客户端 蔚来-SW（09866）发布公告，公司于2025年12月交付4.81万辆汽车，创下月度新高，同比增长54.6%。 有关交付包括公司旗下蔚来品牌的高端智能电动汽车3.19万辆，公司旗下乐道品牌的家庭智能电动汽车 9154辆，以及公司旗下萤火虫品牌的智能电动高端小车7084辆。公司于2025年第四季度交付12.48万辆 汽车，创下季度新高，同比增长71.7%。于2025年全年，总交付量达到32.6万辆汽车，同比增长46.9%。 截至2025年12月31日，公司累计汽车交付量达99.76万辆。 2025年12月，该公司的全场景科技旗舰SUV，蔚来全新ES8累计交付量突破4万辆，创下中国人民币40 万元以上纯电汽车的最快交付纪录。凭借行业领先的智能电动汽车技术，以及可充、可换、可升级的全 场景补能网络的支持，全新ES8巩固了其在大三排SUV细分市场的领先地位，充分展现出卓越的产品竞 争力及广泛的用户认可。 责任编辑：卢昱君 蔚来-SW（09866）发布公告，公司于2025年12月交付4.81万辆汽车，创下月度新高，同比增长54.6%。 有关交付包括公司旗下蔚来品牌的高端智能电动汽车3.19万辆，公司旗下乐道品 ...

Group 1 - The Ministry of Commerce of China expressed strong opposition to the EU's carbon border adjustment mechanism, stating it imposes unfair trade restrictions on developing countries and increases their climate action costs [5] - The Ministry emphasized the need for cooperation in addressing global climate change while asserting that China will take necessary measures to protect its development interests and the rights of its enterprises [5] Group 2 - The total sales of the "trade-in" program in China are projected to exceed 2.6 trillion yuan by 2025, benefiting over 360 million people [6] - Specific categories include over 11.5 million cars, 12.9 million home appliances, 9.1 million digital products, and over 1.2 million home renovation items [6] Group 3 - Multiple automotive companies reported their December 2025 sales figures, with BYD selling 420,398 new energy vehicles, a year-on-year decline of approximately 18.2%, but a total annual sales increase of 7.73% to 4.6 million units [11] - Geely's total vehicle sales in December reached 236,817 units, a year-on-year increase of about 13%, with an annual total of 3.02 million units, up 39% [12] - NIO delivered 48,135 vehicles in December, marking a historical high with a year-on-year growth of 54.6%, and an annual total of 326,028 vehicles, also a record [13] - Xiaomi's automotive division achieved over 50,000 deliveries in December for the first time, totaling over 350,000 for the year [13] - The overall automotive market is showing a clearer trend towards new energy and intelligent vehicles [15] Group 4 - The retail giant Pang Donglai reported a total sales figure exceeding 23.5 billion yuan for 2025, significantly surpassing its previous year's target of 17 billion yuan, indicating strong growth and market expansion capabilities [20]

IT之家 1 月 1 日消息，蔚来滇藏换电路线今日正式贯通，全程超 2700 公里，沿途布局 19 座蔚来换电站。蔚来创始人、董事长、CEO 李斌今日进行直 播，全程换电直达梅里雪山。 在直播中，李斌谈到了蔚来 2026 年的换电站建设进展，表示 2026 年目标建设至少 1000 座五代换电站。 蔚来五代换电站兼容蔚来、乐道、萤火虫三大品牌，将方便萤火虫小车的用户。 萤火虫总裁金舸曾在 2025 年 4 月透露，萤火虫一开始计划是做集装箱式换电站，后来重新计算认为单靠萤 火虫无法构建新的网络。新的计划是萤火虫的换电 2026 年年初会并入蔚来五代站，五代站将包含 3 个品牌 的服务。 据IT之家此前报道，2025 年 12 月，蔚来公司交付新车 48135 辆，创历史新高，同比增长 54.6%。 蔚来品牌交付 31897 辆，创历史新高，同比增长 54.8%，交付量连续五个月增长； 乐道品牌交付新车 9154 辆； firefly 萤火虫品牌交付新车 7084 辆，创历史新高，环比增长 16.4%，交付量连续五个月增长。 ...

Group 1 - Xpeng Motors achieved a total delivery of 1,445 units for the year 2025, representing a year-on-year growth of 126%, with December deliveries reaching 37,508 units, marking both month-on-month and year-on-year increases [4] - Li Auto, despite being the first and consistently profitable new force in the market, has returned to losses within a year, facing challenges in the extended range market and electric transformation [7] - NIO's ES8 sales surged to 22,000 units in December, while Xpeng's X9 reached a record monthly sales of 5,424 units, indicating a strong performance in the high-end segment [7] Group 2 - NIO has established over 3,600 battery swap stations nationwide and more than 1,000 highway swap stations, making battery swapping as convenient as refueling for its users [7] - Xpeng has leveraged its MONA M03 and extended range technology to boost sales, positioning itself alongside NIO and Li Auto as competitors [8] - Looking ahead to 2026, NIO needs to focus on three key strategies, while Xpeng's extended range technology is expected to ensure sales growth [8]

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge due to policy exhaustion and consumer hesitation, but several companies achieved substantial year-on-year growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO showed a recovery in the second half of the year with a 46.88% increase [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, a year-on-year increase of 42.11%, and achieved a total of 596,555 vehicles for the year, marking a 103.1% increase [2][3]. - NIO's December deliveries reached 48,135 vehicles, a record high for the month with a 54.59% year-on-year increase, and a total of 326,028 vehicles for the year, reflecting a 46.88% growth [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 vehicles for the year, representing an 18.81% decline year-on-year, but it became the first new force brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved total deliveries of 429,445 vehicles in 2025, a 125.94% increase, although December deliveries were 37,508, falling short of the fourth-quarter guidance [9]. Group 2: Strategic Developments - Leap Motor plans to target one million deliveries in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model became a key contributor to sales, with a significant number of orders expected to offset potential performance dips in early 2026 [5]. - Li Auto is facing challenges in its pure electric transition, with supply chain issues affecting production capacity, but it is expanding into overseas markets to alleviate domestic competition [7]. - Xpeng Motors is set to launch seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9]. Group 3: Market Insights - The absence of a year-end surge in the automotive market was confirmed by industry analysts, and new government policies aimed at stimulating consumption are expected to stabilize the market in 2026 [11][12].

Group 1 - The total delivery volume for NIO includes vehicles from NIO, Ladao, and Firefly brands, with NIO brand delivering 31,897 units, Ladao brand delivering 9,154 units, and Firefly brand delivering 7,084 units [3] - Zeekr Technology's delivery volume includes vehicles from Zeekr and Lynk & Co brands, with Zeekr brand delivering 30,267 units and Lynk & Co brand delivering 33,751 units [3]

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

IT之家 1 月 1 日消息，蔚来滇藏换电路线今日正式贯通，全程超 2700 公里，沿途布局 19 座蔚来换电站。蔚来创始人、董事长、CEO 李斌今日进行直 播，全程换电直达梅里雪山。 蔚来五代换电站兼容蔚来、乐道、萤火虫三大品牌，将方便萤火虫小车的用户。 萤火虫总裁金舸曾在 2025 年 4 月透露，萤火虫一开始计划是做集装箱式换电站，后来重新计算认为单靠萤火虫无法构建新的网络。新的计划是萤火虫的 换电 2026 年年初会并入蔚来五代站，五代站将包含 3 个品牌的服务。 在直播中，李斌谈到了蔚来 2026 年的换电站建设进展，表示 2026 年目标建设至少 1000 座五代换电站。 据IT之家此前报道，2025 年 12 月，蔚来公司交付新车 48135 辆，创历史新高，同比增长 54.6%。 蔚来品牌交付 31897 辆，创历史新高，同比增长 54.8%，交付量连续五个月增长； 乐道品牌交付新车 9154 辆； firefly 萤火虫品牌交付新车 7084 辆，创历史新高，环比增长 16.4%，交付量连续五个月增长。 ...

Core Viewpoint - By 2025, Chinese electric vehicles (EVs) will become a common sight on European streets, achieving significant market penetration despite high tariffs and competition from established local brands [1][2][3]. Group 1: European Market Share - Chinese brands are projected to capture 12.8% of the European EV market by 2025, marking a historical high, with hybrid vehicles exceeding 13% market share [6]. - In the UK, Chinese car sales reached 187,800 units in the first 11 months of the year, doubling from the previous year, with expectations to surpass 200,000 units and maintain a 10% market share by 2025 [7][9]. - Spain and Norway also show strong performance, with one in ten new cars sold being from Chinese brands, and the average market share in Western Europe reaching 6% [10]. Group 2: Sales Growth and Performance - SAIC MG registered 274,000 units, a year-on-year increase of 26.1%, while BYD's market share surged to 160,000 units, reflecting a staggering 276% growth [12][13]. - In key markets like Germany and Italy, BYD's sales have even surpassed those of Tesla [14]. - Geely reported a 61.8% year-on-year increase in sales in Europe for the first three quarters of the year [15]. Group 3: Competitive Advantages - Chinese EVs benefit from a mature supply chain that ensures stable supply and cost advantages, contrasting with European manufacturers facing high production costs and battery supply shortages [20][21]. - Chinese companies are strategically localizing production to mitigate tariff impacts, with firms like BYD and Chery establishing assembly operations in Europe [24]. - Innovations in battery technology, such as BYD's blade battery and CATL's high-energy-density batteries, meet European demands for longer range and safety [25][26]. Group 4: Challenges Ahead - Trade barriers, including a 45% anti-subsidy tax, and upcoming regulatory requirements for battery "digital passports" pose significant challenges for Chinese manufacturers [28][29]. - Service and brand recognition remain weaker compared to established European brands, affecting customer retention and service quality [31]. - Adapting to stringent European standards for charging interfaces and carbon footprints adds to the operational costs and complexity for Chinese EVs [33].

Group 1 - DeepSeek released a new paper on New Year's Day proposing a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at addressing instability issues in traditional hyperconnections during large-scale model training while maintaining significant performance gains [1] - The paper's first authors include Zhenda Xie, Yixuan Wei, and Huanqi Cao, with DeepSeek's founder and CEO Liang Wenfeng also listed as an author [1] Group 2 - The EU's Carbon Border Adjustment Mechanism (CBAM) will officially implement on January 1, 2026, with recent legislative proposals and implementation details released by the EU [2] - China expressed concerns over the EU's high default carbon emission intensity values for Chinese products, which are deemed unfair and discriminatory, and plans to gradually increase these values over the next three years [2] - The EU plans to expand the CBAM scope to include approximately 180 steel and aluminum-intensive downstream products by 2028, which China views as unilateral and protectionist [2] Group 3 - Multiple electric vehicle manufacturers have reported their delivery data for December 2025 and the entire year, with Li Auto delivering 44,246 vehicles in December and a total of 1,540,215 vehicles since inception [6][16] - NIO delivered 48,135 vehicles in December, marking a 54.6% year-on-year increase, and a total of 326,028 vehicles for the year, a 46.9% increase [6][16] - Xpeng Motors reported 37,508 vehicles delivered in December, with a total of 429,445 vehicles for the year, reflecting a 126% year-on-year growth [6][16] Group 4 - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025 [7][18]