新能源车越来越香，但你真的会"开"吗？ 在新能源汽车发展初期，由于磷酸铁锂等原材料成本高企，叠加车企"三电"技术积累较少，为保证车辆 续航水平，自然就会对电耗"锱铢必较"。由此，隐藏式门把手也就成为了车企的主流选择之一。 以上数据标志着，中国汽车产业正式进入新能源与传统燃油车并存的"双轨"发展新阶段。 而随着新能源汽车渗透率的快速提升，行业焦点也从"量的突破"转向"质的保障"。在越来越多人感受到 新能源汽车带来的科技、环保、经济与便捷的同时，作为行业先锋的车企们，也面临着一场技术与安全 的深度博弈——动力电池安全、辅助驾驶安全、汽车门把手安全等议题，已成为牵动消费者神经的核心 关切。 一边是技术创新，另一边则是关乎生命的安全课题，它们的背后，是一场技术逻辑与人性诉求的拉锯 战。而在这场"战争"中，车辆与驾驶者组成的交通参与者，供应链与车企组成的产品创造者，以及监管 与行业机构，每一方都必须协同共进、在清晰的法律框架、技术标准和商业伦理下，切实承担起明确、 可问责、与其角色和能力相匹配的具体责任。 门把手的争议背后：安全成为车企新赛点 要说现阶段新能源汽车安全争议最大的，莫过于隐藏式门把手。 但其实，隐藏式门把 ...

Core Viewpoint - The supply of power batteries has eased by the end of 2025, but the shortage of energy storage batteries remains severe, leading to increased prices across the lithium battery supply chain [1][3][4]. Group 1: Battery Supply and Demand - Several car manufacturers have experienced delivery delays due to battery supply shortages, particularly affecting models like Li Auto's i6 and NIO's new ES8 [3][15]. - Reports indicate that from September to November 2025, some car companies sent personnel to battery manufacturers to secure battery supplies, highlighting the competitive nature of the market [3][17]. - The demand for power batteries surged during the traditional peak season, exacerbated by the need for manufacturers to stock up before year-end sales and the upcoming tax changes in 2026 [4][18]. Group 2: Energy Storage Battery Market - The energy storage battery market is facing a more severe shortage compared to power batteries, with many companies operating at full capacity and requiring prepayments for orders [5][19]. - The National Development and Reform Commission has set a target for new energy storage installations to reach 180 million kilowatts by 2027, which is expected to drive significant investment [5][19]. - Predictions indicate that global battery demand will exceed 2.5 TWh in 2026, with energy storage demand expected to grow by over 60% year-on-year [5][19]. Group 3: Price Trends in the Lithium Battery Supply Chain - The prices of lithium carbonate have surged, with futures exceeding 120,000 yuan per ton, marking a more than 100% increase from July's lows [6][22]. - The entire lithium battery supply chain is experiencing price increases, including key components like anode and cathode materials, separators, and copper foil [6][22]. - Companies are adjusting their pricing strategies in response to rising raw material costs, with some battery manufacturers announcing price hikes for their products [6][23]. Group 4: Company Performance and Strategic Partnerships - CATL's energy storage battery system revenue reached 28.4 billion yuan in the first half of 2025, accounting for nearly 16% of total revenue, with a gross margin of 25.52% [6][21]. - Major automotive companies are increasingly focusing on energy storage as a growth area, with BYD ranking third globally in energy storage system shipments [6][21]. - Strategic partnerships have been established between several car manufacturers and CATL, with agreements lasting up to 10 years to ensure stable supply chains [4][18].

Core Insights - The retail sales of new energy passenger vehicles reached 11.472 million units in the first 11 months, a year-on-year increase of 19.6%, surpassing traditional fuel vehicles by 1.462 million units [1] - In November, the domestic retail penetration rate of new energy vehicles surged to 59.3%, an increase of seven percentage points year-on-year [1] Sales Data Summary - In November, the retail sales of new energy vehicles included 827,000 BEVs, 378,000 PHEVs, and 116,000 EREVs, totaling 1.321 million units [2] - Compared to October, November saw a 2.1% increase in BEV sales, a 4.8% increase in PHEV sales, and a 3.6% increase in EREV sales [2] - Cumulatively, from January to November, BEV sales reached 7.096 million units, PHEV sales reached 3.292 million units, and EREV sales reached 1.084 million units, totaling 11.472 million units [2] Customer Experience Challenges - Many new energy vehicle owners report dissatisfaction with post-purchase experiences, particularly regarding after-sales service [3] - Common complaints include delays in service response, issues with vehicle systems, and inadequate support for charging infrastructure [4][6] - The gap between sales promises and actual service delivery is becoming a significant concern for consumers [3][7] After-Sales Service Issues - Customers have expressed frustration over the reliability of charging stations and the responsiveness of customer service when issues arise [4][6] - Repair experiences can be lengthy and complicated, especially in areas lacking official service centers [8][19] - The high technical complexity of electric vehicles creates challenges for maintenance and repair, leading to longer wait times for parts and service [16][19] Industry Response and Strategies - Different companies are adopting varied strategies to address after-sales service challenges [21] - NIO has focused on building a high-quality service ecosystem, including extensive battery swap networks and dedicated service centers [25] - Tesla integrates sales and service through a direct sales model, ensuring transparency and efficiency in service delivery [27] - Other companies, like Hongmeng Zhixing, leverage existing networks to enhance service offerings, creating a more customer-centric experience [30] Conclusion - The new energy vehicle market is experiencing rapid growth, but the disparity between sales and service quality poses risks to customer satisfaction and brand loyalty [31] - Companies must prioritize after-sales service as part of their long-term strategy to remain competitive in the evolving market landscape [31]

Group 1 - The core objective of Leap Motor is to become a "world-class intelligent electric vehicle company" with a long-term sales target of over 4 million units annually, aiming for a breakthrough of 1 million units by 2026 [2][4] - Leap Motor has signed an investment and cooperation agreement with China FAW, marking a significant partnership that follows the previous strategic investment from Stellantis, enhancing its capital and technological capabilities [2][6] - The company has achieved a cumulative delivery of over 1.2 million vehicles and expects nearly 600,000 units in sales for 2025, demonstrating a strong market presence and continuous quarterly profitability [3][8] Group 2 - Leap Motor's strategy focuses on self-research and manufacturing of core components, which account for approximately 65% of the vehicle's cost, allowing for a "cost pricing" principle that enhances its competitive edge [3][4] - The company plans to emphasize technological innovation, product iteration, ecosystem construction, industrial clusters, and marketing services as part of its transformation from a startup to a large-scale enterprise [4][5] - Leap Motor aims to enhance its brand recognition and user trust in the Chinese market through strategic partnerships, leveraging the strengths of its major shareholders [6][7] Group 3 - The collaboration with Stellantis has enabled Leap Motor to expand its international business, covering 35 countries and regions with over 800 overseas outlets, and projecting an export volume of over 60,000 units by 2025 [7][8] - Leap Motor's future strategy will focus on internal development and maintaining its core business, rather than broadly exporting technology, while continuing to strengthen partnerships with key stakeholders [7][8]

Group 1 - The core theme of the automotive industry in 2025 is "intelligentization," marking a shift towards advanced driving technologies and smart features in electric vehicles [1] - In November 2025, the penetration rate of new energy vehicles in China reached 59.3%, indicating a significant market trend towards electric vehicles [1] - The current penetration rate of intelligent driving passenger cars in China has exceeded 68%, reflecting a transition from quantity growth to quality breakthroughs in the industry [1] Group 2 - Huawei's QianKun "First Realm" represents a new collaborative model in the smart automotive sector, integrating technology, teams, processes, and concepts [2] - The innovative business model of QianKun emphasizes a comprehensive approach, combining large-scale manufacturing with advanced intelligence to create a competitive edge [4] - The upcoming launch of QianKun's new vehicle is anticipated to elevate expectations for high-end quality in new energy vehicles [4] Group 3 - The smart driving policy is gradually being relaxed, which is expected to drive further growth in related enterprises [5] - Huawei QianKun is set to have a significant product year in 2026, leveraging its strong technological capabilities and resources [5][6] - QianKun's investment in R&D exceeds 10 billion yuan annually, establishing a technological moat in the industry [6] Group 4 - QianKun's approach includes transforming traditional process management to enhance collaboration and efficiency across companies [9] - The collaboration between Huawei and QianKun aims to create a seamless execution chain, improving decision-making and project advancement [9] - The integration of consumer electronics expertise into the automotive sector is expected to enhance the marketing and operational efficiency of QianKun [9] Group 5 - QianKun's new business model offers a faster return on investment compared to traditional automotive enterprises, which typically require over 300 billion yuan and a decade to see returns [11] - The model emphasizes resource efficiency and collaboration, reducing development and operational costs [11] - QianKun's innovative practices are prompting a reevaluation of development paths in the automotive industry, focusing on high-quality growth [11] Group 6 - QianKun has commenced nationwide road testing, marking a critical phase in validating its product capabilities [12] - The first model is designed as a high-performance vehicle, showcasing advanced design and operational features [13][14] - The vehicle will include Huawei's L3-level architecture and a suite of smart technologies, aiming to deliver a luxury experience comparable to high-end vehicles [14][15] Group 7 - QianKun's partnerships with top suppliers aim to provide high-end configurations and create a quality standard for electric vehicles [15] - The engagement of experienced dealers from luxury brands indicates confidence in QianKun's model and its potential in the high-end market [18] - The shift towards a partner-based service system reflects a commitment to enhancing customer experience and loyalty [19] Group 8 - QianKun is positioned to lead the next transformation in the new energy vehicle sector, showcasing the integration of software and hardware [20] - The company aims to contribute to China's automotive industry goals by promoting advanced manufacturing paradigms and management practices [20]

（原标题：蔚来吹哨，日本动手：电车要称重计税？） 作者 | 丁卯 编辑 | 张帆 蔚来李斌的一句"吐槽"，竟成了全球新能源车税制改革的先声。 今年5月，李斌曾公开表达过"新能源车越重，道路损耗越大"的观点，当时被不少人解读为其对自家换 电模式的"站台"，甚至登上热搜，引发了舆论争议。 然而，仅半年后，日本财务省便印证了这一"物理直觉"。近日，日本财务省在《令和8年度税制改正要 望事项》中提出，计划将电动汽车重量关联税负纳入"车体课税绿色化"改革。自2028年5月起，日本将 对私人购买的电动车（含纯电及插混）征收新税，采用"车重越重、税额越高"的阶梯机制。 事实上，这种税制转型已成全球趋势。此前，英国曾计划自2028年起征收里程税（3便士/英里），新西 兰及美国部分州也已推行注册附加费。这背后反映出随着全球新能源汽车渗透率的提升，传统的燃油税 收入急剧萎缩，已难以支撑庞大的基建养护开支。 作为全球最大的新能源车市场，2025年中国新能源车透率已经跨越50%大关，标志着市场已正式步入成 熟期。 那么，面对日本的"重量税"样板，未来中国是否也会效仿建立本土化的"新能源课税体系"？ 日本针对新能源车祭出重量税 日本此 ...

当前，车企纷纷跨界机器人等领域，零跑是否会涉足？朱江明回应称，很多热点技术不断在变化，但最 终还是要看能否真正落地，都需要给用户产生价值才能变现。"真正能落地的技术并不是那么多，所以 我们觉得具身智能也好、机器人也好，如何在工厂里首先落地，而且能解决实际问题。从零跑的角度 看，这些设备的投入能不能在三年内拿回回报，这是零跑衡量的标准，而不是很盲目的说机器人时代来 了，一切就都以自动化优先，而是效率和投入做到平衡点。" 另外，发布会同期，一汽正式入股零跑。谈及此事，零跑科技副总裁李腾飞表示，一汽投资能给零跑带 来众多好处：首先这是央企第一次入股新势力的汽车企业，代表着央企对零跑十年努力的认可；从品牌 层面上，一汽入股能够给零跑在中国市场上的品牌知名度带来非常大的提升。包括用户对零跑的信任与 信赖，可以得到更好的加强；技术合作上，零跑在三电核心技术上，包括新能源发展上目前来看有一定 优势，但一汽作为一家传统的主机厂，无论从制造、产能，包括在国家政策导向方面都具有相应的优 势，双方有非常好的优势互补机会。 朱江明则补充道，零跑和一汽投资协议里有一些约定，强调还是要保持创始团队实控人的控制权，这是 不会改变的。有零跑 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 中國恒大新能源汽車集團有限公司 （於香港註冊成立之有限公司） （股份代號：708） 復牌程序季度更新 及 繼續停牌 中國恒大新能源汽車集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）謹此提述本 公 司(i)日期為2025年3月31日 的 公 告（內 容 有 關（其 中 包 括）延 遲 刊 發 本 集 團 截 至2024年12 月31日止年度之全年業績以及本公司股份（「股份」）於香港聯合交易所有限公司（「聯交所」） 主 板 暫 停 買 賣，(ii)日期為2025年8月1日 的 公 告，內 容 有 關（其 中 包 括）傅 曼 儀 女 士（「傅 女 士」）辭任本公司獨立非執行董事（「 8月公告」），及(i i i)日期為2025年4月17日及2025年8月 7日有關聯交所發出復牌指引的公告。 本公司董事會 ...

Core Insights - The focus of Chinese companies going global has shifted from merely selling products to ensuring long-term retention in foreign markets [2][3][4][5] Tencent - Tencent's international game revenue reached 562 million yuan in the first three quarters of 2025, accounting for 10% of total revenue, with a significant 43% year-on-year increase [7][8] - The company is investing in cloud and AI infrastructure, with a total of 1.5 billion USD allocated for a data center in the Middle East and 500 million USD for a third data center in Indonesia [10] ByteDance - ByteDance's TikTok generated 390 million USD in revenue in 2024, with projections of 186 billion USD for 2025, and 236 million USD from advertising [12][13] - TikTok established a joint venture in the U.S. to address regulatory compliance while retaining control over its core algorithms [15][16] Alibaba - Alibaba's international digital commerce revenue reached 695 million yuan in the second and third quarters of 2025, making up 14% of total revenue [18] - The company is focusing on cross-border e-commerce, cloud computing, and AI, with plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years [22] CATL - CATL's revenue for the first three quarters of 2025 was 283 billion yuan, with a focus on establishing local production and resource control in Europe and Indonesia [26][27] - The company is building multiple battery factories in Europe and has secured significant energy storage orders in Southeast Asia and Japan [32] Temu - Temu adapted its business model in response to U.S. tariff changes, shifting to local fulfillment and focusing on specific product categories [34][36] - The company is expanding its supply chain hubs in Vietnam and Mexico to mitigate trade barriers and reduce costs [42] BYD - BYD's overseas sales surged, with a 313.4% year-on-year increase in November 2025, driven by local production and compliance with local regulations [44][45] - The company is accelerating the establishment of overseas factories in Brazil and Hungary to enhance local supply capabilities [47] Xiaomi - Xiaomi is focusing on expanding its "new retail" model globally, with plans to open 1,000 stores worldwide over the next five years [52] - The company is also preparing for the launch of its electric vehicles in international markets [55] Meituan - Meituan is expanding its food delivery service, Keeta, into Brazil and Qatar, aiming to replicate its successful domestic model [58][60] - The company is building an overseas team to enhance its international service capabilities [62] JD.com - JD.com is focusing on building a controllable global supply chain through acquisitions and logistics infrastructure [64][65] - The company has launched its first overseas "Smart Wolf Warehouse" in the UK, enhancing its logistics efficiency [66] Baidu - Baidu's autonomous driving service, "Luo Bo Kua," is expanding into international markets, with significant deployments planned in Dubai and partnerships in Australia and Southeast Asia [74][76] SHEIN - SHEIN is investing heavily in its supply chain infrastructure to support its international operations, with plans for significant capital expenditures [84] Didi - Didi's international ride-hailing business has become profitable, with a focus on expanding its services in Latin America [86][88] - The company is also launching a food delivery service in Brazil, leveraging its existing ride-hailing infrastructure [89]

离上市还有6个月，在拥挤且嘈杂的中国汽车市场，启境应该用什么样的语言向市场传达自己的豪华追 求？ 答案是一张供应商List。 在最初为启境造势时，广汽与华为乾崑宣称启境将带来三个"百万级"体验。但彼时的宣传毕竟还停留在 表达层面，而新能源汽车市场从不缺乏声音，广大消费者难以有更切身的感知。 但最新公布的供应商名单，恰好为"三个百万级"作了最佳注脚：劳斯莱斯同款巴斯夫车漆、奥迪A8同 款大灯、尊界S800同款内饰……造豪车，先从使用豪车同源供应商开始。 没有替补，全是主力。福耀、博世、大陆等顶级供应商全部鼎力支持，用最贵、最难、最复杂的工艺， 确保启境首款车的高品质。这是启境高明的一招：借力供应商的品牌势能，帮助消费者快速建立启境品 牌的高端认知。这一入场策略既避免了新品牌从零开始的漫长爬坡，先赚足"吆喝"；也确立了品牌的长 期竞争优势，为未来抢占市场打下了地基。 这是华为乾崑与广汽为汽车市场开辟的全新范式，在此之前，中国汽车市场还未有磨合程度如此之深的 合作。在华为乾崑的严苛把控下，启境被打造成一个实实在在的"具身智能体"，其搭载的供应商方案的 每一个细节都被打造至极致，最终实现汽车品质与科技的双重闭环。 华 ...