炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：华泰证券研究所） 2021 2023 2022 60% 2024 2035 52% 54% 55% 51% 53% 50% 50% 46% 46% 42% 40% 30% 20% 10% 0% 1日 2日 2 日 A El 5日 6日 7日 R 日 O 日 10日 11日 17日 2021年 2022年 -2023年 300 2024年 2025年 227 228 250 211 204 196 197 180 187 178 200 140 150 100 50 0 1月 5月 7月 10月 11月 12月 2月 3月 4月 6月 8月 9月 资料来源:中国汽车工业信息网、华泰研究 77J 两新政策刺激25年行业景气度,纯电车销量增速反超 混动,新能源渗透率显著提升。 2021年-2025年10月乘用车零售销量趋势（单位、 <> 万辆 ) * 2021年-2025年10月新能源渗透率(批发) * 资料来源:乘联会、华泰研究 ◇ 结构:自主稳定突破,中低端增速最快 25年1-10月自主品牌份额提升至66%，吉利、小鹏、 零跑表现 ...

行业重点数据跟踪 市场及板块行情跟踪：本周沪深300指数-0.08%，申万汽车指数+0.16%。个股中，本周涨幅前五名分别 为超捷股份（+39.0%）、华懋科技（+28.5%）、跃岭股份（+21.9%）、华培动力（+17.6%）、征和工 业（+17.1%）；本周跌幅前五名分别为厦门信达（-13.6%）、嵘泰股份（-10.9%）、隆基机械 （-9.6%）、凯龙高科（-9.3%）、迪生力（-8.6%）。乘用车销量数据跟踪： 1）周度跟踪：①批发端，2025年12月第1周（12.1-12.7），全国乘用车市场批发销量29.8万辆，同 比-40%，较上月同期-18%；新能源乘用车批发量19.1万辆，同比-22%，较上月同期+106%；新能源渗 透率64.3%，同比+7.5pct，较上月同期-1.2pct。②零售端，2025年12月第1周（12.1-12.7），全国乘用车 市场零售销量29.7万辆，同比-32%，较上月同期-8%；新能源乘用车零售量18.5万辆，同比-17%，较上 月同期+84%；新能源渗透率62.2%，同比+4.2pct，较上月同期-1.7pct。 2）月度跟踪：①批发端，11月全国乘用车市场批发29 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

此外，不同国家和地区在汽车功能需求、使用习惯、文化背景等方面的差异，也需要中国品牌进行适配 性调整。例如，因为当地的充电补能设施存在较大短板，英国消费者对电动汽车续驶里程的敏感度较 高。而在东南亚市场，一些国家雨季漫长，湿度较高，汽车的涉水能力、防水防潮设计等成为刚需。在 欧美市场，当地消费者在购车时更倾向于选择有历史积淀且信誉良好的品牌，而中国电动汽车品牌在这 方面存在明显短板，需要下更大的功夫去树立品牌形象。 从内部看，仍有相当一部分中国车企"出海"尚处于产品出口阶段，缺乏完善的全球化战略和清晰的海外 布局规划，缺乏海外市场管理经验。部分车企长期依赖低价策略，导致品牌溢价能力不足，难以冲击并 站稳海外中高端市场。与丰田、大众等跨国品牌在海外市场营收、利润表现相比，中国车企的出口产品 利润率不及这些巨头的60％，存在较大差距。 同时，中国车企在海外市场的本地化营销与服务体系有待提升，海外售后服务网点覆盖率不足日韩车企 的1/3，带来了服务响应不及时等问题。而海外本地化营销与服务体系的缺失，使得中国汽车品牌在海 外市场难以广泛建立起与当地消费者的深度连接，不仅使消费者在购买和使用过程中又得不到及时的服 务支持 ...

Core Insights - The company, Huasheng Good Car, has been recognized for its global strategy in the automotive sector, winning the "Globalization Strategic Breakthrough Enterprise Award" at the 2025 Second Automotive Finance and High-Quality Development Conference in Shenzhen [1][2] Group 1: Business Model and Expansion - Huasheng Good Car has successfully implemented a "use before buy" direct rental model, which has gained significant traction in lower-tier markets and is now being adapted for global markets, particularly in Central Asia, the Middle East, and Africa [2][3] - The company operates a multi-track model involving "brand agency + car export + leasing trade," which has been validated through its overseas operations [2][3] - The recent project in South Africa exemplifies the shift from merely selling cars to providing a comprehensive system that includes financial and operational solutions [3] Group 2: Financial Operations and Challenges - The traditional cross-border payment systems pose challenges for the high-frequency, small-amount transactions required in fleet operations, leading to a need for more efficient payment solutions [4] - The potential adoption of blockchain-based stablecoin payments could address these challenges by providing real-time, transparent, and traceable transactions, particularly in emerging markets [4][5] - Huasheng Good Car's existing assets and cash flow provide a solid foundation for integrating stablecoin transactions, enhancing the efficiency of cross-border payments [5][6] Group 3: Future Directions and Infrastructure - The company is entering a new phase of globalization, focusing on asset pricing, fund repatriation, and risk diversification, which necessitates advanced financial tools and digital infrastructure [7][8] - Huasheng Good Car is building a three-layer network that includes a global asset network, a digital settlement network, and a risk control and data platform to support its international operations [8] - The shift from selling products to offering capabilities and systems in the automotive export market may redefine the competitive landscape, with companies that embrace digitalization and new financial tools becoming key players [9][10]

数据显示，今年前10个月中国汽车出口同比增长22％，已超过去年全年出口量，今年汽车出口再创 新高几无悬念。但汽车"出海"快速增长的同时，依然存在隐忧。在近日的麦肯锡2025中国区媒体日上， 麦肯锡中国区汽车咨询业务负责人管鸣宇表示，中国车企"出海"浪潮下，成功者仍是少数，我们仍处于 需要交学费的探索前期。 我国汽车"出海"取得阶段性成果，源于过去对电动化趋势的精准预判和速度制胜策略。中国汽车产业通 过多年来的厚积薄发，从早期的技术引进、消化吸收，到如今的自主研发、创新突破，尤其是在新能源 汽车、智能网联等方面实现了快速发展，跻身世界前列，而且拥有了较为完整的新能源汽车产业链、供 应链，奠定了中国汽车出口连续两年保持世界第一的基础。 在出口布局上，中国汽车出口市场也逐步扩大，从东南亚拓展到欧洲、中东、非洲、南美等越来越多的 区域市场，且海外市场份额也在逐步上升，成为全球汽车市场备受关注的生力军。 但是，面对日益复杂多变的国际市场，中国汽车"出海"仍然面临多重挑战，在诸多领域经验不足。从外 部看，在全球贸易保护主义抬头背景下，部分市场的政策壁垒、合规门槛等有所提高。如欧盟近年来不 仅对中国电动汽车进行反补贴调查并 ...

12月6日至7日，2025（第二十三届）影响力企业家年会（原中国企业领袖年会）在北京举行。 活动期间，江汽集团控股公司党委书记、董事长、总经理项兴初应邀出席，并围绕"寻找高质量发展新范 式"话题，与多位专家以及行业优秀企业家就汽车产业发展、AI转型、汽车出海等话题进行了深入探讨，并重点分 享了江淮汽车的战略思考与实践。 项兴初认为，高质量发展的本质在于高水平的可持续发展。对汽车产业而言，其核心是告别低水平扩张，走 向以创新引领、品质驱动、绿色低碳为特征的新阶段。 项兴初介绍，为了打造尊界S800这款标杆产品，江汽与华为联合全球一流供应链伙伴，组建了超过5000人的 专项研发团队，将智能科技深度融入用户体验的每一处细节，致力于实现可感知、可共鸣的"科技豪华"。 市场的反馈是最有力的证明。尊界S800自上市以来，表现持续超出预期，上市175天累计大定订单突破1.8万 台。这一成绩，在百万级豪华车市场这一长期由国外传统品牌主导的领域，堪称里程碑式的突破。 关于企业如何实现可持续成功，项兴初也从三个方面进行了总结与分享。一是产品线拓展。江淮汽车将通过 持续打造精品爆款，强化品牌在消费者心中的认知基础。二是要加大创新投 ...

专题：2025《中国企业家》影响力企业家年会 他还表示，汽车和飞机落地全球化极其困难，风险很高，我认为要用40年，因此我们要学习丰田、现 代，必须扎根海外一步步走，不能像互联网那样快速推进。今天奇瑞、比亚迪打了很好的样板，可以多 思考借鉴。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到汽车出海时表示，全球化不 应先做好国内再做海外，要同等重视。我最近看到很多创业公司只做海外或95%做海外，这是全新的创 业和全球化逻辑。 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到汽车出海时表示，全球化不 应先做好国内再做海外，要同等重视。我最近看到很多创业公司只做海外或95%做海外，这是全新的创 业和全球化逻辑。 他还表示，汽车和飞机落地全球化极其 ...

合资品牌11月主力车型销售增长显著。 日前，广汽集团发布2025年11月产销公告。数据显示，广汽集团11月汽车销量为17.97万辆，环比增长5.2%。1— 11月，广汽自主品牌累计海外销量同比增长39%。 上月，广汽集团公布了备受外界关注的职业经理人选聘结果，总经理閤先庆等广汽新一届职业管理人团队已就 位，将全面负责产品管理、研发技术、制造供应、品牌营销、国际化、战略发展及人力资源等核心领域。作为新 一届职业经理人团队引入的外部人才，在汽车出海方面有着丰富实战经验的陈家才将负责广汽海外业务，为广汽 在国际化转型与"ONE GAC 2.0"出海战略的本地化行动布局中注入新的战略思维、先进理念与管理能力，激活团 队创新潜能，为再造"新广汽"战略落地提供强有力的经验支撑。 今年11月，广汽集团继续深化智能化、高端化布局，多个主力车型销量回升，带动旗下五大整车品牌表现逐步向 好。自主品牌在汽车智能化、高端化方面有多项市场进展。截至今年11月，广汽传祺新能源车型销量已突破15万 辆，MPV家族累计销量超83万辆，领跑中国豪华MPV市场，其中E8系列连续16个月获得新能源中型MPV销冠。 广汽埃安首款双动力车型埃安i60 ...

Core Viewpoint - The Chinese automotive industry is transitioning from incremental competition to stock competition, with overseas markets becoming a new growth driver as domestic competition intensifies [4][8]. Export Growth - In October, China's automotive exports reached 666,000 units, a month-on-month increase of 2.1% and a year-on-year increase of 22.9%. From January to October, exports totaled 5.616 million units, up 15.7% year-on-year [4]. - The export growth rate is outpacing domestic production and sales growth, indicating a shift in focus for Chinese automakers towards international markets [4]. Company Performance - Chery's overseas sales for January to October reached 1.06 million units, accounting for 46% of total sales, with a year-on-year growth of 13% [5]. - BYD's overseas sales for the same period were 780,000 units, a significant increase of 130%, raising its export share to 21% [5]. - Great Wall Motors reported overseas sales of 454,100 units, making up nearly 37% of total sales, with a 44.61% increase compared to 2023 [5]. - Geely's overseas sales reached nearly 300,000 units, with a remarkable 214% increase in exports of new energy vehicles [6]. Market Expansion - GAC's overseas terminal sales grew by 36.5%, covering 85 countries and regions, with over 570 sales outlets [7]. - Chinese automotive brands are increasingly penetrating mature markets like the EU, with a record 7.4% market share in the European passenger car market as of September 2025, doubling from 3.3% year-on-year [14]. Revenue Contribution - Chery's revenue for the first three quarters of 2025 was 214.83 billion yuan, a 17.9% increase year-on-year, with exports contributing significantly to this growth [10]. - BYD's overseas revenue share increased from 28% in 2024 to 36.5% in the third quarter of 2025, with a net profit margin of 4.2% [11]. - Great Wall Motors' overseas revenue surged to 80.3 billion yuan, accounting for 39.69% of total revenue [12]. Strategic Insights - Chinese automakers are focusing on localizing products to meet diverse market needs, which is essential for integrating into local markets [9][20]. - The shift from product export to ecological output is becoming a key strategy for Chinese car manufacturers, enhancing their competitiveness in international markets [13][19]. - The global market share of Chinese automobiles is expected to exceed 38% by 2025, with significant growth in emerging markets like Southeast Asia and Africa [14][16]. Future Projections - By 2030, it is anticipated that Chinese automotive brands will achieve over 12% market share in overseas markets, with sales reaching nearly 10 million units [18]. - The global expansion of Chinese car manufacturers is accelerating, with strategies focusing on building a global vehicle that meets diverse market demands [19].