2025 年乘用车批发 2,379.7 万辆（+6%），新能源销量 1,530 万辆 （+26%），渗透率达 52%；受以旧换新政策收官影响，Q4 出现阶段 性回调。 吉利在插混与纯电双赛道增量均居榜首；小米纯电增量 27.3 万辆；比 亚迪插混份额遭吉利挤占；理想因车型老化增程板块减量 15.8 万辆。 2026 年政策退坡：以旧换新转为比例补贴且力度减弱，新能源购置税 按 5%征收，插混纯电续航门槛由 43km 提升至 100km。 出口结构优化：2025 年出口 573.1 万辆（+21%），新能源占比首破 40%；奇瑞总量第一，比亚迪增速 144%领跑，市场重心转向拉美与中 东。 高端化与智能化：30 万+市场 BBA 份额下滑 6pct，赛力斯、江淮尊界 等自主品牌通过科技溢价突围；BBA 加速接入华为、Momenta 等本土 智驾供应链。 2027 年三大趋势：大电池长续航插混成主流；自主"9 系"旗舰深化高 端化；泛越野与 MPV 细分市场在智能化驱动下加速扩容。 Q&A 2026 年乘用车：以高端、出海为矛破局 20260304 摘要 国泰海通对乘用车行业 2026 年投资策略的核心判断与推荐 ...

Core Insights - The overall retail sales of passenger cars in January decreased by 13.9% year-on-year, with a total of 1.544 million units sold. The retail sales of new energy vehicles (NEVs) reached 596,000 units, representing a penetration rate of 38.6%, down 3 percentage points from the previous year [1][11]. Retail Market Overview - In January, the retail sales of self-owned fuel passenger cars were 250,000 units, up 17% year-on-year, while self-owned NEVs sold 226,000 units, marking a significant increase of 115%. NEVs accounted for 47.5% of self-owned exports, indicating growing international influence [2]. - The retail sales of self-owned brands totaled 890,000 units, down 18% year-on-year, with a domestic market share of 57.5%, a decrease of 3.5 percentage points [2]. - Mainstream joint venture brands sold 470,000 units, down 4% year-on-year, with German brands increasing their market share to 19.8%, up 1.4 percentage points [2]. Production and Wholesale Analysis - In January, the production of passenger cars was 2.003 million units, down 4.4% year-on-year. The wholesale volume was 1.973 million units, a decrease of 6.2% year-on-year [4]. - The wholesale of self-owned brands was 1.326 million units, down 8%, while luxury car wholesale increased by 4% to 228,000 units [4]. - The overall wholesale landscape is changing, with some mid-tier companies showing strong performance, such as SAIC-GM-Wuling and NIO [4]. New Energy Vehicle Insights - The production of NEVs reached 938,000 units, a slight decrease of 0.6% year-on-year, while wholesale sales were 864,000 units, down 3.3% [5][6]. - NEV retail sales were 596,000 units, down 20% year-on-year, with conventional fuel vehicles selling 948,000 units, down 10% [7]. - NEV exports reached 286,000 units, a remarkable increase of 103.6%, accounting for 49.6% of total passenger car exports [11][12]. Market Trends and Future Outlook - The new energy vehicle market is expected to face challenges in February due to the impact of the Spring Festival, which may lead to lower sales volumes [16]. - The transition from merely selling cars to exporting entire industrial chains is anticipated, indicating a shift towards quality growth in the automotive export sector [17].

Group 1 - The overall operation of China's automotive industry remained stable in January, with a decline in the passenger car market and a positive trend in the commercial vehicle market, while the new energy vehicle market operated steadily [1] - In January, the production and sales of automobiles reached 2.45 million and 2.346 million units, respectively, with production increasing by 0.01% year-on-year and sales decreasing by 3.2% year-on-year, and month-on-month declines of 25.7% and 28.3% [1] - The decline in overall vehicle sales in January was attributed to three main factors: the adjustment of the new energy vehicle purchase tax policy, the transition of local car purchase subsidy policies, and the early release of some consumer demand in 2025 [1] Group 2 - In the passenger car market, production and sales were 2.062 million and 1.988 million units, respectively, with year-on-year declines of 4.1% and 6.8%, and month-on-month declines of 28.4% and 30.2% [1] - Sales of Chinese brand passenger cars reached 1.329 million units, down 8.9% year-on-year, maintaining a market share of 66.9% [1] - The commercial vehicle market continued to show positive trends, with production and sales of 388,000 and 359,000 units, respectively, reflecting year-on-year growth of 29.9% and 23.5%, and month-on-month declines of 6.8% and 15.6% [1] Group 3 - The new energy vehicle market remained stable, with production and sales of 1.041 million and 945,000 units, respectively, showing year-on-year growth of 2.5% and 0.1%, and accounting for 40.3% of total new car sales [2] - Among the main types of new energy vehicles, production and sales of all three categories showed varying degrees of decline compared to the previous month; however, compared to the same period in 2025, production and sales of pure electric vehicles saw slight growth, while plug-in hybrid vehicles experienced minor production increases and sales declines [2]

Group 1 - The core point of the article highlights that in December, the sales of pure electric vehicles in the EU surpassed those of gasoline cars for the first time, indicating a significant shift in consumer preference towards electric vehicles [1][3] - The European automotive market has seen continuous growth for six months, with a projected highest registration level in five years by 2025, although still below pre-pandemic levels [2] - The automotive industry in Europe faces challenges such as competition from China, U.S. import tariffs, and the difficulty of meeting domestic electric vehicle regulations profitably [3] Group 2 - In December, total car sales in the EU increased by 5.8%, approaching 1 million units, with an annual growth of 1.8%, reaching 10.8 million units [3] - Volkswagen and Stellantis saw registration increases of 10.2% and 4.5%, respectively, while Tesla's registrations fell by 20.2%, and BYD's registrations surged by 229.7% [3] - The registrations of pure electric vehicles, plug-in hybrid vehicles, and hybrid vehicles grew by 51%, 36.7%, and 5.8%, respectively, collectively accounting for 67% of total car registrations in the EU, up from 57.8% in December 2024 [3]

2026.02. 07 中汽数据发布的一份报告显示，加拿大新能源汽车销量增长呈现不稳定的特征，其从2020年的4万辆增长至2025年的11万辆，但2025年同比下降 30%，市场增长受政策、供应链等因素影响较大；另一方面，少数头部企业已建立显著领先优势，行业集中度较高，新进入品牌面临较大竞争压力。 为构建全方位贸易体系，提升汽车产业竞争力，加拿大新一届政府将采取以下行动：完善加拿大汽车关税减免框架，对在加拿大开展生产与投资的企业 予以奖励；对从美国进口的汽车维持对等关税，确保加拿大本土汽车制造商在国内市场拥有公平的竞争环境；加拿大近期与韩国签署谅解备忘录，深化 战略伙伴关系，加强两国在未来移动出行领域的产业合作；加拿大还与全球电动汽车制造领军者中国建立全新战略伙伴关系，进一步推动贸易多元化， 吸引汽车领域的新投资。此次官宣的合作关系将推动中国企业在加拿大成立新的合资企业，并允许一定数量的中国电动汽车进入加拿大市场。 根据电动车发展新战略，加拿大将启动一项为期五年、耗资23亿加元的"电动汽车可负担计划"，为相关消费者提供补贴。根据政策细则，自2026年2月 16日起，加拿大消费者购买或租赁纯电动汽车（BEV）、 ...

加拿大总理马克·卡尼（Mark Carney）2月5日宣布了一项电动车发展新战略，通过拨款、财政补贴和税 收优惠等措施对该领域给予大力支持。 加拿大政府将实施更严格的温室气体排放标准，目标2035年电动车新车销售占比达75%，2040年提升至 90%，通过技术中立的积分机制鼓励产业多元创新。此外，加拿大政府还将从战略应对基金划拨30亿加 元，从区域关税应对计划额外拨付至多1亿加元，帮助汽车行业适应、增长和开拓新市场；同时投资15 亿加元扩建全国电动汽车充电网络基础设施。 中汽数据发布的一份报告显示，加拿大新能源汽车销量增长呈现不稳定的特征，其从2020年的4万辆增 长至2025年的11万辆，但2025年同比下降30%，市场增长受政策、供应链等因素影响较大；另一方面， 少数头部企业已建立显著领先优势，行业集中度较高，新进入品牌面临较大竞争压力。 目前，超过90%的加拿大制造汽车和60%的加拿大制造零部件出口到美国，而美国汽车关税正威胁加拿 大的汽车制造业以及12.5万个直接相关的就业岗位。 （文章来源：第一财经） 为构建全方位贸易体系，提升汽车产业竞争力，加拿大新一届政府将采取以下行动：完善加拿大汽车关 税减免 ...

加拿大目标成为全球电动汽车的领导者之一？ 根据电动车发展新战略，加拿大将启动一项为期五年、耗资23亿加元的"电动汽车可负担计划"，为相关 消费者提供补贴。根据政策细则，自2026年2月16日起，加拿大消费者购买或租赁纯电动汽车 （BEV）、燃料电池电动汽车（FCEV）可获最高5000加元联邦补贴，插电式混合动力汽车可获最高 2500加元补贴。值得注意的是，购车补贴仅限售价低于5万加元的车型。不过，加拿大本土生产的零排 放车辆不受5万加元交易价上限限制，可全额享受补贴。 加拿大政府将实施更严格的温室气体排放标准，目标2035年电动车新车销售占比达75%，2040年提升至 90%，通过技术中立的积分机制鼓励产业多元创新。此外，加拿大政府还将从战略应对基金划拨30亿加 元，从区域关税应对计划额外拨付至多1亿加元，帮助汽车行业适应、增长和开拓新市场；同时投资15 亿加元扩建全国电动汽车充电网络基础设施。 加拿大总理马克·卡尼（Mark Carney）2月5日宣布了一项电动车发展新战略，通过拨款、财政补贴和税 收优惠等措施对该领域给予大力支持。 中汽数据发布的一份报告显示，加拿大新能源汽车销量增长呈现不稳定的特征，其从 ...

据阿塞拜疆海关委员会统计，2025年阿进口各类车辆12.3万辆，进口额达 23.9亿美元，分别同比增长34.3%和39.4%。其中，乘用车11.3万辆，金额达 21.4亿美元。 乘用车中，插电式混合动力汽车进口5.7万辆，金额为10.7亿美元；非插电 式混合动力汽车进口1.7万辆，金额为3.6亿美元；纯电动车进口2028辆，金额 为6248万美元。 （原标题：2025年阿塞拜疆进口各类汽车12.3万辆） ...

去年6月，比亚迪港股股价曾触达157.82港元/股，此后一路波动下行。截至今日发稿，比亚迪港股股价 自2025年6月高点的157.82港元/股，已累计下跌约42.69%，市值距高点缩水约2481亿港元。 比亚迪昨日发布公告称，2026年1月实现新能源汽车销量约21万辆，同比下降30%。其中，乘用车销量 约为20.55万辆，同比下降30.67%；纯电动汽车销量约为8.32万辆，同比下降33.60%；插电式混合动力 汽车销量约为12.23万辆，同比下降28.53%。（一财汽车） 来源：第一财经 2月2日，比亚迪股份（1211.HK）开盘即下跌，截至午间收盘，报90.10港元，跌幅逼近8%。同日，港 股汽车股集体下挫，小鹏汽车一度跌近10%，蔚来盘中跌近7%，零跑汽车跌超5%，长城汽车跌超4%， 理想汽车、广汽集团跌超3%，吉利汽车、小米集团跌超2%。 (本文来自第一财经) ...

Core Viewpoint - The UK automotive industry faced its most challenging year in decades in 2025, with a significant decline in production and multiple factors contributing to this downturn [4][8][11]. Group 1: Production Decline - The total automotive production in the UK fell by 15.5% year-on-year to 764,715 vehicles, marking the lowest level in over 70 years [4]. - Passenger car production decreased by 8% to 717,371 units, a level not seen since 1956 [6]. - Commercial vehicle production plummeted by 62.3% to 47,344 units, the worst performance since 1952 [7]. Group 2: Factors Behind the Decline - The decline in production was attributed to multiple pressures, including export challenges, unexpected shocks, industry attrition, and policy uncertainties [11]. - Exports, particularly to the EU, US, and China, saw significant declines, with exports to the US dropping by 18% and to China by 12.5% [12]. - A major cyberattack on Jaguar Land Rover in August 2025 halted production entirely for a month, resulting in substantial losses and further exacerbating the decline [15][17]. Group 3: Industry Response and Future Outlook - The automotive supply chain is actively seeking diversification into other industries, such as defense, to survive and transform [22][23]. - The UK government is encouraging suppliers to leverage their manufacturing capabilities for defense equipment, aligning with increased defense spending [24][25]. - Despite the challenges, the production of electric and hybrid vehicles increased by 8.3% in 2025, reaching a record high of 298,813 units, which accounted for 41.7% of total production [33]. - The SMMT forecasts a recovery in production, predicting a growth of over 10% in 2026, potentially reaching around 790,000 vehicles [37].