东吴证券近日发布9国新能源车维持高增长，英法意陆续启动电车补贴： 9月欧洲9国 新能源车维持高增长，且渗透率继续提升，英国、法国、意大利等环比提升明显。2025年9 月欧洲9国新能源车销量30.7万辆，同比+34.7%，新能源渗透率31.8%，同比+5.8pcts。其 中，BEV销量19.8万辆，同比+22.8%；PHEV销量10.8万辆，同比+63.6%。 以下为研究报告摘要： 2025年9月欧洲9国新能源车销量30.7万辆，同比+35% 9月欧洲9国新能源车维持高增长，且渗透率继续提升，英国、法国、意大利等环比提升 明显。2025年9月欧洲9国新能源车销量30.7万辆，同比+34.7%，新能源渗透率31.8%，同比 +5.8pcts。其中，BEV销量19.8万辆，同比+22.8%；PHEV销量10.8万辆，同比+63.6%。 （1）德国：2025年以来德国电车渗透率整体呈逐月提升态势。2025年9月德国BEV销量 4.5万辆，同比+31.9%；PHEV销量2.8万辆，同比+85.4%。 （2）英国：9月为英国车市传统旺季，销量环比增长明显。英国已重启BEV补贴，有望 在未来几个月持续增加需求。2025年9 ...

Core Insights - The article highlights a strong growth forecast for commercial vehicle sales in China, driven by the rise of new energy vehicles and supportive policies for vehicle upgrades [1] Group 1: Commercial Vehicle Sales Data - In August, domestic sales of commercial vehicles reached 246,000 units, representing a year-on-year increase of 14% but a month-on-month decrease of 1% [1] - From January to August 2025, domestic sales of commercial vehicles totaled 2.01 million units, showing an 8% year-on-year growth, marking a new high compared to the stable period since 2022 [1] Group 2: New Energy Commercial Vehicles - Sales of new energy commercial vehicles are projected to reach 579,000 units in 2024, reflecting an 84% year-on-year increase [1] - By August 2025, sales are expected to hit 73,600 units, which is a 46% year-on-year increase and a 3% month-on-month growth [1] - After the policy tailwind at the end of 2024, new energy vehicle performance is anticipated to be relatively weak in January 2025, followed by a significant year-on-year surge from February to August, with cumulative sales reaching 500,000 units and a 55% year-on-year growth [1]