此前部分车企新能源购置税兜底政策落地，将有效激发此前累积的潜在消费潜力，促使消费者年初集中 购车。加之2026年的春节较往年要晚半个月左右，节前购车高峰将集中在1月份，预计1月汽车市场将迎 来"开门红"，销量好于2025年12月。 "中国汽车流通协会"公众号1月6日消息，1月5日，中国汽车流通协会发布的最新一期"汽车消费指数"显 示，2025年12月汽车消费指数为97.7，高于上月，预计2026年1月汽车市场将呈现"开门红"的局面。 2025年12月30日，商务部等八部门办公厅发布《2026年汽车以旧换新补贴实施细则》，明确2026年对个 人消费者报废或置换符合条件的旧车并购买新车，给予一次性补贴。 ...

尽管机构预测今年1月将呈现开门红局面，但汽车经销商的经营状况或仍面临挑战。 中国汽车流通协会综合预测，2025年12月乘用车终端零售量约220万辆，2025年全年预计达2355万辆， 与2024年基本持平。 中国汽车流通协会数据显示，2025年12月中国汽车经销商库存预警指数为57.7%，同比上升7.5个百分 点，环比上升2.1个百分点。库存预警指数位于荣枯线之上，汽车流通行业景气度有所下降。中国汽车 流通协会调查显示，经销商客户流量减少、市场观望升温致需求收缩，新车销售利润收窄，叠加部分厂 家年底冲量追加任务，加剧库存积压与资金紧张，近半数经销商2025年全年任务完成率90%及以上 （15.3%超额完成）。 "2025年12月没有形成传统的翘尾行情，整体走势还是偏淡。"中国汽车流通协会产业协调发展工作委员 会副秘书长樊宇在月度分析会上表示。 1月6日，中国汽车流通协会发布的报告显示，2025年12月汽车消费指数为97.7，高于上月，预计2026年 1月汽车市场将呈现"开门红"的局面。2025年底因地方补贴耗尽而被抑制的以旧换新购车需求，叠加 2026年春节所催生的节前购车需求，共同推高了2026年1月的购车 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Views - The automotive industry is expected to benefit from supportive policies for vehicle consumption and an upward trend in new energy vehicle sales [4][16]. - The report highlights a significant increase in the market share of new energy vehicles, reaching approximately 53.2% in November 2025 [2][36]. - The report suggests focusing on companies that lead in smart technology and are aligned with technological and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector rose by 2.74% in the week of December 22-26, 2025, ranking 11th among all primary industries [18][21]. - The automotive parts sector saw the highest increase at 3.32%, while motorcycles and others experienced the largest decline at -1.02% [21][22]. Industry Data Tracking 1. **Monthly Sales**: In November 2025, total automotive sales were approximately 3.429 million units, with a month-on-month increase of 3.2% and a year-on-year increase of 3.4% [2][29]. 2. **Weekly Sales**: From December 1-21, 2025, retail sales of passenger cars were about 1.3 million units, showing a year-on-year decline of 19% but a month-on-month increase of 5% [38]. 3. **Material Prices**: As of December 26, 2025, the price of battery-grade lithium carbonate was approximately 111,900 CNY per ton, reflecting a 15% increase from December 19, 2025 [2][45]. Industry Dynamics - The report notes significant industry developments, including the completion of Geely's privatization of Zeekr and the launch of the first mass-produced vehicle featuring the Yuanrong Qihang VLA model [3][49]. - Chery plans to establish Southeast Asia's largest automotive factory in Vietnam by 2026, with an initial production capacity of 30,000 to 60,000 vehicles [3][49]. Company Announcements - Star Source Zhuomai has received a project notification for developing and supplying components for a new energy vehicle's reducer housing, with expected sales of approximately 575 million CNY over four years starting in 2027 [51]. - Zhongding Holdings plans to establish a joint venture for humanoid robot manufacturing and core component supply capabilities [51].

1. 汽车消费恢复较强 自从楼市2021年下跌以来，汽车消费从2020年的3.94万亿元上升到2024年的5.03万亿元，摆脱了2018-2020年连续3年徘徊在3.9万亿元的被动局面。由于房 地产下跌利好消费，买房投资挤压消费问题改善，目前看消费不旺的问题稍有改善。 智通财经APP获悉，乘联分会秘书长崔东树发文称，2025年11月汽车生产352台，同比增2%；新能源汽车生产184万台，同比增17%，渗透率52%；燃油车 生产168万台，同比降10%。2025年1-11月汽车生产3109万台，同比增11%；新能源汽车生产1453万台，同比增27%，渗透率47%；燃油车生产1657万台， 同比持平。2025年1—11月份，全国固定资产投资(不含农户)444035亿元，同比下降2.6%。其中，2025年汽车投资增速达到15.3%，高于总体投资17.9个百 分点。 当前，外部环境更趋复杂严峻，单边主义、保护主义加剧，冲击产业链供应链稳定;国内经济回升向好基础还不稳固，有效需求不足、市场无序竞争等问 题挑战仍然存在，行业稳增长任务依然艰巨。随着车市以旧换新补贴政策，引爆2025年车市,1-3季度效果特别显著，因此20 ...

11月，汽车市场延续良好表现。企业抢抓政策窗口期，生产供给依然保持较快节奏，在高基数基础上，产销环比、同比均实现增长。其 中，商用车市场持续向好，新能源汽车表现强劲。 12月11日，中国汽车工业协会召开产销发布会。数据显示，11月，汽车产销分别完成353.2万辆和342.9万辆，环比分别增长5.1%和 3.2%，同比分别增长2.8%和3.4%；1-11月，汽车产销累计完成3123.1万辆和3112.7万辆，同比分别增长11.9%和11.4%。 11月商用车销超39万辆，同比增超24% 11月，商用车产销分别完成38.8万辆和39.2万辆，环比分别增长6.6%和8.6%，同比分别增长18.6%和24.4%。其中，天然气商用车 销量2.3万辆，环比下降11%，同比增长87.5%。在商用车主要品种中，与上月相比，客车和货车产销均呈不同程度增长；与去年同期 相比，客车和货车产销均呈两位数增长。 2025年1-11月，商用车产销累计完成384.3万辆和387万辆，同比分别增长11.6%和10.4%。其中，天然气 商用车销量23万辆，同比 增长13.4%。在商用车主要品种中，与去年同期相比，客车和货车产销均呈两位数增长。 ...

信达证券指出，国内首条大容量全固态电池产线已建成，标志着我国全固态电池技术从实验室研发向工 程化落地实现关键跨越，有望解决新能源汽车在续航与安全方面的核心痛点。商务部将推进汽车流通消 费改革试点，全链条扩大汽车消费，包括扩大二手车流通，拓展汽车改装、租赁、赛事、房车露营等汽 车后市场。安徽省和杭州等地已启动新一轮汽车消费补贴发放，进一步激发消费潜力。大众汽车在安徽 落成德国外首个全流程研发测试中心，构建起完整的端到端研发体系。此外，零跑汽车提前达成2025年 50万辆目标，并剑指2026年100万辆销量。 （文章来源：每日经济新闻） 汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数聚焦于中国汽车行业，从市场中选取涉 及乘用车、商用车及相关零部件制造的上市公司证券作为指数样本，以反映汽车行业相关上市公司证券 的整体表现。该指数具有较高的行业集中度和代表性，适合关注汽车板块的投资者作为参考。 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights the successful establishment of the first large-capacity all-solid-state battery production line in China, which is expected to address key issues in electric vehicle range and safety [24] - The Ministry of Commerce plans to promote reforms in automotive circulation and consumption, aiming to expand the entire automotive consumption chain [24] - The report notes that the A-share automotive sector outperformed the market, with a weekly increase of 3.24%, while the Shanghai and Shenzhen 300 Index rose by 1.64% [3][9] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 3.24%, ranking 11th among A-share Shenwan first-level industries [3][9] - Key stocks leading the performance include GAC Group and BYD in the passenger vehicle sector, and King Long and CIMC Vehicles in the commercial vehicle sector [6][21][22] Industry News - The establishment of the first large-capacity all-solid-state battery production line marks a significant advancement in battery technology [24] - The Ministry of Commerce is set to implement automotive circulation consumption reform trials to boost overall automotive consumption [24] - Anhui Province has initiated a new round of consumer subsidies for automotive purchases, providing varying amounts based on vehicle price [24] - Leap Motor has achieved its 2025 sales target of 500,000 vehicles ahead of schedule and aims for 1 million vehicles in 2026 [24] - A new automotive consumption promotion policy has been launched in Hangzhou, offering subsidies and vouchers for new car purchases [24] Key Data Tracking - The report includes tracking of key upstream data such as steel, aluminum, natural rubber, and lithium carbonate prices, which are crucial for the automotive supply chain [27][28]

据悉，2025年以来，为贯彻落实中央关于实施提振消费专项行动决策部署和市委、市政府构建"大消 费"工作格局要求，加大汽车消费作为重要消费领域对经济的拉动力度，西青区已先后举办两期"钜惠西 青 焕新生活"汽车促消费活动，累计投放购车补贴1400万元，惠及全市购车消费者7000余人，综合拉动 汽车销售额22.68亿元。 近年来，西青区持续打造"津门汽车消费首选地"，全区目前已形成大寺、中北、李七庄3个汽车销售集 聚区，汇集了小米、理想、鸿蒙智行、smart等汽车品牌100余个，销售额占比全市汽车销售市场3成以 上。 中国发展网 李揽月 记者朱波报道 日前，记者从天津市西青区获悉，西青区计划于2025年12月初启 动"钜惠西青 焕新生活"2025年西青区第三期汽车促消费活动，本期活动拟投放购车补贴600万元，单车 最高补贴额6000元。 ...

据数据宝，商务部市场运行和消费促进司负责人杨枿今日表示，商品消费是促消费惠民生的重要领域， 下一步商务部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车露营 等汽车后市场，全链条扩大汽车消费。 据统计，A股汽车概念股今年以来股价平均上涨38.4%，其中26股的股价年内涨超100%，天普股份、浙 江荣泰、恒勃股份、新坐标、涛涛车业涨幅居前。11月以来，25只汽车概念股获得10家及以上机构调 研，九号公司-WD的机构关注度最高，月内获得179家机构调研。在获得至少10家及以上机构调研的个 股中，有15股的最新股价较年内高点回调超20%，豪恩汽电、飞龙股份、建邦科技、恒帅股份、比亚迪 的股价回调幅度均超30%。 ...

Core Viewpoint - The automotive dealership sector is experiencing a rebound, with notable stock price increases for several companies, driven by government initiatives to boost automotive consumption and improve market conditions [1] Group 1: Stock Performance - Yongda Automobile (03669) increased by 11.11%, trading at HKD 1.8 [1] - Harmony Auto (03836) rose by 7.95%, trading at HKD 0.95 [1] - Zhongsheng Holdings (00881) saw a 2.5% increase, trading at HKD 11.9 [1] - Meidong Auto (01268) gained 1.27%, trading at HKD 1.6 [1] Group 2: Government Initiatives - The Ministry of Commerce's official Yang Si emphasized that commodity consumption is crucial for promoting consumption and improving livelihoods [1] - Future plans include advancing automotive circulation consumption reforms, expanding the second-hand car market, and developing automotive aftermarket sectors such as modifications, rentals, events, and RV camping [1] Group 3: Industry Conditions - According to Longzhong Information, the inventory warning index for Chinese automotive dealers in October 2025 is at 52.6%, which is a year-on-year increase of 2.1 percentage points and a month-on-month decrease of 1.9 percentage points [1] - The index remains above the neutral line (50%), indicating an improvement in industry sentiment, although inventory pressure has not been fully alleviated [1]