最近，全球混动市场格外热闹。先是丰田汽车计划到2028年将混合动力汽车（HEV）及插电式混 合动力汽车（PHEV）产量提升至约670万辆，较其2026年的计划增产约3成，更是占到公司总产量的 近6成；随后，吉利汽车又宣布2026年将陆续推出4~5款搭载吉利i-HEV智能双擎技术的全新混动车 型。 在中国，混动市场主要以插混为主，且增速明显不及纯电动汽车。数据显示，2025年我国纯电动 汽车销售1062万辆，同比增长37.6%；插电式混动车型销售586万辆，同比增长14%。依照丰田的规 划，其混合动力车型产量增长不仅聚焦于HEV车型，同样强调了PHEV车型。这恰恰说明，丰田一面 以HEV为存量燃油车找好退路，一面把PHEV当作电动化转型的突破口。针对前者，丰田有着成熟的 技术护城河；对于后者，其对充电网络的较低要求则能够迅速在全球不同市场推广开来。可见，这并 非一次逆势的任性之举，反倒是经过深思的"两手抓"战略。 研究机构Dataforce的数据显示，2025年11月，中国品牌在欧洲混合动力车领域的市场份额突破 13%。在2025年欧洲最畅销插混车型前十榜单上，比亚迪Seal U更是击败大众、沃尔沃等跃升榜首， ...

近日，吉利汽车表示，今年将密集推出混合动力汽车（HEV），未来燃油车全面HEV化，整个汽车行业都感受到了这一战略调整的分量。在新能源汽 车购置税减半征收政策落地、行业渗透率已突破50％的背景下，这种曾被插电式混动汽车（PHEV）和纯电动汽车（EV）挤压至边缘的车型，突然重回市场 中心。 2026年新能源汽车购置税减免政策的退坡，意外成为HEV的"政策红利"。根据规定，纯电与插混车型购置税从免征调整为减半征收，单辆减免上限1.5 万元。更严格的是PHEV的技术门槛：纯电续驶里程从43公里提升至100公里，亏电油耗需低于同级燃油车70％。"这直接将部分研发实力薄弱的PHEV企业 挡在门外，而HEV无需外接充电的特性和成熟技术路径，恰好填补了政策过渡的市场空白。"中国汽车工业协会专务副秘书长许海东的分析，点出了HEV复 苏的核心逻辑。在他看来，此次政策调整实际上为HEV创造了难得的市场窗口期。 同时，地方政策的倾斜更让HEV如虎添翼。近年来，广州、上海等城市的地方政策纷纷向HEV倾斜：广州市使其享受与新能源汽车同等的限行豁免政 策；上海则通过"节能车"标签间接提升HEV的市场认可度。这种政策端的"松绑"，让HEV在 ...

Core Insights - The European automotive market is experiencing a significant shift towards electric vehicles, with approximately 1.3 million pure electric vehicles registered in the first nine months of the year, accounting for 16.1% of total new car registrations [1] Electric Vehicles - Pure electric vehicle registrations increased to about 1.3 million, representing a growth of 38.3% in Germany, 12.4% in Belgium, and 3.9% in the Netherlands [1] - Hybrid electric vehicles (HEVs) saw registrations rise to approximately 2.79 million, making up 34.7% of the market [1] - Plug-in hybrid electric vehicles (PHEVs) registered around 723,000 units, which is 9% of the total market [1] Traditional Vehicles - Gasoline vehicle registrations fell by 18.7%, with all major markets experiencing declines; France saw the largest drop at 32.8%, followed by Germany (-23.5%), Italy (-16.6%), and Spain (-13.2%) [1] - The market share of gasoline vehicles decreased from 34.4% in the same period last year to 27.7% [1] - Diesel vehicle registrations dropped by 24.7%, holding a market share of 9.3% [1]

Group 1: Currency and Bond Market - The US dollar strengthened against all major currencies, with the euro/dollar dropping from 1.18+ to 1.1738, erasing gains from the previous two days [1] - US Treasury yields rose across the board, with an increase of 1.8 to 4.9 basis points, while the mid-term performance was the weakest [3] - The Chicago Fed's Goolsbee questioned the Fed's plan for future rate cuts, suggesting that the labor market is not weak and that the economy is not facing recession risks [3] Group 2: Economic Data and Market Reactions - Multiple Fed officials are expected to speak today, which may lead to market volatility, with attention on weekly jobless claims and durable goods orders [4] - A strong performance in Japan's long-term bond auction eased market concerns about demand, leading to a slight decline in Japanese yields [4] - Oil prices remained stable around $69 per barrel, influenced by escalating risks from the Russia-Ukraine conflict [4] Group 3: Czech Economic Policy - The Czech National Bank maintained its policy rate at 3.5% to keep inflation near the 2% target, with inflation risks stemming from food prices and rapid wage growth [5] - The Czech koruna faced pressure as the central bank's future actions could include either rate cuts or hikes, according to the bank's governor [5] Group 4: Automotive Market Trends - EU new car registrations increased by 5.3% year-on-year, but year-to-date figures show a slight decline of 0.1% compared to last year [6] - Hybrid electric vehicles (HEVs) became the preferred choice for consumers, with their market share rising from 29.7% to 34.7% [6] - The market share of battery electric vehicles (BEVs) increased to 15.8%, up from 12.6%, with Germany, Belgium, the Netherlands, and France accounting for 62% of BEV registrations [6]

Group 1 - The European automotive market is experiencing a "dual" situation, with battery electric vehicles (BEVs) holding a market share of only 15.4%, while hybrid vehicles (including HEVs and PHEVs) dominate with a share of 43.3% as of May 2025 [1] - The performance of BEVs varies significantly by country, with Germany, Belgium, and the Netherlands leading with growth rates of 43.2%, 26.7%, and 6.7% respectively, while France saw a decline of 7.1% [1] - In terms of year-on-year growth for May 2025, BEVs increased by 25%, HEVs by 16%, and PHEVs experienced a strong growth of 46.9% for the third consecutive month [1] Group 2 - Despite the rapid growth of new energy vehicles, it is insufficient to offset the decline in traditional fuel vehicles, highlighting a significant gap between the current BEV market penetration and the EU's 2035 zero-emission target [2] - Key bottlenecks include inadequate charging infrastructure, with fewer than 1,000 public charging stations suitable for heavy trucks across Europe, slow adoption of megawatt-level fast charging, and the high cost of electric vehicles compared to fuel vehicles [2] - As EU carbon emission regulations tighten, automotive companies face increased pressure to reduce emissions, which may force them to accelerate their transition to electric vehicles, reshaping the competitive landscape of the European automotive market [2]