乘联分会秘书长崔东树发文表示，中国新能源车2025年1—11月出口表现好于预期，主要是插混和混动 替代纯电动成为出口增长的新增长点，尤其是插混的皮卡出口表现较强，成为商用车新能源车出口亮 点。 交银国际证券认为，2026年新能源购置税减免政策将从"全免"调整为"减半"，预计将驱动消费者在年底 前集中购车，叠加车企年末冲量因素，预计2025年末新能源车销量仍将维持高景气。但四季度集中放量 后，2026年一季度车市或回到季节性淡季，建议把握结构性行情的同时保持审慎，关注板块短期波动。 华鑫证券认为，供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面， 产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积极优 化产能与供给，力争价格保障企业盈利。整体而言，新能源车产业链价格处于底部，价格易涨难跌，需 求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史较低水平，看好产业链优质公司。 ...

12月23日，乘联分会秘书长崔东树发文称，2025年11月中国汽车实现出口81万辆，同比增48%，环比降2%，1-11月中国汽车实现出口733万辆，同比2024年 1-11月增速25%，总体较强。2025年11月中国新能源汽车出口35万辆，同比增长156%，表现很好；2025年1-11月新能源汽车出口量301万辆，同比增长 62%，增速近期超高。 中国新能源车2025年1-11月出口表现好于预期，主要是插混和混动替代纯电动成为出口增长的新增长点，尤其是插混的皮卡出口表现较强，成为商用车新能 源车出口亮点。燃油车市场的俄罗斯下滑体现的很充分，而我们监控的俄罗斯市场零售量下滑较小，其中中国车企的吉利、长安、奇瑞、比亚迪等主力车企 表现还是很不错的。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - Chery Automobile is in talks with Renault to establish manufacturing and sales cooperation in South America, focusing on Colombia and Argentina, to expand their business in the region [1][2] Group 1: Partnership Details - Chery plans to utilize Renault's factory in Envigado, Colombia, to produce fuel vehicles, with most vehicles branded as Renault and a few under Chery's brand [1] - In Argentina, Chery is considering investing in a hybrid pickup production line at Renault's Córdoba factory, with Renault handling distribution [1][3] - The partnership aims for Chery to provide products and technology while Renault offers factory facilities and sales channels [1] Group 2: Market Context - The domestic automotive market in China is slowing down, prompting Chinese automakers to accelerate their globalization efforts, with South America being a key target due to its market potential and lack of electric vehicle presence [1][2] - Chery's overseas sales reached 1.145 million units in 2024, a 21.4% increase year-on-year, making it the top exporter among Chinese brands [2] Group 3: Competitive Landscape - Renault is a significant player in the South American market, with established factories in Colombia and Argentina, including a production capacity of approximately 100,000 vehicles per year in Colombia [2][4] - Chery's sales in Latin America grew by 42% last year, primarily in Mexico and Chile, indicating potential for further market penetration through the new partnership [2] Group 4: Strategic Implications - Collaborating with Renault allows Chery to operate with a light asset model, reducing the time and cost of entering the South American market [2] - Renault's partnership with Chery is expected to enhance its product line and reduce costs, aiding its transition to electric vehicles in a rapidly growing market [3][4]

Core Viewpoint - Chery Automobile is in talks with Renault to establish a manufacturing and sales partnership in South America, focusing on Colombia and Argentina, which could enhance both companies' market presence in the region [2][3]. Group 1: Partnership Details - Chery plans to utilize Renault's factory facilities in Colombia for producing fuel vehicles, with most vehicles branded as Renault and a smaller portion retaining the Chery brand [2][3]. - In Argentina, Chery is considering investing in a hybrid pickup production line at Renault's Córdoba factory, with Renault managing the distribution [2][3]. - The collaboration aims for Chery to provide products and technology while Renault offers factory space and sales channels, allowing Chery to operate with a light asset model [3][4]. Group 2: Market Context - The domestic automotive market in China is experiencing slower growth, prompting Chinese automakers to accelerate their global expansion, particularly in South America, which has significant market potential and a gap in the electric vehicle sector [2][3]. - Chery has been a leader in export sales among Chinese automakers, with overseas sales projected to reach 1.145 million units in 2024, a 21.4% increase year-on-year [3][5]. Group 3: Competitive Landscape - Renault is a key player in the South American market, with established factories in Colombia and Argentina, which could facilitate Chery's entry into these markets [3][4]. - The partnership is expected to enhance Renault's product line and reduce costs, helping it to compete more effectively in the rapidly growing South American electric vehicle market [4][5]. Group 4: Financial Performance - Chery's sales from January to August reached 1.727 million vehicles, a year-on-year increase of over 14%, with exports accounting for 798,800 units, up 10.8% [5]. - Chery's recent IPO on the Hong Kong Stock Exchange raised HKD 9.14 billion, marking it as the largest IPO for an automotive company in the Hong Kong market this year, which may further boost its interest in collaborating with Renault [5].

Core Viewpoint - Chery Automobile is in talks with Renault to establish manufacturing and sales cooperation in South America, focusing on Colombia and Argentina, to expand their business in the region [2][3]. Group 1: Partnership Details - Chery plans to utilize Renault's factory in Envigado, Colombia, to produce fuel vehicles, with most vehicles branded as Renault and a portion under the Chery brand [2][3]. - In Argentina, Chery is considering investing in a plug-in hybrid pickup production line at Renault's Córdoba factory, with Renault handling distribution [2][3]. - The collaboration aims for Chery to provide products and technology while Renault offers factory facilities and sales channels [2][3]. Group 2: Market Context - The domestic automotive market in China is experiencing slow growth, prompting Chinese automakers to accelerate their globalization efforts, particularly in South America, which has significant market potential and a gap in the electric vehicle market [2][3]. - Chery has been a leader in export sales among Chinese automakers, with overseas sales projected to reach 1.145 million units in 2024, a 21.4% increase year-on-year [3]. Group 3: Competitive Landscape - Renault is a significant player in the South American market, with established factories in Colombia and Argentina, including a complete vehicle production capacity of approximately 100,000 units per year in Colombia [3]. - Chery's sales in the Latin American market grew by 42% last year, primarily in Mexico and Chile, indicating potential for further market penetration through the new partnership [3]. Group 4: Strategic Implications - Collaborating with Renault allows Chery to operate with a light asset model, minimizing heavy investments in factory construction and reducing market entry time and costs [3]. - For Renault, partnering with Chery can leverage Chery's technological and electric vehicle strengths, accelerating its market expansion in South America [5]. - Chery's recent IPO on the Hong Kong Stock Exchange, raising 9.14 billion HKD, has increased its interest in collaborating with Renault [5].

Group 1 - Chinese automakers achieved a record high market share of 9.8% in the European hybrid vehicle market in August, marking the fourth time this year that Chinese brands have set a new record in this segment [2] - In August, the market share of electric vehicles from Chinese brands reached 9.6%, slightly down from July, with companies like BYD and SAIC's MG targeting the growing European electric vehicle market [2] - The competitive pricing and models from Chinese manufacturers are putting pressure on established automakers like Volkswagen and Stellantis NV [2] Group 2 - Jaguar Land Rover is planning to resume car production after a significant cyber attack but has missed the previously set date of October 1 for recovery, leaving the timeline for resuming operations uncertain [2] - The cyber attack in early September led to a complete shutdown of all factories, forcing the company to close internal computer systems to protect data security [2] Group 3 - Renault is in talks with Chery to collaborate on manufacturing and selling cars in South America, focusing on expanding their business in Colombia and Argentina [2] - Chery plans to invest in the project and provide product design, while Renault will open its local factory network for use [2] - The collaboration includes plans for Chery to produce fuel vehicles at Renault's Envigado plant in Colombia, with most vehicles branded as Renault and a few retaining the Chery brand [2] Group 4 - Waymo, a subsidiary of Alphabet, has had its autonomous driving permit in New York City extended until the end of 2025 [2]

Group 1: Passenger Car Market Performance - In the period from September 1 to 27, the retail sales of passenger cars in China reached 1.776 million units, showing a year-on-year growth of 0% and a month-on-month increase of 12% [1][5] - Cumulative retail sales for the year reached 16.54 million units, reflecting an 8% year-on-year increase [1][5] - Wholesale figures for the same period were 2.103 million units, with a year-on-year growth of 1% and a month-on-month increase of 16% [1][10] Group 2: New Energy Vehicle Market - Retail sales of new energy vehicles from September 1 to 27 totaled 1.039 million units, marking a 9% year-on-year increase and a 17% month-on-month increase [1][5] - The penetration rate of new energy vehicle retail sales reached 58.5%, with cumulative retail sales for the year at 8.609 million units, a 24% year-on-year growth [1][5] - Wholesale of new energy vehicles was 1.154 million units, up 12% year-on-year and 21% month-on-month, with a cumulative total of 10.098 million units for the year, reflecting a 31% year-on-year increase [1][10] Group 3: Market Trends and Influences - The market showed stable retail trends in early September 2025, remaining flat compared to 2023 but weaker than the performance in early September 2024 [5] - The "Golden September and Silver October" traditional peak season is expected to boost sales, aided by national and local subsidies [6] - The introduction of new models at the Chengdu Auto Show has generated significant interest, although the contribution of new models has been below expectations due to a lack of popular entry-level vehicles [6] Group 4: Wholesale Trends - Daily average wholesale figures for passenger cars showed a year-on-year decline of 5% in the first week of September, but increased by 26% in the second week [9][10] - The overall wholesale performance from September 1 to 27 was 2.103 million units, with a year-on-year increase of 1% and a month-on-month increase of 16% [1][10] - The cautious approach of leading manufacturers in maintaining market price stability and managing inventory pressures has been noted [10]

Core Insights - The export of China's new energy vehicles (NEVs) reached 315,000 units in August 2025, marking an 83% increase year-on-year [1] - From January to August 2025, NEV exports totaled 2.02 million units, reflecting a 51% year-on-year growth, significantly higher than the 24% growth rate observed in the same period of 2024 [1] - The strong performance in NEV exports is attributed to the rising popularity of plug-in hybrid and hybrid vehicles, which are now driving growth, particularly in the pickup truck segment [1] - The export market for Chinese NEVs is expanding towards the Middle East and developed countries, with notable growth in Western Europe and Asian markets [1]

Core Viewpoint - Yutong Group has been actively expanding its presence in the Chilean market since 2005, contributing to the country's green and low-carbon transportation transformation through the sale of over 2,000 vehicles, including electric buses and commercial vehicles [1][2]. Group 1 - Yutong signed four cooperation agreements with multiple Chilean companies during a trade promotion event in Santiago, with a total value exceeding 300 million RMB [1]. - The company aims to enhance local operations while maintaining a global perspective to support Chile's green transportation transition [2]. - Yutong has been involved in the Santiago electric bus renewal project since 2018 and plans to deliver its first 12-meter hydrogen fuel bus to Chile this year [2]. Group 2 - Yutong's electric mining trucks and light trucks have entered the northern mining areas and urban logistics markets in Chile [2]. - The company has initiated the "Yutong Zero Carbon Forest Project," planting 1,700 trees in Santiago to support local ecological development [2]. - Yutong is also participating in a public sponsorship project for female drivers launched by the Chilean Ministry of Transport, integrating into local community development [2].

Group 1: Market Overview - From August 1 to 24, the national passenger car retail market reached 1.285 million units, a year-on-year increase of 3% compared to the same period last year, and a cumulative retail of 14.031 million units for the year, up 10% [1][4] - During the same period, wholesale of passenger cars was 1.341 million units, a year-on-year increase of 12%, with a cumulative wholesale of 16.866 million units for the year, up 13% [1][6] - The retail penetration rate for new energy vehicles (NEVs) reached 56.6%, with retail sales of 727,000 units for the year, a 27% increase [1][4] Group 2: Weekly Sales Data - In the first week of August, the average daily retail was 45,000 units, down 4% year-on-year, but up 6% month-on-month [3] - The second week saw an average daily retail of 59,000 units, up 8% year-on-year and 10% month-on-month [3] - The third week recorded an average daily retail of 60,000 units, up 6% year-on-year but down 5% month-on-month [3] Group 3: Economic and Policy Impact - The strong economic growth of 5.3% in the first half of the year has reduced pressure on local economies, leading to stable promotional policies in the automotive market [4] - The recent issuance of the third batch of subsidy funds and the gradual restart of trade-in policies are expected to improve sales growth in August [4] - The market is anticipated to stabilize as subsidy distribution becomes more rhythmic and controlled [4] Group 4: Import and Export Analysis - From January to July 2025, imports of automobiles totaled 270,000 units, a significant year-on-year decline of 32% [7][8] - In contrast, exports of Chinese automobiles reached 4.18 million units during the same period, with a year-on-year growth of 20% [10][11] - The export of new energy vehicles saw a remarkable increase, with 1.71 million units exported from January to July 2025, a 46% increase year-on-year [11][12] Group 5: Inventory and Market Dynamics - As of the end of July 2025, the national passenger car inventory was 3.29 million units, a decrease of 30,000 units from the previous month [12][13] - The overall inventory pressure has significantly decreased compared to previous years, with the current inventory supporting an estimated 47 days of sales [13]