● 龚梦泽 熊永红 11月21日，第二十三届广州国际汽车展览会（2025广州车展）在中国进出口商品交易会展馆如期而至。 作为年度车市收官的"风向标"，本届车展汇聚93辆全球首发新车，展车总数达1085辆，新能源车型占比 高达58%，不仅体现了新能源车产品进入全面替代阶段的行业现实，更直观呈现出电动化竞争从续航比 拼转向全场景体验优化、智能化竞争从单一功能迈向"芯片+软件+生态"系统对决的清晰趋势，为各家 车企的年底收官之战吹响冲锋号角。 "自明年起，新能源车购置税将由免征调整为减半，政策变化刺激消费者在今年年底前集中购车，叠加 年末车企冲量，新能源与出口双轮驱动的格局进一步强化。"中国汽车流通协会乘用车市场信息联席分 会（乘联分会）秘书长崔东树认为，智能网联技术升级和"反内卷"带来的市场秩序改善将支撑消费信 心，预计四季度车市销量将实现小幅增长。 新能源车竞速 车企寻求细分市场突破 相较于合资品牌的智能化追赶，自主品牌则凭借全产业链优势，在技术普惠与高端突破上双线发力。长 安启源发布了全新Q05纯电SUV，让10万元内纯电SUV首次搭载激光雷达成为现实；阿维塔联合华为开 创HiPlus模式，计划至2030年， ...

Group 1: New Energy Vehicle Exports - In October 2025, China's new energy vehicle exports reached 256,000 units, marking a year-on-year increase of 99.9% and a month-on-month increase of 15.4% [1] - From January to October 2025, new energy vehicle exports totaled 2.014 million units, reflecting a year-on-year growth of 90.4% [1] Group 2: Automotive Investment Growth - Automotive investment growth is projected to reach 17.5% in 2025, significantly higher than other manufacturing sectors [2] - In October 2025, total vehicle production was 328,000 units, with new energy vehicle production at 171,000 units, representing a year-on-year increase of 19% and a penetration rate of 52% [2] Group 3: GAC Group Leadership Changes - GAC Group announced the appointment of He Xianqing as General Manager and Wang Dan as Chief Accountant, marking a significant leadership change aimed at reform [3] Group 4: Geely Automotive Financial Performance - Geely Automotive reported a third-quarter revenue of 89.19 billion yuan, a year-on-year increase of 27%, and a net profit of 3.82 billion yuan, up 59% year-on-year [4] Group 5: XPeng Motors Financial Results - XPeng Motors reported third-quarter revenue of 20.38 billion yuan, a year-on-year increase of 102%, with a net loss of 380 million yuan [6] - The total vehicle deliveries for the third quarter reached 116,007 units, a 149.3% increase compared to the same period in 2024 [6] Group 6: Leap Motor Financial Performance - Leap Motor achieved a net profit of 150 million yuan in the third quarter of 2025, marking consecutive quarters of profitability [8] - The company delivered 173,852 vehicles, a 101.8% increase year-on-year, with revenue of 19.45 billion yuan, up 97.3% [8] Group 7: Future Product Plans of XPeng Motors - XPeng Motors plans to launch seven new models in 2026, including three super electric range-extended products in the first quarter [11] Group 8: BMW iX3 Production Plans - BMW's new generation iX3 is set to be produced in 2026, featuring advanced driving assistance technologies, with extensive testing already underway [12]

Core Viewpoint - The article discusses the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" issued by eight ministries, aiming to promote stable growth and high-quality development in the automotive sector through multi-departmental collaboration [4][5]. Background and Implementation Significance - The 2025-2026 work plan is a response to the complex external environment and domestic challenges faced by the automotive industry, following the success of the previous 2023-2024 plan which aimed for a total vehicle sales target of approximately 27 million units in 2023, with a 3% year-on-year growth [7][8]. - The plan emphasizes the automotive industry's role as a "ballast stone" for economic growth, focusing on quality improvement, technological advancement, and green transformation to meet both domestic and international challenges [9]. Key Policy Measures Expanding Domestic Automobile Consumption - The plan includes measures to accelerate the market expansion of new energy vehicles (NEVs), with a target of promoting over 700,000 NEVs in public sectors across 25 pilot cities [11]. - It also aims to enhance automotive consumption through trade-in programs and support for second-hand vehicle sales, alongside promoting smart connected vehicle applications [11]. Improving Supply Quality - The plan emphasizes technological innovation to stimulate demand, with policies aimed at enhancing product performance and fostering internationally competitive Chinese brands [12]. - It includes upgrading standards for NEVs and related technologies, ensuring supply chain stability, and promoting digital transformation within the industry [12]. Optimizing Industry Development Environment - The plan outlines the need for improved infrastructure, including charging facilities, and regulatory reforms to streamline vehicle production and management [13]. - It aims to enhance competition order within the industry and strengthen recycling and utilization management for end-of-life vehicles [12]. Enhancing International Cooperation - The plan encourages automotive exports by supporting companies in developing products suited for international markets and improving financial services for exports [14]. - It also promotes collaboration in setting international standards and participating in global automotive forums [14]. Support Measures - The plan highlights the importance of coordinated efforts among various departments and emphasizes the need for monitoring and talent development to support the automotive industry's growth [15]. - It aims to create a robust policy framework that aligns with future demands and fosters innovation [15]. Overall Analysis - The work plan provides a clear roadmap for the automotive industry, balancing growth targets with quality improvements and international expansion [16]. - It sets ambitious sales targets for NEVs, projecting 15.5 million units by 2025, while ensuring that the automotive sector contributes positively to the overall economy [16].

Core Insights - The company, Xingmin Zhitong, has signed a strategic cooperation agreement with BAIC Group to collaborate in the fields of new energy vehicle technology research and development, vehicle sales, and resource sharing [2][3]. Group 1: Technical Collaboration - The partnership will focus on wheel product innovation, establishing a joint technical mechanism to enhance raw material systems, optimize product structures, and refine key manufacturing processes [2]. - In smart connected technology development, both parties aim to create a deep technical cooperation mechanism to upgrade next-generation in-vehicle intelligent systems, focusing on vehicle communication evolution and developing hardware and software for 5G and future 6G [2][3]. Group 2: Platform Development and Operations - The companies plan to jointly build a "computing power + data + model" collaborative system to support BAIC's rapid implementation of intelligent driving, smart cockpits, and intelligent manufacturing [3]. - They will integrate chip-level security solutions and digital twin technology to innovate data elements, reduce operational costs, and enhance operational efficiency [3]. Group 3: Business Model Innovation - Xingmin Zhitong will leverage its subsidiaries' expertise to explore new scenarios and applications for vehicle owners, such as creating an integrated emergency rescue model using satellite communication and drones [3]. Group 4: Sales and Procurement - The companies will promote each other's brands and products, with Xingmin Zhitong planning to purchase no less than 200 vehicles from BAIC Group's brands over the next three years [4]. Group 5: Industry Standards and Capital Cooperation - They will collaborate on industry standards, utilizing Xingmin Zhitong's experience in standard formulation to participate in key research projects and promote innovation results [4]. - The partnership will also focus on strategic emerging fields like vehicle networking security and low-altitude economy, aiming to establish an industrial fund and participate in project investments [4].

Core Viewpoint - The company, Xingmin Zhitong, has signed a strategic cooperation agreement with BAIC Group to collaborate in the fields of new energy vehicle technology research and development, as well as vehicle sales [1] Group 1: Cooperation Details - The cooperation will include innovation and optimization of wheel products, joint development of intelligent connected technologies, and co-construction and operation of platforms [1] - Xingmin Zhitong plans to purchase no less than 200 vehicles from BAIC Group's brands (including Xiangjie, Jihu, Beijing Off-road, Foton, etc.) within three years [1]

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange enhances its international financing channels and brand image, establishing a dual-platform structure that supports diversified capital and R&D investments [9][11]. Company Overview - Seres Group, listed under the stock code 09927, aims to leverage its H-shares to optimize its capital structure and increase R&D investments, with approximately 70% of the funds raised allocated for cutting-edge technology development [3][9]. Financial Performance - In 2024, Seres Group's revenue reached 145.176 billion, a year-on-year increase of 305.04%, with a net profit of 5.946 billion, marking a turnaround to profitability [11]. - For the first three quarters of 2025, revenue continued to rise to 110.534 billion, with a net profit of 5.312 billion, reflecting a growth of 31.56% [11]. - The company's total assets exceeded 121.506 billion, and net assets reached 27.803 billion, representing increases of 28.76% and 126.70% respectively [11]. Product and Market Strategy - The Wanjie brand serves as a core growth engine, with cumulative deliveries exceeding 800,000 units by September 2025, setting records in the luxury electric vehicle segment [12]. - Seres is focused on building a strong technological moat, investing in advanced technologies such as the Magic Cube technology platform and intelligent safety systems, aligning with the trend of "software-defined vehicles" [14]. Capital Market Engagement - The H-share listing has restructured the valuation system towards global standards, connecting with global investors and establishing a new valuation paradigm of "Chinese innovation + international capital" [11]. - The company secured commitments from 22 cornerstone investors, raising approximately 826 million USD (around 64.21 billion HKD) [15]. Future Outlook - Seres plans to expand its overseas network through various strategies, including joint ventures and acquisitions, focusing on markets in the Middle East, Europe, Central America, and South America [16]. - The company aims to enhance its global brand influence and establish a comprehensive service system covering sales and charging networks [16].

Core Viewpoint - The "Roadmap 3.0" for energy-saving and new energy vehicles has been officially released, showcasing a significant evolution in perspective, content, and framework compared to previous versions, emphasizing forward-looking, systematic, scientific, inheritable, open, and public welfare principles [2] Group 1: Overall Goals - The roadmap sets seven overarching goals, including achieving peak carbon emissions in the automotive industry by around 2028, ahead of national commitments, and reducing emissions by over 60% from peak levels by 2040 [3] - It aims for over 80% penetration of new energy vehicles by 2040, accelerating the full electrification of the automotive industry [3] - The development of a mature and comprehensive infrastructure ecosystem for intelligent connected vehicles is targeted, with large-scale application of high-level autonomous driving products [3] - The roadmap envisions China becoming a global leader in automotive technology innovation, with original innovation capabilities leading worldwide [3] - It seeks to establish a modern automotive industry cluster characterized by innovation, data-driven approaches, collaboration, resilience, safety, and sustainability, achieving high-end, intelligent, and green development [3] - The global competitiveness of Chinese brands is expected to significantly improve, with key component enterprises deeply integrated into the global industry system [3] Group 2: New Energy Technology - The roadmap predicts that within the next 5-15 years, new energy vehicles will become mainstream, with a steadfast commitment to electrification [4] - By 2040, the penetration rate of new energy passenger vehicles is expected to exceed 85%, with battery electric vehicles (BEV) accounting for 80% [4] - The application scenarios for new energy commercial vehicles are projected to expand from urban and short-distance to medium and long-distance, with a penetration rate of around 75% by 2040 [4] - Fuel cell vehicles are anticipated to grow from thousands to hundreds of thousands and eventually to over 4 million units by 2040 [4] Group 3: Intelligent Connected Technology - The roadmap indicates that intelligent connected vehicles will enter a rapid market development phase over the next 5-15 years [4] - By 2030, L2 and above intelligent connected passenger vehicles are expected to be fully popularized in new cars, with market penetration rates for L2 and above commercial vehicles exceeding 50% and 85% by 2030 and 2035, respectively [4] - By 2035, over 70% of passenger vehicles with L3/L4 capabilities and over 35% of commercial vehicles with L4 capabilities are projected [4] - New sales of L4 autonomous operational vehicles are expected to reach tens of thousands by 2030 and millions by 2035, with L4 vehicles fully popularized in new intelligent connected cars by 2040 and L5 vehicles beginning to enter the market [4]

Core Viewpoint - The automotive industry is a pillar of the national economy, and the recently issued "Automotive Industry Stabilization Growth Work Plan (2025-2026)" aims to enhance both the quality and quantity of growth in the sector through various measures [1][2]. Group 1: Sales and Market Performance - The plan targets an annual automotive sales volume of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3%, with new energy vehicle (NEV) sales projected at around 15.5 million units, a growth of about 20% [2]. - In September, automotive production and sales reached 3.276 million and 3.226 million units, respectively, marking a year-on-year increase of 17.1% and 14.9%, with NEV sales exceeding 1.1 million units, reflecting a growth of over 30% [2][3]. Group 2: Policy Measures and Consumer Demand - The plan includes 15 measures to support sustained market growth, emphasizing the need to enhance automotive consumption through a combination of policies [3]. - Key measures include optimizing purchase restrictions, implementing tax incentives, and improving the charging infrastructure for NEVs to alleviate consumer concerns about range anxiety [3][4]. Group 3: Technological Innovation - The plan emphasizes the importance of technological innovation, aiming to enhance supply quality by advancing key technologies such as automotive chips and solid-state batteries [4]. - The integration of intelligent connected vehicle technologies is expected to create new demand and facilitate the industry's digital transformation [4][5]. Group 4: Regulatory Framework and Competition - The plan addresses issues such as outdated entry mechanisms and unhealthy competition by proposing a systematic regulatory framework [6]. - Measures to regulate competition include strengthening cost investigations and price monitoring to ensure a healthier industry environment [7]. Group 5: International Cooperation and Export Growth - The plan aims to deepen international cooperation and enhance the export of Chinese automotive products, with a target of over 6.5 million vehicles exported this year [8][9]. - Collaborations between Chinese companies and international firms are increasing, with examples such as the partnership between Mogu Che Lian and BYD for an autonomous bus project in Singapore [8].

Core Insights - The World Intelligent Connected Vehicles Conference aims to gather wisdom from various sectors to promote the safe application of intelligent connected technologies [1][2] - Beijing is positioned as a key automotive industry base in China, focusing on innovation and a complete automotive industry system, with initiatives to enhance autonomous driving regulations and smart infrastructure [1] - The conference will feature discussions on policies, technology, safety, artificial intelligence, applications, and data, with participation from over 4,000 representatives from more than 10 countries and regions [2] Group 1 - The conference is co-hosted by the Ministry of Industry and Information Technology, the Ministry of Transport, and the Beijing Municipal Government, lasting for three days [2] - The theme of the conference is "Gathering Wisdom and Energy, Unlimited Connectivity," with various forums and meetings focusing on key industry topics [2] - The event will release significant outcomes related to the standardization of intelligent connected vehicles and a roadmap for network technology [2] Group 2 - Beijing aims to create a highland for the development of the intelligent connected vehicle industry, fostering collaboration between enterprises, universities, and research institutions [1] - The city plans to enhance the industry environment by improving standards and regulatory frameworks, supporting high-level applications, and ensuring safety [1] - The conference promotes international cooperation to maintain the resilience and stability of global supply chains and to facilitate practical collaborations between domestic and foreign automotive companies [1]

Core Insights - In September 2023, China's retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3%, marking a new high for the month [1] - Cumulative retail sales from January to September totaled 17.005 million units, up 9.2% year-on-year [1] - The growth in September was attributed to the launch of over 70 new models and the expiration of tax exemptions for new energy vehicles, creating a sense of urgency among consumers [1] Sales Performance - In September, the retail penetration rate of new energy vehicles (NEVs) in the domestic passenger car market was 57.8%, an increase of 5 percentage points year-on-year [3] - Retail sales of NEVs reached 1.296 million units in September, a year-on-year increase of 15.5%, with cumulative sales from January to September at 8.866 million units, up 24.4% [2] - The retail share of NEVs from domestic brands was 70.1%, while mainstream joint venture brands held a mere 3.2% [3] Market Dynamics - The price war among car manufacturers has moderated, with only 23 models seeing price reductions in September compared to 36 in the same month last year [2] - The promotion rate for NEVs increased to 10.2%, while the promotion rate for fuel vehicles was 23.9% [2] - The retail volume of domestic brands reached 1.5 million units in September, a year-on-year increase of 13%, with a market share of 66.9% [3] Export Trends - In September, passenger car exports reached 528,000 units, a year-on-year increase of 20.7% [4] - Exports of NEVs were particularly strong, with 211,000 units exported in September, a 96.5% increase year-on-year, accounting for 40.1% of total passenger car exports [4] - The export of pure electric vehicles constituted 66% of NEV exports, with A00 and A0 class electric vehicles making up 46% of pure electric exports [4] Future Outlook - The market is expected to maintain stable growth in the fourth quarter, driven by policy guidance and high growth fundamentals [6] - The adjustment of the new energy vehicle purchase tax policy in 2026 is anticipated to stimulate consumer purchases before the end of the year [6] - The China Passenger Car Association plans to reassess and potentially raise the annual sales forecast later in October [6]