政策持续发力，销量连续三个季度同比两位数增长。3Q25 乘用车销量 769 万辆、同比+15%、环比+8%；商用车 99 万辆、同比+20%、环比-7%。乘用车以旧换新在 1 月初便确认延续，虽时有波折，但仍然带来销量增长的延续性；24 年政策 3Q 加码基数较高，因而 3Q25 零售增速降至个位数，但受益于出口，批发仍保持两位数增长；新能源乘用车 396 万辆、同环比+23%/+10%，渗透率超 52%。商用车 3Q 为传统淡季，环比个位数下滑符合预期，去年同期景气度为近 2 年最低，其余单季批发在 100 万辆上下，3Q25 也符合该表现。

10月出口重点关注集成电路与汽车

Pickup trucks are light-duty trucks with open cargo beds at the rear. They are mainly used for the transportation of goods but are also used for personal purposes, construction, agriculture, and other commercial applications. The global pickup truck market is a global industry that includes the manufacturing, marketing, and sales of pickup trucks. It includes different types of pickup truck models, sizes, and configurations offered by different manufacturers in different regions to meet the various needs and preferences of consumers across the world. Economic growth, urbanization, infrastructure development, and changing consumer lifestyles all play a significant role in the global pickup truck demand and dynamics.

Motorcycle rider accessories are essential items that enhance safety, comfort, and convenience for riders. A comprehensive range of motorcycle rider accessories is used for different driving conditions, including helmets, apparel, and other accessories. These motorcycle rider accessories are also used by commuters, motorbike sports participants, professional bikers, and motorbike touring enthusiasts

汽车行业：智驾已是“必答题_，低阶配置平权与高阶功能落地共振－智能驾驶专题

汽车行业：内销与出口共振，景气度持续向好－重卡行业9月跟踪月报

汽车行业：9月产批同环比增长，出口高增延续－客车10月月报

摩托车行业：中大排出海提速，自主高端化突围－系列点评二十一

动力锂电行业：电动重卡市场驶入增长快车道

自2024Q2以来，吉利、零跑、小鹏、小米等销量和份额持续上涨，龙头企业份额被蚕食，尾部企业出清。吉利、零跑、小鹏定位大众市场，通过极致性价比车型吉利星愿、吉利银河E5、零跑C10、小鹏MONA M03等带动销量持续增长，小米则依靠强大的品牌力获得增长，新 势力企业零跑、小鹏、小米的销量持续稳定在单季度8—12万辆之间。从份额角度看，这些企业的增长主要是蚕食了龙头企业的份额，比如比亚迪、特斯拉份额同比去年减少了5.1%、2.3%。