刚刚过去的2025年，在全球经济格局深度调整与汽车产业百年变革交汇的关键节点，中国汽车工业展现出前所未有的活力与韧性。作为我国自 主品牌的中坚力量，奇瑞以一份出色的年终硬核答卷，为这不平凡的一年写下了生动的注脚。 "2025年，是奇瑞从汽车制造商向全球化高科技生态集团转型跨越的关键一年。"在2026年新年献词中，奇瑞董事长尹同跃如此概括刚刚过去的这一年。 这一年，奇瑞销售汽车2806393辆，同比增长7.8%；其中，海外市场出口量达1344020辆，同比劲增17.4%，连续第23年稳居中国品牌乘用车出口榜首。这意 味着平均每23秒，即有一辆"奇瑞造"驶向世界。全年销售新能源汽车903847辆，同比增长54.9%。与此同时，奇瑞旗下产品的品质表现也再上台阶，在多项 质量评价中位居自主品牌前列。这不仅标志着其在销量、出口、新能源、品质四大领域实现了历史性突破，更映射出中国汽车产业整体向上突破的澎湃动力 与清晰路径。 规模增长与资本赋能筑牢发展根基 销量的大幅增长是企业实力最直观的体现。奇瑞超280万辆的年销量成绩单，使其稳居行业第一阵营。这一成就源于其均衡且高质量的市场结构：国内 市场根基扎实，海外市场贡献了近乎 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on globalization, intelligence, and high-end market opportunities [5]. Core Insights - The automotive industry is experiencing intensified competition in the domestic market while witnessing significant growth in new energy vehicle (NEV) exports [2][3]. - The overall vehicle sales are projected to remain stable in 2026, with a notable increase in NEV sales driven by favorable policies and consumer demand [4][5]. - The report emphasizes the importance of high-end vehicles and intelligent driving technologies as key growth areas for automotive companies [5][14]. Summary by Sections 1. 2025 Review: Intensified Domestic Competition, High Growth in NEV Exports - Total vehicle sales in China for January to November 2025 reached 20.45 million units, a year-on-year increase of 2.0% in retail and 11.2% in wholesale [2]. - Domestic sales showed slight growth, heavily influenced by policy changes, while exports surged, particularly in the NEV segment, which saw a 19% increase year-on-year [2][19]. - The NEV penetration rate reached 40.8% in exports, with significant contributions from plug-in hybrid vehicles [19]. 2. 2026 Outlook: Stability Expected, Acceleration in Globalization and Intelligence - Retail sales of passenger vehicles are expected to reach 22.03 million units in 2026, with NEVs projected to grow by 12% year-on-year [3][4]. - The high-end vehicle segment is anticipated to perform better due to a shift in consumer preferences and the increasing market share of domestic brands [4]. - NEV exports are expected to reach 6.73 million units, with a 34% increase in NEV exports alone, driven by improved product quality and market maturity [4]. 3. Investment Strategy: Favorable Opportunities in Globalization, Intelligence, and High-End Markets - The report highlights the potential for automotive companies that excel in international markets, high-end product offerings, and advanced intelligent driving technologies [5][13]. - Companies like BYD, Geely, and Li Auto are identified as key players likely to benefit from these trends due to their strong export capabilities and innovative products [5][13]. - The report also emphasizes the importance of the AI driving sector, predicting that leading companies will leverage their technological advancements to gain competitive advantages [14][15].

共探新营销，共创新可能 从欧洲到东南亚再到北美， 时代变换， 背景变换， 轩辕新汽车之夜， 撰文 | 轩 辕 矩 阵 编辑 | 黄 大 路 不全力以赴， 便无突围之径。 亲爱的朋友， 我们要寻找出路， 从来都是， 并肩破局！ 从2019年开局， 到2023年重启， 永远与您同行！ 2026, 马上来临， 拉斯维加斯， 轩辕新汽车之夜， 诚邀您， 无人之境， 全新征程， 唯有全力以赴。 我亲爱的朋友， WITH YOU ALL, ALL IN! "全力以赴（WITH YOU ALL，ALL IN）"，是由世界新汽车生态协会联合轩辕同学主办的2026拉斯维加斯轩辕新汽车之夜的核心主题。 2026年1月7日18:30到22:00，拉斯维加斯卢克索酒店莲花会议厅2厅，灯光会慢慢亮起，一场关于AI时代新汽车全球化的相聚，就要在这里拉开帷 幕。 回溯十年前，中国汽车产业对全球化的想象，大都是某个品牌揣着勇气勇闯海外，某款产品憋着劲敲开陌生的市场大门。 现在，站在2026年拉斯维加斯CES这一全球产业交汇的十字路口，站在AI时代新汽车全球化的无人地带，我们是否又开始陷入迷茫？ 躬身入局， 加入思想大PARTY！ AI时代， ...

Core Insights - Li Auto has officially entered the markets of Egypt, Kazakhstan, and Azerbaijan, marking a significant expansion in its overseas business operations [1] - This expansion follows the company's previous entry into the Uzbekistan market, completing its strategic layout across Central Asia, the Caucasus region, and Africa [1] - The company is launching its main models, including the Li L9, Li L7, and Li L6, to cater to the local luxury market demand [1] - To ensure a consistent user experience, Li Auto will provide official warranty services, professional after-sales support, and ongoing OTA technology upgrades for overseas users [1]

雍军强调，这不仅是主机厂进入那个国家，还要带着整个供应链一同进入。因此，在整个过程中，无论 是产品体验、创新，还是全球化，我们都需要所有供应商朋友的支持。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025新汽车合作生态交流会 2025新汽车合作生态交流会于12月5日-6日在苏州举行。阿维塔科技副总裁雍军表示，供应链的伙伴们 和主机厂要一起做全球化。 专题：2025新汽车合作生态交流会 2025新汽车合作生态交流会于12月5日-6日在苏州举行。阿维塔科技副总裁雍军表示，供应链的伙伴们 和主机厂要一起做全球化。 他指出，现在包括阿维塔、长安都在走全球化之路。目前通过KD或直接贸易的方式，销售情况还不 错。但当全球化做到一定体量后，必然会面临国家和国家之间的关税壁垒。所以，我们要走向"在一个 国家，服务一个国家，迈向一个国家就深入一个国家"的模式。 他指出，现在包括阿维塔、长安都在走全球化之路。目前通过KD或直接贸易的方式，销售情况还不 错。但当全球化做到一定体量后，必然会面临国家和国家之间的关税壁垒。 ...

Core Viewpoint - Avita, a high-end electric vehicle brand under Changan Automobile, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first central enterprise new energy stock in Hong Kong [2] Group 1: Company Growth and Market Position - Avita has achieved a "three years, four cars" layout, with four main models and two limited edition models, covering the mainstream high-end market priced between 200,000 to 700,000 RMB [2] - The company has seen consistent monthly sales exceeding 10,000 units in recent months, with total sales surpassing 100,000 units from January to October [2][4] - Avita's revenue is projected to grow significantly, with expected revenues of 5.645 billion RMB and 15.195 billion RMB for 2023 and 2024 respectively, marking a year-on-year increase of 169.16% [4] Group 2: Strategic Goals and Future Plans - Avita aims to achieve global sales of 400,000 units by 2027 and 800,000 units by 2030, with a long-term goal of 1.5 million units by 2035 [5] - The company plans to focus on enhancing product supply and strengthening its foundational capabilities to achieve scale effects [5] - Avita has completed four rounds of financing, raising over 19 billion RMB, with the IPO funds intended for product development, brand building, and operational support [5][8] Group 3: Partnership with Huawei - Avita has established a strategic partnership with Huawei, with plans for Huawei's products and technologies to be first launched on Avita vehicles [6] - The two companies plan to jointly launch 17 models by 2030, including five upgraded models in 2026 [7] Group 4: Global Expansion - Avita is expanding its presence internationally, having entered over 34 countries and regions since September 2024, with plans to establish over 160 sales channels by 2030 [8] - The brand maintains a high-end positioning in overseas markets, exemplified by the Avita 11's starting price of 1.56 million RMB in Singapore [8]

Core Insights - The global automotive market is experiencing significant growth, with global sales reaching 8.55 million units in September 2025, marking a 10% year-on-year increase and a 12% month-on-month increase. China's market share has risen to 38%, up 2 percentage points from the previous year, indicating an acceleration in the globalization of Chinese automobiles [2] Group 1: Domestic Market Dynamics - A series of favorable policies in China have injected strong momentum into the automotive and particularly the new energy vehicle (NEV) sector, driving domestic consumption through trade-in and replacement incentives [2] - Major Chinese automakers, including SAIC, BYD, and Geely, reported sales exceeding 300,000 units in October, with significant year-on-year growth, and the share of NEVs in traditional automakers' sales continues to rise [2] - New energy vehicle startups like Leap Motor, Xiaomi, and Xpeng have also achieved record sales, with Leap Motor's monthly sales surpassing 70,000 units for the first time [2] Group 2: Global Market Position - Chinese automakers are increasingly influential in the global market, with two Chinese companies, BYD and Geely, ranking 6th and 9th respectively among the world's top 10 automakers, and Chery approaching the top 10 at 11th place [4] - The shift in product strategy for Chinese automakers has moved from a one-size-fits-all approach to localized development tailored to the specific needs of different regional markets, enhancing their competitiveness [4][5] - Chinese NEV companies are adapting to stringent European emission regulations and are exploring mid-to-high-end products, improving their brand perception and market presence [4] Group 3: Strategic Shifts in Global Operations - Chinese automakers are transitioning from "going out" to "going in," establishing local production facilities overseas to comply with local regulations and reduce trade barriers [5] - The "ecological going out" strategy represents a new model of globalization for Chinese automotive companies, focusing on systematic output, localized R&D, and supply chain collaboration [5] - The future direction for Chinese automotive companies includes deepening technological innovation, enhancing supply chain collaboration, and building a comprehensive global service ecosystem to maintain stable growth in global market share [5]

Group 1 - Global automobile sales reached 8.55 million units in September 2025, marking a 10% year-on-year increase and a 12% month-on-month increase, with China's global market share rising to 38%, up 2 percentage points from the previous year [1] - Major Chinese automakers, including SAIC, BYD, and Geely, reported monthly sales exceeding 300,000 units in October, showing significant year-on-year growth, while new entrants like Leap Motor, Xiaomi, and Xpeng also achieved record sales [1][2] - The Chinese automotive industry is experiencing a robust growth driven by favorable domestic policies, particularly in the new energy vehicle sector, which has led to increased consumer demand and a diverse product offering [2] Group 2 - Chinese automakers have established a comprehensive supply chain and have achieved self-research capabilities in key components such as power batteries and electric control systems, enhancing their competitiveness in the domestic and global markets [2] - Two Chinese companies, BYD and Geely, ranked 6th and 9th respectively among the world's top 10 automakers, reflecting the growing influence of Chinese brands in the global automotive market [3] - Chinese automakers are adapting their products to meet the specific needs of different regional markets, moving away from a one-size-fits-all approach to a more localized product strategy [3][4] Group 3 - The "going out" strategy of Chinese automakers has evolved from simple exports to establishing local production facilities overseas, which helps comply with local regulations and reduces trade barriers [4] - The new model of "ecological going out" emphasizes systematic output, localized research and development, and supply chain collaboration, enhancing the overall competitiveness of Chinese automotive brands in international markets [4] - Future growth in global market share for Chinese automobiles will depend on continued technological innovation, industry collaboration, and the establishment of a comprehensive global service ecosystem [4]

Core Insights - BYD's globalization process is advancing at an unprecedented speed [1] - BYD has surpassed traditional British automotive brands in sales within just two years, indicating a significant market penetration [2][3] - The company has established itself as the largest single overseas market in the UK, with a total sales volume of 35,604 vehicles in the first nine months of 2025, reflecting a year-on-year increase of 576.9% [3] Global Market Expansion - BYD's overseas factories are beginning production, leading to breakthrough sales in various markets including Italy, Spain, Brazil, and Thailand [4] - The company is overcoming user perception barriers and building trust in its brand and products, which is essential for its strategy of "recreating BYD" [5] Strategic Differentiation - Historically, Chinese automotive brands faced challenges in overseas markets due to consumer trust in local brands and established supply chains [6] - BYD is implementing a differentiated strategy based on local market conditions, adapting to various regional policies and competitive landscapes [8] Product and Market Adaptation - Market data shows a preference for plug-in hybrid models in Mexico, Brazil, and Turkey, while pure electric vehicles dominate in countries like Indonesia [9] - BYD's factories in Thailand and Brazil are producing both pure electric and plug-in hybrid models to cater to local preferences [11][12] Local Integration and Innovation - BYD is transitioning from merely exporting products to establishing a local presence and integrating into local markets [13] - The company plans to collaborate with local universities and suppliers in Hungary to enhance the local automotive ecosystem [18] Research and Development Investment - BYD has invested a total of 220 billion yuan in R&D, with 43.75 billion yuan spent in the first three quarters of 2025 [19] - The company’s overseas sales reached 700,000 units in the first nine months of 2025, marking a 132% year-on-year increase and accounting for 22% of total sales [19] Quality and Brand Enhancement - BYD is moving from quantity growth to quality improvement, focusing on product structure upgrades and brand value enhancement [20] - In the EU market, BYD's sales increased by 560% in the first three quarters of 2025, with significant growth in Brazil and Thailand [21] Market-Specific Strategies - At the Tokyo Motor Show, BYD launched the K-EV BYD RACCO, tailored for the Japanese market, and introduced a dual strategy of pure electric and hybrid models [22][24] - BYD is building a complete ecosystem in overseas markets, transitioning from product export to technology output and talent development [25] Conclusion - As more Chinese brands like BYD gain trust and create value, they are poised to transition from emerging players to world-class brands, marking a significant chapter in the globalization of Chinese automotive brands [26]

Core Viewpoint - Leap Motor has launched the pre-sale of its new sports sedan model, Lafa5, in the Chinese market, with a price range of 105,800 to 131,800 yuan, targeting urban young consumers who seek individuality [1][3]. Product Features - The Lafa5 is built on the LEAP 3.5 architecture, emphasizing "high aesthetics, intelligence, and sportiness" [3]. - The vehicle features a wide-body coupe design with a width of 1,880 mm, a low windshield angle, and short front and rear overhangs, achieving a drag coefficient of 0.256 Cd [3]. - Interior design includes an ultra-oval digital curved surface, 256-color ambient lighting, and various customization options [5]. Performance Specifications - The Lafa5 is equipped with a 160 kW rear electric drive system, achieving 0-100 km/h acceleration in approximately 6.4 seconds, and a CLTC range of up to 605 km [7]. - The vehicle supports fast charging from 30% to 80% in about 18 minutes [7]. - The suspension system features a front MacPherson and rear multi-link setup, with a 50:50 weight distribution and a torsional rigidity of 34,500 N·m/deg [5]. Market Strategy - The Lafa5 is set to officially launch on November 28 and will gradually enter overseas markets starting in 2026 [3]. - During the pre-sale phase, Leap Motor offers various incentives, including deposit deductions, free customization options, and subsidies for existing car owners [3]. - The vehicle was previously showcased as "B05" at the 2025 Munich Auto Show, indicating its positioning for the European market [9]. Competitive Landscape - The Lafa5 faces competition in the domestic market from similar models, including BYD Seal and Changan Deep Blue SL03, which may have advantages in range, intelligence, or pricing [11]. - The success of the Lafa5 will depend on balancing sporty design with everyday comfort, maintaining a smooth and continuously updated intelligent cockpit experience, and ensuring stable performance in diverse consumer groups [11]. Global Expansion - Leap Motor has delivered over 1 million vehicles to date, with approximately 470,000 units delivered from January to October this year, maintaining a leading position among new car manufacturers [9]. - The company has accelerated its overseas expansion, exporting over 44,000 units and establishing a network of over 600 channels in more than 35 countries and regions [9]. - The Lafa5 represents a shift for Leap Motor from a domestic-focused manufacturer to a brand capable of global sales and distribution [9].