21世纪经济报道记者 易思琳 2025年，车市几家欢喜几家愁。这一年，比亚迪依然一家独大，但销量、毛利都出现了下滑；理想成为 新势力里少有的销量下滑的车企；蔚来从"蔚一万"变成了"蔚四万"，小鹏单月销量有上涨，但依然困在 向高的难题里。 在2025年各家车企交上的成绩单中，零跑汽车是新势力中最亮眼的。2025年，零跑蝉联新势力车企月销 冠军，全年共交付了接近60万辆新车，实现了翻倍增长。 好成绩让零跑在2026年初给出了年销破百万的目标指引，比其他竞争对手的目标都要更高一个身位。综 合各方信息，2026年理想、小米的交付目标是55万辆，小鹏是55万-60万辆，蔚来给出的销量目标是45 万辆上下。 站在2025年成立十周年的时间节点上，零跑汽车CEO朱江明不再以新势力自居。他说，"新"和"老"都是 以前的划分，新能源汽车经过十年的发展，已经经历了足够多的磨练，大家在这十年的发展里最后呈现 的产品、积累的经验，已经不相上下。"到现在，我们既要站在全国也要放眼全球去看自己的公司能在 销量排名上、经济效益上去看待自己，只有这样，才能获得更好的成长。" 向世界级车企看齐的零跑汽车，将野心藏在了下一个十年里。 目前，零跑 ...

Group 1: Electric Vehicle Market Insights - In December 2025, the retail penetration rate of new energy vehicles (NEVs) reached 58.7%, with a year-on-year increase of 10.9% but a month-on-month decrease of 2.5 percentage points [2][6][14] - The retail sales of passenger vehicles in December 2025 were 2.27 million units, showing a year-on-year decline of 16% and a month-on-month increase of 14.7% [11][14] - BYD maintained a market share of 25% in the NEV sector, while Geely's market share decreased to 11% [22][6] Group 2: Global Market Performance - In December 2025, Southeast Asia's NEV penetration rate exceeded expectations, with a significant contribution from VinFast, leading to a month-on-month increase [3][35] - Chinese automakers exported 641,000 passenger vehicles in December 2025, with 245,000 being NEVs, resulting in a NEV penetration rate of 38.2% [3][7] - The market share of Chinese brands in Southeast Asia reached 14.7%, with a month-on-month increase of 0.8 percentage points [51][62] Group 3: Policy and Market Outlook - The old-for-new vehicle replacement policy is set to be implemented in January 2026, which is expected to stimulate demand in the passenger vehicle market [2][6] - The industry anticipates a recovery in passenger vehicle demand in Q1 2026, driven by the new policy and a shift in consumer sentiment [4][6] - The focus for domestic investments is on companies less sensitive to policy fluctuations, such as JAC Motors, and those expected to see growth in the high-end electric vehicle segment, including Geely and Great Wall Motors [4][6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 除該公告所披露的資料外，董事會謹此提供以下有關內資股認購事項的補充資料。 金義高新是聚焦城市綜合運營與新興產業投資的綜合性產業投資公司，由金華市 人民政府國有資產監督管理委員會間接全資擁有，因此其最終實益擁有人為金華 市人民政府國有資產監督管理委員會。據董事作出一切合理查詢後所深知、全悉 及確信，除上文所披露者外，金義高新以及其最終實益擁有人均為獨立於本公司 及其關連人士（定義見上市規則）的第三方。 承董事會命 浙江零跑科技股份有限公司 創始人、董事長兼首席執行官 朱江明先生 香港，2026年1月30日 於本公告日期，董事會包括執行董事朱江明先生、曹力先生及周洪濤先生；及非 執行董事Grégoire Olivier先生、Davide Mele先生及金宇峰先生；以及獨立非執行 董事付于武先生、萬家樂女 ...

Overall Market - The total market for passenger vehicles in 2025 is projected to have a production of 29.67 million units, with a retail sales figure of 23.74 million units, reflecting a year-on-year growth of 3.8% [9][10]. - The market share of new energy vehicles (NEV) is expected to reach 53.9% in 2025, up from 47.6% in 2024, indicating a significant increase in consumer adoption [10][12]. Submarket Analysis - The breakdown of the total market shows that NEVs will account for 12.81 million units in retail sales, representing a 17.6% increase compared to 2024 [10][12]. - The retail sales of fuel vehicles are projected to decline by 14.0% year-on-year, highlighting a shift in consumer preference towards NEVs [9][10]. Export Market - The export of NEVs is expected to grow significantly, with a total of 5.74 million units exported in 2025, marking a 19.7% increase from the previous year [16][17]. - The penetration rate of NEVs in the export market is projected to reach 42.2% in 2025, up from 27.1% in 2024, indicating a strong demand for Chinese NEVs abroad [20][22]. Manufacturer Performance - BYD is leading the NEV market with a wholesale volume of 414,784 units, although this represents a decline of 18.6% year-on-year [25]. - Tesla China ranks third in wholesale sales with 97,171 units, showing a modest growth of 3.6% [25]. - The top ten manufacturers collectively account for 71.5% of the NEV market share, indicating a high concentration in the industry [25][26]. Vehicle Type Segmentation - In 2025, the retail sales of sedans, MPVs, and SUVs are projected to be 12.26 million, 1.30 million, and 10.18 million units respectively, with NEVs showing a positive growth trend across all categories [30][31]. - The retail sales of fuel vehicles in the sedan category are expected to decline by 30.3%, while NEVs in the same category are projected to grow by 2.6% [30][31].

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].

Group 1 - 31 provinces in China have announced their economic growth rates for 2025, with nearly half exceeding last year's targets. Tibet leads with a growth rate of 7%, followed by Gansu at 5.8% and Hebei and Henan at 5.6% [4] - Shenzhen Metro Group has provided an additional loan of 2.36 billion yuan to Vanke for debt repayment, with a three-year term and an interest rate of 2.34% [4] - Hang Seng Bank has officially delisted from the Hong Kong Stock Exchange, following a privatization plan by HSBC that was approved by the Hong Kong High Court [5] Group 2 - ByteDance has implemented new social media guidelines prohibiting employees from using company resources for personal profit, which is expected to significantly reduce the number of commercial accounts operated by employees [6] - Amazon announced a restructuring that will affect nearly 16,000 jobs, while continuing to recruit talent in key strategic areas [7] - Tesla plans to cease production of the Model S and Model X vehicles to focus on its "Optimus" robot production line, marking a shift towards a future based on autonomous driving [9] Group 3 - Meta reported fourth-quarter revenue of $59.89 billion, a 24% year-over-year increase, with advertising revenue also up by 24% [17] - Microsoft announced second-quarter revenue of $81.27 billion, with significant contributions from its cloud and productivity segments [17] - Tesla's fourth-quarter revenue was $24.90 billion, a 3% year-over-year decline, with net profit down 61% to $840 million [17]

Group 1: Company Performance - iFlytek expects a net profit of 785 million to 950 million yuan in 2025, representing a year-on-year growth of 40% to 70% [1] - SK Hynix reported an annual operating profit of 47.2 trillion won and a sales revenue of 97.1 trillion won for the year [2] - Good Idea announced that its subsidiary, Mingming Henmang, officially listed on the Hong Kong Stock Exchange, with the company holding 5.8355% of the shares [3] Group 2: Investment and Financing - Goldman Sachs predicts an influx of 3.6 trillion yuan into the Chinese stock market by 2026, driven by individual and institutional investors [2] - Digital Edge plans to invest 4.5 billion USD in building a large-scale data center park in Indonesia, marking its largest infrastructure project to date [8] Group 3: New Products and Innovations - Sunrise launched its new generation inference chip S3, which features a fourfold increase in memory capacity compared to the previous generation [9] - Black Sesame Intelligence released the FAD2.0 open platform, marking the A2000's entry into large-scale application [10]

Investment Rating - The investment rating for the automotive and automotive parts industry is "Positive" and maintained [6]. Core Insights - The German government plans to restart the electric vehicle (EV) subsidy policy that was suspended in 2023, with a total budget of €3 billion (approximately ¥24 billion), aimed at boosting the domestic automotive industry and accelerating the green transition [2][4][18]. - The subsidy will provide between €1,500 and €6,000 for eligible low- to middle-income families purchasing new energy vehicles priced below €45,000, effective from January 1, 2026, until 2029 or until funds are exhausted [18]. - The expected impact of the subsidy is to significantly increase the penetration rate of new energy vehicles in Germany, with projections indicating that at least 500,000 vehicles will be subsidized, accounting for approximately 29.5% of the expected new energy vehicle sales in 2025 [18][21]. Summary by Sections Event Description - On January 19, the German government announced the restart of the EV subsidy policy, with a total budget of €3 billion, to enhance the penetration of new energy vehicles in the market [4][18]. Market Performance - The report indicates that the penetration rate of new energy vehicles in Germany is expected to rise significantly due to the subsidy, with a projected 84,700 new energy vehicles sold in 2025, representing a year-on-year growth of 48.3% [13][18]. - The overall new energy vehicle sales in Europe are projected to reach 3.9 million units in 2025, with a year-on-year increase of 32.7% [13][18]. Implications for Domestic Companies - The subsidy is expected to benefit domestic companies such as BYD, Leapmotor, and SAIC, as many of their models are priced below €45,000 [30]. - The increase in new energy vehicle penetration in Europe is anticipated to positively impact the performance of domestic component manufacturers and vehicle producers operating in the European market [30].

本文源自：金融界AI电报 港股汽车板块盘初走低，小鹏汽车(09868.HK)跌超3%，蔚来汽车(09866.HK)跌2.51%，长城汽车 (02333.HK)、零跑汽车(09863.HK)跌幅居前。 ...

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].