点 击 蓝 字 关 注 我 们 | 零车(4) | | | | | | | 田口(0) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 零售 | 轿车 | МРУ | SUV | 狭义乘用车 | 微客 | 广义乘用车 | HD | 轿车 | MPV | SUV | 狭义乘用车 | 微客 | 广义乘用车 | | (单位:万辆) | 600 | t | 1 | 습计 | 6 | 合计 | (单位:万辆) | 600 | C | 8 | 음计 | C | 合计 | | 12月份 | 97.9 | 10.4 | 117.8 | 226.1 | 1.5 | 227.6 | 12月份 | 14.3 | 0.9 | 43.6 | 58.8 | 3 0.6 | 59.4 | | 11月份 | 100.7 | 8.6 | 113.2 | 222.5 | 1.9 | 224.4 | 11月份 | 15.4 | 1.0 | 43.7 | 60.1 | 0.4 | 60.4 | ...

从智驾宣传的"去虚向实"，到供应链账期的"生态重塑"；从新央企的横空出世，到L3商业化的破冰启 航，每一个关键节点都藏着产业重构和转型的机遇。2025年车圈十大热点事件沿时间轴次第铺展，既见 证了传统车企的"腾笼换鸟"与造车新势力的逆势突围，也揭开了质量管控、技术适配等行业深层命题。 2025年的中国车市，变革从未如此真切。这已非单一维度的技术迭代或市场洗牌，而是一场在政策规 范、资本重构、技术突破与安全底线之间，同步上演的多维博弈。 1、监管亮剑，智驾宣传告别"L2.999级"文字游戏 2025年6月1日，《保障中小企业款项支付条例》的深化落实，让汽车行业的供应链生态迎来转折 ——"大型企业从中小企业采购应60日内付款"的规则落地，上汽、长安、吉利等17家主流车企集体响 应，部分企业甚至取消了商业承兑汇票，用真金白银兑现付款承诺。 在此之前，170-200天的平均账期是压在中小供应商身上的"大山"，现金流被长期占用。60天账期兑付 如同一场"及时雨"，中小企业终于得以将更多资源投入技术研发，让零部件质量与技术水平同步提升。 车企实现"双赢"——供应链稳定性增强，问题响应效率提速，最终转化为产品的核心竞争力。 ...

For years, Tesla (TSLA) led the global EV market in both scale and innovation. But in fast-moving industries, dominance is never guaranteed. That shift became clear in 2026, when China’s BYD (BYDDY) officially surpassed Tesla as the world’s largest seller of battery-powered electric vehicles. Once brushed off by Elon Musk as a non-threat, BYD has steadily built manufacturing scale, expanded its global footprint, and posted consistent sales growth, even as Tesla’s vehicle deliveries declined year-over-year ...

Group 1 - In 2025, the domestic automotive market is highly competitive, with BYD leading in sales at 4,602,436 units, marking a year-on-year increase of 7.73% [1][2] - BYD's overseas sales surpassed 1 million units for the first time, showing a significant growth of 145% [2] - China FAW achieved sales of 3,301,963 units, a 3.2% increase, with notable growth in its Hongqi brand, which sold over 460,000 units, up 11.7% [2] Group 2 - Geely Auto reported sales of 3,024,567 units, a 39% increase, exceeding its annual target of 3 million units [2] - Chery Group's sales reached 2,631,381 units, an 8% increase, with its Jetour brand growing by 10% [2] - Great Wall Motors sold 1,323,672 units, with its WEY brand experiencing a remarkable growth of 86.29% [3] Group 3 - Li Auto's sales were 406,343 units, reflecting a decline of 18.8%, while NIO reported 326,028 units, a growth of 46.9% [3] - Xpeng Motors achieved sales of 429,445 units, a significant increase of 126%, with overseas deliveries reaching 45,008 units, up 96% [3] - The overall performance of new energy vehicles is strong, with several brands, including SAIC-GM Wuling, surpassing 1 million units in annual sales [2][3]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Leadrive Technology (SHANGHAI) Co., Ltd. 臻驅科技 (上 海 )股份有限公司 (the "Company") (A joint stock company incorporated in t ...

Core Viewpoint - The Jianghuai Kunpeng ET9, showcased at the Wuhan Commercial Vehicle Exhibition, is positioned as an "all-around logistics vehicle" with innovative technologies and user experiences, aiming to redefine the standards of logistics transportation tools in the new energy vehicle sector [1][14]. Design and Comfort - The Kunpeng ET9 features the industry's widest 2170mm high-top flat floor design, providing an interior height of 1850mm and width exceeding 1800mm, creating a spacious environment comparable to a "living cabin" [3][5]. - The ample vertical space allows for the installation of roof racks or storage devices, enhancing the functionality of the driver's cabin as a "mobile home" [3]. Performance and Efficiency - The vehicle is equipped with a pioneering liquid-cooled flat wire high-efficiency electric motor, delivering a maximum power of 180kW, ensuring responsive and linear power output during operation [5]. - The Kunpeng ET9 boasts a drag coefficient as low as 0.33Cd, contributing to over a 15% increase in vehicle range, optimizing energy usage [7][9]. - The vehicle's battery, a custom version from CATL, supports ultra-fast charging, allowing a 20% to 80% state of charge in just 18 minutes, potentially saving users 40-70 minutes of charging time daily, translating to an annual revenue increase of over 5000 yuan [9][11]. Safety Features - The Kunpeng ET9 includes advanced safety systems such as AEB (Automatic Emergency Braking) and FCW (Forward Collision Warning), providing comprehensive 360-degree safety protection for drivers [14]. - Real-world testing demonstrated the vehicle's reliability in terms of range and energy efficiency, reinforcing its capability as a dependable partner for drivers [12][14]. Conclusion - The Kunpeng ET9 represents a significant evolution in the electric light truck market, focusing on user value and operational efficiency, thus offering a superior choice for logistics operators in the transition from policy-driven to value-driven solutions in the new energy vehicle landscape [14][15].

Core Insights - The report highlights a significant increase in new car registrations in Hunan Province, with a total of 67,383 vehicles registered in November, of which 36,680 were new energy vehicles (NEVs), representing 54.44% of the total, up from 43.33% the previous month [1][4]. Group 1: New Car Registrations - In November, Hunan Province saw a total of 67,383 new car registrations, with 36,680 being new energy vehicles, marking a month-over-month increase [1]. - The city of Changsha led the province with 29,684 new car registrations, followed by Zhuzhou with 4,998 and Hengyang with 4,322 [4]. Group 2: New Energy Vehicle Market - The proportion of new energy vehicles in Hunan's total new car registrations rose significantly, with seven cities reporting NEV registration rates above 50% in November [4]. - Changsha recorded the highest NEV registration rate at 59.37%, followed by Xiangxi Autonomous Prefecture at 57.32% and Yueyang at 54.81% [4]. Group 3: Leading Models and Brands - The top-selling model in November was the Wuling Hongguang MINI with 2,708 registrations, followed by the Nissan Sylphy with 1,607 and the Xiaomi YU7 with 1,007 [5]. - Notably, BYD secured six positions in the top 16 new car registrations, indicating its strong market presence despite no single model making it to the top three [5][8]. Group 4: Regional Performance - In Changsha, the Xiaomi YU7 was the best-selling model with 998 registrations, while the Wuling Hongguang MINI followed with 867 [9]. - Traditional fuel vehicles like the Nissan Sylphy and Toyota Camry continue to show strong demand, with the Camry ranking sixth in the overall provincial new car registration list [8].

Core Viewpoint - The annual character "resilience" reflects the state of the Chinese automotive market in 2025, showcasing its ability to adapt amidst policy fluctuations and domestic demand pressures [2] Market Performance - In December, the automotive market experienced a significant decline in daily retail sales, with an average of 42,000 units sold in the first week, representing a year-on-year decrease of 32.3% and a month-on-month decrease of 7.8% [3] - The second week saw a recovery in daily retail sales to 67,000 units, marking an 8.8% increase from the previous week, although it still reflected a year-on-year decline of 16.8% [3][4] - Predictions for the third week estimate daily retail sales to reach 73,000 units, with the year-on-year decline expected to narrow to 15.2% [4] Monthly Forecasts - The total retail sales for December are projected to be 2.3 million units, indicating a year-on-year decline of 12.7% [4] - The strong performance of the new energy vehicle (NEV) market is a key support for market resilience, with NEV retail sales from December 1 to 14 reaching 476,000 units and a penetration rate of 62.3% [4] Policy and Market Challenges - The automotive market faces challenges as many regions are phasing out trade-in subsidies, leading to weakened replacement demand and consumer hesitation regarding new policies for 2026 [6] - The recent Central Economic Work Conference emphasized the need to optimize the implementation of new policies to stabilize consumption, which could alleviate current market uncertainties [6] Final Week Outlook - The last week of December is expected to see a 9.3% year-on-year increase in the passenger vehicle market, with daily retail sales projected to exceed 110,000 units [8] - The performance in this final week is crucial for closing the year and setting a stable foundation for the automotive industry in 2026 [8]

Core Viewpoint - The Chinese new energy vehicle (NEV) market is experiencing significant growth, with a notable increase in sales and market penetration, indicating a strong trend towards electrification and smart driving technologies. Group 1: Market Trends - In November 2025, NEV sales reached 1.823 million units, representing a month-on-month increase of 6.2% and a year-on-year growth of 20.5%, with a penetration rate of 53.2% [5] - The sales of new energy passenger vehicles were 1.718 million units, showing a year-on-year increase of 18.5%, while new energy commercial vehicle sales reached 104,000 units, up 65.4% year-on-year [12] Group 2: Market Structure - In November 2025, the market share of new energy sedans was 41.7%, down 4.5 percentage points year-on-year, while the share of new energy SUVs increased to 48.7%, up 2.7 percentage points [9] - All segments within the market showed growth, with commercial vehicles growing faster than passenger vehicles; semi-trailer trucks saw a remarkable growth of 193.5% [12] Group 3: Advanced Driver Assistance Systems (ADAS) Adoption - From January to October 2025, the installation rate of L2 and above driver assistance features in new energy passenger vehicles reached 87.0%, with significant growth in the market segment priced below 160,000 [14] - The overall installation rate of Automatic Emergency Braking (AEB) in passenger vehicles was 67.8%, with new energy passenger vehicles achieving a rate of 72.1% [17] - The installation rate of Full-Speed Adaptive Cruise Control (ACC) in the overall passenger vehicle market was 62.1%, while it reached 71.6% in the new energy passenger vehicle segment [22] Group 4: Camera Technology in Smart Driving - The development of vehicle-mounted cameras, essential for smart driving, has rapidly evolved, transitioning from basic reversing images to core sensors in advanced driver assistance systems within a decade [33] - Modern smart driving demands higher performance from vehicle-mounted cameras, focusing on resolution, dynamic range, and low-light performance [35] - The application scenarios for vehicle-mounted cameras are expanding from environmental perception to driver monitoring and in-car interaction [46]

Group 1: 2026 Automotive Industry Subsidy Policy Outlook - The continuation of the national vehicle replacement subsidy policy is confirmed, with subsidies starting from 2020 and lasting until 2025, and an extension into 2026 expected to be announced before the Spring Festival (January-February) [1] - The total scale of the vehicle replacement subsidy in 2026 is estimated to be around 400 billion, a slight increase from 300 billion in 2025, with approximately 10% allocated to the new energy vehicle sector, corresponding to a scale of 40 billion [3] - The subsidy optimization direction includes raising technical thresholds (such as battery capacity and range) and increasing the registration age/emission thresholds for old vehicles, while slightly reducing the subsidy amount per vehicle [4] Group 2: Local Subsidy Policies and Trends - Local subsidies in 2026 will be differentiated and characterized, moving away from a one-size-fits-all approach, with examples such as Guangdong linking subsidies to vehicle purchase tax exemptions [5] - The subsidy method will involve short-cycle, frequent disbursements, with one-time subsidies lasting 2-3 months and 2-3 concentrated subsidies introduced annually to stimulate off-season sales [6] - The focus will be on new energy vehicles, which currently account for over 50% of sales, with some localities adapting to support local production brands/models [7] Group 3: Government Procurement and Charging Infrastructure - By the end of 2024, government procurement of new energy vehicles is required to exceed 30%, with 2025 seeing the inclusion of this requirement in regulations against waste [11] - The third batch of county-level charging pile subsidies is expected to be launched in 2026, with an estimated budget of 3.2 billion [14] - The goal for 2027 includes the construction of over 100,000 high-power charging piles and a total of 28 million charging facilities to meet the charging needs of 80 million vehicles [15] Group 4: Intelligent Connected Vehicle Policy Developments - The revised draft of the Ministry of Industry and Information Technology's Order No. 50, which governs the access of intelligent connected vehicle products and enterprises, is set to be officially released in 2026 [18] - Mandatory testing standards for L2-level advanced driver assistance systems will be officially introduced in 2026 [19] - All new vehicles must complete sandbox testing before market launch, with a focus on selecting testing institutions and developing testing processes for new technologies [21] Group 5: "14th Five-Year" Automotive Industry Planning Directions - The core development direction emphasizes low-carbon, electrification, and intelligence, with a gradual shift of fuel vehicles towards high-efficiency hybrid models, aiming for full hybridization of passenger vehicles by 2035 [23] - By the end of the "14th Five-Year" period, new energy vehicles are expected to account for 70%-80% of total sales [24] - The goal for L3-level and above autonomous driving is to achieve a 30% penetration rate, with ongoing discussions [25]