\u003cdiv class=\"rich_media_content\"\u003e\u003csection nodeleaf=\"\" style=\"line-height: 2em; margin: 0px 16px; text-align: center; white-space: normal\"\u003e\u003c!--IMG_0--\u003e\u003c/section\u003e\u003csection style=\"line-height: 1em; margin: 0px 16px; white-space: normal\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"margin-left: 16px; margin-right: 16px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: rgb(255, 255, 255); box-sizing: border-box; color: rgb(62, 62, 62); font-size: 16px; line-height: 1.5em; margin: 0px; user-select: text; white-space: normal\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan data-pm-slice=\"0 0 []\" style=\"color: rgb(0, 175, 0)\"\u003e\u003cspan leaf=\"\"\u003e\u003cspan style=\"color: rgb(195, 13, 35); font-size: 20px\" textstyle=\"\"\u003e「\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan data-pm-slice=\"0 0 []\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan style=\"font-size: 20px\" textstyle=\"\"\u003e \u003c/span\u003e\u003c/span\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;data-role\u0026#34;:\u0026#34;outer\u0026#34;,\u0026#34;class\u0026#34;:\u0026#34;article135\u0026#34;,\u0026#34;label\u0026#34;:\u0026#34;edit by 135editor\u0026#34;,\u0026#34;data-pm-slice\u0026#34;:\u0026#34;0 0 []\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;p\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin: 5px 15px; display: block; line-height: 1.75;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;font-size: 16px; font-family:PingFangSC-Light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e\u003cspan style=\"font-size: 17px\" textstyle=\"\"\u003e从规模驱动到价值创造\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan style=\"font-size: 20px\" textstyle=\"\"\u003e \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan style=\"color: rgb(195, 13, 35); font-size: 20px\" textstyle=\"\"\u003e」\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: rgb(255, 255, 255); box-sizing: border-box; color: rgb(62, 62, 62); font-size: 16px; line-height: 1.5em; margin: 0px; user-select: text; white-space: normal\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/section\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"background-color: rgb(255, 255, 255); font-size: 14px; letter-spacing: 0.54px; line-height: 1.5em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px\"\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e作者\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(255, 114, 0); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e \u003cspan style=\"color: rgb(195, 13, 35)\" textstyle=\"\"\u003e| \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e沈天香\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 14px; letter-spacing: 0.54px; line-height: 1.5em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px\"\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e编辑 \u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(255, 114, 0); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan style=\"color: rgb(255, 114, 0); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin-bottom: 0px; outline: 0px; letter-spacing: 0.54px; font-family: -webkit-standard; font-size: 14px; background-color: rgb(255, 255, 255); line-height: 1.5em; margin-left: 8px; margin-right: 8px;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;color: rgb(255, 114, 0); outline: 0px; letter-spacing: 0.54px; font-family: PingFangTC-light; widows: 1;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e\u003cspan style=\"color: rgb(195, 13, 35)\" textstyle=\"\"\u003e| \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e李国政\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 14px; letter-spacing: 0.54px; line-height: 1.5em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px\"\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e出品 \u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(255, 114, 0); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan style=\"color: rgb(255, 114, 0); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin-bottom: 0px; outline: 0px; letter-spacing: 0.54px; font-family: -webkit-standard; font-size: 14px; background-color: rgb(255, 255, 255); line-height: 1.5em; margin-left: 8px; margin-right: 8px;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;color: rgb(255, 114, 0); outline: 0px; letter-spacing: 0.54px; font-family: PingFangTC-light; widows: 1;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e\u003cspan style=\"color: rgb(195, 13, 35)\" textstyle=\"\"\u003e| \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"color: rgb(136, 136, 136); letter-spacing: 0.54px; outline: 0px; widows: 1\"\u003e\u003cspan leaf=\"\"\u003e帮宁工作室（gbngzs）\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection data-pm-slice=\"0 0 []\" data-role=\"outer\" label=\"edit by 135editor\"\u003e\u003csection data-role=\"paragraph\"\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e“\u003c!--AIPOS_0--\u003e中国汽车年销2000万辆的时候，企业都过得很好，现在年销都3000多万辆，却说赚不到钱了，整个产业链叫苦不迭，钱到底去哪了？”这段来自网友的辣评，道出了中国汽车产业的尴尬现状。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e今年1月14日，中国汽车工业协会发布2025年销量数据——汽车产销累计完成3453.1万辆和3440万辆\u003c/span\u003e\u003cspan leaf=\"\" style=\"font-size: 16px; line-height: 1.75\"\u003e，\u003c/span\u003e\u003cspan data-pm-slice=\"0 0 []\" style=\"font-size: 16px; line-height: 1.75\"\u003e\u003cspan leaf=\"\" style=\"font-size: 16px\"\u003e同比分别增长10.4%和9.4%，\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\" style=\"font-size: 16px; line-height: 1.75\"\u003e连续17\u003c/span\u003e\u003cspan leaf=\"\"\u003e年稳居全球第一；新能源汽车产销超1600万辆；汽车出口超700万辆…….\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e然而，销量增长并未带来利润提升，相反，汽车制造业的盈利能力呈持续下滑趋势。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e根据中国汽车流通协会乘联分会秘书长崔东树发布的数据，2025年1-11月，汽车行业收入为100223亿元，同比增长8.1%，汽车行业利润率为4.4%，相对于下游工业企业利润率6%的平均水平，明显偏低。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e再拉长看，近年来，\u003c/span\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;data-role\u0026#34;:\u0026#34;outer\u0026#34;,\u0026#34;label\u0026#34;:\u0026#34;edit by 135editor\u0026#34;,\u0026#34;data-pm-slice\u0026#34;:\u0026#34;0 0 []\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;p\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin: 5px 15px;display: block;line-height: 1.75;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;font-size: 16px;font-family:PingFangSC-Light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e汽车行业利润率\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\"\u003e持续下滑，2017年为7.8%，2018年7.3%，2019年6.3%，2020年6.2%，2021年6.1%。从2022年开始，低于下游工业企业6%的平均水平——2022年为5.7%，2023年5%（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e这一年中国汽车年销量首次突破3000万辆\u003c/span\u003e），2024年4.3%。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection nodeleaf=\"\" style=\"margin-left: 16px; margin-right: 16px; text-align: center\"\u003e\u003c!--IMG_1--\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e去年7月，\u003c/span\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;data-role\u0026#34;:\u0026#34;outer\u0026#34;,\u0026#34;label\u0026#34;:\u0026#34;edit by 135editor\u0026#34;,\u0026#34;data-pm-slice\u0026#34;:\u0026#34;0 0 []\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;p\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin: 5px 15px;display: block;line-height: 1.75;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;font-size: 16px;font-family:PingFangSC-Light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e在2025贝壳财经年会上，\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\"\u003e中国国家创新与发展战略研究会学术委员会常务副主席黄奇帆说：“中国去年3000万辆汽车卖出来的利润，不如日本\u003c!--SECURE_LINK_BEGIN_0--\u003e丰田\u003c!--SECURE_LINK_END_0--\u003e900多万辆汽车的利润。”\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e该言论一度引发争议。从实际数据来看，3000万辆中国车的利润（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e4622.6亿元\u003c/span\u003e），远高于丰田（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e约2376.21亿元\u003c/span\u003e），但确实暴露了中国汽车产业规模与效益的失衡问题。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e当前，中国汽车工业正从大而不强，转向又大又强。这场关于利润的攻坚战，不仅关乎车企的生死存亡，更关系到整个产业能否实现高质量可持续发展。在规模与利润的天平上，中国汽车产业正在寻找新的平衡点。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 3em; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003csection data-pm-slice=\"8 6 []\"\u003e\u003csection style=\"margin-left: 16px; margin-right: 16px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: PingFangSC-light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;strong\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;outline: 0px;max-width: 100%;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;white-space: normal;box-sizing: border-box !important;overflow-wrap: break-word !important;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; max-width: 100%; outline: 0px; overflow-wrap: break-word !important\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-image: none; background-size: auto; bottom: auto; box-sizing: border-box; clear: none; color: rgb(255, 169, 0); height: auto; left: auto; letter-spacing: 0.544px; max-height: none; max-width: 100%; min-height: 0px; min-width: 0px; outline: 0px; overflow-wrap: break-word !important; text-decoration-color: rgb(255, 169, 0); text-decoration-style: solid; top: auto; user-select: text; visibility: visible; z-index: auto\"\u003e\u003cspan leaf=\"\"\u003e\u003cspan style=\"color: rgb(195, 13, 35); font-size: 24px\" textstyle=\"\"\u003e▍\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,null]\" leaf=\"\"\u003e\u003cspan style=\"font-size: 24px; font-weight: bold\" textstyle=\"\"\u003e01\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: PingFangSC-light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;strong\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;outline: 0px;max-width: 100%;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;white-space: normal;box-sizing: border-box !important;overflow-wrap: break-word !important;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"margin-left: 16px; margin-right: 16px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: PingFangSC-light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;strong\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;outline: 0px;max-width: 100%;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;white-space: normal;box-sizing: border-box !important;overflow-wrap: break-word !important;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\"\u003e\u003cspan style=\"font-size: 20px; font-weight: bold\" textstyle=\"\"\u003e多重压力下的盈利困局\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003c!--AIPOS_1--\u003e中国汽车行业利润持续承压的因素复杂多元，既有外部市场环境变化，也有内部结构性问题。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e第一，价格战。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e日前，崔东树发文称，2025年国内乘用车均价为17万元，较2024年下降1.4万元，在此之前，国内乘用车均价连续6年增长。此外，2025年1-11月，单车毛利仅为1.4万元，盈利空间被持续压缩。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e中国汽车流通协会专家委员会委员章弘表示，2024-2025年，多款新能源车型降价幅度超10%，利润空间被严重压缩。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e他认为，2026年，汽车行业利润率总体可能呈分化加剧和逐步改善的趋势，利润率可能继续维持在较低水平。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e一方面，价格竞争将继续产生影响。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e尽管价格战强度有所减弱，但车企为争夺市场份额，仍可能通过产品结构优化、技术迭代（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e如高阶智驾功能标配\u003c/span\u003e）等方式进行价值竞争，“这需要大量研发投入和更高配置成本，继续挤压单车利润”。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e另一方面，市场需求增速放缓。2026年，国内汽车市场销量增速预计有所回落，乘用车增速可能放缓至3%左右，内需压力增大，同时前期促消费政策使部分需求提前透支，限制了企业提价空间。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection nodeleaf=\"\" style=\"margin-left: 16px; margin-right: 16px; text-align: center\"\u003e\u003c!--IMG_2--\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e第二，产能过剩。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e2025年12月16日，在中国电动汽车百人会论坛（2026）媒体沟通会上，车百会理事长张永伟提到，目前汽车产业产能结构性过剩、资源配置效率低问题愈发突出。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e2024年，汽车制造业产能利用率为72.2%（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e国家统计局，规上企业\u003c/span\u003e），持续下滑，特别是国有企业、电动汽车初创企业和合资企业，产能利用率长期徘徊在60%左右，显著低于国际同行75%的健康线。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e企业间盈利分化愈发明显。新能源头部车企依托规模优势和技术溢价保持盈利；部分传统车企的利润大幅下滑，“油补电”模式难以持续。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e章弘也提出，产能过剩的问题必须引起高度重视——油车产能尚未消化，新能源车厂商又大规模扩建，供给大于需求，车企为消化库存，不得不降低价格，进一步挤压利润。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e第三，成本压力增大。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e当前，动力电池原材料（\u003cspan style=\"color: rgb(136, 136, 136)\" textstyle=\"\"\u003e如碳酸锂、钴等\u003c/span\u003e）价格大幅上涨，导致新能源汽车三电系统成本占比攀升，整车成本增加。截至今年1月13日，\u003c!--SECURE_LINK_BEGIN_1--\u003e碳酸锂\u003c!--SECURE_LINK_END_1--\u003e期货主力合约价格飙升至每吨17.4万元。现货市场同样疯狂，电池级碳酸锂均价已突破每吨15.9万元。有媒体报道说，市场陷入非理性抢货状态。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection nodeleaf=\"\" style=\"margin-left: 16px; margin-right: 16px; text-align: center\"\u003e\u003c!--IMG_3--\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e1月12日，\u003c!--SECURE_LINK_BEGIN_2--\u003e蔚来汽车\u003c!--SECURE_LINK_END_2--\u003e创始人\u003c!--SECURE_LINK_BEGIN_3--\u003e李斌\u003c!--SECURE_LINK_END_3--\u003e在线下沟通会中表示“内存涨疯了”，比如神玑芯片、英伟达芯片。座舱芯片都需要用到内存。李斌认为今年汽车行业内存是一个巨大的挑战，因为内存是和AI算力中心去抢，但抢不过美国上千亿美金的投资——这很有可能是汽车行业的又一场“芯片危机”，进而增加造车成本。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e此外，供应链不稳定因素也不容小觑。全球供应链受\u003c!--SECURE_LINK_BEGIN_4--\u003e地缘政治\u003c!--SECURE_LINK_END_4--\u003e、疫情等因素影响，零部件供应短缺或价格波动，增加车企生产成本和运营风险。\u003c!--AI_AD_2000--\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e第四，研发和转型投入。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e一方面，技术迭代加速造成研发投入高，新能源、智能化、自动驾驶等技术快速发展，车企需要持续投入大量资金用于研发。章弘表示：“2025年行业平均研发费用率达到5.6%，头部车企研发投入占比更高，但短期内难以转化为利润。”\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e另一方面，传统燃油车向电动化、智能化转型，需重新布局生产线、研发平台，必须投入巨额资金，短期内利润承压。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 3em; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003csection data-pm-slice=\"8 6 []\"\u003e\u003csection style=\"margin-left: 16px; margin-right: 16px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: 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break-word !important; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; max-width: 100%; outline: 0px; overflow-wrap: break-word !important\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-image: none; background-size: auto; bottom: auto; box-sizing: border-box; clear: none; color: rgb(255, 169, 0); height: auto; left: auto; letter-spacing: 0.544px; max-height: none; max-width: 100%; min-height: 0px; min-width: 0px; outline: 0px; overflow-wrap: break-word !important; text-decoration-color: rgb(255, 169, 0); text-decoration-style: solid; top: auto; user-select: text; visibility: visible; z-index: auto\"\u003e\u003cspan leaf=\"\"\u003e\u003cspan style=\"color: rgb(195, 13, 35); font-size: 24px\" textstyle=\"\"\u003e▍\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,null]\" leaf=\"\"\u003e\u003cspan style=\"font-size: 24px; font-weight: bold\" textstyle=\"\"\u003e02\u003c/span\u003e\u003c/span\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: PingFangSC-light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;strong\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;outline: 0px;max-width: 100%;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;white-space: normal;box-sizing: border-box !important;overflow-wrap: break-word !important;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"margin-left: 16px; margin-right: 16px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; user-select: text\"\u003e\u003cstrong style=\"box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 16px; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; white-space: normal\"\u003e\u003cspan data-pm-slice=\"4 2 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);margin: 0px 8px;line-height: 2em;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;box-sizing: border-box;user-select: text;-webkit-user-drag: none;-webkit-tap-highlight-color: transparent;font-family: PingFangSC-light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;strong\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;outline: 0px;max-width: 100%;color: rgb(62, 62, 62);font-family: \\\u0026#34;Helvetica Neue\\\u0026#34;, Helvetica, \\\u0026#34;Hiragino Sans GB\\\u0026#34;, \\\u0026#34;Microsoft YaHei\\\u0026#34;, \\\u0026#34;Apple Color Emoji\\\u0026#34;, \\\u0026#34;Emoji Symbols Font\\\u0026#34;, \\\u0026#34;Segoe UI Symbol\\\u0026#34;, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;white-space: normal;box-sizing: border-box !important;overflow-wrap: break-word !important;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box; font-size: 18px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; box-sizing: border-box !important; color: rgb(62, 62, 62); font-size: 18px; font-weight: bold; letter-spacing: 0.544px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; user-select: text\"\u003e\u003cspan style=\"font-size: 20px; font-weight: bold\" textstyle=\"\"\u003e从规模驱动到价值创造\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003c!--AIPOS_2--\u003e增收不增利，对汽车行业影响极大。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e比如，造成企业亏损甚至破产，尤其对于中尾部企业来说，生存空间越来越严峻。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e产业链稳定性将受到冲击。车企成本压力转嫁至上游供应商，导致零部件企业经营困难，甚至出现欠款、压账期等问题，影响产业链稳定性。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e技术创新也受到影响。利润压力导致车企减少研发投入，影响新技术的研发和应用，延缓行业技术迭代速度。企业为维持生存，更关注短期利润，忽视长期技术创新，导致行业整体创新能力下降，竞争力减弱。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e最终还是传导到消费者权益上。如车企为降低成本，可能在产品质量、售后服务等方面投入减少，影响消费者体验和权益。频繁降价和利润下滑可能使消费者对汽车市场信心不足，持币观望情绪加重。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e这些本质上是行业转型期的阶段性矛盾。\u003c/span\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;data-role\u0026#34;:\u0026#34;outer\u0026#34;,\u0026#34;label\u0026#34;:\u0026#34;edit by 135editor\u0026#34;,\u0026#34;data-pm-slice\u0026#34;:\u0026#34;0 0 []\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;p\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin: 5px 15px;display: block;line-height: 1.75;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;font-size: 16px;font-family:PingFangSC-Light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e解决该矛盾迫在眉睫，\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\"\u003e是从规模扩张向高质量发展转型的必经之路。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e预计随着国家《汽车行业价格行为合规指南》正式出台，行业竞争将逐步回归理性，价格战退潮，为利润回升创造条件。另外，新能源汽车市场份额持续提升，规模效应将逐步摊薄研发成本；海外高端市场布局深化，也将为车企开辟盈利增长新空间。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e对于中国车企而言，破解盈利困局的关键，在于跳出以价换量的恶性循环，从技术创新、产品升级、品牌提升、盈利结构多元化等维度发力，实现从量的积累到质的飞跃。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection nodeleaf=\"\" style=\"margin-left: 16px; margin-right: 16px; text-align: center\"\u003e\u003c!--IMG_4--\u003e\u003c/section\u003e\u003cp style=\"display: block; line-height: 1.6em; margin: 0px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e章弘认为，车企首先应着眼于技术创新与研发优化，聚焦高性价比技术。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e一是，将研发资源集中在用户实际需求高的技术上。如长续航里程、超快充、安全配置等，避免在不成熟或使用频率低的技术上过度投入。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e二是，促进技术复用与平台化研发，通过跨车型共享平台技术，实现柔性化生产，降低研发成本。如一些车企通过平台化，使研发成本降低30%。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e三是，在聚焦当下技术的同时，保留一定比例的研发资源，用于布局固态电池、车路协同等前瞻领域，为未来竞争做准备。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e四是，应在成本控制与供应链管理、市场拓展与商业模式创新、差异化竞争、系统管理与品牌建设等层面下大力气。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e张永伟则认为，要加速探索高科技、高盈利、高价值新发展模式。未来，汽车企业不再仅以产能或规模取胜，而是凭借软件定义汽车、数据驱动迭代和生态化服务能力构建护城河。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e例如，部分企业甚至不直接参与整车制造，而通过掌握操作系统、算法平台或芯片架构，主导产业链价值分配，如智能手机时代的科技巨头模式。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e“高科技属性，意味着高强度研发投入与快速产品迭代，若长期维持低盈利水平，将难以为继，陷入寅吃卯粮的困境。”张永伟说。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e因此，企业需通过技术创新、产品结构优化，形成技术降本-高附加值闭环。加快构建全生命周期服务体系，\u003c/span\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan data-pm-slice=\"1 1 [\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;section\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;data-role\u0026#34;:\u0026#34;outer\u0026#34;,\u0026#34;label\u0026#34;:\u0026#34;edit by 135editor\u0026#34;,\u0026#34;data-pm-slice\u0026#34;:\u0026#34;0 0 []\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;para\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;p\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;margin: 5px 15px;display: block;line-height: 1.75;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;},\u0026#34;node\u0026#34;,{\u0026#34;tagName\u0026#34;:\u0026#34;span\u0026#34;,\u0026#34;attributes\u0026#34;:{\u0026#34;style\u0026#34;:\u0026#34;font-size: 16px;font-family:PingFangSC-Light;\u0026#34;},\u0026#34;namespaceURI\u0026#34;:\u0026#34;http://www.w3.org/1999/xhtml\u0026#34;}]\" leaf=\"\"\u003e延展\u003c/span\u003e\u003c/span\u003e\u003cspan leaf=\"\"\u003e以车为入口的跨场景价值，多维度提升盈利能力，实现合理且稳健的利润回报。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"display: block; line-height: 1.75; margin: 5px 15px\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan leaf=\"\"\u003e在此基础上，汽车产业发展目标不应仅局限于财务盈利，更需获得资本市场与社会层面对其科技价值、生态价值和长期成长性的高度认可。唯有与资本市场深度协同，借助高效的金融支持与估值机制，才能支撑高投入、高风险、高增长的创新循环。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003cstyle\u003e.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-5: #2c2c2c;--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: 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.93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(95, 95, 95, .4);--weui-MATERIAL-TOOLBAR: rgba(35, 35, 35, .93);--weui-ORANGE-100: #C87D2F;--weui-ORANGE-120: #A06425;--weui-ORANGE-170: #3B250E;--weui-ORANGE-80: #D39758;--weui-ORANGE-90: #CD8943;--weui-ORANGE-BG-100: #BB6000;--weui-ORANGE-BG-110: #A85600;--weui-ORANGE-BG-130: #824300;--weui-ORANGE-BG-90: #C1701A;--weui-ORANGERED-100: #FF6146;--weui-OVERLAY: rgba(0, 0, 0, .8);--weui-OVERLAY-WHITE: rgba(242, 242, 242, .8);--weui-PURPLE-100: #8183FF;--weui-PURPLE-120: #6768CC;--weui-PURPLE-170: #26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .1);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG: #fff;--weui-BG: #000;--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--new-title-color: rgba(255, 255, 255, .8)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--new-content-color: rgba(255, 255, 255, .7)}}\u003c/style\u003e\u003c/div\u003e 
