智通财经APP获悉，根据TrendForce集邦咨询最新调查，2025年第三季全球新能源车（NEV）新车销售 量达539万辆，年增31%。其中，纯电动车（BEV）销量达371 万辆 ，年增48%；插电混合式电动车 （PHEV）销量为167万辆，年增4%。 | Rank | BEV | Market Share | PHEV | Market Share | | --- | --- | --- | --- | --- | | ना | BYD | 15.4% | BYD | 27.9% | | ਨੂੰ | Tesla | 13.4% | AITO | 6.8% | | s | SAIC-GM-Wuling | 6.1% | Chery | 6.6% | | 4 | Geely | 6.0% | Geely | 6.2% | | 15 | Leapmotor | 4.1% | Li Auto | 4.5% | | 6 | Xpeng | 3.1% | Changan | 3.4% | | 7 | Volkswagen | 2.9% | Lynk & Co. | 3.3% | | B | Xiaomi | 2.9% ...

Nov. 24, 2025 产业洞察 根据TrendForce集邦咨询最新调查， 2025年第三季全球新能源车（NEV）新车销售量达539万辆，年 增31% 。其中，纯电动车（BEV）销量达371 万辆 ，年增48%；插电混合式电动车（PHEV）销量为 167万辆，年增4%。 BYD（比亚迪）蝉联第三季BEV销量冠军，但销量较第二季减少。位居第二的Tesla（特斯拉）第三 季表现强劲，季增达29%，增长动能主要来自美国市场补贴期限的刺激，以及在中国市场实现季度成 长。Geely（吉利）和Leapmotor（零跑）第三季展现惊人成长力道，市占率分别为6%、4.1%，并连 续两季超越Xpeng（小鹏）。 Volkswagen（大众）第三季的排名退至第七，其在中国市场的衰退幅度抵销在欧美市场的增长。 Hyundai（现代）排名第九，第三季销量为季衰退但年成长。BMW（宝马）（不含MINI）纯电车销 量持续减少，对其全年成长目标构成挑战。 | Rank | BEV | Market Share | PHEV | Market Share | | --- | --- | --- | --- | --- | | ना | ...

Core Insights - BMW's growth is driven by electric vehicles and high-performance M series, which are becoming the two main growth lines for the company [1][3] Sales Performance - In the first nine months, BMW's battery electric vehicle (BEV) sales increased by 10.0%, accounting for 18.0% of total sales, indicating a deepening electric transformation [3] - Overall sales growth for electric vehicles, including plug-in hybrids, reached 15.0%, with their share rising to 26.2%, showcasing the success of the "open technology" strategy [3] - High-performance M series sales grew by 7.9%, while MINI brand sales surged by 23.7% in the same period [3] Financial Performance - BMW achieved significant improvement in free cash flow for its automotive business through strict cost management, while maintaining product momentum [4] - The company announced a new stock buyback plan of up to €2 billion, reflecting its strong financial position and confidence in future cash flows [4] Future Outlook - BMW is optimistic about the market response to the new generation BMW iX3, with orders exceeding expectations [4] - The company plans to launch the first models based on the new generation platform starting in 2026, with a total of 40 new and updated models expected by the end of 2027 [4] - BMW reaffirmed its adjusted full-year expectations, maintaining an EBIT margin of 5%-6% for the automotive segment and anticipating slight growth in total deliveries for the year [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, highlighting strong growth potential and favorable market conditions [7][8]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 4.29%, outperforming the Shanghai Composite Index, with solar energy indices leading the gains at 10.77% [3]. - The European automotive market is experiencing a significant shift towards electrification, with hybrid electric vehicles (HEVs) capturing 34.7% market share, while battery electric vehicles (BEVs) hold steady at 16.1% [4]. - The China Electricity Council forecasts a continued increase in electricity consumption growth in Q4, with total electricity consumption expected to reach 10.4 trillion kWh for the year, marking a 5% year-on-year increase [6]. Summary by Sections 1. New Energy Vehicles - The European car market registered a slight increase of 0.9% in the first three quarters of 2025, with a notable 10% growth in September [14]. - HEVs dominate the market with a 34.7% share, while BEVs maintain a 16.1% share, and plug-in hybrids (PHEVs) have seen a significant rise to 9% [16]. - Chinese brands like BYD and SAIC have shown remarkable growth, with BYD's registrations in the EU increasing by 272.1% [20]. 2. New Energy Generation - In October, silicon wafer production increased by approximately 4.4%, while polysilicon production rose by about 3% due to the resumption of capacity in certain regions [5][32]. - The report anticipates a decrease in silicon wafer output in November due to cost pricing logic and potential production cuts [32]. - The polysilicon production is expected to be refined significantly in November, influenced by seasonal water supply issues [32]. 3. Electric Power Equipment and Industrial Control - The China Electricity Council predicts that electricity consumption growth will exceed that of Q3, with a total expected consumption of 10.4 trillion kWh for the year [6]. - The report highlights key companies to watch, including CATL, Keda, and others, indicating their potential for growth in the upcoming quarters [6]. 4. Weekly Sector Performance - The solar energy index experienced the highest weekly gain at 10.77%, while the nuclear power index saw a decline of 1.92% [3]. - The report emphasizes the overall positive trend in the electric power equipment and new energy sectors, suggesting a robust market outlook [3].

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: Market Overview - Global sales of new energy vehicles (NEV) are projected to reach 4.868 million units in Q2 2025, representing a 30% year-on-year increase [1] - Including hybrid electric vehicles (HEV), total electric vehicle (EV) sales are expected to reach 6.456 million units, accounting for 29% of global automobile sales [1] Group 2: Battery Electric Vehicle (BEV) Market - BEV sales reached 3.28 million units, with a year-on-year growth of 39% [4] - BYD holds the largest market share in the BEV segment at 18.3%, with a year-on-year sales growth of 43% [4] - Tesla, while maintaining the second position, experienced a 14% decline in overall sales due to poor performance in major markets [4] - Geely remains in third place with a market share of approximately 6.4% [4] - Leapmotor and XPeng both achieved quarterly sales exceeding 100,000 units for the first time, with Leapmotor showing remarkable growth [4] - Xiaomi's sales are primarily driven by the SU7 model, but future model releases and capacity expansion are expected to enhance performance [4] - Hyundai's sales increased by 41% year-on-year, benefiting from policy incentives in the South Korean market, ranking tenth in market share [4] Group 3: Plug-in Hybrid Electric Vehicle (PHEV) Market - PHEV sales reached 1.587 million units, reflecting a 15% year-on-year increase [5] - BYD remains the leader in the PHEV market, but faced a 12% decline in sales, reducing its market share from nearly 40% to 28.9% [5] - Li Auto's sales grew by 11%, slightly increasing its market share to 7.4%, while AITO's market share rose to 6.2% [5] - BYD's sub-brand Denza launched a new model, achieving a 41% increase in sales, entering the top ten for the quarter [5] Group 4: Future Projections - TrendForce forecasts global NEV sales to reach 19.7 million units by 2025, with a year-on-year growth of 21%, and a slowdown to 14% growth in 2026 [6] - In the U.S. market, the end of electric vehicle subsidies on September 30 may hinder the industry's growth prospects [6]

Core Insights - The article highlights the significant growth in global new energy vehicle (NEV) sales, with a 30% year-on-year increase in Q2 2025, reaching 4.868 million units sold [2][8] - The market share of electric vehicles (EVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), is expanding, accounting for 29% of total global car sales in the same period [2] BEV Market Summary - BEV sales reached 3.28 million units, marking a 39% year-on-year growth [5] - BYD leads the BEV market with an 18.3% market share and a 43% increase in sales [6] - Tesla, while maintaining second place, experienced a 14% decline in overall sales due to underperformance in key markets [6] - Geely holds the third position with a 6.4% market share, while Leapmotor and XPeng both surpassed 100,000 units in quarterly sales for the first time [6] PHEV Market Summary - PHEV sales totaled 1.587 million units, reflecting a 15% year-on-year increase [7] - BYD remains the leader in the PHEV segment but saw a 12% decline in sales, reducing its market share to 28.9% [7] - Li Auto and AITO have increased their market shares to 7.4% and 6.2%, respectively, indicating strong competition [7] - The introduction of new models by BYD's sub-brand Denza has led to a 41% increase in sales, allowing it to enter the top ten for the first time [7] Market Outlook - The global NEV sales forecast for 2025 is projected at 19.7 million units, a 21% increase, with growth expected to slow to 14% in 2026 [8] - In the U.S. market, the expiration of EV subsidies by September 30 may hinder future growth prospects for the electric vehicle industry [8]

Group 1: Electric Vehicle Market Trends - The proportion of consumers considering purchasing Battery Electric Vehicles (BEVs) has decreased to 41%, down 5 percentage points year-over-year, while those considering Plug-in Hybrid Electric Vehicles (PHEVs) is at 36%, also down 5 percentage points [1] - UBS forecasts a compound annual growth rate (CAGR) of 17% for global electric vehicle sales from 2024 to 2027, revised down from 22%, primarily due to a slowdown in the U.S. market [1] - The projected global electric vehicle penetration rate is 25% by 2025 and 41% by 2030, down from previous estimates of 26% and 49% respectively [1] Group 2: Regional Insights and Consumer Concerns - In China, domestic brands are gaining popularity in the high-end market, with BYD stabilizing at a high level and being the only Chinese brand rapidly gaining traction in export markets [2] - Tesla is facing significant challenges in Europe and losing market share in China to local brands, with fewer consumers viewing it as a technology leader [2] - The main consumer concerns regarding BEVs are inadequate charging infrastructure and limited range, rather than price [1] Group 3: OEM Competitive Positioning - UBS identifies the most competitive OEMs as those with strong BEV product capabilities, strategic flexibility, and limited investment needs in Internal Combustion Engine (ICE) vehicles while maintaining profitability [2] - BMW is noted for its forward-looking electric transformation, with the Neue Klasse platform set to launch in late 2025 [3] - BYD is recognized for its complete vertical integration and significant cost advantages, being the only Chinese OEM to achieve initial success in global expansion [3] Group 4: OEM Strategic Adjustments - Many OEMs are responding to the slowdown in BEV sales outside China by adjusting product plans and focusing on flexibility to address regional trends and rising trade barriers [2] - Toyota, despite a slower pace in electric vehicle development, maintains strong ICE profitability to support electric investments [3] - Companies like Porsche, Volvo, and NIO are seen as being at a disadvantage due to various challenges, including limited product diversity and difficulties in overseas expansion [3]

Group 1: Data Center Interconnection and AI Impact - The global market value for Data Center Interconnection (DCI) is expected to grow at an annual rate of 14.3%, surpassing $40 billion by 2025, driven by the integration of generative AI into everyday applications [1] Group 2: New Energy Vehicle Sales - In the first quarter of 2025, global sales of new energy vehicles (including BEVs, PHEVs, and hydrogen fuel cell vehicles) reached 4.02 million units, marking a 39% year-on-year increase, with new energy vehicles accounting for 18.4% of total global car sales [3] Group 3: HBM4 Technology and Market Trends - The development of HBM (High Bandwidth Memory) technology is being propelled by demand from AI servers, with major manufacturers advancing HBM4 products. The increased complexity and size of HBM4 chips are expected to lead to a premium of over 30%, compared to approximately 20% for HBM3e at launch [7]

Core Viewpoint - The global sales of new energy vehicles (NEVs), including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, are projected to reach 4.02 million units in Q1 2025, representing a 39% year-on-year growth [1][4]. Fundamental Analysis - Global NEV sales are expected to account for 18.4% of total automotive sales in Q1 2025, driven by favorable policies such as vehicle trade-in programs [4]. - In April, the retail sales of NEVs in China reached 905,000 units, showing a year-on-year increase of 33.9% and a penetration rate of 51.5% [4]. - Domestic NEV penetration rates for independent brands reached 72.8%, while luxury and joint venture brands had penetration rates of 23.5% and 6.8%, respectively [4]. Technical Analysis - The trend of smart technology is identified as a key driver for the upward cycle of NEVs, with over 20 automakers integrating advanced AI models into their vehicles [5]. - The penetration rate of L2-level assisted driving features in new vehicles is projected to reach 57.3% by 2024, indicating a growing adoption of smart driving technologies [5]. - The automotive parts sector is expected to see differentiated revenue and profit growth, particularly in the smart driving supply chain, with L2.5 and above smart driving models anticipated to enter a rapid growth phase by 2025 [5]. Financial Analysis - Public funds have significantly increased their holdings in the automotive sector, with the automotive industry being the most heavily weighted sector in Q1 2025 [7]. - The current allocation of funds in the automotive sector is at a historical high, indicating strong institutional confidence in the long-term fundamentals of the industry [7]. Market Outlook - The long-term outlook for the automotive sector remains positive, particularly in the areas of smart driving and smart cockpit technologies [9]. - The mid-term indicators suggest an improving fundamental trend in the automotive industry, supported by increased allocations from public funds [9].