8月的新能源车市热闹非凡，新势力车企上演着集体冲高的戏码，自主汽车大集团的新能源板块突飞猛进，主流合资车企则想要靠本土化新车的发布站稳 脚跟。 中国汽车流通协会乘联分会日前公布的数据显示，8月，新能源乘用车市场零售110.1万辆，同比增长7.5％，在国内总体乘用车零售中的渗透率达55.2％， 较去年同期提升1.5个百分点，呈平稳增长之势。然而，平静之下，暗藏汹涌。 具体来看，8月纯电动汽车批发销量同比增长38.5％，而狭义插混汽车仅增长5％，增程式汽车更是同比下降9.5％。去年还势头正猛的插混汽车（含增程， 下同）如今却已明显失速。 01 纯电与插混增速拉开差距 插混汽车能否占据新能源汽车市场的半壁江山？面对2024年全年插混汽车高达83.3％的同比增速，今年年初，行业上下对于插混汽车的发展都寄予厚望。 中国电动汽车百人会副理事长兼秘书长张永伟此前预测，插电混动和增程两个技术路线将成为新能源增量中的重要力量，2025年销量将超800万辆，同比 增长60％，在新能源市场中的比重将接近50％。 然而，进入2025年，插混汽车增速却持续下滑，给新能源汽车市场的发展带来不确定性。中国汽车工业协会（简称"中汽协"）的数 ...

Core Viewpoint - The article discusses the contrasting strategies of NIO and Li Auto in the electric vehicle market, highlighting the commercial value of range-extended electric vehicles (REEVs) and the challenges faced by both companies in their respective approaches [5][10][29]. Group 1: Market Dynamics - Li Auto's sales have been declining, with a reported drop of over 41% year-on-year in August 2025, indicating a potential stagnation in the REEV market [8][10]. - The REEV market saw a significant increase in sales in 2023, reaching 640,000 units, but the growth rate has started to decline, with a year-on-year decrease of 9.5% reported in August 2025 [10][12]. - The market share of pure electric vehicles (EVs) has increased from 56% to 64%, while REEVs have dropped from 10.2% to 7.7% [10]. Group 2: Strategic Reflections - Li Bin, CEO of NIO, acknowledged the initial success of the REEV strategy but expressed a sense of regret for not pursuing it sooner, recognizing it as a more immediate path to profitability [5][6]. - Despite the challenges, Li Bin reaffirmed NIO's commitment to pure electric vehicles, emphasizing a long-term vision over short-term gains [5][6][29]. - The article suggests that the success of REEVs was largely due to their ability to address consumer pain points, particularly range anxiety, during a time when charging infrastructure was lacking [13][28]. Group 3: Technological Evolution - The trend in REEV technology is shifting from "small battery + large fuel tank" to "large battery + small fuel tank," indicating a move towards enhancing the electric driving experience [21][22]. - Modern REEVs, like the Li ONE, have significantly increased battery capacity, allowing for a more electric-centric driving experience while using the range extender as a backup [24][26]. - The evolution of REEVs is seen as a continuous process, integrating core technologies from the pure electric sector to improve user experience and reduce range anxiety [27][28].

Core Insights - The domestic automotive market showed strong performance in August, with significant growth in pure electric vehicle (EV) sales, while the growth of plug-in hybrid (PHEV) and range-extended vehicles slowed down due to subsidy policies favoring smaller pure EVs [1][3] - The export of new energy vehicles (NEVs) performed robustly, with PHEV exports growing faster than domestic sales, driven by better economic and intelligent features compared to traditional fuel vehicles [1][4] Domestic Market Performance - In August, domestic vehicle sales reached 2.245 million units, a month-on-month increase of 11.3% and a year-on-year increase of 15.6% [3] - Sales of Chinese brand passenger vehicles were 1.766 million units, showing a year-on-year growth of 21% [3] - NEV sales in August totaled 1.171 million units, a year-on-year increase of 18.3%, accounting for 52.1% of total domestic vehicle sales [3] - For the first eight months, domestic vehicle sales reached 16.836 million units, a year-on-year increase of 12.3% [3] Export Market Performance - In August, total vehicle exports were 611,000 units, with a month-on-month increase of 6.2% and a year-on-year increase of 19.6% [4] - NEV exports reached 224,000 units, a year-on-year increase of 100% [4] - Among NEVs, pure electric vehicle exports were 143,000 units, showing a year-on-year growth of 63.4% [4] - For the first eight months, total vehicle exports were 4.292 million units, a year-on-year increase of 13.7% [4] Investment Strategy - The domestic automotive market is characterized by accelerated electrification and the strong rise of independent brands, with intelligent features being a key driver of sales growth [5] - The focus of competition is shifting towards the intelligent sector, with leading companies in data, training facilities, and intelligent driving ecosystems expected to capture more market share [5] - Companies like Huawei are leveraging their ICT expertise to enhance their competitiveness in the automotive sector, particularly in intelligent vehicle development [6] Beneficiary Companies - Companies benefiting from deep cooperation with Huawei include Seres, JAC Motors, BAIC Blue Valley, SAIC Motor, and Changan Automobile [6] - Component suppliers with competitive advantages in cost, research, and market presence are also highlighted, including Chuanhuan Technology, Ningbo Gaofa, Kehua Holdings, New Coordinates, and Zhongyuan Neipei [6]

东兴证券近日发布汽车行业8月数据点评：近日中汽协发布2025年8月汽车产销数据，8 月汽车产销分别完成281.5万辆和285.7万辆，环比分别增长8.7%和10.1%，同比分别增长13% 和16.4%；新能源汽车产销分别完成139.1万辆和139.5万辆，同比增长27.4%和26.8%。1-8 月，汽车产销分别完成2105.1万辆和2112.8万辆，同比分别增长12.7%和12.6%；新能源汽车 产销分别完成962.5万辆和962万辆，同比分别增长37.3%和36.7%。 以下为研究报告摘要： 事件：近日中汽协发布2025年8月汽车产销数据，8月汽车产销分别完成281.5万辆和 285.7万辆，环比分别增长8.7%和10.1%，同比分别增长13%和16.4%；新能源汽车产销分别 完成139.1万辆和139.5万辆，同比增长27.4%和26.8%。1-8月，汽车产销分别完成2105.1万辆 和2112.8万辆，同比分别增长12.7%和12.6%；新能源汽车产销分别完成962.5万辆和962万 辆，同比分别增长37.3%和36.7%。 点评： 国内：同比持续增长，纯电车型增速较高。8月，汽车国内销量224.5万辆 ...

Investment Rating - The industry investment rating is "Positive" or "看好" [4] Core Viewpoints - The domestic automotive market is experiencing continuous growth, with significant increases in both production and sales figures for August 2025, showing a month-on-month growth of 8.7% and 10.1%, respectively, and year-on-year growth of 13% and 16.4% [1] - New energy vehicles (NEVs) are driving the growth, with production and sales reaching 139.1 million and 139.5 million units in August, representing a year-on-year increase of 27.4% and 26.8% [1] - The market is witnessing a structural shift, with pure electric vehicles (EVs) showing higher growth rates compared to plug-in hybrid and range-extended vehicles, influenced by subsidy policies favoring smaller pure EVs [3] Summary by Sections Domestic Market Performance - In August, domestic car sales reached 2.245 million units, with a month-on-month increase of 11.3% and a year-on-year increase of 15.6%. Sales of Chinese brand passenger cars were 1.766 million units, up 21% year-on-year [2] - NEV sales in the domestic market were 1.171 million units, reflecting an 18.3% year-on-year growth, accounting for 52.1% of total domestic car sales [2] - From January to August, domestic car sales totaled 16.836 million units, a 12.3% year-on-year increase, while NEV sales reached 8.088 million units, up 30.1% year-on-year [2] Export Performance - In August, total car exports were 611,000 units, with a month-on-month increase of 6.2% and a year-on-year increase of 19.6%. NEV exports reached 224,000 units, doubling year-on-year [3] - Among NEVs, pure electric vehicle exports were 143,000 units, showing a year-on-year growth of 63.4%, while plug-in hybrid exports increased by 2.7 times [3] - From January to August, total car exports were 4.292 million units, a 13.7% year-on-year increase, with NEV exports at 1.532 million units, up 87.3% year-on-year [3] Investment Strategy - The report emphasizes the dual drivers of policy stimulation and technological innovation in the domestic automotive market, highlighting the accelerated penetration of electrification and the strong rise of domestic brands [4] - The trend towards hybridization is expected to continue, with internal combustion engines remaining relevant in hybrid forms. The report identifies key players in the automotive supply chain that are well-positioned for growth [8]

Core Insights - The Chinese new energy vehicle (NEV) market is experiencing significant growth, with retail sales of 1.101 million units in August, a year-on-year increase of 7.5%, achieving a penetration rate of 55.2% in the overall passenger car market [1] - The wholesale sales of pure electric vehicles (EVs) surged by 38.5% year-on-year in August, while plug-in hybrid vehicles (PHEVs) only grew by 5%, and range-extended vehicles saw a decline of 9.5% [1][4] - The growth of PHEVs has slowed down significantly, raising uncertainties about their future in the NEV market [3][4] Market Performance - In August, the wholesale sales of pure electric vehicles reached 736,000 units, a 44.8% increase year-on-year, while PHEVs sold 336,000 units, up only 3.3% [4] - From January to August, pure electric vehicles accounted for 61.9% of total NEV sales, with a year-on-year growth of 4%, while PHEVs and range-extended vehicles saw declines in their market shares [5] Technological Advancements - The rapid development of pure electric technology has alleviated consumer concerns about range anxiety, with average ranges approaching 500 kilometers [6][8] - New models showcased at the 2025 Chengdu Auto Show feature impressive ranges exceeding 600 kilometers, indicating a shift towards pure electric vehicles [7] Infrastructure Development - The charging infrastructure in China has expanded significantly, with a total of 16.696 million charging points by the end of July, a 53% increase year-on-year [8] - The improved charging network has encouraged more consumers to opt for pure electric vehicles, as it addresses previous concerns about charging availability [8] Market Segmentation - PHEVs may still find a niche in regions with underdeveloped charging infrastructure, particularly in rural areas and northern regions where cold weather affects electric vehicle performance [12] - The export market for PHEVs has shown remarkable growth, with a 210% increase in exports in the first half of the year, indicating potential for expansion in overseas markets [12] Future Outlook - The market share of pure electric vehicles is expected to continue growing, while PHEVs may stabilize in specific segments [13] - The development of hydrogen fuel cell vehicles could introduce new dynamics in the NEV market, depending on technological breakthroughs and cost reductions [14]

很荣幸受邀参加我们今天绿色化新方案的专题论坛和行业同仁，共同探讨我们在新的形势下，我们汽车产业如何实现一个平稳的转型发 展。 我们今年的泰达论坛的主题是"增动能，启新篇，向全球"，我也非常荣幸参与我们泰达绿色化专题论坛。去年，针对行业热议的油电平 权的热点问题，我也报告了我们在产业关于新旧动能转换这样一个冷思考，今天我们专题论坛聚焦的是我们油电转换新的格局，我想这 也是一脉相承，也非常荣幸能够开场抛砖引玉。 简单介绍一下，我来自中汽中心，我们是面向国家战略，着力打造全研发流程链、全产品链、全生命周期和全应用领域的综合技术平 台。中汽也是担起国家队的职责，打造新能源汽车的产品线，形成包括G端的政府智力支撑，B端的行业技术服务，和C端的消费引领这 样一个协同合力，来共同推动我们整个新能源汽车产业的高质量发展。 我本人来自中汽政研部门，部门专门从事汽车行业重大战略和政策研究，我个人主要是从事新能源汽车相关的政策研究。 由中国汽车技术研究中心有限公司、中国汽车工程学会、中国汽车工业协会、中国汽车报社联合主办，天津经济技术开发区管理委员会 特别支持，日本汽车工业协会、德国汽车工业协会、中国汽车动力电池产业创新联盟、新能 ...

9月8日，乘联分会发布的最新数据显示，今年1~8月，全国乘用车市场累计零售销量为1474.1万辆，同 比增长9.5%。其中，8月，全国乘用车市场零售销量为199.5万辆，同比增长4.6%，环比增长8.2%。 从数据来看，今年8月，全国乘用车零售销量再创新高，较2023年8月192万辆的历史最高水平增长了3.7 个百分点，呈现了逐步平缓的增长态势。"反内卷浪潮正推动车市向'降价减少、促销平缓'的方向转 变，车市运行日益平稳。"中国汽车流通协会乘用车市场信息联席分会（以下简称乘联分会）秘书长崔 东树表示。 据崔东树介绍，根据车企官宣降价或新车价格实质性突破近两年最低指导价的规则统计，今年8月，有 23款车型降价（去年同期29款，2023年同期25款），当前市场保持相对稳定；新能源乘用车促销力度维 持在10.7%的中高位水平，较去年同期增加2.5个百分点；传统燃油车的促销力度稳定在22.9%的水平 上，较去年同期增加0.9个百分点。 新能源乘用车零售渗透率连续5个月超50% 8月，自主品牌继续保持平稳增长态势，零售销量为132万辆，同比增长9%，环比增长8.6%；当月自主 品牌国内零售份额为65.7%，同比增长2. ...

2025成都车展上，多款增程式车型的亮相备受关注。这些车型呈现出纯电续航更长、补能效率提升的特 点，同时在智能辅助驾驶、智能座舱等智能化方面也有显著提升。 新能源转型进入深水区，增程汽车的价值正被车企重新审视。尽管技术路线存在争议，但越来越多的车 企仍选择拥抱增程技术，包括广汽昊铂、阿维塔、奇瑞等在内的自主品牌相继推出增程式车型，恰是这 一趋势的缩影。 增程式车型扎堆亮相 "这款车型纯电续航350公里，综合续航1369公里，配合超充技术10分钟即可补能210公里。"面对众多观 众的咨询，成都车展广汽昊铂展台一名工作人员介绍，昊铂HL增程版搭载60kWh宁德时代（300750） 骁遥超级增混电池，并标配激光雷达与Orin-X芯片等智能硬件和高通骁龙8295P芯片。 车企对增程车型态度发生变化 曾经备受争议的增程技术，短短数年间，为何迅速实现市场逆袭，与纯电动、插电混动车型并肩，跻身 新能源市场主流？ 中国汽车流通协会乘用车市场信息联席分会（简称"乘联分会"）数据显示，2024年增程式汽车销量达 116.7万辆，同比增长78.7%，增速超纯电和插混车型。更重要的是，在溢价和利润更高的大中型SUV市 场，理想、问界 ...

Core Insights - The electric vehicle (EV) market is experiencing a significant shift, with pure electric vehicles gaining a competitive edge over range-extended vehicles due to advancements in technology and infrastructure [1][2]. Group 1: Market Trends - The pure electric vehicle segment has seen substantial growth in the first half of this year compared to the same period last year, while the range-extended vehicle segment has shown only slight growth [2]. - In July, pure electric vehicles continued to demonstrate strong growth, whereas range-extended vehicles experienced negative growth compared to the same month last year, indicating a potential shift towards a "golden age" for pure electric vehicles [2]. Group 2: Infrastructure Development - The number of public charging stations in China has exceeded 5 million, which is more than ten times the number from a few years ago, significantly alleviating concerns about charging infrastructure [1]. - The deployment of battery swap stations is crucial; once the number of stations reaches between 3,400 and 3,500, a qualitative change is expected, with 90% of users living or working within a 3-kilometer radius of at least one NIO battery swap station, further reducing range anxiety [1].