丨 2025年10月11日星期六丨 据比亚迪（002594）汽车官微消息，10月9日，比亚迪第1400万辆新能源汽车在巴西乘用车工厂正式下 线。至此，比亚迪成为全球首家达成1400万辆这一里程碑的新能源车企。 点评：比亚迪在巴西下线第1400万辆新能源汽车，标志着其全球化战略的重大里程碑。这不仅巩固了比 亚迪在新能源车市场的领导地位，也提升了其国际影响力。通过与巴西政府的合作，比亚迪可能进一步 拓展在拉美市场的份额，这将对新能源行业整体的竞争格局产生积极影响，同时吸引更多投资者关注这 一领域的未来发展。 NO.32025年9月汽车消费指数为88.9 10月10日，中国汽车流通协会发布最新一期"汽车消费指数"。2025年9月，汽车消费指数为88.9，高于 上月，预计10月汽车销量将超过9月，继续走高。从构成汽车消费指数的分指数看，2025年9月需求分指 数为85.8，高于上月。在政策刺激、季节性消费和新产品密集上市的共同推动下，10月汽车市场需求较 9月进一步提升。 10月9日，长安汽车（000625）发布公告，内容涉及其联营企业阿维塔科技对华为持有的深圳引望智能 技术有限公司10%股权的转让进展。根据《股权转 ...

丨 2025年10月11日星期六丨 据比亚迪汽车官微消息，10月9日，比亚迪第1400万辆新能源汽车在巴西乘用车工厂正式下线。至此， 比亚迪成为全球首家达成1400万辆这一里程碑的新能源车企。 NO.1 阿维塔收购引望智能10%股权款项已付清 点评：比亚迪在巴西下线第1400万辆新能源汽车，标志着其全球化战略的重大里程碑。这不仅巩固了比 亚迪在新能源车市场的领导地位，也提升了其国际影响力。通过与巴西政府的合作，比亚迪可能进一步 拓展在拉美市场的份额，这将对新能源行业整体的竞争格局产生积极影响，同时吸引更多投资者关注这 一领域的未来发展。 10月9日，长安汽车发布公告，内容涉及其联营企业阿维塔科技对华为持有的深圳引望智能技术有限公 司10%股权的转让进展。根据《股权转让协议》，阿维塔科技共需支付115亿元的交易金额，目前已完 成三期付款，第一期付款23亿元，第二期付款57.5亿元，第三期付款34.5亿元，全部款项已支付完毕。 点评：阿维塔科技完成对引望智能的股权收购，标志着其与华为在智能汽车领域的深度合作正式展开。 此收购不仅提升了阿维塔的技术实力，也为双方在未来市场竞争中提供了重要的战略支持，有助于推动 整个 ...

京津冀示范城市群 以北京为核心，京津冀示范城市群形成了"北京-天津-保定-淄博"产业发展链和"北京-保定-滨州"氢能供 应链，重点发展电堆、膜电极等关键零部件。示范期内在北京冬奥会运输保障、港区物流、矿石钢材运 输等应用场景推广燃料电池重卡、公交车和物流车，目标是京津冀区域相关产业链规模超1000亿元。截 至2025年2月，该示范群已提前完成推广目标，推广燃料电池汽车5327辆，完成进度达100.51％。 上海示范城市群 上海市牵头，联动苏州、南通等城市形成"1＋6"城市示范群。示范群聚焦燃料电池系统集成、电堆技术 等领域，支持上海捷氢、重塑科技等企业突破核心技术。计划到2025年累计建成加氢站73座，支持油氢 合建站和制氢加氢一体化项目。 与其他地区不同的是，上海示范城市群坚持"商乘并举"，积极探索燃料电池乘用车应用。日前，全国首 批燃料电池网约车正式在上海投入运营。数据显示，截至2024年底，上海市加氢站与燃料电池汽车公共 数据平台已接入燃料电池汽车超5500辆，涉及24家车企、24个品牌和66款车型。 广东示范城市群 广东示范城市群规模庞大，以佛山为核心，联动广州、深圳、佛山、东莞、中山、云浮以及省外福 ...

又有超百亿资金跑步入场！宽基ETF获爆买 券商主题遭弃 记者据Wind数据统计，股票型ETF的净流入额已连续两日在100亿元以上。全市场1037只可统计的股票 型ETF基金，在9月26日、9月29日的合计净流入额分别为193.93亿元、122.69亿元。其中，宽基ETF已 连续两日包揽净流入额前三。在周一资金净流入前十的ETF中，更是有9只为宽基ETF，剩余1只行业主 题ETF则为电池板块。值得一提的是，在周一券商板块大幅拉升的情况下，不少资金选择获利了结，多 只券商ETF净流出额居前。不过整体来看，月内以来，券商、机器人、电池是最吸金的三大板块。（澎 湃） 香港隔夜Hibor升破5% 创下今年来首次 香港隔夜借贷成本今年来首次跃升至5%以上。香港隔夜银行同业拆息(Hibor)周二大涨130个基点至 5.018%，为去年12月以来的最高水准。这使得截至9月的三个月内，累计上涨近500个基点。（同花 顺） 硅片企业Q4确定减产 电池片整体库存水平降至3-4GW 部分硅片企业国庆节后才公布排产计划，激进预期下硅片企业10月减产幅度或很小，后续仍需观察原料 价格以及下游传导情况。整体Q4根据协会配额，硅片企业基本确 ...

构建政策及评价体系 目前，发展燃料电池汽车仍是国家和地方政策支持的方向。 多层面支持示范推广 在国家顶层战略层面，氢能已被纳入重要的能源战略方向，氢燃料电池汽车则是氢能应用的一个具体 场景。在技术层面，近年来在国家政策支持下，相关零部件的国产替代取得长足进步，关键零部件实现自 主化，多项关键技术获得突破，成本也在不断下降。 "通过部委主导的五个城市示范群的推动，燃料电池汽车已在商用车领域初步形成一定的应用规 模。"在徐树杰看来，燃料电池汽车的发展一方面是成绩显著，另一方面仍有很大发展空间。他谈到，燃 料电池汽车与电动汽车年产量1000多万辆相比，年产量尚不足1万辆，这是较大的挑战。面对挑战和问 题，是否还要发展燃料电池汽车，也是一个"灵魂拷问"他认为，从未来技术多元化和应用方向来看，燃料 电池可能并不适合乘用车，但在商用车、远途物流、地域辽阔地区以及高海拔、低温等特殊环境下，仍具 备独特优势和适用场景。因此，应继续坚持燃料电池技术路线的探索与发展。 从产业应用角度分析，徐树杰认为，燃料电池汽车的电池功率水平已逐步从小功率向大功率拓展，以 适应更多样的应用需求。同时，制氢方式也呈现多元化。大家常关注新能源汽车是 ...

Core Viewpoint - Continued support for fuel cell vehicles is crucial for maintaining China's competitive edge in the global fuel cell industry and hydrogen economy [1][2][3] Group 1: Importance of Continued Support - Continued support can help China achieve a world-leading position in the fuel cell industry, as current technology indicators are already at an advanced level [2] - Without ongoing support, previous advancements may be lost, as many companies are still in the R&D phase and facing financial difficulties [2] - Supporting fuel cell vehicles is not just about the vehicles themselves but also about positioning China at the forefront of the hydrogen economy, which is essential for global carbon neutrality efforts [3] Group 2: Suggestions for Optimizing Phase II Demonstration Projects - The initial phase of the demonstration project was effective in leveraging local government subsidies and attracting enterprise investment [4] - The second phase should focus on medium to long-distance heavy-duty fuel cell trucks, where fuel cell vehicles have clear advantages in range and efficiency [4] - Successful implementation in this area could serve as a significant global example, contrasting with the slower progress seen in other countries [4] Group 3: Importance of Toll Fee Exemptions - Expanding toll fee exemptions for fuel cell vehicles is critical for increasing their application range and market penetration [5] - The potential revenue loss from toll exemptions is minimal given the current limited number of fuel cell vehicles, and such measures should be temporary [5] - Addressing funding gaps for road maintenance should involve tax reforms rather than restricting toll exemptions, as this could hinder the development of the fuel cell industry [6]

燃料电池汽车产业现状如何?随着行业的发展和实践，目前新能源汽车形成了电动汽车和燃料电池汽车 多种技术路线，其在资本、技术、市场、产品等方面均不相同，其市场规模前景如何?又有怎样的发展 难点和阻碍呢? 日前，财政部、工业和信息化部、科技部、发展改革委、国家能源局(以下简称五部门)联合发布《关于 开展燃料电池汽车示范应用的通知》，决定开展燃料电池汽车示范应用工作，示范期暂定为四年。 与此同时，目前多地正在积极申报国家燃料电池汽车示范城市，上海、北京、山东、山西等地已明确申 报或出台申报方案。国家燃料电池汽车示范城市的申报工作在持续进行中。在多项政策的落地和引导 下，目前燃料电池已经从初期走到了示范产业、应用和技术突破的关键阶段。 进入示范生产和应用阶段 补贴政策转型 针对产业发展现状，五部门将对燃料电池汽车的购置补贴政策，调整为燃料电池汽车示范应用支持政 策，对符合条件的城市群开展燃料电池汽车关键核心技术产业化攻关和示范应用给予奖励。通知称，构 建燃料电池汽车产业链条，促进链条各环节技术研发和产业化。示范城市群应聚焦技术创新，找准应用 场景，构建完整的产业链。 由于纯电动汽车在续航里程和充电频次、充电时间上都存在 ...

Core Viewpoint - The article discusses the public announcement by the Ministry of Industry and Information Technology regarding the final audit of subsidy funds for the promotion of fuel cell vehicles from 2016 to 2020, highlighting the limited number of vehicles that passed the audit and the total subsidy amount allocated [3][6]. Summary by Sections Subsidy Audit Results - A total of 121 fuel cell vehicles were reported for subsidy from 2016 to 2020, but only 26 vehicles passed the final audit, resulting in a total subsidy amount of 11.1 million yuan [6][7]. - The breakdown of the approved vehicles includes models from Shenchong Bus, Zhongzhi Automobile, and Jiangling Heavy Truck, with specific subsidy amounts allocated to each [7]. Reasons for Non-Approval - Out of the 121 vehicles reported, 95 did not pass the audit due to various reasons, including failure in on-site verification, incorrect vehicle registration information, discrepancies in battery model specifications, and registration dates falling outside the subsidy policy's validity [8].

Core Insights - The article discusses the achievements and challenges of China's fuel cell vehicle (FCV) industry following a four-year subsidy policy, emphasizing the need for continued policy support to ensure sustainable development [2][5][13]. Summary by Sections Achievements in Demonstration Applications - Over the past three years, the central government has allocated more than 5.1 billion yuan in rewards, leading to a cumulative sales figure of 30,000 fuel cell vehicles by June 2025, with major cities promoting over 17,000 units across various applications [2][3]. - Key advancements include product performance reaching international standards, significant cost reductions in fuel cell systems, and a nearly complete domestic supply chain with over 90% localization [3][4]. Industry Bottlenecks - Despite progress, the FCV industry faces challenges such as high costs, limited market scale, and insufficient exploration of hydrogen applications beyond vehicles [5][6]. - The hydrogen supply infrastructure is still developing, with a concentration of refueling stations in select cities, and the end-user hydrogen prices remain uncompetitive compared to fossil fuels [5][6]. Policy Support and Future Directions - Continued national and local policy support is crucial for the FCV industry's growth, especially as the current subsidy program is set to expire at the end of 2025 [13][14]. - Recommendations include expanding support to various hydrogen applications, enhancing financial mechanisms, and focusing on long-haul commercial vehicles to leverage the environmental benefits of FCVs [14][15]. Local Government Initiatives - Local governments have played a significant role in promoting FCVs through policies such as toll exemptions for hydrogen vehicles, which have shown positive results in demonstration projects [10][11]. - The establishment of over 550 hydrogen refueling stations positions China as a global leader in hydrogen infrastructure, contributing to the economic viability of FCVs [4][12]. Strategic Importance of Fuel Cell Vehicles - The development of FCVs is seen as strategically important for supporting the hydrogen energy system and achieving carbon neutrality goals, particularly in the commercial vehicle sector [8][9][14].

Core Viewpoint - The "subsidy for reward" policy for hydrogen fuel cell vehicles has shown positive results over the past three years, but the industry still faces significant challenges and requires continued policy support for future growth [1][9]. Group 1: Policy and Financial Support - The Ministry of Finance and other departments initiated a four-year "subsidy for reward" policy in 2021, which has led to a cumulative funding of over 5.1 billion yuan to support the hydrogen fuel cell vehicle industry [2][3]. - The current demonstration policy is set to expire at the end of this year, highlighting the urgent need for ongoing policy support to foster self-sustaining development in the industry [1][9]. Group 2: Market Expansion and Technological Advancements - As of June 2025, the cumulative sales of hydrogen fuel cell vehicles in China reached 30,000 units, with over 17,000 units promoted in key city clusters, covering diverse applications such as public transport and logistics [2][3]. - Key technological breakthroughs have been achieved, with the domestic production rate of core components rising from below 10% to over 90%, and the cost of fuel cell systems decreasing by over 80% from 15,000 yuan/kW to 2,000 yuan/kW [2][3]. Group 3: Infrastructure Development - China has built over 550 hydrogen refueling stations, ranking first globally, and has established a hydrogen supply system primarily based on industrial by-product hydrogen [3][8]. - The average hydrogen price in demonstration cities has decreased to around 30 yuan/kg, with some regions seeing prices drop to 20-25 yuan/kg, making it more competitive compared to traditional fuels [8]. Group 4: Challenges and Future Directions - The industry faces challenges such as the misalignment of hydrogen application areas and hydrogen source regions, high costs of fuel cell vehicles, and a lack of comprehensive support for hydrogen applications across various sectors [4][6]. - Recommendations for future policy support include expanding beyond just fuel cell vehicles to encompass hydrogen supply and applications, utilizing diverse financial instruments to support R&D and production, and promoting cross-regional cooperation for hydrogen infrastructure [9].