Core Viewpoint - The launch of the BAIC Arcfox Alpha S (L3 version) marks a significant step towards the commercialization of autonomous driving in China, with pilot operations beginning on designated highways [1] Group 1: Company Developments - BAIC New Energy is one of the earliest companies in China to invest in autonomous driving technology, achieving coverage from L2 to L4 levels [1] - The company plans to introduce a high-end intelligent connected technology system called "Yuanjing Intelligent" by 2025, which includes a comprehensive safety assurance system [1] - The pilot operation will initially adopt a "B-end first, gradually open" strategy, with plans to open to individual users by the second quarter of 2026 [1] Group 2: Industry Trends - The pilot operation signifies that the autonomous driving industry in China is accelerating towards large-scale commercial implementation [1] - Future models equipped with L3 autonomous driving technology are expected to be launched by BAIC New Energy [1]

Group 1 - The core viewpoint of the article highlights the acceleration of L3-level autonomous driving in China, with the launch of the BAIC Arcfox Alpha S (L3 version) for large-scale pilot operation on designated highways [1][3] - The pilot operation will initially focus on B-end (business) vehicles, with plans to gradually open to individual users starting in the second quarter of 2026 [1][3] - BAIC New Energy is one of the earliest companies in China to invest in autonomous driving technology, covering levels from L2 to L4 [3] Group 2 - In December of the previous year, significant progress was made in the commercial deployment of autonomous driving in China, with the Ministry of Industry and Information Technology granting approval for the first batch of L3-level autonomous driving vehicles [3] - BAIC New Energy has partnered with Pony.ai to establish a "five-in-one" strategic cooperation to promote the Arcfox Alpha T5 Robotaxi's "China solution" globally, focusing on markets in the Middle East and Europe [3] - Since the strategic signing in November 2024, 600 units of the Arcfox Alpha T5 Robotaxi have been produced and are operational in Beijing and Shenzhen, covering various complex driving scenarios [3]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that in 2025, over 11.5 million vehicles will be replaced under the vehicle trade-in program, leading to a total retail of 23.744 million passenger cars, with approximately 54% being new energy vehicles [20][3] - The report indicates a projected growth in the automotive market, with a U-shaped sales trend expected for passenger vehicles in 2026, maintaining overall sales levels similar to 2025 [20] - Key companies to watch include BYD, Geely, Great Wall Motors, and others in the passenger vehicle sector, as well as major players in commercial vehicles and auto parts [3][20] Industry Performance - The A-share automotive sector underperformed the market, with a weekly increase of 2.53% compared to the 2.79% rise in the CSI 300 index, ranking 24th among A-share industries [3][9] - The report notes that the passenger vehicle segment saw a 3.8% year-on-year increase in retail sales, while new energy vehicles experienced a 17.6% growth [20] Key Industry News - The Ministry of Commerce announced that the vehicle trade-in program will exceed 11.5 million vehicles in 2025, contributing to over 1.6 trillion yuan in new car sales [20] - Geely received the largest L3 autonomous driving test license in China, covering an area of 9,224 square kilometers [20] - Baidu's autonomous driving platform, "萝卜快跑," obtained the first full unmanned testing license in Dubai, paving the way for commercial operations [20] Upstream Data Tracking - The report includes tracking of key material prices such as steel, aluminum, and lithium carbonate, which are crucial for automotive manufacturing [23][24]

Core Viewpoint - The launch of the BAIC Arcfox Alpha S (L3 version) marks a significant step towards the commercialization of autonomous driving in China, with pilot operations beginning on designated highways [1] Group 1: Company Overview - BAIC New Energy is one of the earliest companies in China to invest in autonomous driving technology and is the first in the industry to cover levels L2 to L4 [1] - The company has developed a high-end intelligent connected technology system called "Yuanjing Intelligent," which includes a comprehensive safety assurance system [1] Group 2: Technology and Safety Measures - The "one core and three rings" safety assurance system includes robust firewalls for testing verification, process assurance, and operational monitoring [1] - The company has established a "fully redundant safety architecture" to ensure comprehensive safety for vehicles [1] Group 3: Pilot Operation Strategy - The pilot operation will adopt a "B-end first, gradually open" strategy, with plans to open to individual users starting in the second quarter of 2026, pending the maturation of related policies [1] - BAIC New Energy plans to introduce more high-end models equipped with L3 autonomous driving technology in the future [1]

Core Viewpoint - BAIC New Energy and Beijing Mobility have launched a pilot operation for the BAIC Arcfox Alpha S (L3 version) for large-scale road use, with initial vehicles deployed in designated areas of key highways and plans to gradually open to individual users in the second quarter of this year [1] Group 1 - The pilot operation involves the first batch of vehicles being deployed on the Beijing-Taiwan Expressway, Airport North Line Expressway, and Daxing Airport Expressway [1] - The initiative marks a significant step in the development and commercialization of autonomous driving technology in China [1] - The gradual opening to individual users is expected to enhance user experience and expand the market for autonomous vehicles [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [6][7]. Core Insights - The company achieved record monthly sales for both its brands, with total sales surpassing 200,000 units in 2025. The cumulative sales for January to December 2026 reached 209,600 units, reflecting a year-on-year increase of 84.06% [6][7]. - The company’s new vehicle cycle is expected to drive continued sales growth, with multiple new models set to launch in 2026 [6][7]. - The company’s gross margin turned positive in Q3, supported by the scale effect and new vehicle launches, with a projected revenue growth of 93.34% in 2025 [6][7]. Sales Performance - In December, the company sold 35,200 vehicles, marking a year-on-year increase of 114.56%, the highest monthly sales since 2020 [6][7]. - The brand "极狐" (Jihu) achieved annual sales exceeding 160,000 units, maintaining a doubling of sales for three consecutive years [6][7]. - The brand "享界" (Xiangjie) recorded its first monthly sales exceeding 10,000 units in December, solidifying its position as a leader in the luxury new energy vehicle segment [6][7]. New Model Launches - The company launched several new models in the latter half of 2025, including the "极狐T1" and "享界S9T," which contributed to a steady increase in monthly sales from August to December [6][7]. - The "极狐S3" and the first MPV from the brand are expected to launch in 2026, further enhancing the product lineup and sales potential [6][7]. Sales Network Expansion - The company is accelerating its sales network expansion, with the number of operational stores reaching 244 by the end of 2023, and plans to increase to 320 by the end of 2024 and 547 by the end of 2025 [7]. Financial Projections - Revenue projections for 2025-2027 are estimated at 280.57 billion, 583.93 billion, and 847.25 billion yuan, with respective year-on-year growth rates of 93.34%, 108.12%, and 45.09% [7][10]. - The net profit attributable to the parent company is projected to improve from a loss of 45.03 billion yuan in 2025 to a profit of 13.06 billion yuan in 2027 [7][10].

Core Insights - The company reported a significant increase in vehicle sales, with December sales reaching 35,200 units, a year-on-year increase of 114.56% [1][2] - Cumulative sales for the year 2025 reached 209,600 units, reflecting an 84.06% year-on-year growth [2] Sales Performance - Both the brands Jihu and Xiangjie achieved record monthly sales, with Jihu surpassing 160,000 units for the year and Xiangjie reaching 10,000 units in December, marking a historical high for the brand [2] - The fourth quarter of 2025 saw a single-quarter sales figure of 98,100 units, a year-on-year increase of 113.16% [2] Product Development - The Jihu Alpha S (L3 version) became one of the first two L3 autonomous driving models approved in China, marking a significant milestone for the company [3] - The company plans to launch multiple new models in 2026, including the Jihu S3 and a luxury MPV, which are expected to drive further sales growth [4] Sales Network Expansion - The company is accelerating its sales outlet expansion, with a target of 320 outlets by the end of 2024 and 547 by the end of November 2025 [4] Financial Projections - The company maintains a "buy" rating, with projected revenues of 28.06 billion, 58.39 billion, and 84.72 billion yuan for 2025-2027, representing year-on-year growth rates of 93.34%, 108.12%, and 45.09% respectively [5]

Group 1 - The passenger car sector increased by 0.09% on January 9, with Beiqi Blue Valley leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Beiqi Blue Valley's stock price rose by 2.16% to 8.53, with a trading volume of 1.9562 million shares and a transaction value of 1.676 billion yuan [1] Group 2 - The net outflow of main funds in the passenger car sector was 195 million yuan, while retail investors saw a net inflow of 341 million yuan [1] - Beiqi Blue Valley had a net inflow of 26 million yuan from main funds, while retail investors contributed 14.16 million yuan [2] - BYD experienced a net outflow of 21.18 million yuan from retail investors, despite a net inflow of 96.28 million yuan from main funds [2]

陈先生介绍，2025年9月，他在上海嘉定源福4S店购置了一辆极狐S5，目前车辆已行驶2500公里。购车时，店内销售明 确承诺将赠送一份约1克多的黄金礼，且该赠送内容已写入购车补充协议。 然而，直至2026年1月5日，这份黄金礼仍迟迟未到。期间，陈先生多次联系销售及4S店沟通，但相关方相互推诿，给出 的解释始终是"厂家未发货"。 当联系极狐厂家时，客服回应，暂时未查到"黄金礼"相关活动。1月7日，在陈先生通过媒体曝光此事后，该4S店销售经 理迅速作出回应。其表示，该黄金礼活动为店方独立推出，非厂家统一活动，正常兑现周期约45天。此次逾期主要因原 销售顾问离职导致衔接不畅，已向陈先生致歉，并确认1月7日当天已将黄金礼寄出，预计数日内即可送达。陈先生随后 证实，已收到门店发货通知，问题得到解决。 据快科技报道，近日，上海一位极狐S5车主陈先生向媒体反映，其去年9月购车时4S店承诺赠送的黄金礼，历经4个多月 仍未兑现。 车主买极狐，4S店承诺送黄金，车到了黄金却没到，媒体介入后4S店火速补发 公开信息显示，极狐（ARCFOX）是北京蓝谷极狐汽车科技有限公司旗下高端智能新能源汽车品牌。北汽蓝谷最新财报 显示，2025年 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净点比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 1431.64万 | 2.05% | -3344.51万 | -4.79% | 1912.87万 | 2.74% | | 000625 长安汽车 | | -1789.80万 | -2.78% | -619.69万 | -0.96% | 2409.49万 | 3.74% | | 600733 北汽蓝谷 | | -2206.16万 | -2.07% | -4884.77万 | -4.59% | 7090.93万 | 6.67% | | 601238 广汽集团 | | -3569.60万 | -10.90% | 434.34万 | 1.33% | 3135.27万 | 9.58% | | 000572 海马汽车 | | -3600.32万 | -4.63% | -3160.85万 | -4.07% | 6761.18万 | 8.70% | | ...