智通财经APP获悉，崔东树发文称，2026年将延续2025年的政策基调，继续实施更加积极的财政政策和适度宽松的货币政策，叠加国家补贴实施的早，效 果会很突出，预计车市1月实现开门红正增长。 他预计2026年1季度车市同比有望持平，环比25年4季度降25%(前10年的平均降幅)。新能源车1季度有望微增5%，环比25年4季度降36%(前10年的平均降 幅)。 一、25年走势回顾 1、25年总体走势特色明显 | 零售 | 18年 | 19年 | 20年 | 21年 | 22年 | 23年 | 24年 | 25年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1-2月 | 360 | 334 | 197 | 338 | 334 | 267 | 315 | 318 | | 3-9 H | 1249 | 1145 | 1096 | 1113 | 1154 | 1256 | 1243 | 1383 | | 10-11月 | 398 | 377 | 407 | 353 | 350 | 411 | 4 ୧୫ | 448 | | 12月 | 222 | 2 ...

Group 1 - The core viewpoint of the article highlights the significant growth in the sales of pure electric large three-row SUVs, which reached a historical high of 46,209 units in November 2025, marking a 16% month-on-month increase and maintaining the top position among all power types for three consecutive months [2] - Porsche has announced the shutdown of its self-built charging network, totaling approximately 200 stations, effective March 1, 2026, and will shift focus to deep collaborations with leading charging operators in the industry [2] - The first prototype of the new automotive brand "Yijing," co-created by Dongfeng Motor and Huawei, has officially rolled off the production line, with the first mass-produced model expected to debut at the Beijing Auto Show in April 2026 [2] - Uber is partnering with Baidu to conduct trial operations of autonomous taxis in London, with plans to launch a pilot project using Baidu's Apollo Go RT6 autonomous vehicles in the first half of 2026, aiming for official operations by the end of next year [2]

2021年至2024年间，增程车销量曾实现218%、130%、154%、70.9%的惊人增长，这一耀眼的增长曲线 在2025年戛然而止。主流市场判断认为，从动力类型来看，增程式电动车正经历着从巅峰滑落的阵痛。 增程大三排SUV的增长乏力，一方面是类似理想、问界般主力品牌的周期性调整；另一方面，增程式技 术的市场红利主要是因为当时纯电动车续航不足、充电设施不完善，随着这两个痛点被解决，增程车的 过渡属性开始显现。 从产品竞争格局来看，今年新能源大三排SUV板块已经变得拥挤，明年更多老选手的换代、新选手的涌 入已经是大势所趋。 中汽协、乘联会零售量最新数据显示，2025年11月纯电大三排SUV销量46209台，插混销量40845台，增 程销量29902台，燃油销量22398台。 一些值得关注的新趋势显现。例如，纯电大三排SUV销量环比上升16%，创历史新高。继9月首次超过 增程、燃油、插混后，纯电大三排销量已连续三个月排名所有动力形式榜首。 统计来看，11月纯电大三排SUV销量在蔚来全新ES8、乐道L90、特斯拉ModelYL等车型推动下，较其 他动力形式的销量领先优势持续拉大。 今年下半年以来，蔚来李斌持续强调 ...

纯电大三排SUV11月销量创历史新高中汽协、乘联会零售量最新数据显示，2025年11月纯电大三排SUV 销量46209台，插混销量40845台，增程销量29902台，燃油销量22398台。纯电大三排SUV销量环比上升 16%，创历史新高。继9月首次超过增程、燃油、插混后，纯电大三排销量已连续三个月排名所有动力 形式榜首。11月纯电大三排SUV销量在蔚来新ES8、乐道L90、特斯拉Model Y L等车型推动下，较其他 动力形式的销量领先优势持续拉大。增程销量则持续遇冷，连续五个月同比下滑。 ...

Core Viewpoint - NIO remains committed to its long-term strategy of providing vehicles that are chargeable, swappable, and upgradable, emphasizing that the market will ultimately determine user preferences [1][3]. Group 1: Market Position and Strategy - NIO's CEO, Li Bin, reiterated that the company will not produce range-extended vehicles, believing that the trend is shifting towards pure electric vehicles, which offer advantages in space and cost efficiency [3]. - The sales of pure electric large three-row SUVs have surpassed those of range-extended models, with over 39,000 units sold in October, indicating a significant market shift [3]. Group 2: Technological Investment and Infrastructure - NIO has invested heavily in pure electric technology, smart features, and charging/swapping infrastructure, with the number of battery swap stations increasing from 1,000 to 3,577, resulting in a near ninefold improvement in user experience [4]. - The company is focused on enhancing its operational efficiency and organizational structure to improve execution capabilities, which is seen as essential for long-term success in a competitive market [4].

Core Viewpoint - The era of pure electric large three-row SUVs has officially arrived, as evidenced by sales data showing a significant lead over range-extended counterparts [1] Group 1: Sales Performance - In September, pure electric large three-row SUVs ranked first in sales for the first time, with October sales exceeding 39,000 units, significantly outpacing range-extended large three-row SUVs, which sold only 24,000 units [1] - This sales performance validates the prediction made in August regarding the shift towards pure electric large three-row SUVs [1] Group 2: Industry Trends - The shift towards pure electric vehicles is supported by years of investment in pure electric technology, intelligence, and charging systems by companies like NIO [1] - Traditional range-extended manufacturers are also launching pure electric products, further confirming the industry trend towards electrification [1] Group 3: Market Dynamics - The company emphasizes that different markets may have varying technological routes, but in China, the golden era for pure electric large three-row SUVs has fully commenced [1]

Core Insights - The founder and CEO of NIO, Li Bin, announced that the sales of the large three-row pure electric SUV surpassed 39,000 units in October, significantly outpacing the range-extended large three-row SUV, which sold only 24,000 units, confirming the arrival of the "pure electric large three-row SUV era" [1] Group 1 - The sales figures indicate a clear market shift towards pure electric vehicles, with the large three-row pure electric SUV achieving the top sales position for the first time in September [1] - Li Bin emphasized that this turning point was first proposed in August, and the sales data over the past two months has validated this assertion [1] - The company has made significant investments in pure electric technology, intelligence, and charging and swapping systems, contributing to this market transition [1] Group 2 - Traditional range-extended manufacturers are also launching pure electric products, further confirming the industry's trend towards electrification [1] - Li Bin highlighted the rationality of different technological routes in various markets, but asserted that the golden era of pure electric large three-row SUVs has fully commenced in China [1]

Group 1 - Yu Minhong responded to New Oriental employees' complaints, emphasizing that allowing employees to voice their dissatisfaction is a tradition of the company, and he encourages it as a means to correct issues [4] - Xiaomi announced the allocation of 29,366,734 shares to 3,334 selected participants, including employees and service suppliers, with a total value of approximately HKD 1.14 billion (around CNY 1.041 billion) [5] - The recent changes in the management of Pang Donglai Group were confirmed by internal sources, indicating that Yu Donglai will not be heavily involved in daily operations but will focus on empowering his team [5] Group 2 - ByteDance's valuation surged to USD 480 billion during a recent equity auction, with the price of shares rising from an initial USD 200 million to nearly USD 300 million due to competitive bidding [5] - The founder of Bawang Tea Ji, Zhang Junjie, is set to marry Gao Haichun, a prominent figure in the solar energy sector, indicating potential synergies between the two industries [5] - He Tongxue, a notable figure in the tech industry, reported a loss of CNY 1-2 million for his company this year, attributing it to a significant impact from a social media post [5] Group 3 - KargoBot appointed a new CFO, Zhan Ruinan, to accelerate its development in the autonomous driving sector, signaling a strategic move towards internationalization and capital expansion [5] - The first MPV from Hongmeng Zhixing is set to launch, featuring advanced technology and multiple powertrain options, showcasing the company's commitment to innovation in the automotive sector [5] - Meizu denied rumors of relocating its headquarters, affirming that its current building will continue to serve the company for a long time [7] Group 4 - GAC Toyota's sales vice president refuted claims that the company would cease production of several key gasoline vehicles, clarifying that such information is false [8] - Nvidia's recent earnings report highlighted significant contributions from various clients, including a lesser-known Saudi startup, Humain, which aims to supply a substantial portion of global AI computing power by 2034 [8] - Ant Group's CTO discussed the relationship between its Lingguang App and Alibaba's Qianwen App, emphasizing collaboration in the pursuit of AGI [8] Group 5 - The humanoid robot A2 completed a 100-kilometer cross-province walk, earning a Guinness World Record for the longest distance walked by a humanoid robot [10] - Meta's chief scientist, Yann LeCun, announced his departure to start a new venture focused on advanced machine intelligence, aiming to revolutionize AI capabilities [11] - WeRide's Robotaxi received a pure unmanned license in Switzerland, marking a significant milestone in the deployment of autonomous vehicles [11] Group 6 - Physical Intelligence, a robotics startup, raised USD 600 million in funding, achieving a valuation of USD 5.6 billion, indicating strong investor confidence in AI-driven robotics [12] - Star Motion Era completed nearly CNY 1 billion in A+ round financing, led by Geely Capital, to support its technology iterations and applications [12] - SoftBank plans to invest up to USD 3 billion in a factory to produce equipment for OpenAI's data center, reinforcing its commitment to AI development [12] Group 7 - IDC forecasts that the smart glasses market in China will reach a significant turning point by 2026, with expected shipments surpassing 4.915 million units [17] - The sales of pure electric large three-row SUVs have outperformed other powertrain types for two consecutive months, indicating a strong market trend towards electric vehicles [17]

Core Viewpoint - NIO has made significant breakthroughs in its charging network, making electric vehicle charging as convenient as refueling, which is supported by the government's push for charging infrastructure development [1] Group 1: Company Developments - NIO's Director of Power Trading, Xiang Chen, stated that the company has achieved key breakthroughs in its charging network for high-speed scenarios, with charging becoming more convenient than refueling in some areas [1] - Since 2018, NIO has built over 8,100 charging and battery swap stations across the country, with more than 80% of the electricity used coming from non-NIO users, effectively alleviating range anxiety and charging efficiency concerns in the industry [1] Group 2: Industry Trends - From January to August this year, the market growth rate for pure electric vehicles has significantly outpaced that of extended-range vehicles, indicating a shift in consumer perception towards the convenience of electric charging [1] - The recent launch of multiple pure electric large three-row SUVs by various automakers signifies that pure electric travel is entering a golden era of space and charging freedom [1]

Core Insights - NIO's CEO Li Bin stated that 2025 will mark a turning point where the benefits of pure electric technology will outweigh the inconveniences of charging [1] - The increasing market presence of pure electric large three-row SUVs is driving significant sales growth, surpassing that of range-extended, plug-in hybrid, and fuel vehicles [1] - The NIO L90 has delivered over 7,000 units since August, ranking among the top three in large SUV sales [1] Industry Trends - The market is witnessing a shift towards pure electric large three-row SUVs, indicating the onset of a new era in this segment [1] - The adoption of battery swapping technology is highlighted as the ultimate choice for pure electric large three-row SUVs [1]