Group 1: Market Overview - The Hong Kong stock market opened positively on the first trading day of 2026, with the Hang Seng Index rising by 0.34% and the Hang Seng Tech Index increasing by 0.58% [1] - Wall Street analysts suggest that the Federal Reserve's expected interest rate cuts and potential expansion of its balance sheet may reduce policy uncertainty and market volatility, presenting opportunities in global equities and commodities [1] - Despite the current low trading volume and market differentiation in Hong Kong, there are opportunities for gradual accumulation of undervalued assets with resilient fundamentals [1] Group 2: Company News - Meitu Inc. has completed all conditions for a $250 million convertible bond agreement with Alibaba, expected to close by December 31, 2025, with proceeds intended for general business purposes [2] - CITIC Resources anticipates a significant decline in its unaudited consolidated net profit for the year ending December 31, 2025, estimated between HKD 170 million to 230 million, representing a year-on-year decrease of approximately 60% to 70% [2] - XPeng Motors delivered 37,500 smart electric vehicles in December 2025, marking a 2% year-on-year increase, with total deliveries for the year reaching 429,400 units, a 126% growth compared to the previous year [2] - Geely Automobile reported total vehicle sales of 236,817 units in December 2025, a year-on-year increase of approximately 13%, with total annual sales reaching 3,024,567 units, up 39% from the previous year [2] - NIO delivered 48,100 vehicles in December 2025, achieving a monthly record with a year-on-year growth of 54.6%, bringing the cumulative delivery total to 997,600 units by December 31, 2025 [2]

Core Viewpoint - Multiple car manufacturers have exceeded their annual targets, leading to a surge in their delivery volumes and dominating social media trends in early 2026 [2][5]. Group 1: Monthly Competition and Market Dynamics - The competition among car manufacturers remains intense, with companies like NIO and Xiaomi achieving record delivery volumes in December 2025, while others like Leap Motor had previously led [3]. - The surge in December 2025 is attributed to the end-of-year sales push and the upcoming reduction in the new energy vehicle purchase tax in 2026 [3]. - BYD and Li Auto, previous winners in 2024, have seen slower growth in 2025 compared to competitors like Geely and Leap Motor [3]. Group 2: Annual Delivery Performance - BYD's total deliveries for 2025 reached 4.6024 million units, a year-on-year increase of 7.73% [4]. - Geely Automotive emerged as a significant winner with 3.0246 million units sold in 2025, marking a 38.96% increase from the previous year [10]. - NIO's December 2025 deliveries hit 48,100 units, a 54.60% year-on-year increase, while its Q4 2025 deliveries totaled 124,800 units, up 71.70% [5][8]. Group 3: Challenges Faced by Leading Companies - BYD's December 2025 sales fell to 420,398 units, a decline of 18.34% year-on-year, indicating a significant drop in domestic sales [11][15]. - Li Auto's December 2025 deliveries were 44,200 units, down 24.38% year-on-year, with a total of 406,300 units for the year, a decrease of 18.82% [16]. - The decline in performance for BYD and Li Auto is attributed to increased competition and a shift in market preferences towards pure electric vehicles [16]. Group 4: Future Outlook and Strategic Goals - Geely has set a target of 3.45 million units for 2026, aiming for a 14% increase, with a focus on new energy vehicle sales [17]. - The introduction of new models and a dual-power strategy are part of Geely's approach to maintain competitiveness in the evolving market [18]. - Companies like NIO are leveraging battery-as-a-service (BaaS) models to enhance customer appeal and mitigate the impact of tax changes on new energy vehicles [18].

【导读】多家车企冲上微博科技热搜，超额完成年度目标成关键词 2026年1月1日，微博科技热搜一度被车企霸榜，主要与车企交付量（销量）有关。 车企月度竞争仍是"你追我赶"的态势。2025年12月，蔚来、小米等车企的交付量（销量）均创新高，而 在此前多个月份是零跑等车企遥遥领先。 多家车企掌门人在受访时表示，汽车行业就像是一场没有尽头的马拉松，一时的领先很正常，困难的是 持续能赢，或者退一步后要一直能在"牌桌"上。 | 车企 | 2025年全年(辆) | 同比 | 2024年全年(辆) | | --- | --- | --- | --- | | 比亚迪 | 460. 24万 | 7.73% | 427.21万 | | 吉利汽车 | 302. 46万 | 38. 96% | 217.66万 | | 奇瑞集团 | 280.64万 | 7. 80% | 260. 39万 | | 长城汽车 | 132.37万 | 7. 33% | 123.33万 | | 零胞 | 59.66万 | 103. 13% | 29.37万 | | 鸿蒙智行 | 58.91万 | 32. 38% | 44. 50万 | | 小鵬 | 42.94 ...

Group 1 - Zhejiang Geely Holding Group Co., Ltd. has obtained a patent for a "camera configuration system, method, vehicle, storage medium, and program product," with the authorization announcement number CN120786173B, and the application date is September 2025 [1] - Zhejiang Geely Holding Group Co., Ltd. was established in 2003 and is located in Hangzhou, primarily engaged in the automotive manufacturing industry, with a registered capital of 1.03 billion RMB [1] - The company has made investments in 38 enterprises, participated in 523 bidding projects, and has 5,000 trademark and patent information entries, along with 275 administrative licenses [1] Group 2 - Geely Automobile Research Institute (Ningbo) Co., Ltd. was established in 2016 and is located in Ningbo, primarily engaged in specialized equipment manufacturing, with a registered capital of 30 million RMB [1] - The research institute has invested in 8 enterprises, participated in 316 bidding projects, and holds 5,000 patent information entries, along with 19 administrative licenses [1]

Core Insights - The article discusses the changes in the Hong Kong Stock Connect holdings, highlighting the companies with the largest increases and decreases in shareholding percentages. Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in shareholding percentage, rising by 2.35% to a total of 23.75% [1] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its total to 17.52% [1] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [1] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% over the last five trading days [2] Group 2: Decreased Holdings - Country Garden (02007) had the largest decrease in shareholding percentage, dropping by 0.51% to 15.33% [1] - Geely Automobile (00175) saw a decrease of 0.16%, resulting in a holding of 11.37% [1] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, bringing its total to 20.19% [1] - In the last five trading days, notable decreases included Jiahe Biology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [2] Group 3: 20-Day Holding Changes - Over the past 20 days, Lion Group (02562) had the most significant increase, rising by 23.92% to 49.05% [2] - Jihong Co., Ltd. (02603) increased by 22.62% to 54.86% [2] - Red Star Macalline (01528) saw an increase of 8.47%, reaching 52.20% [2] - Conversely, the largest decrease was seen in the Wan Guo Gold Group (02979), which dropped by 11.34% to 0.00% [3]

Core Viewpoint - Multiple car manufacturers have exceeded their annual targets, leading to a competitive atmosphere in the automotive market, particularly in the electric vehicle sector [2][4]. Group 1: Monthly Competition and Performance - The monthly competition among car manufacturers remains intense, with companies like NIO and Xiaomi achieving record delivery volumes in December 2025, while others like Leap Motor had previously led [4]. - The demand for sales at the end of the year, along with policy changes such as a 50% reduction in the new energy vehicle purchase tax in 2026, has contributed to high sales figures in December 2025 [4]. Group 2: Annual Delivery Data - BYD achieved a total delivery volume of 4.6024 million vehicles in 2025, a year-on-year increase of 7.73% compared to 4.2721 million in 2024 [6]. - Geely Auto emerged as a significant winner with a total of 3.0246 million vehicles sold in 2025, marking a 38.96% increase from 2.1766 million in 2024 [6]. - Leap Motor saw a remarkable growth of 103.13%, delivering 596,600 vehicles in 2025 compared to 293,700 in 2024 [6]. - Xiaomi's delivery volume exceeded 410,000 vehicles in 2025, achieving a growth rate of over 203% compared to 135,000 in 2024 [6]. Group 3: Notable Performers - NIO's December 2025 delivery reached 48,100 vehicles, a 54.60% year-on-year increase, while its total for Q4 2025 was 124,800 vehicles, up 71.70% [8][12]. - Xiaomi's monthly delivery surpassed 50,000 vehicles for the first time in December 2025, contributing to its total annual delivery exceeding 410,000 vehicles [12]. - Geely's new energy vehicle sales reached 1.6878 million in 2025, a 90% increase, with the Geely Galaxy model alone selling 1.24 million units [13]. Group 4: Challenges and Market Dynamics - BYD faced a decline in domestic sales, with December 2025 sales dropping 18.34% year-on-year to 420,400 vehicles, marking a significant decrease in its domestic market performance [16][21]. - Li Auto's December 2025 delivery was 44,200 vehicles, down 24.38% year-on-year, and its total for 2025 was 406,300 vehicles, a decrease of 18.82% compared to 2024 [23]. - The automotive industry is likened to a marathon, where maintaining a competitive edge is challenging, and companies must adapt to market changes [5]. Group 5: Future Outlook and Strategies - Geely has set a sales target of 3.45 million vehicles for 2026, aiming for a 14% year-on-year increase, with a focus on launching around 10 new models [25][26]. - The reduction of the new energy vehicle purchase tax starting January 1, 2026, is expected to impact market dynamics, with concerns about competition from traditional fuel vehicles [27]. - Companies are exploring international markets for growth, with BYD, Chery, and Geely reporting record overseas sales in December 2025 [28].

Group 1 - The State Intellectual Property Office of China has granted Zhejiang Geely Holding Group Co., Ltd. and Geely Automobile Research Institute (Ningbo) Co., Ltd. a patent titled "Control Method, Device, and Equipment for Vehicles," with authorization announcement number CN114701358B, applied for on February 2022 [1] - Zhejiang Geely Holding Group Co., Ltd., established in 2003 and located in Hangzhou, primarily engages in the automotive manufacturing industry, with a registered capital of 1.03 billion RMB [1] - Geely Holding has invested in 38 companies, participated in 523 bidding projects, and holds 5,000 trademark and patent records, along with 275 administrative licenses [1] Group 2 - Geely Automobile Research Institute (Ningbo) Co., Ltd., founded in 2016 and based in Ningbo, focuses on specialized equipment manufacturing, with a registered capital of 30 million RMB [1] - The research institute has invested in 8 companies, participated in 316 bidding projects, and possesses 5,000 patent records, along with 19 administrative licenses [1]

Group 1 - The Ministry of Commerce of China expressed strong opposition to the EU's carbon border adjustment mechanism, stating it imposes unfair trade restrictions on developing countries and increases their climate action costs [5] - The Ministry emphasized the need for cooperation in addressing global climate change while asserting that China will take necessary measures to protect its development interests and the rights of its enterprises [5] Group 2 - The total sales of the "trade-in" program in China are projected to exceed 2.6 trillion yuan by 2025, benefiting over 360 million people [6] - Specific categories include over 11.5 million cars, 12.9 million home appliances, 9.1 million digital products, and over 1.2 million home renovation items [6] Group 3 - Multiple automotive companies reported their December 2025 sales figures, with BYD selling 420,398 new energy vehicles, a year-on-year decline of approximately 18.2%, but a total annual sales increase of 7.73% to 4.6 million units [11] - Geely's total vehicle sales in December reached 236,817 units, a year-on-year increase of about 13%, with an annual total of 3.02 million units, up 39% [12] - NIO delivered 48,135 vehicles in December, marking a historical high with a year-on-year growth of 54.6%, and an annual total of 326,028 vehicles, also a record [13] - Xiaomi's automotive division achieved over 50,000 deliveries in December for the first time, totaling over 350,000 for the year [13] - The overall automotive market is showing a clearer trend towards new energy and intelligent vehicles [15] Group 4 - The retail giant Pang Donglai reported a total sales figure exceeding 23.5 billion yuan for 2025, significantly surpassing its previous year's target of 17 billion yuan, indicating strong growth and market expansion capabilities [20]

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

Core Viewpoint - By 2025, Chinese electric vehicles (EVs) will become a common sight on European streets, achieving significant market penetration despite high tariffs and competition from established local brands [1][2][3]. Group 1: European Market Share - Chinese brands are projected to capture 12.8% of the European EV market by 2025, marking a historical high, with hybrid vehicles exceeding 13% market share [6]. - In the UK, Chinese car sales reached 187,800 units in the first 11 months of the year, doubling from the previous year, with expectations to surpass 200,000 units and maintain a 10% market share by 2025 [7][9]. - Spain and Norway also show strong performance, with one in ten new cars sold being from Chinese brands, and the average market share in Western Europe reaching 6% [10]. Group 2: Sales Growth and Performance - SAIC MG registered 274,000 units, a year-on-year increase of 26.1%, while BYD's market share surged to 160,000 units, reflecting a staggering 276% growth [12][13]. - In key markets like Germany and Italy, BYD's sales have even surpassed those of Tesla [14]. - Geely reported a 61.8% year-on-year increase in sales in Europe for the first three quarters of the year [15]. Group 3: Competitive Advantages - Chinese EVs benefit from a mature supply chain that ensures stable supply and cost advantages, contrasting with European manufacturers facing high production costs and battery supply shortages [20][21]. - Chinese companies are strategically localizing production to mitigate tariff impacts, with firms like BYD and Chery establishing assembly operations in Europe [24]. - Innovations in battery technology, such as BYD's blade battery and CATL's high-energy-density batteries, meet European demands for longer range and safety [25][26]. Group 4: Challenges Ahead - Trade barriers, including a 45% anti-subsidy tax, and upcoming regulatory requirements for battery "digital passports" pose significant challenges for Chinese manufacturers [28][29]. - Service and brand recognition remain weaker compared to established European brands, affecting customer retention and service quality [31]. - Adapting to stringent European standards for charging interfaces and carbon footprints adds to the operational costs and complexity for Chinese EVs [33].