智通财经APP获悉，崔东树发文称，在国家促销费政策推动下汽车市场保持强势增长，2025年全国汽车市场总体走势较强，卡车市场和客车市场回暖明 显。对比2025年政策力度，今年政策收缩明显，导致今年1月乘用车零售环比下降，但因出口增量，1月厂家销量增速相对较好。1月新能源车走势较平 稳，主要是汽车出口市场持续走强，但行业压力仍较大。2026年商用车市场出现设备更新补贴推动的结构性增长特征，高补贴带来物流运输类电动化加 速，商用车景气度较高。 1、2026年汽车乘商走势分化 近几年乘商分化特征明显，商用车走弱，乘用车消费改善。2025年市场受政策因素推动，乘用车增速9%相对较好，商用车受电动化推动，新能源商用车 走势较去年明显走强，包含微客的客车市场实现较强增长。以旧换新政策对乘用车拉动较好，尤其是政策进入期效果好，近期绝大部分暂停补贴，行业综 合治理"内卷"工作取得积极进展，车市总体走势放缓。 2、2026年汽车市场降温 2025年汽车总计销量343920万台，累计增速9%；2026年1月汽车总计销量235万台，同比下降4%。卡车市场超强，乘用车和客车市场表现稍弱。 3、主力车企集团的表现分化剧烈 2023年初新 ...

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, achieving a closing market capitalization of HKD 184.1 billion on its first day [2]. Fundraising and Utilization - Chery raised HKD 9.145 billion, with net proceeds amounting to HKD 8.879 billion, and attracted 13 cornerstone investors, including notable institutions such as Hillhouse Capital and Jinglin Asset [2][3]. - The funds will be allocated as follows: - 35% for research and development of various passenger car models [6] - 25% for next-generation vehicles and advanced technology development [6] - 20% for expanding overseas markets and executing globalization strategies [6] - 10% for enhancing production facilities in Wuhu, Anhui [6] - 10% for working capital and general corporate purposes [6] Market Position and Export Performance - Chery has been the top exporter of Chinese self-owned brand passenger vehicles for 22 consecutive years since 2003 [3]. - In 2024, Chery is projected to lead in sales among Chinese self-owned brands in Europe, South America, and the Middle East/North Africa, and rank second in North America and Asia (excluding China) [3]. - From January to August this year, Chery exported 798,800 vehicles, marking a year-on-year increase of 10.8%, maintaining its position as the top exporter of Chinese automobiles [3]. - In August alone, Chery exported 129,500 vehicles, a 32.3% increase year-on-year, achieving a new monthly export record [3]. Financial Performance - Revenue projections for Chery from 2022 to 2024 are as follows: CNY 92.618 billion in 2022, CNY 163.205 billion in 2023, and CNY 269.897 billion in 2024, driven by increased sales of both fuel and new energy vehicles [4]. - Profit forecasts for the same period are CNY 5.806 billion in 2022, CNY 10.444 billion in 2023, and CNY 14.334 billion in 2024, with net profit margins of 6.3%, 6.4%, and 5.3% respectively [4]. - As of the first quarter of 2025, the asset-liability ratio is projected to be 87.7% [4].

Group 1 - The core viewpoint of the article is that China's electric vehicle exports are expected to reach nearly 3 million units in 2025, representing a year-on-year growth of 48% [2] Group 2 - The contribution of China's automotive export trade is analyzed, showing a significant upward trend [2] - The year-on-year trend of China's automotive export volume for the first half of 2025 is discussed, indicating robust growth [2] - The comparison of export volumes between new energy vehicles and fuel vehicles for the first half of 2025 highlights the increasing dominance of new energy vehicles [2] - The top 10 destination countries for China's automotive exports in the first half of 2025 are identified, showcasing key markets [2] - The top 10 destination countries for China's new energy vehicle exports in the first half of 2025 are also analyzed, reflecting market preferences [2] - The export volume distribution between passenger vehicles and commercial vehicles for the first half of 2025 is examined, indicating market segmentation [2] - The trend of power type distribution in China's automotive export volume for the first half of 2025 is presented, emphasizing the shift towards new energy [2] - The regional distribution of China's automotive export volume for the first half of 2025 is analyzed, providing insights into geographical market dynamics [2] - An analysis of China's automotive export volume to the Central and South America region for the first half of 2025 is included, highlighting trade relationships [2] - The automotive export volume to the Middle East region for the first half of 2025 is assessed, indicating strategic market engagement [2] - The analysis of China's automotive export volume to the European Union region for the first half of 2025 is provided, reflecting competitive positioning [2]