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].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector shows a strong performance with a 2.21% increase, outperforming the broader market [6][23] - The demand for high-end domestic passenger vehicles is exceeding expectations, with a favorable competitive landscape [7] - The commercial vehicle index has seen a significant increase of 7.38%, indicating robust growth in this segment [6] Industry News - Geely's self-developed all-solid-state battery is set to complete its first pack line by the end of the year [5][13] - Tesla has adjusted its Model S/3/X/Y and Cybertruck models, removing the standard Autopilot feature and shifting to a subscription model for FSD [5][13] - Xiaopeng Motors has expanded its global sales network to over 1,000 outlets, entering nearly 30 new markets [5][16] - The humanoid robot market is seeing significant growth, with UNITREE announcing over 5,500 units shipped in 2025, potentially leading the industry [5][17] Market Performance - The automotive sector's performance is ranked 16th among A-share industries this week, with a notable increase in the commercial vehicle and auto parts sectors [6][23] - The passenger vehicle sector's PE valuation has decreased, while commercial vehicles and auto parts have seen a 10% increase in PE valuations [10][12] Investment Recommendations - For passenger vehicles, companies like JAC Motors and Seres are recommended due to strong demand and competitive positioning [7] - In the auto parts sector, companies such as Desay SV and Zhejiang Xiantong are highlighted for their growth potential amidst improving profitability [7]

这种基于优势互补、信任共担的"跨界融合"，为汽车行业提供了可借鉴的发展新范式，也直接推动赛力 斯成为中国第三家实现盈利的新能源车企，用商业成果验证了跨界融合是一条符合新质生产力内涵的高 质量发展路径。 面向未来，张兴海表示，将继续坚定10年前的造高端车初心毫不动摇，坚持跨界融合毫不动摇，加快问 界的全球市场布局，把中国高端车带向全球。 近日，在问界品牌达成百万辆整车下线的历史性时刻，央视《微对话》栏目走进赛力斯超级工厂，对话 赛力斯集团董事长（创始人）张兴海。他表示，跨界融合是符合新质生产力的高质量发展路径，赛力斯 将坚持跨界融合毫不动摇，加快问界的全球市场布局，把中国高端车带向全球。 "第二个五年的开始，我们就开始跨界融合，谁有长板我们就发挥谁的"，张兴海回顾了赛力斯的跨界发 展历程。自2021年起，赛力斯与华为携手，开创了整车企业与ICT企业跨界融合的行业先河。华为将其 在智能化领域的深厚技术赋能汽车产业，形成了显著的长板效应。 值得注意的是，双方并未采用传统合资公司模式，而是在无股权捆绑的情况下，构建了紧密协同的联合 开发体系。对于这一打破常规的合作，张兴海将其归结为"发挥长板效应"与"充分信任"。他强 ...

2026年世界经济论坛年会（冬季达沃斯论坛）于1月19日至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名各界代表与会，共商全球发展议题。赛力斯集 团副总裁康波受邀出席，并在论坛期间接受媒体专访，分享了赛力斯在智能化与全球化方面的实践与思 考。 在专访中，康波深入阐释了"对话的精神"对当前全球合作的重要性。他指出，对话的真正目的在于"确 定共同目标，共同构建共赢的合作伙伴关系"。在全球化面临高度复杂变局的今天，秉持对话精神、坚 持开放合作与互利共赢，已成为行业共识。他强调，要在尊重差异的基础上"求同存异"，积极寻求共识 与可持续解决方案。 基于这一理念，赛力斯在全球化实践中，着力构建开放的合作生态，搭建起车企、用户与合作伙伴间的 深度对话桥梁，实现了与众多世界级供应商的协同效率跃升，切实推动自身从"走出去"向"融进去"扎实 迈进。 在创新与可持续发展方面，康波指出，中国新能源汽车产业过去五年发展迅猛，竞争焦点正从电动化转 向智能化，汽车逐渐进化为"移动智能体"。作为智能化的先行者，赛力斯早在10年前便前瞻布局新能源 与智能化赛道，针对早期市场"智能车不豪华 ...

证券代码：601127 证券简称：赛力斯 公告编号：2026-003 股东名称 周昌玲 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 其他：不适用 持股数量 1,000股 持股比例 0.000057% 当前持股股份来源 集中竞价交易取得：1,000股 一、减持主体减持前基本情况 赛力斯集团股份有限公司 非执行董事减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 持股的基本情况 本次减持股份计划实施前，赛力斯集团股份有限公司（以下简称"公司"） 非执行董事周昌玲先生持有公司 1,000 股,约占公司总股本的 0.000057%。股票 来源为集中竞价交易取得，为无限售条件流通股。 减持计划的实施结果情况 公司于 2025 年 12 月 6 日披露了《非执行董事减持股份计划公告》（公告编 号：2025-099）。截至本公告披露日，周昌玲先生通过集中竞价方式已减持公司 股份 1,000 股，减持计划实施完毕。 上述 ...

（编辑 任世碧） 证券日报网讯 1月23日，赛力斯发布公告称，本次减持股份计划实施前，公司非执行董事周昌玲先生持 有公司1，000股，约占公司总股本的0.000057%。公司于2025年12月6日披露了《非执行董事减持股份 计划公告》（公告编号：2025-099）。截至本公告披露日，周昌玲先生通过集中竞价方式已减持公司股 份1，000股，减持计划实施完毕。 ...

每经AI快讯，1月23日，赛力斯公告，公司非执行董事周昌玲于2026年1月22日通过集中竞价方式减持 公司股份1000股，占公司总股本的0.000057%，减持计划已实施完毕。 每经AI快讯，1月23日，赛力斯公告，公司非执行董事周昌玲于2026年1月22日通过集中竞价方式减持 公司股份1000股，占公司总股本的0.000057%，减持计划已实施完毕。 ...

摘要： 跨界融合的终点，是百万份智慧与信赖的托付 1月13日，赛力斯超级工厂，一辆崭新的问界M9驶下生产线，标志着AITO问界第100万辆整车下线。这 一天，赛力斯集团董事长（创始人）张兴海面对央视镜头，笑容中透着笃定。 当被问及跨越式发展背后的秘籍，他首先归功于国家产业政策的十年哺育，随后给出了两个关键 词："一个是高端，一个是跨界融合。" 早在2016年，他便洞察到市场真正稀缺的是高端智能电动车。 第一个五年，赛力斯攻克了电动化；第二个五年，他毅然开启了与华为"谁有长板，就发挥谁的"的跨界 融合创新。尤为特别的是，这是一场 "没有成立合资公司，却要肩并肩在一起" 的深度捆绑，靠的是充 分的信任与战略魄力。 如今，这个新模式收获了硬核实证：这不仅是速度和规模的百万，更是 "高端车的100万、高质量的100 万"——平均售价超35万元，足以让赛力斯成为中国新能源车企中少数盈利的范例。 站在新起点，张兴海的目光已投向AI赋能的"有情感、更智慧、更安全、可信赖的移动智能体"的未来， 并誓言将 "加快布局全球市场，把中国的高端车带向全球去"。 笃行"在一起"：一位行业老兵的跨界融合远见与实践 2016年，新能源汽车 ...