Group 1 - The analyst focuses on undercovered stocks primarily in Brazil and Latin America, occasionally covering global large caps [1] - Contributions are made to platforms like TipRanks and TheStreet, indicating a broad reach in financial analysis [1] Group 2 - The analyst has no current positions in the mentioned companies but may initiate a long position in NIO within the next 72 hours [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from companies mentioned [2]

Group 1 - The analyst focuses on undercovered stocks primarily in Brazil and Latin America, occasionally covering global large caps [1] - The analyst contributes regularly to TipRanks and has a history of contributions to TheStreet [1] Group 2 - The analyst has no current stock or derivative positions in the companies mentioned but may initiate a long position in NIO within the next 72 hours [2] - The article expresses the analyst's own opinions and is not influenced by compensation from any company mentioned [2]

Market Overview - The Hong Kong stock market indices showed weakness, with the Hang Seng Index down 0.94% to 26,458.95, the Hang Seng Tech Index down 1.49% to 5,738.52, and the Hang Seng China Enterprises Index down 1.14% to 9,138.75 [1][2] Sector Performance - Major technology stocks collectively declined, with Alibaba down over 3%, and Netease and Kuaishou down over 2% [4][5] - The automotive sector faced significant losses, with BYD, NIO, and Xpeng all dropping over 3% [7] - Oil stocks also fell, with Kunlun Energy and China National Offshore Oil Corporation down over 3% [8][9] - Real estate stocks performed poorly, with Sunac China down 8.27% and several other major developers declining [10] - Chinese brokerage stocks were under pressure, with GF Securities down over 4% [11] Notable Gainers - The paper industry saw gains, with Nine Dragons Paper up 8.97% and Lee & Man Paper up 6.92% [14] - The innovative drug sector was active, with Ascentage Pharma-B and Tonghua Dongbao Pharmaceutical-B both rising over 8% [16] - Aluminum stocks rose, with Nanshan Aluminum International up over 10% [18] - Coal stocks strengthened, with Feishang Non-Ferrous Coal up over 34% [19] - The restaurant sector saw increases, with Ronghui Holdings up over 13% [21] - Solar energy stocks had some upward movement, with GCL-Poly Energy up over 24% [22] Investment Outlook - According to Galaxy Securities, the Hong Kong stock market is expected to see increased trading activity and a potential upward trend, with a focus on technology and consumer sectors due to supportive policies and low valuations [24]

Core Viewpoint - The transition from rapid growth to high-quality development in the electric vehicle market is marked by a shift in technology choices and market dynamics, with a focus on user value as the ultimate goal [1][3]. Market Dynamics - The rise of range-extended and plug-in hybrid vehicles was a temporary solution due to inadequate charging infrastructure, but the market is now experiencing a structural change with the advent of pure electric vehicles, particularly in the large three-row SUV segment [3][4]. - In 2025, retail sales of range-extended vehicles fell by 7.7% year-on-year, marking four consecutive months of decline, while wholesale sales of pure electric vehicles reached 1.02 million units, a 31.6% increase year-on-year, accounting for 62.9% of the new energy vehicle market [4]. Company Strategy - The company has focused on two main areas over the past 11 years: continuous investment in pure electric technology research and development, and the enhancement of charging and battery swap infrastructure to make charging more convenient than refueling [5]. - The company has developed a comprehensive technology system with 12 core technologies, significantly reducing R&D costs per model, and has launched flagship models equipped with advanced technologies [5][6]. Infrastructure Development - As of November 2025, the company has established 3,662 battery swap stations globally, covering over 80% of users' residential or office locations within a 3-kilometer radius [6]. - The company has initiated the "Charging Partner" program and formed strategic partnerships to expand its charging and battery swap network, aiming to create the largest and most advanced battery swap service network globally [6]. Growth Metrics - In 2024, the company delivered 221,900 new vehicles, a 38.7% increase year-on-year, with December alone seeing a record delivery of over 30,000 vehicles [7]. - By the fourth quarter of 2025, the company achieved a historic high of 124,807 new vehicle deliveries, a 71.7% year-on-year increase, with all three brands reaching record quarterly deliveries [7]. Future Goals - The company aims to continue innovating in technology and infrastructure, with a target of exceeding 10,000 battery swap stations by 2030, and to maintain an annual growth rate of 40%-50% while expanding its market share in various segments [8].

Market Performance - The Hang Seng Index closed down by 0.94% [1] - The Tech Index fell by 1.49% [1] Company Specifics - Tencent Music (01698.HK) experienced a decline of over 5% [1] - BYD Company (01211.HK) saw a drop of nearly 4% [1] - NIO Inc. (09866.HK) fell by more than 3% [1]

Group 1 - The core viewpoint of the article is the announcement of a five-year strategic cooperation agreement between CATL and NIO, aimed at deepening collaboration in technology, ecology, and market sectors to advance the electric vehicle industry in Hefei [1][2]. Group 2 - In the technology sector, the focus will be on joint development of long-life batteries and battery swap technology, promoting collaboration on multiple technological routes and prioritizing the implementation of new technologies to enhance product competitiveness [3]. - In the ecological sector, both companies will work together to establish battery swap technology standards and share resources within the battery swap network, enhancing collaboration under business models like Battery as a Service (BaaS) to build an open and shared battery swap ecosystem [3]. - In the market sector, there will be a strengthened joint promotion of brands in domestic and international markets, aiming to enhance global market influence and share, achieving comprehensive win-win outcomes from technology to branding [3].

Group 1 - The Hang Seng Tech Index has declined by 2.3%, indicating a broader downturn in the technology sector in Hong Kong [1] - Tencent Music has dropped over 5%, while Alibaba and BYD have seen declines exceeding 4% [1] - Other companies such as NIO, Bilibili, Xiaopeng Motors, Kuaishou, and Li Auto have all fallen by more than 3%, with Tencent, Meituan, NetEase, and SMIC experiencing declines of over 2% [1]

1月7日，蔚来宣布，值此蔚来第100万台量产车下线之际，正式推出"ET9百万纪念限量版"，将专属标 识融入设计细节，限量9台，售价81.8万元起，采用BaaS电池租用方式购买，售价71万元起。 蔚来创始人、董事长、CEO李斌表示，ET9百万纪念限量版有三个主题："天空之镜"、"拂晓黎明"、"日 照金山"。推出纪念版的初衷，不仅是为了纪念蔚来公司第 100 万台量产车下线，也是为了致敬各行各 业的创新引领者。 1月7日，蔚来宣布，值此蔚来第100万台量产车下线之际，正式推出"ET9百万纪念限量版"，将专属标 识融入设计细节，限量9台，售价81.8万元起，采用BaaS电池租用方式购买，售价71万元起。 蔚来创始人、董事长、CEO李斌表示，ET9百万纪念限量版有三个主题："天空之镜"、"拂晓黎明"、"日 照金山"。推出纪念版的初衷，不仅是为了纪念蔚来公司第 100 万台量产车下线，也是为了致敬各行各 业的创新引领者。 责任编辑：李昂 责任编辑：李昂 ...

Core Insights - The 2025 year for the electric vehicle (EV) industry is characterized by aggressive growth, a backlash against internal competition, and uncertainty heading into 2026 [2][17][19] Group 1: Aggressive Growth - The EV industry is projected to sell 12.852 million units in 2025, with a market penetration rate surpassing 50% [3] - BYD leads the market with 4.6024 million units sold, achieving a 7.7% year-on-year growth [6] - New players like Leap Motor and Xiaomi are also showing significant growth, with Leap Motor achieving a 103% year-on-year increase [4][6] Group 2: Backlash Against Internal Competition - The industry has faced issues of malicious competition, with average price reductions of 9.2% leading to a decline in profit margins from 6.2% in 2020 to 4.3% in 2025 [17][18] - Regulatory bodies are advocating for a shift towards innovation and service differentiation rather than price wars [18] - The backlash aims to guide companies towards better product definitions and fair competition practices [18] Group 3: Uncertainty in 2026 - The competition in the EV sector is expected to intensify, with a slowdown in growth rates and increased pressure on product iteration [19][20] - Key factors influencing competition will be autonomous driving capabilities and expansion strategies [20][25] - The industry may face a dilemma regarding price wars as average vehicle prices have decreased from 184,000 yuan in 2024 to 178,000 yuan in 2025 [27]

Group 1 - BYD has topped the global sales chart for pure electric vehicles, with a total sales exceeding 4.6 million units in 2025, maintaining its position as the annual sales champion in China [3] - China FAW Group achieved over 3.3 million vehicle sales in 2025, marking a 3.2% year-on-year increase, with its joint venture FAW-Volkswagen leading in sales among joint venture brands [3] - Geely Automobile surpassed 3.02 million units in sales, exceeding its annual target and setting a historical record [3] Group 2 - Leap Motor emerged as the biggest "dark horse" in the new energy vehicle sector, delivering nearly 600,000 units in 2025, representing a 103% year-on-year growth and achieving over 119% of its annual target [4] - NIO reported a record delivery of over 320,000 vehicles in 2025, with a significant increase in delivery volume in the latter half of the year [6] - Multiple automakers indicated that the Chinese new energy vehicle industry is entering a new phase of technological iteration and global development, aiming to lead in both quantity and quality [6] Group 3 - The establishment of new state-owned enterprise China Changan Automobile Group aims to accelerate breakthroughs in new energy, intelligence, and globalization, contributing to a total sales of 2.91 million units in 2025, the highest in nearly nine years [3] - Chery Group's sales exceeded 2.8 million units in 2025, focusing on innovation to enhance product service for global users [3] - Huawei's collaboration with automakers like Seres and BAIC has led to the successful launch of popular models, with a total delivery of nearly 590,000 units in 2025 [4]