数据显示，今年10月，新能源汽车国内销量145.9万辆，环比增长5.6%，同比增长12.1%。其中，新能源 乘用车国内销量137.7万辆，同比增长10.3%；新能源商用车国内销量8.2万辆，同比增长52.4%；新能源 汽车出口25.6万辆，环比增长15.4%，同比增长99.9%。其中，新能源乘用车出口25万辆，环比增长 15.3%，同比增长1倍；新能源商用车出口6000辆，环比增长20.6%，同比增长26.7%。 新能源汽车市场狂奔下，中国车企更是实现"弯道超车"。中汽协发布的数据显示，今年10月中国品牌乘 用车销量达214.8万辆，同比增长11.2%，销量占有率达72.5%，同比上升2.4个百分点。而据乘联分会发 布的数据，今年10月，自主品牌国内零售的新能源车渗透率为77.9%；从月度新能源车国内零售份额 看，10月自主品牌新能源车零售份额70.8%。此外，今年前10个月，新能源汽车销量排名前五的集团分 别为比亚迪、吉利、上汽、长安、东风，占新能源汽车销售总量的63.5%。 不仅国内市场，中国新能源汽车正加速"出海"，包括比亚迪、蔚来、小鹏、长城、吉利等多家品牌持续 拓展海外市场。据中汽协发布的数据，今年 ...

◎记者 俞立严 蓬勃发展的中国新能源汽车行业创造新纪录——11月11日，中国汽车工业协会（下称"中汽协"）召开沟 通会发布最新数据：2025年1至10月，中国新能源汽车产销量继续实现较高增长。其中，10月新能源车 月度渗透率（新能源汽车新车销量在汽车新车总销量中的占比）首次超过了50%。 今年以来中国新能源汽车行业呈现较高增长，究其原因，中汽协副秘书长陈士华在沟通会上解释：一方 面，是国内汽车以旧换新补贴政策持续显效；另一方面，是2026年新能源汽车购置税减半征收，使得部 分消费者存在提前购车现象。 中汽协有关人士对上海证券报记者表示，10月新能源车月度渗透率是首次超过50%，此前只是新能源乘 用车的月度渗透率超过50%，这说明新能源化正在汽车行业持续推进。 在具体企业方面，1至10月，汽车销量排前十位的企业（集团）共销售2328.1万辆，占汽车销售总量的 84.1%。在汽车销量排前十位的企业中，与2024年同期相比，东风公司和广汽集团销量呈不同程度下 降，其他企业销量呈不同程度增长。 乘用车促销开始回归理性 10月新能源车销量同比环比双增 据中汽协统计，10月，中国汽车产销分别完成335.9万辆和332.2 ...

Core Insights - In October, China's new energy vehicle (NEV) production and sales reached 1.772 million and 1.715 million units, respectively, marking year-on-year growth of 21.1% and 20% [2] - NEV sales accounted for 51.6% of total new vehicle sales for the first time, indicating a significant milestone in market penetration [2] - The cumulative sales of NEVs from January to October reached 13.015 million units, with a year-on-year growth of 33.1% [3] NEV Market Performance - NEV sales penetration in the overall vehicle market surpassed 50% in October, while in the passenger vehicle segment, it had already exceeded 50% by July 2024 [2][3] - For the first ten months of 2024, NEV sales accounted for 46.7% of total new vehicle sales, while the domestic passenger NEV sales ratio reached 52.9% [3] Export Growth - NEV exports saw a remarkable increase, with October exports reaching 256,000 units, a year-on-year growth of 99.9% [3] - From January to October, NEV exports totaled 2.014 million units, up 90.4% compared to the previous year [3] - Plug-in hybrid vehicle exports grew significantly, with October exports of 90,000 units, a year-on-year increase of 270% [3] Domestic Sales Trends - Domestic NEV sales in October were 1.459 million units, reflecting a year-on-year growth of 12.1% [5] - Cumulatively, domestic NEV sales from January to October reached 10.929 million units, with a year-on-year growth of 25.7% [5] - Overall automotive market performance showed that total vehicle production and sales in October reached 3.359 million and 3.322 million units, respectively, with year-on-year growth of 12.1% and 8.8% [5]

本文来自：财经汽车，作者：宋立伟、赵成 11月11日，中国汽车工业协会（下称："中汽协"）公布最新统计数据，2025年10月，中国汽车市场延续高增长 态势，月度产销分别完成335.9万辆和332.2万辆，同比分别增长12.1%和8.8%，双双创下历史同期最高纪录。其 中，新能源汽车销量占比首次突破 50%，达 171.5 万辆。这一强劲表现，为全年车市奠定了行业超预期增长基 调。 纵观前十个月，汽车行业结构性变化尤为显著。新能源汽车累计销量占比已逼近50%，与传统燃油车平分秋 色。同时，汽车出口量连续三个月站上60万辆高位，前十个月累计总量达562万辆，已接近2024年全年水平。 中汽协副秘书长陈士华表示，在"两新"政策（汽车以旧换新与报废更新）的显著拉动下，预计2025年汽车总体 产销量将超过年初预期的3400万辆，创造历史新高。然而，在高歌猛进的表象之下，行业正站在一个关键的政 策窗口期。 为应对2026年新能源汽车购置税优惠政策的调整，陈士华呼吁，相关部门能够优化政策并明确实施细则，以稳 定市场预期，助力行业平稳运行。 陈士华表示，尽管传统燃料汽车的增速不高，但扭转了2025年大幅下降的局面。同时，他还 ...

中金主要观点如下： 智通财经APP获悉，中金发布研报称，据乘联会统计数据显示，10月狭义乘用车零售/批发/生产 224.2/293.2/295.1万辆，同比-0.8%/+7.6%/+11.4%；出口(含整车和CKD)56.8万辆，同环比 +27.7%/+7.5%。10月零售同比微降、环比持平，主要由于部分省市以旧换新补贴政策收紧，区域间销 量增速出现分化，10月销量未能环比增长。10月新能源批发销量同环比+18.5%/+8.5%至162.1万辆，渗 透率同环比+5.1ppt/+1.9ppt至55.3%，新势力延续强劲增长。 国内销量已逐步突破2017年前期高点，展望2026年，持续增长的韧性需要观察，如果仍有一定力度央地 补贴，预计国内需求保持平稳。其中新能源方面，一方面供给端技术创新、车型迭代带动渗透率提升， 另一方面面临2025年底购置税优惠政策退坡带来的阶段性透支，预计国内新能源销量有望保持双位数增 长。 投资建议 建议关注近期商用车板块的机会，以及全球化布局具备优势的头部零部件公司。具体看：1)商用车：中 国重汽(000951.SZ,03808)、宇通客车(600066.SH)、中集车辆(301039 ...

出口市场再传佳绩。根据海关统计数据，10月我国汽车出口82.8万辆，同比增长42%；1—10月汽车出 口651万辆，同比增长23%。今年10月，新能源乘用车出口25万辆，同比增长104%，环比增长19%，占 乘用车出口44.2%，较去年同期增长16.6个百分点。 其中，乘用车方面，根据乘联分会数据，10月乘用车出口（含整车与CKD）56.8万辆，同比增长 27.7%，环比增长7.5%；1—10月乘用车厂商出口456.7万辆，同比增长14.2%。 展望11月车市走势，乘联分会方面分析指出，进入11月，厂家及经销商进入全年目标冲刺阶段，市场需 求将会好于10月。"双11"购车活动、广州车展启动及新车上市密集，将有效提振年末消费热情。由于 2026年新能源购置税减免政策由"全免"调整为"减半"，小米、理想等车企推出兜底政策抢单，叠加地方 补贴延续及厂商冲量，将共同推动第四季度需求持续增长。 "受今年新能源汽车免征车购税政策到期，明年买车多5个点车购税的政策影响，消费者今年年末购车紧 迫感更强，因而选择车型会更加考虑提车进度。"乘联分会方面进一步分析指出，为应对交付周期延长 导致的消费者购车成本上升，车企纷纷推出购置 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [4][121]. - In the overseas market, severe trade protectionism in Europe and the United States brings volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East [4][121]. - In terms of the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The weekly price - to - earnings ratios and price - to - book ratios of related sectors and listed companies are presented in the report, including the closing prices and weekly price changes of companies such as BYD, Seres, and Great Wall Motor [14][17]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **China Market Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are provided, as well as sales data for electric vehicles (EV) and plug - in hybrid vehicles (PHV) [18][20][26]. - **China Market Inventory Changes**: Information on the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory is given [27][28]. - **China New Energy Vehicle Manufacturer Deliveries**: Monthly delivery data for new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [31][32][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [41][42][44]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented [45][46][51]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [58][59][60]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented [61][62][65]. 3.2.3 Power Battery Industrial Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and material costs are provided. Information on the production start - up rates and prices of ternary materials, ternary precursors, lithium iron phosphate, and other materials are also included [78][80][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented [101][102][103]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The State Council Information Office released the white paper "China's Actions for Carbon Peak and Carbon Neutrality", highlighting China's achievements in green and low - carbon transformation and the promotion of new energy vehicles [108]. 3.3.2 China: Industry Dynamics - According to the Passenger Car Association, from October 1 - 31, new energy vehicle retail sales increased by 17% year - on - year, and cumulative retail sales since the beginning of the year increased by 23%. The estimated wholesale growth rate of new energy vehicles in October was 16% [110][112]. 3.3.3 China: Enterprise Dynamics - Seres was listed on the main board of the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company with "A + H shares". The Aian UT Super 1 car jointly built by JD.com, GAC, and CATL was officially launched [113][114]. 3.3.4 Overseas: Policy Dynamics - The EU Council reached an agreement on the 2040 climate target, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 by 2040 [115]. 3.3.5 Overseas: Industry Dynamics - In the UK, passenger car sales in September increased by 13.7%, with pure - electric and plug - in hybrid electric vehicles increasing by 29.1% and 56.4% respectively. In the US, car sales in October decreased by 5.1% year - on - year, and the new energy vehicle market was in trouble due to the expiration of tax credits [117][118]. 3.4 Industry Views - In the domestic market, in October, new energy passenger vehicle retail sales were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. From January to October, cumulative retail sales were 10.27 million, a year - on - year increase of 23%. In October, new energy passenger vehicle wholesale was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. From January to October, cumulative wholesale was 12.061 million, a year - on - year increase of 30%. The new energy retail penetration rate in October was 58.7%, and the wholesale penetration rate was 55.2% [2][119]. - Globally, from January to September, new energy vehicle sales increased by 30% year - on - year to 15.42 million. In the European market, cumulative sales were 2.78 million, a year - on - year increase of 28%; in the North American market, cumulative sales were 1.42 million, a year - on - year increase of 10%; in other regions, cumulative sales were 0.77 million, a year - on - year increase of 54%. The UK reached a new high in September, mainly due to the government's electric vehicle subsidy policy [2][119]. - In the US, new energy vehicle sales and penetration rates reached consecutive record highs in August and September, mainly because the federal electric vehicle tax credit ($7,500) expired on September 30. In October, car sales decreased by 5.1% year - on - year, Ford's electric vehicle sales decreased by 24.8% year - on - year, and Tesla's sales decreased by 30.4% year - on - year in October after a growth in September. Tesla launched low - cost versions of Model Y and Model 3 in October, and the market reaction remains to be seen [3][120]. 3.5 Investment Suggestions - Focus on the new energy vehicle industry in China, pay attention to new growth points in overseas markets such as countries along the Belt and Road and the Middle East, and select companies with strong product strength, smooth overseas expansion, and stable supply [4][121].

Core Insights - The automotive circulation industry is undergoing significant transformation due to changes in product structure, competition, and distribution models, prompting discussions on how to stabilize and optimize the circulation system [1] Group 1: Market Dynamics - As of October 22, 2023, the number of applications for the 2025 vehicle trade-in subsidy has exceeded 10 million, with over 3.4 million vehicles scrapped and more than 6.6 million vehicles replaced [1] - The retail sales of passenger vehicles have been continuously growing this year, with the penetration rate of new energy vehicles reaching new highs, supported by national consumption promotion policies [1] Group 2: Dealer Challenges - Despite positive market changes, dealers face ongoing challenges, including a general contraction of dealer networks and declining business revenues, with cash flow pressures due to delayed sales rebates [1][2] - The call for improved governance in the circulation sector and the restructuring of manufacturer-dealer relationships emphasizes the need for reasonable inventory levels and timely rebate payments to alleviate dealer survival anxieties [2] Group 3: Second-hand Vehicle Market - The existing vehicle ownership of 360 million provides a strong foundation for the expansion of the second-hand vehicle market, with improving policies and increasing transparency enhancing the operating environment [2] - Experts advocate for addressing bottlenecks in second-hand vehicle circulation and fostering professional, brand-oriented business entities to improve trust and service quality [2] Group 4: Future Directions - The automotive circulation industry is encouraged to lead new supply with new demand and to innovate in service offerings, transforming challenges into opportunities [2] - The industry association plans to collaborate with enterprises to reshape channel value, leverage technological innovations, and enhance the service capabilities throughout the vehicle lifecycle [2][3] - Establishing a more pragmatic and efficient brand authorization cooperation model is essential for fostering a healthy and orderly development of the automotive industry [3]

Core Insights - The automotive market in October 2025 experienced strong sales performance, driven by trade-in programs and favorable policies for new energy vehicles (NEVs) [1][3] - Major automotive groups reported positive year-on-year and month-on-month growth, indicating a robust market during the traditional sales peak [1][3] Sales Performance Summary - SAIC Motor sold 454,000 vehicles in October, a 13% increase year-on-year and a 3.18% increase month-on-month, achieving 81% of its annual sales target [2][3][9] - BYD sold 442,000 vehicles, marking an 11.62% month-on-month increase but a 12% year-on-year decline, with specific brand performances detailed [2][3] - Geely's sales reached 307,000 vehicles, up 35% year-on-year and 12% month-on-month, setting a new monthly sales record [2][3] - China FAW sold 305,000 vehicles, an 8.1% increase year-on-year, with a breakdown of sales between domestic and joint venture brands [2][4] - Chery sold 281,000 vehicles, a 3.3% increase year-on-year, with NEV sales growing by 54.7% [2][4] - Changan sold 278,000 vehicles, an 11% year-on-year increase [2][5] - BAIC Group reported sales of 160,000 vehicles, an 11% increase year-on-year [2][6] - Great Wall Motors sold 143,000 vehicles, a 22.5% increase year-on-year [2][6] Year-to-Date Sales and Targets - Cumulative sales for the first ten months of 2025 show Geely leading with 83% of its annual target achieved [9] - SAIC, BYD, Changan, and China FAW are all around 80% of their annual targets, indicating a strong likelihood of meeting their goals [9] - Chery reported a cumulative sales figure of 2.289 million vehicles, achieving a historical best for the same period [9] - BAIC's completion rate is at 57%, indicating a significant gap to its annual target [9] Market Outlook - The automotive market is expected to become more competitive as companies enter the year-end sales push [10] - The end of the NEV purchase tax exemption on December 31, 2025, is prompting companies to offer incentives to maintain sales momentum [10][11] - Predictions for the fourth quarter suggest continued support from vehicle scrappage programs and new model launches [11]

Group 1: Market Outlook and Sales Performance - The penetration rate of new energy passenger vehicles has exceeded 50% for several consecutive months, indicating a strong market trend towards electrification [1] - From January to October 2025, the company achieved cumulative sales of 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global sales leader in new energy vehicles [2] - In October 2025, the company sold over 440,000 vehicles, setting a new record for the year, with overseas sales of passenger vehicles and pickups reaching 83,524 units, a year-on-year increase of 155.5% [2] Group 2: Product Development and Consumer Demand - The company emphasizes "technology as king, innovation as fundamental" and continuously optimizes product design to meet diverse consumer needs [3] - The launch of the "Titan 7" model, featuring a unique design and spacious interior, achieved sales of over 20,000 units in its first full month, with an average transaction price exceeding 210,000 [3] Group 3: Smart Technology and Innovation - The company is implementing its "Smart Vehicle" strategy, leveraging its extensive vehicle cloud database and engineering team to enhance advanced driver assistance systems [5] - As of September 2025, over 1.7 million vehicles equipped with the "Heavenly Eye" technology have been sold, generating over 110 million kilometers of data daily [5] Group 4: Global Expansion and Market Penetration - The company has expanded its global presence, with products available in over 110 countries and regions, significantly increasing new energy vehicle penetration in Europe, Latin America, and Asia-Pacific [6] - The company’s factory in Thailand celebrated its first anniversary, delivering its 90,000th new energy vehicle in the market [6] Group 5: Energy Storage Business Highlights - The company has established a complete industrial chain for energy storage, with a focus on system development and application since 2008 [7] - The "Hao Han" energy storage product, featuring the world's largest dedicated energy storage battery, was launched, significantly enhancing system reliability and performance [7] - As of October 2025, the total installed capacity of the company's new energy vehicle power batteries and energy storage batteries exceeded 230 GWh [7]