斯巴鲁的SUV"森林人"（12月4日，横滨市） 大众的纯电动MPV"ID.Buzz"（12月4日，横滨市） 此外，"2025-2026年度进口汽车"选择了德国大众的纯电动车型"ID.Buzz"。其设计让人联 想到被亲切地称为"Wagen Bus"的小型MPV"Type 2"，该车同时属于日本国内仍然稀少的 纯电动MPV，获得高度评价。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 斯巴鲁4月发售了第6代新款森林人。由自主开发的发动机和丰田提供的混合动力系统组合成 的动力单元"强混动"（Strong Hybrid）获得很高评价。既能日常使用也能越野的性能和外型 设计引人关注…… 由汽车评论家等组成的日本年度汽车执行委员会12月4日宣布，作为最优秀奖的"2025-2026 年度日本年度汽车"颁给SUBARU（斯巴鲁）的SUV车型"森林人"（Forester）。评委对森林 人的燃效性能和乘坐舒适度等给予高度评价。 斯巴鲁4月发售了第6代新款森林人。由自主开发的发动机和丰田提供的混合动力系统组合成 的动力单元"强混动 ...

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report discusses the expansion of the consumption tax on ultra-luxury cars and the regulation of the competitive order in the new energy vehicle (NEV) sector, which is expected to enhance the tax system in the automotive industry [11][12] - The NEV market in China is rapidly growing, transitioning from a fuel-based vehicle market to one dominated by electric vehicles, with recent policy adjustments aimed at guiding this transition [12][13] Summary by Sections Investment Highlights - On July 17, 2025, the Ministry of Finance and the State Administration of Taxation announced adjustments to the consumption tax policy for ultra-luxury cars, lowering the taxable price threshold from 1.3 million yuan to 900,000 yuan and including electric and fuel cell vehicles in the tax scope [11][12] - A meeting on July 18, 2025, involving key automotive enterprises and regulatory bodies, aimed to address irrational competition in the NEV sector and promote sustainable development through enhanced supervision, long-term mechanisms, standardization, and industry self-discipline [13] Market Performance - From July 14 to July 18, 2025, the automotive sector increased by 3.3%, outperforming the CSI 300 index by 2.2 percentage points, ranking third among 31 sectors [17][22] - Year-to-date, the automotive sector has risen by 11.3%, ranking tenth among the sectors [17] Key Data - Retail sales of passenger cars from July 1 to July 13, 2025, reached 571,000 units, a 7% increase year-on-year, while NEV retail sales were 332,000 units, up 26% year-on-year [35][36] - Wholesale figures for the same period showed passenger car sales at 555,000 units, a 34% increase year-on-year, with NEV wholesale sales at 316,000 units, a 37% increase year-on-year [36] Industry News - The report highlights significant developments in the automotive industry, including new vehicle launches and financial performance updates from major companies like North Vehicle Blue Valley and Jianghuai Automobile, which reported substantial losses due to competitive pressures [74][75]