公司发布9月产销快报，9月新能源汽车批发销售39.6万辆，同比-5.5%，环比+6.1%；新能源乘用车批发销售39.3万辆，同比-5.9%，环比+5.8%。分品牌看，9月王 朝海洋、腾势、方程豹、仰望销量分别35.6万辆、12,407辆、24,121辆、758辆。 0 2 分 析 判 断 ► 9月批发环比增长 出海稳步推进 公司9月新能源乘用车批发销售39.3万辆，同比-5.9%，环比+5.8%，批发环比提升受益部分地区补贴延续刺激主流市场观望需求落地，终端需求有所回暖。1-9月新能 源乘用车累计批发321.9万辆，同比+17.6%。9月，插混乘用车销售18.8万辆，同比-25.6%，环比+9.4%；纯电乘用车销售20.5万辆，同比+24.3%，环比+2.7%。分 品牌看，王朝海洋销量35.6万辆，腾势/仰望/方程豹销量分别1.2/0.07/2.4万辆，合计3.7万辆，占比9.4%，高端化加速突破。 ► 方程豹钛7带动品牌销量向上 高端化稳步突破 公司近期高端化品牌作出众多调整，比亚迪腾势品牌此前初完成管理层调整，旨在强化品牌体系化建设，突破高端化瓶颈。李慧作为比亚迪20年老将，以战略统筹与 直营体系搭建见长 ...

近日，2025年武汉国际车展现场人潮涌动。岚图汽车在展会期间交出了亮眼答卷：8月交付量达到 13505辆，同比增长119%，连续7个月攀升，刷新历史纪录。 岚图汽车的爆发式增长是武汉经济技术开发区新能源汽车产业崛起的缩影。作为全国汽车产业集聚 度最高的区域之一，武汉经济技术开发区被誉为"中国车谷"。2024年，"中国车谷"下线中国新能源汽车 首个年产第1000万辆整车，全区地区生产总值突破2200亿元，成为武汉在加快建成中部地区崛起的重要 战略中当好龙头的重要支柱之一。 在"中国车谷"汽车产业加速提质向新的背后，一股强劲的"税动力"正深度融入产业链条，精准助推 企业向智能制造转型。 ■ 聚焦"智"造升级，税惠赋能新能源赛道 2025年8月，为加速拓展海外市场，东风进出口公司乘用车海外营销部与合作伙伴签署授权经销协 议，共同推动岚图与猛士品牌在沙特阿拉伯市场可持续发展。目前该公司在沙特阿拉伯网络销售渠道共 30余家，计划2026年将增长至100余家。 近两年来，该公司已在境外参与7次大型展会，收获订单7500余辆。2025年上半年，凭借精准的市 场策略与产品竞争力，在中东地区实现销量同比增长180%。 然而，" ...

据悉，新增航线精准匹配中澳新能源汽车贸易需求。近期，中国工业和信息化部等八部门联合印发《汽 车行业稳增长工作方案(2025—2026年)》，明确2025年新能源汽车销量目标约1550万辆(同比增长20%左 右)，并提出保持汽车出口稳定增长的要求。与此同时，澳大利亚新能源汽车市场正迎来发展窗口期： 该国政府发布《国家电动交通战略》，设定2030年新能源汽车占新车销售30%的目标；设立"清洁交通 基金"，通过购置税收优惠、直接补贴激活市场需求；出台《国家电动交通行动计划》，明确2027年实 现该国充电桩数量翻倍。 中新网上海9月28日电 (陈静韩静)28日，由中国航运企业运营的澳新班轮直航航线在上海南港码头迎来 首航。该航线聚焦澳大利亚、新西兰市场，新增运力与航线布局将进一步拓宽国产汽车的"出海"物流通 道。 此次首航的"维京翡翠"轮(马绍尔群岛籍)为4300车位的汽车滚装船。据船方介绍，本航次共装载2330件 货物，涵盖多个品牌新能源汽车、少量工程车与汽车配件，将驶向澳大利亚墨尔本、肯布拉、布里斯班 等港口。 为保障首航各环节高效顺畅，洋山边检站提前对接船方、码头运营企业、相关汽车制造企业及航线运营 企业等单位 ...

Core Insights - A Russian influencer's video criticizing Chinese automotive brands highlights issues regarding brand image and after-sales service in the Russian market [1] - Despite a significant increase in market share from under 10% in 2020 to 68% in 2024, many Chinese cars enter Russia through parallel imports and second-hand exports, bypassing official channels [1][2] Group 1: Market Dynamics - The operational model of Chinese automotive brands focuses on high profits from vehicle sales, often neglecting after-sales service and customer support [2] - Russian consumers have expressed dissatisfaction with the quality of Chinese vehicles, which has led to a decline in brand reputation [2][3] Group 2: Policy and Strategic Adjustments - Recent Russian government policies aimed at regulating the market and protecting local automotive industries have resulted in a decline in the market share of Chinese brands after reaching a peak in 2024 [3] - Chinese automotive companies need to adopt a long-term strategy for international expansion, focusing on local market integration and high-quality service [3][4] Group 3: Recommendations for Improvement - To improve brand reputation, Chinese automotive brands should enhance official channel development, establish localized production, and create a comprehensive service ecosystem [4] - Collaborating with local entities to address regulatory concerns and investing in local manufacturing and R&D can help build a positive brand image [4]

Core Viewpoint - The global automotive industry is undergoing a restructuring phase, with China expected to lead in electric vehicle (EV) penetration and export growth by 2025, achieving over 50% penetration in new energy vehicles (NEVs) [2][4][25]. Group 1: China's NEV Market - By 2025, China's NEV penetration rate is projected to exceed 50%, with a significant increase in sales volume, reaching 1,077,000 units in 2024, a 68% year-on-year growth [4][25]. - As of August 2025, the market share of Chinese brands in the NEV sector is 89%, indicating strong domestic performance [4][8]. - The export of NEVs from China is on the rise, with a 14.5% year-on-year increase in total passenger car exports, and NEVs accounting for 41% of total exports by August 2024 [8][20]. Group 2: Global NEV Trends - Global consumer awareness of electric and intelligent technologies has been established, leading to accelerated product launches by European, American, and Japanese automakers, with significant growth expected in NEV penetration rates in non-Chinese markets [3][24]. - The EU's NEV penetration rate is expected to rise to 27% by 2025, driven by regulatory pressures and increased model availability from automakers [28][29]. - Emerging markets, particularly in Southeast Asia and Latin America, are witnessing rapid growth in NEV sales, with Vietnam and Thailand showing significant increases in penetration rates [17][20]. Group 3: Competitive Landscape - Chinese automakers are expected to continue gaining market share in international markets, with projections indicating that by 2030, Chinese brands could achieve nearly 30 million units in global production, including over 5.5 million NEVs [2][39]. - In the EU, traditional automakers still dominate, but Chinese brands like BYD are increasing their market share, reaching 3.7% in the NEV segment by mid-2025 [12][19]. - The Latin American market is primarily led by traditional automakers, but Chinese brands are steadily increasing their presence, with BYD's market share in the NEV segment rising from 60% to 77% [23][20].

【深圳商报讯】（记者 陈发清）9月25日，由深圳港集团主办的2025深圳汽车海运物流国际论坛在深圳 五洲宾馆举行。本届论坛以"港航聚力·舟车共济·圳启新程"为主题，汇聚了400余位领军企业代表、顶尖 专家学者及国际机构代表，共同探索中国汽车出海新路径，为推动中国汽车产业"走出去"注入新动能。 当前，深圳正全力建设"全球新能源汽车国际贸易枢纽中心"与"新一代世界一流汽车城"。数据显示， 2023年以来，深圳港旗下港区累计汽车吞吐量超24万辆，占深圳全港运输量近七成；2025年1—8月深圳 港汽车出口超15万辆，同比实现翻倍增长；今年开通粤港澳大湾区首趟汽车铁海联运班列，并保障比亚 迪（002594）"深圳号"首航欧洲。 论坛举办期间，深圳港集团联合深圳市新能源汽车产业办公室首发深圳汽车出海一站式平台"汽车出海e 站通"移动版。该平台集成物流、仓储、贸易服务等全流程在线协同，实现"指尖订舱+物流追踪"功能， 助力车企高效出海。同时，深圳港物流集团推出汽车出海陆路解决方案，开通湾区首趟"内陆堆场+站 内专列"铁海联运班列；中远海运特运联合小漠港推出覆盖新兴市场的海运网络，新增覆盖欧洲、中 东、澳大利亚的三大汽车滚装 ...

2022年以来国内汽车行业最大规模IPO 簿记建档环节吸引多元化优质投资者踊跃下单，实现发行区间上限定价 香港公开发售认购倍数达308.18倍，国际配售认购倍数达11.61倍 成功引入13家国内外知名投资者组成豪华的基石投资阵容 来源：市场资讯 （来源：中信证券发布） 2025年9月25日，奇瑞汽车股份有限公司（以下简称奇瑞汽车，9973.HK）成功于香港联交所主板上 市。本项目基础发行规模11.74亿美元，绿鞋后最大发行规模13.50亿美元，其中，基石投资者投资规模 5.87亿美元。中信证券担任整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人。 中信证券积极践行国家战略，坚持金融服务实体经济，全力做好科技金融等"五篇大文章"，发挥国际化 投行网络与专业服务优势，持续助力中国汽车产业全球化高质量发展。 本项目中，中信证券积极调动全球产业、研究及销售资源，利用境内外平台及全球投资者覆盖网络，协 助安排多场次、高质量的投资者路演，向资本市场精准传递企业成长潜力，吸引了包括欧洲、东南亚、 中东、澳洲、中国内地和中国香港的主权基金、长线基金、产业资本、多策略基金和私募基金等投资者 的广泛关注和踊跃认购，为奇 ...

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the automotive sector this year, with a market capitalization nearing 200 billion HKD and a share price of 30.75 HKD, reflecting strong investor confidence and growth potential [3][5]. Group 1: Company Position and Growth - Chery is the second largest independent passenger car brand in China and the eleventh largest globally, with significant growth in both new energy and traditional fuel vehicle sales, achieving over 25% growth across all categories [7]. - From 2022 to 2024, Chery's revenue is projected to grow from 92.618 billion RMB to 269.897 billion RMB, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion RMB to 14.334 billion RMB, with a CAGR of 57.1% [8][9]. Group 2: Sales and Revenue Performance - In Q1 2025, Chery reported revenue of 68.223 billion RMB, a year-on-year increase of 24.2%, with net profit soaring over 90% [8]. - The sales of new energy vehicles (NEVs) have seen remarkable growth, with plug-in hybrid and range-extended electric vehicles generating 1.07 billion RMB in Q1 2025, a 314% increase year-on-year, while pure electric vehicle revenue reached 795.6 million RMB, up 295% [8][10]. Group 3: Research and Development - Chery has invested heavily in R&D, with over 14,400 R&D personnel, accounting for more than 50% of non-production staff. R&D expenditures have increased significantly, reaching 10.544 billion RMB in 2024 [10]. - The company has established a comprehensive R&D system with multiple centers globally, focusing on innovation and technology development, which has led to breakthroughs in hybrid and electric vehicle technologies [10]. Group 4: International Expansion - Chery has been a leader in exporting Chinese passenger vehicles, maintaining the highest export volume among independent brands for 22 consecutive years, with overseas revenue projected to grow significantly from 30.387 billion RMB in 2022 to 100.897 billion RMB in 2024 [21][22]. - The company has established a robust global dealer network and production bases, enhancing its competitive edge and enabling localized production, as seen with its joint venture in Spain [23]. Group 5: Future Outlook - The global automotive market is expected to grow, with a projected CAGR of 3.5% from 2025 to 2030, and Chery aims to capitalize on this by enhancing its presence in international markets, particularly in Europe and South America [20][21]. - Chery's strategic focus on new energy vehicles and technological innovation positions it well for future growth, with ambitious sales targets set for its iCAR and other brands [17][18].

标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange, marking its seventh attempt at an IPO after a long and challenging journey in the capital market. The focus will be on its performance in the transition to new energy vehicles and improving profitability [2][5][24]. Group 1: IPO Details - Chery plans to issue 297 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, along with a 15% over-allotment option. The price range is set between HKD 27.75 and HKD 30.75 per share, with expected fundraising between HKD 8.241 billion and HKD 9.132 billion [5][18]. - The market capitalization post-IPO is projected to be between HKD 160 billion and HKD 177.3 billion (approximately RMB 146 billion), ranking Chery as the seventh largest among Chinese automakers [5][18]. - Thirteen cornerstone investors have committed approximately USD 587 million, including notable firms like Hillhouse Capital and Ginkgo Asset Management [5][18]. Group 2: Historical Context and Leadership - Chery's chairman, Yin Tongyue, has expressed a long-standing commitment to the IPO, having previously stated that the company would prioritize its listing as a key task [10][11]. - Over the years, Yin has shifted from skepticism about the benefits of an IPO to actively pursuing it, indicating a strategic evolution in Chery's approach to capital markets [7][9][10]. Group 3: Performance and Market Position - Chery has seen significant growth in retail sales, with a projected 2024 global sales volume of 2.6039 million vehicles, a 38.4% increase year-on-year, making it the second largest domestic independent brand [14][18]. - The company has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with overseas sales accounting for 44% of total sales in 2024 [14][20]. - Chery's diverse brand portfolio includes five major brands, catering to various market segments from budget to luxury [14]. Group 4: Challenges and Future Outlook - Despite its achievements, Chery faces challenges such as a high debt ratio of 89% as of Q3 2024, necessitating funds from the IPO to optimize its financial structure and support its transition to new energy vehicles [16][19]. - The company has a relatively low gross margin of 13.5% in 2024, with its new energy vehicle gross margin at only 5.7%, indicating a need for improvement in profitability [17][22]. - Chery's future success will depend on its ability to effectively utilize the raised funds for R&D, particularly in smart driving and high-end new energy vehicles, while enhancing its cost structure [19][23].