调查发现，一众车企密集开启让利模式，正是对新能源汽车购置税优惠政策变动的积极应对之举。 ■文/图/视频 三湘都市报全媒体记者 仝若楠 价格直降、免息、低息让利 "年前就有一波大促，没想到一开年，新能源汽车又继续'放大招'。"新年伊始，不少长沙市民反映新能 源汽车市场集体迎来开年促销热潮。1月12日，三湘都市报记者走访了解到，新年第一天，宝马对31款 车型启动大范围官方调价，最高降幅达24%；特斯拉、小米汽车也针对旗下热门车型推出0息、低息购 车方案，此外还有二十余家车企"花式"大促，招揽顾客。 新能源汽车市场加速"洗牌" 1月12日，万象城一楼东侧，多家新能源汽车店店员正在招揽顾客，店内均摆放着醒目的活动告示 牌，"购置税兜底""免息贷款""现金直降"等优惠活动密集推出，吸引不少消费者到店咨询。 其中，岚图汽车门店外竖立的新年购车活动颇具吸引力，"现在新年购车不仅能抽积分，还有'购置税兜 底'，可帮助消费者立省1.5万元，覆盖所有车型，将持续至1月15日。"店员赵女士介绍。 附近的小米汽车门店也紧跟促销节奏，店员正向一名试驾YU7车型的乘客介绍："这款车有'3年0息'贷 款购车的福利，这是今年新推出的活动，之 ...

2025年，插电式混动（插混）车型在国内市场明显降温，但海外市场需求却日益火爆。中国汽车工业协会（下称"中汽协"）日前发布的最新数据显示， 11月，插混汽车出口12.4万辆，环比增长37.3％，同比增长4倍，增速远高于纯电动汽车。1～11月，插混汽车出口84.2万辆，同比增长2.4倍，而去年全年只 有不到30万辆。 以上海市数据为例，今年1～11月，上海市机电产品出口额达到1.19万亿元，增长6.3％；其中混动汽车占比激增，出口额达到257.2亿元，大幅增长174.8％。 这种"国内市场稳中有缓，海外市场高歌猛进"的格局，并非偶然的市场波动，而是全球汽车产业转型、贸易环境变化与中国车企技术积累共同作用的必然结 果。深入剖析这一现象背后的逻辑，不仅能为车企的战略布局提供参考，更能窥见全球新能源汽车市场的深层变革趋势。 海外充电设施落后催生刚需 新能源汽车的普及程度，始终与充电基础设施的完善度高度相关。这一核心要素的国内外差异，成为插混车型市场表现分化的关键因素。在全球能源转型进 程中，充电设施建设呈现显著地域不均衡性，尤其是欧洲、东南亚等中国插混车型的主要出口目的地，快充设施的供给缺口与分布失衡，为插混车型提供 ...

Group 1: Market Outlook - The passenger car market in China is expected to achieve record sales in 2025, driven by policy support, increased penetration of new energy vehicles, and sustained export growth [1] - The market is projected to continue its transition towards high-quality development in 2026, with domestic brands maintaining a strong market share [1] Group 2: Company Performance - Seres' Aito brand has successfully navigated price wars and competition, establishing itself as a leader in the high-end new energy vehicle market, with total deliveries exceeding 900,000 units [1] - The Aito M9 model has set a new record for deliveries in the 500,000 yuan segment, breaking the dominance of foreign brands in the high-end market [1] - For the first three quarters of 2025, Seres reported revenue of 110.534 billion yuan and a net profit of 5.312 billion yuan, reflecting a year-on-year profit increase of 31.56% [2] Group 3: Investment Insights - Analysts recommend focusing on Seres as a leading player in the domestic luxury SUV market, highlighting its investment value due to strong industry demand [2] - The successful listing of Seres on the Hong Kong Stock Exchange marks its entry into the "A+H" dual capital platform, enhancing its financing channels and supporting its global expansion strategy [2]

Core Insights - The adjustment of the vehicle purchase tax policy for new energy vehicles (NEVs) is aimed at ensuring that consumers do not incur additional costs due to tax changes when purchasing vehicles across the year [1] - The new policy, effective from January 1, 2026, will change the current exemption to a 50% reduction, with a maximum tax reduction of 15,000 yuan per vehicle [1] - This policy shift is seen as a recognition of the maturity of the NEV industry in China, which has grown from annual sales of 74,800 units in 2014 to over 11 million units in the first three quarters of 2025 [1] Industry Development - The NEV industry in China has experienced rapid growth, becoming the largest market globally, supported by the previous tax exemption policy that has been extended four times since its inception [1] - The adjustment is expected to enhance the industry's development quality rather than hinder its momentum, providing a buffer period for industry transformation [1] - The strong technological advantages of the Chinese NEV industry, including significant improvements in battery charging efficiency and leading electric motor technologies, underpin the policy change [2] Market Dynamics - The policy adjustment is anticipated to shift the industry from being policy-driven to market-driven, encouraging companies to rely on technological innovation and product quality [3] - Companies lacking core competitiveness may be eliminated from the market, while those with strong capabilities will thrive [3] - Increased market competition is expected to lead to better quality and cost-effective products for consumers in the long run [3] Future Outlook - The policy change is viewed as a new starting point for the Chinese automotive industry on the global stage, with expectations for a brighter future for the NEV sector [3] - Collaborative efforts among the government, enterprises, and consumers are believed to be crucial for the continued success and contribution of China's NEV industry to the global electric vehicle transition [3]

Core Insights - Dongfeng Motor and Huawei are deepening their strategic cooperation, focusing on product definition, intelligent technology, and marketing, aiming to innovate corporate governance and operational mechanisms [2] - The partnership is expected to pave the way for a new market-oriented operational path for state-owned enterprises, particularly for the newly appointed CEO of Dongfeng's Manly Automotive Technology [2] Group 1: Collaboration Success - The collaboration between "Iron Blood Manly" and "Full Blood Huawei" has shown initial success with the Manly M817, which achieved a pre-sale record of 5,257 units in 30 minutes and 9,713 units in one hour [3] - The M817 has become a "breaker" in the niche market, demonstrating the effectiveness of the collaborative model that combines the rugged off-road capabilities of Manly with Huawei's advanced intelligent technology [3][5] Group 2: Industry Transformation - The partnership represents a significant shift in the Chinese electric vehicle industry from scale competition to quality competition, serving as a reference for industry transformation [6] - The success of the Manly M817 illustrates that a strong alliance between manufacturing and technology leaders can overcome technical bottlenecks and create high-end products with core competitiveness and market appeal [6] Group 3: Future Outlook - The strategic cooperation between Manly and Huawei is closely aligned with industry development trends, with the M817's sales reflecting current market demands and the exploration of new collaboration models indicating future directions [8]

Core Viewpoint - The automotive industry is undergoing a significant transformation towards electrification, with a focus on balancing traditional fuel vehicles and electric vehicles, as well as exploring various technological routes to achieve sustainable development [2][11][23]. Market Trends - Global sales of new energy vehicles (NEVs) exceeded 19 million units last year, with a market penetration rate surpassing 23% in the first half of this year [3][6]. - In China, NEV sales reached nearly 13 million units last year, with a penetration rate exceeding 40%, and are expected to surpass 15 million units this year [6][11]. - The penetration rate of plug-in hybrid electric vehicles (PHEVs) rose from 17% in 2021 to 40% last year but saw a slight decline to 36% in the first half of this year [7][9]. Technological Development - The industry is experiencing a coexistence of multiple technological routes, with a focus on market-driven development rather than solely policy-driven [7][20]. - Battery technology and charging infrastructure are improving, leading to more rational consumer demands regarding vehicle range and charging needs [10][21]. - The average range of pure electric vehicles increased by approximately 17 kilometers in the first half of this year compared to last year [10]. Policy Support - The government has implemented various policies to support the NEV industry, including tax reductions and subsidies, which have significantly contributed to market growth [12][15]. - A new round of policies has been introduced to ensure a smooth transition for NEVs, including tax exemptions and the promotion of electric vehicles in public sectors [12][21]. - The dual carbon goals have prompted the automotive industry to accelerate its green and low-carbon transformation, with a focus on reducing the market share of traditional fuel vehicles [13][21]. Infrastructure Development - The government is actively promoting the establishment of charging and hydrogen refueling infrastructure, particularly in rural areas, to support the electrification of vehicles [16][19]. - Pilot programs for public service vehicle electrification are being launched in multiple cities, aiming to increase the adoption of electric vehicles in various sectors [17][19]. Future Outlook - The automotive industry is expected to continue its shift towards electrification, with a focus on diverse technological routes, including pure electric, plug-in hybrid, and fuel cell vehicles [20][22]. - The competition among different technological routes will depend on cost-effectiveness and carbon reduction capabilities, influencing market share in the future [22][23]. - The industry is encouraged to maintain strategic focus on NEV development while ensuring a fair and competitive market environment [23].

Core Viewpoint - Nabichuan New Energy Co., Ltd. is preparing for an IPO, showcasing its strong position in the domestic battery thermal management sector for electric vehicles, driven by technological accumulation, industry layout, and stable customer relationships [1][8]. Financial Performance - Nabichuan has demonstrated robust growth since entering the battery thermal management field in 2011, with a compound annual growth rate (CAGR) of 18.17% in main business revenue, projected to rise from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024 [2]. - The company reported a significant increase in net profit for Q1 2025, reaching 13.91 million yuan, a year-on-year growth of 77.85%, indicating a recovery in profitability [2]. - For 2025, Nabichuan forecasts a revenue of 1,736.76 million yuan, a 20.86% increase, and a net profit of 104.70 million yuan, reflecting management's confidence in future performance [3]. Industry Trends - The Chinese automotive industry is shifting focus from growth speed to quality, with electric vehicles becoming a core driver of this transformation. By 2025, electric vehicles are expected to account for approximately 20% of total vehicle sales in China [4]. - The market for liquid cooling plates in the battery sector reached approximately 4.7 billion yuan in 2022, with expectations to grow to 9.6 billion yuan by 2025, reflecting a CAGR of over 95% [4]. Technological Advancements - Nabichuan emphasizes continuous innovation, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, and has secured 203 patents, including 20 invention patents [5]. - The company has made significant breakthroughs in addressing uneven heating in battery modules, achieving a temperature deviation of less than or equal to 3°C, and improving defect detection rates to 100% [5][6]. Customer Relationships - Nabichuan has established a strong presence in the supply chains of major battery manufacturers and automakers, including CATL and Volkswagen, and has received recognition as an "Excellent Supplier" from key clients [7]. - The company’s established relationships with leading customers and its first-mover advantage position it well for future growth in the battery thermal management market [7]. Future Outlook - With a solid performance foundation and clear strategic planning, Nabichuan is poised to become a leading player in the global battery thermal management sector, capitalizing on industry growth opportunities [8].

Core Viewpoint - Dongfeng Group is privatizing and delisting its shares to focus on the development of its electric vehicle brand, Lantu, which is set to become the first publicly listed subsidiary of a central enterprise in the new energy vehicle sector [1][2]. Group 1: Privatization and Listing Strategy - Dongfeng Group announced its decision to privatize and delist from the Hong Kong Stock Exchange, citing underperformance and a long-term undervaluation of its H-shares as key reasons [1][3]. - The company plans to distribute 79.67% of its shares in Lantu to its shareholders before Lantu's introduction to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and brand image [3][4]. - The overall acquisition price for the transaction is set at HKD 10.85 per share, with cash compensation of HKD 6.68 per share and equity compensation of HKD 4.17 per share [3]. Group 2: Lantu's Market Position and Financial Performance - Lantu has shown significant growth, with sales reaching 66,680 units from January to July 2023, marking an 85.8% year-on-year increase [4][5]. - The company is nearing profitability, having achieved a single-quarter profit in Q4 2022, although it reported a net loss of CNY 1.472 billion for 2023, which is expected to narrow to CNY 18 million in 2024 [2][4]. - Lantu's management emphasizes that the decision to pursue an IPO will depend on the company's actual development and not merely for the sake of going public [4]. Group 3: Future Outlook and Goals - Lantu has set an ambitious sales target of 200,000 units for the year, with a current achievement rate of 33%, but remains optimistic about meeting this goal due to new product launches in the second half of the year [5].

Group 1 - Dongfeng Group's shares opened nearly 70% higher after the announcement of its subsidiary, Lantu Automotive, planning to go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1] - The transaction involves a combination of "equity distribution + absorption merger," where Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's listing [1] - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 per share and an equity consideration of HKD 4.17 per share for Lantu shares [1] Group 2 - The rationale behind this capital operation is attributed to the underperformance of the company's overall results due to the transformation of the automotive industry and intensified market competition [2] - Dongfeng Group aims to restructure its valuation by integrating quality resources towards emerging industries, particularly focusing on the development of the new energy vehicle sector [2] - The company plans to promote the transition from fuel vehicles to new energy vehicles, capitalizing on the growth potential of China's new energy vehicle industry [2]

Group 1 - Dongfeng Group shares opened nearly 70% higher after announcing the listing of its subsidiary, Lantu Automotive, on the Hong Kong Stock Exchange, with a current price of 10.1 HKD and a trading volume of 151 million HKD [1] - The transaction involves a "share distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's listing [1] - The overall acquisition price is set at 10.85 HKD per share, comprising a cash consideration of 6.68 HKD per share and an equity consideration of 4.17 HKD per share [1] Group 2 - The company cited the transformation of the automotive industry and intensified market competition as reasons for the capital operation, indicating that overall performance has not met expectations [2] - Dongfeng Group aims to focus on the development of the new energy vehicle industry, leveraging the growth potential of China's strategic pillar industry [2] - The proposed transaction is intended to facilitate the restructuring of valuation and the transition from fuel vehicles to new energy vehicles [2]