金吾财讯 | 招银国际测算，3月汽车全行业平均折扣环比收窄0.1个百分点，主要得益于部分德系品牌（大众、奥迪）的折扣收缩。尽管3月行业整体零售销量超预期，但头部品牌通过推出新车型，上月折扣仍保持相对稳定。该行预计中国车企1Q25盈利能力将进一步分化，小鹏和吉利凭借1Q25强劲的销量表现和折扣收窄，业绩表现有望跑赢同行。更多新车型计划在上海车展期间亮相或将于4月上市或交付，有望推动2Q25新能源汽车销量增长。
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