点 击 蓝 字 关 注 我 们 本文全文共 2456 字，阅读全文约需 8 分钟 2025年11月全国整体乘用车市场价格指数 一、 2025 CAM·整体价格变化指数—11月 二、 2025 CAM·整体优惠变化指数—11月 三、 2025 CAM·各车身形式指数—11月 轿车市场 CAM·11月轿车市场价格变化指数为 -8.16，市场成交价12.26万 CAM·11月整体市场价格变化指数为 -0.39，市场成交价15.79万 i. 本月市场整体成交价较上月上升7,757元，环比提高5.17 % ii. 各细分市场来看，仅有MPV市场成交价下降，轿车和SUV市场成交价小幅回升；其中轿车市场 （4.49%↑）、SUV市场（5.78%↑）、MPV（4.39%↓） CAM·11月整体市场优惠变化指数为 -1.3，市场优惠幅度2.57万 i. 本月市场整体优惠幅度较上月减少841元，环比降低3.17% ii. 本月大类细分市场中，SUV和MPV市场优惠幅度明显减弱；其中轿车（0.3%↑）、SUV（6.3%↓）、 MPV（6.4%↓） i. 本月轿车市场整体成交价较上月上升5,266元，环比提高4.49% ii. 各细 ...

车展堪称新车型、新技术的"秀场"。仰望U9Xtreme、深蓝L06等20多款首发新车迎来华中首秀，宝马2026款X5、 小鹏X9增程版等热门新车纷纷亮相。比亚迪以1500平方米展台展示技术实力，鸿蒙智行展示最前沿的智驾科技， 汇天飞行汽车的首次亮相更是将视线引向低空智慧交通领域。 同时，第三届"万人汽车团购会"全面升级，整合参展品牌资源，提供多重优惠。车展还打造了多元场景："超级智 驾会"打造创新体验体系，"AI科技营"让前沿技术可触可感，"年轻就要创"青年生活市集营造潮流文化聚集地。 长沙晚报掌上长沙12月10日讯（全媒体记者 黄能）12月10日，第二十一届中国（长沙）国际汽车博览会（简 称"长沙国际车展"）在长沙国际会展中心开幕。中国汽车工业协会监事长姚杰，长沙市政协副主席、市会展办主 任李舜出席开幕式。 本届车展汇聚了71个知名汽车品牌，近1000款新车亮相，展览面积8万平方米。鸿蒙智行、蔚来、理想等当红新能 源汽车品牌悉数出席，比亚迪、奇瑞等自主品牌强势出击，上汽大众、一汽丰田等合资品牌携巨幅优惠让利参 展，奔驰、宝马等豪华品牌也带来最新车型和技术。 本届车展将持续至12月15日。 ...

"我觉得每一家车企，谁都是战战兢兢，谁都想行稳致远。一年前，我们很难想到现在的变化，一年后也很难想到，我觉得变局特别多。唯一敢确定的 是，竞争会更加残酷和血腥。" 11月20日小鹏X9增程版上市发布会后，有媒体问到对于明年格局的看法，上述一段话便是何小鹏给出的回答。 三季度财报发布后第二天的媒体沟通会上，李斌也被抛出类似的问题，很快给出了他的观点："我同意小鹏总的说法，每一年中国车市的竞争强度，其实 都是在递增的，哪一年不血腥？哪一年不残酷？或许要到2035年，格局才能真正意义上的稳定下来。" 结合他们二者的输出，能够提炼出最核心的中心思想直指："无论合资也好，自主也罢，所有主机厂请放弃幻想，明年的厮杀只会更激烈。" 最近一段时间，参与了多场新势力造车高管专访。 一方面，由衷地为各家逐步迈入正轨感到开心；另一方面，也从各位掌舵者的口中，感受到了来自终端巨大的压力与挑战。 身处中国车市，绝不允许掉以轻心。而今天这篇文章，试图用比较碎片化的一些的信息，拼凑出对于明年中国车市的几点看法。 实际上，按照目前已知的产品规划，每一个细分市场，几乎都会被一款款新品填满。就拿大六座SUV板块为例，本以为今年疯狂涌入十几位"后 ...

小鹏汽车表示，在产品研发之初，传统增程系统无法满足下一代增程大七座性能指标要求。行业现有增 程解决方案，普遍存在补能效率受限、纯电续航不足、发电功率跟不上、NVH表现难以媲美纯电等痛 点。 "市场上没有一款现成的发电机，能够同时满足在高压平台、超高集成、极致效率与无感静谧性上的严 苛技术要求。"小鹏汽车表示。 导读：随着X9增程版落地，小鹏汽车与华为的深度合作范式也为国内智能电动汽车产业提供了新的合 作样本和想象空间。 （文 / 观察者网 周盛明 编辑 / 高莘） 日前，小鹏汽车与华为在华为松山湖园区联合举办下一代增程发电机媒体技术分享会。 双方共同宣布，小鹏X9增程版全球首发华为DriveONE全栈高集成高压油冷发电机。该发电机作为小鹏 鲲鹏超级增程技术的核心部件，在功率密度、发电效率、NVH等多方面的指标上具有显著优势。 据悉，小鹏X9增程版已经于11月20日正式上市，该车也是小鹏汽车的首款增程产品。小鹏X9在产品定 义上采用了"大电池+大油箱"的方案，其搭载63.3kWh的磷酸铁锂电池和一个1.5T的增程器。该车CLTC 工况下纯电续航452km，综合续航1602km。 小鹏汽车介绍，在产品开发阶段，新 ...

性能方面，华为DriveONE全栈高集成高压油冷发电机拥有高功率密度。得益于多冲片齿部喷油/冷却技术，赋予其更小的体积和更轻的体重，实现持续发电 功率密度高达1.88kW/kg。搭配1.5T高效增程器，带来85kW最大发电功率以及75kW持续发电功率，成为系统的"强力心脏"。配合小鹏自研的综合效率高达 93.5%的800V混合碳化硅同轴电驱，可实现150km/h巡航不亏电，8%低SOC动力不衰减。 NVH方面，小鹏与华为联合研发的精准主动停缸技术，启停时的噪音与振动降低超过60%，软件上还配备去旋变控制策略，通过精准算法与控制，同时加上 小鹏汽车增程器的结构深度优化与引入ENC主动降噪技术，最终实现增程器介入噪音≤0.5dB。 12月2日，小鹏汽车发布与华为合作的DriveONE全栈高集成高压油冷发电机。 效率方面，华为DriveONE全栈高集成高压油冷发电机实现了工况发电效率≥92%、燃油发电效率达3.6kWh/L，配合小鹏自研的高压纯电架构16.5kWh/100km 的电耗与小鹏自研超级增程模式的2.53L/100km油电折算综合油耗，使得小鹏X9增程版具备1602km的综合续航。 ...

Core Insights - The November sales report reveals significant differentiation among automotive companies, with several brands achieving record deliveries and growth rates. Group 1: Major Players' Performance - Homologous Intelligent Mobility achieved a historical monthly delivery high of 81,900 units in November, an increase of 40,000 units year-on-year, with a 20% month-on-month growth [1][5][7] - Leap Motor continued to break monthly sales records, delivering 70,300 units in November, representing a year-on-year growth of over 75% and maintaining growth for nine consecutive months [1][9] - Xiaomi delivered over 40,000 units for the third consecutive month, with expectations to exceed 400,000 units for the entire year [1][15][18] - The "New Forces" (Xiaopeng, NIO, and Li Auto) all delivered over 30,000 units in November, with Xiaopeng at 36,728 units, NIO at 36,300 units, and Li Auto at 33,181 units [1][22][31] Group 2: Emerging Brands and Trends - The second tier of new forces saw significant growth, with Lantu surpassing 20,000 units for the first time, and both Zhiji and Avita achieving record sales of 13,600 and 14,100 units respectively [1][34][38] - BYD sold 480,200 units in November, exceeding production by 6,000 units, with cumulative sales for the year surpassing 4.18 million units [1][3] - Geely's monthly sales reached 310,000 units, a 24% year-on-year increase, with cumulative sales for the year at 2.79 million units [2][3] Group 3: Market Dynamics and Future Outlook - The automotive industry is entering a critical year-end sales period, with companies expected to ramp up promotions and new vehicle launches to secure annual rankings [4][40] - The competition is anticipated to intensify as companies respond to the impending expiration of national subsidies, leading to increased promotional activities [40]

Core Insights - Xiaopeng Motors has launched its first range-extended vehicle, the Xiaopeng X9, which features a fuel tank, addressing range anxiety and reducing the price compared to its pure electric version [1][3][19] - The X9 range-extended version has achieved significant market acceptance, breaking sales records shortly after its launch and prompting the company to increase supply chain orders [3][19] - The vehicle is designed to maintain the spaciousness of its pure electric counterpart while integrating a high-capacity battery and fuel tank, achieving a combined range of 1602 km [6][12][23] Product Features - The Xiaopeng X9 range-extended version includes a 63.3 kWh lithium iron phosphate battery, providing a pure electric range of 452 km, and a 60L fuel tank, which exceeds many traditional fuel vehicles [6][12] - The vehicle retains the praised feature of foldable third-row seats from the pure electric version, thanks to a newly developed coaxial electric drive system that reduces space requirements [10][12] - The maximum power of the electric motor is reduced by 25 kW in the range-extended version, with a slight decrease in acceleration time, aligning with user preferences for an MPV [14] Market Response - Initial orders for the X9 range-extended version have surged in northern cities, with increases of 150-200% in places like Harbin and Changchun, indicating strong demand in regions with less developed charging infrastructure [19][21] - Xiaopeng Motors plans to expand its global presence, with the X9 range-extended version set to enter multiple international markets, addressing the needs of users in areas with limited charging options [19][21] Strategic Shift - The introduction of the range-extended model marks a strategic pivot for Xiaopeng, which has historically focused solely on pure electric vehicles, reflecting a response to evolving consumer demands and market conditions [22][23] - The company emphasizes that the choice between range-extended and pure electric vehicles is not mutually exclusive, but rather a strategic decision based on user needs and market expansion [23]

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

Group 1: Company Performance - The company, 万物新生 (RERE), reported Q3 2025 revenue of 5.149 billion RMB, a year-on-year increase of 27.1%, reaching the high end of previous guidance [3][4] - The breakdown of revenue shows that 1P product revenue was 4.726 billion RMB, up 28.7% year-on-year, driven by increased sales of second-hand consumer electronics [4] - The company expects Q4 2025 total revenue to be between 6.08 billion and 6.18 billion RMB, representing a year-on-year growth of 25.4% to 27.4% [3] Group 2: Profitability and Margins - The gross margin for Q3 2025 was 20.5%, an increase of 0.5 percentage points year-on-year, with 1P business gross margin at 13.4%, up 1.7 percentage points [5] - Non-GAAP operating profit was 140 million RMB, a year-on-year increase of 34.9%, with a Non-GAAP operating profit margin of 2.7% [5] - GAAP net profit reached 91 million RMB, up 407.3% year-on-year, while Non-GAAP net profit was 110 million RMB, a 22.3% increase [5] Group 3: Business Expansion and Strategy - The company is actively expanding its offline store presence, with a total of 2,195 stores by the end of Q3 2025, an increase of 558 stores year-on-year [4] - The 3P service revenue was 423 million RMB, up 11.6% year-on-year, driven by growth in multi-category recycling services [4] - The company is expected to benefit from the expansion of second-hand product acquisition channels and multi-category business growth, maintaining a "buy" rating [6] Group 4: Industry Insights - The bond market sentiment is currently divided, with seller sentiment rising and buyer sentiment declining, indicating a cautious market environment [7][9] - The macro liquidity remains loose, with significant improvements in equity fund issuance, while leverage funds have seen a slowdown [10] - The automotive sector underperformed the Shanghai Composite Index, with significant declines in stock prices for major players during the recent week [12][13]

Core Viewpoint - The 2025 Guangzhou Auto Show highlights a surge in the launch of large six-seat SUVs by various automakers, reflecting both market demand and a potential lack of innovation in the industry [2][3][7]. Group 1: Large Six-Seat SUVs - Numerous automakers are introducing large six-seat SUVs at the Guangzhou Auto Show, indicating a competitive market segment with varying price points and features [3][4]. - The entry price for these SUVs is below 300,000 yuan, with models like the Geely Galaxy M9 starting at 180,000 yuan and offering advanced features such as the new generation Raytheon electric hybrid system [4]. - Higher-end models above 300,000 yuan include the Zhiji LS9 priced at 322,800 yuan, showcasing futuristic designs and advanced technology [5][6]. Group 2: Market Dynamics and Concerns - Industry insiders express skepticism about the practicality of large six-seat SUVs, suggesting that many features may not align with consumer needs, leading to potential forced consumption [7][8]. - The competitive landscape is described as "overheated," with automakers rushing to enter the large six-seat SUV market to avoid missing out on perceived opportunities [8]. Group 3: Return of Traditional Fuel Vehicles - A noticeable trend at the auto show is the return of traditional fuel vehicles, with many brands that previously focused on electric vehicles now introducing hybrid and fuel models [9][11]. - The market is expected to see a coexistence of electric and hybrid vehicles, with predictions indicating that internal combustion engine vehicles will still account for about one-third of new car sales by 2040 [10][15]. - Companies like Chery and Geely emphasize their commitment to maintaining a strong presence in the fuel vehicle market, even as they expand their electric offerings [12][14]. Group 4: Consumer Preferences and Market Viability - The rise of hybrid and extended-range vehicles is seen as a response to consumer concerns over range anxiety and charging infrastructure, particularly in regions where electric vehicle adoption is slower [13]. - The profitability of hybrid models is highlighted, with companies like Li Auto achieving financial success through their hybrid offerings [13][14]. - The automotive industry is expected to maintain a diverse energy mix, with both electric and hybrid vehicles playing significant roles in the market [16][17].