中金：11月乘用车出口续创新高期待年末新能源“翘尾”收官

智通财经2025-12-09

智通财经APP获悉，中金发布研报称，据乘联会发布统计数据，11月乘用车出口续创月度新高，其中新能源乘用车出口同比增长2.4倍，比亚迪(01211)单月出口量增至13.2万辆。11月新能源乘用车批发170.6万辆，同比增长18.7%，环比增长5.8%；零售132.1万辆，同比+4.2%/环比+3.0%，表现优于乘用车整体水平，零售口径新能源渗透率达59.3%，同比+7ppt。展望12月，伴随电池供应...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120916382697982877&s=b><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，据乘联会发布统计数据，11月乘用车出口续创月度新高，其中新能源乘用车出口同比增长2.4倍，比亚迪(01211)单月出口量增至13.2万辆。11月新能源乘用车批发170.6万辆，同比增长18.7%，环比增长5.8%；零售132.1万辆，同比+4.2%/环比+3.0%，表现优于乘用车整体水平，零售口径新能源渗透率达59.3%，同比+7ppt。展望12月，伴随电池供应...</p>\n\n<a 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万辆，同环比+52.4%/+9.1%。多因素致11月乘用车零售承压，出口续创月度新高11月狭义乘用车零售承压，环比下降主要系地方补贴收缩、电池供应紧缺的影响。1-11月狭义乘用车累计零售销量2148.3万辆，同比+6.1%，据乘联会数据，前11个月以旧换新申请量达1120万辆，政策支持对全年汽车消费起到了有力的支撑作用。11月乘用车出口续创月度新高，其中新能源乘用车出口同比增长2.4倍，比亚迪单月出口量增至13.2万辆。新能源同环比延续增长，12月有望“翘尾”收官11月新能源乘用车批发170.6万辆，同比增长18.7%，环比增长5.8%；零售132.1万辆，同比+4.2%/环比+3.0%，表现优于乘用车整体水平，零售口径新能源渗透率达59.3%，同比+7ppt。分车企看，鸿蒙智行、零跑汽车(09863)、蔚来-SW(09866)、岚图同比增长亮眼。展望12月，伴随电池供应边际改善、新车型产能爬坡，叠加新能源乘用车购置税补贴退坡的影响，12月新能源销量依然有望冲高。关注全球格局重构机遇，看好2026年智驾趋势展望2026年，如果维持一定的央地补贴，预计国内需求有望保持平稳，国内新能源销量有望保持双位数增长，自主车企海外销量有望继续增长。得益于头部自主品牌持续加码、第三方智驾供应商赋能车企，2025年高阶智驾经历了发展拐点，预计2026年高阶智驾渗透率仍将持续提升，带动产业链软硬件供应商放量。标的方面建议关注近期商用车板块的机会，以及全球化布局具备优势的头部零部件公司。具体看：1)商用车：中国重汽(000951.SZ,03808)、宇通客车(600066.SH)、中集车辆(301039.SZ)；2)汽零：敏实集团(00425)、福耀玻璃(600660.SH)、伯特利(603596.SH)、星宇股份(601799.SH)等；3)机器人：三花智控(002050.SZ)、拓普集团(601689.SH)、浙江荣泰(603119.SH)等。4)整车：吉利汽车(00175)、奇瑞汽车(06166)等。风险因素政策补贴不及预期，海外市场拓展不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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中金：11月乘用车出口续创新高 期待年末新能源“翘尾”收官

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中金：11月乘用车出口续创新高期待年末新能源“翘尾”收官