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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 理想汽車 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02015 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | USD | | 0.0001 | USD | | 450,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,500,000,000 | USD | | 0.0001 | USD | | 450,000 | | 2. 股份分類 | ...

2018年10月，理想ONE发布，车有了感知。麦克风、雷达、摄像头，让车能 听、能看、能交流。 2021年5月，自研感知系统随2021款理想ONE量产上车。 2021年10月,自研操作系统立项启动。 每经AI快讯，2月5日，理想汽车董事长李想在社交媒体上表示，2026年将发布全新理想L9，"不仅是一台车，更是具身智能机器人的开山之作。" 李棋(今 26-2-5 16:06 发布于 北京 来自 Mind GPT的iPhone客户端 十关注 2015年，我们创办理想汽车时就问过自己：汽车的终极形态是什么? 大多数人的答案是：更快、更智能的交通工具。我们的答案是：机器人! "理想，给车赋予生命"，这不是一句口号。十年间，我们让这个答案一步步成为现 实: 2025年8月, VLA司机大模型随理想i8量产上车。 这两年有很多人问我，是不是all in AI 就不关注汽车了。恰恰相反，我们深知：具 身智能必须长在一台好车上，才能真正为用户创造价值。所以我有70%的时间聚 焦在汽车上，这让我们更了解如何让车进化成真正的机器人。 即将到来的全新理想L9,车成为智能体。眼睛、大脑、心脏、神经、手脚——完 整的技术栈让车从被动工 ...

Core Viewpoint - The chairman and CEO of Li Auto, Li Xiang, emphasized that the company's commitment to "all in AI" is not a deviation from its core automotive business, but rather a strategy to enhance vehicle quality and move closer to the ultimate form of "robotic" vehicles [1] Group 1: Technological Development - Li Auto has focused on the development of various technologies over the past decade, including perception systems, operating systems, central domain controllers, chips, and large models, with the aim of improving overall vehicle capabilities rather than just showcasing individual technologies [1] - The company has successfully developed and mass-produced technologies such as end-to-end autonomous driving large models, Star Ring OS, and VLA driver large models [1] Group 2: Commitment to Automotive Excellence - In response to concerns about whether the focus on AI neglects the automotive aspect, Li Xiang stated that embodied intelligence must be integrated into a well-designed vehicle, and 70% of his time is still dedicated to the automotive core [1] - The upcoming new Li Auto L9 will further implement the concept of "vehicle as an intelligent entity," leveraging a complete technology stack for proactive perception, understanding, and service [1] Group 3: Future Outlook - Looking ahead to 2026, Li Auto plans to enter its second decade, continuing to leverage AI capabilities to enhance vehicle product evolution [1]

2026年2月5日李想微博: 2023年3月，自研大模型立项启动。 2023年12月，自研大模型MindGPT随OTA 5.0发布上车。 2024年4月，理想L6发布，自研操作系统星环OS首次量产上车。 2015年，我们创办理想汽车时就问过自己：汽车的终极形态是什么？ 大多数人的答案是：更快、更智能的交通工具。我们的答案是：机器人！ "理想，给车赋予生命"，这不是一句口号。十年间，我们让这个答案一步步成为现实： 2018年10月，理想ONE发布，车有了感知。麦克风、雷达、摄像头，让车能听、能看、能交流。 2021年5月，自研感知系统随2021款理想ONE量产上车。 2021年10月，自研操作系统立项启动。 2022年6月，理想L9发布，自研中央域控制器XCU首次量产上车。冰箱彩电大沙发不是功能的堆砌， 而是让车从工具变成真正的生活场景。 2022年11月，自研芯片立项启动。 2024年10月，国内第一个端到端AD大模型量产交付。 2025年3月，星环OS开源。 2025年8月，VLA司机大模型随理想i8量产上车。 这两年有很多人问我，是不是all in AI就不关注汽车了。恰恰相反，我们深知：具身智能必须长在 ...

Sales - The sales performance of the 2026 L9 model will significantly impact the revenue, net profit, and free cash flow limits for the company in 2026 and 2027, while the sales of the i6/L6 models will greatly influence the lower limits [1] - Observing delivery volumes, order messages, and consumer feedback one month, three months, and six months after the release of the 2026 L9 will provide better insights into consumer acceptance and the model's market performance [1] Autonomous Driving - The focus should be on the actual user value enhancement of autonomous driving by the company compared to competitors, rather than merely comparing which is superior [2][4] - The company has optimized the response time of its vehicles to approximately 350 milliseconds, which is a significant improvement over the current average of 550 milliseconds, potentially reducing accident rates by 50% [2] User Value and Interaction - The improvement in real user value is a fundamental anchor for sales, while the competition ranking is merely a marketing gimmick [4] - The company is expected to explore new interaction methods for its cockpit, potentially inspired by the "Doubao" smartphone, which emphasizes user-friendly interfaces and efficient operation paths [6][7][8] Embodied Intelligence - The company anticipates that 2026 will mark the beginning of a new era in embodied intelligence within the automotive sector, with products that differ significantly from past offerings [10] - The usability and delivery timeline of the embodied intelligence features in the 2026 L9 model are critical observation points, as initial public sentiment may suggest competitors could easily replicate these innovations [11] Battery and Charging Infrastructure - The 2026 L9 is expected to feature a 70 kWh battery with a CLTC range exceeding 400 kilometers, along with a commitment to a robust charging infrastructure [12] - The company's strategy to integrate charging as a product operation will likely resonate well with a significant portion of pure electric vehicle users, especially given the anticipated lack of comparable competition in 2026 [12]

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

天眼查App显示，近日，新石器无人车关联公司新石器慧通（北京）科技有限公司发生工商变更，新增 广西腾讯创业投资有限公司、湃栎投资有限合伙企业为股东。新石器慧通（北京）科技有限公司成立于 2018年2月，法定代表人为李子夷，注册资本约4138万人民币，经营范围包括工业机器人制造、智能机 器人的研发、智能机器人销售等。股东信息显示，该公司现由余恩源、理想汽车关联公司北京车和家信 息技术有限公司及上述新增股东等共同持股。 来源：滚动播报 ...

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

Core Viewpoint - The article discusses the significant decline in the growth rate of plug-in hybrid vehicles (PHEVs) in the Chinese automotive market, highlighting the competitive pressure from pure electric vehicles (EVs) and the changing consumer preferences that have led to this shift [4][6][7]. Group 1: Market Trends - In 2025, the growth rate of PHEVs dropped to 8.8%, with range-extended vehicles seeing a mere 6% increase, marking the first instance of consecutive monthly declines in this segment [6][7]. - The penetration rate of PHEVs in the new energy vehicle market surged from 17% in 2021 to 40% in 2024, but the market dynamics shifted dramatically in 2025 [4][6]. - The average price of pure electric vehicles fell by 15% from 168,000 yuan in 2024 to 143,000 yuan in 2025, while mainstream PHEVs remained in the 150,000 to 180,000 yuan range, erasing the price advantage previously held by PHEVs [11]. Group 2: Consumer Behavior - The average range of pure electric vehicles exceeded 528 kilometers in 2025, with many mainstream models surpassing 600 kilometers, significantly reducing consumer anxiety regarding range [15]. - The rapid development of charging infrastructure, with a car-to-charging station ratio of 2.5:1 and a total of 20.09 million charging facilities by the end of 2025, has made pure electric vehicles a more reliable choice for consumers [15]. - Consumers are increasingly viewing pure electric vehicles as a dependable option, leading to a decline in the perceived necessity of PHEVs, which were initially chosen to alleviate range anxiety [15][19]. Group 3: Technological Shifts - PHEVs are experiencing a shift towards larger battery capacities and faster charging solutions, with many manufacturers adopting battery sizes exceeding 60 kWh to enhance their appeal [27][29]. - The introduction of 800V high-voltage platforms and ultra-fast charging technologies is becoming standard, allowing for significant improvements in charging efficiency [15][27]. - The trend of integrating larger batteries into PHEVs is raising production costs, which could undermine their competitive pricing advantage [32][35]. Group 4: Regulatory Environment - New regulations set to take effect in 2026 will tighten the eligibility criteria for tax exemptions for PHEVs, making it more challenging for lower-end models to compete [39][40]. - The shift from a "universal" tax exemption policy to one that favors stronger models will further complicate the market landscape for PHEVs [37][41]. Group 5: Future Outlook - Despite the current challenges, the article suggests that PHEVs will maintain a significant market share, with a projected penetration rate of 36% in 2025, corresponding to 4.669 million units [51]. - The global market for PHEVs is expected to grow, with predictions indicating that their growth rates will surpass those of pure electric vehicles in the coming years [60][66]. - The unique energy structure and market conditions in China suggest that PHEVs will continue to play a crucial role in the automotive landscape, particularly in regions with less developed charging infrastructure [52][54].

作者：观察君 2月4日，港股收盘，恒生指数收涨0.05%，报26847.32点；恒生科技指数收跌1.84%，报5366.44点。 板块方面，煤炭股涨幅居前，兖矿能源涨超10%，中国神华涨超5%；芯片股走势疲软，上海复旦跌超 5%，华虹半导体跌近5%；科网股整体表现低迷，腾讯控股跌近4%，哔哩哔哩跌超3%；内房股集体走 高，世茂集团涨超14%，融创中国涨超8%。恒生指数成分股中，信义玻璃、中国神华、华润置地涨幅 靠前；携程集团-S、腾讯控股、网易-S跌幅居前。恒生科技指数成分股中，理想汽车-W、零跑汽车、 海尔智家涨幅靠前；金蝶国际、携程集团-S、同程旅行跌幅居前。 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。 本文源自：市场资讯 ...