吉利控股集团以10%的全球BEV市场份额位列全球第三，第三季度销量同比增长51%。集团旗下银河与 极氪两大品牌在中国经济型及中端电动车市场表现突出，持续推动销量增长。 中新网北京12月11日电(记者 吴涛)10日，科技研究咨询公司Counterpoint Research发布数据报告称， 2025年第三季度，全球新能源汽车销量同比大幅增长32%。 特斯拉以超过13%的全球份额排名第二，2025年第三季度销量同比增长7%。今年特斯拉销量提升主要 受益于改款Model Y的表现，以及在中国推出的长轴距版Model Y。(完)【编辑:于晓艳】 在车企层面，比亚迪集团在2025年第三季度以近60万辆的BEV继续稳居全球市场第一，同比增长33%。 该公司在欧洲、东南亚和拉美等海外市场表现强劲，出口量超过15万辆，海外市场贡献率达27%。 其中，纯电动车(BEV)继续占据主导地位，占全球电动汽车销量的三分之二，其销量较去年同比增长 32%。插电式混合动力汽车(PHEV)也实现温和增长，同比增长6%。 报告称，第三季度BEV普及率创下新高，占全球乘用车销量的18%，高于去年同期的14%。中国仍是全 球增长的核心动力，贡献了 ...

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on December 10, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Companies with Significant Buybacks - Tencent Holdings (00700) repurchased 1.06 million shares for a total of 636 million, representing 0.961% of its total share capital [2] - Xiaomi Group-W (01810) repurchased 2.4 million shares for 101 million, accounting for 0.400% of its total share capital [2] - China Feihe (06186) repurchased 5.47 million shares for 22.94 million, which is 2.521% of its total share capital [2] Group 2: Other Notable Buybacks - Geely Automobile (00175) repurchased 1.54 million shares for 27.14 million, representing only 0.047% of its total share capital [2] - Kweichow Moutai (600519) repurchased 204,000 shares for 8.82 million, which is 0.180% of its total share capital [2] - Vitasoy International (00345) repurchased 404,000 shares for 2.67 million, accounting for 2.180% of its total share capital [2] Group 3: Companies with Lower Buyback Amounts - 康臣药业 (01681) repurchased 354,000 shares for 5.28 million, which is 15.048% of its total share capital [2] - 瑞声科技 (02018) repurchased 150,000 shares for 5.76 million, representing 0.492% of its total share capital [2] - 周黑鸭 (01458) repurchased 160,500 shares for 2.68 million, which is 1.407% of its total share capital [3]

在AI加速赋能千行百业的大背景下，其与汽车产业的融合正愈发成为外界关注焦点。大众、吉利、上 汽等国内外车企正在加速布局AI，如吉利汽车在2025CES上就对外发布行业首个"智能汽车全域AI"技术 体系。 《中国经营报》记者注意到，在业内人士看来，车企加速角逐AI赛道的背后，是其意识到人工智能技 术对汽车研发、生态构建等领域带来的巨大赋能。罗兰贝格也认为，当前，汽车研发正迎来AI技术驱 动的根本性变革。 "在AI、大数据与智能制造的推动下，全球汽车产业正加速重构，中国已从'电动化的领先者'迈向'智能 化的引领者'。"中欧国际工商学院院长、管理学教授、横店集团管理学教席教授汪泓日前在2025第十九 届中国汽车产业论坛上发表该观点，其同时直言："AI正在成为驱动产业转型的核心引擎。" AI重塑产业竞争格局 在多重因素影响下，AI愈发成为车企重塑自身核心竞争力的重要"抓手"之一。 广发证券研报认为，海外车企份额下降，倒逼智能化加速，提升产品竞争力。从中国市场来看,根据交 强险数据,自主品牌份额自2020年的35.5%逐年提升至2025年1—9月的64.9%。 记者注意到，在日前于中欧国际工商学院上海校区举行的2025 ...

备注：以上数据由格隆汇数据中心根据港交所数据加工计算所得，并不保证100%精确。 本文源自：格隆汇 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 106.00万 6.36亿 8831.30万 0.961% 小米集团-W(01810) 240.00万 1.01亿 1.03亿 0.400% 中远海控(01919) 300.00万 4085.81 万 7854.30万 2.727% 纳芯微(02676) 20.15万 3067.05万 null null 顺丰控股(06936) 81.55万 3042.25万 null null 碧桂园服务(06098) 468.40万 2921.95万 3691.40万 1.105% 吉利汽车(00175) 153.70万 2713.61万 470.50万 0.047% 中国飞鹤(06186) 547.00万 2293.91万 2.29亿 2.521% 巨子生物(02367) 40.00万 1438.24万 80.00万 0.075% 金山软件(03888) 34.50万 999.72万 707.32万 0.510% 中国石油化工 ...

还记得12年前《Top Gear》是怎么评价中国车的吗？ 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。" 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。 燃油车确实是在猛猛出海。 燃油车在东欧、拉丁美洲和非洲等二线市场的销量依然不错。JATO Dynamics数据显示，今年上半年，中国车厂占南非汽车市场近16%的份额，去年同期 是10%。燃油车销量近3万辆，电动车仅售出11辆。 智利的情况也一样。当地汽车工业协会称，中国燃油车已占当地市场近三分之一份额。雪佛兰、日产和大众等传统品牌去年在当地销量下滑34至45%。 一些传统汽 ...

忙碌的生产线，承载着消费者的期待。在贵阳白云区吉利银河新能源体验中心，被银河E5车型宽敞的 内部空间打动，用户张土英提走自己的第一辆车，"以后结婚有小孩，用车会很方便，这辆车的车机系 统灵敏，综合性价比很高。" 张土英的选择，反映了新能源汽车消费趋势的变化——过去关注价格和配置，包括电池快充时间、动力 性能；现在也关注体验和细节，包括车内空间、舒适度和智能化水平。 消费需求的升级，倒逼供给端的变革。"设计这款车时，我们通盘考虑底盘结构、零部件布局，释放出 更宽敞的驾乘空间。"李飞平说，银河E5去年8月上市至今，销量突破21万台。 同一款车，面向80多个国家和地区同步开发。今年以来，已有近5万辆银河E5销往海外。"我们组建了 全球研发团队，在保持核心性能一致的基础上，针对不同市场做本地化适配。"李飞平说，比如，在气 候炎热的地区，配置加强版空调；在多山地区，增强轮胎摩擦力。 数据来源：工业和信息化部等 制图：张丹峰 以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内大循环 内生动力和可靠性。 ——摘自"十五五"规划建议 每70多秒，一辆新车下线。 贵州贵阳观山湖区，贵州吉利汽车 ...

Core Viewpoint - The automotive industry is witnessing a shift where traditional fuel vehicles are accelerating their smart technology integration to compete with the rising market share of electric vehicles (EVs). However, experts believe that this smartification of fuel vehicles is a transitional solution, as the long-term trend favors the replacement by electric vehicles, leading to a restructuring of the automotive supply chain with Chinese tech companies becoming central players [1][9]. Group 1: Smartification of Fuel Vehicles - The first fuel sedan equipped with Huawei's advanced smart driving solution, the FAW Audi A5L QianKun, has been launched, alongside the Dongfeng Nissan Teana featuring Huawei's Harmony cockpit [2]. - Data from the China Passenger Car Association indicates that fuel vehicle sales are projected to decline by 17.3% year-on-year in 2024, with their market share dropping to 52.4%. By the first nine months of 2025, this share further decreased to 49.9%, indicating that new energy vehicles have officially surpassed traditional fuel vehicles as the mainstream choice for consumers [2][3]. - A report highlights that 71.9% of users consider smart cockpits a primary factor in their purchasing decisions, while 69.3% focus on in-car interaction experiences, emphasizing the critical role of smart technology in consumer choices [2]. Group 2: Technological Challenges and Solutions - Experts point out that fuel vehicles face several technological bottlenecks in their smartification process, including limitations in architecture, power supply issues, and challenges in heat dissipation and integration [5]. - Despite these challenges, the narrative that fuel vehicles cannot be smartified is changing, as more models are now equipped with advanced smart driving systems, such as the FAW Audi A5L QianKun and the SAIC Audi A5L Sportback [6]. - Huawei and Audi have overcome key challenges related to computing power, power supply, and heat dissipation, enabling the integration of high-performance computing platforms in fuel vehicles [7]. Group 3: Industry Transformation and Supply Chain Restructuring - The trend of fuel vehicles adopting smart technology is part of a broader "oil-electricity intelligence" strategy being pursued by many automakers, including joint ventures like FAW-Volkswagen and Mercedes-Benz [8]. - As consumer demand for smart driving features increases and technology costs decrease, traditional automakers are accelerating their efforts to enhance their products' smart capabilities [8]. - The shift towards smartification is expected to have profound implications for the automotive industry, driving a transformation towards intelligent vehicles and altering competitive dynamics, with a focus on collaboration between automotive manufacturers and tech companies [9][10].

作为融合自由出行与深度体验的旅游方式，自驾游正以强劲的消费拉动力与产业重塑力，为旅游产业注入全新机遇，构建 起"全域联动、全链协同"的产业新生态。 市场规模不断扩张 近年来，自驾游市场持续扩容。中国社会科学院旅游研究中心与中国旅游车船协会联合发布的《中国自驾游发展报告》显 示，2024年，中国自驾游市场规模突破1.5万亿元，同比增长20%，连续7年占据国内旅游市场60%以上份额。近期，中国旅游 车船协会发布的《中国自驾车、旅居车与露营旅游发展报告（2024—2025）》显示，自驾游以77.4%的占比稳居国民出行方式 首位。自驾游已成为居民出游的绝对主力，实现从"出行选择"到"市场支柱"的量级跨越。 本报记者 梁傲男 秋日的赛里木湖，临湖露营地炊烟袅袅，自驾游客王女士一家正停车休整。"在新疆，动辄两三小时的车程是常态，以前 来新疆是'打卡式赶路'，现在选择自驾就能随时停下邂逅惊喜。"王女士指着营地内整齐排列的充电桩和露营装备告诉《证券日 报》记者，"你看这营地，水电齐全，还能预订手抓肉，我们一路走来沿途有很多这样的新业态，让'过路客'心甘情愿变成'过 夜客'。" 《中共中央关于制定国民经济和社会发展第十五个五年 ...

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...

Core Viewpoint - The article discusses the significant growth of Chinese fuel vehicles in overseas markets, highlighting their competitive advantages in terms of price and features compared to traditional brands, despite the global shift towards electric vehicles [4][25]. Group 1: Export Growth of Fuel Vehicles - Since 2020, for every four cars exported from China, three have been fuel vehicles [5]. - In 2021, China exported 2.015 million cars, with 1.705 million being fuel vehicles, accounting for 84.6% [6]. - In 2022, the total car export volume reached 3.111 million, with fuel vehicles increasing to 2.342 million, representing 78.2% [7]. - In 2023, the export volume of traditional fuel vehicles was 3.707 million, making up 75.4% of total exports [8]. - Projections for 2024 indicate that fuel vehicle exports will reach 4.574 million, maintaining a share of 78.1% [9]. Group 2: Market Performance and Competitiveness - Chinese fuel vehicles are performing well in secondary markets such as Eastern Europe, Latin America, and Africa, with significant market shares [12]. - In South Africa, Chinese manufacturers captured nearly 16% of the automotive market in the first half of the year, up from 10% the previous year [12]. - In Chile, Chinese fuel vehicles accounted for nearly one-third of the market, while traditional brands saw sales declines of 34% to 45% [12]. Group 3: Advantages of Chinese Fuel Vehicles - Chinese fuel vehicles offer superior cost-performance ratios, allowing consumers to purchase larger and better-equipped vehicles for the same price as basic models from traditional brands [16][38]. - For example, in Saudi Arabia, the price of a base model Nissan Sylphy can buy a fully equipped MG7, which offers better performance and features [38]. - The strategy of providing high configurations at competitive prices has proven effective in attracting budget-conscious consumers [40]. Group 4: Industry Upgrades and Global Strategy - Chinese automakers have upgraded their production standards to meet international safety and reliability benchmarks, moving from merely exporting products to establishing local production bases in key markets [21][42]. - Companies like Chery, SAIC, and Geely have successfully transitioned to building local supply chains and sales networks, enhancing their global competitiveness [21][44]. - Some joint ventures have also leveraged Chinese manufacturing advantages to boost their export operations significantly [23][45]. Group 5: Future Outlook - The narrative of Chinese fuel vehicles represents a "silent yet solid" counterattack in the face of the electric vehicle trend, focusing on practical needs in markets where electric infrastructure is lacking [25][46]. - Despite challenges in brand recognition and scale compared to global giants like Toyota and Volkswagen, Chinese manufacturers are poised to convert their cost and technology advantages into sustainable global competitiveness [25][46].