Core Insights - In 2025, China implemented 105 recalls for passenger vehicles, affecting approximately 6.825 million vehicles, with a notable decline in recalls for German brands and an increase for Japanese brands [1][2] Group 1: Recall Statistics - Japanese brands led in recall numbers with a total of 2.207 million vehicles recalled, marking a 27.3% increase year-on-year, accounting for over 30% of total recalls [1] - German brands had 1.28 million vehicles recalled, a significant decrease, while American brands recalled 1.399 million vehicles, experiencing a 60.5% drop [1] - Domestic brands recalled 566,000 vehicles, a 26.7% increase from 2024, with their market share surpassing 70% for the first time [1] Group 2: Major Recalls - Three recalls exceeded 500,000 vehicles: Dongfeng Honda and GAC Honda recalled approximately 1.367 million vehicles due to steering issues, Tesla recalled over 1.2 million vehicles for rearview camera and steering system failures, and Jaguar Land Rover recalled over 630,000 vehicles for engine and software issues [2] - The overall recall numbers for new energy vehicles decreased significantly, with over 2.1 million recalls in 2025, indicating improved quality control in the industry [2] Group 3: Quality Control and Investigations - In 2025, passive recalls reached 21 instances, with 12 involving domestic brands, highlighting the need for improved quality management systems among some manufacturers [4] - More than half of the battery-related recalls were initiated by the market regulatory authority, indicating a proactive approach to safety [4] - Japanese brands conducted all their recalls voluntarily, reflecting a mature corporate responsibility and transparency that can help rebuild consumer trust [4]

Group 1 - The automotive stocks continue to decline, with Beijing Automotive down 3.13% to HKD 1.86, Li Auto down 2.25% to HKD 65.3, GAC Group down 1.99% to HKD 3.95, and Great Wall Motors down 1.23% to HKD 14.47 [1] - Multiple car manufacturers are launching price reduction promotions to counter the impact of the new energy vehicle purchase tax, with Tesla China offering a "7-year ultra-low interest" financing plan for Model 3/Y/Y L and GAC Group announcing various incentives including tax subsidies and additional trade-in bonuses [1] Group 2 - According to Dongfang Securities, consumer sentiment is cautious due to the suspension of subsidies in some provinces and cities, leading to a decline in retail sales of passenger vehicles in November and December 2025, with limited impact on 2026 from the end-of-year surge [2] - Guotai Junan Securities believes that the reduction of subsidies for mid-to-high price range new energy vehicles and fuel vehicles will positively influence the automotive industry's profit margins and reduce internal competition [2]

Core Viewpoint - The automotive sector is experiencing a downturn, with several companies' stock prices declining due to intensified promotional activities in response to the impact of new energy vehicle purchase tax changes [1] Group 1: Company Performance - Beijing Automotive (01958) shares fell by 3.13% to HKD 1.86 [1] - Li Auto-W (02015) shares decreased by 2.25% to HKD 65.3 [1] - GAC Group (02238) shares dropped by 1.99% to HKD 3.95 [1] - Great Wall Motors (02333) shares declined by 1.23% to HKD 14.47 [1] Group 2: Market Response - Multiple automakers are launching price reduction promotions to counteract the effects of the new energy vehicle purchase tax [1] - Tesla China introduced a "7-year ultra-low interest" financing plan for Model 3/Y/Y L [1] - GAC Group announced promotional activities for its self-owned brands, including a limited-time purchase tax guarantee policy and additional subsidies for trade-ins or scrappage [1] Group 3: Industry Outlook - According to Dongfang Securities, consumer sentiment is cautious due to the suspension of subsidies in some provinces and cities, leading to a decline in retail sales of passenger vehicles in November and December 2025 [1] - The first batch of 62.5 billion yuan for consumer goods replacement subsidies has been allocated, suggesting a potential marginal improvement in vehicle purchase demand in the first quarter of 2026 [1] - Guotai Junan Securities noted that the reduction of subsidies for mid-to-high price range new energy vehicles and fuel vehicles has a positive impact on the automotive industry's profitability and internal competition [1]

Group 1: Industry Standards and Regulations - The Ministry of Industry and Information Technology is soliciting opinions on the revision plan for seven mandatory national standards, including "Safety Requirements for Automatic Parking Systems of Intelligent Connected Vehicles" [1] Group 2: Automotive Market Performance - In December, the national retail sales of passenger cars reached 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 23.779 million units, a year-on-year increase of 4% [2] - In December, wholesale sales of passenger cars were 2.759 million units, a year-on-year decrease of 10% and a month-on-month decrease of 8%. Cumulatively, wholesale sales for the year reached 29.524 million units, a year-on-year increase of 9% [2] Group 3: Company Announcements and Product Launches - Xiaomi's new generation SU7 is expected to launch in April 2026, with a starting pre-sale price of 229,900 yuan [3] - Xiaomi's founder Lei Jun stated that the new SU7 model's price increase of up to 14,000 yuan compared to the previous generation is due to rising costs and added features, indicating that price reductions are unlikely [4] - The new SU7 will feature a silicon carbide high-voltage platform and will have a range of 720 km for the standard version, 902 km for the Pro version, and 835 km for the Max version, all equipped with lidar and advanced driving assistance [4] - Ideal Auto announced the launch of 140 new charging stations, bringing the total to over 3,900 across 286 cities in China [6] Group 4: Company Performance and Sales Data - GAC Group reported a December automobile production of 165,302 units, a year-on-year decrease of 20.23%, with total production for the year at 1,744,429 units, down 8.98%. December sales were 187,453 units, down 33.82%, with total sales for the year at 1,721,489 units, down 14.06% [7] - Volvo Cars reported a December global sales figure of 75,049 units, a year-on-year increase of 2%, but a total annual sales decrease of 7% to 710,042 units [8] - Yueda Kia's December sales reached 20,666 units, maintaining over 20,000 units for ten consecutive months, with total annual sales of 253,964 units, a year-on-year increase of 2.3% [9][10] Group 5: Corporate Developments - Xiaopeng Motors has announced a patent for a robot vision calibration method that allows for fully automated calibration processes [10] - Horizon Robotics and the Omnivision Group's joint venture, Smart Driving Mainland neueHCT, has completed nearly $200 million in financing, with investments from several leading industry and market funds [10] - Volvo Cars appointed Thomas Ingenlath as Chief Design Officer, effective February 1, 2026, to lead the global design department [11]

FF301 本月底法定/註冊股本總額： USD 500,000 第 1 頁 共 10 頁 v 1.1.1 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,785,070,188 | | 0 | | 1,785,070,188 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,785,070,188 | | 0 | | 1,785,070,188 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...

凤凰网科技讯 1月7日，理想汽车材料技术负责人"吉超超有才"发视频称，尾灯开裂不一定是质量问 题。通常，汽车尾灯的材料一般为亚克力（PMMA），具有透光、抗老化的优势，但它容易被醇类溶 剂渗入，逐渐变脆。而咱们开车离不开的玻璃水就含有醇类溶剂。 ...

文｜快刀财经 唐纳德 车祸横行、智驾噱头满天飞、价格战喋喋不休、国产豪车迈上台面、车企求生欲达到极限……2025年的新能源汽车行业到底发生了怎样的巨大变化？ 回到各个厂商界面。 对外而言，无论是车主还是投资人，都需要在穿越经济的过程中，看透新旧力量变化、大势与商业竞争变化的规律。汽车工业是万亿级规模，借助于这个 行业在2025年的表现，可以给新年规划带来很多有价值的东西。 但由于各大媒体同行已经从各个维度对新能源汽车作了总结。不妨通过对比的逻辑，借助同样是万亿级，且在产业链、渠道模式、产品定义等方面都极为 相似的消费电子手机行业的发展背景，来重新审视新能源汽车行业的情况。 为此不难总结3个方面的主题：激进的一年、反内卷的一年和不确定2026年。 01、激进的一年 过去十来年，智能手机行业从4G迈入5G，从机海战术迈入规模上量，在每年2亿—4亿台出货量后又跌入1亿＋的体量。参考其发展规律，新能源汽车实际 上还处于智能手机行业大致在2017年的阶段。 基于每日经济新闻等媒体整理的公开资料。在2025年年度任务大考上，比亚迪以460.24万辆的成绩占据榜首，吉利汽车以39%的同比增速成为传统车企中 增长最快的企业， ...

Core Insights - The report highlights that in 2025, the company supported over 1.54 million families in their journeys, showcasing a significant user base and engagement [2][48]. Group 1: Driving Metrics - The total mileage driven by users reached 26.19 billion kilometers, equivalent to 655,000 laps around the Earth [6][51]. - The breakdown of driving distance includes 9.62 billion kilometers from fuel-driven vehicles and 16.57 billion kilometers from pure electric vehicles [6][51]. - The longest single vehicle mileage recorded was 188,000 kilometers [6][51]. Group 2: Advanced Driver Assistance - The total mileage covered using assisted driving features was 3.07 billion kilometers, with a total usage time of 37.29 million hours [9][53]. - The top three cities for assisted driving activation were Chengdu, Hangzhou, and another unspecified city [10][53]. - The system successfully avoided potential accidents 8.22 million times and extreme accidents 16,172 times [12][55]. Group 3: User Engagement with AI Features - The AI assistant was activated 2.52 billion times, with 170 million instances of commands issued without wake-up prompts [14][57]. - The most popular topics for AI interactions included automotive inquiries and health-related questions [14][57]. - The AI assistant also facilitated 1.95 million instances of parking fee payments through Alipay [14][57]. Group 4: In-Car Entertainment and Comfort - The total usage time for entertainment screens in the vehicle was 110 million hours, with significant time spent on watching shows and listening to music [60][61]. - The most popular movie among families was "Ne Zha," while the favorite song was "The Only" [60][61]. - The vehicle's features also included 1.7 billion hours of sofa usage while parked, indicating a focus on comfort [60][61]. Group 5: Charging Infrastructure - The company established 3,907 charging stations across 286 cities, with a total annual charging volume of 530 million kilowatt-hours [33][73]. - The average charging time for pure electric users at fast charging stations was 10.9 minutes [33][73]. - The charging network provided services for 19.53 million times to the company's users and 10.82 million times to users of other brands [33][73]. Group 6: Customer Service and Community Engagement - The company operated 548 retail centers and 171 delivery centers across 159 cities, providing extensive customer service [35][76]. - Roadside assistance was provided 101,000 times, with the longest rescue operation covering 1,482 kilometers [35][76]. - The community engagement included over 422,000 posts and 300 events throughout the year, fostering a strong user community [38][79].

据不完全统计，除了沃尔沃、起亚等海外品牌，东风日产、长安马自达等合资品牌，小米、蔚来、尚界 等新势力和长安、东风、奇瑞等本土传统车企都给出了开年促销政策，涉及超76款车型，开年车市第一 波"价格战"正如火如荼地展开。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 09866 | 蔚来-SW | 37.600 | -3.29% | | 01211 | 比亚迪股份 | 96.050 | -3.18% | | 09863 | 零跑汽车 | 49.080 | -2.81% | | 09868 | 小鹏汽车-W | 77.600 | -2.76% | | 00175 | 吉利汽车 | 17.460 | -2.08% | | 02015 | 理想汽车-W | 66.900 | -1.55% | | 02333 | 长城汽车 | 14.440 | -1.23% | | 01130 | 中国环境资源 | 0.495 | -1.00% | | 01114 | BRILLIANCE CF | 4.070 | -0.73% | | 01958 | 北京汽车 | 1.94 ...

本文源自：金融界AI电报 港股汽车股震荡走低，比亚迪股份(01211.HK)跌超3%，蔚来汽车(09866.HK)、小鹏汽车(09868.HK)跌超 2%，吉利汽车(00175.HK)、长城汽车(02333.HK)、赛力斯(09927.HK)、理想汽车(02015.HK)跌超1%。 ...