Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

Core Viewpoint - The competition for the title of "Automobile Capital" in China is intensifying, with Chongqing set to achieve a record automotive production of 2.788 million vehicles in 2025, marking a 9.7% increase, and a significant rise in new energy vehicle (NEV) production to 1.296 million units, up 36% [6][8]. Group 1: Historical Context and Challenges - Chongqing aimed to become "China's Detroit" in 2013, reaching a peak production of 3.156 million vehicles in 2016, but faced a decline starting in 2017, with production dropping to 1.383 million vehicles by 2019 [8][9]. - The decline was attributed to a mismatch between Chongqing's focus on mid-to-low-end vehicles and the market's shift towards mid-to-high-end preferences, alongside production capacity issues [8][9]. - The rise of NEVs began to disrupt the traditional automotive landscape, with national sales surpassing 100,000 units within three years after first exceeding 10,000 units in 2015 [9]. Group 2: Strategic Shifts and Collaborations - Changan Automobile, a leading player in Chongqing, announced a plan in 2017 to phase out traditional fuel vehicles by 2025, but initially struggled to keep pace with national NEV growth [9][10]. - A turning point occurred in 2021 when Changan partnered with Huawei and CATL to launch new high-end NEV brands, resulting in a significant increase in sales, with total vehicle sales reaching 2.913 million units and NEV sales up 51.1% to 1.11 million units [10][14]. - The collaboration with Huawei has been pivotal for both Changan and Seres, with Seres becoming the first company to benefit from Huawei's "Smart Selection" model, leading to increased competitiveness in the NEV market [13][14]. Group 3: Future Prospects and Competitive Landscape - The automotive industry is entering a new competitive phase, with Chongqing positioned to lead in NEVs and smart driving technologies, especially after receiving approval for L3-level autonomous driving vehicles [17][19]. - Chongqing's strategic focus on becoming a "Smart Connected New Energy Vehicle Capital" by 2024 aims to leverage its unique geographical features for testing smart vehicles [19][20]. - However, challenges remain, including a lack of competitiveness in AI technology and talent shortages, which could hinder Chongqing's ability to maintain its leading position in the next industrial competition [21][22].

Core Insights - AITO Wenjie achieved its first milestone of 1 million vehicles in 46 months, making it the fastest among new energy vehicle brands in China [3][4] - The company aims to reach a second milestone of 1 million vehicles within the next two years, building on its initial success [4] Group 1: Milestones and Achievements - The 1 millionth vehicle produced was the Wenjie M9, which also reached its 270,000th delivery milestone on the same day [1] - Comparatively, other brands took longer to reach the same milestone: Li Auto took about 58 months, NIO took approximately 91 months, and Xpeng took around 96 months [3] Group 2: Strategic Partnerships and Innovations - The collaboration between Huawei and Seres has led to the creation of the AITO Wenjie brand, marking a significant cross-industry integration in the automotive sector [3][4] - The partnership focuses on technology development, product definition, brand building, and channel collaboration, enhancing the overall product and marketing strategies [4] Group 3: Future Plans and Industry Impact - Wenjie is positioned as a key player in the Chongqing "33618" modern manufacturing cluster, contributing to supply chain upgrades and regional economic development [4] - The company plans to deepen its strategic cooperation with Huawei to unlock further innovative potential through cross-industry integration [4]

证券日报网讯1月16日，长源东谷（603950）在互动平台回答投资者提问时表示，公司前期筹建的比亚 迪（002594）和赛力斯（601127）项目已经基本完成，项目已经投产。 ...

Core Viewpoint - The article provides an overview of new vehicle models set to launch in January 2026, detailing specifications, pricing, and market segments for various manufacturers, highlighting the competitive landscape in the automotive industry. Group 1: New Vehicle Launches - BYD's Song Pro DM-i is scheduled for release on January 10, 2026, positioned as an A SUV with a price range of 12.28 to 13.08 million yuan, featuring a 1.5L plug-in hybrid engine and a pure electric range of 220 km [9]. - Chery's QQ Ice Cream will also launch on January 10, 2026, classified as an A00 HB, with a price range of 4.39 to 4.99 million yuan, powered by a pure electric engine and offering a range of 220 km [17]. - The Chery Little Ant is set to debut on the same day, with a price range of 5.49 to 6.09 million yuan and a pure electric range of 271 km [25]. - Dongfeng Nissan's Qichen D V DD-i will launch on January 13, 2026, as an A SUV, priced between 12.99 and 14.99 million yuan, featuring a 1.5T plug-in hybrid engine [33]. - BAIC's ARCFOX Kaola S will also be released on January 13, 2026, as an A SUV, with prices ranging from 9.98 to 11.98 million yuan and a pure electric range of 520 km [41]. Group 2: Specifications and Features - The Song Pro DM-i has dimensions of 4,735 mm in length, 1,860 mm in width, and 1,690 mm in height, with a wheelbase of 2,712 mm [9]. - The QQ Ice Cream measures 3,030 mm in length, 1,496 mm in width, and 1,637 mm in height, with a wheelbase of 1,960 mm [17]. - The Little Ant has dimensions of 3,242 mm in length, 1,670 mm in width, and 1,550 mm in height, with a wheelbase of 2,150 mm [25]. - The Qichen D V DD-i features dimensions of 4,620 mm in length, 1,917 mm in width, and 1,629 mm in height, with a wheelbase of 2,700 mm [33]. - The ARCFOX Kaola S has dimensions of 4,500 mm in length, 1,870 mm in width, and 1,675 mm in height, with a wheelbase of 2,820 mm [41]. Group 3: Market Positioning - The Song Pro DM-i targets the A SUV segment, indicating a focus on the growing demand for hybrid vehicles in the SUV market [9]. - The QQ Ice Cream and Little Ant are positioned in the A00 HB segment, appealing to budget-conscious consumers seeking electric vehicles [17][25]. - The Qichen D V DD-i and ARCFOX Kaola S are also targeting the A SUV segment, reflecting the competitive nature of this market with multiple new entrants [33][41].

1月15日，"新格局・新枢纽——海南自由贸易港赋能企业全球供应链建设大会"开幕。赛力斯集团总裁 张正萍在现场发表主题演讲，分享赛力斯以"智慧重塑豪华"理念推动全球化布局、共建共赢产业链的实 践与思考。 张正萍表示，在全球化进程中，智能电动汽车的突破与发展，必须依靠整个产业链的紧密协同。赛力斯 积极携手全球顶尖伙伴，构建高效协同机制，通过积极推进产品集成化、制造集聚化、产业集群化，致 力于打造世界级的新能源汽车高端产业链。同时，携手头部伙伴共同设计、共同研发与同步生产，提升 产业协同效率，共同塑造具备全球竞争力的中国新能源汽车产业集群。 展望未来，赛力斯深化与产业链伙伴的战略协同，持续完善全球化布局，共同探索一条兼具商业价值与 社会意义的全球化发展新路径，引领中国新能源汽车产业高质量发展。 张正萍认为，面对竞争日益激烈的国内市场，全球市场拓展是中国新能源车企未来可持续发展的必经之 路。他指出："全球化绝不是简单地将国内模式复制到海外，而是要懂得尊重差异，在市场差异、文化 差异与法规差异中，找到价值融合的最佳方案。" 赛力斯坚持以长期主义经营品牌，推进"深度本地化"战略，通过本地化的产品定义、完善的服务网络、 紧 ...

然而，华为常务董事、终端 BG 董事长余承东并没有出席问界的 "成人礼"，用 "遥遥领先" 占据科技媒体的头条。取而代之的，是一段礼貌、分寸感十足 的祝贺视频。 第 100 万辆问界汽车下线了。 5 年前，与华为的合作为赛力斯带来了命运的转折。这家曾挣扎在生存线上的重庆车企，摇身一变成为新能源领域的资本明星。问界 M9 等车型的热销， 更使其实现扭亏为盈，市值突破 2000 亿。 下线仪式上，赛力斯董事长张兴海将这一成就归功于 "跨界融合" 模式，并特别感谢了合作伙伴华为。 但随着华为的朋友圈从 "一界" 扩至 "五界"，赛力斯的资本故事被稀释，不得不从 "躺平" 走向独立自主。 自研和出海是赛力斯淡化华为影响的两大战略，也是去年 11 月港股 IPO 的主要资金用途，但股价的阴跌是一场无声的公投。 华为的汽车业务同样不顺。轮值董事长徐直军牵头与北汽、长安达成 HI（Huawei Insight）模式的合作——即华为以供应商的身份，为车企提供全栈的智 能汽车解决方案。但项目阻力重重，车型上市后的销量也不及预期。业务推进乏力，这条路线逐渐在华为内部面临压力。 2020 年年末，华为将车 BU 其从徐直军带领的 ...

Core Viewpoint - The article emphasizes that in the high-end electric vehicle market, the focus should be on delivery and service quality rather than just sales volume, highlighting the importance of a stable operational system, supply chain resilience, and consistent manufacturing quality [4][6]. Group 1: Sales Milestones - The delivery of the 270,000th Wanjie M9 marks a significant milestone as it is also the 1,000,000th vehicle for the Wanjie brand, indicating a transition from growth to maturity for the company [6]. - Wanjie M9 has achieved remarkable sales, leading the market in the 500,000 yuan segment and capturing 70% of the sales in the over 500,000 yuan electric vehicle market [6][9]. - The growth trajectory of Wanjie is notable, with deliveries increasing from 76,200 units in 2022 to 944,000 units in 2023, and projected to exceed 420,000 units in 2025 [9]. Group 2: Product and Service Strategy - Wanjie has successfully launched multiple models, including the Wanjie M9, M8, and M7, creating a comprehensive product matrix that caters to various market segments [10]. - The company has established a smart service system with 375 user centers across 214 cities, enhancing customer experience through proactive service measures [10][11]. - Wanjie's approach combines product precision with comprehensive service coverage, resulting in a complete value loop that supports its rapid growth [11]. Group 3: Brand Positioning and Market Strategy - The Wanjie M9 has redefined the value logic in the high-end market by focusing on technological advancements rather than merely luxury branding [14]. - The vehicle features advanced technology, including Huawei's ADS 4 driving assistance system and a customizable interior layout, catering to diverse user needs [14][15]. - Wanjie has achieved high brand recognition and trust through strategic marketing initiatives, including collaborations with national platforms and cultural events [19][22]. Group 4: Manufacturing and Innovation - The production capabilities of Wanjie are supported by the Sairis Super Factory, which adheres to Industry 4.0 standards, ensuring high-quality and efficient manufacturing processes [17]. - The factory's automation and AI technologies enable consistent quality control and rapid response to market demands, addressing common challenges faced by new entrants in the automotive industry [17]. - Wanjie's integrated approach to technology, manufacturing, and branding has established a robust competitive advantage, positioning the company for sustained growth in the evolving automotive landscape [22].

"汽车第一城"之争愈显焦灼。 1月13日，来自重庆市经济信息委的消息称，2025年重庆汽车产业再攀新高，全年汽车产量达到278.8万辆，增长9.7%，稳居城市第一位、省市第三位。其 中，新能源汽车产量达到129.6万辆，增长36%，产业集群规模突破8000亿元。 这意味着，在深圳反超广州、短暂拿下汽车产量头名桂冠之后，又再次交出"接力棒"；而对于重庆来说，则是经过10年蛰伏后，再次回归冠军宝座。 产量之争并不是重庆此次"晋位"的全部。就在不久前，全国首块L3级自动驾驶专用正式号牌"渝AD0001Z"颁发给长安汽车。在外界看来，这意味着中国智能 驾驶迈入规模化应用的历史性阶段，而重庆则正在成为"领跑者"。 回顾近年来汽车城的你追我赶，作为新物种的新能源汽车无疑充当了"游戏改写者"的角色。如果将重庆在汽车产量与智能驾驶领域的双重突破联系起来观 察，或许能捕捉到下一轮竞逐的蛛丝马迹。 王者归来 谁抓住了新能源汽车，谁就有望夺得汽车产业的头筹。这一近年来因"汽车第一城"换位而被反复验证的"定律"，在经历"大落"后又实现"大起"的重庆身上尤 显突出。 时间倒退回2013年，重庆提出打造"中国底特律"的目标。第二年，重庆 ...

每经记者｜杨弃非 每经编辑｜刘艳美 "汽车第一城"之争愈显焦灼。 1月13日，来自重庆市经济信息委的消息称，2025年重庆汽车产业再攀新高，全年汽车产量达到278.8万辆，增长9.7%，稳居城市第一位、省市第三位。其 中，新能源汽车产量达到129.6万辆，增长36%，产业集群规模突破8000亿元。 这意味着，在深圳反超广州、短暂拿下汽车产量头名桂冠之后，又再次交出"接力棒"；而对于重庆来说，则是经过10年蛰伏后，再次回归冠军宝座。 产量之争并不是重庆此次"晋位"的全部。就在不久前，全国首块L3级自动驾驶专用正式号牌"渝AD0001Z"颁发给长安汽车。在外界看来，这意味着中国智能 驾驶迈入规模化应用的历史性阶段，而重庆则正在成为"领跑者"。 回顾近年来汽车城的你追我赶，作为新物种的新能源汽车无疑充当了"游戏改写者"的角色。如果将重庆在汽车产量与智能驾驶领域的双重突破联系起来观 察，或许能捕捉到下一轮竞逐的蛛丝马迹。 王者归来 谁抓住了新能源汽车，谁就有望夺得汽车产业的头筹。这一近年来因"汽车第一城"换位而被反复验证的"定律"，在经历"大落"后又实现"大起"的重庆身上尤 显突出。 时间倒退回2013年，重庆提出打 ...