金吾财讯 | 海通国际研报指出，2025年大众车市将围绕高性价比展开激烈竞争。1月数据显示：小鹏汽车(09868)交付30,350辆（同比+268%）问鼎新势力销冠，MONA M03连续两月销量破1.5万辆；理想(02015)交付29,927辆（同比+268%）；吉利汽车(00175)以26.67万辆总销量创单月新高，新能源车同比激增84%；零跑汽车(09863)交付25,170辆（同比+105%）。小米(01810)SU7连续四月销量超2万辆，问界M9高端车型热销印证性价比普适性。市场分化加剧：蔚来(09866)交付量环比腰斩至13,863辆，乐道品牌交付量较峰值缩水44%；广汽埃安销量暴跌69%至14,393辆，网约车市场失守致增长停滞。该行预测，具备规模效应与成本优势的车企将持续挤压弱势品牌生存空间，2025年车市淘汰赛将更趋残酷。
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