（文/观察者网 张家栋 编辑/高莘） 近日，市场研究公司Dataforce的数据显示，自2020年以来，欧洲汽车市场发生了重大变化。曾经主导欧 洲街道的小型紧凑型轿车与掀背车不再是欧洲最高销量的产品，取而代之的是，一度因为体积庞大、油 耗惊人而招致鄙夷的SUV。 据市场研究公司Dataforce的数据，2020年，SUV占欧洲新车销量的41%，如今这一数字已达到59%。 《欧洲汽车新闻》近日在相关报道中表示，尤其是紧凑型与中型SUV，逐步取代小型车，成为欧洲市场 新的增长中心。 欧洲车市SUV销量占比变化 欧洲汽车新闻 尽管在外媒眼中，这一变化往往被简单归因为"消费者偏好改变"，但从产业视角看，它更像是一场由全 球平台统一逻辑驱动，并在中国市场放大后反向影响欧洲的结构性调整。 | | Model | 2025 sales | | --- | --- | --- | | 1 | VW T-Roc | 196,246 | | 2 | VW Tiguan | 180,683 | | 3 | Toyota Yaris Cross | 174,567 | | 4 | Peugeot 2008 | 160,104 | | ...

2026年1月1日，宝马中国一则"系统性价值升级"的公告，拉开了豪华车市场新年序幕。 宝马旗下31款主力车型官方调价，旗舰纯电车型i7M70L直降30.1万元，价格从189.9万元跌至159.8万 元；国产M235L首次跌破30万元大关，2系四门轿跑车更是下探至20.88万元，创下宝马在华国产车型价 格新低。 这份覆盖轿车、SUV、电动及高性能全细分市场的降价清单，与其说是"价值升级"，不如说是宝马迫于 2025年在华市场下滑压力，止颓保市的无奈之举。 "不到30万就能买宝马M系列" 中国证券报记者查阅调价清单发现，宝马此次降价幅度与覆盖范围均刷新近年豪华车市场纪录。 宝马此次降价，或源于2025年在华市场持续承压。 数据显示，2025年前三季度，宝马在华累计销量46.5万辆，同比下降11.2%，占全球销量比重26%。这 不仅远逊于其全球市场前三季度2.4%的微增幅度，更成为其全球主要市场中唯一出现两位数下滑的区 域。 此外，宝马的细分车型表现惨淡。中大型SUV市场的"昔日王者"X5，2025年10月销量跌至5498辆，排 名滑至第12位，被理想L9、问界M9等新势力车型取代；作为销量支柱的5系，2025年8 ...

真是几家欢乐几家愁啊，2025年"蔚小理"三个新势力品牌中，小鹏增长最猛，全年累计销量为42.9万台，同比增长126%。蔚来算是触底反弹，全年累计销 量为32.6万台，同比增长46.9%。理想在去年Q3季度由盈转亏，全年累计销量为40.6万台，同比下降18.8%。 #2026小鹏加油 小鹏汽车2025全年交付 1445 同比增长126% 12月交付达37,508台 实现同环比双增长 X 回看李想在2023年给出的2025年160万辆的销量目标，现在来看似乎有种天方夜谭般的滑稽感。 而随着MEGA事件的影响，理想的高端产品线也有点一夜回到解放前的感觉，11月MEGA月销680台，L9月销2208台。 反观曾经要依靠第二品牌实现销量增长的蔚来和小鹏迎来了自家高端产品的量价齐飞。在去年12月份，蔚来ES8月销2.2万台；小鹏X9月销5424台，创历 史单月最高销量纪录。 蔚来李斌曾经表示，造车是一场真正的马拉松。 那时候大多人觉得这是李斌为蔚来销量下滑找的借口，但现在来看，才短短一两年的时候，蔚来ES8崛起、乐道去年年销10.7万台，萤火虫月销稳定在 5000台以上。 换电赛道上，蔚来目前实现了全国超3600座换电 ...

中国汽车制造商在欧洲电动车市场取得突破性进展。 12月31日，据报道，尽管面临欧盟关税压力，中国车企今年在欧洲市场的扩张势头依然强劲。据研究机 构Dataforce数据显示，11月份，中国品牌在欧洲电动车市场的份额达到创纪录的12.8%。 数据还显示，在快速增长的混合动力车领域，中国品牌市场份额已超过13%，覆盖欧盟、欧洲自由贸易 联盟国家及英国市场。这一成绩标志着中国车企在欧洲电动化市场的全面突围。 报道称，中国车企主要通过吸收欧盟在2024年末对中国制造电动车加征的额外关税，同时将重心转向不 受新关税影响的领域，如混合动力车型以及英国等非欧盟市场。这一策略有效对冲了贸易壁垒的影响。 多品牌协同发力欧洲市场 以比亚迪和上汽集团为首的中国汽车制造商，连同奇瑞汽车和浙江零跑科技等新进入者，今年加大了开 拓欧洲市场的力度。 同时，数据还显示，奇瑞旗下Omoda品牌同期电动车销量增长达1100%。 面对关税压力，中国车企在很大程度上吸收了欧盟对中国制造电动车征收的额外费用，同时积极进军不 受新关税影响的领域。 报道指出，混合动力车型和英国等非欧盟市场成为重点突破方向，这一策略帮助中国品牌在贸易壁垒下 继续扩大市场份 ...

Core Viewpoint - The global Utility Task Vehicle (UTV) market is projected to reach $13.41 billion by 2031, with a compound annual growth rate (CAGR) of 3.4% in the coming years [4]. Market Size and Competitive Landscape - The UTV market is expected to grow significantly, with major manufacturers including Polaris, BRP, Honda, Kawasaki, John Deere, and others, where the top five companies hold approximately 75.0% of the market share by 2024 [9]. - Gasoline-powered UTVs dominate the market, accounting for about 85.4% of the product type share [11]. - The primary application for UTVs is in work-related tasks, which represent around 55.3% of the demand [13]. Market Drivers - The growth of the UTV market is driven by increasing demand for high-mobility, multifunctional transport tools in agriculture, construction, forestry, and industrial sectors [15]. - The popularity of outdoor recreational activities, such as off-roading, hunting, camping, and adventure tourism, is contributing to the rapid growth of leisure UTVs [15]. - Technological advancements, including improved suspension systems, enhanced safety features, smart connectivity, and the introduction of electric and hybrid models, are enhancing user experience and stimulating replacement demand [15]. - The acceleration of agricultural scaling and infrastructure development in emerging markets is further increasing the demand for durable and efficient work vehicles [15]. Major Barriers to Entry - The UTV industry has significant structural entry barriers, including high capital and technical thresholds for establishing compliant production lines and R&D systems, requiring initial investments in the hundreds of millions [16]. - Strict regulatory certification systems create entry obstacles, with varying safety standards and tightening emission regulations increasing compliance costs [16]. - Building a distribution network and brand recognition requires long-term investment, often taking 3-5 years, while existing brands have established user loyalty in specialized fields [16]. - The scale effect disadvantage is challenging to overcome, as mature manufacturers benefit from economies of scale, leading to sustained competitive advantages in cost control and product iteration speed [16]. Industry Development Opportunities - The UTV industry is experiencing multidimensional development opportunities, particularly with the electrification transition opening new application scenarios [17]. - The demand for engineering auxiliary vehicles is surging due to infrastructure construction along the "Belt and Road" initiative and in Southeast Asia, providing an export window for Chinese manufacturers [18]. - Innovations in smart connectivity technology are creating differentiated advantages, evolving UTVs from mere utility vehicles to "smart mobile workstations" [18]. - Policy support, such as mechanization subsidies for agricultural and forestry operations, is promoting the adoption of professional-grade UTVs in these sectors [18]. Entry Barriers - The UTV industry presents notable entry barriers, including high upfront capital requirements for vehicle R&D and manufacturing, as well as compliance with various regulatory standards [19]. - Established companies typically have advantages in scale production and stable supply chain systems, making it difficult for new entrants to compete effectively [19]. - Brand influence and distribution channels are critical competitive factors, with leading companies having extensive sales networks and service systems that are hard to replicate [19]. - Consumer expectations for vehicle reliability, durability, and safety create additional challenges for new entrants lacking technical expertise and market recognition [19].

群益证券主要观点如下： 公司电动化转型正在加速，高性价比产品策略取得成效，在各个主流价格区间都有市场认可的产品 公司汽车业务整合后有望降低采购成本、共享技术，产品整体竞争力有望提升。2026年汽车补贴延续， 汽车市场有望维持景气度，公司销量增长可期。根据公司11月18日公告，公司完成对极氪的私有化后， 将进行股份回购，总金额不超过23亿港元，预计对股价有提振作用。该行预计公司2025/2026/2027年净 利润分别至170.6/218.5/281.8亿元，扣除一次性收益的影响，YOY分别为+80%/+28%/+29%，EPS分别为 1.59/2.04/2.62元。当前股价对应P/E分别为9.6/7.5/5.8倍，建议"买进"。 群益证券发布研报称，12月22日，吉利汽车(00175)发布公告，宣布完成极氪私有化并于纽交所退市。 公司通过发行股份(占70.8%)和支付现金(占29.2%)完成此项交易。合并后公司汽车业务在研发、营销、 采购等方面将进一步整合，运营效率有望提升。建议买进。 公司电动化加速，2026年产品矩阵将进一步完善 2025年公司电动化进程加速，1-11月公司累计销售汽车278.78万辆，Y ...

Core Viewpoint - Geely Automobile has completed the privatization of Zeekr and will delist from the New York Stock Exchange, aiming to enhance operational efficiency through integration of its automotive business [1][3] Group 1: Privatization and Integration - The privatization of Zeekr was completed on December 22, with approximately 70.8% of shareholders opting for stock exchange and 29.2% for cash compensation, resulting in a cash payment of $701 million [1][3] - Following the merger, the company expects to reduce R&D investment by 10% to 20%, lower BOM costs by 5% to 8%, and improve capacity utilization by 3% to 5% [3] Group 2: Electric Vehicle Strategy - The company is accelerating its electrification process, with total vehicle sales reaching 2.7878 million units from January to November, a year-on-year increase of 41.8%, and new energy vehicle sales reaching 1.5335 million units, up 97% [4] - The company plans to launch multiple new models in 2026, including three SUVs and two sedans under the Galaxy brand, and aims to strengthen its export of new energy vehicles, expecting a 50% year-on-year increase [4] Group 3: Financial Projections - The company is projected to achieve net profits of 17.06 billion, 21.85 billion, and 28.18 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 80%, 28%, and 29% [2][5] - The current stock price corresponds to P/E ratios of 9.6, 7.5, and 5.8 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [2][5]

12月29日，中国一汽与零跑汽车官宣，双方已于12月28日在杭州中国一汽全资子公司一汽股权投资(天 津)有限公司和一汽旗新动力(长春)科技有限公司分别与零跑汽车签署投资协议和合作协议。 根据协议，一汽股权总投资约37.44亿元，其中约50%用于研发投入，约25%用于补充营运资金，剩余 25%用于扩大销售及服务网络并增强品牌知名度。与此同时，一汽旗新动力将与零跑汽车共同推动插电 混动、增程等动力总成的联合开发与生产协同。 其实，从财务角度看，零跑汽车引入一汽投资并非迫切的资金需求。零跑汽车2025年第三季度财务报告 显示，公司实现营业收入194.5亿元，较2024年同期增长97.3%；净利润持续为正，达1.5亿元，已连续 实现季度盈利；同时，公司在手资金充裕达339.2亿元。 对中国一汽而言，这笔投资则有着更深层次的战略考量。在电动化转型上，中国一汽虽已"All in新能 源"，但其新能源销量占比仅10%左右，与零跑合作可以快速获取新能源技术和市场经验。 除了资本合作，旗新动力与零跑汽车签署的合作协议也值得关注。双方将共享资源，在插电混动、增程 等动力总成领域展开联合开发及生产协同。 零跑汽车在新能源技术方面有 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The completion of the Zeekr privatization is expected to enhance operational efficiency, with anticipated reductions in R&D and BOM costs, and improvements in capacity utilization [6][8]. - The company is accelerating its electrification strategy, with a significant increase in sales of new energy vehicles, which accounted for 55% of total sales in 2025 [8]. - The company plans to launch multiple new models in 2026, targeting various price segments, which is expected to drive sales growth [6][7]. Financial Summary - The company forecasts net profits of RMB 170.6 billion, RMB 218.5 billion, and RMB 281.8 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of +80%, +28%, and +29% [6][10]. - Earnings per share (EPS) are projected to be RMB 1.59, RMB 2.04, and RMB 2.62 for the same years, with corresponding price-to-earnings (P/E) ratios of 9.6, 7.5, and 5.8 [6][10]. - The company plans to repurchase shares worth up to HKD 2.3 billion, which is expected to support the stock price [6][8].

智通财经记者 吴遇利 不止一家保时捷4S店出现经营异常。 12月25日，智通财经记者从知情人士处获悉，贵阳孟关保时捷中心已经人去楼空。知情人士透露，有不 少购买了保养储值套餐包的车主无法兑现权益，并且也有车主支付了定金但尚未提车。还有在该门店购 买过储值套餐的车主表示，多位车主已就此事报警。 前述知情人士介绍，贵阳与郑州两家经营异常的保时捷中心控股股东均为东安控股集团，东安控股集团 是河南省新乡市的一家知名经销商集团，已有三十余年的历史，经销奥迪、宝马等多个豪华品牌以及大 众市场品牌。 贵阳孟关保时捷中心隶属于贵阳东保泰汽车销售服务有限责任公司。天眼查显示，该公司成立于2022 年，为东安控股集团成员，是一家以从事机动车、电子产品和日用产品修理业为主的企业，注册资本 5000万元。 同时，天眼查还显示，郑州中原保时捷中心隶属的郑州东保润汽车销售有限公司成立于2015年，同为东 安控股集团成员企业，注册资本6000万元。 据央广网，通过天眼查信息，央广网记者尝试联系东安控股集团法定代表人贺小梅。对方回应称，自己 并不参与旗下两家保时捷门店的具体经营管理，并确认郑州中原保时捷中心、贵阳孟关保时捷中心均隶 属于东安 ...