方正证券发布研报称，1月受季节性淡季及前期政策抢装透支影响，车市短期承压，但伴随各地置换补 贴政策逐步落地，终端需求有望加速修复。出口延续强劲表现，助力平滑行业波动。预计2026年我国汽 车出口将达634万辆，同比增长约13%，占产量比重有望突破20%。 智通财经APP获悉，汽车股今日普涨，截至发稿，赛力斯(09927)涨4.87%，报96.85港元；比亚迪股份 (01211)涨4.56%，报99.8港元；小鹏汽车-W(09868)涨3.83%，报70.45港元；理想汽车-W(02015)涨 3.57%，报72.6港元。 消息面上，当地时间2月20日，美国最高法院裁定特朗普政府大规模关税政策违法。特朗普先是宣布在 常规关税基础上对全球商品加征10%关税，后又表示原本10%的全球进口关税税率将升至15%。此外， 乘联分会秘书长崔东树表示，中国汽车海外产销体系完成向"产业出海"的关键转型。 ...

PRESS RELEASE KLÉPIERRE ANNOUNCESCHANGES TO ITSSUPERVISORY BOARD Paris — February 20, 2026 Klépierre announces that Mr. David Simon has concluded his tenure as Chairman and member of the Supervisory Board. The Supervisory Board and Executive Board extend their sincere appreciation to Mr. Simon for his exceptional leadership and strategic insight during his fourteen years at the helm of the Supervisory Board. Effective immediately, the Vice-Chairwoman will serve as interim Chair of the Supervisory Board, whi ...

Core Insights - Klépierre reported a 5% increase in earnings and a 9% rise in NAV for 2025, expressing confidence for 2026 [1][2][19] Financial Performance - Net current cash flow increased by 5% year-on-year to €2.72 per share, surpassing previous guidance [3][6] - EBITDA reached €1,119.3 million, up 5.5% year-on-year [3][6] - NAV per share rose by 9% to €35.9, driven by a 4.9% like-for-like portfolio value appreciation [7][10] - Total accounting return was 15% for 2025, with a cumulative return of 31.4% over the last two years [7][8] Operational Highlights - Net rental income grew by 5.1% year-on-year to €1,120.4 million, supported by a 4.5% like-for-like growth [5][24] - Footfall increased by 1.8% and like-for-like retailer sales rose by 3.4%, outperforming national retail sales indices [2][3] - Financial occupancy rate improved to 97.1%, with a rental uplift of 4.6% [3][4] Capital Allocation and Investments - Klépierre raised €1 billion in new financing at a competitive yield of 3.3% with an average maturity of 8.5 years [9][10] - The company acquired the leading mall in Bari for €160 million, expected to generate high-single digit cash returns [11][19] - Extensions at Odysseum and new projects at Le Gru and Romagna are projected to yield above 8% [12][19] Sustainability and Governance - Klépierre aims for net-zero on scopes 1 and 2 by 2030, with significant improvements in energy intensity and waste management [14][15] - The company was recognized for its sustainability efforts, ranking first in the European Listed Real Estate category by GRESB [16][17] - Governance changes include the planned appointment of Ludovic Jacquot to the Supervisory Board [20][21]

关注 「电动车公社」 和我们一起重新思考汽车 2025 年，国内新能源乘用车渗透率首次突破 50% ，创下了史无前例的里程碑。 多数人愿意认可并身体力行的购买新能源车，其背后必定是技术进步推动产品力提升，所带来的结果。 那么，在过去 1 年时间里，究竟哪些技术正在成为新的风向标？ 01. 半固态电池 代表品牌： 蔚来、智己、MG等 众所周知，全固态电池是动力电池界公认的"终极答案"。 但就目前来看，受制于生产工艺、可靠性、充电倍率、原材料成本等诸多因素，距离全固态电池真正落地量产上车，还有着相当长的距离。 相比之下，作为从液到固 "中间态"的 混合固液电池（半固态电池） ，落地难度就要简单不少了。 2025 年，不仅有诸如蔚来 ET7 、名爵 MG4 等车型真正实现了混合固液电池的量产上车。 同时在国家标准层面，也开始区分液态电池、混合固液电池、全固态电池的判定标准，避免厂家借固态电池为由，在宣传上打擦边球的情况。 相比全固态电池，混合固液电池的电解质可以是类似"果冻状"的凝胶，也可以是"水泥状"的悬浊膏体。 由于固液电解质可塑性强，可以大大缓解最令全固态电池头疼的"界面问题"，同时因为有电解液的存在，使电解 ...

Core Viewpoint - The article highlights the significant boost in the automotive market, particularly in the electric vehicle (EV) sector, driven by government subsidies and the traditional consumption peak during the Spring Festival, showcasing the growing potential in lower-tier cities and rural areas [1][9]. Group 1: Government Initiatives and Market Response - The "Lego New Year" special event launched by the Ministry of Commerce and nine other departments has allocated 625 billion yuan in national subsidies, with local consumer red envelopes and corporate discounts being actively distributed [1]. - The continuation of national subsidies has led to increased foot traffic and sales in automotive showrooms, particularly for vehicles priced between 60,000 to 100,000 yuan [1]. Group 2: Competitive Landscape - Automotive brands are increasingly opening stores in prime locations such as shopping malls, indicating heightened competition and a strategic shift to capture consumer attention [4]. - Price remains the decisive factor for consumers in lower-tier cities, with brands like Extreme Fox promoting models under 100,000 yuan and offering significant incentives [5]. Group 3: Consumer Preferences and Trends - There is a growing acceptance of EVs in rural areas, with sales of EVs in these markets expected to outpace urban areas, driven by government initiatives and consumer demand [9]. - Consumers express a preference for EVs, particularly in the 100,000 to 200,000 yuan range, while also showing concerns about battery range and charging infrastructure [6][10]. Group 4: Charging Infrastructure Development - The construction of charging facilities is rapidly increasing, with projections indicating that by the end of 2025, there will be approximately 20.09 million charging points in China, marking a 49.7% year-on-year growth [11]. - The government of Henan province plans to build 29,000 new public charging points by 2025, significantly enhancing the charging network and alleviating range anxiety for EV owners [11]. Group 5: Future Market Outlook - The Chinese automotive market is expected to peak at around 40 million units, with future growth primarily occurring in lower-tier cities and rural areas, driven by favorable policies and infrastructure improvements [12].

Core Insights - The Chinese automotive market is experiencing a surge in consumer interest, particularly in the context of the Spring Festival and the implementation of new national subsidy policies for electric vehicles [1][5][9] - There is a notable shift in the location of car dealerships, with brands moving into shopping malls to enhance visibility and compete more effectively for consumer attention [3][4] - The acceptance of electric vehicles (EVs) is increasing in rural areas, driven by government initiatives and the growing availability of charging infrastructure [7][8][9] Group 1: Market Trends - The implementation of the new national subsidy policy has led to increased foot traffic and sales in car dealerships, especially for models priced between 60,000 to 100,000 yuan [1] - The competition among automotive brands is intensifying, with companies like Li Auto and BYD adopting innovative marketing strategies, including the use of social media to reach younger consumers [3][4] - The demand for electric vehicles is rising, particularly in lower-tier cities, as evidenced by the increasing presence of brands like BYD and Wuling in these markets [7][9] Group 2: Consumer Behavior - Price remains a decisive factor for consumers in third and fourth-tier cities, with dealerships focusing on highlighting discounts and pricing to attract buyers [3][5] - There is a growing trend of consumers upgrading to electric vehicles, with many expressing interest in models that offer spacious interiors and advanced features [5][8] - Concerns about charging infrastructure persist, with consumers indicating a preference for electric vehicles if charging facilities are adequate; otherwise, they may opt for hybrid models [8] Group 3: Infrastructure Development - The construction of charging facilities is accelerating, with projections indicating that by the end of 2025, there will be approximately 20.09 million charging points in China, marking a 49.7% year-on-year increase [8][9] - The government of Henan province plans to build 29,000 new public charging stations by 2025, significantly exceeding its annual target and addressing range anxiety for EV owners [9] - The market for electric vehicles in rural areas is expected to grow substantially, with predictions indicating that by 2030, the number of vehicles per thousand people in rural regions could reach 160, resulting in a market size of approximately 500 billion yuan [7][9]

Economic Indicators - The latest CPI data from the US shows a decrease in the annual rate from 2.7% to 2.4%, the lowest since May 2025, with market expectations at 2.5% [1] - The core CPI annual rate fell from 2.6% to 2.5%, marking the lowest level since March 2021, aligning with market expectations [1] - Following the CPI release, the probability of the Federal Reserve easing policies in June increased from 63% to 69%, with a 50% chance of a third rate cut this year [1] Stock Market Performance - The three major US stock indices showed mixed results, with the Dow Jones up 0.1%, S&P 500 up 0.05%, and Nasdaq down 0.22% [2] - Over the week, the Dow Jones fell by 1.23%, S&P 500 by 1.39%, and Nasdaq by 2.1% [2] Individual Stock Movements - Major tech stocks experienced declines, with Apple and Nvidia down over 2%, while Tesla saw a slight increase of 0.09% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index rising by 0.66%, driven by significant gains in Applied Materials and ARM [4] - Gold stocks showed strong performance, with several companies like Coeur Mining and Harmony Gold seeing increases of over 6% [4] Commodity Prices - Gold and silver prices surged, with gold closing at $5042.808 per ounce, up over 2.4%, and silver reaching $77.338 per ounce after a rise of over 5% [6] Geopolitical Developments - The US is increasing military presence in the Middle East, with President Trump confirming the deployment of a second aircraft carrier strike group to pressure Iran into negotiations [8] - Trump emphasized the need for a deal with Iran within a month, warning of severe consequences if negotiations fail [9] - Israeli officials expressed skepticism about the potential agreement, stressing the importance of including issues related to Iran's nuclear capabilities and missile programs [9]

某一个具体的站指引体验有进步空间与理想纯电目前是中国市场纯电补能体系最优解不矛盾。理想说要以打造产品的方式打造补能体验，产品本身就是 由无数细节堆积起来的。 已于2026年2月14日21:13向理想超充团队反馈，在22:37得到了回复，并询问了本次长途体验还没有其他问题。 TOP2体感是，局限于2026年2月14日，成渝高速服务区理想超充站站的数量是够了，但对于老L系列来说，桩的数量不够（第三方也不行，大量服务区排 队挺严重的，有的服务区排队有人管理，有的服务区排队没人管理），对MEGA/纯电/有5c的新L来说，桩的数量是够的，至少车机上还是经常可以看到 5c是空的。 图文版: 超充站指引分为两部分，地面指引与车机指引。 在车机端，如果将服务区途经点，到了服务区瞬间，这个途经点就消失了，既不会在车机端自动弹出理想超充站图文指引，也无法通过简单点一两个键 的方式出现车机端理想超充站图文指引。 重庆三足服务区比较特殊 从这张图可以看出，直到开到加油站都看不到任何地面指引。 the first ttp:// .. Hose TIME 3 9 9 12 + 1 1 2 1 1 1 2 1 1 1 2 1 Area 7 ...

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline of 13.9% year-on-year in January 2026, with sales reaching 1.544 million units, attributed to the end of the 12-year new energy vehicle purchase tax exemption policy, leading to a temporary dip in demand [2][4]. Sales Data Summary Wholesale Sales Rankings (January 2026) - Geely Automobile led with 270,167 units sold, a 1.3% increase, capturing 13.7% market share - BYD Automobile followed with 205,518 units, down 30.7%, holding 10.4% market share - Chery Automobile sold 193,969 units, down 12.0%, with a 9.8% market share - Volkswagen sold 128,001 units, down 1.7%, with a 6.5% market share - SAIC Passenger Vehicle sales increased by 53.6% to 77,421 units, capturing 3.9% market share [6]. Retail Sales Rankings (January 2026) - Geely Automobile again led with 209,661 units sold, down 12.6%, holding 13.6% market share - Volkswagen sold 132,300 units, down 3.5%, with an 8.6% market share - BYD's retail sales dropped significantly by 53.0% to 94,176 units, capturing 6.1% market share - SAIC Volkswagen sold 89,600 units, down 9.3%, with a 5.8% market share - Changan Automobile's sales decreased by 33.5% to 81,074 units, holding 5.2% market share [7]. New Energy Vehicle (NEV) Wholesale Sales Rankings (January 2026) - BYD led NEV sales with 205,518 units, down 30.7%, capturing 23.8% market share - Geely followed with 124,252 units, up 2.6%, holding 14.4% market share - Tesla China sold 69,129 units, up 9.3%, with an 8.0% market share - Chery sold 46,802 units, down 14.9%, with a 5.4% market share - SAIC Passenger Vehicle saw a significant increase of 576.9% to 28,179 units, capturing 3.3% market share [9]. New Energy Vehicle (NEV) Retail Sales Rankings (January 2026) - BYD again led with 94,176 units sold, down 53.0%, holding 15.8% market share - Geely sold 92,135 units, down 21.6%, with a 15.5% market share - Hongmeng Zhixing saw a significant increase of 65.5% to 57,915 units, capturing 9.7% market share - SAIC's sales increased by 83.3% to 40,016 units, holding 6.7% market share - Xiaomi Automobile sold 39,002 units, up 70.3%, with a 6.5% market share [10].

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]