Core Insights - The Chinese automotive industry is undergoing a structural transformation in 2025, shifting from price competition to technology-driven growth, and from domestic focus to global expansion, marking a new development stage [1] Group 1: Price War Aftermath - The price war in the automotive industry has entered its third year, with profit margins dropping to 4.5% in the first three quarters of 2025, below the 6% average of downstream industrial enterprises [3] - There are signs of easing in the price war, indicating a shift from vicious competition to rational development, as companies recognize that quality, service, and technological innovation are essential for long-term success [3] Group 2: 60-Day Payment Terms - Major automotive companies have adopted a 60-day payment term, reflecting a significant change in the industry ecosystem and addressing long-standing payment issues that strained supply chains [6] - This shift enhances the credit system within the supply chain, allowing suppliers to invest more in innovation and quality improvement, thus fostering a healthier industry environment [6] Group 3: 5-Second Acceleration Standard - A new regulation proposes that new vehicles must achieve a 0-100 km/h acceleration time of no more than 5 seconds, marking a fundamental shift in competitive logic within the automotive industry [9] - This standard encourages companies to focus on safety, user experience, and practical technology rather than extreme performance metrics [9] Group 4: 50% Penetration Rate of New Energy Vehicles - By November 2025, new energy vehicles accounted for 53.6% of domestic passenger car sales, indicating a shift from policy-driven to market-driven growth in the sector [11] - This milestone signifies that new energy vehicles have become mainstream, reshaping the industry landscape and prompting traditional automakers to accelerate their electrification strategies [11] Group 5: Subsidy Phase-Out - The phase-out of subsidies for new energy vehicles is set to begin in 2026, transitioning the industry from reliance on government support to market-driven growth [14] - This change is expected to enhance market competition and compel companies to improve product quality and cost control [14] Group 6: New Normal in Exports - In 2025, China's automotive exports are projected to exceed 6.8 million units, maintaining the top position globally for the third consecutive year, with a significant increase in new energy vehicle exports [16] - The export model is evolving from product trade to a more integrated approach involving industry chain and technology exports [16] Group 7: Smart Driving Popularization - 2025 marks the year of smart driving technology's widespread adoption, with significant advancements in urban navigation assistance systems [19] - Regulatory measures are being implemented to ensure safety and compliance, balancing innovation with social responsibility [19] Group 8: Joint Venture Counterattack - Traditional joint venture brands are launching a "localization 2.0" strategy to regain market share in the new energy era, focusing on deep localization and embracing electrification [21] - This strategy enhances competition and provides consumers with more quality choices while integrating the supply chain into the local ecosystem [21] Group 9: Battery Safety Concerns - Battery safety issues have escalated to a regulatory priority, with new standards mandating thermal monitoring and warning systems for battery packs [24] - These regulations aim to enhance safety and accountability in the industry, pushing companies to prioritize safety investments [24] Group 10: Retreat of Hidden Door Handles - The decline of hidden door handles reflects a broader industry reconsideration of "over-design" in automotive engineering, emphasizing safety and practicality over aesthetics [27] - New regulations require mechanical release functions for door handles, signaling a shift towards user-centric design principles [27]

Core Viewpoint - The automotive market in China is expected to maintain strong growth in 2025, driven by government policies promoting consumption, with passenger vehicle growth projected at 11% and significant recovery in both truck and bus markets [1][2]. Group 1: Market Trends - The automotive market is experiencing a clear differentiation between passenger and commercial vehicles, with passenger vehicle consumption improving while commercial vehicle sales are weaker [4][6]. - In the first 11 months of 2025, total automotive sales reached 30.94 million units, with a cumulative growth rate of 11% [6]. - November 2025 saw total automotive sales of 3.42 million units, reflecting a year-on-year growth of 3% [6]. Group 2: Company Performance - There is significant performance differentiation among major automotive groups, with some state-owned enterprises lagging behind while companies like BYD and Chery show strong performance [9][12]. - The competitive landscape is shifting, with private enterprises like Geely, BYD, and Chery becoming the main players in the industry, indicating a sustainable trend [12][13]. Group 3: Passenger Vehicle Dynamics - Cumulative sales of narrow passenger vehicles reached 26.75 million units in the first 11 months of 2025, with an 11% growth rate [17]. - In November 2025, narrow passenger vehicle sales totaled 3 million units, showing a year-on-year increase of 2% [17][19]. - The retail sales of narrow passenger vehicles maintained a year-on-year growth of 5% since 2023, although a downward trend was observed from September 2025 [21]. Group 4: New Energy Vehicle Trends - In November 2025, sales of new energy passenger vehicles reached 1.71 million units, marking a year-on-year increase of 19% [24]. - Cumulative wholesale sales of new energy passenger vehicles from January to November 2025 reached 13.77 million units, reflecting a year-on-year growth of 28% [24][26]. Group 5: Commercial Vehicle Insights - The commercial vehicle market is characterized by structural growth driven by equipment renewal subsidies, with high subsidies accelerating the electrification of logistics and transportation [1][4]. - In the first 11 months of 2025, cumulative truck sales reached 3.35 million units, with a growth rate of 10% [37]. - November 2025 saw truck sales of 340,000 units, representing a year-on-year increase of 26% [37][39].

------------------------------- 当时 Jeremy 和 James 在北京试驾了广汽传祺、荣威350、比亚迪F0等车型，评价是：" 样子还 行，但开起来很糟糕 。" 以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 作者： 凤凰网财经 来源： 凤凰网财经 还记得 12年前《Top Gear》是怎么评价中国车的吗？ 但他们也在节目结尾预言： "五年前中国人还只能造三轮车，现在他们已经能造出这样的车了。谁 能想象五年后中国车会是什么样？" 如今回头再看，当年那些被调侃的 "山寨车"，早已蜕变为在海外市场"杀疯了"的中国燃油车军 团。 若是 "三贱客"今天再来试驾，表情该有多精彩？ 从被嘲讽到被追赶，中国车只用了十年。而今天，在这个电动化呼声最高的时代，中国制造的燃油 车，正在海外完成一场 "沉默的反击"。 01 猛猛出海 数据显示，自 2020年起，中国每出口四辆车，就有三辆是燃油车。 燃油车确实是在猛烈出海。 来自中国汽 ...

新浪科技讯 12月14日下午消息，吉利全球全域安全中心近日正式发布。同时，吉利还发布了融合"全域 AI"打造的"全域安全2.0"技术体系，并联合中国汽车技术研究中心有限公司、中国检验认证（集团）有 限公司、清华大学等产学研机构发布《智能汽车全域安全发展白皮书》，为推动行业共建完善的安全体 系贡献力量。 据介绍，吉利全球全域安全中心投资超20亿元，占地约45000m²，是全球建筑面积最大、验证能力最全 的综合型安全试验室，能力覆盖全球汽车安全标准中被动安全领域的整车碰撞、系统模拟、行人保护及 零部件安全性能等测试项目，也能实现主动安全、新能源安全、健康安全、数字安全等全域安全技术的 验证。吉利还正式宣布：吉利全球全域安全中心即日起面向全行业开放共享。 基于全球智能化浪潮推动汽车体验升级与安全技术全面拓展的趋势，吉利联合中汽中心、中国检验认证 集团、清华大学等11家产学研机构共同发布了《智能汽车全域安全发展白皮书》，明确以"人"为核心的 全域安全目标，为行业安全发展提供行动纲领。 吉利在"全域AI"技术体系的赋能下，以"AI为纲 责任为本"，基于原有的"全域安全"技术体系进阶打 造"全域安全2.0"技术体系。将侧 ...

Core Viewpoint - The 20th China Automotive Golden Wrench Award ceremony was held in Beijing, aiming to establish a value coordinate system for automotive services in China [1] Group 1: Award Categories - The awards are divided into four categories: independent brands, joint venture brands, luxury brands, and new energy brands [8] - GAC Trumpchi and Geely Auto won awards in the independent brand category [8] - GAC Toyota, GAC Honda, and FAW-Volkswagen received honors in the joint venture brand category [8] - FAW Audi and FAW Hongqi were recognized in the luxury brand category [8] - Zeekr and AITO won awards in the new energy brand category for their excellent service [8] Group 2: Special Awards - A special "20th Anniversary Excellence Contribution Award" was established, with ten brands including FAW-Volkswagen and BYD receiving recognition [8] - 100 outstanding dealers were awarded the "2025 Golden Wrench Service Top 100 Quality Selected Stores" based on the GES-150 service evaluation standard [8] - Eight senior technicians received the "20th Anniversary Craftsman Award," and seven dealers were named "20th Anniversary Service Benchmark Stores" [8] Group 3: Historical Context - The Golden Wrench Award was initiated in 2006 by China Automotive Market magazine and Sohu Auto, with the aim of promoting service integrity in the automotive industry [10] - The award has evolved over 20 years, initially focusing on traditional fuel vehicle after-sales service and expanding to include new energy brands and new media service scenarios [10] - The award's foundation is linked to the "3.15" joint declaration of integrity service by car companies, which began in 2018 [10]

吉利全球全域安全中心的验证能力覆盖被动安全领域的整车碰撞、系统模拟、行人保护及零部件安全性能等测试项目，也能实现主动安全、新能源安全、健 康安全、数字安全等全域安全技术的验证。 12月12日，吉利全球全域安全中心发布，该安全中心在建筑面积、验证能力等方面达到全球领先水平，并获得"全球最大的汽车安全实验室""全球最长的室 内汽车碰撞测试跑道""全球最大的汽车环境风洞实验室""全球最大的任意角度汽车碰撞测试区（0~180°）""全球测试功能最多的汽车安全实验室"五项吉尼 斯世界纪录。 其中，"全球最大的任意角度汽车碰撞测试区"是国内首个设置无级对撞角度调节，可实现0~180°无级碰撞测试的试验场所，可开展各类新能源测试、辅助驾 驶类测试、翻滚测试等综合安全试验，更真实地模拟事故场景，进行更充分地开发验证。吉利全球全域安全中心还是"全球测试功能最多的汽车安全试验 室"，具备27大类测试功能，测试车型覆盖乘用车和商用车，可满足中国、欧洲、美国、东南亚等国家和地区的安全法规测试能力，以及覆盖"全域安全 2.0"技术体系的所有安全测试需要。 被动安全 Passive Safety 信息安全 Information Saf ...

综合 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-12 2025-04 2025-08 综合 沪深300 相关研究报告 《谷歌 Gemini3 增益生态，存储有望 持续高景气—行业周报》-2025.12.7 《AI 需求持续验证，提升算力需求可 预见性—行业周报》-2025.11.23 《AI 需求可预见性愈发清晰，关注 Robotaxi 产 业 机 会 — 行业周报》 -2025.11.16 存储依然高景气，H200 有望获批对华出口 ——行业周报 | 初敏（分析师） | 张可（分析师） | 杨哲（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790523070001 | 证书编号：S0790524100001 | 电子：H200 有望获批对华出口，长期看好国产替代 2025 年 12 月 9 日美国总统特朗普宣布在确保美 ...

Investment Rating - The report assigns an "Overweight" rating for the automotive industry [1]. Core Insights - The "Guidelines for Compliance with Price Behavior in the Automotive Industry" is expected to advance the anti-involution process, which will help regulate price competition in the domestic automotive sector [4][6]. - The implementation of these guidelines is anticipated to slow down the price war in the automotive market, leading to improved profit margins for manufacturers and dealers, particularly benefiting dealers who have seen a decline in profitability in recent years [6]. - The report recommends specific companies for investment, including Zhongsheng Holdings, with related targets being Yongda Automotive and Harmony Auto. For vehicle manufacturers, recommended stocks include XPeng Motors, BYD, Leap Motor, Great Wall Motors, Changan Automobile, Geely, SAIC Motor, and GAC Group [6]. Summary by Sections Regulatory Framework - The guidelines require automotive manufacturers to adopt pricing strategies based on production costs and market demand, ensuring compliance across all pricing behaviors in vehicle sales and financial services [6]. - Clear and fair pricing practices are mandated, including explicit rebate policies and respect for dealers' pricing autonomy [6]. Market Impact - The guidelines are expected to enhance the pricing ecosystem within the automotive supply chain, particularly benefiting manufacturers as they are the dominant players in the industry [6]. - For dealers, the guidelines promote transparent pricing, compliance in promotional activities, and prohibit misleading pricing tactics that could deceive consumers [6]. Financial Projections - The report includes performance forecasts and financial valuations for key companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [7]. - Companies such as Great Wall Motors, SAIC Motor, and BYD are highlighted with specific EPS and PE metrics, all rated as "Overweight" [7].

HONG KONG (AP) — Chinese demand for foreign luxury cars is waning as customers opt for more affordable Chinese brand models, often sold at big discounts, catering to their taste for fancy electronics and comfort. That is bad news for European carmakers like Porsche, Aston Martin, Mercedes-Benz and BMW that have long dominated the upper reaches of the world's largest auto market. A prolonged property downturn in China has left many consumers with little appetite for big purchases. Meanwhile, the well-to- ...

成为制造业质量标杆，是激励浙江制造业企业向卓越质量攀升的重要抓手。浙江开展制造业质量标 杆遴选，是深入贯彻落实《浙江省推进制造业质量品牌提升加快制造强省建设的实施方案》、全面实施 制造业卓越质量工程的关键举措，其核心目的在于通过在质量管理体系升级、质量管理数字化、可靠性 提升、关键过程质量控制等领域树立一批质量标杆，引导全省制造业企业"提质量、强质量、高质量"， 加快培育产品卓越、品牌卓著、创新领先、治理现代、具有核心竞争力的优质企业。 像此次入选的精工科技，凭借"双轮驱动"精益管理体系提升的实践经验，在质量管理体系升级类目 评选中拔得头筹。精工科技相关负责人介绍，企业以"精益生产"与"数字化质量管理系统"为两大核心驱 动，以"质量第一"为基础，嵌入"全员参与、全过程管理"的现代科学管理技术与方法，并依托信息化平 台贯穿生产全过程，实现质量管控的标准化、可视化与精准化。 原标题：浙江新增38家制造业质量标杆企业 6家省级标杆企业晋级国字号 日前，省经信厅公布2025年度浙江省制造业质量标杆名单，浙江精工集成科技股份有限公司等38家 企业入选。自去年开展这项工作以来，全省已有62家企业入选。同时，吉利汽车、新凤 ...