小鹏汽车官方微博宣布，2025年12月，小鹏X9累计交付5424台，同比增长289.1%，环比增长67.7%，刷 新单月历史交付纪录。 责任编辑：王翔 小鹏汽车官方微博宣布，2025年12月，小鹏X9累计交付5424台，同比增长289.1%，环比增长67.7%，刷 新单月历史交付纪录。 据悉，这一数据创下12月份高端MPV个人用户交付量第一、12月印尼纯电MPV销量冠军以及2025年下 半年香港MPV销量冠军。 据悉，这一数据创下12月份高端MPV个人用户交付量第一、12月印尼纯电MPV销量冠军以及2025年下 半年香港MPV销量冠军。 责任编辑：王翔 ...

智通财经APP获悉，中金发布研报称，恒生指数公司将于2026年2月13日(星期五)收盘后公布恒生系列指数调整的正式结果，并将于3月9日(星期一)正式实 施。在3月9日指数调整生效后，上海与深圳交易所会在随后(具体时间视交易所公布而定)以此为依据相应调整沪深港通的可投资标的范围。基于恒生指数 的调整方法论，并借此前多次实际调整结果对主观调整标准的理解的验证，该行计算紫金黄金国际(02259)、百济神州(06160)、百胜中国(09987)、小鹏汽 车-W(09868)、中国财险(02328)、康方生物(09926)、中国太保(02601)与老铺黄金(06181)排在符合纳入条件，也位列潜在候选者名单的前列。测算优先考 虑市值顺位，再结合各行业代表性与覆盖率等因素综合得出。 在此期间，与MSCI指数调整类似，部分主动型资金仍不排除会根据调整公布结果采取一定的套利操作，但被动资金为了最大程度上减少追踪误差将选择 在生效前一个交易日(即3月6日)调仓。届时相关股票成交或会出现远大于平时的"异常放量"情形，特别是在尾盘。 中金主要观点如下： 恒生指数调整：部分公司符合纳入条件；恒生银行退市后部分香港公司或"递补"进入 ...

格隆汇1月19日｜小鹏汽车董事长何小鹏转发雷军微博：很厉害，祝贺好成绩。未来一起继续不断探索 和挑战极限！雷军在微博中表示，新一代SU7Max，24小时耐力挑战"用短跑速度跑马拉松"，最终成 绩：4264km。车辆连续跑24小时（含充电时间），挑战所能达到的最大行驶里程。 ...

Investment Rating - The report suggests a focus on the automotive industry, particularly on companies like BYD and Geely for vehicle manufacturing, and companies like Li Auto, Xpeng Motors, and others in the smart technology and robotics sectors [3][20]. Core Insights - The EU's implementation of a price commitment mechanism is expected to significantly alleviate the tariff pressure faced by Chinese electric vehicle manufacturers exporting to Europe, improving their profitability per vehicle [1][13]. - Boston Dynamics' Atlas humanoid robot is set to begin mass production in 2026, marking a shift from technology validation to commercial deployment, with significant partnerships in manufacturing and logistics [2][14]. - The first week of 2026 saw a decline in retail sales of passenger vehicles, but there is optimism for recovery in Q1 2026 due to upcoming policy support and seasonal demand [19][3]. - The report highlights the ongoing trend of increasing exports of passenger vehicles, particularly in the context of recovering demand in markets like Russia and the growing penetration of new energy vehicles [3][19]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.57%, while the automotive index increased by 0.49%, ranking 10th among 31 sectors [21]. - In the first week of January 2026, wholesale passenger vehicle sales were 381,000 units, down 40% year-on-year, with new energy vehicle sales at 167,000 units, also down 30% [5][27]. - In December 2025, the total wholesale passenger vehicle sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. - Exports of passenger vehicles in December 2025 reached 588,000 units, a year-on-year increase of 45.5%, with new energy vehicle exports at 270,000 units, up 122.9% [6][50][54]. Industry Dynamics - The report notes significant developments in the automotive sector, including the establishment of a new company by Jetta to focus on new energy vehicles, and plans by XPeng to build an independent overseas supply chain team [62][64]. - The Hong Kong government is advancing autonomous driving tests, which could provide valuable insights for the application of such technologies in urban environments [61].

Core Viewpoint - The automotive parts industry is expected to experience significant growth driven by the acceleration of smart and global trends, with humanoid robots entering a phase of mass production by 2026 [2][7]. Group 1: Industry Overview - In 2025, domestic wholesale vehicle sales reached 21.16 million units, a year-on-year increase of 13.3%, leading to an 8.3% increase in automotive parts revenue [2][20]. - For 2026, the wholesale vehicle sales are projected to reach 30.3 million units, a 1.0% year-on-year increase, supported by the continuation of vehicle replacement policies [2][46]. - The automotive parts sector is expected to benefit from the increasing share of domestic brands and the pressure of annual declines on profit margins, which decreased by 0.5 percentage points year-on-year [2][43]. Group 2: Investment Strategy - The investment strategy emphasizes the importance of high-quality customers, with domestic brands being prioritized over new forces and joint ventures [3][9]. - The focus is on high-growth clients such as Geely and BYD in the domestic market, and the expansion of overseas production capacity is expected to enhance revenue and profit [3][8]. - The global expansion of Chinese automotive parts is anticipated to continue, particularly in North America and Europe, driven by the increasing electrification rate [3][9]. Group 3: Product Dimensions - The smart driving sector is expected to see accelerated growth, with a projected increase in penetration rates as advanced driving technologies become more accessible to the mass market [4][39]. - Humanoid robots are entering a mass production phase in 2026, with significant advancements in AI and robotics technology expected to drive long-term growth [4][54]. - Key investment opportunities are identified in high-performance driving chips and smart cockpit controllers, which are expected to experience substantial growth [4][53]. Group 4: Financial Performance - The automotive parts sector's revenue growth is closely tied to passenger vehicle sales, with a noted increase in average selling prices (ASP) [15][20]. - The gross profit margin for the automotive parts sector was 19.4% in 2025, reflecting a slight decline due to increased pressure from OEMs [26][33]. - The net profit growth for the automotive parts sector was only 4.2% year-on-year, indicating that profit growth is lagging behind revenue growth due to pressures from OEMs [33][39]. Group 5: Future Outlook - The automotive parts industry is expected to see a shift towards smart and electric components, with a focus on intelligent driving and humanoid robots as key growth areas [2][53]. - The five-force model indicates that the industry will favor smart electric components over traditional parts, with significant growth potential in humanoid robots and low-altitude applications [53][54]. - The overall industry space is defined by the value per vehicle, vehicle sales, and product penetration rates, with a strong emphasis on high-quality customers and favorable market conditions [54].

Core Insights - The Chinese electric vehicle (EV) market saw record production and sales in 2025, with 16.626 million units produced and 16.49 million units sold, marking a year-on-year growth of 29% and 28.2% respectively, maintaining its position as the global leader for 11 consecutive years [1][3] - A significant industry reshuffle is underway, with previously dominant brands experiencing declines, highlighting that success now hinges on minimizing errors rather than just speed [3][4] Group 1: Market Dynamics - The rapid evolution of the EV market has led to increased competition, with companies like Li Auto facing challenges due to slow product line updates, resulting in lost market share [4][9] - Competitors have surpassed Li Auto in key metrics such as electric range and technology, prompting Li Auto to accelerate its product upgrade cycle from four years to two [9][10] Group 2: Quality Control Issues - Manufacturing quality issues, such as the "spray powder" problem affecting BYD vehicles, have led to customer dissatisfaction and complaints, indicating potential weaknesses in quality control and supply chain management [10][11][14] - These quality concerns can erode brand loyalty and consumer trust, as they directly impact user experience [14] Group 3: Marketing and Trust - Some companies are engaging in "small print marketing," which obscures critical information and can lead to trust erosion among consumers, as seen with Xiaomi's SU7 [15][18] - The practice of reducing vehicle configurations without proper disclosure has resulted in significant backlash, particularly for XPeng's G6 model, leading to a sharp decline in brand reputation [18][22] Group 4: Design and Consumer Perception - Controversial design choices, such as those made for the Li Auto MEGA, have sparked public debate and negatively affected sales and brand image [23][25] - A disconnect between innovative design and consumer expectations can lead to adverse market reactions [25] Group 5: Supply Chain and Financial Health - The financial struggles of companies like Nezha, which reported a mere 15.45 million yuan in cash against debts exceeding 26 billion yuan, highlight the risks of aggressive expansion without solid financial foundations [30][32] - Poor supplier choices can lead to significant reputational damage, as seen with Zeekr's "zero self-ignition" claim being undermined by safety incidents [33][35] Group 6: Product Recalls and Safety - Major recalls due to safety issues, such as those affecting Xiaomi and BYD, underscore the importance of rigorous product testing and quality assurance [36][39] - Recalls not only incur financial costs but also severely damage brand reputation and consumer confidence [39] Group 7: Competitive Landscape - The EV industry is evolving into a comprehensive competition encompassing strategic stability, technological innovation, honest marketing, and robust supply chain management [39] - Companies that respect manufacturing principles and maintain a focus on user value are more likely to succeed in this challenging environment [39]

Group 1 - The company announced the grant of a total of 1.3098 million restricted stock units to 69 employees as part of the 2025 share incentive plan, which represents the same number of Class A ordinary shares [1] - The grant of restricted stock units is subject to acceptance by the grantees and requires shareholder approval [1] - None of the grantees are directors, senior executives, or major shareholders of the company, nor are they connected persons of the aforementioned parties [1]

Core Viewpoint - Xpeng Motors (09868) announced the grant of a total of 1.3098 million restricted stock units to 69 employees as part of its 2025 share incentive plan, pending acceptance by the grantees [1] Group 1 - The restricted stock units represent an equivalent number of Class A ordinary shares [1] - The grant of these restricted stock units is subject to shareholder approval [1] - None of the grantees are directors, senior executives, or major shareholders of the company, nor are they connected persons of the aforementioned parties [1]

格隆汇1月16日丨小鹏汽车-W(09868.HK)宣布，于2026年1月16日，公司根据2025年股份激励计划向69 名雇员授出合共131万股限制性股份单位(代表相同数量的A类普通股)，惟须待承授人接纳后，方可作 实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 授出限制性股份單位 限制性股份單位授出的詳情如下： 授予日期 2026年1月16日 所授予限制性股份單位 總數 1,309,838 所授予限制性股份單位 的購買價格 零 A類普通股於授予日期 的收市價格； 每股80.450港元 1 董事會宣佈，於 2026 年 1 月 16 日，本公司根據 2025 年股份激勵計劃向 69 名僱員授出 （「限制性股份單位授出」）合共 1,309,838 股限制性股份單位（代表相同數量的 A 類 普通股），惟須待承授人接納後，方可作實。概無限制性股份單位授出須經本公司股 東批准，且概無承授人為本公司董事、最高行政人員或主要股東，亦非前述各方的聯 繫人。 限制性股份單位授出受 2025 年股份激勵計劃及本公司與各承授人訂立的獎勵協議的條 款及條件規限。2025 年股份激勵計劃的主要條款載於本公司日期為 2025 年 5 月 12 日 的委託投票說明書╱通函。 香港聯交所已經 ...