吉利汽车 20251130 摘要 吉利汽车出口保持高增长，尤其在非俄罗斯市场，预计明年继续保持高 增态势，新能源汽车出口占比已达 40%左右，这将进一步提升公司的盈 利能力。 极氪品牌表现突出，极氪 009 为 40 万以上 MPV 市场销冠，极氪 9X （均价 50 万元）10 月交付 4,000 台，顶配版本订单占比高，预计未来 数月交付量将持续上升，有望成为重要增长点。 吉利银河系列自今年上半年以来延续了强劲的产品周期，到 10 月份全 系列交付量约 13 万台，同比翻倍增长，推动了吉利品牌新能源渗透率 快速提升。 极氪 9X 若能实现每月 5,000-1 万台的交付量，全年可实现 8 万台销售， 为公司带来约 400 亿元营收，并贡献 40-60 亿元净利润，相当于提升 公司整体净利润弹性约 40%。 领克品牌销量显著增长，每月同比增速达到 20%至 30%，10 月份销量 突破 4 万台，其中新能源车占比 72%。领克 900 作为插电式大型 SUV，销量持续增长，表明吉利在高端市场取得了成功。 Q&A 近期吉利汽车的市场表现如何？ 今年前 10 个月，吉利汽车整体销量表现强劲，批发销量接近 250 ...

11月21日，安徽省芜湖市鸠江区芜湖港朱家桥港区码头货场，大量汽车等待装船发往全球市场。陶海金摄 （中经视觉） 奇瑞汽车累计出口突破500万辆，江汽集团百万元级新能源汽车品牌尊界S800上市4个月大定破1.5万辆，蔚来 开启乐道、萤火虫多品牌战略协同模式……今年前10个月，安徽汽车产量达275.55万辆、新能源汽车产量达 143.03万辆，继续保持全国第一位，距年度产量首次全国登顶越来越近。目前，安徽集聚了奇瑞集团、蔚来 汽车、大众安徽、合肥比亚迪、江汽集团、合肥长安、汉马科技7家整车企业，以及覆盖"三电""三智"等全链 条的规上零部件企业3000余家。安徽成为汽车制造第一大省固然与统计口径的调整有关,更深层的原因则在于 安徽抢抓新能源汽车产业风口，坚定布局、持续深耕。 招大引强 记者了解到，蔚来汽车分别与中国科学技术大学、合肥工业大学合作，相继成立"中国科大·蔚来智能电动汽 车联合实验室""合工大·蔚来创新研究院"，目前已产出整车全域操作系统、5纳米车规级智能驾驶芯片等核心 技术成果。 近日，奇瑞集团在安徽芜湖举办的2025奇瑞全球创新大会上，系统展示了其在电动化、智能化等前沿领域的 一系列最新成果。"今天 ...

每经编辑｜陈鹏程 王瀚黎 ０中国１１月RatingDog制造业PMI公布 2 美国9月新屋开工数据公布 3 美国三季度实际GDP年化季环比初值公布 ◀ 《期货做市交易业务管理规则》将于12月 实施 5 中国2025人工智能+产业生态大会将于1 日一12月3日在北京举办 1 关注香港大埔火灾 香港大埔火灾：警方确认失联名单中的159名市民安全 香港特区政府30日下午就大埔宏福苑火灾召开记者会介绍，警方伤亡查询组持续排查，已成功联络失联名单中的159名市民并确认安全。此外，29日以来， 特区政府房屋署已投入超过100名专业人员，对6栋楼宇、超过1500个单位完成了初步勘察。（新华社） 香港大埔火灾已致146人遇难 仍有100人失联 11月30日，香港警方举行新闻发布会。警方表示，截至当天16时，大埔宏福苑火灾已造成146人遇难，仍有100名受灾人员失联。大火搜救工作仍持续进行。 （央视新闻） 2 我国成功发射实践二十八号卫星 北京时间2025年11月30日20时20分，我国在文昌航天发射场使用长征七号改运载火箭，成功将实践二十八号卫星发射升空，卫星顺利进入预定轨道，发射任 务获得圆满成功。此次任务是长征系列运载火 ...

Core Insights - Leap Motor aims to achieve an ambitious sales target of 1 million vehicles annually by 2026, nearly doubling its previous target, following the successful completion of 500,000 units ahead of schedule in 2025 [1][2] - The company has faced challenges such as the reduction of subsidies for electric vehicle purchases, intensified market competition, and a market valuation significantly lower than other new energy vehicle companies [1][4] Sales Milestones - Leap Motor took five years to reach 500,000 units sold, but only 343 days to move from 500,000 to 1 million [2] - The company has maintained its position as the monthly sales champion among new energy vehicle manufacturers for eight consecutive months, with delivery volumes exceeding 60,000 and 70,000 units in September and October, respectively [2] Financial Performance - In the first half of the year, Leap Motor achieved its first positive net profit, becoming the second new energy vehicle company to do so after Li Auto [3] - For Q3 2025, the company reported a net profit of 150 million yuan and revenue of 19.45 billion yuan, marking a 97.3% year-on-year increase, with a gross margin of 14.5% [3] Market Challenges - The reduction of government subsidies is expected to increase vehicle prices, posing a challenge for Q4 sales, although long-term recovery is anticipated [4] - The competitive landscape is intensifying, with brands like Geely and NIO launching products in the 100,000 to 300,000 yuan price range, creating a "sandwich" effect for Leap Motor [4] Market Valuation - Leap Motor's market capitalization is approximately 75.4 billion HKD, significantly lower than competitors like Xpeng (160.7 billion HKD) and Li Auto (145.2 billion HKD) [5] - The CEO of Leap Motor suggests that the company's stock is more suited for value and long-term investment rather than short-term speculation [5] International Expansion - Leap Motor has recently entered the South American market, launching in Brazil and Chile, and has established a global presence in 35 countries, with overseas sales accounting for about 8.8% of total sales [6] - The company aims to transition from "quantity" to "quality" by enhancing brand value and profitability while focusing on core technology development and market segmentation [6] Strategic Focus - Industry experts emphasize the need for Leap Motor to establish a significant business moat, highlighting that future success will depend on maintaining market share and achieving sustainable growth rather than just increasing sales volume [7]

| 倒计时18天 | | | --- | --- | | 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | &起点研究十周年庆典 | | | 2025起点用户侧储能及电池技术论坛 | | | 活动主题： 新周期 新生态 | 新技术 | | 活动时间： 2025年12月18-19日 | | | 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）二楼维纳斯厅（深圳市宝安区沙井 | | | 镇沙井路118号） | | | 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR | | | 活动规模： 线下1200+，在线直播观看30000+ | | | 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/赣锋锂电/多氟多/保力新/ | | | 远东电池/国轩吉美泰/诺达智慧/创明新能源/德赛电池/陀普科技/蓝京新能源/北测新能源/亿鑫丰/达力 | | | 智能/金力股份/苏州莫洛奇/鑫晟达/先导智能/尚太科技/超业精密/科迈罗/东唐智能/贤辰智享/爱签/中 | | 起点研究院 SPIR 数据显示， 2025 前三季度 中国磷酸铁锂正极出货量达 257.5 ...

期货研究报告 | 新能源&有色 行业研究报告 展望 2026 年：消费端目前均较乐观，但实际兑现情况仍有待观察，整体供需格局预计有所好转，过剩量收窄。若消费端超预期，供应 端出现不可抗力，可能出现阶段性偏紧。预计 2026 年碳酸锂价格将会在 7-13 万元/吨运行，由于行业整体过剩收窄，价格重心会或出 现抬升，对于碳酸锂来说，整体波动幅度依旧较大，对于产业客户与投资机构，可把握周期性行情。 新能源&有色金属研究 过剩程度收窄 锂价重心或上移 New Eergy and Non-Frrous Mtals 本期分析研究员 封帆 从业资格号：03139777 投资咨询号：0021579 华泰期货研究院新能源&有色金属研究 2025 年 11 月 30 日 陈思捷 从业资格号：3080232 投资咨询号：0016047 师橙 从业资格号：3046665 投资咨询号：0014806 王育武 从业资格号：03114162 投资咨询号： 0022466 期货研究报告 | 碳酸锂年报 2025-11-30 研究院 新能源&有色组 研究员 陈思捷 电话：021-60827968 邮箱：chensijie@htfc.com 从 ...

2025 年 11 月 30 日 十二月策略和十大金股 —12 月十大金股 投资要点 ▌ 总量观点 12 月海外关注联储是否降息、流动性修复进度及 AI 芯片博 弈。预计美股震荡修复，逢低布局；美债短期性价比较 低；黄金警惕冲高回落以及关注日元扭转的可能。国内 PMI 小幅改善，关注政治局会议和中央经济工作会议的政策信 号和发力方向。 海外市场面临多重博弈，随着地缘局势改善和流动性修复 会有风偏回升，但波动放大风险也需警惕。国内政策基调 虽偏积极，但难有大力度举措在年底落地，加上机构排名 落地在即，预计机构资金偏向于防守留存收益，再度冲击 4000 点还需蓄势，预计整体 A 股区间震荡，成交缩量，热 点加速轮动。 行业选择： 1）政策预期的低位消费（食饮、家电、商贸 零售等）；2）景气修复的涨价周期（电力设备、有色、化 工、钢铁等）；3）产业催化的科技主题（商业航天、机器 人、AI 应用等）。 ▌ 本期金股组合： 电子：立讯精密（002475.SZ） 电子：兆易创新（603986.SH） 新能源：锐明技术（002970.SZ） 汽车：模塑科技（000700.SZ） 电力设备：美湖股份（603319.SH） 电 ...

Group 1 - The article discusses the contrasting market signals regarding production data and forecasts, indicating a potential misalignment in expectations and reality [3] - November is expected to show significant month-on-month growth, with no anticipated decline into December, supported by various institutions' positive outlooks [3] - The main divergence in the market is centered around the performance of power batteries, with slight downward expectations for BYD's Q1 production, but overall, a 3-5% decline is considered within expectations [3][6] Group 2 - The article argues that despite the reduction or cancellation of subsidies, consumer demand for electric vehicles remains strong, driven by the anticipation of future price increases [6] - The expected increase in battery capacity per vehicle is projected to drive a 10-15% growth in the power battery sector [6][7] - Heavy-duty trucks are highlighted as a significant growth area, with projections indicating a production increase of 130-150 GWh for next year, contributing to an overall 8.65% growth in power batteries [11][12] Group 3 - The article emphasizes that the storage energy sector is on the verge of significant growth, with production expected to ramp up in Q4 or Q1-Q2 of the following year [13] - It notes that the global demand for storage is surging, driven by economic viability and policy support, particularly in the context of renewable energy [14][15] - The article posits that the transition from traditional energy sources to renewable energy solutions is not merely a price issue but a matter of energy security and efficiency [15] Group 4 - The article addresses the skepticism surrounding the demand forecasts, suggesting that the current market dynamics are driven by genuine demand rather than speculative behavior [16][18] - It highlights the need for a balanced approach to managing supply and demand, warning against the dangers of excessive speculation that could lead to market instability [20][21] - The article concludes that the current market conditions reflect a significant supply-demand mismatch, with downstream and midstream sectors expanding while upstream investment remains stagnant [26][27]

Core Viewpoint - The new energy light commercial vehicle market in 2025 is experiencing fluctuations, with a notable increase in penetration rates exceeding 70% in recent months, despite some periods of year-on-year sales decline [1][4][30]. Sales Performance - In October 2025, the domestic new energy light commercial vehicle market sold 28,900 units, representing a 19% month-on-month decline but an 18% year-on-year increase [4][30]. - From January to October 2025, the cumulative sales of new energy light commercial vehicles reached 233,900 units, showing an 18% year-on-year growth, with a total increase of 35,700 units compared to the previous year [24][28]. Market Trends - The market has shown a pattern of alternating sales increases and decreases, with a notable six consecutive months of year-on-year growth from May to October 2025 [4][30]. - The penetration rate of new energy light commercial vehicles in the overall light commercial vehicle market reached 70.41% in October, marking the highest level ever recorded [8][30]. Regional Insights - All 31 provincial-level administrative regions in mainland China have registered new energy light commercial vehicles, with Guangdong province leading with over 41,000 registrations, accounting for 17.55% of the national total [12][14]. Vehicle Type Distribution - Pure electric vehicles dominate the new energy light commercial vehicle market, comprising 99.973% of the total, with negligible presence of hybrid and fuel cell models [16][30]. Leading Companies - In October 2025, the top-selling companies in the new energy light commercial vehicle market included Yuan Cheng, Wuling, and Changan, with market shares of 21.20%, 17.35%, and 16.01% respectively [18][22]. - The cumulative sales rankings for January to October 2025 show that major players like Wuling and Yuan Cheng have seen significant year-on-year growth, while some companies experienced declines [26][28].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The UK government plans to introduce a $2 billion electric vehicle subsidy program to accelerate the adoption of electric vehicles [13] - Tianqi Lithium has made significant progress in the production of lithium sulfide, with costs expected to drop to 60% of the industry average [14][15] - Longpan Technology has secured a major order for 1.3 million tons of lithium iron phosphate from Chuangneng New Energy, significantly increasing its revenue potential [16] - The first large-capacity all-solid-state battery pilot production line in China has been completed, marking a technological milestone [18][19] Summary by Sections Lithium Battery Sector - The battery industry index rose by 3.14%, outperforming the CSI 300 by 1.5 percentage points, with significant gains from key companies like Longpan Technology and Penghui Energy [11] - The UK plans a £1.5 billion subsidy to boost electric vehicle sales, which has already seen over 35,000 owners switch to electric vehicles since July [13] - Tianqi Lithium's new production process for lithium sulfide is expected to reduce costs significantly, enhancing its competitive edge [14][15] - Longpan Technology's order increase from 150,000 tons to 1.3 million tons of lithium iron phosphate is projected to generate over 45 billion yuan in sales [16][17] Energy Storage Sector - The National Development and Reform Commission has announced that new energy storage plants will not be included in the pricing of transmission and distribution costs, promoting the sector's growth [22][23] - The Hubei province aims to reach 5GW of new energy storage capacity by 2027, with a focus on new energy storage technologies [28][29] Power Equipment Sector - The results of the pricing competition for electricity mechanisms across 11 provinces have been released, with Shanghai leading in pricing [30] - The bidding for three high-voltage direct current projects has commenced, indicating ongoing infrastructure development [31][32] Photovoltaic Sector - The price of polysilicon remains stable, while the price of silicon wafers has decreased, reflecting a challenging market environment [33][34] - The global market for polysilicon is dominated by Chinese manufacturers, with four companies expected to account for 65% of global production by 2024 [39] Wind Power Sector - Recent approvals and bidding progress for offshore wind projects in various regions indicate a steady pace of development in China's offshore wind sector [43][44] - The UK is advancing its offshore wind projects, with significant milestones achieved in the Dogger Bank project [47]