智通财经记者 | 王臻 在加拿大针对中国电动车的关税政策持续调整之际，中国汽车公司在该国市场释放出试水信号。智通财 经注意到，奇瑞正通过系统化招聘，为整车进入加拿大市场推进前期筹备。 上个月，加拿大总理马克·卡尼访华期间宣布，对中国产电动汽车给予每年4.9万辆的配额，配额内适用 6.1%的最惠国关税。有媒体报道称，该配额在未来五年内有望上调。此外，他还表示，超过一半中国 产电动汽车将低于3.5万加元（约18.2万元人民币左右）。 业内人士此前向智通财经表示，加拿大以配额制对中国产电动汽车开放市场，短期内利好特斯拉和吉利 极星品牌。同时，也为中国自主汽车品牌进入该国市场创造条件。 智通财经在招聘网站猎聘平台看到，奇瑞汽车正在招聘面前北美约10个工作岗位，涵盖整车工程、安 全、电子电气架构、智能驾驶以及法规认证等环节。相关岗位普遍要求具备多年专业工作经验，流利英 文能力，以及多元化工作经历。招聘信息显示，产品研发和工程开发仍然以安徽芜湖为核心。 奇瑞在产品与市场岗位上采取了"双地点"配置。产品与市场岗位分别设在芜湖和加拿大多伦多市。智通 财经获悉，加拿大产品与市场岗位应聘人员需三月或者四月到岗。 奇瑞公开招聘产品 ...

近日，消费者高先生向澎湃公众互动平台"服务湃"（https://tousu.thepaper.cn）反映称，他购买的一台比 亚迪宋L EV，从2025年1月至12月，车内空调压缩机在1年之内出现3次故障。 第三次故障发生后，由于空调压缩机、电池包等关键部位都需更换，高先生要求退款退车——根据首次 故障时的行驶里程3.8万公里折算费用进行退费。门店则回应称，高先生的车辆已不满足包退包换条 件，若坚持退车，需按当前行驶里程8万余公里进行折算。 接到高先生投诉后，智通财经联系涉事4S店。工作人员表示会尽快联系高先生协商处理，并称车辆故 障不属于品控问题。 2026年1月29日，高先生向智通财经反馈称，目前已与4S店达成一致，车辆使用补偿费仍按当前行驶里 程折算，并且4S店提供了试驾车低价购买方案。2月2日，高先生已成功办理试驾车过户手续。 车主称新车辆故障频发 然而，2025年12月，距第二次维修不到7个月，高先生的车内空调压缩机出现第三次故障。经检测，此 次故障不仅导致压缩机损坏，更引发空调系统管路污染，并致使车辆高压电池包存在安全隐患，需整体 更换。 由于车辆空调压缩机故障频发，且需更换电池包等核心部件，高先生 ...

该行预计今年首季行业整体业绩将疲弱，因此4月或是重新审视行业的较好时机。该行表示，随着国内 市场仍在适应近期的变化，对比亚迪恢复增长势头保持信心。同时依然认为出口将是今年的主要增长动 力，有助提升平均售价及利润率。预期在海外尤其是欧洲等地拥有强劲车型规划的公司，盈利韧性将更 强。 智通财经APP获悉，里昂发布研报称，内地1月汽车销售数据出现前所未有的下跌，行业平均环比下跌 约30%，消费者因补贴及折扣减少而持观望态度。考虑到今年农历新年的时间，该行预期2月销售仍将 保持低迷。不过，相信农历新年后车企将有一系列新车型重新吸引消费者，而比亚迪(01211)更特别瞄 准了消费者愿意付费购买的新功能。首选比亚迪及吉利汽车(00175)，基于其2026年出口规模及单车盈 利较高，目标价分别为130港元及23港元，均予"高度确信跑赢大市"评级。 ...

Core Viewpoint - The Chinese automotive market in January 2026 is characterized by a stark contrast, with most automakers experiencing negative growth, particularly in the new energy vehicle (NEV) sector, highlighting the importance of having a diversified product lineup that includes both fuel and electric vehicles [5][6][7]. Sales Performance Summary - In January, the retail sales of passenger cars are expected to reach 1.8 million units, a month-on-month decline of 20.4%, with NEV sales around 800,000 units, marking a penetration rate drop to 44.4%, nearly 10 percentage points lower than the peak at the end of 2025 [6][7]. - Traditional automakers like SAIC, Geely, and GAC Toyota reported stable sales due to their dual strategy of offering both fuel and NEVs, with SAIC's total sales reaching 327,400 units, a year-on-year increase of 23.94% [10][11]. - Geely's total sales were 270,167 units, with fuel vehicles contributing significantly to its performance, while BYD faced a 30.11% decline in NEV sales, indicating the challenges faced by companies heavily reliant on NEVs [12][15]. Market Dynamics - The differentiation in sales performance among automakers is attributed to their strategic choices, particularly the presence of a fuel vehicle base, which enhances resilience against market fluctuations [9][19]. - The demand for fuel vehicles surged during the pre-Spring Festival period, as consumers preferred mature technology and the convenience of fuel vehicles for long-distance travel, further supported by the limited impact of policy changes on fuel vehicles [19][20]. Export Growth - Exports have become a crucial support for many leading automakers, with companies like Chery and SAIC reporting significant increases in overseas sales, indicating a dual strategy of maintaining domestic stability while expanding globally [17][18]. Future Outlook - The current market conditions signal a shift from policy-driven growth to market-driven dynamics, emphasizing the need for automakers to maintain a balanced portfolio of fuel and NEVs to navigate future uncertainties [22]. - Companies that can effectively manage their fuel vehicle base while rapidly advancing in the NEV sector are likely to emerge as market leaders, while those focusing solely on NEVs may face greater risks during market fluctuations [21][22].

| 序 | 企业/集团 | 新能源汽车销量(辆) | | --- | --- | --- | | 1 | 比亚迪 | 210051 | | 2 | 吉利 | 124252 | | 3 | 上汽 | 85374 | | ব | 奇瑞 | 52131 | | 5 | 塞力斯 | 43034 | | e | 小米汽车 | 39000+ | | 1 | 零跑 | 32059 | | 8 | 理想 | 27668 | | 9 | 蔚来 | 27182 | | 10 | 广汽 | 26040 | | | | 数据来源：部分车企及上市公司外报数据 截至时间：2月2日 | 新年伊始，中国新能源汽车市场的竞争轮廓迅速显现，头部车企之间的差距在1月销量榜单中被进一步拉开。截 至2月2日，根据部分车企及上市公司对外披露的数据，比亚迪以超21万辆的新能源汽车销量位居行业首位，展现 出强大的市场竞争力，继续稳居中国新能源市场头部位置，并在主要车企中拉开明显差距。（深圳新闻网） ...

2025年的中国汽车市场，在政策延续与市场竞争的双重作用下，交出了一份兼具规模与质量的成绩单。产销连续17年稳居全球第一的背后，是新能源汽车的 强势领跑、自主品牌的持续崛起以及出口市场的稳步扩张。从这一串串销量数据中，不仅能看见市场格局的变换，更能清晰把握中国汽车产业由"规模领 先"迈向"质量取胜"的转型路径。 整体市场：产销再创新高 展现强大发展韧性 2025年，中国汽车产业顶住全球贸易保护、产业链重构及行业竞争加剧等多重压力，实现了超预期增长。中国汽车工业协会数据显示，2025年汽车产销分别 完成3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，产销规模均创下历史新高。这一成绩的取得，离不开政策与市场的同频共振。 2025年初，"两新"政策加力扩围，拓展了消费品类别、设备更新支持范围，有效激活了车辆置换消费需求，尤其是三四线城市及下沉市场，老旧车辆更新换 代成为拉动销量的重要动力。与此同时，新能源汽车购置税的平稳过渡与充电基础设施的持续完善，进一步降低了新能源汽车潜在消费者的购车门槛和用车 顾虑。从市场需求来看，当前的消费结构正在发生明显变化，智能化配置、绿色出行成为消费者购车的重要考量因 ...

Core Viewpoint - The lithium battery industry is expected to experience a significant growth wave in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a spiral growth pattern of "increased volume and price + technological leap" [3]. Group 1: Market Predictions - By 2025, global lithium battery production is projected to reach 2297 GWh, with a growth rate of 34.6% in 2026. The shipment growth rate for energy storage cells is anticipated to reach 70%, driven by both domestic and international demand [5]. - There is a notable supply gap in the effective production capacity of battery cells and various materials, making supply chain stability and efficiency crucial for capitalizing on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on two main topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, and B2B procurement matchmaking to connect top battery manufacturers and material suppliers [6]. Group 3: Key Topics and Participants - The conference will feature specialized sessions on lithium carbonate futures, market volatility responses from lithium battery companies, and the potential of global lithium resources in 2026 [7][8]. - Notable participants include leading battery companies like CATL and BYD, as well as material suppliers covering the entire supply chain, including positive and negative materials, electrolytes, and separators [6].

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - Global lithium battery production is expected to reach 2297 GWh by 2025, with a growth rate of 34.6% in 2026. The shipment growth rate for energy storage cells is projected to be as high as 70%, driven by dual domestic and international demand [5]. - There exists a notable supply gap in battery cells and various materials, necessitating a focus on ensuring a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on two main topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, and B2B procurement matchmaking to connect top battery manufacturers and material suppliers [6]. Group 3: Key Topics and Participants - The conference will feature specialized sessions on lithium carbonate futures, market volatility responses from lithium battery companies, and the potential of global lithium resources [7][8]. - Notable participants include leading battery companies like CATL and BYD, as well as material suppliers covering the entire supply chain, including cathode materials, anode materials, electrolytes, and separators [6]. Group 4: Industry Trends and Strategic Insights - The lithium battery industry is expected to play a crucial role in energy transition and carbon neutrality goals as it enters a new planning phase [6]. - The summit aims to provide authoritative data releases, benchmark company rankings, and deep industry connections to facilitate high-quality development in the lithium battery sector [6].

机构：华泰证券 研究员：宋亭亭/王立献 2）供给端，我们预测公司1 月主动去库5 万辆左右，预计26 年将陆续上市长续航、带低温快充功能新 车（例如1 月发布26 款秦L，纯电续航由128km提至210km），降库为后续经销商端的新车铺货预留空 间。我们认为，公司1 月销量下滑较大，是淡季主动调结构，为春节后新车和新技术发布蓄力。 出口：1 月出口高增，全年目标剑指 130 万辆 1 月出口10 万辆（同比+51%），延续高增势头，海外市场是公司26 年销量增长的核心引擎。从产能 看，公司海外工厂加速落地，泰国工厂（年产能15 万辆）已稳定投产，巴西工厂（初期15 万辆/年）25 年7 月投产后快速爬坡，匈牙利工厂（预计26Q2 正式投产，可规避欧盟最高35.3%的反补贴税）。我们 预计，公司全年海外规划总产能或达80 万辆以上。渠道端同步发力，公司计划26 年底前将欧洲零售网 络扩至2000 家，覆盖90%以上市场。我们认为随着东南亚、欧洲等区域产能释放及交付提速，单月出 口量有望恢复至13 万辆以上，全年出口或超130 万辆。 技术：升级续航超充拓北方渗透，智驾数据优势或提升用户体验 智驾方面，截至25 ...

从企业自身产品节奏来看：2025 年底申报的新品集中在2026 年初上市，1月尚未形成销量贡献，产品迭 代衔接出现短期断层；国内渠道优化尚未完成，部分区域经销商布局调整影响终端销售。 投资建议：2026 年1 月份销量下滑既有行业因素，也有公司本身产品节奏因素，公司目前仍是国内基本 面最优秀的车企之一（自产电池是最大差异化），看好2026 年新品周期提供新动能，一季度股价有望 触底，后续随着新品释放及行业企稳，股价具备上行潜力。预计2025、2026、2027 年分别实现归母净 利润346.98、364.92、388.72 亿元，分别对应22.9、21.7、20.4 X PE，继续强烈推荐！ 风险提示：1、新品需求不及预期；2、海外布局不及预期。 高端品牌销量有所分化： 1 月高端品牌阵营表现分化，方程豹品牌实现爆发式增长，销量达2.16 万辆， 同比激增247%，成为高端品牌的核心增长引擎。 腾势品牌则表现疲软，当月销量仅6002 辆，同比下滑48.79%，主要受高端MPV 市场竞争加剧影响，竞 品车型持续迭代，导致销量下滑明显。 从行业背景来看：1 月销量双降具备一定行业普遍性：一方面，2025 年底新能 ...