11月全国乘用车市场零售222万辆，同比下降8%，环比下降1%。今年以来累计零售2148万辆，同比增长6%。今年国内车市零售累计增速从1-2月增长 1.2%，3-6月增长15%，7-9月增速徘徊在6%左右，10-11月回落到偏低状态，呈现4季度高基数的减速特征，基本符合年初判断的"前低中高后平"的走势。 由于今年的前期增长较快，政策补贴本身目标是稳定总体增长幅度，因此年末稳增速的现象是合理的走势。去年11月的超高基数，今年11月的小幅负增长 是熨平了去年的高增长，相对2022年11月增速仍有5%，因此总体走势仍是相对正常的。今年调节增速的重要政策是以旧换新补贴，截至10月22日2025年 汽车以旧换新补贴申请量突破千万辆，前11个月申请量已达1120万辆。随着各地补贴的大面积暂停，11月的日均补贴规模降到3万辆，增速调节效果明 显。 1. 近年狭义乘用车零售走势 智通财经APP获悉，崔东树发布2025年11月份全国乘用车市场运行特征分析。2025年11月乘用车市场的特征：11月乘用车厂商生产、出口、批发均创当月 历史新高，出口创出历年各月的历史新高；国有大集团自主品牌发力强增长，东风、上汽、一汽、北汽、奇瑞、 ...

每日经济新闻消息，12月8日，乘联分会发布的数据显示，11月国内乘用车销量同比下滑8.1%，环比下降1.1%， 符合"前低中高后平"走势，"以旧换新"政策调节效果明显。新能源车市场表现突出，月销破万车企达22家，零售 渗透率逼近60%。乘联分会预测2025年车市或超预期增长，但2026年因购置税政策调整，车市增长将面临压力， 建议减免政策惠及首购群体和小微型电动车。 与往年年底车市翘尾走势不同的是，今年11月国内乘用车市场销量同比出现下滑。 12月8日，乘联分会公布的最新数据显示，11月，全国乘用车市场零售销量约222.5万辆，同比下降8.1%，环比下 降1.1%；今年以来累计零售销量约2148.3万辆，同比增长6.1%。 "11月乘用车市场销量环比出现下降，是比较少见的。"乘联分会秘书长崔东树认为，今年上半年，我国乘用车市 场销量实现了13%的较快增长，下半年车市增长需要回到合理、稳定的状态。 复盘来看，今年国内乘用车市场零售累计增速从1~2月增长1.2%，3~6月增长15%，7~9月增速徘徊在6%左右， 10~11月回落到偏低状态，呈现四季度高基数的减速特征，基本符合乘联分会在今年年初所判断的"前低中高后 ...

对于11月乘用车数据，中国乘用车协会秘书长崔东树表示，这种深度下滑"不正常"，因为通常年末两个月销量表现强劲。他将当前情况与2008年 消费承压时期进行类比，称"2008年也出现过类似的异常情况"。尽管如此，他预计全年销量仍将增长5%。 燃油车销量下滑拖累整体表现 据报道，崔东树将整体销量下降归因于燃油车销量大幅下滑、去年同期基数较高以及政府补贴减少等因素。 数据显示，11月汽车销量下滑主要由燃油车销量下跌22%所致，而新能源车销量仅增长4.2%。 12月87日，中国乘用车协会公布数据显示，11月全国乘用车销量连续第二个月下滑，同比下降8.5%至224万辆，为10个月来最大跌幅，这一下降 幅度较10月的0.8%跌幅扩大。 分析指出，政府补贴政策调整成为销量下滑的主要原因。以旧换新补贴在多地缩减或暂停，而新能源车购置税优惠将在2026年减半，影响了消费 者购车情绪。 尽管电动车和插电式混动车销量占比创下58.9%的历史新高，但未能抵消传统燃油车22%的大幅下跌。不过，出口成为增长新引擎，有机构预 计，明年新能源汽车和插电式混合动力车出口量将较今年增长40%。 这些促销措施虽然带来一定销量提振，但业界担心明年初需 ...

北京商报讯（记者 刘晓梦）12月8日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示，今 年11月主流合资品牌零售49万辆，同比下降19%，环比下降6%。 ...

北京商报讯（记者 刘晓梦）12月8日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示，今 年11月自主品牌零售149万辆，同比下降4%，环比下降3.5%。当月自主品牌国内零售份额为67%，同比 增长3个百分点。 ...

北京商报讯（记者 刘晓梦）12月8日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示，今 年前11个月乘用车零售2148.3万辆，同比增长6.1%。其中，11月乘用车市场零售量为222.5万辆，同比 下降8.1%，环比下降1.1%。 ...

证券之星消息，12月8日乘用车板块较上一交易日下跌0.12%，上汽集团领跌。当日上证指数报收于 3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。乘用车板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000572 | 出版中集 | 696 | 5.10% | 279.97万 | 26.69亿 | | 600733 | 北汽蓝谷 | 7.57 | 0.80% | 62.53万 | · 4.71亿 | | 002594 | 比亚迪 | 96.53 | 0.57% | 24.78万 | 23.97 亿 | | 000625 | 长安汽车 | 11.81 | 0.17% | - 30.96万 | 3.65亿 | | 601127 | 赛力斯 | 125.58 | -0.42% | 13.75万 | 17.25 Z | | 6012 ...

Group 1 - In November, the national passenger car market retail reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1% [1][4] - Cumulative retail for the year reached 21.483 million units, showing a year-on-year growth of 6.1% [1][4] - The retail growth rate for the domestic car market fluctuated throughout the year, with a notable decline in the fourth quarter, aligning with the initial forecast of a "low in the front, high in the middle, and flat at the end" trend [1][4] Group 2 - Seven key characteristics of the passenger car market in November include record highs in production, exports, and wholesale, with exports reaching historical peaks [2][5] - State-owned major groups' self-owned brands showed strong growth, with a combined year-on-year increase of 3% in November [2][5] - The new car launches this year, along with measures to curb disorderly price reductions, resulted in stable overall trends, with November's new energy vehicle promotions maintained at 10% [2][5] Group 3 - In November, domestic retail of fuel vehicles decreased by 22%, while pure electric vehicle retail grew by 9.2% [2][5] - The penetration rate of new energy vehicles in November reached 59.3%, supported by policies such as tax exemptions for new energy vehicles [2][5] - From January to November, self-owned fuel passenger car exports totaled 2.61 million units, down 8%, while self-owned new energy exports reached 1.78 million units, up 139% [2][5] Group 4 - In November, self-owned brand retail was 1.49 million units, a year-on-year decrease of 4% and a month-on-month decrease of 3.5% [3][6] - The domestic retail market share of self-owned brands was 67%, an increase of 3 percentage points year-on-year [3][6] - The market share of self-owned brands for the year-to-date reached 65%, up 5 percentage points compared to the same period last year, with significant gains in the new energy and export markets [3][6]

Core Viewpoint - The article provides a comprehensive analysis of the automotive market in November 2025, highlighting trends in retail, production, wholesale, and exports, particularly focusing on the performance of new energy vehicles (NEVs) and the impact of government policies on market dynamics [14][15][17]. Retail Analysis - In November, the national passenger car market retail reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%. Cumulative retail for the year reached 21.483 million units, up 6.1% year-on-year [14]. - The retail penetration rate of NEVs in the domestic market was 59.3%, an increase of 7 percentage points year-on-year. Among the NEVs, the penetration rate for domestic brands was 79.6% [24] [15]. Production and Wholesale Analysis - Passenger car production in November was 3.106 million units, a year-on-year increase of 3.0% and a month-on-month increase of 5.3%. Cumulative production for the year reached 26.842 million units, up 12.3% year-on-year [17]. - Wholesale figures for November reached 2.998 million units, marking a historical high for the month, with a year-on-year increase of 2.3% and a month-on-month increase of 2.4% [18]. Export Performance - In November, the export of passenger cars was 818,000 units, a month-on-month decrease of 1% but a year-on-year increase of 40%. Cumulative exports for the year reached 5.151 million units, up 17.2% year-on-year [17]. - NEVs accounted for 47.3% of total exports in November, with a significant year-on-year increase of 26.3 percentage points. The export of NEVs reached 284,000 units, a year-on-year increase of 243.3% [25]. Market Dynamics - The article notes that the market is experiencing a shift with the introduction of new models and the impact of government policies such as the "old-for-new" subsidy program, which has seen over 11.2 million applications by October 2025 [14][15]. - The performance of domestic brands in the NEV sector is strong, with significant growth in exports and market share, particularly among major state-owned enterprises [15][16]. Future Outlook - The article anticipates strong retail performance for December 2025, driven by consumer urgency due to the expiration of tax exemptions for NEVs. The overall market is expected to benefit from increased consumer interest and government support [30][31].

宏观研究 证 券 研 究 报 告 【每周经济观察】第 49 期 出口高频维持韧性 ❖ 每周经济观察： （一）景气向上 1、外贸：港口集装箱吞吐量同比维持高位。截至 11 月 30 日，我国港口集装 箱吞吐量环比-0.3%，上周环比为+5.4%，四周同比微幅回落至 9.6%，上周为 10%，10 月 26 日四周同比为 6.6%。 2、耐用品消费：乘用车零售周度增速转正，但月度增速转负。截至 11 月 30 日当周，乘用车零售同比增速+2%，前值-7%。乘联分会发布初步统计数据， 11 月全国乘用车市场零售同比-7%。10 月全月同比为+5.8%。 3、地产：住宅销售降幅缩窄，二手房价格暂时止跌。我们统计的 67 个城市， 12 月前 5 日，商品房成交面积同比为-26%。11 月同比为-34%。10 月同比为- 26%。11 月 24 日当周，二手房挂牌价，一线和全国均持平。今年以来，一线 城市二手房挂牌价累计下跌 5.1%，全国累计下跌 5.5%。 4、价格：国内外大宗品价格普涨，农产品价格普涨。本周南华综合指数、RJ/CRB 商品价格指数分别上涨 1%、1.5%。蔬菜批价上涨 2.4%，鸡蛋批价上涨 1. ...