中国汽车流通协会乘用车市场信息联席分会（以下简称"乘联分会"）近日发布的数据显示，2025年全国 乘用车零售量2374.4万辆，同比增长3.8%；全国乘用车厂商批发量达2955.4万辆，同比增长8.8%。乘用 车全年零售量、批发量双增的背后，新能源乘用车贡献过半。乘联分会方面表示，2025年全国乘用车批 发增速为8.8%，新能源乘用车批发增速达25.2%，圆满实现"十四五"的新能源车市增长预期。 北京商报记者 刘晓梦 除动力形式结构转变外，新势力品牌的地位也不断提升。数据显示，2025年12月，新势力品牌零售份额 为23.5%，同比增长4.9个百分点。其中，自主传统车企的独立新能源汽车品牌"创二代"表现较强，份额 达16.17%，同比增长2.7个百分点。 同时，新能源车型在汽车出口中的比重也同步提升。据统计，2025年12月，乘用车出口（含整车与 CKD）58.8万辆，同比增长46.2%。其中，新能源车出口量占出口总量的46.4%，同比增长15.6个百分 点。在新能源汽车出口中，纯电动车型仍是主要构成。据统计，纯电动车型占新能源汽车出口的 57.9%，而作为主力的A00+A0级纯电动车占纯电动车型出口的68% ...

在宏观经济环境和政策预期的双重影响下，11月国内乘用车市场整体表现承压，且"冷热分化"特征明显。乘联分会最新数据显示，当月国内狭义乘用车市场 零售销量达222.5万辆，同比下降8.1%，环比下降1.1%。值得注意的是，新能源乘用车市场在整体承压的大环境下实现逆势增长，当月销量达132.1万辆，同 比增长4.2%，环比增长3.0%，渗透率突破59%，已成为拉动市场的核心动力。 轿车市场：零售100.7万辆，同比下滑10.0%，环比微降1.5%。其中，新能源轿车占比持续提升，已成为轿车市场的主要增长点。 MPV市场：是当月各细分领域中表现最弱的板块，零售8.6万辆，同比下滑16.8%，环比仅微增1.0%，市场需求相对疲软。 SUV市场：虽然同样面临同比下滑压力，但表现优于轿车和MPV，11月零售113.2万辆，同比下降5.6%，环比下滑0.9%。其中，新能源SUV销量达68.3万 辆，同比增长12.5%，成为SUV市场的中流砥柱。 从车辆用途和用户需求角度来看，SUV市场的相对韧性主要源于其产品力的持续提升。当前主流SUV车型在空间利用率、动力性能、燃油经济性以及智能配 置等方面均有显著进步，能够更好地满足家庭用 ...

北京商报讯（记者 刘晓梦）12月8日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示，今 年11月新能源乘用车市场零售132.1万辆，同比增长4.2%，环比增长3%。 ...

Core Insights - The retail sales of new energy passenger vehicles in November reached 1.321 million units, representing a year-on-year increase of 4.2% and a month-on-month increase of 3.0% [1] - Cumulatively, from January to November, the retail sales of new energy passenger vehicles totaled 11.472 million units, reflecting a growth of 19.6% [1] - In contrast, the retail sales of conventional fuel passenger vehicles in November were 900,000 units, showing a year-on-year decline of 22% and a month-on-month decline of 7% [1] - For the period from January to November, the cumulative retail sales of conventional fuel passenger vehicles amounted to 10.01 million units, indicating a decrease of 6% [1]

三季度，理想汽车两款全新纯电SUV理想i8和理想i6成功上市，目前累计订单突破10万辆，目前正在联 合供应链解决产能问题。在高端市场，理想MEGA表现优异，获得三季度50万元以上纯电动和50万元以 上MPV销量双冠军。理想汽车因10月底主动召回部分2024款理想MEGA车型，免费更换冷却液、动力 电池和前电机控制器，召回成本预提在Q3季报中，因此三季度出现了经营亏损。据悉，MEGA召回导 致理想三季度毛利率为16.3%，剔除后公司整体毛利率为20.4%，利润为正，据此推测理想汽车承担理 想MEGA召回成本达到11亿元。 理想汽车2025年第三季度财报发布，季度营收274亿元，前三季度营收835亿元。季度研发费用30亿元， 全年研发投入预计120亿元。截至三季度末，理想汽车现金储备充裕，达到989亿元。 ...

Group 1: Xiaomi's Financial Performance - Xiaomi reported a revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3% [2] - Adjusted net profit reached 11.3 billion yuan, marking an 80.9% year-on-year growth, the highest quarterly level in history [2] - The smartphone segment generated 45.97 billion yuan, a decline of 3.1% year-on-year, contributing 40.6% to total revenue, down from 51.3% a year ago [2] Group 2: Automotive Business Growth - Revenue from Xiaomi's smart electric vehicle business reached 29 billion yuan, a significant increase of 199.2%, accounting for 25.6% of total revenue [2] - The automotive division achieved a quarterly delivery of 108,800 units, a year-on-year increase of 173.4%, with an average selling price of 260,000 yuan, up 9% [3] - Xiaomi aims to deliver over 300,000 vehicles by 2026 and has already delivered over 260,000 units in the first three quarters of the year [3] Group 3: Challenges and Controversies - Xiaomi faces ongoing product lawsuits and safety controversies, including a delayed lawsuit regarding false advertising of the SU7 Ultra model [4] - Safety concerns have arisen following incidents involving the SU7, leading to public criticism regarding the company's focus on aesthetics over safety [4] - Recent changes in the public relations team, including the departure of a long-serving executive, have raised concerns about the company's crisis management capabilities [4] Group 4: New Oriental's Internal Issues - New Oriental's CEO, Yu Minhong, faced backlash from employees regarding an internal letter, leading to a series of social media posts about his trip to Antarctica [6][13] - The company reported a significant revenue decline, with a 32.7% drop in revenue year-on-year, totaling 4.392 billion yuan for the 2025 fiscal year [13] - Internal management issues have been highlighted, particularly following the departure of key personnel and the impact on the company's strategic execution [13][28] Group 5: Suning's Financial Struggles - Suning's restructuring plan has been postponed again, with over 230 billion yuan in debt and assets valued at only 41 billion yuan [15][16] - The restructuring aims to balance debt repayment and corporate revival, with the founder pledging personal assets to support the plan [17] - Suning's financial reports indicate a significant decline in revenue and profit, with a 95.78% drop in net profit for Q3 compared to the previous year [18] Group 6: Gree's Market Position - Gree's new rose air conditioner has sparked controversy, with the company positioning it as an innovative product in the market [20][23] - Despite holding the largest market share in air conditioning, Gree faces intense competition, leading to a slight decline in retail volume and revenue share [20] - Gree's financial performance has shown a decline, with a 6.5% drop in revenue year-on-year for the first three quarters [20]

不久前，极星汽车刚刚关闭了其在中国的最后一家直营门店，转型线上销售。据《次世代车研所》了解，极星汽车目前旗下仅有Polestar4一款车型， Polestar2已停产，Polestar3处于未上市阶段，生产线仍在国内。 截至上周最后一个交易日美股收盘，极星汽车股价大跌16.28%，股价仅约0.5美元，退市在即。据该公司2025年中报，极星汽车营业收入14.23亿美元，归 母净利润-11.93亿美元，同比下滑119.37%，资产负债率高达217.11%，已资不抵债。 在今年6月，吉利控股集团董事长李书福向其注资2亿美元（约合人民币14.2亿元）进行股权投资试图"救火"，彼时极星汽车股价为1.06美元。仅上述这 笔"加仓"投资，李书福5个月时间内浮亏已超50%。 退出中国市场的极星汽车，仍危机四伏。 或也正因销量的连续不景气，今年10月，极星汽车关闭了其位于上海前滩L+Plaza的最后一家直营门店。极星汽车相关负责人对外表示，"极星正在战略性 地调整在华业务模式，以更好地契合中国市场多样化、快速变化的消费需求。零售门店的关闭并不意味着极星将退出中国市场。此次调整不会影响现有极 星车主的任何权益，其他在华业务亦保持 ...

Core Viewpoint - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen a significant decline in stock price, dropping 16.25% on November 12 and an additional 5.97% on November 13, reaching a new low since its reverse merger listing in June 2022 [1] Group 1: Stock Performance - Since its listing, Polestar's stock has decreased by 94.4% over the past three and a half years [2] - The stock price has fallen to $0.6264, marking a record low for the company [1] Group 2: Sales Performance - Polestar, which emerged from Volvo's high-performance division, has struggled in the electric vehicle market, particularly in China, where it has seen a dramatic decline in sales [2] - Global sales figures from 2021 to 2024 show a peak of 54,626 vehicles in 2022, followed by a drop to 44,851 in 2023, and only 163 vehicles sold in the first ten months of this year [2] Group 3: Financial Health - Polestar has reported cumulative losses of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, with total assets of $3.643 billion and total liabilities of $7.909 billion, indicating insolvency [2] - The company faces a pressing challenge to address the risk of delisting due to its stock price remaining below $1 for an extended period [4] Group 4: Investment Dynamics - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [3] - In June, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Li Shufu, at a price of $1.05 per share [3] - Despite a 51% year-over-year increase in global sales in the first half of this year, the sales volume remains insufficient to reach breakeven [4]

Group 1: Industry Insights - In October, the wholesale sales of new energy passenger vehicles in China reached 1.61 million units, marking a year-on-year increase of 16% and a month-on-month increase of 7%. Cumulatively, from January to October, the total sales reached 12.054 million units, reflecting a 30% year-on-year growth [1] - The strong market demand for new energy vehicles is evident, with the cumulative sales surpassing 12 million units, indicating increasing consumer acceptance [1] - The overall valuation and market confidence in the new energy vehicle sector are expected to improve, supported by policy backing and infrastructure development, which may enhance market activity [1] Group 2: Company Developments - Changan Automobile's indirect controlling shareholder, China Changan Automobile Group, has completed the transfer of shares, increasing its holding to 35.04%. This restructuring is not expected to significantly impact the company's operations or harm the interests of minority shareholders [2] - The restructuring is seen as a positive move for optimizing Changan Automobile's shareholder structure, potentially boosting market confidence in corporate governance and stability [2] - Geely Automobile is expanding its production capacity by repurposing the former SAIC-GM Beisheng factory to meet the rising demand for its Galaxy model, which has achieved a sales target of one million units ahead of schedule [3] - Geely's strategy to utilize existing resources rather than building new factories reflects a focus on cost control and efficiency, which may set a precedent for resource optimization in the industry [3] Group 3: Market Strategies - Horizon Robotics announced an extension of the purchase tax subsidy for its R7 and new S7 models, allowing customers to benefit from a subsidy of up to 15,000 yuan if the vehicle delivery occurs in 2026 due to reasons beyond the customer's control [4] - This extension aims to alleviate the financial burden on consumers and attract potential buyers who are still undecided, thereby helping the brand maintain stable sales amid market fluctuations [4] - The strategy is expected to enhance market share in a competitive environment for new energy vehicles [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] Group 3: Summary According to the Directory 1. Daily Market Summary - **Lithium carbonate futures market data change analysis** - **Main contract and basis**: On October 30, the price of the lithium carbonate main contract closed at 82,900 yuan/ton, up 1.5% from the previous day. The price center in the past week gradually shifted up from 79,520 yuan/ton to 82,900 yuan/ton, and market sentiment recovered. The basis weakened slightly from - 2,340 yuan/ton on October 29 to - 2,600 yuan/ton [1] - **Position and trading volume**: The position of the main contract continued to rise, reaching 506,900 lots on October 30, a 17.5% increase from 431,200 lots a week ago. The trading volume was 659,400 lots, which declined from the previous day but remained at a high level [1] - **Analysis of industrial chain supply - demand and inventory changes** - **Supply side**: The price of spodumene concentrate remained stable at 7,330 yuan/ton, while the price of lepidolite concentrate rose 3% to 3,775 yuan/ton. The capacity utilization rate remained at 74.39%, and the output in October may reach a record high [2] - **Demand side**: The retail sales of new energy vehicles from October 1 - 26 were flat year - on - year, but the demand for power batteries was strong, with the prices of ternary cells rising 0.89% - 1.96% within the week. The pre - placement of orders for energy storage and commercial vehicles further boosted the demand for lithium - battery materials [2] - **Inventory and warehouse receipts**: Lithium carbonate inventory decreased for two consecutive weeks, dropping to 130,400 tons on October 30, a 1.7% decrease from the previous week, and the upstream destocking speed accelerated [2] - **Market summary**: In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] 2. Industrial Chain Price Monitoring - On October 30, 2025, the price of the lithium carbonate main contract was 83,400 yuan/ton, up 0.60% from the previous day; the basis was - 3,100 yuan/ton, down 19.23% from the previous day; the position of the main contract was 532,871 lots, up 5.13% from the previous day; the trading volume of the main contract was 829,117 lots, up 25.73% from the previous day. The market price of battery - grade lithium carbonate remained unchanged at 80,300 yuan/ton, the market price of spodumene concentrate remained unchanged at 7,330 yuan/ton, the market price of lepidolite concentrate rose 3% to 3,775 yuan/ton, the price of lithium hexafluorophosphate rose 2.91% to 106,000 yuan/ton, the price of power - type ternary materials rose 0.22% to 139,000 yuan/ton, and the price of power - type lithium iron phosphate rose 0.59% to 35,805 yuan/ton [5] 3. Industry Dynamics and Interpretation - **Spot market quotation** - On October 30, the SMM battery - grade lithium carbonate index price was 79,881 yuan/ton, up 674 yuan/ton from the previous working day; the price range of battery - grade lithium carbonate was 78,200 - 81,800 yuan/ton, with an average price of 80,000 yuan/ton, up 850 yuan/ton from the previous working day; the price range of industrial - grade lithium carbonate was 77,300 - 78,300 yuan/ton, with an average price of 77,800 yuan/ton, up 850 yuan/ton from the previous working day. The futures price of lithium carbonate rose significantly, and the center of the main contract shifted up to the range of 82,200 - 85,000 yuan/ton. Currently, the operating rate of downstream material manufacturers continues to rise, and demand supports spot transactions. However, as the price rises, the reluctance of lithium salt manufacturers to sell intensifies, and the market transaction situation is dull. On the supply side, the overall operating rate of lithium salt manufacturers remains high, with the operating rates of the spodumene and salt - lake ends both maintaining above 60%, becoming the main supply force. It is expected that the total output of lithium carbonate in October will continue to rise and is expected to break through the historical high. The demand side is stronger. The new energy vehicle market is growing rapidly in both the commercial and passenger vehicle fields, and together with the energy storage market, it presents a pattern of strong supply and demand, continuously driving the demand for lithium - battery materials. In general, although the supply of lithium salt continued to grow steadily in October, due to the strong growth in demand continuously consuming inventory, the upstream inventory is currently at a low level, and the market has presented a significant de - stocking pattern [6] - **Downstream consumption situation** - According to the data of the Passenger Car Association, from October 1 - 26, the retail sales of new energy passenger vehicles in the country were 901,000 units, a 0% year - on - year increase compared with the same period in October last year, and an 8% decrease compared with the same period last month. The cumulative retail sales this year were 9,771,000 units, a 22% year - on - year increase; from October 1 - 26, the wholesale of new energy passenger vehicles by domestic manufacturers was 1,034,000 units, a 4% year - on - year increase compared with the same period in October last year, and a 5% decrease compared with the same period last month. The cumulative wholesale this year was 11,480,000 units, a 29% year - on - year increase [7] - **Industry news** - On October 28, Dazhong Mining's (001203.SZ) "Mining Plan for Jada Lithium Mine Mineral Resources" was officially approved by the Ministry of Natural Resources, with an annual mining scale of 2.6 million tons/year. The spodumene mining scale is among the top in the industry, and it can produce about 50,000 tons of lithium carbonate per year after reaching full production. This key node marks that it is closer to obtaining the mining license and will enter the "production capacity implementation sprint" stage. This mine is the core carrier of the company's strategic transformation from the traditional iron ore field to the new energy mineral track. The approval not only verifies its strength and responsibility in dimensions such as resource development efficiency, safety risk management and control, and green and sustainable operation, but also locks in the certainty of the "exploration - to - mining" process through the full - process authoritative compliance procedures of the Ministry of Natural Resources [9] - On October 20, Tianqi Lithium announced that after repeated commissioning and optimization, the first bag of battery - grade lithium hydroxide products from its 30,000 - ton/year lithium hydroxide project in Zhangjiagang, Jiangsu passed the sampling inspection by the company's internal laboratory, and all parameters were confirmed to meet the battery - grade lithium hydroxide standard. Subsequently, the company will continue to commission and optimize this project to achieve continuous and stable production of products and flexible switching of lithium carbonate [9] 4. Industrial Chain Data Charts - The report provides data charts on the lithium carbonate futures main contract and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices, with data sources including iFinD, SMM, and Shanghai Steel Union [10][13][15]