金吾财讯 | 中国银河证券发研报指，11月车市在经历了前几个月多轮抢政策补贴后，已经形成了较大的透支效应，消费者观望情绪较浓，总体需求释放相对谨慎。据乘联会统计，11月全国乘用车零售总市场226.3万辆，同比下降7%，环比增长1%。11月全国乘用车厂商批发299.2万辆，同比增长2%，环比增长2%。其中，新能源乘用车零售135.4万辆，同比增长7%，环比增长6%，零售渗透率达到59.8%。11月全国乘用车厂商新能源批发172万辆，同比增长20%，环比增长7%，批发渗透率达到57.5%。展望12月，预计年末购置税政策到期与厂商冲量将推动12月销量向上。但2026年起购置税政策调整，可能导致市场需求短期回落，尤其对30万元以下车型影响较大，一季度需提前防范政策退坡叠加淡季的风险。该机构推荐处于新车强周期的乘用车头部企业、智能化产业链与人形机器人产业链。
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