华润啤酒-R(80291)、比亚迪股份-R(81211)、小米集团-WR(81810)上一交易日沽空比率位于前三位，分 别为100.00%、100.00%、75.49%。中国平安(02318)、阿里巴巴-W(09988)、小米集团-W(01810)的沽空 金额位居前三，分别为20.81 亿元、18.71 亿元、16.24 亿元。比亚迪股份-R(81211)、旭辉控股集团 (00884)、小米集团-WR(81810)的偏离值位居前三，分别为43.54%、39.74%、34.28%。 前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 比亚迪股份-R(81211) | 64.27 万元 | 100.00% | 43.54% | | 旭辉控股集团(00884) | 424.46 万元 | 48.32% | 39.74% | | 小米集团-WR(81810) | 243.83 万元 | 75.49% | 34.28% | | 华润啤酒-R(80291) | 16.62 万元 | 100.00% | 31.17% | | 香格里拉(亚 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨小鹏汽车-W（09868.HK） [Table_Title] 小鹏汽车 2025 年 12 月销量点评：总交付 3.75 万辆，同环比增长，X9 交付强势 报告要点 [Table_Summary] 小鹏汽车发布 2025 年 12 月销量。12 月公司共交付新车 37,508 台，同比+2.2%，环比+2.1%。 2025 年全年公司累计交付新车共 42.9 万台，同比+125.9%。智能驾驶持续领先，随着渠道变 革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。MONA M03 和 P7+开启 公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模式拓展 以及出海持续增长，公司未来盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 小鹏汽车-W（0 ...

智驾系列-2026 迎"城区智驾"平权 20260105 摘要 2026 年城区智驾平权化是重要主题，比亚迪等车企将城区智驾功能下 沉至更低价格车型，预计比亚迪高阶城区智驾车型销量占比将从 2025 年的 10%提升至 40%左右，奇瑞、吉利等车企以及合资品牌也将跟进。 无人物流和矿山自动驾驶商业模式已跑通，新石器、白犀牛等公司有望 在 2026 年迎来快速放量，西地智驾、中油科技等在矿山自动驾驶领域 也展示出良好商业化落地进展，具备显著收入增长潜力。 自动驾驶技术与机器人技术高度同源，支架算法开发企业转向机器人大 脑研发具备很强竞争力，小鹏汽车和特斯拉已展示如何利用自动驾驶工 具链系统训练机器人模型。 为实现更广泛的城区智驾功能，车企需调整硬件解决方案以降低成本， 舱驾融合等方案或将推进。地平线机器人推出 HSD 支架解决方案，并在 城区表现领先，同时提供支持 128T 算力芯片的程序支架解决方案。 自动驾驶芯片市场有望快速增长，预计地平线机器人 2025 年底产品销 售约 200 万片低阶芯片和 200 万片 G6M 高算力芯片，总收入约 35 亿 元人民币，2026 年出货量可能达到 550 万片左右， ...

本周，美国将迎来重磅数据发布的一周，周五，美国12月季调后非农就业人数、失业率及新屋开工数据 集体公布，从就业和房地产两个维度把脉美国经济，美联储明年政策路径基本敲定。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 美联储方面对降息又有新的表态。 1月5日，美股三大指数集体高开。明星股英特尔一度涨逾5%。标普500能源板块创下一年多来最高水 平，最新上涨2.4%。 中概股方面，纳斯达克中国金龙指数突然大幅回调，截至发稿跌约1.2%，个股方面，网易跌超4%，百 度、小鹏汽车跌近4%。中概股今日出现回调或因此前跳空大涨，上一个交易日，纳斯达克中国金龙指 数跳空大涨逾4%。 晚间，受地缘政治紧张等因素影响，黄金与白银继续飙涨，截至发稿，现货黄金上涨超2%，现货白银 涨逾4%。 美联储方面，2026年FOMC票委、明尼阿波利斯联储主席卡什卡利周一发表了对降息前景的中性表态， 他认为，美国的基准利率可能已接近"中性水平"，未来的货币政策将取决于经济数据的走向。 卡什卡利指出，尽管过去两年市场一直预期经济会放缓，但美国经济表现出的韧性远超预期。 他认为，这说明目前的货币政策对经济的抑制作用并不 ...

Core Insights - The 2025 new energy vehicle market has shown a stark polarization, with new entrants like "Honglingmi" (Hongmeng Zhixing, Leap Motor, Xiaomi) rapidly gaining market share while established players like NIO and Li Auto struggle to maintain their positions [1][4] Group 1: Market Performance - Leap Motor achieved the highest sales among new forces with 596,600 units delivered in 2025, marking a 103% year-on-year growth and exceeding its annual sales target by 19% [2][4] - Hongmeng Zhixing followed closely with 589,100 units delivered, a 32% increase, although it did not meet its annual sales target [2][6] - Xiaomi delivered over 410,000 units, achieving a remarkable 299% growth and surpassing its sales target by 17% [2][5] - NIO and Li Auto faced challenges, with NIO delivering 326,000 units (47% of its target) and Li Auto delivering 406,300 units, a 19% decline from the previous year [2][10] Group 2: Strategic Developments - Leap Motor's success is attributed to its focus on in-house research and development, establishing 17 component factories and achieving a parts-sharing rate of 88% across its models, which helps maintain competitive pricing [5][6] - Xiaomi's strategy leverages its consumer electronics background, emphasizing user engagement and ecosystem integration, which has proven effective in rapidly building market presence [6][8] - Hongmeng Zhixing is diversifying its product range to reduce reliance on its flagship model, with new models achieving significant sales growth [6][8] Group 3: Challenges and Future Outlook - Leap Motor must prove its capabilities in the high-end market while addressing its shortcomings in smart technology investments [7][8] - Xiaomi faces potential backlash from its strong personal branding and must navigate user sentiment carefully following safety incidents [8] - The traditional leaders, NIO and Li Auto, are undergoing painful transformations, with NIO focusing on operational efficiency and product refinement, while Li Auto is struggling with declining sales and competition from new entrants [10][17] Group 4: Industry Dynamics - The market is witnessing a brutal elimination process, with companies like Neta facing bankruptcy and others like WM Motor and HiPhi attempting to revive their operations amid financial difficulties [19][20] - The competition is shifting towards a focus on systemic capabilities, where companies that can balance technology development, product iteration, and operational efficiency will thrive [24][25]

凤凰网财经讯 1月5日，美股三大指数集体高开，道指涨0.26%，标普500指数涨0.61%，纳指涨0.92%。 加密货币概念股普涨，Coinbase Global, Inc.涨4.79%，IREN Ltd涨4.45%，Strategy涨4.38%，Hut 8 Mining Corp涨4.25%，Figure Technology Solutions涨2.66%，Circle Internet Corp.涨1.52%。 诺和诺德公司表示，其Wegovy®口服药丸是首款也是唯一一款用于成人减重的口服GLP-1，现已在美国 广泛销售。Wegovy药片现已广泛通过70,000+家美国药房(如CVS和Costco)、部分远程医疗服务商如 Ro、LifeMD和WeightWatchers、NovoCare 药房、GoodRx及其他平台广泛销售。 【Strategy披露增持1287枚比特币 并将其美元储备增加6200万美元】 公司消息 【特朗普政府要求美国石油公司投资委内瑞拉】 据美国《政治报》网站3日报道，美国白宫已要求美国各大石油公司对委内瑞拉大量投资，修复委内瑞 拉原油开采基础设施。报道称，有官员最近数周内告诉美国石 ...

1 报告要点 请务必阅读正文之后的免责条款部分 证券研究报告 报告发布日期：2026年1月5日 汽车行业2026年十大趋势及投资策略 ——汽车行业年度策略报告 分析师：刘乐 执业证书编号：S0020524070001 电话：021-51097188 邮箱：liule@gyzq.com.cn 分析师：陈烨尧 执业证书编号：S0020524080001 电话：021-51097188 邮箱：chenyeyao@gyzq.com.cn 2 • 从产业生命周期的视角来看，当前中国汽车产业正步入电动智能化浪潮的中后期，呈现出传统燃油车、电动智能车以及以自动驾驶为代表的未来产业"三条产 业曲线并存"的格局。在这一背景下，汽车板块不再是单一赛道的投资领域，而是需要根据不同产业曲线所处的阶段，实施分层次、分节奏的结构性投资布局。 结合2025年汽车产业的发展，我们总结了泛汽车产业的十大趋势： • 趋势一：报废缺口提供中长期空间，以旧换新有望常态化——中国车市已稳步站上年销3,100万辆平台，3.5亿辆的庞大保有量为后续更新奠定了基础。受15-16 年报废周期影响，大量2008年后生产的存量车正加速进入淘汰期，年度报废量仍远低 ...

Investment Highlights - The automotive industry is expected to see a recovery in passenger vehicle demand in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles and established export-oriented companies [3][4][5][34] - The heavy truck sector benefits from a new policy that maintains subsidy levels, with expectations of 800,000 to 850,000 units sold domestically in 2026, reflecting a 3% year-on-year increase [4][29][38] - The bus sector anticipates a slight increase in sales to 40,000 units in 2026, supported by the continuation of subsidy policies [4][28][38] - The motorcycle market is projected to grow, with total industry sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by strong export growth [5][35] Passenger Vehicle Sector - The implementation of subsidy policies is expected to convert pent-up demand into sales, with a focus on companies less sensitive to policy changes, such as Jianghuai Automobile and high-end brands like Geely and Great Wall [3][34] - The domestic market is expected to prioritize stability, while exports will focus on companies with proven execution capabilities, such as BYD and Changan [3][34] Heavy Truck Sector - The new policy for heavy trucks has exceeded expectations, maintaining subsidy levels from 2025, which is anticipated to accelerate the rollout compared to previous years [4][29][38] - The domestic sales forecast for heavy trucks in 2026 is optimistic, with expectations of 80,000 to 85,000 units sold, reflecting a 3% increase year-on-year [4][29][38] Bus Sector - The bus sector's subsidy policy has also exceeded expectations, with sales projected to reach 40,000 units in 2026, a 5% increase year-on-year [4][28][38] - The market anticipates a continued push for electric buses, supported by government incentives [28][38] Motorcycle Sector - The motorcycle market is expected to see significant growth, particularly in the large-displacement segment, with total sales projected at 1.26 million units in 2026, a 31% increase year-on-year [5][35] - Exports are expected to rise significantly, with a forecast of 830,000 units in 2026, reflecting a 50% increase [5][35] Overall Market Outlook - The overall automotive market is projected to grow, with total industry sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year [5][35] - The heavy truck and motorcycle sectors are particularly well-positioned for growth due to favorable policy environments and increasing export opportunities [4][5][35]

Core Insights - The 2025 new energy vehicle market has shown a stark polarization, with new players like "Honglingmi" (Hongmeng Zhixing, Leap Motor, Xiaomi) rapidly gaining market share while established companies face significant challenges [1][21] - The competition has intensified, leading to a survival battle among companies, with some thriving in the growing market while others struggle in the existing market [1] Group 1: Performance of New Players - "Honglingmi" has collectively disrupted the previous market structure dominated by "Weilai, Xiaopeng, and Ideal," reshaping the competitive landscape [2] - Leap Motor emerged as the biggest dark horse, achieving a delivery volume of 596,600 units in 2025, setting a new record for new energy vehicle sales [2][3] - Xiaomi's automotive division delivered over 410,000 units in its first full year, exceeding its annual target by 117% [4] Group 2: Strategies and Challenges - Leap Motor's success is attributed to its long-term commitment to in-house research and development, achieving a gross margin of 14%-15% while maintaining affordable pricing [3] - Xiaomi's strategy leverages its consumer electronics user base and aims to create an integrated ecosystem, although it faces challenges related to brand perception and safety incidents [6] - Leap Motor plans to achieve a sales target of 4 million vehicles by 2026, marking a significant ambition for future growth [3] Group 3: Struggles of Established Players - The former "big three" of new energy vehicles, "Weilai, Xiaopeng, and Ideal," are undergoing painful transformations, with Weilai and Ideal failing to meet their annual sales targets [7][13] - Xiaopeng has shown resilience, achieving a sales volume of 429,400 units in 2025, becoming the only one among the three to meet its annual target [8] - Weilai has shifted its focus back to core automotive operations, successfully launching popular models like the L90 and ES8 [12] Group 4: Market Exit and Revival Attempts - Neta Auto has faced severe challenges, entering bankruptcy restructuring due to operational failures and market competition [16][17] - WM Motor has announced a five-year restructuring plan but faces skepticism regarding its financial stability and ability to execute its revival strategy [18] - High-end brands like HiPhi and Jidu are struggling with funding and operational challenges, with their revival efforts facing significant obstacles [19][20] Group 5: Future Outlook - The competition in the new energy vehicle market is expected to intensify, with a focus on systemic capabilities becoming crucial for survival [21] - Companies that can balance technology development, product iteration, financial reserves, and operational efficiency will be better positioned in this competitive landscape [21]

Core Insights - The automotive industry is experiencing a dichotomy between companies focusing on volume, like BYD, and those emphasizing quality, like Seres [1] - BYD's total sales in 2025 reached 4.6 million units, a year-on-year increase of 7.73%, with the Ocean and Dynasty series contributing 88% of total sales [1] - Seres' new car deliveries exceeded 420,000 units in 2025, marking a 9.25% year-on-year growth [1] Financial Performance - BYD's cumulative global sales for the first three quarters of 2025 reached 3.26 million units, up 18.64% year-on-year, with revenue of 566.27 billion yuan, a 13% increase, and a net profit of 23.33 billion yuan, down 7.55% [3] - In comparison, Seres sold 340,700 units in the first three quarters, with a year-on-year decline of 3.82% in new energy vehicle sales, generating revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan, up 31.56% [3][6] Market Dynamics - BYD earns approximately 7,157 yuan per vehicle sold, while Seres earns about 15,591 yuan, indicating a significant difference in profitability per unit sold [6] - The high-end model "Wenjie" contributes 90% of Seres' revenue, highlighting the importance of premium offerings in the current market landscape [6] Consumer Behavior - Price sensitivity has been a primary driver for consumers in the electric vehicle market, with many opting for brands like BYD and Seres based on affordability [7][8] - The perception of value for money has become a key factor in consumer decision-making, as seen in the experiences of buyers who prioritize cost-effectiveness [8] Competitive Landscape - Brands like BYD and Seres are attempting to penetrate the high-end market, but face challenges in shifting consumer perceptions from low-cost to high-value offerings [15][18] - The strategy of simply increasing product specifications without addressing brand perception and service quality has proven ineffective in the high-end segment [18] Strategic Insights - Successful high-end brands like NIO and Wenjie have established a comprehensive value system that goes beyond product specifications, focusing on quality, service, and user experience [21][24] - The automotive industry is witnessing a shift where consumers are increasingly prioritizing quality and reliability over low prices, indicating a potential challenge for brands that rely heavily on cost competitiveness [27][29] Future Outlook - For brands like BYD to succeed in the high-end market, they must resolve the conflict between their low-cost heritage and the demands for high-end value, transitioning from a focus on selling products to selling value [29]