去的 5 年中，A 股软件行业人均效率持续提升，从人均收入 75 万元 提升至 87 万元，市场已经在悄然定价这种转变。考虑到大模型正在快 速迭代，AI 对企业效率的提升可能会在 2026 年变得更加广泛和深入。 港股：短 ...

Core Viewpoint - Geely Automobile Holdings Limited reported strong sales growth in November, with a 24% year-on-year increase in passenger car sales, continuing a trend of growth for nine consecutive months [1]. Sales Performance - In November, Geely's passenger car sales reached 310,428 units, marking a 24% year-on-year increase [1]. - Cumulative sales for the first 11 months of the year reached 2,787,750 units, a 42% increase year-on-year, achieving 93% of the annual sales target [1]. - The company reported third-quarter revenue of 89.2 billion yuan, up 27% year-on-year, and a core net profit attributable to shareholders of 3.96 billion yuan, a 19% increase [1]. New Energy Vehicles (NEVs) - In November, NEV sales (including Geely, Lynk & Co, and Zeekr brands) reached 187,798 units, a 53% year-on-year increase, with a monthly NEV penetration rate of 60.5% [1]. - Cumulative NEV sales for the first 11 months reached 1,533,503 units, a 97% increase year-on-year [1]. Brand Performance - The Galaxy brand sold 132,652 units in November, a 76% year-on-year increase, with cumulative sales of 1.135 million units for the first 11 months, up 167% [1]. - The Zeekr brand sold 28,843 units in November, a 35% month-on-month increase, with an average selling price of 538,000 yuan [4]. - Lynk & Co sold 35,059 units in November, a 7% year-on-year increase, with 75% of sales coming from NEV models [6]. Export and Global Expansion - Geely's overseas exports in November reached 42,091 units, a 22% year-on-year increase, with nearly 380,000 units exported in the first 11 months [8]. - In Latin America, Geely launched the Star Wish in Brazil and signed a strategic cooperation agreement with Renault Group to invest approximately 5.1 billion yuan for local NEV production [8]. - Geely entered the South African market with plans to establish a dealer network and expand into Kazakhstan and Italy [8]. Product Development - The company is set to enhance its product structure and technical safety assurance system with the launch of multiple new models and the opening of a global safety center with an investment exceeding 2 billion yuan [9].

"反向代工"现象背后，是供给侧、需求侧发生的质变，也是中国车企形成可输出价值的体现。从供给侧 看，近年来，中国车企在汽车电动化核心技术领域实现了从起跑到领跑的跨越，"换道超车"已见成效。以动 力电池为例，中国企业在技术研发和产品品类上不断创新，实现了安全性、能量密度、循环寿命、快充等性 能的持续提升。这些在电动化、智能化等方面的技术进步与推广成效，以及由此形成的智慧经验与实力积 累，成为中国车企输出价值的坚实底气。 在需求侧，部分海外品牌车企由于种种原因存在产能闲置的情况。据报道，此次将为广汽代工的麦格纳 格拉茨工厂，曾是欧洲豪华品牌的重要代工工厂，但近年来却出现了订单逐渐减少、产能利用率持续下降的 状况，而产能闲置也造成企业运营成本的增加。雷诺巴西工厂、通用沈阳北盛工厂不同程度地面临类似问 题。中国车企"反向代工"带来新订单，不仅有助于合作方应对产能闲置、缓解成本压力，也将为当地新能源 汽车市场和经济发展注入新的活力。这一供需结构的再匹配，反映出中国车企通过自主创新实现技术输出与 合作主导，进而推动从"重资产"到"轻输出"的战略升级。 汽车代工领域，出现新风向。 日前，广汽集团与全球知名汽车代工厂商麦格纳联 ...

Core Insights - The automotive industry in mainland China is experiencing a significant divergence in sales performance as major car manufacturers report their November sales figures, with the impact of the "two new" policies fading and sales growth slowing down or even declining [1][2][3] Group 1: Sales Performance - Geely Automobile reported November sales of 310,000 units, a year-on-year increase of 24% and a month-on-month increase of 1%, with a cumulative total of 2.79 million units for the first eleven months, representing a 42% year-on-year increase [1] - Leap Motor achieved over 70,000 units in November, maintaining a year-on-year growth of 75%, with a cumulative delivery of 536,000 units for the first eleven months, up 113% year-on-year [2] - Xiaomi Automobile delivered over 40,000 units in November, maintaining this level for three consecutive months, and is expected to exceed its annual target of 350,000 units by the third week of December [3] Group 2: New Energy Vehicles - Geely's new energy vehicle sales reached 188,000 units in November, a year-on-year increase of 53%, with a penetration rate exceeding 60% [1] - Leap Motor's B and C series vehicles are seeing increased deliveries, with the A10 model recently unveiled at the Guangzhou International Auto Show [2] - The "Five Realms" product matrix of Chery Automobile has been completed, indicating strong future performance potential [2] Group 3: Competitive Landscape - Ideal Auto's November deliveries were 33,000 units, a year-on-year decrease of 32%, with cumulative deliveries for the first eleven months at 362,000 units, down 18% year-on-year [3] - NIO's November sales were 36,000 units, a year-on-year increase of 76%, but cumulative deliveries for the first eleven months were only 278,000 units, indicating challenges in meeting year-end targets [3] - The overall industry is facing a challenging environment with regulatory pressures and the withdrawal of subsidies, limiting the potential for significant changes in market structure in December [3]

Core Insights - The November sales report reveals significant differentiation among automotive companies, with several brands achieving record deliveries and growth rates. Group 1: Major Players' Performance - Homologous Intelligent Mobility achieved a historical monthly delivery high of 81,900 units in November, an increase of 40,000 units year-on-year, with a 20% month-on-month growth [1][5][7] - Leap Motor continued to break monthly sales records, delivering 70,300 units in November, representing a year-on-year growth of over 75% and maintaining growth for nine consecutive months [1][9] - Xiaomi delivered over 40,000 units for the third consecutive month, with expectations to exceed 400,000 units for the entire year [1][15][18] - The "New Forces" (Xiaopeng, NIO, and Li Auto) all delivered over 30,000 units in November, with Xiaopeng at 36,728 units, NIO at 36,300 units, and Li Auto at 33,181 units [1][22][31] Group 2: Emerging Brands and Trends - The second tier of new forces saw significant growth, with Lantu surpassing 20,000 units for the first time, and both Zhiji and Avita achieving record sales of 13,600 and 14,100 units respectively [1][34][38] - BYD sold 480,200 units in November, exceeding production by 6,000 units, with cumulative sales for the year surpassing 4.18 million units [1][3] - Geely's monthly sales reached 310,000 units, a 24% year-on-year increase, with cumulative sales for the year at 2.79 million units [2][3] Group 3: Market Dynamics and Future Outlook - The automotive industry is entering a critical year-end sales period, with companies expected to ramp up promotions and new vehicle launches to secure annual rankings [4][40] - The competition is anticipated to intensify as companies respond to the impending expiration of national subsidies, leading to increased promotional activities [40]

深圳高速公路股份(00548.HK)：10月，梅观高速、机荷东段、机荷西段、沿江项目及外环项目路费收入 分别为人民币1068.8万元、4875万元、3984.8万元、5531.2万元及8906.7万元。 12月2日，港股早盘冲高回落，午后低位窄幅震荡，截止收盘，恒生指数涨0.24%报26095.05点，恒生科 技指数跌0.37%报5624.04点，国企指数涨0.11%报9182.65点，红筹指数涨0.76%报4277.86点。 盘面上，大型科技股走势分化，阿里巴巴涨1.36%，腾讯控股跌0.4%，京东集团跌0.94%，小米集团涨 0.99%，网易涨0.9%，美团跌3.06%，快手涨0.88%，哔哩哔哩跌1.83%；黄金股走高，珠峰黄金涨超 7%，博彩股普涨，银河娱乐涨超2%；石油股涨幅居前，中石化涨超2%；新能源汽车股下跌，蔚来跌超 6%，小鹏汽车跌超5%；医药股走弱，派格生物医药跌超10%，歌礼制药跌超6%；芯片股走弱，中兴通 讯跌超5%，华虹半导体跌近3%。万科企业尾盘拉升涨超3%。 企业新闻 比亚迪股份(01211.HK)：前11月新能源汽车产量约411.76万辆，同比增长7.29%；销量约418.2万 ...

2025年12月2日是第14个全国交通安全日，吉利汽车集团正式宣布将每年12月正式设立为"吉利安全月"。此举是吉利积极履行守护公域安全企业责任的 关键举措，为用户的年终出行筑起一道前瞻性的安全防线。吉利此次将"全国交通安全日"从一日的公众倡导扩展为更持续更深度的安全系列行动，也是践 行"用户至上、安全第一"的造车核心价值观的进一步体现。全新落成的吉利全球全域安全中心也将在12月12日正式启用。作为规模更大、测试功能更多的汽 车安全试验中心，将同步向全行业开放共享，标志着吉利将以持续进化的全域安全技术体系，更高更完善的智能汽车安全标准，为用户履行"安全伙伴"的长 期承诺。 ...