记者丨何煦阳 编辑丨张明艳 2025年新能源汽车市场收官，造车新势力的年度答卷上，写满了两极分化的残酷现实。 当"鸿零米"（鸿蒙智行、零跑、小米）以爆发式增速颠覆"蔚小理"旧格局之时，市场的另一端，曾经的 明星企业接连倒下，还有一些沉寂者则在绝境中试图吹响"复活"的号角。 有人在增量市场中高歌猛进，有人则在存量博弈里挣扎求生，行业洗牌下的生存与崛起之战，已然白热 化。 | | | 2025年造车新势力销量排行 | | | | --- | --- | --- | --- | --- | | 排名 品牌 | | 2025年交付量(万辆) | | 同比增长 年度销量目标完成率 | | 1 | 零跑 | 59.66 | 103% | 119% | | 2 | 鸿蒙智行 58.91 | | 32% | 59% | | 3 | 小鹏 | 42.94 | 126% | 113% | | 4 | 小米 | 41.00+ | 299% | 117% | | 5 | 理想 | 40.63 | -19% | 63% | | 6 | 蔚来 | 32.60 | 47% | : 74% | "鸿零米"高光之下，考验启幕 2025年造车新 ...

记者当日从比亚迪公司获悉，比亚迪2025年销售约460万辆新能源汽车，其中纯电动汽车约为226万辆。 而特斯拉公司发布的数据显示，2025年特斯拉全年交付量约为163万辆。 2023年第四季度，比亚迪纯电动汽车首次在季度销量上已超过特斯拉，但特斯拉在全年销量上仍保持领 先。 2025年5月31日，观众在比亚迪展馆观展。当日，2025粤港澳大湾区车展在深圳国际会展中心（宝安） 举办。新华社记者 梁旭 摄 新华社深圳1月3日电（记者陈宇轩）记者3日获悉的消息显示，比亚迪首次在全年纯电动汽车销量上超 越特斯拉，成为全球第一。 与此同时，比亚迪也加大本地化生产力度。目前，比亚迪在泰国、乌兹别克斯坦、巴西的乘用车整车工 厂已经竣工投产，位于匈牙利的首个欧洲工厂也即将投产运行。 2025年12月初举行的比亚迪2025年第二次临时股东会的信息显示，比亚迪继续加强其技术领先优势，有 信心在未来几年以更多的重磅技术来引领行业发展。 广东省新能源汽车产业协会秘书长周发涛认为，强化零部件采购能力提升价格竞争力、在海外市场采取 精细化销售策略，是比亚迪在海外销量大幅提升的重要原因。其销量和市场表现表明中国在全球新能源 汽车产业中的角 ...

"青知讲说人·这young探北京"青年体验活动走进颐和园。中青报·中青网记者 闫章默/摄 "我们不是在校园里'想象'文物修复，而是在颐和园'沉浸式'学习。""课本上的数据变成了实体，这种感 觉太震撼了。""期待通过自己的专业助力城市发展！"……这些留言，来自参与"青知讲说人·这young探 北京"青年体验活动的大学生。他们近期走进颐和园、探访百年青龙桥站、打卡北汽新能源享界超级工 厂，在实践中读懂首都高质量发展的深刻内涵。本次活动由北京市委网信办主办、中国青年网承办，北 京市就业促进中心、北京市公园管理中心、中国铁路北京局集团有限公司、北京新能源汽车股份有限公 司支持，北京交通大学、北京工业大学、北京联合大学等高校学子参与。 "青知讲说人·这young探北京"青年体验活动走进北汽新能源享界超级工厂。中青报·中青网记者 闫章默/ 摄 活动紧扣北京"四个中心"发展定位，依托丰富的在地资源，把思政课"搬"出校园。青年学子与行业前辈 面对面交流，通过实景课堂零距离触摸，让青年学子在生动实践中把专业知识、个人梦想和时代发展紧 紧连在一起。 颐和园里话传承，在"时光痕迹"中解锁就业新赛道 作为世界文化遗产颐和园古建筑保护 ...

Group 1 - NetEase-S (09999) rose over 6.5% after the announcement of the anniversary version of "Yanyun Sixteen Sounds" launching on December 27, 2025, which topped the iOS game sales chart. Huatai Securities previously indicated that the first-year revenue could reach 20-30 billion [1] - Commercial aerospace concept stocks surged, with Asia Pacific Satellite (01045) up 31.29%, Aerospace Holdings (00031) up 20%, and Goldwind Technology (02208) up 18.27%. Blue Arrow Aerospace's IPO application was accepted, marking it as the first company to be accepted under the new listing standards since the expansion [1] - Li Auto-W (02015) increased over 5.6% after reporting 44,246 vehicle deliveries in December 2025, totaling 109,194 for Q4. By December 31, 2025, cumulative deliveries reached 1,540,215, making it the first new force brand to achieve the 1.5 million delivery milestone [1] Group 2 - Hua Hong Semiconductor (01347) surged over 11% after announcing plans to acquire 97.4988% of Huali Micro's shares and raise funds through a stock issuance to specific investors [2] - Skyworth Group (00751) rose over 10% following the signing of a 10MW distributed photovoltaic power station project in Italy, marking a significant step in its overseas market expansion [2] - Baidu Group-SW (09888) increased over 8.1%, with a cumulative rise of over 15% this week, after announcing the submission of a listing application for Kunlun Chip on the Hong Kong Stock Exchange [2] Group 3 - SaaS concept stocks saw significant gains, with Lion Holding (02562) up 16.48%, Kingdee International (00268) up 7.22%, and Huily Technology (01860) up 4.52%. Meta announced a multi-billion dollar acquisition of the AI product developer Manus [3] - Xirui (02507) rose nearly 10% following the release of the U.S. Department of Transportation's strategic plans aimed at advancing the future of aviation [3] Group 4 - Meitu Company (01357) increased over 5.7% after announcing a $250 million convertible bond issuance to Alibaba, which could result in Alibaba holding 6.82% of Meitu's shares, making it the third-largest shareholder [4] Group 5 - Bitcoin surpassed $88,000, leading to a rise in some cryptocurrency mining stocks, including TeraWulf (WULF.US) up 3.05% and Applied Digital (APLD.US) up 1.83% [5] - Mindonghong (ORIS.US) surged 22.13% after signing a non-binding letter of intent to acquire Hubei Daguan Tea Industry Group, aiming to strengthen upstream supply control [5] - Wanda Biopharmaceuticals (VNDA.US) rose 25.46% after announcing FDA approval for its new drug Nereus, intended for preventing exercise-induced vomiting [5] Group 6 - Storage concept stocks fell, with SanDisk (SNDK.US) down 1.18%, Western Digital (WDC.US) down 2.15%, and Micron Technology (MU.US) down 2.47% [6] - Corcep Medical (CORT.US) plummeted 50.42% after receiving a complete response letter from the FDA regarding its new drug application for Relacorilant [6] - TSMC (TSM.US) rose 1.44% as Nvidia is negotiating new orders for its H200 chip, with TSMC expected to expand capacity by Q2 2026 [6] Group 7 - New energy vehicle stocks declined, with Tesla (TSLA.US) down 1.04%, NIO (NIO.US) down 7.27%, and Li Auto (LI.US) down 1.97% [7] - Pony.ai (PONY.US) fell 0.96% despite announcing that its Robotaxi fleet exceeded 1,159 vehicles, surpassing its 1,000 vehicle target for 2025 [7]

| 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.26 | 2.53 | 18.96 | | 中盘指数 | 0.33 | 5.85 | 27.79 | | 小盘指数 | 0.36 | 4.42 | 23.56 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 行业(％) | | | | | 家电零部件 | 5.24 | 13.89 | 57.7 | | Ⅱ | | | | | 电机Ⅱ | 4.46 | 9.81 | 47.01 | | 炼化及贸易 | 3.29 | 9.08 | 20.36 | | 自动化设备 | 2.39 | 8.75 | 28.39 | | 汽车零部件 | 2.33 | 8.93 | 25.51 | | Ⅱ | | | | | 跌幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 装修装饰Ⅱ | -3.08 | 6.02 | 37.72 | | 风电设备Ⅱ | -2.78 | 9. ...

Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

Core Insights - The article highlights the significant achievements of Leap Motor as it celebrates its 10th anniversary, marking its evolution from a pure vehicle manufacturer to a technology enabler in the Chinese electric vehicle (EV) industry [1][5][10] Group 1: Strategic Partnerships and Collaborations - On December 28, 2025, China FAW Group and Leap Motor announced a deepened capital and technology cooperation, with FAW's equity investment company strategically investing in Leap Motor [3] - This partnership signifies a rare integration between a traditional state-owned enterprise and a new automotive force, reinforcing Leap Motor's position in the industry [5][10] - The collaboration with FAW and Stellantis provides Leap Motor with a stable triangular equity structure, ensuring control for the founding team while gaining support from major industry players [13] Group 2: Technological Advancements and R&D - Leap Motor has established a comprehensive self-research system over the past decade, achieving self-manufacturing of over 65% of vehicle components and maintaining an 80% ratio of R&D personnel [9][10] - The company has built 17 major component factories, covering the entire core technology chain of smart electric vehicles, including batteries, electric drives, and advanced driver-assistance systems [9][10] - Leap Motor's focus on core technology has resulted in continuous quarterly profitability, distinguishing it as a stable profit-making entity among new automotive forces [10] Group 3: Global Expansion Strategy - Leap Motor has adopted an innovative "borrowed boat" strategy for global expansion, partnering with Stellantis to leverage its extensive global channel network and supply chain resources [11] - Within a year, Leap Motor has expanded its business to 35 countries and regions, establishing over 800 service points, including entry into high-regulation markets like France and Germany [11] - The company aims to achieve overseas deliveries of over 60,000 units in 2025, positioning itself as a leader in overseas sales among new automotive brands [11] Group 4: Future Goals and Product Development - Leap Motor has launched two flagship models, D19 and D99, reflecting its strategic ambition to move upmarket and redefine luxury in the automotive sector [15] - The company aims to sell 4 million vehicles annually by 2026, with a focus on five strategic directions, including continuous technological innovation and the development of an integrated marketing service system [15][18] - Leap Motor's commitment to practical technology and efficiency, rather than speculative concepts, sets it apart in the competitive landscape of the EV industry [16][18]

来源：新浪证券 出品：新浪财经上市公司研究院 作者：昊 2025年12月25日，吉利控股集团旗下极氪体系内的核心零部件企业威睿电动汽车技术（宁波）有限公司 （以下称"威睿电动"）正式起诉动力电池供应商欣旺达的子公司欣旺达动力科技股份有限公司（以下 称"欣旺达动力"），索赔23.14亿元损失，以及相关利息、鉴定费、律师费等。 2025年12月22日，极氪刚刚完成美股私有化并退市。三天后的12月25日，威睿电动便火速发起诉讼，间 隔仅3天。 值得注意的是，极氪从美股上市到黯然退市前后仅19个月，并给吉利留下高达至少35亿元的账面损失。 退市尘埃落定后，极氪又立即对动力电池原主要供应商之一发起高额索赔。 2023年，越来越多的极氪001 WE86车主在社交平台反映充电速度明显变慢，实际续航与宣传差距大， 部分车辆出现系统限制电池充电量和功率的"锁电"现象。 2023年底，威睿电动开始减少对欣旺达的采购，转向宁德时代和吉利自家电池公司产品。 "退市即起诉"，究竟是极氪对供应商质量问题的正常追责，还是大股东吉利出于规避美股监管、降低私 有化成本等目的的策略性操作，这起重大商业纠纷背后的诸多疑问，值得高度关注。 疑问一、 ...

此刻，舞台上的双旗舰闪耀着自主创新的光芒，未来十年400万辆的战略蓝图徐徐展开。这十年，是零跑与中国新能源汽车产业共成长的十年，是工 程师们以匠心对抗浮躁的十年，更是与用户双向奔赴、彼此成就的十年。向上，是穿越周期的执着；领跑，是技术报国的担当。站在新的起点，零跑的故 事，才刚刚写下最精彩的序章。 12月28日，当2025年的冬阳洒满杭州奥体中心"小莲花"的穹顶，灯光亮起时，一场跨越十年的奔赴在此刻抵达顶点。零跑汽车十周年发布会的幕布拉 开，GALA乐队《追梦赤子心》的旋律穿透声场，与现场千余名嘉宾的掌声交织——这不仅是一场发布会，更是对一段 "不被看好却逆势生长" 的创业史 诗的深情回望，是对千万用户陪伴的温柔致谢，更是向世界级目标发起冲锋的庄严宣告。 十年前的2015年，电子工程师朱江明带着"IT改变汽车"的朴素愿景，率领一支90%都是工程师的初创团队，从IT跨界闯入造车赛道。彼时，新能源汽 车产业尚在萌芽，近百家新势力逐鹿中原，零跑的"全域自研"之路被视作异想天开的"笑话"。而十年后的今天，这里有累计超120万辆的用户信赖，有年 销近60万辆的新势力销冠成绩单，有覆盖35国、超1800家的全球渠道网络， ...

桐乡工厂已经停产超过14个月，销售网络严重萎缩，但在确定经营管理受托方和启动紧急融资计划后， 这家曾经的新势力销冠正为保住稀缺的造车资质进行最后一搏。 2025年12月18日，哪吒汽车母公司合众新能源汽车股份有限公司的管理人发布公告，正式确定了经营管 理受托方。这家机构将组建不少于50人的管理团队，全面接手公司的生产与日常运营。 与此同时，一项不超过1亿元人民币的紧急融资计划以"共益债"形式同步推出，用于支付水电费、核心 人员工资、设备维护等维持生存的必要开支。 01 危机爆发与司法介入 哪吒汽车的危机在2025年6月全面爆发。当时，公司被曝拖欠员工薪资及补偿金约4亿元，涉及员工超过 三千人。创始人方运舟在上海总部一度遭遇员工集体维权。 嘉兴市中级人民法院于6月12日正式裁定受理合众新能源的重整申请。这标志着哪吒汽车正式进入司法 重整程序，试图通过法律框架寻找生存机会。 今年3月，超过一百家供应商联合发布倡议，支持哪吒汽车化解债务并复工复产。倡议单位包括宁德时 代、国轩高科等动力电池及零部件头部企业，双方经过三轮磋商后，共同签署了债转股协议。 02 重整进程的关键节点 从2025年8月开始，哪吒汽车的重整工作 ...