Core Viewpoint - The report from Guotai Haitong indicates that with economic recovery and the implementation of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a projected sales volume of 1.067 million units in 2025, representing an 18% year-on-year increase [1] Summary by Sections Overall Sales Performance - In October, domestic heavy truck sales reached 106,000 units, marking a 60% year-on-year increase and a 1% month-on-month increase. Cumulatively, from January to October, total sales amounted to 928,000 units, reflecting a 24% year-on-year growth. The "old-for-new" policy continues to support strong terminal sales [2] Sales Structure - In October 2025, the sales proportions of semi-trailer tractors, cargo trucks, and incomplete vehicles within the heavy truck segment were 51.4%, 27.2%, and 21.4% respectively. This shows an increase in the share of heavy cargo trucks compared to 2024. In October, semi-trailer tractor sales were 59,000 units, up 83% year-on-year and 4% month-on-month [3] Focus on Natural Gas Heavy Trucks - In October, domestic natural gas heavy truck sales reached 22,000 units, a significant 197% year-on-year increase and a 2% month-on-month increase. Cumulatively, from January to October, natural gas heavy truck sales totaled 158,000 units, up 12% year-on-year. The penetration rate of natural gas in heavy trucks was 20% in October and 17% for the year-to-date [4] Focus on New Energy Heavy Trucks - In October, domestic new energy heavy truck sales were 20,000 units, representing a 176% year-on-year increase and a 7% month-on-month increase. From January to October, cumulative sales of new energy heavy trucks reached 141,000 units, also up 176% year-on-year. The penetration rate for new energy heavy trucks was 19% in October and 15% year-to-date [4]

欢迎扫描下方二维码关注： 2025年买 vs2026年 买 ， 有啥 区别 ？ 一 ① 对购置日期在 2024年1月1日至2025年12月31日 期间的新能源汽车 免征车辆购置税 。其中，每辆新能源乘用车免税额不超过3 万元。 ②对购置日期在 2026年1月1日至2027年12月31日 期间的新能源汽车 减半征收 车辆购置税。其中，每辆新能源乘用车免税额不超 过1.5万元。 新能源汽车：符合新能源汽车产品技术要求的纯电动汽车、插电式混合动力（含增程式）汽车、燃料电池汽车。 新能源乘用车：在设计、制造和技术特性上主要用于载运乘客及其随身行李和（或）临时物品，包括驾驶员座位在内最多不超过 9个座位的新能源汽车。 2026年起，新能源汽车有哪些技术要求调整？ 还在犹豫是否入手新能源汽车的朋友注意了！ 2025年12月31日前 买新能源车，可享 全额免征 购置税，从 2026年1月1日起 ，车辆购置税优惠政策将由免征调整为 减半征收 。 同时，减免车辆购置税的新能源汽车产品技术要求有调整。 这份政策要点请收好！ ↓↓ 二 2026年1月1日起，只有符合新技术标准的新能源汽车，才能享受购置税减半优惠。 核心如下： ①纯 ...

随着2026年新能源汽车购置税减免政策收紧，深蓝汽车、小米汽车亦在近日推出类似方案。其中，在 2025年11月30日24点前完成锁单的深蓝全系车辆，非客户原因导致该锁定配置的车辆在2026年开票交 付，可享受跨年购置税差额补贴；小米方面则表示，"该举措旨在保障车主权益，避免因政策变动造成 额外支出"。据测算，小米此次"购置税兜底"将投入超20亿元。 一场由政策变化引发的车企补贴"大战"正在上演。 10月26日晚间，奇瑞汽车公布购置税补贴方案，将对符合条件的用户全额补贴因购置税政策调整产生的 费用差额，确保用户不因跨年开票承担额外购置税支出，单辆车最高补贴金额不超过1.5万元。 根据补贴方案，适用车型为奇瑞旗下部分品牌产品（奇瑞、纵横、星途、捷途、iCAR）所有符合2026 年减征购置税新能源汽车技术要求的产品（纯电动乘用车、插电式（含增程式）混合动力乘用车），具 体以工信部发布的减税车型目录为准。 "当前行业仍面临着内需增长缓慢，库存压力仍需谨慎，行业盈利水平持续承压，价格战风险未消，地 缘政治冲击产业链稳定等多重挑战，汽车行业经济运行仍面临较大压力。"对此，在"2025汽车工业统计 年报工作会议"上，中汽协 ...

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have announced new technical requirements for electric vehicles and plug-in hybrid vehicles, effective from January 1, 2026, to adapt to advancements in battery technology and ensure policy alignment with technological development [1][5]. Group 1: New Tax Policies - From January 1, 2026, to the end of 2027, vehicles listed in the "Directory of New Energy Vehicles Exempt from Vehicle Purchase Tax" will continue to enjoy tax exemptions, with a 50% reduction in purchase tax for 2026, allowing a maximum tax reduction of 15,000 yuan per vehicle [1][5]. - The tax exemption policy is closely linked to the new technical requirements, meaning vehicles that do not meet the updated standards will not qualify for tax benefits [1][6]. Group 2: Technical Requirements - The new regulations require that the electric range for plug-in hybrid vehicles must be at least 100 kilometers, an increase from the previous requirement of 43 kilometers [1][5]. - The energy consumption limit for pure electric vehicles must not exceed the standards set in GB 36980.1-2025, with specific limits for vehicles over 3,500 kg [2][3]. - For plug-in hybrid vehicles, fuel consumption standards are set based on vehicle weight, with stricter limits for lighter vehicles [3][4]. Group 3: Industry Impact - The new technical requirements are expected to drive technological upgrades in battery capacity and hybrid systems, enhancing product safety and competitiveness [1][6]. - The policy shift from "subsidy" to "technological innovation" aims to encourage companies to increase R&D investments and phase out outdated products, promoting high-quality development in the industry [5][6]. - The differentiated fuel consumption standards for various vehicle types will encourage further energy efficiency improvements and support diverse technological pathways in the industry [6].

Core Insights - The automotive market in September 2023 witnessed an unusual surge in new car launches, with major brands releasing significant models simultaneously, indicating a strategic push by manufacturers to capitalize on market opportunities [1][2][3] Group 1: Market Dynamics - The impending expiration of the new energy vehicle purchase tax exemption policy at the end of the year has created a sense of urgency among consumers, prompting many to finalize their purchases before the benefits diminish [3][6] - Historical patterns show that the end of such tax exemptions often leads to a spike in vehicle deliveries, as seen in late 2022, reinforcing the notion that policy deadlines drive sales surges [3][4] - The traditional peak sales periods, known as "Golden September and Silver October," continue to influence consumer behavior, with the overlap of major holidays further enhancing purchasing intent [8][10] Group 2: Strategic Timing - September serves as a critical month for automakers, marking the end of Q3 and the beginning of Q4, where achieving annual sales targets becomes paramount [11][13] - The concentrated launch of new models in September allows for a three-month sales window leading into Q4, which is essential for meeting year-end performance goals [13][15] - The competitive landscape necessitates that automakers innovate and differentiate their offerings, as the market becomes saturated with new releases, making it crucial to establish a unique brand narrative [15] Group 3: Operational Challenges - The rapid pace of new car launches places significant demands on supply chains and production capabilities, requiring manufacturers to ensure timely delivery and inventory management [15] - The pressure to maintain distinct product offerings amidst a crowded market leads to increased marketing costs, as brands strive to capture consumer attention in a noisy environment [15] - The urgency created by the tax exemption deadline may lead consumers to make hasty decisions, highlighting the need for companies to provide clear and compelling value propositions [15]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoint The report indicates that lithium carbonate is experiencing accelerated inventory reduction and is in an oscillatory state. It presents detailed fundamental data of lithium carbonate and relevant macro and industry news [1][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: For the 2511 contract, the closing price is 73,340, with a change of 540 compared to T - 1. The trading volume is 361,093, and the open interest is 229,022. For the 2601 contract, the closing price is 73,440, the trading volume is 134,679, and the open interest is 183,404. The warehouse receipt volume is 42,379 [1]. - **Raw Material Data**: The price of spodumene concentrate (6%, CIF China) is 843, and that of lepidolite (2.0% - 2.5%) is 1,835. The price of battery - grade lithium carbonate is 73,550, and industrial - grade lithium carbonate is 71,300 [1]. - **Lithium Salt and Related Product Data**: The price of battery - grade lithium hydroxide (micropowder) is 78,550, and that of battery - grade lithium hydroxide (CIF) is 9,450. The price of lithium iron phosphate (power type) is 33,640, and that of ternary materials also shows different price levels and changes [1]. 3.2 Macro and Industry News - **Production and Inventory**: This week, the production of lithium carbonate is 20,635 tons, an increase of 119 tons from last week. The industry inventory is 134,801 tons, a decrease of 2,024 tons from last week [1]. - **Chilean Exports**: In September 2025, Chile exported 15,900 tons of lithium carbonate, a year - on - year and month - on - month decrease of 13% and 6% respectively. The export average price is 8,704 US dollars per ton, a year - on - year and month - on - month increase of 15% and 2% respectively. It also exported 8,367 tons of lithium sulfate (equivalent to about 4,307 tons of LCE) to China [1][3]. - **Policy News**: The three departments including the Ministry of Industry and Information Technology adjusted the technical requirements for new - energy vehicles eligible for vehicle purchase tax exemption from 2026 to 2027, raising the technical threshold. The Ministry of Commerce and the General Administration of Customs implemented export controls on lithium batteries and artificial graphite anode materials [3]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, indicating a neutral stance, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].

近日，工信部等三部门发出公告，调整2026—2027年减免车辆购置税新能源汽车产品技术要求，明确纯 电动乘用车、插电式（含增程式）混合动力乘用车有关技术要求调整等情况。 2026年1月1日起，列入《减免车辆购置税的新能源汽车车型目录》的车型，需符合本公告要求。2026年 1月1日（含）起，在2026年及以后生效的《减免税目录》发布后，购置列入《减免税目录》的新能源汽 车，可按规定享受车辆购置税减免政策。 插混车想免税？先过100公里续航这一关！ 随着2025年走进尾声，明年的新能源汽车到底怎么补贴备受关注。 对比之前的政策，这份2025年第24号公告主要针对2026至2027年的新能源汽车购置税减免政策，在技术 门槛上进行了显著的提升，核心变化是引入了更新的国家标准，对车辆的能耗和续航提出了更严格的要 求。 其中，纯电方面，百公里电耗不高于GB36980.1—2025的限值。 插混（含增程）方面，有条件的等效全电里程不低于100公里；电量保持模式中，油耗需低于GB 19578 限值的 70%~75%；在电量消耗模式中，电耗需低于GB 36980.1限值的 140%~145%。 新要求还提出，不符合本公告要求、 ...

格隆汇9月12日｜据每经，"明年开始，新能源汽车将被征收5%购置税的可能性很大。因为相关主管部 门早在2023年就曾发布过政策，明确对购置日期在2026年1月1日至2027年12月31日期间的新能源汽车减 半征收车辆购置税。"乘联分会秘书长崔东树在接受采访时分析称。"如果到明年，新能源汽车购置税减 免政策仍延续，因为新能源车的体量太大，税收压力也会加大。"崔东树认为。需要注意的是，目前， 关于2026年1月1日起是否会恢复新能源汽车车辆购置税，相关主管部门还未正式下发通知，最终还需以 相关主管部门公告为准。"不要相信任何小道消息，一切按照正式文件走。"崔东树也强调称。 ...

日前，"新能源汽车免征购置税政策将于2026年1月结束"的消息引发广泛关注。 "明年开始，新能源汽车将被征收5%购置税的可能性很大。因为相关主管部门早在2023年就曾发布过政策，明确对购置日期在2026年1月1日至2027年12月 31日期间的新能源汽车减半征收车辆购置税。"9月11日，乘联分会秘书长崔东树在接受《每日经济新闻》记者采访时分析称。 2023年6月，财政部、税务总局、工信部等三部门发布的《关于延续和优化新能源汽车车辆购置税减免政策的公告》（以下简称《公告》）中明确，对购 置日期在2024年1月1日至2025年12月31日期间的新能源汽车免征车辆购置税。其中，每辆新能源乘用车免税额不超过3万元；对购置日期在2026年1月1日 至2027年12月31日期间的新能源汽车减半征收车辆购置税。其中，每辆新能源乘用车减税额不超过1.5万元。 图片来源：财政部官网 在崔东树看来，新能源车购置税征收政策的调整，不仅是政府主管部门逐步规范新能源汽车市场竞争的重要举措，也预示着我国完成了将新能源汽车逐步 发展成强大产业的阶段性任务。"新能源汽车免征车辆购置税政策的结束，是政策端进行正常车辆管理的必然趋势。"崔东树认 ...

每经记者｜李星 每经编辑｜段炼 裴健如 日前，"新能源汽车免征购置税政策将于2026年1月结束"的消息引发广泛关注。 "明年开始，新能源汽车将被征收5%购置税的可能性很大。因为相关主管部门早在2023年就曾发布过政策，明确对购置日期在2026年1月1日至2027年12月 31日期间的新能源汽车减半征收车辆购置税。"9月11日，乘联分会秘书长崔东树在接受《每日经济新闻》记者采访时分析称。 2023年6月，财政部、税务总局、工信部等三部门发布的《关于延续和优化新能源汽车车辆购置税减免政策的公告》（以下简称《公告》）中明确，对购 置日期在2024年1月1日至2025年12月31日期间的新能源汽车免征车辆购置税。其中，每辆新能源乘用车免税额不超过3万元；对购置日期在2026年1月1日 至2027年12月31日期间的新能源汽车减半征收车辆购置税。其中，每辆新能源乘用车减税额不超过1.5万元。 图片来源：财政部官网 在崔东树看来，新能源车购置税征收政策的调整，不仅是政府主管部门逐步规范新能源汽车市场竞争的重要举措，也预示着我国完成了将新能源汽车逐步 发展成强大产业的阶段性任务。"新能源汽车免征车辆购置税政策的结束，是政策 ...