Core Viewpoint - The article highlights the significant growth in the sales of new energy vehicles (NEVs) in September 2025, with various brands achieving record sales figures, indicating a robust market trend in the NEV sector in China [4][5]. Group 1: Market Overview - The traditional sales peak season, "Golden September and Silver October," is approaching, leading to increased sales efforts from automotive manufacturers [5]. - GGII's tracking of 13 automotive brands shows positive month-on-month growth in NEV sales for September 2025 [5]. Group 2: Sales Data Summary - BYD sold 396,270 vehicles in September 2025, with a month-on-month increase of 6.1% but a year-on-year decrease of 5.5%. Cumulative sales from January to September reached approximately 3.26 million, up 18.6% year-on-year [6]. - Leap Motor achieved a record monthly sales of 66,657 vehicles in September, marking a year-on-year increase of over 97% and a cumulative sales of 395,516 vehicles for the first nine months, up 128.8% [8]. - Hongmeng Zhixing sold 52,916 vehicles in September, with an 18.7% month-on-month increase and a 32.5% year-on-year increase [10]. - XPeng Motors delivered 41,581 vehicles in September, a 95% year-on-year increase, with cumulative sales of 313,196 vehicles for the first nine months, up 218% [12]. - Xiaomi's vehicle deliveries exceeded 40,000 in September, showing over 300% year-on-year growth and over 30% month-on-month growth, with cumulative sales surpassing 250,000 [14]. - NIO delivered 34,749 vehicles in September, a 64% year-on-year increase, with cumulative deliveries reaching 872,785 [16]. - Li Auto delivered 33,951 vehicles in September, a 36.8% year-on-year decrease but a 19% month-on-month increase, with a total of 1,431,021 cumulative deliveries [20]. - Deep Blue sold 33,626 vehicles in September, with a 48.1% year-on-year increase and a cumulative sales of 232,266 for the first nine months, up 61.9% [22]. - GAC Aion sold 29,113 vehicles in September, a year-on-year decrease of 18.6% but a month-on-month increase of 7.7%, with cumulative sales of 234,978, down 17.2% [26]. - Zeekr delivered 18,257 vehicles in September, a 14.4% year-on-year decrease but a 3.6% month-on-month increase, with cumulative deliveries of 143,600, up 0.5% [28]. - Lantu delivered 15,224 vehicles in September, a 52% year-on-year increase, with cumulative sales of 96,992, up 85% [33]. - Zhiji delivered 11,107 vehicles in September, with a year-on-year increase of 145.9% and a cumulative total of 90,739, down 40.1% [35]. - Avita sold 11,028 vehicles in September, a 143.1% year-on-year increase, with cumulative sales of 90,739, up 121.8% [37].

9月，零跑汽车成首个月销突破6万辆的新势力品牌，赛力斯、小鹏、小米均突破4万辆。自主车企也在 新能源板块全面发力。 进入"金九银十"销售旺季，创新高、翻倍增长成为9月销量"成绩单"频繁出现的关键词。 造车新势力销量表现迎来变化，零跑汽车以超6.66万辆的交付量，不仅刷新自身单月销量纪录，更成为 首个月销突破6万辆的新势力品牌。赛力斯、小鹏汽车、小米汽车9月交付量均突破4万辆，将造车新势 力销量排名前四的入围门槛提升至4万辆。 | | | | | 原川 1月 1 | 录川凹山 | | --- | --- | --- | --- | --- | --- | | 439777 | 上汽集团 | 21.0% | 40.4% | 3193270 | 20.5% | | 396270 | 比如防电 | 6.1% | -5.5% | 3260146 | 18.6% | | 302000 | 中国一汽 | 8.7% | 6.3% | 2383000 | 5.6% | | 280469 | 奇瑞集团 | 15.5% | 14.7% | 2007768 | 14.5% | | 273125 | 吉利汽车集团 | 9.2% | 3 ...

随着9月车市销量出炉，国内车市第四季度销售旺季也正式拉开，车企开始围绕年底冲量目标发力，行 业竞争将进入更激烈阶段。 造车新势力销量表现迎来变化，零跑汽车以超6.66万辆的交付量，不仅刷新自身单月销量纪录，更成为 首个月销突破6万辆的新势力品牌。赛力斯（601127）、小鹏汽车、小米汽车9月交付量均突破4万辆， 将造车新势力销量排名前四的入围门槛提升至4万辆。 进入"金九银十"销售旺季，创新高、翻倍增长成为9月销量"成绩单"频繁出现的关键词。 吉利、长安等头部企业，通过新能源车型与海外市场的双重发力，巩固市场地位。9月，吉利汽车新能 源车型销量达16.52万辆，同比增长81%，环比增长12%，长安汽车（000625）、长城汽车（601633）新 能源销量分别同比增长87%、52.55%；9月上述3家车企海外销售分别为4.1万辆、6万辆和5万辆，均实 现同比增长。 自主车企在"金九"销售季中也展现出了不少重要变化，在新能源板块的全面发力、海外市场的规模化突 破和依托技术研发进行差异化竞争使得增长势头尤为强劲。比亚迪（002594）以39.63万辆的新能源汽 车销量成绩领跑，海外销售7.1万辆；今年前9个月，比亚 ...

美国股债汇三杀! 当地时间10月10日，美股三大指数集体大跌，道指跌1.9%，纳指跌3.56%，标普500指数跌2.71%。纳 指、标普500指数创4月以来最大单日跌幅，美债收益飙升，美元下跌。 全球资产巨震，黄金大涨、原油下跌，截至发稿，比特币跌破12万美元大关，加密货币集体下跌，全球 爆仓人数超16万。 富时A50期指连续夜盘收跌4.26%，报14340点。 美股三大指数全线大跌 中概指数跌超6% 全球资产震荡 油价下跌、黄金上涨 国际油价全线收跌，美油主力合约跌5.32%报58.24美元/桶，周跌4.34%；布油主力合约跌4.75%报62.12 美元/桶，周跌3.73%。 比特币一度跌破110000美元，截至10月11日7:53，比特币下跌6.81%，加密货币集体下跌，过去24小时 超16万人爆仓。 截至收盘，美国大型科技股普跌，博通跌近6%，特斯拉跌超5%，亚马逊跌超4%，苹果、Meta跌超 3%，微软、谷歌跌超2%。英伟达跌4.89%，其市值一夜蒸发2287亿美元（16318亿元）。 半导体、加密货币概念股跌幅居前，费城半导体指数大跌6.32%，Circle跌超11%，Arm跌超9%， AMD、高通 ...

过去很长一段时间，中国制造业处于"品牌缺位"的阶段。在商品稀缺的年代，市场消费基本由工厂生产决定，工厂生产什么，市场就消费什么。随着中国经 济融入全球化进程，中国制造在短短几十年间，先后释放人口红利和工程师红利，实现了从规模制造到柔性生产的提升，以惊人的速度跃升为世界头号制造 业大国，创造了人类工业化以来规模最大的发展奇迹。 然而，中国制造的崛起引发了全球经济结构性矛盾，全球化体系面临解构，中国制造原有的发展模式也受到挑战。中国经济进入结构性变革期，驱动经济增 长的核心引擎亟待切换。 2020年，中央提出"加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局"。在传统的"三驾马车"中，投资和出口的边际效益递减，消费已 成为中国经济增长最核心、最稳定的驱动力。2024年，中国最终消费支出占GDP比重为39.9%。但传统消费市场面临需求收缩的挑战，单纯依靠刺激政策 （如消费券等）效果有限，必须通过科技创造新的供给，以激发新的、更高层次的市场需求。在2010年前后欧美国家发起的新消费运动中，高科技赋能新消 费在拉动经济发展方面发挥了极为重要的作用。 如果中国制造面向的是全球市场，"高质量发展""供给侧改革 ...

在与隐藏式门把手缠斗多年之后，新能源车主终于要彻底和它告别了。 细数商业史上，似乎很少有一类产品宣传的卖点最后成为用户痛点，新能源车做到了。更不要说，这些痛点有时会让用户付出真金白银甚至生命的惨痛代 价。 9月24日，工信部发布《汽车车门把手安全技术要求》征求意见稿，明确禁止全隐藏式车外门把手。在意见稿发布前一周，特斯拉设计总监对外表示，特 斯拉正在重新设计其饱受争议的车门把手系统，以便乘客在紧急情况下更直观地操作车门。 特斯拉此次低头是出于生存考虑。自2018年开始，美国交通安全管理局就陆续接到了超过140起特斯拉车门故障投诉。在中国，据官方统计，2024年因车 门把手故障导致的交通事故同比增长47%，其中隐藏式门把手占比高达82%。安全投诉和监管压力直接推动了汽车设计层面的行业大整改。 隐藏门把手还只是一个开端。10月7日，特斯拉在新发布的"平价版"Model Y、Model 3中主动砍掉了其标志性的全景式天幕，而智能化配置倒是一点没 减。 企业取舍之间，谁是"鸡肋"一目了然。 只是对新能源车企来说，这个瓶颈期来得太早。当科技感开始背离安全和人性化，也意味着汽车设计正陷入形式大于功能的困局。 新能源车的反 ...

今日A股三大指数集体调整，沪指跌0.94%，深成指跌2.70%，创业板指跌4.55%，北证50指数跌1.24%，全市场成交额达2.53万亿元。 新能源板块有所承压，创业板新能源ETF国泰(159387)跌6.31%，新能源车ETF(159806)跌6.24%，碳中和50ETF(159861)跌5.06%。 下跌驱动因素分析 今日新能源板块明显回调，主要原因： 部分前期获利资金有所止盈 商务部、海关总署发布公告(2025年第58号)，决定自25年11月8日起对锂电池及中游材料等相关物项实施出口管制，称此举旨在维护国家安全与履行防 扩散等国际义务。 后市展望 锂电需求持续向好： 商用车：在以旧换新政策、电池成本下降、充换电基础设施完善等多重因素刺激下，以新能源重卡为代表的商用车市场迎来爆发式增长。且商用车市 场电池竞争格局显著优于乘用车，其需求爆发有望为电池企业带来增量弹性。 AIDC：数据中心的建设对可再生能源搭配储能电池需求将大幅增长，根据GGII预测，预计到2030年全球数据中心储能电池出货量有望达到300GWh， 2024-2030年CAGR超80%。 出海：出口管制并非首次，实质性影响或相对有限，只是加 ...

Core Points - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration jointly announced a vehicle purchase tax exemption for new energy vehicles from 2026 to 2027 [1][2] - The announcement includes adjustments to technical requirements for pure electric passenger vehicles and plug-in hybrid vehicles, including specific energy consumption limits [1] Group 1: Tax Exemption Policy - From January 1, 2026, vehicles listed in the "Directory of New Energy Vehicles Eligible for Vehicle Purchase Tax Exemption" must comply with the new requirements [2] - After the release of the tax exemption directory in 2026 and beyond, purchasing vehicles listed in the directory will allow for tax exemption benefits [2] Group 2: Technical Requirements - For pure electric passenger vehicles, the energy consumption per 100 kilometers must not exceed the limits specified in the "Energy Consumption Limits for Electric Vehicles Part 1: Passenger Vehicles" [1] - For plug-in hybrid vehicles, the pure electric range must meet a minimum of 100 kilometers under certain conditions, with specific fuel consumption and energy consumption limits based on vehicle weight [1]

中国（香港）金融衍生品投资研究院院长王红英告诉中新经纬，本轮白银价格的上涨主要源于三个层面的驱动因素。 9日，现货白银历史首次突破50美元/盎司，站上51美元/盎司，创近14年新高，日内涨超4%。 Wind数据显示，今年以来现货白银累计涨幅超70%，现货黄金涨超50%。 10日，现货白银价格有所回落。截至发稿前，现货白银报49.73美元/盎司。 今年以来现货白银价格走势图片 来自Wind 中国外汇投资研究院研究总监李钢对中新经纬表示，本轮白银突破50美元/盎司，核心在于"金融属性+产业需求"双轮驱动。 李钢认为，一方面，金价屡创新高带动贵金属整体估值重估，资金将白银视为加杠杆版的通胀对冲工具；另一方面，新能源、光伏、电动车等行业对白银 的消费持续走强，使其兼具"避险资产"和"工业金属"双重逻辑。再叠加美联储降息预期升温、美元走弱及地缘风险加剧，流动性与情绪共同推动白银进入 快速上行通道。 王红英指出，从投资角度看，风险控制始终是首要原则。若短期白银价格出现技术性回调，可在关键支撑位如46美元/盎司附近考虑分批建立仓位，在严 格控制风险的前提下，中长期仍看好白银价格的上涨趋势。 文中观点仅供参考，不构成投资建议 ...

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have jointly announced adjustments to the technical requirements for electric vehicles and plug-in hybrid vehicles eligible for vehicle purchase tax exemptions from 2026 to 2027, aiming to enhance the overall quality and performance of new energy vehicles in the market [1]. Summary by Category Adjustments to Technical Requirements - For pure electric vehicles, the new regulations stipulate that the energy consumption for traveling 100 kilometers must not exceed the national standard for similar vehicles. Heavier vehicles (over 3.5 tons) will be held to stricter energy consumption standards based on the 3.5-ton model [3]. - For plug-in hybrid vehicles, including those that can be charged and fueled, the new rules require that: - The effective electric range must be at least 100 kilometers when running solely on electricity. - The fuel and electricity consumption must be lower than the national standards when running on fuel alone. - Similar to pure electric vehicles, heavier models must adhere to the standards set for 3.5-ton vehicles [4]. Implementation Timeline - Starting January 1, 2026, vehicles listed in the "Directory of New Energy Vehicles Eligible for Vehicle Purchase Tax Exemption" must comply with the new requirements. Vehicles already listed before December 31, 2025, that meet the new standards will automatically transition to the 2026 first period directory, while those that do not will be removed [6]. - Vehicles that do not meet the new requirements but wish to be included in the 2026 first period directory must complete their application by December 12, 2025. Removed vehicles can reapply for inclusion [7]. Impact on Consumers and Industry - Consumers may face changes in purchase costs as models that do not meet the new technical requirements will no longer qualify for tax exemptions. This could lead to a temporary reduction in available models, but in the long term, it is expected to encourage the market to offer higher-quality products [9]. - Industry experts believe that the new regulations will drive technological upgrades in battery capacity and hybrid systems, enhancing driving experience and safety. Stricter standards are anticipated to promote the introduction of higher-performance models, meeting consumer demands for longer range and lower energy consumption, thus supporting both industrial and consumer upgrades [9].