11月20日下午，商务部举行例行新闻发布会。商务部新闻发言人何咏前表示，近日，商务部会同公安 部、工业和信息化部、海关总署印发《关于进一步加强二手车出口管理工作的通知》，这是在现行管理 制度的基础上，结合当前行业高质量发展需要，开展的政策细化。 《通知》从严格出口管理、加强合规审查、推动出口健康持续发展等方面提出六条具体措施，通过严控 新车以二手车名义出口，建立企业动态管理及退出机制，制定二手车出口不诚信行为负面清单，进一步 规范企业经营行为，引导行业不断提升综合服务水平，完善出口配套体系，实现二手车与新车出口分类 管理、优势互补、协同发展。 通知印发后，社会各界普遍认可、积极评价，认为体现了二手车出口"强规范、重质量、优服务"的可持 续发展理念，有利于提升行业整体发展水平和国际竞争力。 商务部：推动二手车出口由"规模增长"迈向"价值增长" 新问界M7累计交付突破3万台 下一步，商务部将会同相关部门，指导各地抓好政策落实，推动二手车出口由"规模增长"迈向"价值增 长"，为全球消费者提供更丰富多元的产品选择。 《新能源汽车政府采购需求标准（征求意见稿）》公开征求意见 据财政部网站，为发挥政府采购示范引领作用，加 ...

乘用车：车企盈利分化，Q4增长可期 行业方面，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主要系价格战 影响下单车均价同比-0.99万元/辆；乘用车板块扣非归母净利润94.9亿元，同比-25.1%。 个股方面，新品上市+高端化成为乘用车企营收增长主要驱动力；销量方面，小鹏汽车、零跑汽车等新 势力车企在低基数效应以及重磅新车放量带动下销量同比增长迅速；吉利汽车、上汽集团（600104）等 传统自主车企新能源转型稳步推进、叠加传统品牌销量修复，带动整体销量实现较快增长。高端化方 面，豪华市场的问界M8以及超豪华市场的尊界S800两款标志性产品带动对应车企赛力斯（601127）和 江淮汽车（600418）单车收入同比显著提升。 华龙证券发布研报称，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主 要系价格战影响下单车均价同比-0.99万元/辆；扣非归母净利润94.9亿元，同比-25.1%。展望2025Q4， 整车端，2026年优惠政策退坡预期下，板块销量增长可期；商用车市场有望在政策持续发力下有望延续 Q3高景气度。零部件端，已发布&待发布强 ...

Core Insights - The automotive sector has shown a significant performance improvement from early 2025 to October, with the Shenwan Automotive Index rising by 23.82%, outperforming the CSI 300 Index by 5.88 percentage points [1][2] Group 1: Commercial Vehicles - The commercial vehicle segment has experienced a notable recovery since June 2025, with sales showing significant year-on-year improvement, continuing strong growth into Q3 [2][3] - The commercial vehicle and auto parts sectors have generated excess returns, driven by improved sales and valuation recovery [1][2] Group 2: Passenger Vehicles - The passenger vehicle sector reported a revenue increase of 7.4% year-on-year in Q3 2025, although this was lower than the 14.4% increase in sales volume, primarily due to a price war leading to a decrease in average selling price by 0.99 million yuan per vehicle [3] - The net profit attributable to the parent company for the passenger vehicle sector dropped by 25.1% year-on-year to 9.49 billion yuan, largely due to temporary sales pressure on leading manufacturer BYD [3] - Excluding BYD, the sector's net profit increased by 44.34% year-on-year, indicating a divergence in performance among manufacturers [3] Group 3: Auto Parts - The auto parts sector achieved a revenue of 368.37 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4%, with a net profit of 19.64 billion yuan, up 22.6% [4][5] - Nearly 80% of auto parts companies reported revenue growth in Q3 2025, driven by strong terminal sales [4] Group 4: Buses and Heavy Trucks - The bus segment saw a revenue increase of 30.6% year-on-year in Q3 2025, with net profit rising by 86.6% due to improved gross margins [6] - The heavy truck segment reported a revenue of 108 billion yuan, up 26.9% year-on-year, with net profit increasing by 55.3% [6] Group 5: Investment Outlook - The outlook for Q4 2025 suggests continued growth in the automotive sector, particularly in commercial vehicles, supported by favorable policies [7] - The introduction of new products and the increasing penetration of intelligent driving systems are expected to drive performance in the auto parts sector [7]

Group 1: National Standards and Industry Performance - The Ministry of Industry and Information Technology (MIIT) is soliciting public opinions on six mandatory national standards, including "Basic Requirements for Automotive Steering Systems," with a public consultation period from October 18 to October 24, 2025 [1] - In September, commercial vehicle production and sales reached 376,000 and 368,000 units respectively, showing a month-on-month increase of 19.3% and 16.3%, and a year-on-year increase of 27.7% and 29.6% [1] - From January to September 2025, commercial vehicle production and sales totaled 3.091 million and 3.117 million units, reflecting year-on-year growth of 9.4% and 7.8% [1] - The pickup truck market saw sales of 46,000 units in September, a year-on-year decrease of 1.9% but a month-on-month increase of 14.6%, maintaining a mid-high level compared to the past five years [1] - From January to September 2025, pickup truck sales reached 432,000 units, a year-on-year increase of 11.2% compared to the same period in 2024 [1] Group 2: User Satisfaction and Automotive Developments - The user satisfaction index for China's fuel vehicle industry stands at 81 points (out of 100), maintaining the highest historical level, with a user complaint rate dropping to 9% and loyalty score reaching 79 points, both marking the best performance in nearly a decade [2] - The new Wanjie M7 has surpassed 10,000 deliveries within 21 days of its launch, available in extended range and pure electric versions, starting at a price of 279,800 yuan [3] - Zhijie responded to the news of switching to CATL battery cells, stating that a batch of vehicles will use CATL batteries for concentrated delivery in October and November, while subsequent batches will switch to Zhongchuang ternary lithium batteries [3] - Xiaoma Zhixing announced a partnership with Stellantis to develop L4 autonomous vehicles for the European market, focusing initially on light commercial vehicles and planning to start testing in Luxembourg [3] Group 3: Corporate Leadership Changes - Porsche announced discussions regarding the potential succession of Oliver Blume as the executive board chairman, with former McLaren CEO Michael Leiter being considered as a candidate [4]

最好开的问界SUV，要讨好年轻人了？ 阅读原文：试驾新问界M7：华为与问界，如何讨好年轻人？_虎嗅网 文章标题：试驾新问界M7：华为与问界，如何讨好年轻人？ 文章链接：https://www.huxiu.com/article/4785007.html ...

人民财讯9月24日电，9月24日，据鸿蒙智行官方消息，新问界M7上市24小时大定超4万台。新问界M7 于昨日举行的华为鸿蒙智行秋季新品发布会上发布，其中高阶版智驾车型配备舱外192线激光雷达，另 一版本则首发舱内激光雷达视觉辅助驾驶。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Insights - The automotive sector is experiencing a turning point, with a focus on strong automotive parts sectors and key customers [1] - The commercial vehicle sector shows improvement, while humanoid robot valuations are recovering [5] - The passenger vehicle market continues to show high demand, with significant growth in L2.5 and above intelligent driving penetration [23] - Price wars are suppressing profitability, but a turning point for the sector is expected in Q3 [9] - The performance of automotive parts companies is diverging, with a focus on strong customers and growth sectors [6] Summary by Sections Passenger Vehicles - The passenger vehicle market maintained high demand, with wholesale sales reaching 7.003 million units in Q2 2025, a year-on-year increase of 13.2% [23] - The average price of new vehicles increased by 0.20 million yuan per vehicle in Q2 2025, driven by the launch of high-end models by domestic manufacturers [36] - The passenger vehicle sector achieved revenue of 531.8 billion yuan in Q2 2025, with a year-on-year growth of 10.4% [36] - The net profit attributable to the parent company in Q2 2025 was 8.84 billion yuan, a decrease of 19.6% year-on-year due to intense price competition [40] - New energy passenger vehicle sales reached 3.59 million units in Q2 2025, with a penetration rate of 51.3% [23] Automotive Parts - The automotive parts sector achieved revenue of 357.29 billion yuan in Q2 2025, a year-on-year increase of 7.6% [6] - The net profit attributable to the parent company in Q2 2025 was 19.84 billion yuan, a year-on-year increase of 7.2% [6] - Companies in the automotive parts sector are focusing on advantageous sectors and high-growth customers to enhance profitability [6] Commercial Vehicles - The commercial vehicle sector is expected to see a recovery in market conditions, supported by government policies and increasing demand for new energy buses [6] - The bus sector achieved revenue growth of 4.3% year-on-year in Q2 2025, while the heavy truck sector saw a revenue increase of 1.0% [6] - The heavy truck sector's net profit attributable to the parent company in Q2 2025 was 3.38 billion yuan, a decrease of 16.0% year-on-year [6] Investment Recommendations - The report suggests focusing on companies in strong product cycles such as Great Wall Motors, Seres, SAIC Motor, and XPeng Motors [6] - It also highlights key automotive parts companies like Longsheng Technology, Junsheng Electronics, and Desay SV [6] - For commercial vehicles, it recommends focusing on leading companies like Weichai Power and Yutong Bus [6]

Group 1: Market Trends and Data - The penetration rate of passenger cars equipped with combined driving assistance systems in China has exceeded 60%, reaching 62.6% with sales of 7.76 million units from January to August 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The top ten SUV manufacturers in China sold 6.488 million units from January to August 2025, accounting for 66.8% of total SUV sales, with Tesla experiencing a decline in sales while other manufacturers saw growth [1] - Heavy truck retail sales in China reached 49.17 million units from January to August 2025, marking a year-on-year increase of 24.92%, with August sales alone at 67,600 units, up 65.65% year-on-year [2] - China's automobile exports reached 764,000 units in August 2025, a year-on-year increase of 25%, with total exports from January to August at 4.94 million units, reflecting a growth rate of 21% compared to the same period in 2024 [3] Group 2: Corporate Developments - Dongfeng Motor's chairman met with Huawei's executives to discuss deepening strategic cooperation and innovation in corporate governance, emphasizing the importance of safety in the automotive industry [4] - The new Wanjie M7 has received over 220,000 pre-orders within 17 days, with a starting price of 288,000 yuan [5] - Huawei announced the launch of a full OTA upgrade for its HarmonyOS, enhancing features such as driving assistance and human-machine interaction [6] - The H5 model, developed in collaboration with Huawei, was officially launched with a starting price of 159,800 yuan [8] - Avita Technology plans to submit an IPO application to the Hong Kong Stock Exchange in the fourth quarter of this year, with a target listing in the second quarter of next year [8] - Ford China established a wholly-owned subsidiary to manage marketing, sales, and service for its passenger cars and pickups in the Chinese market, set to begin operations on October 1, 2025 [8] Group 3: Industry Innovations and Future Plans - Hyundai plans to launch its first rear-wheel-drive luxury hybrid vehicle next year as part of its mid-to-long-term strategy, which includes a range of hybrid and electric vehicles [9] - Jaguar Land Rover extended its production halt until October 1, 2025, due to a cybersecurity incident, with ongoing investigations to restore operations [10]

每经AI快讯，9月5日，据鸿蒙智行消息，新问界M7预售1小时小订突破10万台。新问界M7首搭"舱内激 光视觉"技术，预售价28.8万元起。 ...

Core Viewpoint - In the first half of 2025, Seres achieved impressive financial results, with revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking a year-on-year increase of 81.03% [1][3] Financial Performance - Seres' performance met expectations, with gross margin exceeding forecasts, as noted by Dongwu Securities [1] - Multiple securities firms, including Minsheng Securities and Ping An Securities, provided positive evaluations of Seres' financial results [1][3] Growth Drivers - The core factor driving Seres' profit growth is its focus on the high-end smart electric vehicle segment, maintaining a high-end strategy [3] - Minsheng Securities highlighted that the significant improvement in profits is due to the increase in high-end product sales, optimized revenue structure, and enhanced cost control [3] - The launch of high-end SUVs, such as the Wanjie M9 and M8, has established Seres' leading position in the high-end new energy sector, serving as a foundation for profit release [3] Product Development - The continuous iteration and upgrade of Wanjie products, including the new M5 Ultra and the 2025 models of M9 and M8, have been well-received in the market [3] - The Wanjie M8 pure electric version set a new benchmark in the 400,000 yuan segment, with over 7,000 units reserved within two hours of its launch [3] Market Outlook - The upcoming launch of multiple new models, including the upgraded Wanjie M7, is expected to further enhance the company's performance potential [5][6] - Securities firms are optimistic about Seres' profitability and growth momentum, anticipating a "dual increase" in volume and price due to the expansion of the mid-to-high-end market [6] - The strong performance indicators in the first half of the year and significant quarter-on-quarter improvements position Seres as a leading high-end automaker in China [6]