Core Insights - Beijing Off-road has launched the new BJ40 Explorer model, priced between 149,900 to 159,900 yuan, marking a significant step in its product strategy for the hard-core off-road segment [1] - The company has achieved a structural transformation in the Chinese automotive market, focusing on both fuel and new energy vehicles, leading to a robust performance in 2025 [3][4] - In 2025, Beijing Off-road expanded its product matrix with multiple new models, including the BJ40 series, covering a price range from 100,000 to 300,000 yuan, catering to various user needs [4] Product Development - The BJ30 Traveler, launched in September 2025, filled a gap in the market for a seven-seat light off-road vehicle priced at 100,000 yuan, achieving over 16,000 orders within 24 hours [6] - The BJ40 Extended model, launched in April 2025, features a 40.3 kWh battery with a pure electric range of 152 km and a combined range of 1200 km, showcasing advanced off-road capabilities [7] - The BJ60 Extended Executive version, launched in November 2025, includes unique features like altitude-adjustable oxygen supply and satellite communication, setting new standards in luxury off-road vehicles [9] Market Performance - In 2025, Beijing Off-road delivered over 200,000 vehicles, a 38% increase year-on-year, with the "Box Family" series achieving a 79% growth [12] - The BJ40 series has maintained its position as the best-selling hard-core off-road vehicle for 11 consecutive months, with over 300,000 users [12] - The company has successfully integrated fuel and extended-range models, enhancing its market presence and meeting diverse consumer demands [14] Brand Strategy - Beijing Off-road emphasizes user engagement and cultural empowerment, transitioning from a product provider to a user companion, enhancing brand loyalty [15] - The company has organized outdoor activities to promote its brand message of an all-scenario off-road lifestyle, reinforcing its cultural significance [17] - The BJ40 Extended model has received multiple quality awards, reflecting the company's commitment to safety and customer satisfaction [19] Future Outlook - In 2026, Beijing Off-road plans to launch six new models, aiming for a continuous product rollout and expanding into international markets [21]

下游车企的成本转嫁，放大了博世的盈利压力。2025年，全球主流车企普遍面临盈利下滑困境，为缓解自身压力，车企纷纷向零部件供应商转嫁成本， 要求博世等头部企业降低零部件采购价格。据行业测算，2025年欧洲车企对核心零部件的采购成本降幅要求普遍在8%-10%，部分车企甚至以更换供应商为 筹码施压。博世为保住与大众、宝马、奔驰等核心客户的合作关系，被迫接受降价条款，这直接导致其汽车与智能交通技术板块的利润率从2024年的5.2% 降至2025年的1.2%，成为拖累集团整体盈利的最大板块。此外，部分车企的电动化车型销量未达预期，导致博世的零部件订单出现波动，部分新建产能利 用率不足60%，进一步摊薄了单位产品利润。 从行业视角看，博世的盈利困境是全球传统汽车零部件巨头的共同缩影。采埃孚、大陆集团等企业2025年的利润率也出现不同程度下滑，这印证了汽车 产业变革期的残酷现实：传统零部件企业必须在"保利润"与"抢赛道"之间做出艰难平衡。对于博世而言，短期的利润牺牲是为了换取长期的市场地位，但如 何在转型过程中稳住基本盘，避免陷入"投入无底洞"的陷阱，将是其未来两年的核心挑战。 这场百年巨头的盈利保卫战，不仅关乎博世自身的 ...

Core Insights - Hyundai Motor Group's Chairman Chung Eui-sun initiated the new year with a "global lightning management action," emphasizing a customer-centric, technology-driven, and localization-based strategy to achieve sustainable global leadership [1] Group 1: China - Focusing on Hydrogen and Battery Collaboration - During a visit to China, Chung Eui-sun attended the Korea-China Business Forum and engaged in discussions with leaders from major Chinese companies, reinforcing collaboration foundations [3] - Meetings with CATL focused on joint research and stable supply of power batteries, essential for electric vehicle operations [3] - Discussions with Sinopec centered on hydrogen energy collaboration, with Hyundai's HTWO Guangzhou factory already in mass production of fuel cell systems [3] - Hyundai plans to expand its electric vehicle lineup in China to six models by 2030, while Kia aims to launch at least one new electric vehicle annually [3] Group 2: United States - Embracing AI and Robotics - At CES 2026, Chung Eui-sun highlighted the importance of technology partnerships, meeting with Nvidia's CEO to discuss AI chips and data centers [4] - Hyundai signed a contract to procure 50,000 Blackwell GPUs and plans to co-establish an Nvidia AI Technology Center [4] - Boston Dynamics showcased its humanoid robot Atlas and received recognition for its MobED mobile robot platform, indicating a strong focus on robotics innovation [5] Group 3: India - Strengthening Local Manufacturing and Brand Identity - Chung Eui-sun visited three key production bases in India, emphasizing the importance of local manufacturing capabilities [6] - Hyundai's total production capacity in India exceeds 1.5 million units, securing a 20% market share [7] - The company aims to position India as a global manufacturing and export hub, focusing on localizing the supply chain for critical components [7] - Chung expressed a commitment to building a "national brand" in India, highlighting the importance of community engagement and employee support [7][8] Group 4: Social Responsibility and Community Engagement - Hyundai has invested significantly in social responsibility initiatives in India, including support for disabled athletes and mobile clinics for underserved communities [8] - The company collaborates with local educational institutions to develop high-end technical talent, demonstrating a commitment to community integration [8] - Chung's visit was not merely ceremonial but a comprehensive strategy encompassing technology, production, and community engagement [8]

Core Insights - Renault Group achieved global sales of 2.3368 million units in 2025, marking a 3.2% year-on-year increase, significantly outperforming the global market growth of 1.6% [2] - The group's strategic positioning and brand matrix demonstrated strong competitiveness, with all three brands—Renault, Dacia, and Alpine—exceeding market average growth rates [2] Group Performance - In Europe, Renault Group's passenger car sales reached 1.6078 million units, a 5.9% increase, solidifying its position as one of the top three automotive manufacturers and maintaining its status as the leading automotive group in France [3] - The international market emerged as a new growth engine, with Renault brand sales outside Europe increasing by 11.7%, particularly strong in Latin America (11.3% growth), South Korea (55.9% growth), and Morocco (44.8% growth) [3] Strategic Implementation - The group is committed to a "value creation" strategy, with nearly 60% of passenger car sales coming from five key European markets, and three models ranking in the top five of their category [4] - The sales of C-segment and above vehicles accounted for 31.1% of total passenger car sales, indicating a continuous optimization of product structure [4] Electrification Transformation - Renault Group accelerated its electrification efforts, with hybrid vehicle sales reaching 400,000 units (up 35.1%) and electric vehicle sales hitting 194,000 units (up 76.7%) [5] - The Renault brand's electric vehicles constituted 20.2% of its passenger car sales, with the Renault 5 E-Tech being the second best-selling electric vehicle in Europe [5] Brand Performance - Renault brand's global sales reached 1.628 million units, a 3.2% increase, with a 7.4% rise in European passenger car sales [6] - Dacia brand achieved sales of 697,400 units, a 3.1% increase, with a focus on retail channels leading to a market share of 7.9% in Europe [7] - Alpine brand registered 10,970 units, a remarkable 139.2% increase, driven by strong performances in France, the UK, and Germany [9] 2026 Strategic Planning - In 2026, Renault Group plans to enhance its product lineup in Europe, including new models such as the Renault Clio and Twingo E-Tech, and expand its international market presence with models like the Renault Boreal and Duster [10] - The CEO emphasized that the 2025 sales performance reflects the alignment of value-driven product planning and strategic layout, with a dual-path powertrain strategy supporting strong commercial performance and electrification goals [10]

Core Insights - The Chinese automotive market in 2025 is experiencing a conflict between the "new energy wave" and "fuel vehicle sentiment," with policies driving rapid expansion of new energy models while fuel vehicles still hold a significant market share [1] - Dongfeng Honda's model, the "Inspire," combines over 70 years of Honda's technical expertise with insights into Chinese consumer needs, positioning itself as a reliable choice for rational consumers amidst market chaos [1] Group 1: Strategic Approach - Dongfeng Honda's "two-legged" strategy reflects a deep understanding of consumer desires for both innovation and the comfort of familiar options, offering a multi-energy product matrix that includes a fuel version and a hybrid version [3] - The fuel version provides smooth and fuel-efficient characteristics, while the hybrid version balances driving pleasure with environmental considerations, allowing users to find their own comfort in the transition [3] Group 2: Technical Advantages - The Inspire's core technical strengths serve as a "calming pill" for users, featuring a well-tested combination of engine, transmission, and chassis that ensures reliability and durability [3] - The CVT transmission offers smooth shifting, while the suspension system balances comfort and handling, addressing deep-seated user needs for reliability and economy [3] Group 3: Customer-Centric Services - The "Honda Old Friends Value Renewal Season" program provides subsidies, trade-in benefits, and zero-interest financing, aimed at reducing the financial burden on consumers and enhancing the vehicle's lifecycle value [5] - The "lifetime warranty" service for the powertrain, covering core components without limits on time or mileage, alleviates concerns about vehicle residual value and after-sales support [5] Group 4: User Experience and Design - The Inspire caters to the evolving needs of mid-sized sedan users, serving as a commuting partner, family space, business card, and emotional companion, addressing practical and aspirational demands [6] - The vehicle's design includes a spacious layout, premium materials, and advanced soundproofing, ensuring a comfortable and quiet driving experience [8] Group 5: Market Positioning - Dongfeng Honda's balanced transformation strategy addresses the transitional needs of the Chinese market, avoiding blind bets on new energy or rigid adherence to fuel vehicles [9] - The Inspire's market acceptance reflects this "empathetic transformation," focusing on user needs and integrating local supply chains to create thoughtful products [9] Group 6: Future Outlook - The future of the mid-sized sedan market will prioritize a human-centered approach, with balanced products like the Inspire expected to dominate [11] - The Inspire exemplifies a practical model for joint ventures, meeting both essential needs and emotional connections, positioning itself as a trusted travel partner for users [11]

1月15至16日，倍适登于内蒙古呼伦贝尔雪原之上，成功举办"传承卓越，共驭新程"经销商大会暨冰雪驾驶体验活动。 BILST EILSTEI er V and and 来自全国各地的合作伙伴共赴冰雪之约，在极寒环境中共同感受BILSTEIN悬挂系统的卓越性能，共同见证品牌与渠道携手前行、共驭未来的决心与实 力。 雪原穿行：于极寒中印证性能 ■北境集结，共话战略 1月15日上午，大会伊始蒂森克虏伯售后集团副总裁倍适登大中华区售后市场总经理杨捷先生对前来参加会议的经销商伙伴们表达了欢迎和感谢。 蒂森克虏伯售后集团总裁Simon Frick先生介绍，面对全球汽车售后市场的风云际会，倍适登所在的蒂森克虏伯集团正以深刻的行业洞察，鼎新革故，对 汽车技术各业务板块进行了重组，成立独立的售后市场业务单元，旨在锻造一个决策更迅捷、响应更灵活的组织，以全新的激情与魄力，开启新的征程。随 后，杨捷先生为大家做了中国市场的展望，分析了底盘业务的现状及前景，强调倍适登凭借敏捷的反应能力和精准的定制方案，确保无缝对接本地客户的特 定需求和标准，持续赋能售后市场。 de 134/ 7 km 4 7 . 8 11 紧接着，来自倍适登售后团队 ...

Core Viewpoint - The Guangdong Provincial Government has issued policies to enhance the quality of transportation through artificial intelligence, focusing on multi-modal logistics and cross-border efficiency [2] Group 1: Multi-Modal Logistics - Support for logistics companies to collaborate with railways to build a comprehensive multi-modal transport information platform [2] - Application of AI technology in demand integration and capacity allocation to achieve intelligent decision-making and dynamic optimization across the logistics chain [2] - Promotion of "one order" and "one box" multi-modal transport services to improve coordination efficiency [2] Group 2: Cross-Border Logistics - Utilization of the China (Guangdong) International Trade "Single Window" to enhance data connectivity among transportation, public security, customs, border inspection, and port departments [2] - Strengthening data intelligence analysis applications to improve cross-border logistics efficiency [2] Group 3: Passenger Flow Management - Development of a predictive model for travel during peak holidays based on travel data [2] - Use of real-time monitoring technology and intelligent forecasting algorithms to optimize capacity allocation and provide peak warning and staggered travel suggestions [2] - Enhancement of passenger flow diversion capabilities [2] Group 4: Automation in Logistics - Exploration of unmanned technology in postal and express delivery scenarios, including transfer stations and warehousing [2] - Optimization of automated sorting, intelligent scheduling, and task distribution for the entire process of express delivery [2] - Promotion of intelligent collection and delivery services at the end of the postal and express delivery chain, utilizing AI algorithms to optimize delivery routes [2] Group 5: Pilot Programs - Implementation of pilot programs in cities like Guangzhou, Shenzhen, Shantou, and Jieyang to test unmanned logistics vehicles in various transport scenarios [2] - Encouragement for other cities to actively participate in these initiatives [2]

1月16日，以"奇心共盈，创变骉升"为主题的奇瑞汽车2026年全球供应链生态圈年会在芜湖总部隆 重召开。奇瑞汽车股份有限公司董事长尹同跃、常务副总裁张国忠及股份公司相关领导齐聚现场，与来 自全球的1300余名供应商伙伴共商合作大计、共绘发展蓝图。万里扬股份公司总裁顾勇亭，股份公司副 总裁、乘变事业部总经理林健，乘变事业部常务副总经理袁群星受邀出席本次盛会。 未来，万里扬将持续秉持"以客户为中心"的理念，为合作伙伴提供高品质产品与定制化解决方案， 携手奇瑞及行业同仁，共同书写汽车工业高质量发展的崭新篇章。 会上，万里扬凭借卓越的产品实力与深度的协同价值，荣膺奇瑞汽车"卓越赋能用户奖"。 2025年是奇瑞战略转型的关键之年，企业实现跨越式发展：集团销量、新能源销量、出口量同步创 下历史新高；世界500强排名跃升至第233位，成为榜单中排名提升速度最快的车企；同时，奇瑞汽车成 功登陆香港联合交易所主板，从"小草房"时代迈入资本全球化新赛道，开启发展新篇章。 据了解，"卓越赋能用户奖"设立初衷在于表彰为奇瑞提升市场竞争力、创造突出价值的核心合作伙 伴，本年度仅从逾千家供应商中遴选出16家获奖企业。作为奇瑞多年的战略合 ...

Core Viewpoint - Mazda's electric vehicle (EV) transformation has faced significant delays, with the launch of its first self-developed electric platform model pushed from 2027 to at least 2028, and possibly to 2029, marking the second major delay since the plan was announced in 2021. This reflects the unique challenges faced by smaller automakers in the transition to new energy vehicles [1] Group 1: Internal Factors - The rapid evolution of technology and the complexity of research and development are the main internal reasons for the delay. Mazda's European R&D Vice President, Christian Schultze, stated that pure electric technology is still in a phase of rapid iteration, leading to increased project difficulties due to new breakthroughs and requirements [2] - Unlike established platforms from larger groups like Volkswagen and Volvo, Mazda lacks sufficient technical accumulation and collaborative resources, requiring it to build its scalable electric platform from scratch. This includes independent breakthroughs in battery integration, electric drive systems, and vehicle architecture [2] - Frequent updates in technical standards, particularly in key areas like 800V high-voltage architecture and cylindrical cell applications, have forced Mazda to repeatedly adjust its R&D plans to avoid launching outdated products [2] Group 2: Resource Constraints - Mazda's limited R&D budget, especially compared to the hundreds of billions of euros invested by giants like Toyota and Volkswagen, restricts its ability to focus resources on developing a pure electric platform while also maintaining profitability in its internal combustion engine (ICE) business [3] - The global scarcity of specialized talent in the pure electric field puts Mazda at a disadvantage in competing with larger groups for skilled personnel, leading to slow formation and expansion of its core technology team, which directly impacts R&D efficiency [3] - Mazda has chosen to prioritize the iteration of its core competencies in ICE and hybrid technologies rather than blindly following the trend of pure electric expansion, reflecting its commitment to its brand identity [3] Group 3: External Factors - Policy fluctuations and demand changes in the European and American markets have further complicated Mazda's original plans. The cancellation of federal tax credits for electric vehicles in the U.S. led to a 49% drop in new electric vehicle registrations in November 2025, significantly shrinking market demand [3] - The U.S. market, being Mazda's core market, has seen its original product launch schedule disrupted by policy shifts, including tariffs imposed by the Trump administration that affected Mazda's plans to export self-developed electric vehicles from Japan to the U.S. [3] - Adjustments in subsidies and emission regulations in the European market have also increased market uncertainty, prompting Mazda to reassess its product launch timing [3] Group 4: Strategic Adjustments - Mazda's pragmatic transition strategy is key to balancing short-term survival with long-term transformation. While the development of its self-developed platform is on hold, Mazda is leveraging partnerships to fill market gaps, notably its deep collaboration with Changan Automobile [4] - The currently available EZ-6 and EZ-60 electric models are built on Changan's EPA1 platform, utilizing Changan's supply chain for core battery and electric drive systems, which reduces R&D and manufacturing costs [4] - Mazda is shifting its strategic focus towards hybrid models, planning to introduce a hybrid version of its globally popular CX-50 crossover SUV by 2027 to meet strong hybrid demand in the U.S. market, thereby generating funds for the development of its electric platform [4] Group 5: Market Position and Future Outlook - The delay in launching electric vehicles also implies a passive downward adjustment of Mazda's electric vehicle goals, with the target for electric models to account for 25%-40% of global sales by 2030 now likely to fall below 25% [5] - Compared to its Japanese peers like Toyota and Honda, which have adjusted their pace but still have faster electric vehicle rollout, Mazda's lag may result in missed market opportunities, especially as Chinese brands accelerate their presence in the global electric vehicle market [5] - However, Mazda's cautious strategy may help it avoid the pitfalls of aggressive transformation, allowing it to maintain a differentiated competitive space with future models based on its self-developed platform, which will continue to embody its "Kodo design" and driving dynamics [5] - Mazda's transformation challenges reflect the broader struggles of small to medium-sized automakers in the global shift to electric vehicles, highlighting the need for either partnerships with larger firms for resource access or a more measured approach to market engagement [5][6] - The next two years will test Mazda's patience and technical resilience as it navigates the electric vehicle wave, focusing on building technical barriers and maintaining market share without being marginalized in the industry [6]

专业化场景为技术验证提供了刚需场景和数据支撑，大众化场景则通过市场规模扩张摊薄成本。目 前，国内已有多地开展低空文旅、枢纽接驳等示范运营，随着场景不断丰富，飞行汽车将逐步解决地面 交通拥堵、跨区域通勤效率低等痛点，成为立体交通网络的重要组成部分。 技术瓶颈是飞行汽车规模化的核心障碍，报告指出需重点突破"载荷航程、适航安全、智能驾驶"三 大难题。其中，载荷≥100kg、航程≥100km是规模化应用的基本要求，这需要构建"三大技术域+五大关 键技术"的协同体系，涵盖动力推进、构型总体、安全飞行、智能驾驶、智慧管控等核心方向。 动力技术路线呈现"纯电先行、混动主导、氢能远期"的多元化格局：纯电动力凭借结构简单、成本 可控的优势，成为短途低负荷场景的首选；混合动力将逐步主导中长途、高负荷主流场景，解决滞空时 长和可靠性痛点；氢能动力则在"双碳"目标牵引下，成为远期绿色低碳场景的战略补充。技术落地遵 循"封闭场景验证—开放空域示范—城市立体交通"三阶段逻辑，确保安全与效率的平衡推进。 1月19日，《飞行汽车发展报告2.0：迈向空地一体交通新时代》发布会在北京举行。 据悉，《飞行汽车发展报告2.0》由中国汽车工程学会牵头 ...