当然，新能源汽车作为如今拉动汽车市场增量的主要动力，其购置税优惠政策退坡难免会带来一定的市 场波动，但中国新能源汽车连续多年产销量全球第一、新能源汽车月度渗透率超50％，这些成绩绝非仅 仅靠政策"喂出来"的，而是依靠市场驱动、用户体验驱动取得的。如今，我国拥有全球最完整、最成熟 的智能网联新能源汽车产业链供应链，规模化生产持续摊薄研发与制造成本，用户对电动化、智能化产 品的认知日益成熟。可以说，如今补贴政策的调整对新能源汽车市场的影响相对有限。政策退坡将成为 产业成长的"试金石"，而非市场发展的"绊脚石"，依赖补贴生存的弱势企业、落后产能将被淘汰，行业 集中度进一步提升。 此外，放眼全球，汽车出口正成为中国汽车的新增长点。根据中国汽车工业协会的数据，今年1～10 月，我国汽车出口561.6万辆，同比增长15.7％。有专家指出，随着中国品牌混动车型出口力度加大，中 国品牌在海外对国际品牌的冲击会逐步明显，根据近20年中国耐用消费品出口强势增长的经验，中国品 牌汽车性价比提升和海外营销体系的完善将进一步扩大中国车企的海外份额，海外销量贡献度将持续提 升。"第二曲线"的蓬勃发展极大增强了中国汽车产业抵御单一市场风险 ...

花旗最新研报显示，华晨中国明年将迎来三个新增长动力，预期旗下"金杯"品牌的高利润出口销售将增 加，同时国内市占率料提升，加上采用工业机械人可降低生产成本，提升制造效率，盈利前景料改善； 华晨宝马出口销售提升，预期可创造盈利上行空间；以及华晨宝马提升汽车零部件国产化程度，相信有 助于稳定利润率水平。 智通财经APP获悉，华晨中国(01114)再涨超5%，截至发稿，涨4.87%，报4.31港元，成交额1.85亿港 元。 花旗将华晨中国目标价由3.75港元上调至4.8港元，重申"买入"评级，目前预测华晨宝马今年11月零售销 量将按月增长4%至4.6万辆，整体库存至年底可能维持健康水平，而踏入明年首季，则预期新能源汽车 购置税减半征收政策或可为华晨宝马的销售提供政策可见度。 ...

对于11月乘用车数据，中国乘用车协会秘书长崔东树表示，这种深度下滑"不正常"，因为通常年末两个月销量表现强劲。他将当前情况与2008年 消费承压时期进行类比，称"2008年也出现过类似的异常情况"。尽管如此，他预计全年销量仍将增长5%。 燃油车销量下滑拖累整体表现 据报道，崔东树将整体销量下降归因于燃油车销量大幅下滑、去年同期基数较高以及政府补贴减少等因素。 数据显示，11月汽车销量下滑主要由燃油车销量下跌22%所致，而新能源车销量仅增长4.2%。 12月87日，中国乘用车协会公布数据显示，11月全国乘用车销量连续第二个月下滑，同比下降8.5%至224万辆，为10个月来最大跌幅，这一下降 幅度较10月的0.8%跌幅扩大。 分析指出，政府补贴政策调整成为销量下滑的主要原因。以旧换新补贴在多地缩减或暂停，而新能源车购置税优惠将在2026年减半，影响了消费 者购车情绪。 尽管电动车和插电式混动车销量占比创下58.9%的历史新高，但未能抵消传统燃油车22%的大幅下跌。不过，出口成为增长新引擎，有机构预 计，明年新能源汽车和插电式混合动力车出口量将较今年增长40%。 这些促销措施虽然带来一定销量提振，但业界担心明年初需 ...

乘联分会崔东树：10月全国二手车市场交易量176万台，同比增长2.7% 12月5日，乘联分会崔东树发文称，2025年10月，全国二手车市场交易量176万台，环比降2%，同比增 长2.7%，交易金额为1110亿元，同比降0.8%。2025年1-10月，二手车累计交易量1649万台，同比增 3.5%，交易额10572亿元，增0.6%。近几年二手车的转籍比例在25到30%之间波动的趋势，2025年10月 达到33.1%的当期历史高位。 12月5日，理想汽车宣布，理想汽车累计交付突破150万辆。 广汽集团11月汽车销量超17.97万辆，环比增长5.2% 12月5日，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%。 本田中国11月终端汽车销量为50840辆 蔚来：多个恶意诋毁蔚来网络账号被判赔偿道歉 12月5日，蔚来法务部发布题为《恶意诋毁蔚来，多个网络账号被判赔偿道歉》的文章，文中提到，网 络账号"电动汽车叨逼叨"等持有人苏楚元，自2023年起在多个平台以专业解读财务报告为名，恶意攻击 蔚来经营及财务状况，借 ...

该行表示，汽车出口短期波动不改长期出海大势。2025年1-10月累计出口增速放缓，主要系出口基数增 大、贸易壁垒增加、其他市场汽车产业转型速度放缓、全球局势动荡等多重因素影响。自主车企通过不 同方式技术"出海"，从而实现避免/降低各种壁垒对"出海"的影响。 报告中称，2025年1-10月新能源汽车累计销量1291.10万辆，同比+32.42%，新能源渗透率达到46.70%。 2025年1-10月新能源出口增速达到+87.57%，高于内需增速+25.71%。乘用车中，自主品牌占比稳步提 升，2022年占比仅为38.43%，2025年1-10月累计占比提升至69.48%。 上海证券发布研报称，智能驾驶市场潜力巨大，预计2025年我国自动驾驶市场规模将逼近4500亿元。 2025年以来，智能辅助驾驶方案的上车价格持续下探。国产替代带来新机遇。2025年中国汽零国产替代 迎来全面加速。随着综合竞争力的提升，国内零部件配套体系逐步与世界接轨，国产零部件产业仍将保 持良好的展趋势。机器人将成为下一个10万亿规模产业，智能网联新能源汽车与人形机器人同具产业链 协同优势。 ...

Market Overview - In November 2025, the retail sales of passenger cars in China reached 2.263 million units, a year-on-year decrease of 7%, but a month-on-month increase of 1%. Cumulatively, retail sales for the year reached 21.519 million units, up 6% year-on-year [2][6] - The wholesale volume of passenger cars in November 2025 was 2.992 million units, a year-on-year increase of 2% and a month-on-month increase of 2%. Year-to-date wholesale volume reached 26.766 million units, up 11% year-on-year [2][10] - The retail sales of new energy vehicles (NEVs) in November 2025 were 1.354 million units, a year-on-year increase of 7% and a month-on-month increase of 6%. Year-to-date retail sales of NEVs reached 11.504 million units, up 20% year-on-year [2][10] Retail and Wholesale Trends - The retail penetration rate of NEVs in November 2025 was 59.8%, while the wholesale penetration rate was 57.5% [3] - The average daily retail sales for the first week of November were 46,000 units, down 19% year-on-year, while the fourth week saw an increase to 126,000 units, up 2% year-on-year [5][6] - The wholesale volume for the first week of November was 52,000 units, down 22% year-on-year, but increased to 186,000 units in the fourth week, up 19% year-on-year [9][10] Profitability and Industry Performance - From January to October 2025, the automotive industry generated revenues of 887.78 billion yuan, a year-on-year increase of 7.9%, with profits of 38.95 billion yuan, up 4.4% year-on-year. The industry's profit margin stood at 4.4% [11] - The automotive industry is experiencing lower profitability compared to other industrial sectors, with a profit margin of 3.9% in October 2025, down from 4.1% in October 2024 [11][12] Global Market Share - In October 2025, China's automotive market share reached 38%, an increase of 1 percentage point year-on-year. Cumulatively, from January to October 2025, China's automotive sales were 27.65 million units, up 12% year-on-year [13] - Among the top 10 global automakers, three Chinese companies—BYD, Geely, and Chery—saw significant increases in their market shares [13] Export Performance - From January to October 2025, China exported 6.46 million vehicles, a year-on-year increase of 22%. In October alone, exports reached 820,000 units, up 40% year-on-year [15] - The export of NEVs in October 2025 was 328,000 units, a year-on-year increase of 65%, with a total of 2.65 million NEVs exported from January to October, up 54% year-on-year [15][17] Battery Supply and Demand - The demand for lithium batteries is expected to stabilize in the coming year, with a short-term peak in demand currently observed. The international demand for new energy vehicles is weak, influenced by policy changes in the US and Europe [14] - The current profit distribution structure in the automotive industry is unsustainable, with 85% of the total profits belonging to battery companies, leading to significant profit shrinkage for major vehicle manufacturers [14]

2025 年 1 - 10 月， 汽车整车出口 651.3 万辆，同比增长 23.2% ；出口金额达 1114.4 亿美元， 同比增长 13.4% 。 来源： 中汽协会行业信息部 据中国汽车工业协会整理的海 关总 署数 据显示 ， 20 2 5 年 10 月 , 汽车整车出口 82.8 万辆， 环比增长 9.5% ，同比增长 41.6% ，出口金额达 143.1 亿美元，环比增长 11.7% ，同比增长 34% 。 ...

Core Viewpoint - CICC initiates coverage on Chery Automobile with an "outperform industry" rating and a target price of HKD 42, highlighting its position as a leading Chinese independent automaker with accelerating export and new energy transformation [1] Group 1: Company Performance - Chery Automobile is expected to rank among the top in total sales within the industry for 2024, supported by its multi-powertrain development and multi-brand strategy [1] - The company is projected to release several new models by 2026, which could significantly contribute to its sales growth [1] Group 2: Market Potential - The overseas market is anticipated to become a key driver for Chery's long-term sales and profit growth [1] - CICC forecasts a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026, with expected earnings per share of RMB 3.32 and RMB 3.88 for the next two years [1]

Core Insights - BYD remains the absolute leader in China's automotive sales, but its growth rate has slowed compared to previous years [1][3] - Geely has achieved a new high in growth driven by new energy vehicles [1][3] - Chery maintains its position as the domestic passenger car brand with the highest overseas exports [1][3] Sales Performance - In November, BYD sold 480,200 vehicles, a year-on-year decrease of 5.25%; Geely sold 310,400 vehicles, a year-on-year increase of 24%; Chery sold 255,800 vehicles, a year-on-year decrease of 2% [1][3] - For the first 11 months, BYD's cumulative sales reached 4.182 million vehicles, a year-on-year increase of 11.3%; Geely's cumulative sales were 2.7878 million vehicles, a year-on-year increase of 42%; Chery's cumulative sales reached 2.3991 million vehicles, a year-on-year increase of 11% [1][3] Year-End Sales Targets - BYD's initial sales target for the year was 5.5 million vehicles, later adjusted to 4.6 million; it needs to sell 400,000 vehicles in December to meet this target [3] - Geely's initial target was 2.71 million vehicles, raised to 3 million; it only needs to maintain November's sales level to exceed this target [3] - Chery's target was to achieve a growth rate exceeding the industry average of 10-20%, with a projected sales target of 3.18 million to 3.45 million vehicles; achieving this seems unlikely based on current performance [3] New Energy Vehicle Sales - BYD continues to lead globally in new energy vehicle sales, with all its vehicles being new energy types; Geely's November new energy vehicle sales reached 187,800, a year-on-year increase of 53.36%; Chery's new energy vehicle sales were 110,000, a year-on-year increase of 50% [5] - For the first 11 months, Geely's cumulative new energy vehicle sales were 1.5335 million, a year-on-year increase of 97.35%; Chery's cumulative new energy vehicle sales were 814,700, a year-on-year increase of 69.4% [5] Export Performance - In November, BYD exported 131,930 vehicles, with a cumulative export of 917,000 vehicles for the first 11 months, doubling from the previous year; Chery exported 131,850 vehicles in November, with a cumulative export of 1.1996 million vehicles, a year-on-year increase of 14.7%; Geely exported 42,100 vehicles, with a cumulative export of 379,800 vehicles [5][7] - BYD's export volume accounted for approximately 22% of its total sales; Chery's export volume exceeded 50% of its total sales; Geely's export volume accounted for less than 15% [7] Strategic Insights - BYD's complete transition to new energy vehicles gives it a significant market advantage, although its growth has slowed due to high previous year bases; Geely and Chery are accelerating their new product launches and catching up in sales, particularly in new energy vehicles [7] - Chery leads in both total export volume and export percentage, while BYD is expanding its overseas market significantly faster than its domestic market, indicating a shift in its global strategy; Geely is consolidating its brand and has not significantly expanded its overseas business [7]

同期，包括电动汽车和燃油车在内的中国汽车在以色列的总销量为96208辆，继续位居所有出口国之 首，韩国汽车和日本汽车分列第二和第三位。 近年来，随着中国车企不断提升在智能化、续航能力和性价比等方面的竞争力，中国品牌汽车在以色列 市场的份额持续扩大。 新华财经耶路撒冷12月2日电（记者路一凡 王卓伦）以色列汽车进口商协会2日发布的数据显示，今年 前11个月，中国品牌电动汽车销量领跑以色列市场，中国依然是以色列最大汽车供应国。 数据显示，今年1月至11月，中国汽车品牌在以色列共售出44752辆电动汽车。比亚迪、奇瑞和小鹏等品 牌位居电动汽车销量榜前列。 数据显示，今年1月至11月，中国汽车品牌在以色列共售出44752辆电动汽车，中国品牌电动汽车销量领 跑以色列市场。 ...