（原标题：崔东树：前11月汽车行业收入达10万亿元 11月单月利润率回升至4.4%） 智通财经APP获悉，12月27日，乘联会秘书长崔东树发文称，2025年1-11月的汽车行业收入100223亿 元，同比增8.1%；成本88405亿元，增9%；利润4403亿元，同比增7.5%；汽车行业利润率4.4%，相对 于下游工业企业利润率6%的平均水平，汽车行业仍偏低。其中，11月的汽车行业收入11445亿元，同比 增9.7%；成本10162亿元，增11.4%；利润508亿元，同比增39.2%；汽车行业利润率4.4%，环比10月回 升明显，相较去年11月的3.3%提升较大。 各地大力度推动"两新"政策落地实施，有效释放内需活力，消费品以旧换新政策加力扩围效果明显，但 汽车行业效益改善明显落后其它消费品。随着国家反内卷工作持续推进，有色金属矿业利润率30.4%， 上游钢铁行业利润大幅改善，汽车行业散财改善产业链利润效果不错。期待车市油电同权推动油电同 强，未来汽车行业总体形势必能持续稳中向好。 2024年汽车行业利润总体表现不强，销售利润率仅有4.3%，较历史正常水平大幅下降。2025年11月 份，汽车行业销售利润率4.4 ...

Group 1 - The core viewpoint is that under the guidance of regulatory authorities, the banking industry is working to avoid chaotic competition, which will lead to more rational pricing and help stabilize interest margin levels [1] - A senior executive from China Merchants Bank indicated that while there is still downward pressure on interest margins measured quarterly, the hope is that the extent of the decline compared to the previous year will narrow [1]

Core Insights - The "Two New" policy continues to show effects, with the consumption of old products for new ones significantly boosting related industries and supply chains [1][2] - The automotive industry is projected to produce 18.08 million vehicles in 2025, reflecting an 11% year-on-year increase [1] - The automotive sector's revenue for January to July 2025 reached 591.93 billion yuan, an 8% increase year-on-year, while costs also rose by 8% to 520.56 billion yuan [1] - Profit for the automotive industry during the same period was 27.37 billion yuan, a slight increase of 0.9% year-on-year, with a profit margin of 4.6% [1] - The profit margin for the automotive industry in July 2025 dropped to 3.5%, a significant decline from 4.4% in July 2024 [1][2] Automotive Industry Performance - The automotive industry's sales profit margin for 2024 is projected to be 4.3%, significantly lower than historical averages [2] - The automotive industry experienced a revenue of 82.75 billion yuan in July 2025, a 5% year-on-year increase, while costs also increased by 5% to 72.76 billion yuan [1] - The profit for July 2025 was 2.93 billion yuan, representing a 17% year-on-year decline [1] - The automotive industry's profit margin for January to July 2025 was 4.6%, which is better than 2024 but still at a historical low [2] Historical Data Overview - In 2023, the cumulative production of vehicles was 3.011 million, with a unit revenue of 335,000 yuan and a unit cost of 291,000 yuan [4] - The cumulative production for 2025 until July was 808,000 units, with a unit revenue of 327,000 yuan and a unit cost of 288,000 yuan [4] - The unit profit for July 2025 was 12,000 yuan, indicating a decrease compared to previous months [4]

Group 1 - The core viewpoint of the report indicates that measures to address the price war have not yet fully taken effect, with both CPI and PPI showing weak year-on-year performance [1] - Looking ahead, if CPI and PPI continue to improve on a month-on-month basis, the year-on-year growth rate is expected to gradually improve in the second half of the year due to the impact of a low base [1] - If production restriction measures escalate from industry self-discipline to national ministry level, the slope of price level recovery will become steeper [1] Group 2 - Overall, the first data on foreign trade and prices for the second half of the year reflects a situation that is better than expected, with stable growth in exports and continuous improvement in import demand [1] - The rebound in month-on-month price growth reflects the effects of previous policies [1] - The continuation of policies aimed at increasing residents' income and reducing burdens in the second half of the year will help alleviate the impact of declining investment demand on the economy [1]