2月1日，多家新能源车企公布1月销量。比亚迪销量21.01万辆，同比下降30.11%；小鹏交付了20011 辆，同比下降34.07%；理想交付27668辆，同比下降7.55%。 | HK | (+) | 比亚迪股份 | 93.100 | -4.76% | -4.650 | | --- | --- | --- | --- | --- | --- | | | | 01211 | | | | | HK | (+) | 小鹏汽车-W | 65.100 | -9.14% | -6.550 | | | | 09868 | | | | | HK | (4) | 蔚来-SW | 36.060 | -6.63% | -2.560 | | | | 09866 | | | | | HK | ( | 零跑汽车 | 40.140 | -5.37% | -2.280 | | | | 09863 | | | | 其中，比亚迪股份（1211.HK）跌4.86%，新势力头部"蔚小理零"中，小鹏汽车（09868.HK）跌9%，蔚 来-W（09866.HK）跌6.73%，零跑汽车（09853.HK）跌5%。 2月2日早盘，港股新能源汽车股集体大跌 ...

Core Insights - Xiaopeng Motors delivered 20,011 new vehicles in January 2026, with the Xiaopeng X9 accounting for 4,219 units, representing a year-on-year growth of 413.9% [1] - The cumulative delivery of the Xiaopeng X9 has reached 51,897 units, making it the fastest MPV model among new forces to surpass 50,000 units in deliveries [1]

2月1日，多家新能源车企公布1月销量。比亚迪销量21.01万辆，同比下降30.11%；小鹏交付了 20011辆，同比下降34.07%；理想交付27668辆，同比下降7.55%。 | HK | ਦ | 比亚迪股份 | 93.100 | -4.76% | -4.650 | | --- | --- | --- | --- | --- | --- | | | | 01211 | | | | | HK | ਦ | 小鹏汽车-W | 65.100 | -9.14% | -6.550 | | | | 09868 | | | | | HK | + | 副来-SW | 36.060 | -6.63% | -2.560 | | | | 09866 | | | | | HK | + | 零跑汽车 | 40.140 | -5.37% | -2.280 | | | | 09863 | | | | 2月2日早盘，港股新能源汽车股集体大跌。 其中，比亚迪股份（1211.HK）跌4.86%，新势力头部"蔚小理零"中，小鹏汽车（09868.HK）跌 9%，蔚来-W（09866.HK）跌6.73%，零跑汽车（09853.HK）跌5%。 ...

Group 1 - The Hong Kong stock market saw a collective decline in automotive stocks, with Xpeng Motors dropping over 8%, NIO down over 6%, and Li Auto, Great Wall Motors, and others also experiencing declines [1] - Major Chinese automakers reported January vehicle delivery data, with BYD's January new energy vehicle sales at 210,051 units, a year-on-year decrease of 30.11%, while Li Auto delivered 27,668 units, down 7.55%, and Xpeng delivered 20,011 units, a decline of 34.07% [1] Group 2 - Specific stock performance included Xpeng Motors at -8.58% with a latest price of 65.500 and a market cap of 125.09 billion, NIO at -6.53% with a price of 36.100 and a market cap of 88.96 billion, and BYD at -4.60% with a price of 93.250 and a market cap of 850.18 billion [2] - Other notable declines included Li Auto at -3.03%, Great Wall Motors at -3.09%, and Geely Auto at -2.11%, with respective market caps of 129.09 billion, 109.88 billion, and 171.66 billion [2]

乘联分会方面分析称，2026年春节时间较晚，1月为春节前最后一个完整销售月，工作日数量多于去年 同期，随着首购需求随返乡潮开始释放，全月市场预计可实现同比微增。目前，国家报废补贴已经落 实，但购置税补贴退坡产生了一定的透支效应，各省份以旧换新补贴仍在逐步落实中，导致消费者观望 情绪较为浓重，终端市场仍存不确定性。 汽车股普遍下挫，截至发稿，小鹏汽车-W(09868)跌9.14%，报65.1港元；长城汽车（601633）(02333)跌 3.47%，报12.79港元；理想汽车-W(02015)跌3.26%，报63.8港元；赛力斯（601127）(09927)逆势涨 1.2%，报96.95港元。 消息面上，2月1日，多家车企公布了2026年1月份的销量情况，绝大多数实现销量同比增长，不过分化 特征明显。小鹏汽车1月交付新车20011辆，同比下降34.07%，环比下降46.65%；理想汽车1月交付新车 27668辆，同比增长7.55%，环比下降37.47%；蔚来方面，其1月交付量为2.72万辆，同比增长96.1%；赛 力斯1月汽车销量合计4.59万辆，同比增长104.85%。 ...

Core Viewpoint - The automotive industry is shifting from direct price competition to financial incentives as companies respond to regulatory pressures against price wars, raising questions about the sustainability and risks of this strategy [2][6]. Group 1: Financial Promotions - Tesla initiated a financial promotion with a "7-year low-interest" plan, offering a minimum down payment of 79,900 yuan and monthly payments of 1,918 yuan for the Model 3 [2]. - Xiaomi, Li Auto, and other companies quickly followed suit with similar financing options, highlighting a trend towards extended loan terms and lower monthly payments to attract consumers [3]. - The trend of "7-year low-interest" financing has become a standard offering among major automakers, with various companies providing competitive down payment and monthly payment options [3]. Group 2: Consumer Behavior and Market Dynamics - There is a growing consumer demand for flexible payment options, particularly among younger buyers, which can lead to an "equivalent price reduction" effect [4]. - The automotive market is facing significant pressure, with retail sales of passenger vehicles dropping by 28% year-on-year in early January 2026, prompting companies to adopt financial promotions to stimulate demand [6]. - The impending reduction of tax incentives for electric vehicles is expected to increase consumer costs, further motivating companies to offer attractive financing solutions [6]. Group 3: Regulatory and Policy Environment - Recent policies from financial regulators have allowed for the extension of personal consumption loans to 7 years, making low-interest financing a compliant option for automakers [7]. - The government has introduced fiscal subsidies for qualifying personal consumption loans, which can help offset the costs of low-interest financing for consumers [8]. - The inclusion of the automotive sector in key fiscal subsidy areas indicates a supportive regulatory environment for financial promotions in the industry [7]. Group 4: Financing and Leasing Controversies - Many automakers are incorporating financing leasing services into their promotional strategies, which can create confusion among consumers regarding ownership and contractual obligations [9]. - The financing leasing model, while innovative, has faced criticism for potentially misleading consumers about ownership rights and responsibilities [10]. - The automotive financing leasing sector is undergoing regulatory improvements to enhance transparency and protect consumer interests [10][11].

格隆汇2月2日｜小鹏汽车-W(9868.HK)盘初大跌近10%，报64.65港元，股价创2025年4月以来新低。消 息面上，小鹏汽车昨日公布，2026年1月共交付新车20011台，这一数据明显落后于蔚来和理想，同比下 降34.07%。 ...

截至发稿，小鹏汽车(09868.HK)跌9.07%、蔚来-SW(09866.HK)跌6.53%、 比亚迪股份(01211.HK)跌 4.76%。 ...

凤凰网科技讯2月2日，港股低开低走，截至发稿，恒生科技指数跌幅扩大至2.2%，小鹏汽车跌超9%， 蔚来跌超6%，零跑汽车、比亚迪（002594）股份跌超5%。 2月1日，蔚来公司宣布1月交付新车27,182台，同比增长96.1%。截至目前，蔚来公司已累计交付新车 1,024,774台。蔚来全新ES8在广州完成第60,000台新车交付，历时134天。 2月1日，零跑汽车官方宣布1月零跑汽车交付量达32059台，同比增长27%。 2月1日，公布了2026年1月汽车销量数据。比亚迪新能源汽车1月总销量达到210,051辆，不过和去年同 期相比，出现了30.11%的下滑。 消息方面，多家造车新势力先后发布1月交付量，其中四家车企均实现同比增长，但相较于去年12月， 交付表现出现明显下滑。 ...

Core Viewpoint - The automotive stocks have generally declined, with significant drops in companies like Xpeng Motors and Li Auto, while Seres has shown a slight increase in stock price [1] Company Performance - Xpeng Motors reported a January delivery of 20,011 vehicles, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65% [1] - Li Auto delivered 27,668 vehicles in January, reflecting a year-on-year increase of 7.55% but a month-on-month decrease of 37.47% [1] - NIO's January delivery reached 27,200 vehicles, marking a substantial year-on-year increase of 96.1% [1] - Seres achieved a total vehicle sales of 45,900 units in January, showing a remarkable year-on-year growth of 104.85% [1] Market Analysis - The China Passenger Car Association noted that the later timing of the Spring Festival in 2026 resulted in January being the last complete sales month before the holiday, with more working days compared to the same period last year [1] - The market is expected to see a slight year-on-year increase in sales due to the release of pent-up demand as consumers return home for the holiday [1] - Current government policies, including the implementation of scrapping subsidies, have created a mixed market sentiment, with consumers exhibiting a cautious attitude due to the tapering of purchase tax subsidies and the gradual rollout of trade-in incentives [1]