11 月“翘尾”行情遇冷，销量排位洗牌。11 月，比亚迪销量 48 万辆，同比降 5%，环比增 9%，未达 50 万辆大关，主要受国内需求走弱拖累；其中 11 月国内销量 34.8 万辆，同比下降 27%。1-11 月累计销量 418.2 万辆，同比 增 11%。11 月海外出口破 13 万辆续创新高，同比大增近 300%，全球化持续加速。吉利 11 月销量 31 万辆，同比增 24%，环比增 1%；1-11 月累计 279 万辆，同比增 42%，全年 300 万销量目标完成在望。其中新能源车 11 月销量 18.8 万辆，同比增 53%，环比增 6%，渗透率超 60%，已成为销量主力。银河品牌带来新能源增量主要贡献，11 月 销量 13.3 万辆，同比增 76%，1-11 月累计 113.5 万辆，同比增 167%，引领吉利新能源的中高端化步伐；领克 11 月 销量 3.5 万辆，同比增 7%；极氪 11 月交付 2.9 万辆，同比增 7%；11 月海外出口 4.2 万辆，同比增 22%。

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

汽车产业链业绩领跑,北证科技产业三季报凸显结构性机遇-北交所策略专题报告

如何看待汽车制造强与零售弱的分化-10月行业信息回顾与思考

受补贴政策退坡预期影响，市场当前对汽车明年周期下行的悲观预期较为充分，我们认为销量表现可能好于市场预期，投资机会围绕预期修复、个股 alpha，以及零部件的智驾/机器人/液冷板块行情来布局。

汽车行业：智驾蓄力，机器人突破，汽车科技属性进阶－2026年投资策略报告