本周图表（5月19 - 25日）：比亚迪开启新一轮价格战

20% 17% 12% 10% 5% 4% 3% ICE-1% -1%BEV WoWYoY End-May2025的询价月度变化 6% 4% 2% 4.1% 4.1% 0% -2% -2.2% -4% -6% -4.9% ICEPVMarketPHEV ICEPVMarketPHEVEV EV 中国（中华人民共和国）|汽车及汽车零部件 本周图表（5月19日至25日）：比亚迪发起又一轮价格战 Our每周图表该报告是一份高频追踪器，监测中国汽车行业的零售需求。在5月的第四周：1)总体光伏保险销量达到39.2万辆，环比增长3% . 来源：ThinkerCar，Jefferies 图5-汽车之家询价月度同比变化 ，同比增长10%，新能源车渗透率为55.9%；2)比亚迪的周销量为53,374辆，环比下降3%，同比下降3%；3)李汽车和AITO表现优异，周销量分别为10,518辆和8,773辆，环比增长14%和17%；4)比亚迪启动新一轮价格战，随后吉利/AION跟进。 光伏市场的总保险销售量为39.2万单位，环比增长3%，同比增长10%。新能源汽车保险总销售量增长2%，环比增长21%，渗透率达到55.9%。按品牌划分，比亚迪的周销量为53,374单位，环比下降3%，同比下降3%，表现疲软；理想和哪吒汽车超越同行，周销量分别为10,518单位/8,773单位，环比增长14%/17%，其中M8/M9销量为3,676单位/3,135单位；小鹏汽车和小米的周销量分别为5,719单位/6,861单位，同比增长194%/154%，但环比分别下降2%/4%，其中Mona03/P7+销量为2,062单位/1,395单位；哪吒汽车的周销量为7,211单位，同比增长76%。 股票研究 图4-按引擎类型划分的每周保险销量（周环比） 2025年5月27日 . 来源：汽车之家，杰富瑞 图1-每周NEV渗透率为55.9% 60% 55% 50% 45% 40% 35% 30% 25% 20% 来源：ThinkerCar，Jefferies 图2-每周光伏保险销售额环比增长3%，同比增长10% 单位 800 600 400 千台 200 0 100% 70% 40% 10% -20% -50% PV周销售额WoW(RHS) 来源：ThinkerCar，Jefferies 图3-每周新能源汽车保险销量同比增长2%，环比增长21% 350 300 250 200 150 100 千台 50 0 70% 30% -10% JohnsonWan*|资深分析师 85237438083|johnson.wan@jefferies.com XiaoyiLei*|股票分析师 85237671126|xiaoyi.lei@jefferies.com Aaron王星*|股票分析师 +85237671121|aaron.wang@jefferies.com -50% NEV周销量WoW(RHS) 来源：ThinkerCar，Jefferies 请参见本报告第8至13页的分析师资质认定、重要信息披露信息以及非美国分析师状态的说明。*大华香港有限公司 图6-主要品牌每周保险销售数据 全年目标完成率2025年5月第3周2025年5 月第4周 年同比 WoW 2025年5月（当月累计） 年同比 MoM 2025年至今 年同比 PV周销售额NEV周销量BEV周销量PHEV周销量 EREV周销量 22,840,00013,570,0007,870,600 -- 35.2%29.4%31.3% -- 382,086215,246134,14556,81524,286 392,333219,451132,722 59,45827,271 10.3%20.7%17.0%20.2% 2.7%2.0% -1.1% 1,635,712859,738514,633246,141 98,964 11.3%24.4% 9.4%9.3% 8,047,4973,989,7722,465,7781,126,782397,210 7.8% 31.9%37.9% 22.3%21.5% 3.4% 4.7% 12.3% 17.3%26.0% 25.4%17.7% 44.4% 46.8% 电动汽车初创公司 特斯拉NIO 理想汽车Xpeng LeapmotorZeekrAITO Xiaomi - 300,000619,291430,803450,000349,000474,856400,000 -20.5% 26.6%33.2%29.2%19.6%20.4%31.2% 11,1524,2349,2335,8317,5013,6387,4917,142 10,963 3,857 10,518 5,7197,2113,5648,7736,861 -16.5% -1.7% 32,44815,46139,29423,96528,77114,57530,464 -31.9% 25.2% 194,62261,478164,478 -6.6%0.4% -29.8% -8.9% -14.1% -10.3% 22.4% 13.9% 31.9% 27.5% 18.8% 193.9% -1.9%-3.9%-2.0% 213.6% -13.9% 142,927 - 76.2% 95.2% -2.5% 131,38868,33696,705 114.6% -23.4% -9.9% 29.6% 11.0% 34.4% 17.1% 27.3% 58.4% -26.5% 153.8% -3.9% 24,851 - -2.5% 124,946 - 国内品牌 BYDGWM 吉利SAIC GACPV Chang'AnChery SAICGMWuling 4,700,0001,590,0002,014,880 ----- 23.2%15.0%32.8% ----- 55,11211,48430,6524,413 53,37414,04731,022 4,558 -2.9% -3.2% 235,617 50,271 129,408 19,49319,58172,35288,24349,696 2.5% 8.5%13.9%7.8%7.8% 1,091,501237,944661,472101,214 -368,838 474,481266,510 11.1% 34.4% 22.3% 15.5% -6.1% 73.9%58.4% 1.2%3.3% 64.7%60.2% 52.6%20.2% 4,499 4,541 0 - -7.6% 2.5% -85.2% 15,99618,63311,771 15,82819,52711,562 -2.6% -1.1% -0.6% 17.4%10.0% -15.5% 13.5% 4.8% 21.7%14.4% 35.0% 8.9% -1.8% -0.3% 17.6% 外国品牌 FAWVWSAICVW BrillianceBMWBAICMercedesBenz SAICGM 长安福特FAW丰田GACToyotaGACHonda 东风本田 东风日产 ----------- ----------- 24,16616,4079,9278,3519,3881,63412,65312,5255,2815,3987,483 22,96615,80011,766 8,2339,3351,733 13,99214,385 5,6165,6269,054 -0.5% -5.0% 111,815 81,06941,11735,81539,164 7,304 58,78758,28224,12225,59035,930 7.8%13.7% 14.7%4.9% 563,296421,483195,965187,796197,63540,157285,895267,580135,607121,801166,270 -8.0%-0.4% 3.5% -3.7% -2.0% 18.5% -8.6%-13.0% 20.0% -18.9%-12.8%-9.2%-8.4% -21.4% -1.4%-0.6% 4.0%5.7%2.3% 7.5% 9.6% -2.9% 6.1% -3.7% 31.3% 6.2% 10.6%14.9% 6.3%4.2% 18.2%7.5% 7.6%6.2% 17.3% 4.6% -26.5% -31.4% 8.2%13.6% -22.4%-23.9%-33.9% -10.2%-12.5% -17.1% 21.0% -26.2% 35.4% 来源：ThinkerCar，Jefferies 图7-主要车型的周保险销售数据 5月W42024 AprW42025 MayW42025 MoM 年同比 AitoM5EREV 1,195 1,365 1,006 -26% -16% AitoM5EV 290 278 15 -95% -95% AitoM7EREV 922 871 941 8% 2% AitoM8EREV 495 3,676 643% 0% AitoM9EREV 3,968 3,238 2,661 -18% -33% AitoM9EV 154 638 474 -26% 208% AitoSubTotal 6,529 6,885 8,773 27% 34% BYDD1EV 10 2 -80% 0% BYDe2EV 481 5 8 60% -98% BYDe3EV 25 14 15 7% -40% BYDe6EV 153 2 0% -99% BYDEA1EV 2,199 2,333 2,708 16% 23% BYDEKDM 1,162 0% -100% BYDEKEV 229 219 139 -37% -39% BYDEQEV 7,088 8,483 6,057 -29% -15% BYDF5DM 5,869 1,128 425 -62% -93% BYDSealion05DM 817 558 -32% 0% BYDSealion05EV 2,849 2,997 5% 0% BYDSK2DM 269 18 8 -56% -97% BYDUXDM 253 0% 0% BYDUXEV 178 868 527 -39% 196% BYDXiaDM 1,016 506 -50% 0% HanDM 2,009 1,594 1,162 -27% -42% HanEV 1,700 1,086 872 -20% -49% HanLDM 559 298 -47% 0% HanLEV 850 729 -14% 0% QinEV 84 885 723 -18% 761% QinLDM 4,187 3,656 -13% 0% QinLEV 2,068 1,407 -32% 0% QinPLUSDM 6,070 4,307 3,943 -8% -35% QinPLUSEV 5,021 2,819 2,764 -2% -45% Seal05DM 903 1,645 82% 0% Seal06DM 2 3,510 3,130 -11% - Seal06GTEV 1,122 978 -13% 0% Seal07DM 514 444 -14% 0% SongLDM 2,721 2,742 1% 0% 松辽EV 755 417 288 -31% -62% SongMAXDM 3 0% -100% SongPLUSDM 4,157 2,597 2,313 -11% -44% SongPLUSEV 2,533 1,998 1,987 -1% -22% SongProDM 4,404 3,470 2,678 -23% -39% TangDM 2,667 1,606 1,073 -33% -60% TangEV 219 1 -100% -100% TangLDM 1,280 876 -32% 0% TangLEV 762 531 -30% 0% YuanPLU