2026年中国车市的核心变量来自政策层面的系统性调整，与2025年高强度刺激形成鲜明对比，直接推动市场分化加剧。 最关键的调整来自新能源汽车购置税政策：自2026年1月1日起，实施了数年的新能源汽车购置税减免政策正式调整为减半征收，税率为5%， 每辆减税额不超过1.5万元。 与此同时，商务部等8部门发布的《2026年汽车以旧换新补贴实施细则》，将此前的定额补贴改为与新车售价挂钩的比例补贴，核心导向直指 鼓励汽车消费升级。 具体而言，补贴分为"汽车报废更新"和"汽车置换更新"两类，前者补贴力度更大。个人报废旧车并购买新能源乘用车，可享受新车价格12%、 最高2万元的补贴；购买排量2.0升及以下的燃油乘用车，可享受新车价格10%、最高1.5万元的补贴。对于售卖转让旧车并购买新车的个人，购 买新能源车和符合条件的燃油车，补贴比例分别为8%（最高1.5万元）和6%（最高1.3万元）。 申请补贴需满足多项关键条件：无论是报废还是转让，用于置换的旧车必须在2025年1月8日前登记在申请人名下；购买的新车中，新能源车须 列入国家《减免车辆购置税的新能源汽车车型目录》，燃油车排量须在2.0升及以下，且新车的销售发票开具与车辆 ...

原标题：理想加速海外布局 L系产品进入埃及、哈萨克斯坦和阿塞拜疆市场 近日，理想汽车海外业务拓展取得关键突破，继布局乌兹别克斯坦市场之后，理想汽车正式登陆埃 及、哈萨克斯坦和阿塞拜疆市场，标志着品牌已完成横跨中亚、高加索地区及非洲的核心市场布局，全 球化进程迈入实质性落地阶段。 在全球化拓展策略上，理想汽车采用"授权经销商模式+总代理模式+子公司运营模式"并行的多元 化布局，灵活适配不同区域市场的特点与需求。截至目前，理想汽车已在海外四国与当地具有影响力的 汽车销售集团建立深度合作，依托合作伙伴成熟的渠道网络、本地化运营经验及服务能力，快速搭建起 标准化、高品质的销售与售后服务体系。 埃及市场的落地是品牌中东非战略的重要起点，未来将以埃及为依托，持续探索区域市场机遇，同 时通过多模式并行的灵活策略，稳步推进全球布局。 近期，理想汽车海外渠道建设持续推进。12月8日，阿塞拜疆首都巴库零售中心正式投入运营；12 月10 日、11日，哈萨克斯坦阿拉木图零售中心和首都阿斯塔纳零售中心相继开业，短期内完成跨区域 核心渠道搭建，体现出较强的执行效率。 面向未来，理想汽车全球化战略将持续深化。依托全球研发网络与销售体系能力 ...

Core Insights - Li Auto has officially entered the markets of Egypt, Kazakhstan, and Azerbaijan, marking a significant step in its global expansion strategy [1] - The company has launched three main models: Li L9, Li L7, and Li L6, to cater to the luxury market demands in these regions [1] - Since October 2025, Li Auto has accelerated its overseas expansion, establishing channels and product launches in four key international markets within a short timeframe [1] Market Expansion - The entry into these new markets signifies the completion of Li Auto's core market layout across Central Asia, the Caucasus region, and Africa [1] - The company aims to provide consistent user experience through official warranty services, professional after-sales support, and ongoing OTA technology upgrades for overseas users [1] Global Strategy - Li Auto has set up R&D centers in Germany and the United States to enhance its global technological adaptation capabilities [1] - A standardized overseas sales and after-sales service system has been established to support long-term operations [1] - Future products, including a new model set to launch in 2026, will consider overseas market regulatory adaptations from the early stages of development to improve global competitiveness [1]

Investment Rating - The report assigns a "Buy" rating for the company, upgraded from a previous "Hold" rating [6]. Core Insights - In Q3 2025, the company reported revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan. The gross margin improved to 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The total vehicle deliveries reached 173,852 units, marking a year-on-year growth of 101.77% [1][6]. - The company has seen a significant increase in R&D investment, with Q3 R&D expenses rising to 1.21 billion yuan, a 55.4% year-on-year increase. In October, the company launched its new flagship D platform, which includes six key technologies [2]. - The company is expanding its global footprint, with a notable increase in overseas terminal orders in October, more than doubling compared to September. As of September 30, 2025, the company established over 700 overseas sales and service outlets across various international markets [2]. Financial Summary - The company forecasts revenues of 64 billion yuan, 102.4 billion yuan, and 131.1 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 99%, 60%, and 28% [2][4]. - The projected net profit for 2025 is 936 million yuan, with a significant growth rate of 133.2% compared to the previous year. The earnings per share (EPS) is expected to be 0.66 yuan [4][6]. - The current price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.02, 0.64, and 0.50, respectively, indicating a favorable valuation outlook [2].

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Geely Automobile (00175) and raises the target price to HKD 26.01, citing strong revenue growth and significant increases in total sales and core net profit for Q3 2025 [1] Financial Performance - In the first three quarters of 2025, Geely's total revenue increased by 26.5% year-on-year to CNY 239.48 billion, with a gross margin of 16.5%, up 0.3 percentage points year-on-year; core net profit rose by 59% to CNY 10.62 billion [1] - For Q3 2025, total revenue grew by 26.1% year-on-year and 14.7% quarter-on-quarter to CNY 89.19 billion, with a gross margin of 16.6% [1] Sales and Market Share - Geely's total sales in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up 17.2 percentage points year-on-year [2] - In Q3 2025, total sales rose by 42.5% year-on-year and 7.9% quarter-on-quarter to 761,000 units, with new energy vehicle sales making up 58.2% of total sales [2] New Model Performance - The Galaxy series has shown strong sales performance, with a year-on-year increase of 205.6% in the first nine months of 2025; new models like Galaxy M9 and Zeekr 9X are expected to drive further sales growth [2] Integration and Global Expansion - The privatization of Zeekr is progressing smoothly, with completion expected by the end of 2025; this integration is anticipated to optimize resources and enhance efficiency [3] - Geely aims to expand its global sales network to over 1,000 locations by 2026, with a target of exporting one million vehicles by 2027 [3] Profit Forecast - The company has raised its net profit forecasts for 2025, 2026, and 2027 by 10%, 3%, and 6% respectively, now projecting CNY 17.74 billion, CNY 19.18 billion, and CNY 21.23 billion [4]

退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。据该公 司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑119.37%，资产负 债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资试 图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研所》了 解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上市阶段，生产线仍 在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可以提供 服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 公开信息显示，极星汽车由沃尔沃和吉利控股集团合资打造，曾宣称要对标特斯拉，2017年宣布独立。 在新能源汽车市场快速扩张的几年内，极星汽车的销 ...

文 | 《次世代车研所》栏目 张奥 退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。 据该公司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑 119.37%，资产负债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资 试图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已 超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研 所》了解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上 市阶段，生产线仍在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可 以提供服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 回望极星汽车的上市历程，2022年6月24日，极星首次登陆纳斯达克。仅仅三年半时间，极星汽 车的股价已经 ...

文 | 《次世代车研所》栏目 张奥 退出中国市场的极星汽车，仍危机四伏。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。据该公 司2025年中报，极星汽车营业收入14.23亿美元，归母净利润-11.93亿美元，同比下滑119.37%，资产负 债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资试 图"救火"，彼时极星汽车股价为1.06美元。仅上述这笔"加仓"投资，李书福5个月时间内浮亏已超50%。 不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研所》了 解，极星汽车目前旗下仅有Polestar4一款车型，Polestar2已停产，Polestar3处于未上市阶段，生产线仍 在国内。 对于汽车的售后维修，客服解释："可以到官方授权的沃尔沃4S店保养，但并非所有授权店都可以提供 服务。以北京为例，大约有三到四家授权店，去前需预约。" 面临退市，售后成难题 回望极星汽车的上市历程，2022年6月24日，极星首次登陆纳斯达克。仅仅三年半时间，极星汽车的股 价已经从 ...

Summary of BYD Conference Call Industry and Company Overview - The conference call focuses on BYD, a leading electric vehicle manufacturer, and its performance in the global automotive market, particularly in the context of international expansion and market strategies [2][4]. Key Points and Arguments Export Markets and Growth - In 2023, BYD's exports were primarily concentrated in Brazil, Australia, Thailand, and Israel, accounting for 66% of total exports [2][4]. - Brazil is projected to become the largest single market for BYD in 2024, contributing nearly 60,000 units, while Indonesia only contributes 15,000 units, indicating a high market concentration [2][4]. - For 2025, BYD's global expansion includes significant contributions from the UK (38,000 units), Turkey (37,000 units), Australia (30,000 units), and Brazil (26,000 units) [2][4]. Product Strategy - BYD is shifting from a multi-product strategy to a focus on key models, with the C5U (Sea Lion 06) and C207 (Song L) as flagship products [2][4]. - The Sea Lion 06 is expected to achieve an annual increment of over 100,000 units, while the Sea Lion 07 contributes approximately 60,000 units [2][5]. Competitive Positioning - BYD has surpassed Tesla in the European market, becoming one of the fastest-growing brands, with a significant customer base among Turkish and Greek immigrants who prioritize fuel efficiency and cost-effectiveness [2][6]. - The company has achieved a market share of 1% in Europe within the first eight months of 2025, showing exponential growth compared to the previous year [2][8]. Localization and Marketing Strategies - BYD's success is attributed to local production and investment, such as taking over the Ford factory in Brazil, which enhances capacity and creates jobs [6][7]. - The adaptability of products, such as plug-in hybrid SUVs and affordable small cars, has resonated well in emerging markets [6][7]. - Effective marketing strategies, including targeted campaigns and leveraging social media, have improved brand perception and market penetration [6][7]. Additional Important Insights - In the global market, BYD has made significant strides in the Southern Hemisphere and other Asian regions, with a market share of 2.9% in the Southern Hemisphere as of 2025 [8]. - The competitive landscape in Europe remains challenging with traditional automakers like Volkswagen and Renault, but BYD's rapid growth indicates a strong potential for further market share expansion [8][9]. Future Outlook for Geely - Geely is looking to replicate BYD's success by launching multiple new models and entering markets in South America and Europe, with an expected increase in sales of over 200,000 units and a net profit increase of 4-5 billion RMB [3][10].

Core Viewpoint - Li Auto delivered 31,767 vehicles in October 2025, bringing the total cumulative deliveries to 1,462,788 vehicles as of October 31, 2025 [1] Group 1: Vehicle Deliveries and Orders - The cumulative orders for the Li Auto i6 have surpassed 70,000 units, indicating strong demand for the model [1] - The company is actively working to accelerate the delivery process [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two more authorized retail centers are set to open in Kazakhstan in November [1] - The company aims to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region as part of its global strategy [1] Group 3: Retail and Service Network - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations with a total of 19,417 charging piles nationwide [1]