截至目前，零跑已在巴西和智利推出智能豪华SUV C10的纯电版与增程版，以及中型纯电SUV B10，并 在圣保罗车展上展示了六座智能电动SUV C16。2025年内，零跑将在巴西27城市布局36家网点，在智利 布局5家网点；依托Stellantis现有渠道资源，确保用户从销售、售后到配件供应的一站式服务体验。 此外，零跑推出集成数字钥匙、远程控车、充电导航等功能的LEAP+互联平台，并联合Zletric、GreenV 等本地充电服务商，为用户提供充电、家充安装等权益。 （文/观察者网 张家栋 编辑/高莘） 11月25日，零跑汽车官网发布信息显示，本月，零跑汽车在巴西及智利两国接连上市，并亮相巴西圣保 罗车展，正式登陆南美市场。 零跑汽车官网 零跑汽车表示，公司将以巴西为起点，在南美地区推出覆盖纯电及增程的全系电动产品，并依托 Stellantis成熟的经销商网络与售后体系，为南美用户提供创新技术与本地化服务深度融合的电动出行解 决方案。 曹力曾称，"我们是通过零跑国际来做海外渠道的规划，会优先选择Stellantis在海外渠道网络资源强势 的区域。比如它在欧洲和南美洲做得非常好，我们就会优先考虑；再如德国、法 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - Current demand is weak, but the annual cumulative figures remain above expectations. Retail sales of passenger cars from November 1-16 reached 886,000 units, a year-on-year decrease of 14%, while cumulative retail sales for the year reached 20.142 million units, a year-on-year increase of 7% [1][21] - The new energy vehicle market shows positive growth, with retail sales of 554,000 units from November 1-16, a year-on-year increase of 2%, and cumulative retail sales for the year reaching 10.703 million units, a year-on-year increase of 21% [1][21] - Multiple companies are accelerating their autonomous driving strategies, with significant advancements in L3 commercial applications. GAC Group has become the first company in China to receive a testing license for L3 autonomous driving at speeds up to 120 km/h [3][43] Summary by Sections Market Overview - The automotive sector experienced a decline of 4.89% in the past week, with most related sub-sectors also declining. The Shanghai Composite Index fell by 3.77% during the same period [12][13] Data Tracking - Passenger car retail and wholesale sales from November 1-16 showed a retail figure of 886,000 units and a wholesale figure of 1.021 million units, both reflecting a year-on-year decrease of 14% [21] - New energy vehicle retail sales for the same period reached 554,000 units, with a cumulative total of 10.703 million units for the year, marking a 21% increase [21] Industry News - Companies like Leap Motor and NIO are making strides in global markets, with Leap Motor's collaboration with FAW Group expected to yield an overseas model by next year [2][38] - GAC Group's A800 has received approval for L3 testing, indicating a significant step towards practical application of autonomous driving technology [3][43] - Xiaomi is set to upgrade its HAD system to a new architecture by Q4 2025, enhancing its autonomous driving capabilities [33][42]

J 华宝英金 型向柱 FU 港股汽车50 T+0交易 * H * * * 50E TF 520780 520783 | 帮 认购 火热发行中 汽车行业,尤其新能源汽车,国内渗透 率已达阶段天花板,叠加明年补贴政 策退坡,很多车企面临巨大盈利压力, 近年来好几家车企破产清算,行业前 景怎么看? 当前政策真空期,叠加年底市场活跃 度下降、外围冲击,港股市场,尤其港 股汽车会否还有较大调整? 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 - 2022 - 2023 - 2024 - 2025 近期港股汽车已明显跑输其他板块,对明年低增速预 朗已经price in,整体调整幅度或可控。预期明年市场 会有比较好的政策支撑,因此当前悲观预期下或是较 好的布局时点。 对于中国汽车出海,今年和明后年的 销售数据、收入盈利数据能否做一下 预测?全球关税政策、单边主义,对汽 车出海的影响怎么预估? 目前月度新能源渗透率仅为55.3%,仍有较大上行空 间。 补贴层面,根据近期终端调研,10月起多数省市补贴政 策开始退坡(金额下降、资格需要摇号或者直接停止) 导致四季度旺季不旺,同比下滑明显。消费者进入 ...

Group 1 - The article focuses on the theme of "automobile export," analyzing BYD's recent overseas success cases to explore the reasons behind its explosive growth [6] - The goal is to break the market's vague perception that BYD relies solely on "cost performance" by providing precise data analysis of its success logic, offering insights for other car manufacturers [6] Group 2 - In 2023, sales were highly concentrated in four countries: Brazil, Australia, Thailand, and Israel, accounting for 66% of total exports, compared to only 28% in 2022 [7] - In 2024, further concentration is expected, with Brazil alone contributing nearly 60,000 units, while Mexico's performance is notable but not yet fully accounted for; other countries show limited growth, such as Indonesia with 15,000 units [7] - By 2025, market distribution will diversify, with significant contributions from the UK (38,000 units), Turkey (37,000 units), Australia (30,000 units), and Brazil (26,000 units), alongside rapid growth in European countries (Italy, Germany, Spain) and Southeast Asia (Thailand, Indonesia) [7] Group 3 - In 2023, vehicle models were dispersed, with various models like Yuan PLUS, Dolphin, and Song PLUS testing different markets, such as Yuan PLUS receiving 10,000 orders in Thailand within 42 days [7] - In 2024, Brazil and Mexico will become the main battlegrounds, with multiple models running concurrently, each contributing 20,000 to 30,000 units [7] - By 2025, the vehicle model strategy will become highly focused, forming a "big single product" strategy [7]

Core Insights - Leap Motor has launched its A10 model at the Guangzhou Auto Show, following the pre-sale of its Lafa 5 model, indicating a strategic push for increased sales in overseas markets to achieve its goal of selling one million vehicles by 2026 [2][3] Product Launch and Features - The A10 is positioned as a "smart boutique long-range SUV" with a range of 500 km (CLTC), powered by dual flagship chips (Qualcomm 8295P + 8650), and features full-scene intelligent assistance from parking to driving [2] - The A10 will be the first model under 100,000 yuan to feature LiDAR technology, following the earlier launch of a LiDAR-equipped model under 150,000 yuan [2] Target Market and Consumer Appeal - The A10 is aimed at young consumers, incorporating trendy and personalized elements, which aligns with Leap Motor's A series targeting this demographic [3] - The introduction of the A10 is expected to expand Leap Motor's user base and support its sales target of one million vehicles by 2026, particularly in the European market where such boutique cars are well-received [3] International Expansion and Sales Strategy - Leap Motor has established over 1,700 sales and service outlets globally, with nearly 800 located overseas, indicating a strong international presence [3] - The company is focusing on localizing production, with a project in Malaysia for the C10 model and plans for similar initiatives in Spain [4] - The B series models are being developed for global markets, with specific configurations tailored to different regions, and the B10 model is currently being promoted in Europe [4] Future Outlook - Leap Motor plans to launch several models, including the B10, B01, Lafa 5, and A10, in overseas markets by 2026, which will be crucial for achieving its sales targets [4] - The performance in international markets will significantly impact the company's ability to meet its one million vehicle sales goal, although consumer acceptance remains to be seen [4]

作者 | 第一财经 肖逸思 今年10月，较少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。先是 王传福出现在当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高速增 长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比亚迪 2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 在国内市场竞争加剧、市场增长空间有限的大背景下，站在2025走向尾声的时间节点，比亚迪和吉利这 两家头部企业诉说的增长故事，均已经从国内转场到了海外。 明年国内市场竞争预期加剧 当下，中国汽车市场日趋白热化已经成为共识。但是，明年的车市竞争还增加了一项新的不确定性，即 自2026年1月1日起，新能源汽车将不再免征车辆购置税，而是开始减半征收。 随着新能源汽车补贴政策的进一步退坡，市场对明年的竞争态势预期会进一步加剧。11月6日，比亚迪 在一场投资者电话会议中表示，公司预计明年中国电动汽车市场将面临更大的竞争压力，车辆购置税优 惠幅度从10%降至5%会 ...

2025.11. 20 本文字数：2133，阅读时长大约4分钟 作者 | 第一财经 肖逸思 今年10月，较少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。 先是王传福出现在当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高 速增长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比 亚迪2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 比亚迪和吉利是国内汽车销量排在前二的两家头部车企。乘联分会数据显示，今年前10个月，比亚 迪国内零售销量累计近284万辆，吉利则为214万辆。过去，大众和通用两大品牌在国内零售销量最 高都在400余万辆，2024年，比亚迪的零售销量近372万辆，已经逼近历史巅峰数据。 明年国内市场竞争预期加剧 当下，中国汽车市场日趋白热化已经成为共识。但是，明年的车市竞争还增加了一项新的不确定性， 即自2026年1月1日起，新能源汽车将不再免征车辆购置税，而是开始减半征收。 随着新能源汽车补贴政策的进一 ...

更大的市场空间、更高的单车利润，海外是一片蓝海。 今年10月，较少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。先是 王传福出现在当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高速增 长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比亚迪 2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 比亚迪和吉利是国内汽车销量排在前二的两家头部车企。乘联分会数据显示，今年前10个月，比亚迪国 内零售销量累计近284万辆，吉利则为214万辆。过去，大众和通用两大品牌在国内零售销量最高都在 400余万辆，2024年，比亚迪的零售销量近372万辆，已经逼近历史巅峰数据。 在国内市场竞争加剧、市场增长空间有限的大背景下，站在2025走向尾声的时间节点，比亚迪和吉利这 两家头部企业诉说的增长故事，均已经从国内转场到了海外。 明年国内市场竞争预期加剧 当下，中国汽车市场日趋白热化已经成为共识。但是，明年的车市竞争还增加了一项新的不确定性 ...

Core Viewpoint - Chen Jiacai is set to become the Vice General Manager of GAC Group, focusing on the company's overseas automotive business, which has garnered significant attention [1]. Group 1: Background of Chen Jiacai - Chen Jiacai, born in 1982, is relatively young for a management position in the domestic automotive industry but has extensive experience [3]. - His career began at Foton Motor, and he joined Chery Automobile in 2006, where he spent most of his career [3]. - Chen gained visibility in 2017 as the Director of Human Resources and Administration at Chery Commercial Vehicle Company, later becoming General Manager of Ruitesi Electric Vehicles and then General Manager of Jietu International Marketing [5]. Group 2: Achievements and Contributions - Under Chen's leadership, Jietu Automobile achieved overseas sales of 100,000 units within three years, indicating his strong capabilities and familiarity with international markets [5]. - He has held various significant positions, including General Manager of Chery Commercial Vehicle International Company and Assistant General Manager at Jietu Automobile [5]. - Recently, he was responsible for advancing the global strategy at Seres, where he served as the rotating president of the overseas business unit [5]. Group 3: GAC Group's Performance - GAC Group sold 170,700 vehicles in October 2025, with 15,400 units exported, marking a year-on-year increase of 69.2% in exports [5]. - The export volume of self-owned brands increased by 36% in the first ten months of the year [5].

Core Insights - Xiaomi has launched its Mijia Smart Refrigerator on October 30 and the Mijia Washer-Dryer Combo on November 17 in Spain, marking a significant step in its overseas expansion of home appliances [1] - The company views 2023 as the inaugural year for its home appliance internationalization, with positive feedback observed so far [1] - Xiaomi aims to establish 10,000 overseas Xiaomi Home stores within five years, positioning new retail as a "highway" to global users, enhancing brand premiumization and the globalization of its "people, vehicles, and home ecosystem" [1] Summary by Categories Product Launches - Xiaomi introduced the Mijia Smart Refrigerator on October 30 and the Mijia Washer-Dryer Combo on November 17 in Spain [1] Strategic Goals - The company has set a target for 2025 to mark the year of internationalization for its home appliances and new retail, with plans for automotive expansion by 2027 [1] - Xiaomi plans to build 10,000 overseas Xiaomi Home stores within five years to facilitate its global outreach [1] Market Feedback - Initial feedback on the new product launches has been very positive, indicating a successful entry into the overseas market for home appliances [1]