周一，蔚来(NIO.US)涨逾3%，报5.28美元。消息面上，蔚来汽车12月29日宣布，在正式交付开启后的 第100天，蔚来全新ES8成功实现交付破四万辆。在蔚来全新ES8和乐道L90两大爆款车的带动下，该公 司新能源车销量连创新高。最新数据显示，蔚来11月交付新车36,275台，同比增长76.3%。自今年8月以 来，公司交付量已连续四个月交付超过3万。 ...

消息面上，12月17日，碳酸锂期货主力合约涨幅最大超过8%，报108600元/吨上方，创历史新高。据宜 春市自然资源局网站，拟对27宗采矿许可证予以注销，并向社会公示，公示时间30个工作日，公示期满 后予以公告注销，注销后生态修复等相关义务由原矿权人履行。此消息可能引发市场再度定价碳酸锂供 需关系变动，进而推动相关产品上升。 展望后市，中信期货指出，新能源车销量保持高速增长，结构优化推升单车带电量，动力电池用锂需求 保持高基数与增长韧性。全球新能源车销量保持较高增速，预计2026年达2365万辆，同比增长16%，欧 洲市场政策回暖、新兴市场本土化推进为重要驱动力。其中，商用车单车带电量提升显著，贡献结构性 增量。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025 年11月30日，规模达7.32亿元；成交额最大，近一月日均成交7275万元。其储能+固态电池占比近 9 ...

Core Insights - The global sales volume of new energy vehicles (NEVs) is projected to reach 5.39 million units in Q3 2025, representing a year-on-year increase of 31% [1] - Battery electric vehicles (BEVs) are expected to account for 3.71 million units sold, marking a 48% year-on-year growth, while plug-in hybrid electric vehicles (PHEVs) are forecasted to reach 1.67 million units, with a 4% increase [1] - TrendForce anticipates that global NEV sales will total 20.43 million units in 2025, reflecting an approximate 25% year-on-year growth [1] - The electric vehicle market is expected to face regional disparities in 2026 due to adjustments in subsidy policies, particularly with the end of subsidies in the U.S., which may lead to a market decline [1] - Despite these challenges, the overall trend towards electrification is expected to continue, with global NEV sales projected to rise to 22.8 million units in 2026, representing a 12% year-on-year increase [1]

Core Insights - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a year-on-year increase of 31% [2] - Battery electric vehicles (BEVs) accounted for 3.71 million units sold, up 48% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw sales of 1.67 million units, a 4% increase [2] NEV Market Performance - BYD maintained its position as the top seller of BEVs with a market share of 15.4%, although its sales decreased compared to Q2 [5] - Tesla ranked second with a strong Q3 performance, achieving a 29% quarter-on-quarter increase, driven by incentives in the U.S. and growth in China [5] - Geely and Leapmotor showed remarkable growth, with market shares of 6% and 4.1% respectively, surpassing Xpeng for two consecutive quarters [6] - Volkswagen's ranking fell to seventh due to a decline in the Chinese market, offsetting gains in Europe and the U.S. [6] - Hyundai ranked ninth with a quarterly decline but year-on-year growth, while BMW faced challenges with decreasing sales of its electric vehicles [6] PHEV Market Dynamics - BYD faced saturation and intense competition in the Chinese PHEV market, experiencing year-on-year sales decline despite quarterly growth [6] - AITO, Chery, and Geely ranked second to fourth in PHEV sales, with Chery showing rapid growth and a market share increase to 6.6% [6] - Li Auto, despite being the second in sales in Q2, faced market share erosion due to increasing competition from range-extended electric vehicles (REEVs) [6] Future Projections - TrendForce forecasts global NEV sales to reach 20.43 million units in 2025, a year-on-year increase of approximately 25% [7] - For 2026, despite regional subsidy policy adjustments leading to market differentiation, global NEV sales are expected to rise to 22.8 million units, reflecting a 12% year-on-year growth [7]

Core Viewpoint - NIO's stock rose by 6% to $7.65, driven by the delivery of the new ES8 model and a significant increase in sales, positioning the company among the top new energy vehicle brands [1] Sales Performance - In the last week of September (September 22-28), NIO's brand sales doubled, entering the top ten of new energy vehicle brands [1] - Including sales from the Ladao brand (3,800 units) and the Firefly brand (1,800 units), NIO's total weekly sales reached 10,800 units, surpassing competitors like Aito, Xpeng, and Li Auto [1] - NIO's overall sales performance has propelled it to the third position in the new energy vehicle rankings, indicating a strong recovery trend [1] Future Outlook - With the further release of production capacity for the new ES8, NIO's sales are expected to continue to rise rapidly [1]

Core Insights - NIO's stock rose by 6% to $7.65, driven by the delivery of the new ES8 model, leading to a significant increase in brand sales [1] - In the last week of September (September 22-28), NIO's sales doubled, entering the top ten of the new energy vehicle rankings [1] - Including sales from the Ladao brand (3,800 units) and the Firefly brand (1,800 units), NIO's total weekly sales reached 10,800 units, surpassing competitors like Aito, Xpeng, and Li Auto, and positioning NIO as the third in the new energy vehicle rankings [1] - The production capacity of the new ES8 is expected to further enhance NIO's sales momentum [1]

Group 1 - In Q2 2025, global sales of new energy vehicles (NEVs) reached 4.868 million units, a year-on-year increase of 30% [1] - The sales of battery electric vehicles (BEVs) reached 3.28 million units, growing by 39% year-on-year, with BYD holding the largest market share at 18.3% [1] - The total electric vehicle (EV) sales, including hybrid electric vehicles (HEVs), reached 6.456 million units, accounting for 29% of global automobile sales [1] Group 2 - In Q2 2025, global sales of plug-in hybrid electric vehicles (PHEVs) were 1.587 million units, a year-on-year increase of 15% [2] - BYD's market share in the PHEV segment decreased from nearly 40% to 28.9%, with its sales declining by 12% year-on-year [2] - The introduction of the new model N9 by BYD's sub-brand Tengshi led to a 41% increase in sales, allowing it to enter the top ten for the quarter [2] Group 3 - In the U.S. market, the end of electric vehicle subsidies on September 30 is expected to impact the growth prospects of the EV industry [3] - The global sales forecast for NEVs in 2025 is 19.7 million units, representing a 21% year-on-year increase, with growth expected to slow to 14% in 2026 [3]

Group 1 - The core viewpoint of the article indicates that global sales of new energy vehicles (NEVs), including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, are projected to reach 4.868 million units in Q2 2025, representing a 30% year-on-year increase [1] - When including hybrid electric vehicles (HEVs), total electric vehicle (EV) sales are expected to reach 6.456 million units in Q2 2025, accounting for 29% of total global automobile sales [1] - BYD maintains its position as the largest BEV brand with an 18.3% market share, showing a remarkable year-on-year sales growth rate of 43% [1] Group 2 - Overall, it is estimated that global NEV sales will reach 19.7 million units in 2025, reflecting a 21% year-on-year increase [1] - The growth rate for NEV sales is expected to slow down to 14% in 2026 [1]

Core Insights - The article highlights the significant growth in global new energy vehicle (NEV) sales, with a 30% year-on-year increase in Q2 2025, reaching 4.868 million units sold [2][8] - The market share of electric vehicles (EVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), is expanding, accounting for 29% of total global car sales in the same period [2] BEV Market Summary - BEV sales reached 3.28 million units, marking a 39% year-on-year growth [5] - BYD leads the BEV market with an 18.3% market share and a 43% increase in sales [6] - Tesla, while maintaining second place, experienced a 14% decline in overall sales due to underperformance in key markets [6] - Geely holds the third position with a 6.4% market share, while Leapmotor and XPeng both surpassed 100,000 units in quarterly sales for the first time [6] PHEV Market Summary - PHEV sales totaled 1.587 million units, reflecting a 15% year-on-year increase [7] - BYD remains the leader in the PHEV segment but saw a 12% decline in sales, reducing its market share to 28.9% [7] - Li Auto and AITO have increased their market shares to 7.4% and 6.2%, respectively, indicating strong competition [7] - The introduction of new models by BYD's sub-brand Denza has led to a 41% increase in sales, allowing it to enter the top ten for the first time [7] Market Outlook - The global NEV sales forecast for 2025 is projected at 19.7 million units, a 21% increase, with growth expected to slow to 14% in 2026 [8] - In the U.S. market, the expiration of EV subsidies by September 30 may hinder future growth prospects for the electric vehicle industry [8]

Economic Data - Global new energy vehicle sales exceeded 4 million units in Q1, marking a 39% year-on-year increase[3] - Japan's exports to the US declined for the first time in four months in April[3] Market Trends - 20-year US Treasury auction showed weakness, leading to declines in stocks, bonds, and currencies[3] - 2-year US Treasury yield rose by 4.90 basis points to 4.019%[4] - 10-year US Treasury yield increased by 11.56 basis points to 4.605%[4] Stock Market Performance - Nasdaq index closed at 18,872.64, down 1.41%[5] - Dow Jones Industrial Average closed at 41,860.44, down 1.91%[5] - Hang Seng Index closed at 23,827.78, up 0.62%[5] Corporate Earnings - XPeng Motors reported Q1 revenue exceeding expectations[2] - Baidu's Q1 revenue and adjusted operating profit also surpassed expectations[3]