Core Viewpoint - Haima Automobile is the only company in Hainan Free Trade Port with full qualifications for passenger car production, focusing on the personal passenger car market and leveraging opportunities in the free trade port [1] Group 1: Company Overview - Haima Automobile has modern production bases in Haikou and Zhengzhou, covering traditional fuel vehicles, pure electric vehicles, and hydrogen energy vehicles [1] - The company is committed to continuous technological innovation and product upgrades to provide higher quality passenger car products and services [1] Group 2: Market Strategy - The company aims to seize opportunities presented by the free trade port to enhance its market position [1]

Group 1 - The core viewpoint of the article highlights Haima Automobile's commitment to the personal passenger vehicle market and its strategic positioning within the Hainan Free Trade Port [2] - Haima Automobile is the only company in Hainan Free Trade Port with full qualifications for passenger vehicle production, indicating a unique competitive advantage [2] - The company operates modern production bases in Haikou and Zhengzhou, covering traditional fuel vehicles, pure electric vehicles, and hydrogen vehicles [2] Group 2 - Haima Automobile plans to continue promoting technological innovation and product upgrades to seize opportunities presented by the Free Trade Port [2] - The company aims to provide higher quality passenger vehicle products and services to consumers [2]

10月市场整体延续价格企稳态势，价格竞争持续降温。根据大搜车智云公众号发布的10月新车批发价格 分析报告，2025年10月乘用车市场平均折扣率为18.5%，环比下降0.3%，平均批发价格环比微降500 元，同比基本持平。我们认为，在"金九银十"行业传统消费旺季的背景下，价格竞争烈度进一步放缓， 这反映出国内乘用车市场正逐步从价格竞争转向精细化运营，这一"反内卷"的趋势在第四季度有望延 续。 新能源车价格稳定性显著优于传统燃油车。根据大搜车智云公众号发布的10月新车批发价格分析报告， 2025年10月传统能源车平均折扣率维持在26.3%的高位，平均价格环比下降900元，同比上涨近1600 元；而新能源车折扣率稳定在12.8%，平均价格与上月相比变化不大，同比上涨1300元。我们认为，这 一差异体现了新能源产品在成本控制与市场需求方面的双重优势，也为品牌溢价提供了更多空间。 各品牌阵营价格策略分化加剧，自主新能源品牌折扣率低于合资品牌。自主新势力新能源品牌AITO、 小米汽车、小鹏汽车折扣率在10%以下，其中AITO均价环比上涨1900元；合资品牌如一汽大众、别 克、广汽本田等均价普遍环比下降，总体折扣率均在20 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][4]. Core Insights - In October, the price competition in the passenger car market continued to ease, indicating a structural differentiation within the industry. The average discount rate for new cars was 18.5%, a decrease of 0.3% month-on-month, with the average wholesale price slightly declining by 500 yuan, remaining stable year-on-year [2][5]. - The stability of prices for new energy vehicles (NEVs) is significantly better than that of traditional fuel vehicles. The average discount rate for traditional energy vehicles was 26.3%, with a month-on-month price drop of 900 yuan and a year-on-year increase of nearly 1600 yuan. In contrast, NEVs maintained a discount rate of 12.8%, with prices remaining relatively unchanged month-on-month and a year-on-year increase of 1300 yuan [5]. - There is an increasing divergence in pricing strategies among brands, with domestic new energy brands having lower discount rates compared to joint venture brands. For instance, brands like AITO, Xiaomi Auto, and Xpeng had discount rates below 10%, while joint venture brands like FAW-Volkswagen and Buick had discount rates above 20% [5]. - The competition in the SUV market remains intense, with major models like the Volkswagen Tayron and Mercedes-Benz GLC seeing significant price drops, with average prices declining by 4200-8300 yuan and discount rates increasing by 1.1%-1.9% [5].

Core Insights - The passenger car market is transitioning from price competition to refined operations, with a trend of "anti-involution" expected to continue into Q4 [1] - The overall market shows a stabilization in prices, with the average discount rate for passenger cars at 18.5%, a decrease of 0.3% month-on-month [1][2] - There is a significant structural differentiation within the industry, with domestic new energy brands having a notably lower discount rate compared to joint venture brands [1][2] Market Trends - In October, the average discount rate for traditional energy vehicles remained high at 26.3%, with an average price decrease of 900 yuan month-on-month and an increase of nearly 1600 yuan year-on-year [2] - New energy vehicles maintained a stable discount rate of 12.8%, with average prices showing little change month-on-month and a year-on-year increase of 1300 yuan [2] - The price strategies among different brand camps are increasingly differentiated, with domestic new energy brands like AITO and Xpeng having discount rates below 10% [2] Segment Analysis - The SUV market is experiencing intense competition, with major models like the Volkswagen Tayron and Mercedes-Benz GLC seeing average prices drop to historical lows, with declines ranging from 4200 to 8300 yuan [3] - Average discount rates for popular SUV models such as the Volkswagen Tiguan L and Buick Envision Plus have increased, reaching 25.7% and 29.2% respectively [3]

报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 10月乘用车批发价格趋稳，价格竞争持续降温；报告日期：2025.11.13 报告作者： 刘一鸣（分析师），登记编号：S0880525040050 张觉尹（分析师），登记编号：S0880525040057 潘若婵（研究助理），登记编号：S0880125042232 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 报告导读： 10 月乘用车市场价格竞争持续缓和，行业内部结构性分化加剧。我们维持行 业"增持"评级。 10月市场整体延续价格企稳态势，价格竞争持续降温。 根据大搜车智云公众号发布的10 月新车批发价格分析报告， 2025 年 10 月乘用车市场平均折扣率 为 18.5% ，环比下降 0.3% ，平均批发价格环比 ...

Group 1 - The core point of the articles highlights a slight increase in new car registrations in the UK for October, with electric vehicles (EVs) showing strong momentum, accounting for about one-quarter of new car sales [1] - In October, nearly 145,000 new cars were registered, representing a year-on-year growth of 0.5%. EVs accounted for 50.8% of total new car sales, surpassing traditional fuel vehicles for the second consecutive month [1] - Pure electric vehicle registrations in October saw a year-on-year increase of 23.6%, making up 25.4% of new car registrations, although still below the UK government's target of 28% for zero-emission vehicles (ZEVs) [1] Group 2 - The Society of Motor Manufacturers and Traders (SMMT) predicts that 2025 could be the strongest year for UK car sales since before the pandemic, with total registrations expected to reach 2.012 million, marking the first time since 2019 that sales will exceed 2 million [2] - In 2026, total sales are projected to be 2.032 million, with pure electric vehicles expected to account for 28.2%, still falling short of the government's target of 33% for ZEVs [2] - Concerns have been raised regarding potential changes to tax policies by the UK government, which could negatively impact the demand for electric vehicles if the "Employee Car Ownership Scheme" (ECOS) is terminated [2]

Group 1: Automotive Market Overview - In October, China's automotive production and sales reached 3.359 million and 3.322 million units, respectively, with month-on-month growth of 2.5% and 3%, and year-on-year growth of 12.1% and 8.8% [1] - For the first ten months of the year, automotive production totaled 27.692 million units, a year-on-year increase of 13.2%, while sales reached 27.687 million units, up 12.4% year-on-year [1] - The automotive market is experiencing robust growth, driven by new product launches and effective industry governance, with October's production and sales hitting record highs for the same period [1] Group 2: Passenger Vehicle Market - Passenger vehicle production and sales for the first ten months were 24.237 million and 24.209 million units, reflecting year-on-year growth of 13.5% and 12.9% [2] - In October, passenger vehicle sales were 2.961 million units, showing a year-on-year increase of 7.5% [2] - Domestic sales of passenger vehicles have maintained a trend of both month-on-month and year-on-year growth, with a 12.1% increase in sales for the first ten months [2] - The market share of domestic brands in passenger vehicles reached 69.4%, up 4.8 percentage points year-on-year, with October's market share at 72.5% [2] Group 3: Commercial Vehicle Market - Commercial vehicle production and sales for the first ten months were 3.456 million and 3.479 million units, with year-on-year growth of 10.9% and 9% [3] - In October, commercial vehicle sales were 361,000 units, reflecting a year-on-year increase of 21% [3] - The market for commercial vehicles is recovering significantly, although competition has led to lower vehicle prices, putting pressure on companies [3] Group 4: New Energy Vehicles (NEVs) - NEV production and sales for the first ten months reached 13.015 million and 12.943 million units, with year-on-year growth of 33.1% and 32.7% [4] - In October, NEV sales were 1.715 million units, marking a year-on-year increase of 20% and accounting for 51.6% of total new vehicle sales [4] - The growth of NEVs is supported by government policies such as trade-in subsidies and a planned reduction in purchase tax, which is expected to drive further market expansion [4] Group 5: Export Performance - NEV exports surpassed 2 million units for the first time, totaling 2.014 million units, a year-on-year increase of 90.4% [5] - In October, NEV exports reached 256,000 units, showing a remarkable year-on-year growth of 99.9% [5] - Overall automotive exports for the first ten months were 5.616 million units, up 15.7% year-on-year, with expectations to exceed 6.5 million units for the entire year [5]

Core Insights - The German automotive industry, once a global leader, is facing significant layoffs due to declining demand, high production costs, and challenges in the transition to electric vehicles [1][2] - An estimated 200,000 jobs may be lost in the coming years, with 51,500 layoffs reported in the past year alone, representing 6.7% of the workforce in the automotive sector [1] - Major automakers like Volkswagen, Mercedes-Benz, and BMW have reported substantial profit declines, with Volkswagen's net profit down 61.5% year-on-year [1][2] Group 1: Industry Challenges - The automotive sector's struggles are attributed to insufficient profitability, with Volkswagen reporting a net profit of only €3.4 billion in the first three quarters of the year [1] - The transition to electric vehicles has been slow, with German manufacturers lagging behind competitors, particularly from China, which have gained market share due to better designs and technology [4][5] - The industry's historical reliance on brand image is becoming less effective against competitors focused on technological innovation [5] Group 2: Policy and Political Factors - Recent political decisions, including the German Chancellor's commitment to delay the EU's ban on new internal combustion engine vehicles, may disrupt the industry's transition to electric vehicles [2][9] - The cancellation of subsidies for electric vehicles has increased consumer costs and suppressed demand, further complicating the industry's recovery [6][10] - The political instability and inconsistent policies have led to a cautious investment climate, with many suppliers planning layoffs and postponing investments [10] Group 3: Future Outlook - The automotive industry is at a crossroads, needing to balance traditional manufacturing with the urgent need for innovation in electric vehicles and autonomous driving technology [8][9] - The competitive landscape is intensifying, with external pressures such as tariffs from the U.S. and the rise of Chinese electric vehicle manufacturers posing significant threats [10] - A unified policy approach is essential for the industry to regain its footing and navigate the challenges ahead [10]

Core Insights - The German automotive industry is facing significant challenges, including a projected loss of over 200,000 jobs due to declining demand, high production costs, and difficulties in transitioning to electric vehicles [1][4] - Major automakers like Volkswagen, Mercedes-Benz, and BMW have reported substantial declines in net profits, with Volkswagen's profit dropping by 61.5% year-on-year in the first three quarters of the year [1][2] - The German government is attempting to address the crisis by potentially reversing the EU's ban on new internal combustion engine vehicles post-2035, but this move poses risks to the electric vehicle transition and may undermine consumer confidence [2][3] Job Losses and Economic Impact - Since 2019, Germany has lost approximately 245,000 manufacturing jobs, with the automotive sector accounting for 51,500 job losses in the past year, representing 6.7% of the industry's total workforce [1] - The automotive industry's struggles are threatening the overall economic stability of Germany, which relies heavily on this sector [1] Electric Vehicle Transition Challenges - The rise of electric vehicles has been a double-edged sword for German automakers, who have invested billions but are now facing high costs and competition from Chinese manufacturers [4][5] - Despite some achievements in electrification, German automakers are struggling to compete due to high costs and less appealing designs compared to emerging competitors [5] Policy and Political Factors - The political landscape in Germany has contributed to the automotive industry's decline, with fluctuating policies affecting investment and consumer demand [6][8] - The government's indecisiveness and lack of a coherent strategy have led to a negative feedback loop of reduced demand and cautious investment among automakers [6][9] Competitive Landscape - German automakers are at risk of losing their competitive edge as they face increasing pressure from both domestic and international competitors, particularly in the electric vehicle market [5][9] - The industry's historical reliance on brand reputation may not be sufficient to maintain market share against more innovative and cost-effective alternatives [5][9]