乘用车细分市场洞察#3：中高端市场或彰显韧性关注L3智驾交易主线

中金公司2025-12-20

观点聚焦投资建议乘用车内需β偏弱，我们相对看好更具韧性的中高端新能源市场，及体验升级驱动的混动市场增长机遇，建议关注龙头反扑、后发车企进攻、智驾升级三大主线。理由消费结构有所下沉，纯电接棒混动实现高增，品牌突围赛持续。分结构看，价格竞争及以旧换新共同作用下，2025 年新能源乘用车消费结构总体呈下沉趋势，10 万元以下占比提升明显。分动力类型看，新能源渗透率增速放缓，纯电接棒混动实现较快增长，其中...

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乘用车细分市场洞察#3：中高端市场或彰显韧性 关注L3智驾交易主线

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乘用车细分市场洞察#3：中高端市场或彰显韧性关注L3智驾交易主线