Group 1: Used Car Market - In October 2025, the national used car market transaction volume reached 1.76 million units, a year-on-year increase of 2.7% and a month-on-month decrease of 2% [1] - From January to October 2025, the cumulative transaction volume of used cars was 16.49 million units, reflecting a year-on-year growth of 3.5%, with a total transaction value of 1,057.2 billion yuan, up 0.6% [1] - The transfer rate of used cars has fluctuated between 25% and 30% in recent years, reaching a historical high of 33.1% in October 2025 [1] Group 2: Automotive Sales and Deliveries - GAC Group reported November 2025 automotive sales of 179,700 units, representing a month-on-month increase of 5.2% [4] - Honda's terminal automotive sales in China for November 2025 were 50,840 units, with cumulative sales from January to November 2025 totaling 578,580 units [5] - GAC Toyota's overall sales in November 2025 were 64,905 units, with total sales from January to November 2025 reaching 704,024 units [6] - Li Auto announced that its cumulative deliveries have surpassed 1.5 million units [3] Group 3: Industry Developments - RoboSense announced that its laser radar deliveries exceeded 150,000 units in November, with significant adoption in the automotive and robotics markets [8] - Aion, a brand under GAC, received project designation for its second-generation AION V and AION UT models for the European market, with total order volume exceeding 10 GWh [7] Group 4: Export Trends - South Korea's automotive export volume is expected to decline for the first time in five years, with estimates between 2.71 million and 2.72 million units, a decrease of approximately 2.3% to 2.6% compared to last year [9][10] - The decline in exports is primarily attributed to reduced shipments to the United States, which is South Korea's largest automotive export market, with a 7.9% year-on-year decrease in exports to the U.S. from January to October [10] Group 5: Recall Information - Ford is recalling approximately 108,762 vehicles in the U.S. due to improperly secured liftgate hinge covers that may detach from the vehicle [11] - Additionally, nearly 12,000 Lincoln MKT vehicles from 2016-2019 are being recalled due to potential detachment of the B-pillar door trim, which could increase crash risk [11]

Core Viewpoint - Xiaopeng Motors (9868.HK) continues to experience a weak market trend, with a decline of over 4% to HKD 75.5, marking a four-month low and a total market capitalization of HKD 144.2 billion [1] Group 1: Sales Performance - Xiaopeng Motors reported November sales of 36,728 vehicles, representing a year-on-year increase of 19% [1] - However, there was a month-on-month decline of 12%, marking the first monthly sequential drop in six months [1] - The company failed to meet its previously set target of maintaining monthly deliveries above 40,000 vehicles since September [1] Group 2: Shareholding Changes - As of November 21, The Goldman Sachs Group, Inc. increased its stake in Xiaopeng Motors-WH shares from 4.57% to 5.15% [1]

Core Insights - The November sales results of major automotive companies reveal significant changes in the market landscape, with BYD leading in sales and several new energy vehicle manufacturers showing remarkable growth [1][2]. Group 1: Sales Performance - BYD maintained its top position with sales of 480,186 units in November, contributing to a total of 4.182 million units sold from January to November, reflecting an 11.3% year-on-year increase [2]. - Hongmeng Zhixing achieved a record high with 81,864 units delivered in November, marking a 89.61% year-on-year growth [5]. - Leap Motor set a new record with 70,327 units sold in November, showing over 75% year-on-year growth [7]. - Seres reported sales of 55,203 units in November, a 49.84% increase year-on-year, with a total of 411,288 units sold from January to November [9]. - Xiaomi's automotive division delivered over 40,000 units in November, continuing its strong performance [10]. - NIO delivered 36,275 vehicles in November, a 76.3% year-on-year increase, with cumulative deliveries reaching 949,457 units [13]. - Li Auto's November deliveries reached 33,181 units, a 4.5% month-on-month increase, with total historical deliveries of 1,495,969 units [14]. - Lantu achieved 20,005 units delivered in November, an 84% year-on-year increase, marking its first month surpassing 20,000 units [15]. - Xpeng delivered 36,728 units in November, a 19% year-on-year increase, with cumulative deliveries of 391,937 units [11]. - Geely's total sales in November reached 310,428 units, a 24% year-on-year increase, with cumulative sales of 2.78775 million units from January to November [19]. Group 2: Market Trends - The overall retail market for passenger vehicles in China saw a decline of 11% year-on-year in November, with a slight month-on-month decrease of 2% [20]. - New energy vehicle retail reached 849,000 units in November, reflecting a 3% year-on-year growth and an 8% month-on-month increase [20]. - The automotive market is experiencing structural differentiation, with manufacturers leveraging promotional activities during the "Double Eleven" shopping festival [21]. - The adjustment of subsidy policies has created uncertainty in the market, leading to cautious sales forecasts for the fourth quarter [21][22]. - From January 1, 2026, the full exemption of purchase tax for new energy vehicles will transition to a 50% reduction, potentially impacting consumer demand and market conditions in early 2026 [22].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9973） 未經審核之二零二五年十一月銷量 於本公告日期，董事會包括執行董事尹同躍先生及張國忠先生；非執行董事王來 春女士、李晶女士、王津華先生、王孝偉先生、鮑思語先生、尹祥領先生及胡敬 源先生；獨立非執行董事商文江先生、楊棉之先生、葉盛基先生、路風先生、楊 善林先生及黎汝雄先生。 承董事會命 奇瑞汽車股份有限公司 尹同躍先生 董事長 香港，2025年12月1日 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本集團於二零二五年十一月的五大品牌總銷量為255,809輛汽車，較去年同 期減少約2%。詳細如下： | | | | | | 去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The Shanghai copper main contract shows a volatile trend with increasing open interest, spot premium, and strengthening basis. The raw material supply of copper concentrate remains tight, and the high price of copper ore still supports the cost of refined copper. The supply of refined copper may converge due to the tight supply of copper ore and the concentrated maintenance of some smelters. The downstream demand is still weak as the downstream开工率 only slightly rebounds after the decline in October, and the downstream is cautious due to high copper prices. The option market sentiment is bullish with a slightly decreasing implied volatility. Technically, the 60 - minute MACD has double - lines above the 0 - axis with a shrinking red column. It is recommended to conduct light - position short - term long trades at low prices and control the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 86,590 yuan/ton, down 10 yuan; the LME 3 - month copper price is 10,893.50 dollars/ton, up 75.50 dollars. The main contract's inter - month spread is - 10 yuan/ton, down 10 yuan; the open interest of the Shanghai copper main contract is 204,728 hands, up 5,146 hands. The top 20 futures positions of Shanghai copper are - 22,921 hands, up 4,551 hands. The LME copper inventory is 156,575 tons, up 825 tons; the Shanghai Futures Exchange inventory of cathode copper is 110,603 tons, up 1,196 tons; the LME copper cancelled warrants are 5,625 tons, up 100 tons; the Shanghai Futures Exchange warrants of cathode copper are 39,825 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price is 86,655 yuan/ton, up 45 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 86,745 yuan/ton, up 150 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 48 dollars/ton, unchanged; the average premium of Yangshan copper is 31.50 dollars/ton, unchanged. The basis of the CU main contract is 65 yuan/ton, up 55 yuan; the LME copper premium (0 - 3) is 9.52 dollars/ton, down 15.36 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.32 dollars/kiloton, down 0.11 dollars. The price of copper concentrate in Jiangxi is 76,990 yuan/metal ton, up 140 yuan; the price of copper concentrate in Yunnan is 77,690 yuan/metal ton, up 140 yuan. The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 440,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 59,290 yuan/ton, up 300 yuan; the price of 2 copper (94 - 96%) in Shanghai is 72,850 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative completed investment in power grid infrastructure is 4,824 billion yuan, up 445.93 billion yuan. The cumulative completed investment in real estate development is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 million pieces, down 194,236.10 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 11.36%, down 2.21%; the 40 - day historical volatility of Shanghai copper is 19.38%, down 0.03%. The implied volatility of the current - month at - the - money IV is 11.69%, down 0.0045; the call - put ratio of at - the - money options is 1.17, down 0.0042 [2]. 3.7 Industry News - The National Data Bureau launched the first batch of 12 state - owned enterprise data resource development and utilization pilots, covering traditional and emerging fields. The National Data Bureau will support data exchange and trading service system construction. In October, the national power market trading volume was 563.8 billion kWh, a year - on - year increase of 15.6%. From January to October, the cumulative power market trading volume was 5,492 billion kWh, accounting for 63.7% of the total social power consumption. In October, European car sales increased by 4.9% year - on - year to 1.09 million vehicles, with Tesla's new car registrations down 48%, BYD's up 195%, SAIC Group up 56%, and Toyota down 10.8%. A Fed governor said the current monetary policy hinders economic development and the US economy needs significant interest rate cuts. In September, the US PPI rose 0.3% month - on - month, the core PPI rose 0.1% month - on - month, and retail sales rose 0.2% month - on - month but significantly slowed down. The China - US presidential call was initiated by the US side with a positive atmosphere [2].

10月，特斯拉在欧盟的新车注册量(衡量销量的重要指标)继续下降，比亚迪新车注册量大幅增加。 11月25日，欧洲汽车制造商协会发布数据称，欧盟10月新车注册量增长5.8%，达到916609辆。其中， 特斯拉10月在欧盟的新车注册量同比下降48%。 与9月相比，特斯拉在欧盟的新车注册量降幅扩大。数据显示，特斯拉9月欧盟新车注册量为25656辆， 同比下降19%；特斯拉今年前九个月欧盟新车注册量为111328辆，同比下降38.7%。 比亚迪10月在欧盟的新车注册量同比增长195%。1月至10月，比亚迪在欧盟的新车注册量达到94216 辆，比去年同期的27741辆增长了239.6%。 新车注册量统计的是新车首次登记上牌的数量，涵盖所有类型汽车(包括燃油车、新能源车等)，是衡量 汽车市场活跃度和销量的重要指标。 分析人士认为，消费者对特斯拉公司首席执行官马斯克在美国政府任职时的表现不满，影响特斯拉在欧 洲的品牌形象。尽管特斯拉因担忧受到美国关税政策冲击而加快在欧洲市场的交付，但今年以来销量依 然不佳。 为提升产品吸引力，特斯拉一直在完善产品线，并推出了精简版的Model Y和Model 3车型。然而新车型 发布后，特斯 ...

在上述十家企业中，与去年同期相比，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。 人民财讯11月19日电，据中国汽车工业协会统计分析，2025年1—10月，汽车销量排名前十位的企业(集团)共销售 2328.1万辆，占汽车销售总量的84.1%。 ...

北京商报讯（记者 刘晓梦）11月11日，中国汽车工业协会发布的数据显示，今年前10个月汽车产销分 别为2769.2万辆和2768.7万辆，同比分别增长13.2%和12.4%。其中，10月，汽车产销分别为335.9万辆和 332.2万辆，环比分别增长2.5%和3%，同比分别增长12.1%和8.8%。 ...

Core Viewpoint - Shuguang Co., Ltd. (600303.SH) reported a significant decline in both production and sales for October 2025, indicating potential challenges in the company's operational performance [1] Production Summary - The company's vehicle production for October 2025 is projected to be 6 units, representing a year-on-year decrease of 83.33% [1] Sales Summary - The total vehicle sales for the same period are expected to be 108 units, which reflects a year-on-year decline of 56.80% [1]

Core Viewpoint - Dongfeng Motor Corporation (600006.SH) announced that its projected automobile sales for October 2025 will be 7,336 units, while the cumulative automobile sales for the current year stand at 99,482 units, reflecting a year-on-year decline of 21.43% [1] Summary by Category Sales Performance - The company expects to sell 7,336 vehicles in October 2025 [1] - Cumulative automobile sales for the current year are reported at 99,482 units [1] - There is a year-on-year decrease in sales of 21.43% [1]