驾控的优雅，离不开智能的默契相伴。LEX平台依托EEA 5.1电子电气架构不仅重构了整车智能逻辑， 更将硬核技术转化为用户可感可知的实际便利，打造出"不打扰"的优雅全场景智能出行体验。包括 APA/RPA自动泊车辅助/遥控泊车辅助、VPD端到端泊车、H-NOA高速导航辅助、全场景道路自适应等 在内的智驾场景，从容应对多元出行需求。涵盖高品质音响、双层镀银玻璃、水负离子净化等在内的5 维感官科技，搭配多种智能情景模式，让舒适与优雅时刻随行。 LEX凭借"多动力兼容、全球市场适配"的优势，突破单一纯电或混动平台的局限，通过汇聚全球技术体 系能力打造，能快速衍生出纯电、混动等多种能源形式的产品，既聚焦研发资源、丰富了产品线，又能 精准适配全球不同市场的政策与用户需求，彰显出行业领先的战略广度。未来，基于LEX新能源平台开 发的LEPAS L8、LEPAS L6、LEPAS L4等车型将陆续上市，从时尚灵动到优雅奢享，覆盖多元细分市 场，满足全球用户多样化需求。 LEX平台标志着LEPAS的整车智能水平进入跨代领先新阶段。LEX平台不止于技术参数的整合，更是对 "优雅驾控" 品类的系统化定义——通过技术实现操控的从容 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

2025年12月份，新能源重卡市场同比暴涨198%，整体销量再创新高，其中充电重卡销量接近3万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？2025年走完，换电重卡行业格局有何新变化？ 请看第一商用车网的分析报道。 根据第一商用车网掌握的最新数据，2025年12月份，国内新能源重卡市场共计销售4.53万辆（注：本文数据来源为交强险实销口径， 不含出口和军车，下同），环比2025年11月份增长62%，同比增长198%。12月份，纯电动重卡（包括换电和充电）销售4.08万辆， 占比高达90.09%，虽较上月（97.46%）有所下滑，但仍是新能源重卡最重要的组成部分。这其中，换电重卡（本文所述的"换电重 卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡，以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动 重卡）销售1.15万辆，环比增长56%，同比也继续实现增长，增幅达到106%，同比增幅较上月（+147%）有所缩窄。12月份，换电 重卡106%的同比增速继续跑输新能源重卡市场"大盘"。 12月份，换电重卡在纯电动重卡销量中的占比为28.1 ...

Core Viewpoint - Wang Haoming, a chief technician at Beiqi Foton Motor Co., Ltd., has significantly improved product quality and established a robust talent training mechanism, leading to industry-leading reliability and numerous accolades for the company [1] Group 1: Quality Improvement Initiatives - Wang Haoming led a team that addressed critical quality issues such as engine post-treatment erosion, transmission noise, and axle breakage, resulting in an average product quality improvement of 48% [1] - The initiatives included over 70 quality enhancement projects, identifying 48 design structure optimization projects, 424 component improvement projects, and 278 quality control projects, which collectively reduced quality losses by over 20 million yuan for the Foton Motor Chaozhou plant [1] Group 2: Product Upgrades - The implementation of the National VI product upgrade has resulted in market reliability that surpasses the National V products by 51.8%, achieving a leading position in the industry [1] Group 3: Talent Development - The establishment of a "four-in-one" talent training mechanism, integrating training, competition, promotion, and incentives, has fostered a high-skill talent development model [1] - This model has successfully trained 7 senior technicians, 14 technicians, and 147 skilled workers, contributing to the team winning 26 awards in competitions and producing 3 national skill competition champions and 3 provincial champions [1]

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In December, domestic heavy truck sales reached 103,000 units, representing a year-on-year increase of 22% but a month-on-month decrease of 9% [2][4]. - The total sales of domestic heavy trucks for the year amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report highlights that the heavy truck industry has achieved nine consecutive months of year-on-year growth, with sales exceeding 100,000 units for four consecutive months [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a year-on-year decrease of 5.3%, while wholesale sales are expected to reach 1.16 million units, a year-on-year increase of 1.5% [4]. Summary by Sections Heavy Truck Sales - December saw domestic natural gas heavy truck sales of 13,000 units, a year-on-year increase of 19% but a month-on-month decrease of 33% [4]. - Cumulative sales of domestic natural gas heavy trucks for the year reached 190,000 units, also a year-on-year increase of 19% [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Trucks - December recorded domestic new energy heavy truck sales of 27,000 units, a year-on-year increase of 139% and a month-on-month increase of 12% [4]. - Cumulative sales of domestic new energy heavy trucks for the year reached 192,000 units, reflecting a year-on-year growth of 175% [4]. - The penetration rate of new energy in heavy trucks was 26% in December and 17% for the entire year [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang [4].

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In December, domestic heavy truck sales reached 103,000 units, representing a year-on-year increase of 22% but a month-on-month decrease of 9% [2][4]. - The total sales of domestic heavy trucks for the year 2023 amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, reflecting a 1.5% increase [4]. Summary by Sections Heavy Truck Sales Performance - December saw domestic natural gas heavy truck sales of 13,000 units, up 19% year-on-year but down 33% month-on-month [2][4]. - Cumulative sales of domestic natural gas heavy trucks for 2023 reached 190,000 units, also a 19% increase year-on-year [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Truck Sales - December recorded domestic new energy heavy truck sales of 27,000 units, a significant year-on-year increase of 139% and a month-on-month increase of 12% [2][4]. - Cumulative sales of domestic new energy heavy trucks for 2023 reached 192,000 units, marking a 175% year-on-year growth [4]. - The penetration rate for new energy heavy trucks was 26% in December and 17% for the year [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang [4].

Core Viewpoint - In December 2025, domestic tractor sales experienced a significant year-on-year increase of 54%, marking a continuous growth trend with a total annual sales figure of 458,700 units, representing a 43% increase compared to the previous year [1][31]. Sales Performance - December 2025 saw actual sales of 51,600 units, reflecting a month-on-month growth of 10% and a year-on-year growth of 54%, although the growth rate slightly decreased from the previous month [2][3]. - The overall heavy truck market also grew by 21% year-on-year, with tractor sales outpacing this growth by 33 percentage points [3][5]. - The cumulative sales for tractors in 2025 reached 458,700 units, with a net increase of nearly 140,000 units compared to 2024 [1][21]. Market Share and Regional Sales - In December 2025, tractor sales accounted for approximately 61.44% of the total heavy truck market, slightly up from 61.31% in November [5][18]. - Key regions for tractor sales included Guangdong and Shandong, each exceeding 42,000 units sold, with Shanghai and Hebei also contributing significantly [7][18]. Leading Brands - The top-selling brands in December 2025 were Jiefang with 8,831 units and China National Heavy Duty Truck with 8,129 units, followed by Shaanxi Automobile, Dongfeng, and Foton [10][12]. - Notably, XCMG and SANY approached the top five rankings with sales of 4,576 and 4,026 units, respectively [12][18]. Growth of New Energy Vehicles - The market for new energy tractors saw substantial growth, with sales of pure electric tractors increasing by 228% year-on-year, contributing to a significant rise in the overall share of new energy vehicles in the tractor market [27][29]. - By December 2025, new energy vehicles accounted for 67.2% of the tractor market, indicating a strong shift towards electrification [27][31]. Competitive Landscape - The competition in the tractor market remains intense, with several companies achieving significant year-on-year growth, particularly in the new energy segment [25][29]. - The top ten companies in the tractor market held a combined market share of 91.4% in December, with the leading four companies each exceeding 10% market share [18][23].

先声明，题目特意用了"工厂"，而不是企业/公司。这家合资企业目前并未破产或注销。 企业主体还在存续期。但是去年有部分媒体报道称，企业业务已经停滞，工厂停工。有该工厂的前员工表示：工厂已经解散。 这家合资公司的名字——北京福田戴姆勒汽车有限公司（简称"福田戴姆勒"），是北汽集团旗下北汽福田（600166）与德国戴姆勒集团的合资公司。 戴姆勒是全球知名汽车集团，旗下整车品牌包括：奔驰、迈巴赫、smart等，也是欧洲工业的代表企业。 透过这家合资公司，应该能大概了解到，欧洲目前的整体工业实力是什么水平。 本文内容来自我对该企业前员工的访谈。以下以第一人称。 高起点 高质量 高标准 戴姆勒集团与北汽福田组建合资公司，最早可以追溯到2003年，属于中德一揽子商务合作的一部分。 2009年福田汽车与戴姆勒签约，2012年福田戴姆勒成立，双方各持股50%。合资公司总投资63.5亿元，规划商用车年产能20万辆，配套发动机年产能4.5万 台。 发动机工厂的组织架构是：项目部、工艺部、质量部、生产部、采购部。每个部门的总负责人是总监，总监往上还有一层，总经理或是类似title，也是外 籍。 我是2014年毕业，毕业后加入发动机工 ...

Group 1 - The commercial vehicle sector saw a slight increase of 0.14% on January 22, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jinlong Automobile's stock price rose by 8.82% to 21.97, with a trading volume of 513,200 shares and a transaction value of 1.087 billion yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 5.1958 million yuan from institutional investors, while retail investors saw a net outflow of 24.388 million yuan [3] - Retail investors contributed a net inflow of 29.5837 million yuan, indicating a mixed sentiment among different investor types [3] - The individual stock performance showed varied results, with Jinlong Automobile having a net inflow of 71.1658 million yuan from institutional investors, while Foton Motor and other stocks experienced net outflows [4]