炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：华泰证券研究所） 2021 2023 2022 60% 2024 2035 52% 54% 55% 51% 53% 50% 50% 46% 46% 42% 40% 30% 20% 10% 0% 1日 2日 2 日 A El 5日 6日 7日 R 日 O 日 10日 11日 17日 2021年 2022年 -2023年 300 2024年 2025年 227 228 250 211 204 196 197 180 187 178 200 140 150 100 50 0 1月 5月 7月 10月 11月 12月 2月 3月 4月 6月 8月 9月 资料来源:中国汽车工业信息网、华泰研究 77J 两新政策刺激25年行业景气度,纯电车销量增速反超 混动,新能源渗透率显著提升。 2021年-2025年10月乘用车零售销量趋势（单位、 <> 万辆 ) * 2021年-2025年10月新能源渗透率(批发) * 资料来源:乘联会、华泰研究 ◇ 结构:自主稳定突破,中低端增速最快 25年1-10月自主品牌份额提升至66%，吉利、小鹏、 零跑表现 ...

12月10日，新疆乌鲁木齐市，新疆"双12"冬季车展在新疆国际会展中心开幕，将持续至12月14日。本届 车展汇聚60多个汽车品牌，800多款车型集中展示，涵盖燃油车、纯电车和混动车等多种类型。车展现 场推出专项补贴叠加厂家直销政策等多项购车福利，为购车者提供更多实惠。中新社记者 刘新 摄 12月10日，新疆乌鲁木齐市，新疆"双12"冬季车展在新疆国际会展中心开幕，将持续至12月14日。本届 车展汇聚60多个汽车品牌，800多款车型集中展示，涵盖燃油车、纯电车和混动车等多种类型。车展现 场推出专项补贴叠加厂家直销政策等多项购车福利，为购车者提供更多实惠。图为靓丽车模为车展助 阵。中新社记者 刘新 摄 12月10日，新疆乌鲁木齐市，新疆"双12"冬季车展在新疆国际会展中心开幕，将持续至12月14日。本届 车展汇聚60多个汽车品牌，800多款车型集中展示，涵盖燃油车、纯电车和混动车等多种类型。车展现 场推出专项补贴叠加厂家直销政策等多项购车福利，为购车者提供更多实惠。中新社记者 刘新 摄 12月10日，新疆乌鲁木齐市，新疆"双12"冬季车展在新疆国际会展中心开幕，将持续至12月14日。本届 车展汇聚60多个汽车品牌 ...

Core Viewpoint - The emergence of large battery range-extended vehicles is becoming a market trend, but NIO's leadership believes this approach is not logically sound given the current state of charging infrastructure [2][3]. Group 1: Market Trends - Large battery range-extended vehicles like the Zhiji LS9, Leap D19, and Xpeng X9 have been launched, boasting pure electric ranges exceeding 400 kilometers [2]. - NIO is currently the only new energy vehicle company focusing solely on "pure electric + battery swapping" [2]. - The number of public charging stations in China has increased by 5 to 10 times compared to five or six years ago, making charging more convenient [2]. Group 2: Product Insights - NIO's senior vice president, Shen Fei, argues that the current trend of large battery range-extended vehicles is based on outdated market assessments from three years ago [2][3]. - The addition of range extenders increases vehicle weight, cost, and reduces interior space, which may not provide a good user experience [3]. - Shen Fei emphasizes that battery swapping allows for better safety checks on batteries, addressing consumer concerns about battery safety [3]. Group 3: Competitive Landscape - Traditional fuel vehicles are also undergoing smart technology upgrades, with companies like SAIC Volkswagen and Chery launching intelligent fuel models [4]. - The market is gradually shifting towards pure electric vehicles, but range extenders may still be necessary in specific scenarios where costs cannot compete with fuel vehicles [4]. Group 4: Company Developments - NIO's subsidiary, Ladao, has two SUV models, L90 and L60, and recently launched a limited edition L90 at a price of 306,800 yuan, with a battery-as-a-service option available for 220,800 yuan [5]. - The launch of Ladao's third model, L80, has been postponed due to higher-than-expected sales of the L90, indicating a strategic approach to product release timing [5].

Core Viewpoint - BYD is focusing on plug-in hybrid vehicles (PHEVs) in addition to pure electric vehicles, which aligns with the current market conditions in Europe where charging infrastructure is still developing, presenting a significant market potential for PHEVs [1] Group 1: Company Strategy - SAIC's MG brand has launched HEV hybrid models to strengthen its sales base in Europe, achieving over 220,000 terminal deliveries in the European market this year, making it the best-selling Chinese brand in Western Europe [1] - SAIC Group has developed its own "Zhu Feng" integrated vehicle architecture, covering both "oil hybrid" and "electric hybrid" products [1] - Multiple models of plug-in hybrid and range-extended products are being launched this year by SAIC's own brands such as Roewe, Zhiji, and Shangjie, as well as joint ventures with brands like Volkswagen and General Motors [1]

Core Viewpoint - BYD is not only selling pure electric vehicles but also plug-in hybrid vehicles, which positions it advantageously in the European market where charging infrastructure is still developing [1] Group 1: Company Strategy - SAIC MG has launched HEV hybrid models to strengthen its sales base in Europe, achieving over 220,000 terminal deliveries in the European market this year, making it the best-selling Chinese brand in Western Europe [1] - SAIC Group has developed its own "Zhu Feng" integrated vehicle architecture, covering both "oil hybrid" and "electric hybrid" products [1] Group 2: Market Context - The current lack of widespread charging infrastructure in Europe enhances the market potential for plug-in hybrid vehicles, aligning with the transition from gasoline vehicles to electric vehicles [1] - Various domestic brands such as Roewe, Zhiji, and Shangjie, along with joint ventures like Volkswagen and General Motors, are set to launch multiple plug-in hybrid and range-extended products this year [1]

Core Insights - Great Wall Motors has developed a strategic approach focusing on "miniaturization of pure electric vehicles and large-scale hybrid vehicles" based on solid market practices and technological accumulation [1] Group 1 - The company has invested 300 million yuan in a laboratory capable of simulating typhoons, showcasing its commitment to innovation and research [1] - Great Wall Motors is recognized in the industry for its unwavering dedication to its original mission of vehicle manufacturing [1]

Core Insights - The Chinese automotive market is experiencing significant changes in the second half of 2025, particularly in the new energy vehicle (NEV) segment and the competition between domestic and overseas brands [1][4]. Market Performance - In July, the total new car insurance volume in the Chinese market reached 1.85 million units, a slight increase of 1.7% year-on-year, indicating a weak growth trend compared to previous months [2]. - Domestic brands saw a year-on-year increase of 11% in July, while overseas brands experienced a decline of 11.5%, highlighting a stark contrast between the two segments [3][10]. New Energy Vehicle Insights - The penetration rate of new energy vehicles in July surpassed 52.87%, marking a significant breakthrough after nearly a year of stagnation [6][5]. - The total sales of new energy vehicles in July reached 977,749 units, reflecting a year-on-year growth of 10.82% [8]. - Pure electric vehicles were the main drivers of this growth, with a 25.1% increase in July, while plug-in hybrids and range-extended vehicles saw declines [9][8]. Brand Performance - Domestic brands achieved a record market share of 64.1% in July, with sales of 1.186 million units, while overseas brands sold 664,000 units [11]. - BYD, the leading domestic NEV manufacturer, experienced a decline of 19.9% in July, contrasting with the overall growth of the domestic market [12][14]. - Geely and Changan reported significant growth, with Geely's sales increasing by 60.5% in July [15][16]. Overseas Brand Trends - Major overseas brands like Volkswagen and Toyota saw declines in July, with Volkswagen's sales dropping by 8.9% and Toyota's by 4.2% [19][20]. - Nissan, however, achieved a 17.3% increase in sales, surpassing Honda's total sales [22]. Luxury Brand Performance - The luxury segment, particularly the "BBA" (Benz, BMW, Audi), faced further declines, with BMW's sales down by 21.6% and Audi's by 26.8% [26][24]. - New force brands like AITO surpassed traditional luxury brands in sales, indicating a shift in consumer preferences [27][29]. New Forces in the Market - The new force brand AITO led the sales among new energy brands in July with 41,501 units, slightly surpassing Tesla [30][31]. - Other new energy brands like Zero Run and Xiaopeng reported substantial growth, with Zero Run's sales increasing by 91.7% [32][30]. Summary - The automotive market in China is undergoing a transformation, with significant shifts in NEV penetration and brand competition. The recent performance indicates a potential reshaping of market dynamics, particularly with the rise of domestic brands and new energy vehicles [35][36].

Core Viewpoint - Tesla is facing significant challenges in the European market, with a notable decline in sales and increasing competition from Chinese automakers like BYD, which have surpassed Tesla in electric vehicle sales in Europe [2][7][12]. Group 1: Tesla's Performance in Europe - In May, Tesla's new car registrations in the EU dropped by 40.5% to 8,729 vehicles, marking five consecutive months of declining sales [2][3]. - Tesla's market share in Europe has fallen to 1.2%, with particularly poor performance in France, where only 721 vehicles were sold in May [3][5]. - Following the departure of a key executive, Tesla's sales operations in the US and Europe have been taken over by Elon Musk himself [4]. Group 2: Competition from Chinese Automakers - BYD's sales in Europe have surged, with a year-on-year increase of 359% in April, surpassing Tesla's sales for the first time [7]. - In May, Chinese brands registered 65,808 new vehicles in Europe, achieving a market share of 5.9%, doubling from 2.9% in the same period last year [11]. - Other Chinese automakers, such as Geely and SAIC, have also seen significant growth, with SAIC's registrations increasing by 49.1% from January to May [12]. Group 3: Market Dynamics and Future Outlook - The EU's tariffs on electric vehicles are expected to impact Chinese automakers by the end of 2024, but they are currently capitalizing on the growing demand for hybrid vehicles, which are not subject to these tariffs [16]. - Despite the rapid growth of Chinese brands, traditional European manufacturers still dominate the market, holding 55% of the EU market share as of May [19][20]. - Tesla has established a high-end brand image and has manufacturing facilities in Europe, which may provide some resilience against the rising competition [22].

Group 1 - The article emphasizes the importance of new drivers selecting a suitable car to avoid letting their driving license "gather dust" [1] - It highlights that understanding one's budget is crucial, suggesting that a reasonable car budget should be 6 to 12 months of income, considering not just the car price but also additional costs like taxes, insurance, and maintenance [4][5][7] - The article advises new drivers to be aware of their actual needs based on daily driving scenarios, such as commuting or family use, to avoid being misled by sales tactics [8][10] Group 2 - It discusses the significance of practical features over aesthetic ones, recommending that new drivers focus on essential configurations like safety and comfort rather than seeking a "perfect" vehicle [12][14][15] - The article stresses the need for rational decision-making during test drives, urging new drivers to pay attention to critical aspects like braking sensitivity and noise levels [17] - It suggests that new drivers should visit multiple dealerships to compare offers and avoid bundled sales that may include unnecessary add-ons [18][20] Group 3 - The article concludes that there is no perfect solution for car selection, and new drivers should prioritize understanding their budget and needs while avoiding pitfalls in the purchasing process [22]

亿欧汽车 . 专注汽车出行领域科创报道与投资价值研究 去欧洲赚快钱。 以下文章来源于亿欧汽车 ，作者徐博韬 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨徐博韬 编辑丨郝秋慧 来源丨亿欧汽车 "车企去欧洲赚快钱？别做梦了，那是条死路！" 在德国斯图加特，一位在保时捷工作多年的资深华人专家Jason对亿欧汽车如此说道。 Jason并非危言耸听，他在欧洲待了数十年，从读书到成家立业，深知欧洲人的做事风格，"想靠短期 利润救命的公司，欧洲市场趁早别碰。"他再次强调道。 欧洲汽车制造商协会（ACEA）数据显示，2024年，欧洲（包括欧盟、英国和EFTA国家）的汽车销 量规模为1296.36万辆，同比微增0.9%，是全球第三大汽车市场，仅次于中国和美国，亦是中国车企 出海的核心市场之一。 不过，欧洲，这片汽车工业的"圣地"，早已被百年老牌车企牢牢占据。 从德国的BBA（奔驰、宝马、奥迪），到法国的雷诺、标致。对于欧洲人而言，这些品牌不仅意味 着的是出行工具，更是他们文化和历史的象征。 外来的新品牌想要在这里分一杯羹，无异于虎口夺食。 但中国车企出海欧洲真的没有机会吗？ 并不是。 亿欧汽车深入欧洲市场，对当地市场进 ...