免责声明 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 铝类产业日报 2025/11/26 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 21,455.00 | -10.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,720.00 | -7.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | -75.00 259,056.00 | +5.00↑ 主力-连二合约价差:氧化铝(日,元/吨) -12707.00↓ 主力合约持仓量:氧化铝(日,手) | -74.00 377,215.00 | -11.00↓ -12914.00↓ | | | LME铝注销仓单(日,吨) | 59,625.00 | 0.00 库存:氧化铝:合计(周,万吨) | 255,764.00 | | | | | | | | +2110.00 ...

在上述 十家 企 业中， 与去年同期相比，一汽大众和特斯拉销量小幅下降，其他企业销量均呈不同程度增长 。 来源： 中汽协会行业信息部 据中国汽车工业协会统计 分 析， 20 25 年 1 -10 月， 销量排名前十位的 SUV 生产企业共销售 853.2 万辆， 占 SUV 销售总量的 66.2% 。 ...

Core Insights - GAC Group reported over 170,000 new vehicle sales in October 2025, indicating a positive performance in the automotive market [1] - GAC Trumpchi and GAC Toyota both experienced year-on-year sales growth of 2.6% and 0.7% respectively, showcasing resilience in their sales strategies [1] - GAC Aion and GAC Honda saw significant month-on-month growth of 3.3% and 8.7%, reflecting strong demand for their models [1] Export Performance - In October, GAC Group exported 15,460 vehicles, marking a substantial year-on-year increase of 69.2%, highlighting the company's expanding international presence [1] - From January to October, GAC's self-owned brand export volume grew by 36% year-on-year, indicating a robust growth trajectory in overseas markets [1]

Core Insights - SAIC Motor Corporation announced a projected sales volume of 454,000 vehicles for October 2025, representing a year-on-year growth of 13% [1] - Cumulatively, the sales from January to October reached 3.647 million vehicles, showing a year-on-year increase of 19.5% [1]

Core Viewpoint - The article discusses the sales performance and customer demographics of the Tengshi Z9GT, highlighting its unique design and high configuration as key selling points, while also noting challenges in closing sales due to pricing and competition from established brands [2][8][11]. Sales Performance - The Z9GT has received positive reviews but has only seen moderate sales, primarily due to its high price point. The best-selling model is the 2024 1100 Four-Wheel Drive Max version, priced at ¥364,800, with popular colors being Starry Black and Moonlight Silver [2][15]. - Discounts have recently become available, with dealerships offering between ¥30,000 to ¥50,000 off depending on inventory [10]. Customer Demographics - The typical buyers of the Z9GT are described as unique individuals with distinct preferences, including a young female project manager from a state-owned construction company and a bank vice president [3][4][8]. - The article emphasizes that customers are often drawn to the car's aesthetics and high specifications, but face challenges in making a purchase decision due to brand loyalty to competitors like BMW [11][12]. Customer Experience - A specific case is highlighted where a customer expressed dissatisfaction due to delays in vehicle delivery, leading to potential cancellation of the order. The sales representative had to leverage internal connections to resolve the issue [4][6]. - The article notes that while customers may be interested in the Z9GT, converting that interest into a sale is difficult, as many prefer to compare it with established brands like the BMW 5 Series [11][12]. Purchase Options and Complaints - The article outlines the pricing structure, including a full payment option with additional costs for registration and insurance, and mentions available financing options [16][17]. - Common complaints from customers include high maintenance costs and limited rear space despite the car's length [18][24]. Additional Benefits - The article mentions that customers can benefit from a trade-in subsidy of ¥25,000 to ¥30,000, which can be combined with local subsidies. Additionally, there are special discounts for bulk purchases by corporate clients [23].

Core Viewpoint - Tengshi Automobile reported sales of 11,993 units in August, with a cumulative sales figure of 103,198 units from January to August, representing a year-on-year growth of 29.2% [1] Summary by Category - **Sales Performance** - August sales reached 11,993 units [1] - Cumulative sales for the first eight months totaled 103,198 units [1] - Year-on-year growth in sales is 29.2% [1]

Group 1 - The core viewpoint of the news is that Shenhua Holdings reported a slight increase in revenue for the first half of 2025, driven by its automotive and renewable energy sectors, despite challenges in the real estate market [1][2] - In the automotive sales segment, the company achieved sales of 6,711 BMW vehicles, representing a year-on-year growth of 17.6%, amidst a decline in overall deliveries by BMW Group in China [1] - The net profit situation showed a decrease in losses, with the company reporting a non-recurring net profit attributable to shareholders of -61.8 million yuan, indicating a reduction in losses compared to the previous year [1] Group 2 - In the real estate sector, Shenhua Holdings focused on the orderly clearance of existing projects, achieving a sales rate of 28% for commercial properties and 41% for parking spaces in the Hongjiang "Xiangshui International" project [2] - The "Qujiang Longdi" project in Xi'an reported a 95% sales rate for parking spaces and commercial properties, indicating effective inventory management [2] - The company has entered into a strategic partnership with Jinjiang Group to enhance the service quality of its hotel offerings, integrating its hotel into a mid-to-high-end resort brand [2]

Core Insights - Xiaopeng Motors (NYSE: XPEV) reported Q2 2025 total revenue of 18.27 billion yuan, representing a year-over-year increase of 125.3% and a quarter-over-quarter increase of 15.6% [1] - The company recorded a net loss of 480 million yuan, an improvement from a net loss of 1.28 billion yuan in the same period last year and a net loss of 660 million yuan in the previous quarter [1] - Adjusted net loss, excluding U.S. GAAP, was 390 million yuan, compared to a net loss of 1.22 billion yuan in the same period last year and a net loss of 430 million yuan in the previous quarter [1] Operational Performance - In Q2 2025, Xiaopeng Motors delivered 103,181 vehicles, a significant increase of 241.6% compared to 30,207 vehicles delivered in Q2 2024 [1] - As of June 30, 2025, the company's physical sales network included 677 stores across 224 cities [1] - The self-operated charging station network reached 2,348 stations, which includes 1,304 Xiaopeng S4 and S5 supercharging stations [1] - In July 2025, Xiaopeng Motors delivered 36,717 vehicles, bringing the total delivery volume for the year to 233,906 vehicles as of July 31, 2025 [1]

Core Viewpoint - The article discusses the current market situation for the "Dreamer" model, highlighting sales trends, customer demographics, and competitive comparisons. Group 1: Market Situation - The most popular configuration and color for the "Dreamer" model is the black exterior with brown interior in the premium Kunpeng PHEV version, accounting for 50% of sales in a recent batch of 10 vehicles [2] - There has been a 20% decrease in customer foot traffic compared to the previous two months, attributed to adverse weather conditions affecting accessibility to the dealership [2] - The least popular configuration is the white exterior with beige interior, with a waiting period of 3 to 4 weeks due to low demand [3] Group 2: Customer Demographics - The primary customer base consists of middle-class professionals, particularly corporate managers and high-income individuals [5] - A notable customer, referred to as "Mr. Wang," operates a large tea garden and expressed immediate interest in purchasing the vehicle for business use [5][7] - The vehicle's comfort features, such as reclining seats, were highlighted as key selling points during customer interactions [9] Group 3: Competitive Analysis - The main competitors for the "Dreamer" model are the Gaoshan 8 and the Tengshi D9, with customers evenly split in their comparisons [10] - Factors influencing customer decisions include pricing and the versatility of seating arrangements, with some customers favoring the Gaoshan 8 for its integrated seating design [10][11] - The "Dreamer" model is preferred for its stable four-wheel drive chassis, which was demonstrated during a test drive [13] Group 4: Sales Promotions and Customer Feedback - Current promotions include a lifetime warranty on the battery system and a 15,000 yuan decoration fund for customization options [14] - Discounts of 50,000 yuan for the Kunpeng series and 30,000 yuan for the Qian Kun version are available, along with financing options [15] - Customer feedback includes concerns about the vehicle's size and the performance of the standard driving assistance features, although higher-level options are available [17] Group 5: Special Policies - Additional incentives are available for specific professions, including employees from Huawei, banking, and civil service, which can be inquired about at local dealerships [19]

Group 1 - Xiaomi has launched "Xiaomi Youth Apartments" in Beijing and Nanjing, aimed at providing quality living conditions for young employees, with a rental price of 1999 yuan per month [1] - The Beijing Youth Apartment has 2658 units, primarily 29 square meters in size, equipped with independent bathrooms and smart home features, located about 10 kilometers from Xiaomi Technology Park [5] - The Nanjing Youth Apartment consists of 566 units, featuring 55 square meters two-bedroom apartments, situated just 100 meters from Xiaomi Nanjing Technology Park [5] Group 2 - Xiaomi's Vice President Zhang Jianhui mentioned that plans for a living area for the automotive factory are underway, following the acquisition of a land parcel in Beijing for 842 million yuan [5][6] - The automotive factory in Beijing is set to officially open on March 19, 2024, with a goal of delivering 100,000 vehicles in the year, aiming for a target of 120,000 units [6] - The recent launch of Xiaomi's SUV model YU7 has seen overwhelming demand, with 200,000 pre-orders within 3 minutes and over 289,000 within an hour [9]