北京商报讯（记者 刘晓梦）2月1日，理想汽车发布的数据显示，2026年1月，理想汽车交付新车27668 辆。 ...

每经AI快讯，2月1日，据理想汽车官方微博，截至2026年1月31日，理想汽车在全国已有547家零售中 心，覆盖159个城市；售后维修中心及授权服务中心547家，覆盖221个城市。理想汽车在全国已投入使 用3966座理想超充站，拥有21,945个充电桩。 ...

格隆汇2月1日｜理想汽车公布2026年1月交付数据。2026年1月，理想汽车交付新车27,668辆。截至2026 年1月31日，理想汽车历史累计交付量为1,567,883辆。截至2026年1月31日，理想汽车在全国已有547家 零售中心，覆盖159个城市；售后维修中心及授权服务中心547家，覆盖221个城市。理想汽车在全国已 投入使用3966座理想超充站，拥有21,945个充电桩。 ...

Core Viewpoint - Li Auto Inc. continues to strengthen its position in China's new energy vehicle market, achieving significant vehicle deliveries and technological advancements in January 2026 [1][2]. Group 1: Vehicle Deliveries - In January 2026, Li Auto delivered 27,668 vehicles, bringing its cumulative deliveries to 1,567,883 as of January 31, 2026 [1]. Group 2: Technological Advancements - The company launched OTA update version 8.2, which introduced 40 new features and 25 experience optimizations, enhancing assisted driving, smart space, and smart electric experiences [2]. - The new VLA Driver large model significantly improved navigation capabilities in complex urban traffic environments [2]. Group 3: Infrastructure and Retail Presence - As of January 31, 2026, Li Auto operated 547 retail stores across 159 cities and had 547 servicing centers and authorized servicing shops in 221 cities [3]. - The company also had 3,966 supercharging stations with 21,945 charging stalls in operation throughout China [3]. Group 4: Company Overview - Li Auto is a leader in the new energy vehicle market, focusing on the design, development, manufacturing, and sale of premium smart electric vehicles [4]. - The company aims to provide safe, convenient, and comfortable products and services through innovations in technology and business models [4]. - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4].

原标题：打好协同牌 驶向新未来 从工业园到汽车园，从传统燃油汽车到新能源汽车，从单打独斗到抱团发展……在京津冀协同发展 桥头堡的天津市武清区，一场关于汽车产业链的变革，正在悄然发生。 武清区发展汽车制造相关产业始于2009年，其核心载体为京津产业新城京清汽车产业园（前身 为"京滨工业园"）。经过多年发展，特别是随着2024年园区更名并明确聚焦汽车产业，武清区谋求传统 汽车制造业转型升级取得显著成绩。 目前，武清区已汇聚170多家汽车制造相关企业。2025年1月至11月，汽车制造业实现产值232亿 元，同比增长4%，与北京奔驰、小米、理想等车企建立起稳定供应链合作关系。"我们不再只是'制 造'，而是'智造'；不再只是'耗能'，而是'节能'；不再只是'配套'，而是'协同'。"武清区工业和信息化 局党委书记、局长黄巨山用3个对比精准概括了这场转型的深刻内涵。 智能化转型—— 科技赋能提质效 冬日暖阳下，京清汽车产业园物流区大门口，挂着"京M、津A、冀R"车牌的运输卡车排起长龙。 来自河北廊坊的司机张华生正等候装载刚下线的汽车零部件，他说："十几年前跑这条线，拉的都是'铁 疙瘩'，现在全是'智能件'，轻了、精了，附加 ...

从工业园到汽车园，从传统燃油汽车到新能源汽车，从单打独斗到抱团发展……在京津冀协同发展桥头 堡的天津市武清区，一场关于汽车产业链的变革，正在悄然发生。 武清区发展汽车制造相关产业始于2009年，其核心载体为京津产业新城京清汽车产业园（前身为"京滨 工业园"）。经过多年发展，特别是随着2024年园区更名并明确聚焦汽车产业，武清区谋求传统汽车制 造业转型升级取得显著成绩。 目前，武清区已汇聚170多家汽车制造相关企业。2025年1月至11月，汽车制造业实现产值232亿元，同 比增长4%，与北京奔驰、小米、理想等车企建立起稳定供应链合作关系。"我们不再只是'制造'，而 是'智造'；不再只是'耗能'，而是'节能'；不再只是'配套'，而是'协同'。"武清区工业和信息化局党委书 记、局长黄巨山用3个对比精准概括了这场转型的深刻内涵。 科技赋能提质效 冬日暖阳下，京清汽车产业园物流区大门口，挂着"京M、津A、冀R"车牌的运输卡车排起长龙。来自 河北廊坊的司机张华生正等候装载刚下线的汽车零部件，他说："十几年前跑这条线，拉的都是'铁疙 瘩'，现在全是'智能件'，轻了、精了，附加值也高了。"这句朴实的感慨，道出了武清汽车产业的 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The penetration rate of domestic new energy passenger vehicles has reached 55%, and future sales growth is expected to slow down. However, the increase in battery capacity is anticipated to significantly impact demand, with a projected double-digit growth in battery demand for passenger vehicles by 2026 [2][4] - The domestic new energy passenger vehicle market has entered a consumption-driven growth phase since the end of 2020, with penetration rates increasing from around 10% to an expected 55% by the end of 2025. This growth is accompanied by a slowdown in sales growth due to a higher base [4][17] - The increase in battery capacity is expected to support the growth of battery installations, with single-vehicle battery capacity projected to rise from 52.8 kWh in April 2025 to 61.2 kWh by December 2025 for EVs, and from 23.3 kWh to 33.7 kWh for PHEVs during the same period [4][18] Summary by Sections Market Trends - The market for new energy passenger vehicles is projected to see a slight decline in total vehicle numbers, while new energy vehicles are expected to achieve small single-digit growth due to increased penetration rates. Battery capacity per vehicle is expected to increase by approximately 7%-8%, supporting a battery installation growth rate of around 12% [6][34] Policy and Economic Factors - Positive factors for battery capacity enhancement include changes in the old-for-new policy, which sets a subsidy cap at 8% of the vehicle price in 2026, and changes in purchase tax standards that require PHEVs to have a pure electric range of 100 kWh to qualify for tax exemptions [5][23] - The trend towards larger batteries in range-extended and plug-in hybrid vehicles is expected to continue, addressing consumer concerns about range anxiety and enhancing the perception of electric vehicles' convenience and cost-effectiveness [24] Product Development - Major manufacturers are launching new models with increased battery capacities. For instance, BYD and Geely are introducing models with capacities ranging from 20.79 kWh to 36.62 kWh for their 2026 versions [27][30] - The introduction of large-capacity EVs and PHEVs is expected to further enrich the market, with new models like the Wanjie M9 and NIO ES9 expected to have battery capacities around 100 kWh [31][33]

全球分区域新能源渗透率： 2025年12月东南亚、英国、俄罗斯、拉美和大洋洲地区新能源渗透 率环比提升，其中东南亚环比提升较多，主要来自vinfast贡献。 中国车企出口： 2025年12月中国车企出口乘用车64.1万辆，出口新能源乘用车24.5万辆，新能 源渗透率达38.2%。其中比亚迪12月出口表现超预期。 投资建议与风险提示 乘用车观点更新： 短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度 复苏，坚定看好乘用车板块。全年维度来看：国内选抗波动+出口选确定性。 国内关注高端电 动化赛道中对政策扰动不敏感的个股江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北 汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系成熟、执行能力已验证的头部车企，优选 比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 风险提示： 贸易战升级进一步超出预期；全球经济复苏力度低于预期 未经许可，不得转载或者引用。 投资要点 电动化数据跟踪：2025年12月行业景气度低于预期，2026年1月以旧换新政策落地 2025年12月多数省市以旧换新政策预算资金池告罄，消费者观望情绪严重，行业零售同比下滑 ...

Investment Rating - The report maintains a positive outlook on the passenger car sector, particularly in the context of the new vehicle replacement policy and the resilience of exports [2][3]. Core Insights - The passenger car industry experienced a significant decline in retail sales in December 2025, with a year-on-year drop of 16% and a total retail volume of 227,000 units. The wholesale volume was 279,000 units, reflecting a decrease of 9.7% year-on-year [7][10]. - The penetration rate of new energy vehicles (NEVs) reached 58.7% in December 2025, showing a year-on-year increase of 10.9% [10][12]. - The report highlights the stability of the NEV market, with BYD holding a market share of 25% and Geely at 11% in December 2025 [16]. Electric Vehicle Data Tracking - The report indicates that the old-for-new vehicle replacement policy was implemented in January 2026, which is expected to stimulate demand in the passenger car market [2][3]. - In December 2025, the NEV wholesale volume was 156,300 units, with a year-on-year increase of 3.4% [12]. - The report notes a significant inventory reduction in the passenger car sector, with a total decrease of 69,000 units in December 2025, including 43,000 units of NEVs [13]. Globalization Data Tracking - The report tracks the performance of Chinese car manufacturers in international markets, noting that in December 2025, 641,000 passenger cars were exported, with 245,000 being NEVs, resulting in a penetration rate of 38.2% for NEVs [3][43]. - The report highlights the strong performance of BYD in exports, particularly in Southeast Asia, where the NEV penetration rate exceeded expectations [3][27]. - The market share of Chinese brands in various regions, including Southeast Asia and Europe, showed positive trends, with notable increases in the UK market [38][40].

该行指出，此轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成 本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依 靠营运手段，包括与供应商谈判更大幅度的年度降价等。 汇丰发布研报称，近期金属及存储芯片等上游原材料价格急升，预料将在短期内为汽车厂商带来显著成 本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约 127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而存储芯片涨价或带 来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。 汽车股跌幅扩大，截至发稿，广汽集团（601238）(02238)跌3.69%，报3.65港元；长城汽车（601633） (02333)跌2.66%，报13.19港元；理想汽车-W(02015)跌2.58%，报65.95港元。 ...