当地时间1月6日，美国特斯拉股价单日大跌4.14%，报收432.96美元/股，总市值一夜蒸发662.3亿美元 （折合人民币超4346亿元）。 股价重挫背后，是特斯拉刚刚交出一份不及预期的销量成绩单。 2025年，特斯拉全球交付163.6万辆，同比下滑8.6%，还首次丢掉全球纯电销冠头衔。而在中国市场， 特斯拉表现更为惨淡，2025年前11个月挂牌销量为53.19万辆，同比下降7.37%，市场竞争力显著弱化。 行业分析师张栋伟在接受新京报贝壳财经记者采访时表示，特斯拉的销量颓势并非孤立现象，而是中国 市场权重持续提升背景下，本土消费力量与产业竞争力崛起的必然结果，这一逻辑也贯穿于多个消费领 域的竞争格局中。 年末冲量难掩全年跌势 与特斯拉的"慢迭代"形成鲜明对比的是，本土品牌正以高频次的产品更新抢占市场。2025年，小米汽车 凭借两款新车全年交付超40万辆，直接分流特斯拉的目标用户；比亚迪汉、蔚来ES6等车型在智能座 舱、800V快充、空间布局等方面贴合中国用户需求，在20万-30万元主销区间形成围剿之势。更值得注 意的是，本土品牌覆盖了从10万元代步车到40万元以上豪华车的全价格带，而特斯拉产品线相对单一， ...

报告摘要 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 期缩短至14-38周（vs. 12月为28-38周），SU7 Ultra交付周期延长至6-9周（vs. 12月为4-7周）；2 月前下定小米YU7可享3年0息限时优惠。5）华为：鸿蒙智行12月交付量同比+81.1%/环比+9.5%至9.0 万辆、再创历史新高；尚界H5推出9,000元现金优惠等限时权益。 2026E以旧换新政策延续，关注1Q26E车市表现、以及机器人主题发酵 2025年12月30日商务部等8部门发布《2026年汽车以旧换新补贴实施细则》，报废补贴旧车范围在 2025年政策范围基础上延扩1年，报废/置换补贴上限与2025年政策相同、补贴方式从定额补贴调整为按 新车销售价格定比例补贴。 风险提示： 政策波动；供应链 ...

点 击 蓝 字 关 注 我 们 | | 目录 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 | 上汽奥迪 | A5L Sportback | 2025 / 12 / 12 | B NB | NM | | 2 | 一汽轿车 | 红旗 HS6 | 2025 / 12 / 16 | C SUV | NP | | 3 | 长城汽车 | 欧拉5 | 2025 / 12 / 16 | A SUV | NP | | র্ব | 蔚来汽车 | ELS | 2025 / 12 / 16 | B MB | NM | | 5 | 蔚来汽车 | ET5T | 2025 / 12 / 16 | B Wagon | NM | | ୧ | 光束汽车 | MINI 纯电动 | 2025 / 12 / 17 | AO HB | NM | | 7 | 蔚来汽车 | 乐道 L60 | 2025 / 12 / 18 | B SUV | NM | | 8 | 光束汽车 | MINI 纯电动 | 20 ...

近年来，旅行车在国内市场的受欢迎程度显著攀升。据乘联会数据显示，2024年国内新能源乘用车零售量持续走高，消费者对"通勤便捷、旅行适用、 装载灵活、外观吸睛"的旅行车产品关注度日益提升。伴随着车辆智能化、长续航能力以及出行品质的全面提升，30–40万元已成为众多消费者选购高品 质旅行车的关键预算区间。 在这一价位段中，产品竞争愈发围绕空间装载能力、长途续航表现、智能驾驶助手水平、座舱体验等维度展开。本文选取了当前用户讨论度较高的三款 车型：享界 S9T、蔚来 ET5T、奔驰E级，为有购车计划的用户提供客观参考。 1、享界 S9T 推荐指数：★★★★★ 作为鸿蒙智行首款旅行车，享界S9T兼顾轿车的优雅舒适与SUV的豪华大空间，并首批搭载华为乾崑智驾ADS 4、全新华为途灵平台、智慧电动门、华 为百万像素智慧投影大灯、全维防碰撞4.0、鸿蒙ALPS健康座舱、华为悦彰音响卓越系列等旗舰9系领先科技配置，是一款集高颜值、大空间、超智 慧、长续航、超好开、真安全于一体的全面全能型的豪华旅行车，满足用户城市通勤、探索旷野等多元用车场景，不仅全面革新传统旅行车产品价值， 引领旅行车智能化转型，还有望实现产品破圈，覆盖更大的 ...

Core Viewpoint - The article highlights the performance of key new energy vehicle companies in November 2025, showcasing their delivery volumes and year-on-year growth rates, while also discussing the overall market trends and the impact of subsidy policies on consumer behavior [2][3][4][5][6][7]. Group 1: Delivery Performance - Leap Motor delivered 70,327 vehicles in November, a year-on-year increase of 75.1% and a slight month-on-month increase of 0.1% [3]. - Xpeng delivered 36,728 vehicles, reflecting an 18.9% year-on-year increase but a 12.6% decrease month-on-month [4]. - NIO delivered 36,275 vehicles, with a year-on-year growth of 76.3% and a month-on-month decline of 10.2% [5]. - Li Auto delivered 33,181 vehicles, showing a significant year-on-year decrease of 31.9% but a month-on-month increase of 4.5% [6]. - Zeekr delivered 28,843 vehicles, marking a 6.8% year-on-year increase and a notable month-on-month increase of 34.6% [7]. - Xiaomi reported deliveries exceeding 40,000 vehicles in November [7]. Group 2: Market Trends - The overall retail market for narrow passenger vehicles in November is estimated at approximately 2.25 million units, a year-on-year decrease of 8.7%, while the new energy vehicle retail is expected to reach 1.35 million units, achieving a penetration rate of 60% for the first time [2]. - The five sample new force car companies (excluding Xiaomi) collectively delivered 205,354 vehicles, representing a year-on-year increase of 22.7% [2]. Group 3: Competitive Landscape - Leap Motor's growth is attributed to strong product offerings like the C10 and B01, which are competitively priced under 200,000 yuan [3]. - Xpeng's new model, the X9 Super Range, launched in November, has set a record for pre-orders, indicating strong market interest [4]. - NIO's ES8 2026 model achieved a record delivery of over 20,000 units within 70 days of its launch, showcasing its market appeal [5]. - Li Auto is enhancing its charging network, which is expected to support its competitiveness as new electric products are introduced [6]. - Zeekr's new models, including the refreshed Zeekr 001 and 7X, are positioned to attract consumers in the mid to high-end market segments [7]. Group 4: Technological Advancements - The article notes that the advancement of intelligent driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting smart driving features [8]. - The article anticipates that advancements in intelligent driving technology will lower hardware barriers, allowing for broader application in the mainstream market [8]. - The emergence of autonomous driving capabilities is seen as a critical competitive factor for car manufacturers, with a focus on companies that are leading in smart technology [9]. Group 5: Component Industry Outlook - The article suggests a positive outlook for the new energy vehicle supply chain and smart electric growth, with low valuations in the component sector indicating potential for mid-term growth [10]. - Recommendations include focusing on intelligent driving components and the new force supply chain, highlighting specific companies within these sectors [11].

Core Insights - The second-hand market is becoming a popular choice among young consumers in China, driven by a shift in their consumption mindset towards high cost-performance products and practicality over brand prestige [1][2][4] Group 1: Market Trends - The number of registered users on a major second-hand trading platform is expected to exceed 600 million by 2024, with over 50% of users being post-95 and post-00 generations [1] - The second-hand car market is witnessing a steady growth, with a total transaction volume of 16.49 million vehicles from January to October 2025, representing a year-on-year increase of 3.53% [9] - The second-hand new energy vehicle market is emerging as a significant segment, with a transaction volume of 978,000 units from January to August 2025, reflecting a year-on-year growth of 41.8% [10] Group 2: Consumer Behavior - Young consumers are increasingly opting for second-hand cars due to lower prices and better value, with many sharing experiences of transitioning from considering high-priced new cars to purchasing affordable second-hand options [2][4] - The trend of "online shopping" for second-hand cars is gaining traction, with approximately 40% of transactions completed through a national purchasing model on a major platform [16][18] Group 3: Pricing and Value - Significant discounts are available in the second-hand car market, with examples such as a 2021 Tesla Model 3 priced at 98,000 yuan, compared to its original price of 267,700 yuan, representing a 63.4% discount [5] - The depreciation of new cars is evident, with many models losing over 50% of their value within three years, making second-hand cars a more attractive option for budget-conscious consumers [8] Group 4: Platform Development - A major platform has established itself as a key player in the second-hand car industry, offering comprehensive services including deep vehicle inspections and robust after-sales support [14][19] - The platform has also contributed to the development of industry standards, such as the first local standard for second-hand new energy vehicle appraisal [19]

Core Viewpoint - The article highlights the growing trend of young consumers in China embracing the second-hand market, particularly for cars, driven by a shift in consumption values towards high cost-performance products and practical needs [2][4][10]. Group 1: Young Consumers and Second-Hand Market - Young consumers are increasingly turning to second-hand markets as a new lifestyle choice, with over 60 million registered users on a major second-hand trading platform, where users born after 1995 and 2000 account for more than half [2][4]. - The shift in consumer mindset reflects a preference for practical value over brand prestige, leading to a significant interest in second-hand goods, including cars [2][4]. Group 2: Second-Hand Car Market Growth - The second-hand car market in China has shown steady growth, with a cumulative transaction volume of 16.49 million vehicles from January to October 2025, representing a year-on-year increase of 3.53% [10]. - The average transaction amount for second-hand cars reached 1,057.18 billion yuan during the same period [10]. Group 3: Price Comparisons and Value - Significant price differences between new and second-hand cars are evident, with examples such as a 2021 Tesla Model 3 priced at 98,000 yuan compared to its new price of 267,700 yuan, representing a 64% discount [6]. - The depreciation of new cars has led to a market where three-year-old vehicles often sell for half their original price, making second-hand cars an attractive option for budget-conscious consumers [9]. Group 4: Rise of Second-Hand New Energy Vehicles - The second-hand new energy vehicle market is emerging as a significant segment, with transactions reaching 978,000 units from January to August 2025, marking a 41.8% year-on-year growth [11]. - Consumers show a higher acceptance of second-hand new energy vehicles, with a budget for these cars averaging between 50,000 to 150,000 yuan, which is double that of traditional fuel vehicles [11]. Group 5: Online Purchasing Trends - The trend of "online shopping" for second-hand cars is gaining traction, with approximately 40% of transactions on a major platform completed through a "national purchase" model [17][19]. - The platform has established a standardized process for online purchases, including comprehensive vehicle inspections and a seven-day return policy, enhancing consumer confidence in buying second-hand cars online [15][19]. Group 6: Industry Standards and Regulations - The company has played a pivotal role in the development of industry standards, participating in drafting the first local standard for second-hand new energy vehicle assessment in October 2023 [20].

Core Insights - NIO reported Q3 2025 revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss for Q3 was 3.48 billion yuan, narrowing by 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - The company aims to achieve profitability in Q4 2025, with a revenue guidance of 32.76 billion to 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [3][7] Financial Performance - Q3 automotive sales revenue reached 19.20 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter [4][2] - Gross margin for Q3 was 13.9%, compared to 10.7% in Q3 2024, with automotive gross margin at 14.7% [6][2] - The company’s cash reserves increased to 36.7 billion yuan, up nearly 10 billion yuan from the previous quarter [1] Delivery and Production - NIO achieved a record delivery volume of 87,071 vehicles in Q3, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company expects Q4 deliveries to range between 120,000 and 125,000 vehicles, a year-on-year increase of 65.1% to 72% [4][7] Strategic Outlook - NIO's CEO expressed confidence in achieving profitability in Q4, driven by high-margin models such as the new ES8 and L90 [3][9] - The company plans to launch new models in 2026, aiming for a gross margin of 20% by optimizing costs and focusing on high-end electric vehicles [10][9] - The penetration rate of electric vehicles in the high-end market (over 300,000 yuan) has increased from 12% to 18% in 2023, indicating significant growth potential [9][10]

Core Viewpoint - The new national standard proposed by the Ministry of Public Security aims to address safety concerns related to the rapid acceleration of electric vehicles, requiring that passenger cars have a default acceleration time of no less than 5 seconds for 0 to 100 km/h after each power-up [2]. Group 1: New National Standard - The proposed national standard, titled "Technical Conditions for the Safe Operation of Motor Vehicles," is currently open for public consultation [2]. - The standard specifically targets the issue of loss of control in electric vehicles due to excessive acceleration [2]. Group 2: Current Market Impact - At least 19 models of electric vehicles currently on sale have an official acceleration time of less than 5 seconds for 0 to 100 km/h [2]. - The following are some of the models with their respective acceleration times and starting prices: - Li Auto i6 AWD: 4.5 seconds, starting at 249,800 CNY - Xpeng G9 680: 4.2 seconds, starting at 278,800 CNY - EMEYA 600: 4.15 seconds, starting at 538,000 CNY - NIO ET5: 4 seconds, starting at 298,000 CNY - BYD Tang L EV: 3.9 seconds, starting at 239,800 CNY - Tesla Model X: 3.9 seconds, starting at 704,900 CNY - Denza N8 L: 3.9 seconds, starting at 299,800 CNY - Xpeng P7 750: 3.7 seconds, starting at 259,800 CNY - Arcfox Alpha S5: 3.7 seconds, starting at 127,800 CNY - Geely Geometry X: 3.69 seconds, starting at 155,800 CNY - Tesla Model S: 3.2 seconds, starting at 647,300 CNY [3].

Group 1 - The article highlights the growing acceptance of purchasing second-hand cars online, particularly through reliable platforms like Dongchedi, which offers a seamless buying experience [1][2] - A case study of a consumer, Mr. Qing, illustrates the advantages of using Dongchedi's "national purchase" model, which allows for online ordering and offline delivery, ensuring transparency in vehicle condition [2][4] - The platform has expanded its second-hand car business since 2021, establishing multiple stores and offering services across over 280 cities in China, making it a preferred choice for consumers [6] Group 2 - Mr. Qing purchased a NIO ET5T, a two-year-old vehicle with a mileage of 18,000 kilometers, at a significantly reduced price of just over 180,000 yuan compared to the new car price exceeding 300,000 yuan [1][4] - The buying process included a detailed video presentation of the vehicle, which built trust in the platform's service and transparency [2][4] - Dongchedi provides high-quality second-hand car services, including official inspections and multiple after-sales guarantees, contributing to its reputation as a leading platform in the market [6]