金吾财讯 | 交银国际表示，11月新能源汽车整体销售延续增长，零跑、鸿蒙智行创月度新高。2025年11月部分省份置换更新和以旧换新补贴提高了门槛，但得益于2026年购置税调整、以及各车企年底促销活动，新能源汽车行业整体维持高景气，其中10家车企合并销量同/环比增约9.5%/5.8%，但部分新能源车企销量环比有所下滑。该机构指，2026年新能源购置税减免政策调整有望刺激消费者2025年底前集中购车，叠加车企年末冲量及春节前建库需求，有望对冲部分省份提高置换补贴门槛的影响。但4季度集中放量后，2026年1季度或回到季节性淡季，建议投资者把握结构行情同时保持审慎，关注短期波动。建议关注：小鹏汽车(09868/XPEV US/买入)增程车型陆续上市，同时海外本地化生产逐步落地，带动销量和毛利率提升；吉利汽车(00175/买入)私有化极氪后推动内部资源整合；赛力斯(601127 CH/买入)问界系列进一步拓展高端市场并提升盈利水平。
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