作为汽车市场年底冲刺销量的关键期，今年11月的国内乘用车销量同比下滑。 不过，在12月5日的股东大会上，比亚迪集团董事长王传福对比亚迪销量表现进行回应。他称："今年比 亚迪国内市场销量出现下滑，一方面由于比亚迪当前技术领先度不及前几年，技术成果的市场惊艳度有 所下降，叠加行业同质化特征渐显，这一变化符合产品及技术发展的周期性规律。另一方面，低温充电 速度慢等用户需求痛点，也亟待通过技术突破予以解决。" 12月11日，中国汽车工业协会（下称"中汽协"）发布最新一期的汽车工业产销情况，今年11月，乘用车 国内销量241.4万辆，环比增长1%，同比下降6.5%。作为参考，去年同期，乘用车国内销量环比增长 12.8%、同比增长17.5%；2023年11月该数据亦录得同、环比双增。 此外，根据此前乘联会披露的数据，今年11月，国内狭义乘用车市场零售销量达222.5万辆，同比下降 8.1%，环比下降1.1%。 乘联会秘书长崔东树指出："今年国内车市零售累计增速从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4季度高基数的减速特征，基本符合年初判断的'前低中 高后平 ...

11月的中国汽车市场，出人意料地没有迎来年底抢购的热潮。 经历过前两个月"省补"、"国补"的"突然"暂停或者结束之后，如今市场上最大力度的补贴只剩下了新能源车免征购置税的政策。 于是当11月的汽车整体销量以前所未有的速度下滑时，另一边的新能源渗透率却站上了前所未有的新高——59.3%，距离下一个60%的里程碑只有一步之 遥。 伴随渗透率剧烈变化的，还有车企的新能源销量排名。 | | | 2025年11月新能源厂商批发销量排行榜 | | | | | 2024年全年新能源厂商批发销量排行榜 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 车 | 销量 | 同比 | 市场份额 | 排名 | 主要 | 销量 | 同比 | 市场份额 | | 1 | 比亚迪汽车 | 474921 | -5.8% | 27.8% | 1 | 比亚迪汽车 | 4250370 | 41.4% | 34.8% | | 2 | 吉利汽车 | 187798 | 53.4% | 11.0% | 2 | 特斯拉中国 | 916660 | -3.3% | ...

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

2025年12月11日，由《中国汽车市场》杂志社与搜狐汽车联合发起并主办，汽车与驾驶维修传媒承办的2025（第二十届）中国汽车金扳手奖评选颁奖典礼在 北京举行。 中国汽车金扳手奖评选活动创始于2006年，是深度关注并评价国内乘用车企服务体系及用户生态的专业评选。回溯2006—2025这二十载，中国车企售后服务 的发展史，本质上是一部与宏观经济同频、与产业政策共振、与消费需求赛跑的进化史。它不仅见证了中国从"汽车大国"向"汽车强国"跨越的关键进程，更 折射出社会主义市场经济体制下，服务业与制造业深度融合的底层逻辑。 金扳手奖评选始终坚持以"推动中国汽车品牌服务向上"为使命，从专业、体验、创新、品质四个维度，结合产业变革和售后服务使命变化，全面评估主流汽 车服务品牌在提升用户全生命用车周期服务过程中的创新与突破。 北京卓众出版有限公司总经理、党委副书记刘立卫代表主办方致辞 颁发2025（第二十届）中国汽车金扳手奖 2025（第二十届）中国汽车金扳手奖评选活动启动于"3·15"车企诚信服务联合声明，32家主流车企品牌携手共同发布"十大承诺"，一致推动行业诚信服务、 维护市场风气。自启动以来，2025金扳手奖评选历经 ...

Summary of the Conference Call Industry Overview - **Industry**: Automotive Industry - **Date**: December 5, 2025 - **Rating**: Leading - **2026 Outlook**: New driving forces through cycles - smart driving commercial use, energy storage resonance, and mass production of robots [1] Key Points Automotive Market Trends - **Passenger Vehicles**: - After stimulus, the market is entering a high-level consolidation phase. - Expected retail sales for 2026 are projected to increase by 0.3% year-on-year to 24.45 million units, with a penetration rate of new energy vehicles (NEV) exceeding 60% [5][19]. - Growth is driven by product iterations and cost advantages from domestic brands in hybrid and pure electric technologies [5][20]. - **Exports**: - Total overseas sales are expected to reach 7.5-8 million units in 2026, with a shift towards localized manufacturing to address trade uncertainties [5][10]. - In the first ten months of 2025, cumulative exports reached 6.51 million units, a year-on-year increase of 23.3%, with NEVs accounting for nearly 40% of exports [10][36]. Heavy-Duty Trucks - **Market Growth**: - Anticipated sales for heavy-duty trucks in 2026 are around 1.1 million units, a 5% increase year-on-year, with better performance expected in the second half of the year [5][10]. - The market is benefiting from policy incentives and accelerated penetration of new energy vehicles [5][10]. Smart Driving - **L3 Commercialization**: - 2026 is expected to be the year of large-scale commercialization for L3 autonomous driving, with several manufacturers accelerating development [9][11]. - The penetration rate for L2 and above smart driving systems reached 87% in the first eight months of 2025 [9]. Robotics - **Market Development**: - The robotics sector is transitioning from "technological breakthroughs" to "commercial realization," with significant advancements expected in 2026 [13][14]. - The sector is entering a consolidation phase, focusing on actual delivery capabilities and performance realization [14]. Lithium Battery Sector - **Demand Growth**: - Global lithium battery demand is projected to grow by approximately 22% in 2026, with energy storage demand expected to grow faster than power batteries [15][16]. - The industry is experiencing a recovery in profitability, but caution is advised regarding the price of lithium carbonate and supply chain uncertainties [16][17]. Investment Recommendations - **Short-term (H1 2026)**: - Market adjustments may occur post-policy withdrawal, but structural opportunities will emerge, particularly in high-level smart driving [11]. - **Mid-term (H2 2026)**: - The entry of L3 into mass production will drive product iterations and new purchasing momentum [11]. - **Long-term (2027 and beyond)**: - Focus on the sustainability of embodied intelligence and the Robotaxi/AI ecosystem [11]. Additional Insights - **Market Dynamics**: - The automotive market is shifting from a growth-driven model to one focused on replacement demand, with significant implications for market structure and competition [19][20]. - **Technological Advancements**: - The integration of advanced technologies in vehicles is reshaping consumer preferences and driving demand for new energy vehicles [27][29]. This summary encapsulates the key insights and projections from the conference call, highlighting the automotive industry's evolving landscape and investment opportunities.

行业重点数据跟踪 市场及板块行情跟踪：本周沪深300指数-0.08%，申万汽车指数+0.16%。个股中，本周涨幅前五名分别 为超捷股份（+39.0%）、华懋科技（+28.5%）、跃岭股份（+21.9%）、华培动力（+17.6%）、征和工 业（+17.1%）；本周跌幅前五名分别为厦门信达（-13.6%）、嵘泰股份（-10.9%）、隆基机械 （-9.6%）、凯龙高科（-9.3%）、迪生力（-8.6%）。乘用车销量数据跟踪： 1）周度跟踪：①批发端，2025年12月第1周（12.1-12.7），全国乘用车市场批发销量29.8万辆，同 比-40%，较上月同期-18%；新能源乘用车批发量19.1万辆，同比-22%，较上月同期+106%；新能源渗 透率64.3%，同比+7.5pct，较上月同期-1.2pct。②零售端，2025年12月第1周（12.1-12.7），全国乘用车 市场零售销量29.7万辆，同比-32%，较上月同期-8%；新能源乘用车零售量18.5万辆，同比-17%，较上 月同期+84%；新能源渗透率62.2%，同比+4.2pct，较上月同期-1.7pct。 2）月度跟踪：①批发端，11月全国乘用车市场批发29 ...

李书福董事长亲自站台、拿下五项吉尼斯世界纪录、推出行业第一份《智能汽车全域安全发展白皮书》、发布会上演一场真实的汽车碰撞…… 12月12日，吉利汽车位于杭州湾的"全球全域安全中心"正式揭幕，这一投资20亿元建成的全球最大汽车安全中心同时宣告向全行业开放共享，吉利用极具魄 力的系列行动，向外界宣告秉持"安全第一"的造车初心，要将汽车安全从企业"技术壁垒"转化为行业"安全平权"的决心，推动中国汽车安全标准走向世界前 沿。 "全球最大的汽车安全试验室""最长的室内汽车碰撞跑道""最大的任意角度碰撞测试区""全球最大的汽车环境风洞试验室""全球测试功能最多的汽车安全试验 室"……当晚的发布会现场，吉尼斯认证官宣读的每一项记录，都在重新定义汽车安全测试的尺度。 一个引人注目的细节是，安全中心配备了总价值超2亿元的60余个碰撞假人，包括吉利与湖南大学联合开发的中国体征特殊坐姿假人。单价约1200万元的 THOR假人，全身遍布180多个传感器，堪称全球生物仿真度最高的测试设备之一。这些投入，体现着吉利对生命细致入微的尊重与守护。 与硬件设施同步亮相的，是吉利"全域安全2.0"技术体系。该体系将安全视角从传统整车拓展至"人- ...

车载电池产业洞察：中国主导下的技术路线博弈与全球竞 争格局重塑 20251212 车载电池主要为车辆，包括传统燃油车和新能源汽车等各类机动车提供动力或 辅助能源。其核心功能通过化学能与电能的转化实现两大场景需求：一是作为 新能源汽车的核心动力源，将储存的电能经由电动机转化为机械能驱动车辆前 车载电池制造设备投资均衡分布于前段、中段和后段，正极生产设备价 值最高，其中烧结系统棍道窑单台设备价值占比高达 35.57%。 固态电池作为下一代核心技术，其产业化进程将重塑行业竞争格局，中 国企业需加大研发投入，以保持在全球车载电池市场的领先地位。 进，其性能直接决定车辆续航里程、加速性能等关键指标；二是为传统燃油车 启动、点火系统及车载电子设备提供辅助供电，是车辆正常运行的重要保障。 根据能源需求及实际应用，车载电池可分为启动电池和动力电池两类。启动电 池以铅酸蓄电池为主，其核心需求是瞬时大电流放电，以满足发动机启动需求； 而动力电池则以磷酸铁锂和三元锂为主，其核心需求是长时间深度放电，为新 能源汽车提供持续动力。 动力型车载蓄能装置主要有哪些类型？它们在性能上有何区别？ 摘要 中国新能源汽车市场蓬勃发展，销量激增带动 ...

Summary of Key Points from the Conference Call Industry Overview - The focus of the 2026 economic work is on "qualitative effective improvement" through optimizing fiscal expenditure and income structure, deepening industrial policy, and enhancing monetary policy coordination, laying the foundation for the 14th Five-Year Plan [1][2] - The capital market is expected to benefit from qualitative improvements, with profit growth driving market development, particularly in the midstream manufacturing sector [1][6] - Key sectors to watch include chemicals, new energy chains, real estate chains, and healthcare chains, as well as the potential for service consumption growth [1][6] Core Insights and Arguments - The economic policy for 2026 emphasizes a combination of cross-cycle and counter-cyclical measures, focusing on qualitative improvements rather than quantitative growth, differing significantly from the 2024 approach [2][3] - The real estate market is expected to stabilize through risk mitigation measures, encouraging the acquisition of existing properties for affordable housing construction [4][14] - The automotive industry anticipates a flat or slightly positive growth in domestic insurance demand for 2026, supported by trade-in and scrappage policies [11][12] - The metal sector is projected to benefit from domestic demand-driven economic models, with a focus on aluminum, copper, and gold prices due to supportive macro policies [9][10] Additional Important Insights - The manufacturing sector is expected to see significant AI integration, enhancing production efficiency and driving industrial upgrades [17][18] - The semiconductor equipment, liquid cooling equipment, and power facility sectors are anticipated to enter a phase of order and revenue realization in 2026 [18] - The AI application landscape is set for substantial growth, particularly in robotics and smart hardware, with major companies planning product launches [19] - The real estate market's inventory is expected to decrease significantly, improving fundamentals and benefiting companies focused on improving housing supply [16] - The non-banking financial sector is encouraged to enhance capital market reforms, with a focus on improving the quality of small financial institutions [27][28] Recommendations for Investment - In the automotive sector, companies with high overseas exposure and strong positions in AI and robotics, such as Geely, Xpeng, and BYD, are recommended [13] - For the metal sector, companies like China Aluminum, China Nonferrous Mining, and Wugang Resources are highlighted due to their potential in aluminum and copper markets [9][10] - In the real estate sector, firms focusing on improving housing supply in core cities are expected to benefit from supportive policies [14][16] - In the semiconductor and equipment sectors, companies involved in AI infrastructure and related technologies are recommended for investment [17][18]

证券时报·数据宝统计显示，12月12日有50家香港上市公司进行了股份回购，合计回购3548.39万股，回 购金额8.83亿港元。 | 02392 | 玄武云 | 0.60 | 0.65 | 1.070 | 1.050 | 54.46 | | --- | --- | --- | --- | --- | --- | --- | | 02347 | 友和集团 | 0.60 | 0.42 | 0.700 | 0.700 | 139.36 | | （文章来源：证券时报网） | | | | | | | 腾讯控股回购数量104.40万股，回购金额6.36亿港元，回购最高价为616.000港元，最低价为601.500港 元，年内累计回购金额730.44亿港元；中远海控回购数量446.10万股，回购金额6086.05万港元，回购最 高价为13.820港元，最低价为13.380港元，年内累计回购金额63.39亿港元；吉利汽车回购数量136.20万 股，回购金额2392.41万港元，回购最高价为17.820港元，最低价为17.290港元，年内累计回购金额1.39 亿港元。 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回 ...