业内分析认为，当前汽车保值率市场正处于结构调整期，具备核心技术、完善服务体系和清晰发展战略 的品牌将在保值率方面获得更大优势。随着政策引导和市场自我调节，汽车保值率体系将逐步趋于稳 定。 （文章来源：中国经营报） 稳增长是近年宏观经济重要目标，各行业的工作方案已经密集发布。"十四五"期间，中国汽车业已跃升 至我国第一经济支柱，产业链上、下游生产总值约占全国GDP比重的10%。近日，《汽车行业稳增长工 作方案（2025—2026年）》（以下简称"《方案》"）出台，为行业发展锚定方向、注入动能。《方案》 包含15项具体的工作举措，其中提及落实二手车交易的便利化措施。提高二手车的流通效率，还需要加 强信息的共享开放，同时提高准确性和权威性。这对于保值率回暖具备强有力的支撑作用。记者看到， 相比以往已经公开的信息，本次文件新提出了以高质量供给引领需求、创造需求，并提出以技术创新激 发潜在消费需求、以标准升级引领产品质量提升、加快汽车行业数字化智能化转型。此外，线上车源量 保持增长，尽管月底置换交易有所降温，但整体市场活跃度良好。 10月10日，《中国经营报》记者从中国汽车流通协会方面了解到，中国汽车流通协会与精真估联 ...

（原标题：2025年9月中国汽车保值率报告发布：豪华品牌全面回升） 10月10日，中国汽车流通协会与精真估联合发布《2025年9月中国汽车保值率研究报告》。报告显示，随着新车价格整体回升，主流级别车型保值 率普遍提高，其中豪华品牌实现全面回升，自主品牌在新能源细分市场表现尤为突出。 自主品牌稳中有进，新能源领域优势显现 自主品牌保值率表现分化，传祺、吉利等传统强势品牌保持稳定，比亚迪等电动化转型较快的品牌展现稳健表现。在新能源细分市场，自主品牌 展现出强劲竞争力：纯电动中型SUV领域，乐道L60位居保值率榜首，特斯拉Model Y、极氪7X分列二三位；纯电动紧凑型SUV市场，宋PLUS新 能源、AION Y、元PLUS位列前三；插电混动市场，问界M9在插电混动车型榜单中排名第一 报告同时关注到汽车行业稳增长工作方案的发布，其中包含15项具体工作举措，特别强调落实二手车交易便利化措施。此外，线上车源量保持增 长，尽管月底置换交易有所降温，但整体市场活跃度良好。 业内分析认为，当前汽车保值率市场正处于结构调整期，具备核心技术、完善服务体系和清晰发展战略的品牌将在保值率方面获得更大优势。随 着政策引导和市场自我调节 ...

Core Insights - The report highlights the varying residual values of domestic automotive brands in China, with traditional strong brands like GAC and Geely maintaining stability, while brands like BYD show robust performance due to rapid electrification [1] - The shift from "market for technology" to "technology creates value" is emphasized as domestic brands evolve [1] Group 1: Electric SUVs - The pure electric mid-size SUV market is highly competitive, characterized by intense high-end battles and mainstream acceleration, with the Leado L60 achieving the highest residual value [3] - Tesla Model Y and ZEEKR 7X follow closely in the residual value rankings, indicating strong market acceptance [3] - In the compact electric SUV segment, the "Matthew effect" is evident, with top models like Song PLUS, AION Y, and Yuan PLUS establishing significant advantages due to technology and market reputation [7] Group 2: Plug-in Hybrid SUVs - In the plug-in hybrid compact SUV market, BYD's Song Pro and Song PLUS dominate the residual value rankings, showcasing the strength of BYD's DM technology [12] - The plug-in hybrid mid-size MPV market sees GAC's E9 leading in residual value due to its luxurious features and advanced battery management [16] Group 3: Compact Cars - In the popular compact car market, the Volkswagen Lavida ranks first in residual value, followed by the Volkswagen Sagitar and Audi A3, reflecting the strong foundation of German brands in China [17] Group 4: Mid-size SUVs - The domestic mid-size SUV market has established a stable value hierarchy, with GAC's GS8 leading in residual value due to its spaciousness and luxury features [21] - The competitive landscape in the mainstream joint venture mid-size SUV segment is dominated by German and American brands, with SAIC Volkswagen's Teramont achieving the highest residual value [23] Group 5: Japanese Brands - The price decline of Japanese brands like Toyota, Honda, and Nissan indicates a convergence in product quality, negatively impacting their residual values in the new energy era [25] - The increase in residual value for Volkswagen brands is attributed to strong contributions from their sedan products, while French brands face significant declines due to ongoing price wars [25]

Core Viewpoint - The report highlights the importance of vehicle resale value as a reflection of brand strength, product quality, and market dynamics, providing essential data for various automotive business operations [2][4]. Policy Direction - Strengthening regulation on Over-The-Air (OTA) updates to protect consumer rights and ensure proper usage of advanced driving assistance systems [5][6]. Hot Events - The new consumer loan subsidy policy allows each buyer to receive up to 3,000 yuan in subsidies for car purchases, stimulating automotive consumption [9]. Online Vehicle Supply Changes - The used car market remains active despite seasonal trends, with an increase in the supply of younger used cars, particularly in central and southwestern regions [13]. Resale Value by Vehicle Class - Resale values across all vehicle classes have declined, impacting dealers financially, with some regions offering subsidies to support used car businesses [16]. Changes in the New Energy Vehicle Market - Alcohol-hydrogen vehicles are now recognized as part of the new energy vehicle category, receiving similar tax benefits and subsidies as electric vehicles, enhancing energy security and environmental compliance [20]. Resale Value of Different Types of New Energy Vehicles - The resale value of new energy vehicles remains stable, with recent market activities and new product launches expected to reshape the industry landscape [23].

Core Insights - Leap Motor's C10 model has achieved a significant milestone by surpassing 150,000 cumulative deliveries within just 16 months of its launch, setting a record for the brand [1][9] - The C10 has consistently ranked as the best-selling new force medium SUV in China for three consecutive months from May to July 2025, and it leads the sales chart for the first half of 2025 [1][9] - According to a report by the China Automobile Circulation Association, the C10 has the second-highest one-year resale value among pure electric medium SUVs, making it a preferred choice for young families [1][4] Product Strengths - The 2026 model of the C10, launched in May 2023, features significant upgrades under the LEAP 3.5 technology architecture, focusing on the concept of "an ideal home for global youth" [4] - Key advancements include a long range of 605 km, ultra-fast charging capabilities allowing 307 km of range to be replenished in just 16 minutes, and a driving experience that balances excitement and comfort [4] - The vehicle is equipped with a Qualcomm Snapdragon 8295P flagship cockpit and laser radar for end-to-end assisted driving, providing an immersive interaction experience and excellent driving assistance solutions [4] Global Expansion - The C10 began its global journey with its debut at the 2023 Munich Auto Show, officially launching in China in March 2024 and expanding to 13 European countries by September of the same year [7] - By the end of 2024, the C10 will enter markets in Malaysia and Thailand, with an extended range version set to launch in Europe in January 2025 [7] - The C10's successful entry into the Hong Kong market and the establishment of the 1,500th Leap Motor center signify a new phase in the brand's international strategy [7] Sales Performance - The C10 has maintained an impressive average delivery rate of nearly 10,000 units per month, solidifying its position as the core pillar of Leap Motor's sales leadership among new forces in the automotive market [9] - This strong performance not only highlights the C10's exceptional capabilities but also marks a new starting point for the brand's global expansion efforts [9]

Core Viewpoint - The new Tank 500 Smart Edition from Great Wall Motors has started pre-sales, with strong initial demand indicated by over 11,000 orders within 24 hours, highlighting the brand's strong user loyalty and market position in the off-road vehicle segment [1] Group 1: Product Launch and Market Response - The Tank 500 Smart Edition is available in two versions, with pre-sale prices set at 388,800 yuan for the Hi4-Z version and 360,000 yuan for the Hi4-T version [1] - The rapid accumulation of orders suggests a robust market interest and potential for strong sales performance [1] Group 2: Brand Strength and Market Position - The Tank brand has established a strong competitive moat in the off-road vehicle sector, evidenced by its high brand retention rate [1] - According to the "2025 Q1 China Car Retention Rate Ranking," Tank is the only domestic brand with a three-year retention rate exceeding 60%, with the Tank 300 achieving a retention rate of 64.57%, ranking first among compact SUVs [1] Group 3: Financial Projections - The company has adjusted its net profit forecasts for 2025 to 14.7 billion yuan, 15.9 billion yuan, and 18.3 billion yuan for the years 2025 to 2027, respectively, down from previous estimates of 15.4 billion yuan, 16.9 billion yuan, and 18.2 billion yuan [1] - Despite the adjustments, the company maintains a "recommended" rating, indicating confidence in its long-term prospects [1] Group 4: Technological Advancements - The company is enhancing its hybrid technology framework and refining its off-road and general off-road vehicle offerings, which are expected to broaden the application scenarios and market appeal of the Tank brand [1] - The integration of Hi4-Z technology and intelligent features is anticipated to facilitate the brand's transition from niche to mainstream [1]

Group 1 - The monthly active volume of new energy vehicles is approaching 34 million, highlighting which brands are leading the market [4][8] - Domestic brands are rising, questioning which can challenge the resale value of international luxury brands [4][8] - New force models like Xiaomi YU7 are reshaping the market landscape for mid-to-large pure electric SUVs [4][8]

Core Viewpoint - The automotive industry is undergoing a significant transformation as traditional fuel vehicles face increasing competition from electric vehicles (EVs), leading to a decline in the market share and resale value of fuel vehicles [4][5][10]. Market Trends - In July, the retail penetration rate of new energy vehicles (NEVs) in China's passenger car market reached 54.0%, a year-on-year increase of 2.7 percentage points. Cumulatively, 6.455 million NEVs were sold in the first seven months of the year, representing a 29.5% year-on-year growth [4][16]. - The second-hand fuel vehicle market is experiencing downward pressure on prices, with average inventory cycles extending to 43 days and 35.6% of businesses facing cycles over 30 days, indicating increased operational pressure [5][21]. Resale Value Decline - The resale value of previously high-value brands like Toyota and Honda is declining, with the three-year resale value for Toyota dropping to 56.6% from 83.24% in 2021, and Honda to 57% from 78.19% [10][13]. - Specific examples include a two-year-old Toyota Camry priced at 12.96 million yuan, reflecting a 65% resale value, down from higher values in previous years [6][8]. Shift to New Energy Vehicles - The second-hand market for NEVs is growing, with penetration rates rising from 8% to 9.9% in recent months, indicating a shift in consumer preference [16][18]. - Some second-hand car dealers are increasingly focusing on selling NEVs to compensate for the declining profits and sales of fuel vehicles [5][20]. Consumer Behavior - Consumers are showing a preference for NEVs, with many second-hand car dealers reporting that the inventory of NEVs is now greater than that of fuel vehicles [18][20]. - Despite the growth of NEVs, fuel vehicles still maintain a significant market presence, with many consumers still willing to purchase them if priced competitively [21].

Core Viewpoint - The article discusses the findings of the "July 2025 China Car Retention Rate Research Report," highlighting the importance of retention rates in assessing brand strength and guiding various automotive business strategies [2][4]. Policy Direction - The recent consumption tax reform targets ultra-luxury vehicles, expanding the tax range to include cars priced over 900,000 yuan, which is a significant reduction from previous thresholds. This reform aims to improve fiscal revenue and stimulate domestic demand [5][6]. Market Trends - The automotive market has seen a price war in the first half of the year, prompting government and industry responses to curb chaotic competition. Although price wars have lessened, a stable market norm has yet to be established [9]. Supply and Demand - There has been a slight decrease in car supply, indicating reduced new car replacements. The second-hand car market benefits from car loans, with a reported loan balance of 78.381 billion yuan, reflecting a year-on-year increase of 26.06% [12]. Valuation Insights - In the second-hand market dominated by fuel vehicles, new car prices significantly influence second-hand prices. Notably, small sedans and mid-to-large SUVs have shown strong performance in retention rates due to limited new car supply [16]. New Energy Vehicle Developments - The construction of high-power charging facilities is gaining support, addressing previous compatibility issues with the power grid. This shift towards organized development is expected to enhance the promotion of new energy vehicles and charging infrastructure [19]. Market Activity - New car replacement transactions are crucial for stimulating the second-hand market. However, with a slight increase in new car prices and the suspension of subsidies, replacement transactions have not seen sustained growth. The second-hand market remains stable, with plug-in hybrid models facing consumer hesitation [22][23].

Core Viewpoint - Leap Motor achieved a significant milestone in July 2023, with total deliveries surpassing 50,000 units for the first time, reaching 50,129 units, maintaining a top-three position in monthly sales within the domestic market [1] Delivery Performance - The July delivery volume increased by 4% month-on-month and over 126% year-on-year [1] - Leap Motor has expanded its overseas channels to over 600, covering more than 30 international markets including Europe, the Middle East, Africa, and Asia-Pacific [1] - From January to June 2025, Leap Motor exported 20,375 units to overseas markets [1] Product Highlights - The Leap Motor C10 is the main product, with 26 variants launched, achieving over 10,000 units sold for three consecutive months [1] - The pure electric version of the C10 features an 800V high-voltage silicon carbide platform, with a CLTC range of 605 km and fast charging from 30% to 80% in 16 minutes [1] - The extended-range version offers a comprehensive range of 1,190 km, with a pure electric range of 210 km and a low fuel consumption of 5.1L/100km [1] - The C10 utilizes a front MacPherson and rear five-link independent suspension system, along with an advanced braking and steering system [1] Resale Value - According to the "2025 Half-Year China Automotive Resale Value Research Report," the Leap Motor C10 ranks second in the resale value list for pure electric mid-size SUVs, only behind the Tesla Model Y [1]