Core Insights - The automotive industry in China showed significant growth in September 2025, with production and sales reaching 3.276 million and 3.226 million units respectively, marking a month-on-month increase of 16.4% and 12.9%, and a year-on-year increase of 17.1% and 14.9% [1] - The positive macroeconomic environment and proactive policies contributed to the steady growth of the automotive market, with monthly year-on-year growth rates exceeding 10% for five consecutive months [1] Passenger Vehicles - In September 2025, production and sales of passenger vehicles reached 2.9 million and 2.859 million units, reflecting a month-on-month increase of 16% and 12.5%, and a year-on-year increase of 15.9% and 13.2% [4] - From January to September 2025, production and sales of passenger vehicles totaled 21.241 million and 21.246 million units, with year-on-year growth of 13.9% and 13.7% [4] New Energy Vehicles - In September 2025, production and sales of new energy vehicles were 1.617 million and 1.604 million units, showing a year-on-year increase of 23.7% and 24.6% [5] - For the first nine months of 2025, production and sales of new energy vehicles reached 11.243 million and 11.228 million units, with year-on-year growth of 35.2% and 34.9% [5] Commercial Vehicles - In September 2025, production and sales of commercial vehicles were 376,000 and 368,000 units, with month-on-month increases of 19.3% and 16.3%, and year-on-year increases of 27.7% and 29.6% [6] - From January to September 2025, production and sales of commercial vehicles totaled 3.091 million and 3.117 million units, with year-on-year growth of 9.4% and 7.8% [6] Exports - In September 2025, automotive exports reached 652,000 units, reflecting a month-on-month increase of 6.7% and a year-on-year increase of 21% [9] - For the first nine months of 2025, total automotive exports amounted to 4.95 million units, with a year-on-year growth of 14.8% [9] Domestic Sales - In September 2025, domestic automotive sales were 2.574 million units, showing a month-on-month increase of 14.6% and a year-on-year increase of 13.4% [10] - From January to September 2025, domestic sales totaled 19.414 million units, with a year-on-year growth of 12.5% [10]

Group 1: Market Performance - From October 1 to 12, the national retail sales of passenger cars reached 686,000 units, a year-on-year decrease of 8%, but a month-on-month increase of 12% [1] - Cumulative retail sales for the year reached 17.694 million units, reflecting a year-on-year growth of 8% [1] - The wholesale volume for the same period was 546,000 units, down 11% year-on-year and down 15% month-on-month [1][5] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from October 1 to 12 were 367,000 units, a year-on-year decrease of 1%, but a month-on-month increase of 1% [1] - The penetration rate of new energy vehicle retail sales reached 53.5%, with cumulative retail sales for the year at 9.236 million units, up 23% year-on-year [1] - Wholesale of new energy vehicles was 328,000 units, a year-on-year increase of 1%, but a month-on-month decrease of 11% [1] Group 3: Market Trends and Influences - The first week of October saw an average daily retail of 44,000 units, down 18% year-on-year and down 5% month-on-month [2] - The second week showed an average daily retail of 85,000 units, a year-on-year increase of 7% and a month-on-month increase of 38% [3] - The market is experiencing a traditional peak season, but consumer enthusiasm is gradually being released due to tightening subsidy standards and the impending expiration of vehicle purchase tax incentives [3] Group 4: Export Performance - Since the third quarter, China's automobile export situation has improved, with significant growth in overseas markets, particularly for self-owned new energy vehicles [5] - The export of Chinese vehicles is increasingly competitive, with a notable impact on international brands as the quality and cost-effectiveness of domestic vehicles improve [5][10] - In the first eight months of 2025, the overseas sales of Chinese self-owned brands reached 2.1 million units, a year-on-year increase of 11% [9]

Group 1: Overall Market Performance - The automotive market in China continues to show a positive trend, with production and sales growth rates exceeding 10% for five consecutive months [1] - In September, automotive production reached 3.276 million units and sales reached 3.226 million units, marking a year-on-year increase of 17.1% and 14.9% respectively [1] - For the first nine months of the year, total automotive production was 24.433 million units, a 13.3% increase year-on-year, while sales were 24.436 million units, up 12.9% [1] Group 2: Passenger Vehicle Market - In the first nine months, passenger vehicle production and sales were 21.241 million and 21.246 million units respectively, reflecting year-on-year growth of 13.9% and 13.7% [2] - In September, passenger vehicle sales reached 2.859 million units, with a year-on-year increase of 13.2% [2] - Domestic sales of traditional fuel passenger vehicles have shown a positive trend, with a 1.7% year-on-year increase in the first nine months [2] - The market share of domestic brands in passenger vehicles was approximately 70.2% in September, up 2.5 percentage points year-on-year [2] Group 3: Commercial Vehicle Market - The commercial vehicle market also experienced growth, with production and sales in September increasing by nearly 30% year-on-year [3] - For the first nine months, commercial vehicle sales totaled 3.117 million units, representing a year-on-year growth of 7.8% [3] - The sales of new energy commercial vehicles surged by 71.9% in September, accounting for 30% of total commercial vehicle sales [3] Group 4: New Energy Vehicles - New energy vehicle production and sales reached 11.243 million and 11.228 million units respectively in the first nine months, with year-on-year growth of 35.2% and 34.9% [4] - In September, new energy vehicle sales were 1.604 million units, a year-on-year increase of 24.6% [4] - The market share of new energy vehicles in total vehicle sales is expected to reach 50% by the end of the year [4] Group 5: Export Performance - In the first nine months, automotive exports totaled 4.95 million units, a year-on-year increase of 14.8% [5] - Exports of new energy vehicles reached 1.758 million units, showing a significant year-on-year growth of 89.4% [5] Group 6: Future Outlook - The automotive industry is projected to exceed 6.5 million exports by 2025, with total new energy vehicle sales expected to surpass 16 million units this year [6]

Core Insights - China's automotive production and sales have surpassed 3 million units for the first time in September, marking a historical high for the same period [1] - The monthly growth rate for production and sales has remained above 10% for five consecutive months, indicating a strong recovery trend [1] - In the first nine months of 2023, total automotive production and sales reached approximately 24.4 million units, with year-on-year growth of 13.3% and 12.9% respectively [1] Group 1: Production and Sales Data - In September, automotive production reached 3.276 million units, while sales were 3.226 million units, reflecting year-on-year increases of 17.1% and 14.9% respectively [1] - For the first nine months, production totaled 24.433 million units and sales totaled 24.436 million units, with production and sales growth rates increasing by 0.6 and 0.3 percentage points compared to the previous period [1] Group 2: New Energy Vehicles (NEVs) - NEV production and sales exceeded 11 million units in the first nine months, with production at 11.243 million units and sales at 11.228 million units, showing year-on-year growth of 35.2% and 34.9% respectively [1] - NEVs accounted for 46.1% of total new car sales during this period [1] Group 3: Market Share and Brand Performance - Sales of Chinese brand passenger cars reached 14.651 million units in the first nine months, representing a year-on-year increase of 22.9% and a market share of 69%, up 5.1 percentage points from the previous year [2] - Traditional fuel passenger cars saw a decline in sales, particularly in the A-class segment, which dropped by 2.8% to 5.767 million units [2] Group 4: Export Performance - Total automotive exports reached 4.95 million units in the first nine months, with a year-on-year increase of 14.8% [2] - NEV exports surged by 89.4% to 1.758 million units, while traditional fuel vehicle exports fell by 5.6% to 3.192 million units [2] - Chery and BYD were notable exporters, with Chery exporting 936,000 units (up 12.9%) and BYD achieving a remarkable growth rate of 130% with 705,000 units exported [3]

Core Insights - In September, China's automotive production and sales exceeded 3 million units for the first time, reaching 3.276 million and 3.226 million units respectively, marking a significant milestone in the industry [2][3] - For the first three quarters of the year, cumulative production and sales reached 24.433 million and 24.363 million units, representing year-on-year growth of 13.3% and 12.9% [2][5] - The share of new energy vehicles (NEVs) in total vehicle sales has been steadily increasing, with NEV sales accounting for 46.1% of total new car sales in the first three quarters [2][7] Production and Sales Performance - In September, the production and sales of passenger vehicles reached 2.9 million and 2.859 million units, with year-on-year growth of 15.9% and 13.2% respectively [3][4] - Commercial vehicle production and sales were 376,000 and 368,000 units, showing year-on-year increases of 27.7% and 29.6% [3] - The automotive market has maintained a monthly year-on-year growth rate of over 10% for five consecutive months [3][5] New Energy Vehicles and Exports - NEV production and sales in September were 1.617 million and 1.604 million units, with year-on-year growth of 23.7% and 24.6% [7] - NEVs accounted for 49.7% of total new car sales in September, and 53.7% of domestic sales [7] - In the first three quarters, NEV production and sales exceeded 11.24 million units, with year-on-year growth of 35.2% and 34.9% [7] Market Trends and Consumer Behavior - The automotive market is experiencing a shift towards stable pricing and reduced promotions, with 23 models seeing price reductions in September compared to 36 in the same month last year [5] - The share of Chinese brand passenger vehicles reached 70.2% in September, with sales surpassing 2 million units [6] Export Dynamics - In September, China exported 652,000 vehicles, a year-on-year increase of 21%, with total exports for the first three quarters reaching 4.95 million units [8][9] - NEV exports saw remarkable growth, with 1.758 million units exported in the first three quarters, representing a year-on-year increase of 89.4% [8][9] - Self-owned brands accounted for 59.5% of electric vehicle exports in the first three quarters, with Chery leading in total exports [9][10]

Group 1 - BYD is inclined to build its third factory in Europe in Spain due to lower manufacturing costs and a clean energy network, although no final decision has been made yet [2] - JD.com announced a collaboration with CATL and GAC to launch a new car called "National Good Car" during the 11.11 shopping festival, integrating resources for user insights, manufacturing capabilities, and battery technology [2] - The pre-sale price for the Arcfox Alpha T5 extended-range version has been announced starting at 123,800 yuan, featuring a pure electric range of 215 km and a combined range of 1,215 km [2] Group 2 - The China Association of Automobile Manufacturers predicts that by 2025, China's automobile exports are expected to exceed 6.5 million units, with cumulative sales of new energy vehicles surpassing 16 million units, indicating a better-than-expected overall market performance [4]

Core Insights - The Chinese automotive industry is expected to see significant growth, with total vehicle exports projected to exceed 6.5 million units by 2025 and cumulative sales of new energy vehicles anticipated to surpass 16 million units, indicating a better-than-expected overall market performance [1] Industry Summary - The automotive industry in China is on a positive trajectory, with strong export forecasts for the coming years [1] - New energy vehicles are expected to play a crucial role in the market, contributing to the overall sales figures significantly [1]

Domestic News - The Ministry of Industry and Information Technology plans to introduce standards related to vehicle quality and safety to strengthen vehicle safety and promote healthy development in the automotive industry [2] - In the first three quarters, the export share of domestic electric vehicles reached 59.5%, showing a significant increase compared to the same period last year [3] - Beijing has added 48,000 motor vehicle parking spaces since 2025, alleviating parking difficulties through various initiatives [4] - Shenzhen has deployed 115 unmanned vehicles across five districts, processing over 70,000 packages daily, and has established eight drone operation bases [5] International News - The Manitoba provincial government in Canada is urging the federal government to eliminate the 100% tariff on Chinese electric vehicles, citing negative impacts on bilateral trade and local industries [6] Corporate News - LG Energy reported a third-quarter operating profit of 30.07 billion yuan, exceeding analyst expectations, despite a 17% year-on-year decline in revenue [7] - General Motors has announced the cancellation of its next-generation hydrogen fuel cell development project, while its joint venture with Honda will continue operations focused on data center power support [9] - Seres Group has passed the listing hearing at the Hong Kong Stock Exchange, with CICC and China Galaxy International as joint sponsors [10] - Geely Holding Group reported total sales of 2.95 million vehicles in the first three quarters, a 29% year-on-year increase, with new energy vehicle sales up 68% [11] - Former Didi executive Fu Qiang has joined MOGOX as president, focusing on AI business strategy [12] - Polestar has closed its last direct sales store in China, citing a strategic adjustment to better meet market demands, while other operations remain unaffected [13] - Lu Zhengyao and Shenzhou Youche have been ordered to pay over 34.09 million yuan due to a guarantee contract dispute [14] - XPeng Aeroht has secured its first order for 600 flying cars in the Middle East, with a total of 7,000 orders for its "land carrier" model [15]

特别是9月新能源车出口21.1万辆，同比增长96.5%、环比增长3.9%，占出口总量的 40.1%，同比增加15.4个百分点。 对此方正证券在研报中分析指出，欧盟对华纯电车型的出口限制下，自主品牌通过插混车型导入及新兴市场拓展，成 功实现结构切换。 【环球网财经综合报道】乘联分会日前公布数据显示，9月全国乘用车市场零售224.1万辆，同比增长6.3%，环比增长 11%，零售销量再创新高。在8月已上调全年车市预期基础上，乘联分会秘书长崔东树表示，预计后续将进一步向上修 正2025年增长预测。 《联合早报》近日发文提到，中国企业正在合作一切可以合作的力量，快速在欧洲组建中国汽车品牌生态链条，并提 到虽然欧洲本土化生产已成为中国新能源车的必然选择，但是并非每家车企都选择在在欧洲自建工厂，最新披露的两 起欧洲投产计划都是由欧企工厂代工生产的轻资产模式。 ...

上市公司：比亚迪（002594），中集车辆（301039），东风汽车（600006），宇通客车（600066），上 汽集团（600104），长安汽车（000625），一汽解放（000800），安凯客车（000868），中国重汽 （000951），中通客车（000957），赛力斯（601127），广汽集团（601238），长城汽车（601633）， 力帆科技（601777） 相关报告：智研咨询发布的《2026-2032年中国汽车制造业市场全景调查及投资前景分析报告》 根据国家统计局数据可知：2025年8月全国汽车制造业出口货值为856.5亿元，同比增长7.2%；2025年1- 8月全国汽车制造业累计出口货值为6620.9亿元，累计同比增长5.3%。 2019年-2025年1-8月全国汽车制造业出口货值统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...