Core Viewpoint - Anhui Province is rapidly developing its automotive industry, particularly in the electric vehicle sector, aiming for a production target of 3.6865 million vehicles by 2025, with 1.7941 million being electric vehicles, both leading the nation [2][3]. Group 1: Industry Growth and Development - The automotive industry in Anhui has grown significantly, with production increasing from 1.161 million vehicles in 2020 to a projected 3.6865 million in 2025, moving from eighth to first in national rankings [3][4]. - The province has attracted seven major vehicle manufacturers and over 3,000 automotive parts companies, with total revenue from the automotive industry expected to exceed 1.5 trillion yuan in 2024, marking a growth of over 20% for two consecutive years [5][6]. Group 2: Government Support and Investment - The local government has played a crucial role in supporting the automotive industry, exemplified by a 7 billion yuan investment in NIO to stabilize its funding and attract other manufacturers like BYD and Volkswagen [5][6]. - The establishment of the "Automobile Office" by the Anhui Provincial Development and Reform Commission aims to provide comprehensive support for the automotive industry, enhancing market efficiency [6]. Group 3: Collaborative Innovation - A framework agreement was signed among major local car manufacturers, including Chery and NIO, to promote collaborative innovation in vehicle and key component development, resource sharing, and localized chip development [9]. - Chery has established a global network of R&D centers and invests approximately 20 billion yuan annually in research, focusing on engine efficiency and innovation [10].

截至2月2日，国内主流车企2026年1月产销数据陆续披露。整体市场呈现"传统自主强势领跑、新势力普 遍承压"的鲜明格局：上汽、吉利、奇瑞等头部车企销量同比多实现20%以上增长，自主品牌座次因新 能源与出口表现差异出现重构。 与此同时，9家主流造车新势力则遭遇集体环比下滑。业内分析指出，短期政策切换、淡季效应等因素 扰动终端，但自主车企核心竞争力持续提升，新势力"马太效应"加剧，行业高质量发展的长期逻辑未 变。 ● 本报记者 龚梦泽 自主品牌座次重构 奇瑞集团凭借出口优势跃居前列，1月销售汽车20.03万辆，其中出口11.96万辆，同比增长48.1%，连续 9个月出口突破10万辆。新能源板块同样稳步推进，1月销量5.21万辆，形成"出口+新能源"双轮驱动格 局。旗下主要品牌中，奇瑞品牌销量13.56万辆，捷途品牌4.27万辆，星途、iCAR、智界品牌分别销售 5276辆、3419辆、4506辆，产品矩阵覆盖从主流到高端的全细分市场。 广汽集团自主板块爆发式增长，推动整体销量达11.66万辆，同比增长18.47%。这是昊铂埃安BU和传祺 BU完成组建后首次披露月度销量，成效立竿见影：昊铂埃安BU销量超2.16万辆 ...

三家车企1月交付数据均录得环比下降，理想汽车1月交付新车27,668辆，同比增长7.55%，环比下降 37.47%。蔚来1月交付新车27,182辆，同比增长96.08%，环比下降43.53%。小鹏汽车1月交付新车20,011 辆，出现了34.07%的同比下降，环比亦下降46.65%。 金吾财讯 | 蔚小理盘前走弱，小鹏汽车跌4.34%，蔚来跌1.28%，理想汽车跌0.96%。 来源：金吾财讯 ...

2026年1月，在政策切换与年终促销透支的双重作用下，国内车市经历深度调整。 据乘联分会初步推算，1月狭义乘用车零售市场规模约为180万辆，环比下降20.4%，同比微增0.3%。多家传统车 企和造车新品牌发布的销量数据也显示，今年1月汽车市场整体呈现销量环比下滑、同比上扬的局面。 上汽集团1月销量达32.74万辆，同比增长23.94%，为当月销量规模最高的车企。 吉利汽车集团1月乘用车销量达27.02万辆，同比增长1.29%，环比增长14.08%，成为目前唯一实现同环比正增长的 企业。 比亚迪1月销量国内下滑、海外增长。当月总销量约21万辆，其中海外市场销量超10万辆，同比增长51.47%。海 外市场的快速拓展正成为比亚迪重要的增长引擎。比亚迪品牌及公关部门总经理李云飞年初透露，公司计划在 2026年向中国以外地区销售130万辆汽车。 （文章来源：新京报） 新势力车企中，小米汽车1月交付量超3.9万辆，首次超越零跑汽车。赛力斯、极氪、蔚来1月销量同比分别增长 104.85%、99.7%和96.08%，成为当月表现亮眼的高增长梯队。 吉利汽车集团 14.08% 270167 1% 比亚迪 210051 -30. ...

Core Insights - The automotive industry faced a significant downturn at the beginning of 2026, with many companies reporting disappointing sales figures compared to December 2025, despite some year-on-year growth due to low bases from the previous year [1][4][6] - The market is experiencing a reshuffling, with new entrants like AITO and Xiaomi gaining traction while established players like Li Auto and Xpeng are struggling [3][12][20] Group 1: Market Performance - January 2026 saw a 28% year-on-year decline in retail sales of passenger vehicles, with a 37% drop compared to December 2025 [6] - The new energy vehicle (NEV) market specifically experienced a 16% year-on-year decline and a 52% month-on-month decline [6] - AITO led the new energy vehicle segment with a delivery of 40,016 units, marking a significant year-on-year increase of 83% [13] Group 2: Company-Specific Performance - Xiaomi and AITO both reported over 39,000 units delivered in January, while Li Auto and Xpeng fell below the 30,000 mark [3][15] - Li Auto's deliveries were 27,668 units, showing a 37% month-on-month decline and an 8% year-on-year decline due to battery supply issues [20][22] - NIO delivered 27,182 units, a 96.1% year-on-year increase but a 43% month-on-month decline, with the new ES8 model being a key contributor [22][23] Group 3: Competitive Strategies - Companies are responding to market pressures by adjusting pricing strategies, with BMW reducing prices on 31 models and some brands offering zero-interest loans [6][7] - AITO and Xiaomi are launching new financial purchase plans to stimulate sales, including low-interest financing options [11][23] - The competitive landscape is intensifying, with companies like Geely and BYD also adjusting their strategies to maintain market share [26][28] Group 4: Traditional Automakers - Geely emerged as the top-selling automaker in January 2026 with 270,000 units sold, surpassing BYD's 210,000 units [26][28] - BYD's sales dropped by 30.11% year-on-year, with a significant 50.04% decline from December 2025 [28][30] - Chery and Great Wall Motors also reported declines, with Chery's sales at 200,269 units and Great Wall's at 90,312 units, reflecting broader market challenges [33][35]

（文章来源：证券日报） 证券日报网讯 2月2日，苏奥传感在互动平台回答投资者提问时表示，公司目前与比亚迪、蔚来、小 鹏、理想等多家新能源汽车企业建立了长期战略合作伙伴关系，并与一级配套市场开展项目合作。 ...

消息面上，开源证券发布研报称，2026年1月，国内乘用车市场同比持平但环比下滑，其中新能源汽车 销量承压明显，渗透率降至约44.4%。市场呈现结构性分化：问界、小米等凭借爆款车型实现高增长； 燃油车为部分品牌提供短期支撑；比亚迪股份等纯新能源品牌销量承压。展望2026年，行业重点看好高 端化发展与海外市场拓展两大方向。 该机构表示，1月为春节前最后一个完整销售月，工作日数量明显多于2025年同期，但受购置税减免退 坡产生透支效应、以旧换新政策退坡各省逐步落实等影响，乘用车零售销量有望实现180万辆、日均5.8 万辆，同比基本持平、环比下滑明显。具体来看，根据乘联会数据，1月首周车市疲软，日均零售3.0万 辆；第2周需求略有恢复，日均零售5.0万辆；1月第3周，随着以旧换新补贴陆续落地，车市热度缓慢回 升，日均零售有望达5.7万辆；1月第4周，在补贴政策基本落实与年前首购需求增强的双重推动下，车 市日均零售量有望有望冲高至12.0万辆。分能源形式看，1月燃油车销量预计相对有支撑，主要系冬季 为传统燃油车销售旺季、购置税减免退坡缩小油电价差；反观新能源车，受政策及季节性因素影响明 显，预计1月零售销量约80万辆， ...

Core Insights - The January 2026 sales data for new energy vehicles indicates a significant reshuffling in the market, with some brands experiencing substantial growth while others face declines [1][2][25] - The overall market is characterized by a cautious outlook due to factors such as the reduction of purchase tax incentives and the impact of seasonal demand fluctuations [2][25][47] Sales Performance - Hongmeng Zhixing led the sales with 57,915 units, showing a year-on-year increase of 65.6% but a month-on-month decline of 35.4% [4][24] - Aiqi (问界) achieved sales of 40,016 units, marking an 83% year-on-year growth despite a 29.82% month-on-month drop [4][30] - Xiaomi's sales reached over 39,000 units, reflecting a 70% increase year-on-year but a 22% decrease from the previous month [4][30] - Li Auto (理想) sold approximately 27,668 units, down 7.55% year-on-year and 37.5% month-on-month [4][32] - NIO (蔚来) reported 27,182 units sold, a 96.1% year-on-year increase but a 43.5% decline from December [4][33] - Xpeng (小鹏) saw a significant drop with 20,011 units sold, down 34.07% year-on-year and 46.65% month-on-month [4][36] Market Dynamics - The total retail market for narrow passenger vehicles in January is estimated at around 1.8 million units, reflecting a 20.4% month-on-month decline but a slight 0.3% year-on-year increase [2][26] - The automotive market is experiencing a clear division, with some brands thriving while others struggle, indicating a competitive reshuffle [2][25][47] Strategic Responses - Companies are launching financial incentives to stimulate sales, such as long-term low-interest financing options, as a response to market pressures [21][47] - The industry is expected to face intensified competition as companies adapt to changing market conditions and consumer preferences [47] International Market Performance - Geely (吉利) achieved sales of 270,167 units in January, a 1% year-on-year increase and a 14% month-on-month rise, positioning it as the top domestic automaker [37][39] - BYD (比亚迪) sold 210,051 vehicles, with a notable 43.3% year-on-year growth in overseas sales, despite a 30.11% decline in domestic sales [40][41] - Chery (奇瑞) reported sales of 200,269 units, with significant contributions from its export market [41][42] Future Outlook - Geely plans to launch 1-2 new models each quarter in 2026, aiming for a total annual sales target of 3.45 million units [39] - The overall sentiment in the industry remains cautious, with expectations of continued volatility and competition in the coming months [47]

2月2日，港股市场遭遇"黑色星期一"。 截至收盘，恒生指数报收26775.57点，下跌611.54点，跌幅2.23%。 恒生科技指数报收5526.31点，下跌191.87点，跌幅3.36%。 芯片股方面，华虹半导体跌超11%。 其他方面，盘面上，科网股普跌，哔哩哔哩跌超4%，百度、网易、快手、阿里巴巴跌超3%，美团跌超2%；建材水泥股普遍下跌，西部水泥跌超15%。 资金方面，南向资金小规模进场抄底。截至收盘，南向资金净买入港股超19亿港元。 展望后市： 市场焦点方面，今日贵金属相关个股成为"重灾区"。其中，山东黄金（HK01787）、赤峰黄金（HK06693）跌超12%。此外，灵宝黄金、江西铜业股份跌超 9%，招金矿业、中国黄金国际跌超8%，紫金矿业跌超5%。 花旗在1月30日的最新大宗商品研报中指出，当前的黄金价格已严重透支了未来的不确定性。该行全球大宗商品主管Maximilian Layton认为，虽然短期内金 价仍有冲高可能，但其估值已达到"极端水平"。 汽车股走弱，小鹏汽车-W（HK09868）跌6%，蔚来-SW（HK09866）跌超4%。 2026年1月，主要新能源车企交付成绩单呈现显著分化：小鹏汽 ...

Group 1 - The automotive industry is reflecting on its challenges and opportunities as leaders like Li Shufu of Geely emphasize the importance of core values and technological innovation in navigating critical moments [9][10] - Oliver Blume, former CEO of Porsche, admits to significant strategic errors, particularly regarding the decision to fully electrify the Macan model, which has led to a product gap and financial losses for shareholders [14][15] - Xiaomi's CEO Lei Jun acknowledges the industry's issues with marketing practices and emphasizes the need for transparency and accountability in communications with consumers [17][19] Group 2 - NIO's founder Li Bin celebrates the production of the company's one millionth electric vehicle and outlines ambitious plans for expanding battery swap stations, while maintaining a focus on long-term growth and profitability [22][24] - Elon Musk expresses confidence in China's rapid advancements in AI and energy infrastructure, predicting that China will surpass the U.S. in power generation by three times by 2026 [26][27] - Zhu Hao, founder of Zhi Mi Technology, boldly claims that his company will create the world's first trillion-dollar ecosystem, aiming for a significant increase in market valuation over the next two decades [30][31] Group 3 - Renault's CEO François Provost advocates for a shift from volume-driven strategies to value-driven approaches in the Chinese automotive market, criticizing the detrimental effects of price wars [41] - Li Xiang of Li Auto announces a strategic pivot towards humanoid robotics and AI, emphasizing the need for innovation in product development and collaboration within the industry [44][46] - Huawei's executive Yu Chengdong expresses dissatisfaction with the current capabilities of the HarmonyOS cockpit, calling for improvements to meet user expectations [36][37]