大家好，老半这篇国际评论，主要来分析欧洲好日子到头，美俄中不再"供血"，这迟来的清算已无法避 免。 2025年的欧洲，你感受到的，不再是咖啡馆里飘出的悠扬旋律，也不是古老街头艺人的即兴表演。取而 代之的，是弥漫在空气中的一丝不安，一种切切实实的"凉意"。 这股凉意，不是来自窗外的寒风，而是从人们的口袋、从企业的账本里，一点点渗出来的。 曾经的"体面"生活：别人家的钱袋子 想象一下，你是个生活优渥的欧洲人：从小享受免费教育，生病了不用愁天价医药费，工作几年就能休 个把月带薪假，到了退休更是能领上不菲的养老金，周游世界不是梦。 这样的日子，是不是听起来有点像白日梦？但在欧洲，这曾是许多人的日常。 可这些"体面"和"优渥"是从哪儿来的呢？说白了，就像一个长期在家享福，不愁吃穿的"老少爷"，他的 钱袋子，可不是自己挣的。 欧洲在战后，巧妙地搭建了一个"借力使力"的生存模式，说好听点叫全球化分工，说直白点，就是有三 根"大腿"在默默支撑着它。 曾几何时，我们谈起欧洲，总会联想到高福利、慢节奏、好山好水好生活，仿佛那是人人向往的"人间 天堂"。可如今，天堂的门缝似乎正在一点点合上，留下了一地鸡毛和一声声叹息。 你可能要问 ...

Core Viewpoint - The Chinese automotive industry is facing a significant downturn, with 2026 expected to be one of the most challenging years in its history due to declining sales and market conditions [5][37]. Group 1: Market Performance - Retail sales of passenger cars in China saw a 15% year-on-year increase earlier this year, but growth has rapidly declined since July, with October experiencing an overall negative growth [7][39]. - In November, daily retail sales averaged 4.6 million units, down 19% year-on-year in the first week, and 6.7 million units, down 9% in the second week [8][39]. - Major automakers are struggling to meet their sales targets, with only a few smaller new players achieving their goals by November [8][40]. Group 2: Industry Challenges - The automotive industry is transitioning from subsidy-driven growth to competition based on real demand and efficiency, indicating a significant shift in market dynamics [40][41]. - The impact of subsidies is diminishing, with over 50% of sales in 2025 attributed to trade-in programs, highlighting a reliance on government incentives [9][41]. - The market is experiencing a "strategic waiting" phase among consumers, leading to a decline in new orders as buyers anticipate better deals [15][48]. Group 3: Future Outlook - The expected decline in new energy vehicle purchase tax incentives in 2026 is anticipated to further exacerbate market challenges [15][47]. - The penetration rate of new energy vehicles is slowing, with a notable drop in total retail volume despite high growth rates in percentage terms [15][47]. - The industry is likely to undergo a significant restructuring, with weaker companies facing exit from the market, marking a shift from scale expansion to value competition [32][65]. Group 4: Technological Developments - The automotive sector is exploring various technological advancements, including smart driving and battery innovations, but progress varies across different areas [51][54]. - The introduction of solid-state batteries and centralized computing is underway, but widespread adoption is not expected until 2026 or later [54][55]. - The smart driving sector is experiencing a technological leap, with new models expected to enhance user trust and influence purchasing decisions in 2026 [57][60].

Core Viewpoint - The article highlights that 2026 is expected to be a challenging year for the Chinese automotive industry, with significant declines in sales and a shift from subsidy-driven growth to competition based on real demand and efficiency [2][9]. Sales Performance - Retail sales of passenger cars in China saw a 15% year-on-year growth at the beginning of the year, but the growth rate has sharply declined since July, with October experiencing an overall negative growth [4][8]. - In November, the average daily retail sales of passenger cars were 46,000 units, down 19% year-on-year in the first week, 9% in the second week, and 7% in the third week [6]. Company Targets and Achievements - BYD aimed for 4.6 million units and achieved 4.18 million units by November, facing challenges to meet its target [7]. - SAIC Group set a target of 4.5 million units, with 4.11 million units sold by November, likely to meet its goal [7]. - Chery and Li Auto are unlikely to meet their targets, while Xiaomi and Leap Motor have already achieved theirs [11]. Market Dynamics - The automotive industry is experiencing its lowest profit margins in five years, with an average profit margin of only 3.8%, leading to significant price reductions [8]. - The market is shifting from a subsidy-driven model to one focused on genuine consumer demand and efficiency, indicating a potential industry "cold wave" in 2026 [8][41]. Subsidy Impact - The impact of subsidies is diminishing, with over 50% of sales in 2025 attributed to trade-in programs, which are now facing adjustments and reductions in many regions [10][13]. - The withdrawal of subsidies is leading to a significant drop in consumer purchasing activity, as many are adopting a "wait-and-see" approach [19][23]. Technological Developments - The article discusses various technological advancements in the automotive sector, including developments in autonomous driving and battery technology, which are seen as potential growth areas for 2026 [26][30]. - The shift towards "software-defined vehicles" and advancements in intelligent driving systems are expected to play a crucial role in the market's future [30][40]. Industry Outlook - The automotive industry is facing a structural adjustment, with weaker companies likely to exit the market as competition intensifies [47]. - The transition from scale expansion to value competition is seen as essential for the long-term health of the industry, with a focus on innovation and efficiency [47][48].

2025年12月6日 星期六 国务院总理李强12月5日主持召开国务院常务会议，研究进一步做好节能降碳工作，听取规范涉企行政执法专项行动情况汇报并审议通过《行政执法监督条 例（草案）》，讨论《中华人民共和国国家消防救援人员法（草案）》，部署全链条打击涉烟违法活动有关举措。（新华社） 1 美国12月5日当周石油钻井数公布 2 美国10月消费信贷数据公布 1 李强主持召开国务院常务会议，研究进一步做好节能降碳工作 2 隔夜市场 美股三大指数小幅收涨，道指涨0.22%，纳指涨0.31%，标普500指数涨0.19%，大型科技股多数上涨，博通涨超2%，谷歌、Meta涨超1%，苹果、英伟达跌 幅不足1%；存储概念、零售百货涨幅居前，SanDisk涨超7%，美光科技涨超4%，梅西百货、迪拉德百货涨超2%；加密货币概念、综合油气跌幅居前， Strive跌超7%，英国石油跌超3%，道达尔、埃尼石油、Circle跌超2%。纳斯达克中国金龙指数涨1.29%，中概股多数上涨，百度涨超5%，万国数据涨超 4%，小鹏汽车、爱奇艺、好未来涨超2%。 比特币跌穿9万美元关口，截至发稿时跌近3%，报8.94万美元。 国际油价集体收涨，美油主力合 ...

1 李强主持召开国务院常务会议，研究进一步做好节能降碳工作 国务院总理李强12月5日主持召开国务院常务会议，研究进一步做好节能降碳工作，听取规范涉企行政执法专项行动情况汇报并审议通过《行政执法监督条 例（草案）》，讨论《中华人民共和国国家消防救援人员法（草案）》，部署全链条打击涉烟违法活动有关举措。（新华社） 2 隔夜市场 每经编辑｜陈鹏程 王晓波 美股三大指数小幅收涨，道指涨0.22%，纳指涨0.31%，标普500指数涨0.19%，大型科技股多数上涨，博通涨超2%，谷歌、Meta涨超1%，苹果、英伟达跌 幅不足1%；存储概念、零售百货涨幅居前，SanDisk涨超7%，美光科技涨超4%，梅西百货、迪拉德百货涨超2%；加密货币概念、综合油气跌幅居前， Strive跌超7%，英国石油跌超3%，道达尔、埃尼石油、Circle跌超2%。纳斯达克中国金龙指数涨1.29%，中概股多数上涨，百度涨超5%，万国数据涨超 4%，小鹏汽车、爱奇艺、好未来涨超2%。 比特币跌穿9万美元关口，截至发稿时跌近3%，报8.94万美元。 国际油价集体收涨，美油主力合约涨0.79%，报60.14美元/桶；布伦特原油主力合约涨0.82%，报6 ...

记者从广汽集团高管处了解到，广汽集团计划到2026年年中建立600家覆盖三、四、五线城市的广汽品 牌集合店，在该商业计划发布后报名的投资人超过1000家。广汽集团副总经理黄永强表示，此举是为吸 引优秀人才投身销售与品牌营销。 然而在记者采访过程中，一位从事汽车销售10年的李先生却对该项计划提不起兴趣，他认为100万元的 门槛虽不高，但当前环境下想要盈利并不容易，店面租金和人工成本需要自己承担，如果业绩不好只会 入不敷出。 李先生如此悲观的根源在于，市场供需结构失衡，价格战导致价格倒挂和巨幅亏损，吞噬了经销商本已 十分微薄的利润空间。据中国汽车流通协会调查，2024年有84.4%的汽车经销商存在不同程度的价格倒 挂，60.4%的汽车经销商价格倒挂幅度在15%以上。 中经记者 赵毅 广州报道 "我们是世界500强的国企，现在只需要投资100万元就可以获得广汽品牌代理权。"近日，广汽集团综合 销售服务中心正在火热招商中，一位招商经理对《中国经营报》记者表示。 一边厢，零售端数据火热；另一边厢，流通端寒意逼人。汽车流通渠道正从传统4S店授权模式，向授 权、直营、代理、混合等多元体系演变。在此趋势下，经销商和主机厂之间 ...

中经记者 樊红敏 北京报道 随着新能源汽车市场的不断增长，保险业务对车企正变得越来越重要。 11月24日，北京盛唐保险经纪有限公司（以下简称"盛唐保险经纪"）发生工商变更，公司名称变更为丰 田保险经纪（北京）有限公司（以下简称"丰田保险经纪"）。 根据工商资料，今年3月下旬，丰田汽车株式会社（以下简称"丰田汽车"）方面才将上述保险经纪牌照 收购至麾下。 今年10月，背靠小米集团、大众汽车两大车企股东的北京法巴天星财产保险股份有限公司（以下简 称"法巴天星财险"）刚刚获批开业。 据记者不完全统计，目前已有近20家主流车企在国内市场通过自建或收购方式获得保险资质。 "车企纷纷进入保险行业，反映了汽车产业链日益多元化和生态化的趋势。通过进军保险领域，车企不 仅能够拓展自身的服务内容，提高客户黏性，还能够通过提供定制化的车险产品，解决新能源汽车特有 的风险管理问题。"北京大学应用经济学博士后、教授朱俊生在接受《中国经营报》记者采访时表示。 丰田汽车杀入保险中介领域 11月24日，丰田保险经纪在其官网发布公告称："我公司由于经营需要，于2025年11月24日将机构名称 由北京盛唐保险经纪有限公司变更为丰田保险经纪（北京 ...

关注 「电动车公社」 和我们一起重新思考汽车 零跑 虽然表面上没整什么花活，但别忘了零跑母公司大华可是安防龙头。 似乎， 理想 成了一 股清流，除了 造车以外很少干" 出格 "的事。 但如今，理想这个浓眉大眼的也" 叛变 "了 。 12 月 3 号晚上，理想汽车发布了旗下首款人工智能附件—— AI 眼镜 Livis ，正式进军 具身智能行业。 15% 国补后， 起售价 1699 元。 大家好，我是电动车公社的社长。 如果把现存的新势力整一个 "花活度" 排名，我想大概应该这样去排： 做 3C 、家电产品起家的 小米 必然是浓度最高的， 人车家全生态应有尽有。 小鹏 野心最大，飞 行汽车、人形机器人、机器狗 …… 一抓一大把，争当科技排头兵。 蔚来 也差不多，又造手 机又研发芯片，NIO Life有声有色，还在换电站上投了不少光伏项目。 在理想 Livis 上市之后，我怀着好奇的心态，对比了一下市面上同类型智能眼镜的售价（小米、 Mate 、雷鸟等），发现这个定价 已经算非常亲民的了。 我们就借此机会，一起聊聊理想 AI 眼镜到底怎么样？对于理想汽车的发展有什么意义？今后的 AI 眼镜，又会朝着什么形态发展？ ...

Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase, with the Nasdaq Golden Dragon China Index rising over 1% [1] Group 1: Chinese Concept Stocks - Baidu Group rose over 4% [1] - Xpeng Motors and NIO both increased by over 2% [1] - Li Auto and Alibaba saw gains of over 1% [1] Group 2: U.S. Market Performance - On December 5, U.S. stock indices opened slightly higher, with the Nasdaq up 0.27%, the Dow Jones up 0.13%, and the S&P 500 up 0.17% [1] Group 3: Netflix and Warner Bros. Discovery - Netflix fell over 4% while Warner Bros. Discovery rose over 3% [1] - Netflix plans to acquire Warner Bros. Discovery's film studio and streaming business for $72 billion [1]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced an initial increase of 1.3%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - Baidu Group saw a rise of over 4%, reflecting strong investor interest and confidence in the company's performance [1] - Xpeng Motors and NIO both increased by over 2%, suggesting a favorable outlook for the electric vehicle sector [1] - Li Auto and Alibaba experienced gains of over 1%, indicating a stable performance among major Chinese companies [1]