全新一代赛力斯超级增程系统，凭借全新的赛翼增程架构，配合RoboREX智能控制技术，颠覆性地改 变了增程器的工作方式，由被动工作转为主动智能能量管理，构建起静谧无感、高集成、高效率三大领 先优势。数据显示，该系统实现了综合油耗降低15%，增程器噪音感知频次下降90%，一升油可发电超 3.65度，最高热效率达44.8%，处于量产增程器领先水平，重新定义豪华新能源动力标杆。 近日，"2026问界汽车媒体试驾会" 在黑龙江五大连池问界汽车冬季试验场举行。面对全路况穿越与五 大严苛工况测试，问界车型以硬核品质从容应对低温启动、续航衰减、动力波动等冬季用车痛点，彰显 了赛力斯在增程技术领域的领先实力。 当前，增程式汽车市场虽然快速发展，但极寒环境下续航缩水、能耗飙升、启动困难、动力输出不稳等 问题仍困扰用户。而问界全系产品在-30℃冰雪极境的出色表现，正是赛力斯十年磨一剑、持续深耕增 程技术的厚积薄发之果。早在2016年赛力斯便投入增程技术研发与布局之中，并始终围绕用户核心需 求，持续突破增程技术边界。 此外，赛力斯已从"自研自用"迈向"技术输出"的行业引领者。目前，其增程器业务已与25家行业企业达 成合作，2025年 ...

早在十年前，赛力斯便前瞻性转型新能源汽车领域，开始高强度研发投入。2021年，赛力斯与华为跨界 合作，联合设计、联合营销，推出了高端智慧新能源汽车品牌问界。凭借卓越的产品力和市场表现，问 界迅速赢得了市场认可和用户喜爱，累计交付已突破100万辆。其中，问界M9表现尤为亮眼，自上市以 来累计交付突破27万辆，累计21个月稳居50万级销冠，打破了传统豪华品牌长期主导的市场格局。这一 成绩不仅证明了自主品牌的竞争势力，更为用户带来了情感与社会价值，也推动了中国汽车产业的高端 化突破。 近日，2026年世界经济论坛年会在瑞士达沃斯举行。本届年会以"对话精神"为主题，汇聚全球政商领袖 与行业精英，共同探讨全球产业变革新路径。赛力斯集团副总裁康波受邀出席，接受媒体专访分享了赛 力斯在智能化转型与可持续增长方面的实践与思考。 面对全球汽车产业深刻变革，康波指出，当前行业竞争焦点正从电动化全面转向智能化，智能化将成为 下一个前沿，这不仅关乎辅助驾驶，更涵盖智能座舱、智能安全等全场景体验。他强调，真正的智能化 不在于配置堆砌，而在于是否赢得用户真实、高频的信任与使用。这一观点得到了市场数据的强有力支 撑，杰兰路用户调研报告显示 ...

证券之星消息，1月26日乘用车板块较上一交易日下跌1.75%，北汽蓝谷领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002594 | 比亚迪 | 92.63 | -1.09% | 37.55万 | 34.85 Z | | 000625 | 长安汽车 | 11.57 | -1.11% | 75.21万 | 8.72 Z | | 600104 | 上汽集团 | 14.61 | -1.42% | 111.64万 | 16.35 Z | | 601633 | 长城汽车 | 21.27 | -1.48% | 18.08万 | 3.86亿 | | 601238 | 广汽集团 | 8.18 | -2.04% | 41.03万 | 3.38亿 | | 601127 | 賽力斯 | 114.60 | -2.88% | 21.44万 | 24.72亿 | | 000572 | 出紧 ...

赛力斯的最终发售价为131.50港元，所得款项总额为14,283.40百万港元，扣除按最终发售价计算 的预计应付上市开支266.99百万港元，所得款项净额为14,016.41百万港元。 赛力斯的基石投资者为重庆产业母基金、林园基金及华泰资本投资（与华泰背对背总回报掉期及林 园总回报掉期有关）、广发基金管理有限公司及广发国际资产管理有限公司（统称为"广发基金"）、 New China Asset Management、BESS Broadway、Sanhua (Hong Kong)、中升、Zhink International、Gold Wings、达安投资、Hichain Logistics HK、施罗德、Mirae Securities、New Alternative、中邮理财、Skyler International、星宇香港、中国美东、Ghisallo Fund、Jump Trading、 Jain Global Master Fund Ltd、China Alpha Fund。 其中，New China Asset Management由新华人寿保险股份有限公司（简称"新华保险"， 1336.HK，6 ...

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]

ab 20 January 2026 Global Research China Auto Sector 2026 GCC Wrap: When everyone targets superior growth Wrap of GCC 2026 on auto sector More than 20 auto-related companies participated in the UBS Greater China Conference 2026 and shared their outlook. We generally agree that overseas expansion and intelligence transformation are growth drivers. Yet we are more concerned by the ambitious targets set by individual companies, in contrast to domestic car demand cooling down. Near term, we remain cautious on t ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

Group 1 - The capital market is active, with brokers conducting research on A-share companies to identify new opportunities, focusing on sectors like electronics and machinery [1][2] - A total of 440 A-share companies have been researched by brokers this year, with the electronics and machinery sectors leading in numbers, each having over 60 companies [2][3] - The power equipment sector has gained significant attention, with the State Grid Corporation announcing a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan [2][3] Group 2 - Over 1,000 A-share companies have disclosed their 2025 performance forecasts or reports, prompting brokers to adjust ratings and target prices for several stocks [4][5] - Notable companies such as Baiwei Storage and Jianghuai Automobile have received rating upgrades due to strong performance forecasts, with Baiwei expected to achieve a net profit of 850 million to 1 billion yuan, a year-on-year increase of 427% to 520% [5] - Brokers are focusing on structural opportunities in the stock market, particularly in technology growth and resource sectors, as the market is expected to transition to performance-driven growth [6][7] Group 3 - Brokers are particularly interested in the technology growth sector, emphasizing areas such as AI, semiconductor, and optical electronics, with companies like Kaisheng Technology and Baiwei Storage receiving significant attention [3][7] - The chemical sector has also seen increased research activity, with companies like Runfeng and Water Technology being researched by over 20 brokers [2][3] - The market outlook for 2026 suggests a potential revaluation of Chinese assets, with a focus on technology innovation and resource repricing as key investment themes [8]

【赛力斯康波达沃斯发声：全球汽车产业已走到必须"对话共建"的阶段】《中国经营报》记者从赛力斯 方面获悉，2026年世界经济论坛年会（冬季达沃斯论坛）于1月19—23日在瑞士达沃斯举行。本届论坛 以"对话的精神"为主题，吸引了来自130多个国家和地区的近3000名政商学界代表，就全球经济增长、 产业变革与可持续发展等核心议题展开深入讨论。赛力斯集团副总裁康波受邀出席论坛，并在其间接受 媒体专访，系统阐述了赛力斯对全球化协作、智能化演进以及中国新能源汽车产业角色的思考。 在康波看来，"对话的精神"并非停留在价值宣示层面，其本质在于通过持续沟通明确共同目标，进而构 建稳定、共赢的合作关系。当前，全球产业链和供应链正经历深度重构，地缘政治、技术壁垒与市场分 化交织叠加，使得全球化进入高度复杂的新阶段。在这一背景下，单边主义和零和博弈难以支撑长期发 展，尊重差异、求同存异，通过对话寻找最大公约数，已成为跨国合作的现实路径。康波强调，开放合 作与互利共赢不只是理念选择，更是企业在不确定环境中实现可持续增长的关键能力。 这一判断，直接映射到赛力斯的全球化实践之中。近年来，赛力斯并未止步于产品和产能的"走出去"， 而是着力推 ...

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].