智通财经APP获悉，12月11日，崔东树发布2025年11月乘用车细分市场车型走势。反内卷浪潮正推 动车市向"降价减少、促销平缓"的方向转变，车市运行日益平稳。根据车企官宣降价或新车价格实质性 突破近两年最低指导价的规则统计的数量减少，但新车的低价直接入市的增量效果明显。 2025年11月乘用车零售降8%，大幅低于批发2%的增长。由于高息高返受限和补贴暂停带来7-11月 零售回落，11月A级轿车零售与MPV零售均较低，A0级轿车和C级SUV成为11月零售主力，SUV的高端 表现较强，轿车中主要是A0级轿车销量回升，A00级轿车销量表现较好。 12月的新能源车零售应该很强。受今年新能源车车购税免税到期，明年买车多5个点车购税的政策 影响，消费者年末购车紧迫感更强，因而选择车型更考虑提车进度。为应对交付周期延长导致的消费者 购车成本上升，车企纷纷推出购置税补贴方案，这种兜底式方案只是今年年末的暂时行为，未来不可持 续。消费者受购车环境气氛因素牵制很大，由于热销车型的购买排队，很多消费者转而购买平销车型， 这就推动了车市消费热度持续上升，新能源销量会有进一步提升。由于海外销售利润较高，"不出海就 出局"的趋势明显， ...

国际新闻 俄工贸部长：前10个月俄罗斯汽车产量下降12% 12月1日，乘联分会发布2025年10月乘用车区域市场流向分析称，今年大部分地区"两新"补贴政策的扶贫和公平性较好，经 济型车受益于补贴较大。其指出，随着国家对报废更新和以旧换新补贴的推进，新能源车相对燃油车获得更高的补贴优势。由 于中低端的新能源车价格相对比较低，在补贴相对均等情况下，消费者的购买热情也得到有利的释放。 内蒙古乌海半固态锂电池储能项目成功并网发电 近日，据央视新闻消息，位于内蒙古乌海的20万千瓦、80万千瓦时半固态电池储能项目实现并网发电，项目不仅刷新了我 国已并网半固态锂电池储能项目的装机规模纪录，更标志着我国半固态储能技术从示范应用迈入大规模商业化运营的关键阶 段。 国内新闻 乘联分会：补贴政策鼓励中低端，经济型车回暖 俄罗斯工贸部长安东·阿里汗诺夫日前表示，今年1-10月俄罗斯所有细分市场的汽车产量超过67.7万辆，较去年同期下降 12%，反映出俄罗斯汽车行业面临的严峻挑战。 欧盟将公布减少对中国原材料依赖的计划 当地时间11月30日，路透社报道称，欧盟委员会将于12月3日公布一系列措施，试图减少欧盟对中国关键原材料的所谓"过 ...

Group 1: US-China Economic Talks - The recent US-China economic talks in Kuala Lumpur led to preliminary consensus on key issues such as maritime logistics, shipbuilding, and agricultural trade, setting the stage for the upcoming leaders' meeting [2][3] - Both sides expressed a willingness to resolve differences through respectful dialogue and cooperation, indicating a potential thaw in trade tensions [2][3] Group 2: Industrial Profit Growth - In the first nine months of the year, China's industrial enterprises achieved a total profit of 53,732 billion yuan, a year-on-year increase of 3.2%, with September alone seeing a profit growth of 21.6% [4][5] - The profit growth was driven by strong export demand and a slight recovery in domestic demand, although the sustainability of this growth remains uncertain [5] Group 3: Birth Rate Statistics - In 2024, China's birth population is projected to be 9.54 million, an increase of 520,000 from the previous year, with a birth rate of 6.77‰, up by 0.38‰ [6][7] - The data indicates that western regions have higher birth rates compared to eastern regions, with Guangdong continuing to lead in total births [6][7] Group 4: New Energy Vehicle Subsidies - A competitive subsidy "war" among car manufacturers has emerged, with companies like Chery and Xiaomi offering to cover the additional purchase tax costs for consumers due to policy changes [8][9] - This trend reflects the intensifying market competition in the new energy vehicle sector, as companies aim to boost sales before the tax reduction policy takes effect [8][9] Group 5: Meituan's Bond Issuance - Meituan plans to launch its largest bond issuance to raise approximately $3 billion, primarily for refinancing existing debts and general operational needs [10][11] - The company faces significant competition in the food delivery sector, prompting the need for financial maneuvers to alleviate cash flow pressures [10][11] Group 6: Porsche's Profit Decline - Porsche reported a staggering 99% drop in profit for the first three quarters, with a loss of 9.66 billion euros in Q3, attributed to declining sales in China and Europe [12][13] - The company is undergoing organizational restructuring and plans to cut jobs as part of its strategy to cope with the challenges posed by the shift towards electric vehicles [12][13] Group 7: SoftBank's Investment in OpenAI - SoftBank has approved an additional $22.5 billion investment in OpenAI, part of a larger commitment to invest $40 billion, aiming to capitalize on OpenAI's potential IPO [14][15] - This investment comes amid SoftBank's ongoing financial challenges and highlights the risks associated with high-stakes investments in the tech sector [14][15] Group 8: Stock Market Performance - The stock market experienced a significant rise, with the Shanghai Composite Index reaching a ten-year high, driven by positive sentiment from US-China trade negotiations [16][17] - Despite the overall market uptrend, there were fluctuations, indicating cautious investor sentiment as the index approached the psychological 4000-point mark [16][17]

Core Insights - BYD plans to launch its first plug-in hybrid vehicle (PHV) in the Japanese market around January 2026, specifically the "Sea Lion 6" model, as part of its strategy to capture market share in Japan [1][6] - The company believes there is significant demand for alternatives to electric vehicles (EVs), particularly among consumers hesitant about EVs due to concerns over range and charging infrastructure [1][4] - BYD's strategy includes promoting PHVs as a viable alternative to EVs, especially in markets like Japan where hybrid vehicles (HVs) are already popular [2][4] Group 1 - The PHV market is seen as a bridge between EVs and HVs, offering the ability to charge externally while also being able to run on gasoline, which alleviates range anxiety [2][9] - BYD's PHV sales are expected to be significant, with projections indicating that 58% of its total vehicle sales in 2024 will be PHVs, amounting to approximately 2.48 million units [4] - The company aims to position its PHV offerings at a competitive price point, below 5 million yen (approximately 241,300 yuan), to attract consumers in Japan [2][4] Group 2 - The global market share of PHVs is comparable to that of HVs, with PHVs accounting for 7.6% of new car sales in the first half of 2025, closely trailing EVs at 14.1% [7] - In China, PHVs have a market share of 15.9%, significantly higher than HVs at 3.0%, indicating strong consumer acceptance [7] - The compatibility of PHVs with advanced automotive technologies, such as autonomous driving, positions them favorably in the evolving automotive landscape [9][11] Group 3 - The environmental impact of PHVs is a critical factor for their future adoption, with estimates showing that PHVs have 20% higher CO2 emissions than EVs but 10% lower than HVs [11] - The development and sales strategies for PHVs must align with regional policies and incentives, as seen in different market responses to subsidies for PHVs in countries like China and Australia [11]

Core Insights - The South Korean Ministry of Environment has announced a budget of 15.9 trillion won for 2026, representing a 7.5% increase year-on-year [1] Electric Vehicle and Hydrogen Vehicle Subsidies - To promote electric vehicle adoption, the budget includes 177.5 billion won for electric vehicle transition subsidies, 73.7 billion won for new energy vehicle financing subsidies, 74 billion won for charging infrastructure funds, and 2 billion won for electric vehicle insurance [1] - The planned subsidies aim to support the purchase of 260,000 passenger cars and 36,000 trucks [1] - In contrast, due to decreased demand and low budget execution rates, the hydrogen vehicle subsidy has been reduced by 145 billion won compared to the previous year [1] Climate Disaster Response and Water Resource Management - The largest portion of the budget is allocated to addressing climate disasters such as floods and droughts, as well as managing water resources including rivers and sewage systems [1]

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].

Core Viewpoint - The article highlights the strong growth of the passenger car market in China, driven by favorable government policies and regional disparities, with northern regions showing significant gains compared to southern regions [1][6][11]. Group 1: Passenger Car Market Trends - In 2025, the national retail sales of passenger cars are expected to grow by 9% year-on-year, with a strong performance observed from February to May, maintaining a growth rate of around 13% [4][5]. - In May 2025, retail sales reached 1.932 million units, a year-on-year increase of 13.3% and a month-on-month increase of 10.1%, with cumulative sales for the year at 8.811 million units, up 9.1% year-on-year [5][6]. Group 2: Regional Market Characteristics - The northern car market is showing a clear strength, with market share increasing by 2.8 percentage points year-on-year in May 2025, and by 2.1 percentage points compared to 2019 [7][8]. - The northeastern and northwestern regions are experiencing significant growth, while the southern regions, particularly the eastern and central areas, are lagging behind [6][8]. Group 3: Policy Impact on Market Structure - Government subsidies are favoring the development of low-end and economic vehicles, particularly benefiting A00 and A0 class electric vehicles in northern regions [1][9]. - The article emphasizes the importance of policy fairness in promoting the adoption of small and micro electric vehicles, which is crucial for their widespread acceptance [1][9]. Group 4: New Energy Vehicle Market Analysis - The new energy vehicle market is showing strong performance, particularly in pure electric and plug-in hybrid vehicles, with traditional fuel vehicles still holding a significant share in the northern and midwestern regions [14][15]. - In May 2025, the proportion of new energy vehicles in regions like Hainan and Tianjin reached around 60%, indicating robust growth [14][15].