已连续多年未达成年度目标的长城汽车，下调了2026年员工持股计划业绩考核目标，将原计划中2026年 的汽车销量考核目标从不低于249万辆下调至不低于180万辆，较去年实际销量增长36%；净利润考核目 标(不低于100亿元)保持不变。 新能源汽车购置税减半政策的实施及"两新"补贴政策的调整延续，为2026年国内汽车市场带来了新的变 量。 在此背景下，多家车企相继披露的2026年销量目标呈现出截然相反的走势——尚处于全面智电转型、且 背负较大燃油车时代存量资产、销量基数较大的传统车企普遍给出了较为审慎的增长目标，而新造车企 业对市场估计则更为乐观。其中，在2025年均超额完成KPI的零跑、小米汽车今年销量目标的增幅分别 达到68%和34%；意欲在2026年实现全年盈利的蔚来汽车，年度目标增幅同样高达40-50%。 | | | 部分A/H重点上市车企2026年销量目标(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 公司 | 2026年 | | 2025年 | | | | | 目标销量 | 目标增长率 | 实际销量 | 目标销量 | 目标完成率 | | 吉 ...

Core Viewpoint - The implementation of the half-price purchase tax policy for new energy vehicles and the continuation of the "two new" subsidy policy have introduced new variables for the domestic automotive market in 2026, leading to divergent sales targets among traditional and new car manufacturers [2]. Group 1: Traditional Automakers - Geely has set the highest sales target for 2026 at 3.45 million units, with a growth rate of 14%, including 2.75 million units for the Geely brand, 300,000 for Zeekr, and 400,000 for Lynk & Co [4]. - Dongfeng Group aims for a total sales target of 3.25 million units in 2026, with an estimated growth rate of over 30%, including 1.7 million units for new energy vehicles, representing a 63% increase [5]. - Chery Group has set a target of 3.2 million units for 2026, reflecting a 14% growth compared to 2025, with a total of 2.806 million units sold in 2025 [5]. - Great Wall Motors has lowered its 2026 sales target from at least 2.49 million to at least 1.8 million units, indicating a 36% increase from last year's actual sales [5][6]. Group 2: New Car Manufacturers - Leap Motor has set an aggressive target of 1 million units for 2026, following a record sales performance in 2025 [7]. - Xiaomi aims for a sales target of 550,000 units in 2026, a 34% increase from the previous year, with new models expected to launch [7]. - NIO has set a target of 456,000 to 489,000 units for 2026, with a growth rate of 40-50%, supported by the introduction of several new models [8]. Group 3: Market Outlook - The automotive market is expected to experience a "front low and back high" trend in 2026, with overall growth driven by favorable national policies [9]. - The continuation of the vehicle replacement subsidy policy is anticipated to mitigate the impact of the half-price purchase tax policy, providing a stabilizing effect on market growth [8][9].

Core Viewpoint - The acquisition of Dongfeng Honda Engine Co., Ltd. by GAC Honda marks a significant strategic shift in the automotive industry, reflecting the restructuring logic of joint ventures and foreign brands amid the wave of new energy transformation [2][4][6]. Group 1: Acquisition Details - GAC Honda invested 1.172 billion yuan to acquire a 50% stake from Dongfeng Group and accepted a capital increase from Honda Motor Co. for the remaining 50% stake, completing the asset integration [2]. - The historical context of the acquisition reveals a "separation of production and sales" model that has now transitioned to a "vertical integration" strategy, enhancing operational efficiency [3][4]. Group 2: Strategic Implications - The acquisition enables GAC Honda to achieve an "integrated production and sales" strategy, enhancing data flow between engine R&D, production, and vehicle manufacturing [4]. - This move is crucial for GAC Honda's "oil-electric dual strength" strategy, ensuring stable supply chains and optimizing cost structures, which has already led to a short-term profit rebound of 371 million yuan in the first half of 2025 [5]. Group 3: Industry Context - The restructuring is seen as a rational choice for all parties involved, allowing GAC Honda to focus on new energy technology while Dongfeng Group optimizes its asset structure amid declining fuel vehicle markets [5][6]. - The acquisition serves as a model for joint ventures in the new energy era, emphasizing quality improvement over mere scale expansion, and highlights the evolving role of Chinese stakeholders from capital providers to strategic leaders [6][7]. Group 4: Future Challenges and Opportunities - The integration process will face challenges, including merging traditional engine development with new energy technologies and ensuring smooth operations of the production capacity of 480,000 units [7]. - The acquisition signals that traditional automakers can achieve transformation through precise asset management and strategic focus, providing valuable insights for the upgrade of the Chinese automotive industry [8].

Core Viewpoint - The implementation of the half-price purchase tax policy for new energy vehicles and adjustments to the "two new" subsidy policies have introduced new variables for the domestic automotive market in 2026, leading to divergent sales targets among traditional and new car manufacturers [1] Traditional Automakers - Geely has set the highest sales target for 2026 at 3.45 million units, with a growth rate of 14%, including 2.75 million for the Geely brand, 300,000 for Zeekr, and 400,000 for Lynk & Co [3] - Dongfeng Group aims for a total sales target of 3.25 million units in 2026, with an estimated growth rate of 30%, and plans to sell 1.7 million new energy vehicles, reflecting a 63% increase [4] - Chery Group has set a target of 3.2 million units for 2026, a 14% increase from 2025, with its five brands aiming for a combined sales target of 3 million units [4] - Great Wall Motors has lowered its 2026 sales target from 2.49 million to 1.8 million units, reflecting a 36% increase from the previous year, while maintaining its net profit target [4] New Automakers - Leap Motor has set an aggressive target of 1 million units for 2026, representing a 68% increase from the previous year, following a record sales performance in 2025 [5][6] - Xiaomi aims for a sales target of 550,000 units in 2026, a 34% increase from 2025, with plans to launch new models including the SU7 [6] - NIO has set a target of 456,000 to 489,000 units for 2026, with a growth rate of 40-50%, and plans to introduce several new models [6] Market Outlook - The automotive market is expected to experience a "front low and back high" trend in 2026, with overall growth driven by supportive national policies, including the continuation of the vehicle replacement subsidy policy [7] - Industry experts predict that the overall growth rate of the automotive market in 2026 will exceed zero growth, with January expected to show strong sales performance [7]

Core Viewpoint - The implementation of the half-price purchase tax policy for new energy vehicles and the adjustment of the "two new" subsidy policies have introduced new variables for the domestic automotive market in 2026, leading to divergent sales targets among various automakers [1] Group 1: Traditional Automakers - Geely has set the highest sales target for 2026 at 3.45 million units, with a growth rate of 14%, including 2.75 million for the Geely brand, 300,000 for Zeekr, and 400,000 for Lynk & Co [2] - Dongfeng Group aims for a total sales target of 3.25 million units in 2026, with an estimated growth rate of over 30%, including 1.7 million for new energy vehicles, representing a 63% increase [3] - Chery Group has set a sales target of 3.2 million units for 2026, reflecting a 14% increase from 2025, with its five brands aiming for a total of 3 million units [3] - Great Wall Motors has lowered its 2026 sales target from 2.49 million to 1.8 million units, indicating a 36% growth from the previous year, while maintaining its net profit target [4] Group 2: New Energy Vehicle Startups - Leap Motor has set an ambitious sales target of 1 million units for 2026, following a record of 597,000 units sold in 2025, which is a 103.1% increase [5] - Xiaomi Auto aims for a sales target of 550,000 units in 2026, representing a 34% increase from the previous year, with new models expected to launch [5] - NIO has set a sales target of 456,000 to 489,000 units for 2026, with a growth rate of 40-50%, following a total of 326,000 units sold in 2025 [5] Group 3: Market Outlook - The automotive market is expected to experience a "front low and back high" trend in 2026, with overall growth driven by supportive national policies, countering previous expectations of negative growth [6] - The new policies, including the early implementation of replacement subsidies, are anticipated to positively impact market growth and consumer upgrades [6]

致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 東風汽車集團股份有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00489 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,828,982,000 | RMB | | | 1 RMB | | 2,828,982,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,828,982,000 | RMB | | | 1 RMB | | 2,828,982,000 | 因本公 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，东风汽车集团股份有限公司申请一项名为"离心摆结构"的专利，公开号 CN121273828A，申请日期为2025年10月。 专利摘要显示，本申请公开一种离心摆结构，所述离心摆结构包括：支架；偏心质量，所述偏心质量绕 第一轴心可转动地安装于所述支架，所述第一轴心与所述支架的转动中心错位设置，且所述偏心质量的 质心与所述第一轴心错位设置；其中，所述质心到所述第一轴心的距离为第一距离，所述第一轴心到所 述转动中心的距离为第二距离，所述第一距离和所述第二距离的比值与所述离心摆结构的摆动频率正相 关。根据本申请实施例的离心摆结构，通过限定第一距离和第二距离的比值与离心摆结构的摆动频率正 相关，便于通过调整第一距离和第二距离的比值来实现对离心摆结构的摆动频率的调整，从而更好地实 现减振，进而满足用户的NVH需求。 天眼查资料显示，东风汽车集团股份有限公司，成立于2001年，位于武汉市，是一家以从事汽车制造业 为主的企业。企业注册资本858937万人民币。通过天眼查大数据分析，东风汽车集团股份有限公司共对 外投 ...

转自：北京日报客户端 1月4日， 在乌拉圭首都蒙得维的亚，一辆中国新能源旅游巴士（前）在路上行驶。新华社发（尼古拉斯·塞拉亚 摄） 新华社蒙得维的亚1月5日电"2025年，乌拉圭平均每售出3辆乘用车，就有一辆是中国新能源汽车。"乌 拉圭汽车贸易协会经理伊格纳西奥·帕斯日前在接受新华社记者采访时说，中国新能源汽车日益受到乌 拉圭消费者欢迎。 正如帕斯所说，2025年以来，记者在乌首都蒙得维的亚等城市看到的中国新能源汽车越来越多。 12月22 新能源汽车畅销与乌拉圭政府相关举措密切相关。2025年，乌政府颁布一系列面向新能源汽车的优惠政 策，包括减免关税、牌照税、污染税等税费。与此同时，乌拉圭国家电力公司在全国建设了一批充电 桩，基本保证国道每50公里就有一个充电站。 12月22 日，在乌拉圭首都蒙得维的亚，一辆中国新能源汽车（中）在路上行驶。新华社发（尼古拉斯·塞拉亚 摄） 乌拉圭政府数据显示，该国超过97%的电力来自可再生能源，且非用电高峰时段电力供应有盈余。"这 为乌拉圭推广新能源汽车提供了极佳条件。"帕斯说。 另一方面，较低的使用成本也促使更多乌拉圭消费者选择新能源汽车。蒙得维的亚的网约车司机米格尔 对记 ...

Core Insights - The report highlights that the Chinese automotive industry is entering the mid-to-late stage of the electric and intelligent transformation, characterized by the coexistence of traditional fuel vehicles, electric intelligent vehicles, and future industries represented by autonomous driving. This necessitates a layered and structured investment approach based on the different stages of these industry curves [2][3]. Trend Summaries Trend 1: Scrap Gap Provides Long-term Space, Trade-in Policies Expected to Normalize - The Chinese automotive market has stabilized at an annual sales level of 31 million units, with a substantial vehicle ownership base of 350 million units, laying the groundwork for future updates. The annual scrappage volume is still significantly lower than new car sales, leading to an expanding replacement gap. The "trade-in" policy is expected to evolve from a temporary stimulus to a normalized tool, enhancing the precision of policies to support domestic demand and industrial production [2][13][27]. Trend 2: New Forces Drive China's Automotive Exports to a New Structural Upgrade Stage - China's automotive exports have entered a high-growth phase, achieving several-fold growth over four years. The export structure has undergone profound changes, with a significant increase in the penetration of new energy vehicles. New force car manufacturers are enhancing China's brand premium and technological image in the global market through high-value product exports [2][30][34]. Trend 3: "Mass Market Pure Electric + High-end Range Extender" Trend Continues to Deepen - With the penetration rate of new energy vehicles surpassing 50%, market demand is showing structural differentiation. In the mass market under 200,000 yuan, the 800V high-voltage platform significantly improves charging efficiency, driving pure electric growth to outpace plug-in hybrids and range extenders. In the high-end market above 300,000 yuan, the "large battery long-range range extender" remains the mainstream solution for full-size SUVs/MPVs [2][3]. Trend 4: The "Late Mass Market" Phase Will Continue to Strengthen the Matthew Effect - The industry is transitioning from the "early mass market" to the "late mass market" phase, where consumers prioritize brand endorsement, after-sales support, and residual value certainty. This pragmatic user base favors mature brands and ecosystem capabilities, leading to a concentration of market resources towards leading technology firms [2][3]. Trend 5: Focus on State-owned Enterprises for Opportunities Around "Certainty + Cost-effectiveness" - Regulatory bodies are intensifying the separate assessment and market value management of state-owned enterprises' new energy businesses, driving resources towards electric intelligence. Major automotive groups are restructuring to shorten development cycles, accelerating the integration of intelligent configurations into mainstream price segments [2][3]. Trend 6: Growth of New Energy Heavy and Light Trucks Enters Acceleration Phase - The electrification of commercial vehicles has crossed a critical point, entering a self-driven growth phase. The total cost of ownership (TCO) for heavy trucks has dropped to a recovery period of 1.5-2 years, accelerating the replacement of fuel vehicles. The light truck sector is also maturing, with urban delivery electrification fully established [3][6]. Trend 7: High-perception Intelligent Cockpit Configurations Will Reshape Purchase Decisions - Intelligent cockpits have become a default configuration in new energy vehicles, with the importance of intelligent features in purchase decisions rising to the forefront. Consumers are focusing on visual and perceptible components, making HUDs, large LCD screens, and intelligent seating core differentiation battlegrounds [3][6]. Trend 8: Intelligent Driving Accelerates Along "End-to-End" and "Equal Rights" Paths - The intelligent driving architecture is transitioning to an "end-to-end" model, enhancing efficiency across the perception and decision-making chain. The continued acceleration of L3 policies provides opportunities for leading manufacturers to compete and iterate rapidly in high-level intelligent driving [3][6]. Trend 9: Three Major Autonomous Driving Commercialization Scenarios Approaching Explosive Growth - Robotaxi, mining autonomous driving, and unmanned logistics vehicles are moving from pilot projects to mass production. The cost advantages of unmanned logistics vehicles are becoming increasingly evident, with sales curves showing signs of exponential growth [3][6]. Trend 10: Embodied Intelligence Enters Pre-production Phase, Releasing a Second Growth Curve for the Automotive Manufacturing Industry - Humanoid robots are transitioning from hardware-driven to intelligent dual-core driven, with the automotive supply chain naturally adapting to this field. The synergy between embodied intelligence and the automotive industry is expected to create dual dividends in performance and valuation [3][6].

Group 1 - Yushu Technology clarifies that it has not applied for the "green channel" for IPO and that its listing work is progressing normally [1] - Apple has initiated a gray test for its "Apple Smart and Siri" feature for certain domestic devices, but it has not officially launched yet [1] - Warren Buffett, after retiring, expressed confidence in the new CEO Greg Abel, stating he has full decision-making authority [1] - Investor Duan Yongping shared that his investment in Apple stock has yielded a return of over 1623.48%, amounting to approximately $34.26 million [1] Group 2 - Meituan has had 3.25 million RMB worth of equity frozen by a court, with the freeze lasting for three years [2] - The control struggle at Double Star Celebrity Group has intensified, with founder Wang Hai announcing a severance of ties with his son and daughter-in-law [2][3] Group 3 - Xiaopeng Motors' Vice President Chen Yonghai has left the company, with President Wang Fengying temporarily taking over his responsibilities [4] - Romaishi has initiated a restructuring plan called "Rebirth Plan," aiming to complete funding and restructuring by Q1 2026 [4] - GAC Honda has completed the acquisition of Dongfeng Honda Engine Company, changing its name to GAC Honda Engine Company [4] Group 4 - The French skincare brand Filorga announced the closure of its official flagship store due to strategic adjustments, with the store set to cease operations on January 31, 2026 [4] - Tesla's restaurant has seen a significant drop in customer traffic and the departure of its celebrity chef within six months of opening [4] Group 5 - The "Wawa Xiaozong" trademarks have been successfully registered, with rights valid until December 13, 2035 [7] - The facial cleansing brand "Washing Bear" has faced complaints of store closures, with the founder promising to address consumer rights [9] Group 6 - Burger King's online ordering system experienced significant failures, leading to multiple public apologies from the company [11] - Former Meta AI chief Yang Likun left the company, criticizing the focus on large language models as a dead end for achieving superintelligence [12] Group 7 - Cloud Leopard Intelligent has initiated its IPO process, aiming to become the first domestic DPU company listed [12] - Bole Technology has completed over 1 billion RMB in financing, marking the largest funding round in the unmanned mining vehicle sector [12] - Shurui Robotics has raised $100 million in its D round of financing [12] Group 8 - Geely has launched new PHEV models, with prices starting at 139,800 RMB, featuring advanced hybrid technology [13] - Grok has released a new version, optimizing video generation capabilities [15] Group 9 - During the 2026 New Year's holiday, 142 million domestic trips were made in China, with total spending reaching 84.79 billion RMB [18] - China's automobile exports to Venezuela increased by 130% in 2025, with significant growth in both passenger and commercial vehicle segments [18][19] - In November 2025, China's automobile exports reached 818,000 units, a year-on-year increase of 49.2% [19]