招银国际发表研报，预计2025年中国乘用车零售销量和批发销量均将创下新高。展望2026年，该行预 计，尽管补贴削减，中国乘用车零售销量将基本持平，批发销量将同比增长2.9%；其中，新能源汽车 零售销量将同比增长15.5%，达到1493万辆，市场份额将达到61.8%，这主要得益于众多新车型的推 出，乘用新能源汽车批发销量将同比增长18.5%，达到1850万辆。同时，该行预计新能源汽车出口量将 同比增长40%，从而带动海外新能源汽车市场在2026年的销量增长。 该行将正力新能列为首选股之一，维持"买入"评级，目标价为18港元。该行认为正力新能是2025年上市 的次新股，尚存未被投资者充分挖掘的情形，并列出看好该股的四个关键原因：1）与大多数同行相 比，正力新能的历史包袱要轻得多。叠加管理层通过标准化电芯和平台化电池组等方式，多维度重点提 高生产效率，使其毛利率已达到行业领先水平，仅次于行业龙头。2）零跑汽车强劲的销售增长将助力 正力新能在2025年实现销售额和毛利率的提升，而客户结构的优化，包括广汽丰田、大众和上汽集团等 新客户车型的加入，将推动其销售增长，毛利率、净利润率进一步提升。3）随着储能电池市场前景更 ...

（编辑 袁冠琳） 证券日报网讯 湖南裕能11月25日发布公告，在公司回答调研者提问时表示，根据中汽协近期发布的数 据，2025年10月新能源乘用车国内销量占乘用车国内销量比例为57.6%，未来新能源乘用车市场仍具备 可观的增量空间。在新能源商用车领域，重卡、挖掘机等细分市场电动化进程也显著加速，渗透率持续 攀升，展现出巨大的市场潜力。此外，伴随新能源汽车平均单车带电量呈上升趋势，进一步强化了对动 力电池市场的需求支撑。长期来看，动力电池需求增长具备较强的持续性，这也将为磷酸盐正极材料需 求带来广阔的市场空间。 ...

Core Insights - In October, new energy vehicle (NEV) sales in China exceeded 50% of total new car sales, reaching 51.6% [1] - From January to October, China's NEV production and sales continued to show significant growth, with production at 13.015 million units and sales at 12.943 million units, both up over 30% year-on-year [3] Group 1: NEV Market Performance - In October, NEV production and sales reached 1.772 million and 1.715 million units respectively, with year-on-year growth of 21.1% and 20% [3] - For the first ten months of the year, total automobile production and sales were 27.692 million and 27.687 million units, both showing over 10% year-on-year growth [3] Group 2: Factors Driving Growth - The growth in NEV sales is attributed to the effectiveness of the domestic vehicle replacement subsidy policy, which has been impactful and widely beneficial [3] - Anticipation of a 50% reduction in NEV purchase tax next year has led some consumers to purchase vehicles earlier [3] - Continuous introduction of new models and upgrades in product technology by Chinese NEV manufacturers, along with improvements in charging infrastructure, have also contributed to the market's growth [3]

11月11日，中国汽车工业协会对外公布数据显示，10月，我国汽车产销量均超过330万辆，月度产销量 创同期新高。汽车出口已经连续3个月超过60万辆。 最新数据显示，2025年1—10月，我国汽车产销分别完成2769.2万辆和2768.7万辆，同比分别增长13.2% 和12.4%。10月，汽车产销分别完成335.9万辆和332.2万辆，同比分别增长12.1%和8.8%。2025年1—10 月，我国汽车出口561.6万辆，同比增长15.7%。其中，新能源汽车出口201.4万辆，同比增长90.4%。 陈士华介绍，10月汽车产销均超过330万辆，月度产销创同期新高，在2024年高基数的基础上又实现了 8%以上的增长。汽车出口已经连续3个月超过60万辆，其中，新能源汽车出口2025年累计超过200万 辆，这是历史上年度首次超过200万辆。 10月多家车企新能源汽车交付创纪录 央视网消息：中国汽车工业协会11月11日发布的最新数据显示，2025年1至10月份，我国新能源汽车产 销量继续实现较高增长。其中，10月份，新能源汽车月度新车销量，首次超过了汽车新车总销量的 50%。 最新数据显示，2025年1至10月份，我国汽车 ...

中国汽车工业协会11月11日发布数据显示，2025年10月份，我国新能源汽车产销同比保持快速增长，新 能源汽车新车销量达到汽车新车总销量的51.6%，占有率首次过半。 业内人士认为，今年以来我国新能源汽车继续实现较高增长，包括多方面原因。一方面，以旧换新补贴 政策持续显效，力度大，惠及面广，推动了新能源汽车市场较高增长。另一方面，明年新能源汽车购置 税减半征收，使得部分消费者存在提前购车现象，新能源汽车市场迎来新一轮的消费高峰。 此外，今年以来，我国新能源车企新品供给的持续丰富、产品技术的不断升级、补能体系的不断完善 等，也共同推动了新能源汽车市场实现较高增长。 在出口方面，今年1至10月份，新能源汽车出口201.4万辆，同比增长90.4%。这是历史上年度出口首次 超过200万辆。 多家车企新能源汽车交付量刷新纪录。10月，小鹏汽车交付新车4.2万辆，单月交付量创下历史新高， 并连续2个月超过4万辆。1至10月份，小鹏汽车累计交付35.52万辆，同比增幅高达190%。此外，零跑 10月交付量达7.03万辆，同比增长超84%，这也是零跑月交付量首次突破7万辆。 具体来看，今年1至10月份，我国汽车产销量分别完成 ...

【#我国新能源汽车销量占比首次超50%#】中国汽车工业协会今天（11日）发布的最新数据显示，今年 1至10月份，我国新能源汽车产销量继续实现较高增长。其中，10月份新能源汽车月度新车销量首次超 过了汽车新车总销量的50%。 最新数据显示，今年1至10月份，我国汽车产销量分别完成2769.2万辆和2768.7万辆，同比增长均超过 10%。其中，新能源汽车产销量分别完成1301.5万辆和1294.3万辆，同比分别增长33.1%和32.7%。值得 注意的是，10月份新能源汽车月度新车销量，首次超过了汽车新车总销量的50%，达到51.6%。在出口 方面，今年1至10月份，新能源汽车出口201.4万辆，同比增长90.4%。 中国汽车工业协会副秘书长陈士华表示，今年以来，新能源汽车继续实现较高增长，一方面是国内汽车 以旧换新补贴政策持续显效，力度大，惠及面广，推动了新能源汽车市场较高增长。另一方面明年新能 源汽车购置税减半征收，使得部分消费者存在提前购车现象，新能源汽车市场迎来新一轮的消费高峰。 专家同时表示，今年以来，我国新能源车企新品供给的持续丰富、产品技术的不断升级、补能体系的不 断完善等，也共同推动了新能源汽车市 ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's new energy vehicle (NEV) market, with NEV sales surpassing 50% of total new car sales for the first time in October 2023 [1]. Summary by Sections NEV Sales Performance - From January to October 2023, China's automobile production and sales reached 27.692 million and 27.687 million units, respectively, both showing a year-on-year growth of over 10% [1]. - During the same period, NEV production and sales totaled 13.015 million and 12.943 million units, reflecting year-on-year increases of 33.1% and 32.7% [1]. - In October 2023, NEV monthly sales accounted for 51.6% of total new car sales, marking a significant milestone [1]. Export Growth - NEV exports from January to October 2023 reached 2.014 million units, representing a remarkable year-on-year growth of 90.4% [1]. Market Drivers - The growth in the NEV market is attributed to several factors, including the effectiveness of the domestic vehicle replacement subsidy policy, which has been impactful and widely beneficial [2]. - Anticipation of a 50% reduction in NEV purchase tax next year is leading to a surge in consumer purchases, contributing to a new consumption peak in the NEV market [1]. - Continuous innovation in product offerings, technological upgrades, and improvements in the charging infrastructure have also played a crucial role in driving market growth [2].

Group 1: Industry Growth - In the first ten months of this year, China's new energy vehicle (NEV) production and sales reached 13.01 million and 12.94 million units, respectively, with year-on-year growth of 33.1% and 32.7% [2][4] - NEV exports totaled 2.014 million units, marking a year-on-year increase of 90.4% [1][2] - In October, NEV monthly sales surpassed 50% of total new car sales for the first time, reaching 51.6% [2] Group 2: Market Drivers - The growth in NEVs is attributed to effective domestic policies such as the vehicle replacement subsidy and the upcoming halving of the purchase tax for NEVs, which is expected to drive a new consumption peak [2][4] - Continuous innovation in product offerings, technological upgrades, and improvements in charging infrastructure have also contributed to the robust growth of the NEV market [2] Group 3: Battery and Material Trends - The lithium battery sector is experiencing a revival, with the copper foil industry currently in a state of high demand, transitioning from a previous period of losses [3][4] - Citigroup analysts noted that the recent momentum in lithium demand is driven by strong market needs rather than supply disruptions, with expectations for battery demand to grow significantly in the coming years [3][4] - By 2030, energy storage systems (ESS) are projected to account for one-third of total battery demand, up from 20% last year [3] Group 4: Price Trends and Performance - Prices for key lithium battery materials are generally stable with some increases, particularly in electrolyte products due to short-term supply-demand imbalances [4] - In the first three quarters of 2025, the lithium battery sector generated revenue of 1.78 trillion yuan, reflecting a year-on-year growth of 12.81% [4] - The shipment of lithium batteries for energy storage reached 430 GWh, a year-on-year increase of 99.07%, representing 34.15% of total lithium battery shipments [4] Group 5: Policy and Market Outlook - Recent government policies aim to enhance the consumption and regulation of new energy, including the introduction of a pricing mechanism for new energy storage [4][5] - The solid-state battery sector is gaining attention, with upcoming conferences focusing on technological advancements and commercialization strategies [5][6]

最新数据显示，2025年1至10月份，我国汽车产销量分别完成2769.2万辆和2768.7万辆，同比增长均超过10%。其中，新能源汽车产销量分别完 成1301.5万辆和1294.3万辆，同比分别增长33.1%和32.7%。 央视网消息：中国汽车工业协会11月11日发布的最新数据显示，2025年1至10月份，我国新能源汽车产销量继续实现较高增长。其中，10月 份，新能源汽车月度新车销量，首次超过了汽车新车总销量的50%。 值得注意的是，10月份，新能源汽车月度新车销量，首次超过了汽车新车总销量的50%，达到51.6%。在出口方面，2025年1至10月份，新能源 汽车出口201.4万辆，同比增长90.4%。 中汽协：10月汽车产销量均超330万辆 中国汽车工业协会副秘书长陈士华介绍，2025年以来，新能源汽车继续实现较高增长，一方面是国内汽车以旧换新补贴政策持续显效，力度 大、惠及面广，推动了新能源汽车市场较高增长。另一方面2026年新能源汽车购置税减半征收，使得部分消费者存在提前购车现象，新能源汽 车市场迎来新一轮的消费高峰。 最新数据显示，2025年1—10月，我国汽车产销分别完成2769.2万辆和2768. ...

Core Viewpoint - The latest data from the China Association of Automobile Manufacturers indicates that the production and sales of new energy vehicles (NEVs) in China have continued to grow significantly in the first ten months of this year, with October marking a milestone where NEV monthly sales exceeded 50% of total new car sales for the first time [1]. Summary by Relevant Sections - **Production and Sales Data** - From January to October, China's total automobile production reached 27.692 million units, and sales reached 27.687 million units, both showing a year-on-year growth of over 10% [1]. - NEV production and sales during the same period were 13.015 million units and 12.943 million units, respectively, reflecting a year-on-year increase of 33.1% and 32.7% [1]. - In October, NEV monthly sales accounted for 51.6% of total new car sales, marking a significant milestone [1]. - **Export Performance** - NEV exports reached 2.014 million units from January to October, representing a remarkable year-on-year growth of 90.4% [1]. - **Market Drivers** - The growth in the NEV market is attributed to several factors, including the effectiveness of the domestic vehicle replacement subsidy policy, which has been impactful and widely beneficial [1]. - Anticipation of a 50% reduction in NEV purchase tax next year has led to a surge in consumer purchases, contributing to a new wave of consumption in the NEV market [1]. - Continuous innovation in product offerings, technological upgrades, and improvements in the charging infrastructure have also played a crucial role in driving the growth of the NEV market [1].