Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

此外，1月海外销售40，278台。1月新能源车销售18，029台。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 责任编辑：卢昱君 长城汽车（02333）发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%；汽车产量约9.01 万台，同比增长9.17%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 此外，1月海外销售40，278台。1月新能源车销售18，029台。 长城汽车（02333）发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%；汽车产量约9.01 万台，同比增长9.17%。 ...

Group 1: Automotive Industry Performance - Xiaomi's automotive deliveries exceeded 39,000 units in January 2026 [2] - Li Auto delivered 27,668 vehicles in January 2026 [2] - Leap Motor achieved total deliveries of 32,059 units in January, a year-on-year increase of 27% [2] - AITO (问界) delivered 40,016 vehicles in January, marking an 83% year-on-year growth [2] - Lantu delivered 10,515 vehicles in January, up 31% year-on-year [2] - GAC Toyota's sales reached 63,648 units in January [2] - GAC Trumpchi's terminal sales were 26,937 units in January, a slight increase of 2.06% [2] - Great Wall Motors reported total sales of 90,312 units in January, a year-on-year increase of 11.59% [2] - Extreme Stone (极石) delivered 1,028 vehicles in January, nearly doubling year-on-year [2] Group 2: Company Developments and Innovations - Xiaomi denied reports of discussions with Ford to establish a joint venture for electric vehicles in the U.S. [7] - Xiaomi's founder Lei Jun announced that the development of the new generation Xiaomi SU7 has been completed, with production set to begin soon [7] - The AI robot YuTree G1 successfully walked 13,000 steps in extreme cold conditions of -47.4°C, marking a global first [7] - NIO launched a limited-time financial purchase plan with a low interest rate of 0.49% for vehicle purchases [9] - ByteDance's Hongguo short drama app surpassed 100 million daily active users within three years of its launch [9] - Tencent's AI assistant Yuanbao officially launched its public beta, exploring the AI social networking space [9] - Beijing Economic Development Zone issued the first national virtual idol identity certification [9] - Toyota recalled over 161,000 Tundra vehicles in the U.S. due to rearview camera issues [9] Group 3: Financing and Market Trends - Zhongke Qingneng completed nearly 500 million yuan in PreA++ financing, led by Dinghui Baifu [11] - Xuqing Intelligent secured seed round financing in the millions, focusing on technology development [11] - The global semiconductor industry saw a significant increase in exports from South Korea, reaching $20.5 billion in January, a year-on-year increase of over 102% [13]

Group 1: Automotive Industry Overview - In January 2026, the Vehicle Inventory Alert Index for Chinese automotive dealers was reported at 59.4%, a year-on-year decrease of 2.9 percentage points and a month-on-month increase of 1.7 percentage points, indicating inventory levels above the threshold [1] - Various automotive companies reported their January delivery and sales figures, showcasing a mixed performance across the industry [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19] Group 2: Company-Specific Performance - Xiaomi delivered over 39,000 vehicles in January 2026 [2] - Hongmeng Zhixing reported a total delivery of 57,915 vehicles in January, marking a year-on-year increase of 65.6% [3] - Aion (昊铂埃安) achieved sales of 23,591 vehicles in January, reflecting a growth of 63.9% [16] - NIO delivered 27,182 vehicles in January, up 96.1% year-on-year [7] - Li Auto reported deliveries of 27,668 vehicles in January [8] - Leap Motor achieved total deliveries of 32,059 vehicles, a year-on-year increase of 27% [9] - BYD's January sales of new energy vehicles were 210,051, a decline of 30.11% year-on-year [6] - Great Wall Motors sold 90,312 vehicles in January, an increase of 11.59% [11] - GAC Group reported sales of 116,622 vehicles in January, up 18.47% year-on-year [13] - Geely's total sales for January were 270,200 units, showing a growth of approximately 1% [13] - Chery's total sales across five brands in January decreased by 10.7% year-on-year [13] - SAIC-GM delivered approximately 51,005 vehicles in January, with a year-on-year increase of 8.2% [15] - A total of 40,016 vehicles were delivered by AITO in January, representing an 83% increase year-on-year [4] - Seres reported sales of 43,034 new energy vehicles in January, a significant increase of 140.33% [5] - GAC Trumpchi's terminal sales reached 26,937 vehicles in January, up 2.06% [14] - BAIC Blue Valley's subsidiary reported sales of 8,073 vehicles, an increase of 11.83% [19] Group 3: Leadership Changes - BMW Group announced that Christian Ach will succeed Sean Green as the President and CEO of BMW Group Greater China, effective April 1 [20]

证券研究报告 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 板块最新观点 整车主线周报： 本周商用载货车表现较好，长城发布业绩预告 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出 口34.1万，同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算 25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。展望2026： ...

Group 1: Spring Festival Travel and Tax Policies - The 2026 Spring Festival travel season will begin on February 2 and end on March 13, lasting 40 days, with an expected cross-regional population flow of 9.5 billion people, setting a historical record [1][8] - The State Taxation Administration has announced a new export tax rebate management method to make the export tax rebate application process more convenient and efficient [1][8] - The personal tax threshold for value-added tax has been raised to 1,000 yuan, with specific conditions outlined for certain transactions that will not apply to this threshold [1][8] Group 2: Shipbuilding Industry Performance - In 2025, China's shipbuilding industry maintained its global leadership for 16 consecutive years, with a completed shipbuilding volume of 53.69 million deadweight tons, a year-on-year increase of 11.4%, accounting for 56.1% of the world total [9] - The new orders received amounted to 107.82 million deadweight tons, representing 69.0% of the global total, while the hand-held order volume reached 274.42 million deadweight tons, a year-on-year increase of 31.5%, accounting for 66.8% of the world total [9] Group 3: Telecommunications and Film Industry Updates - China Mobile, China Unicom, and China Telecom announced adjustments to the applicable scope of value-added tax for telecommunications services, with the tax rate changing from 6% to 9% starting January 1, 2026 [9][11] - As of February 1, 2026, the annual box office has exceeded 2 billion yuan, with several domestic films scheduled for release during the Spring Festival [9]

证券代码：601633 证券简称：长城汽车 公告编号：2026-012 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司2026年1月产销快报 本公司董事会及全体董事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。 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 1月海外销售40,278台。 1月新能源车销售18,029台。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公 司刊发财务业绩后，股东及潜在投资者务必详阅。 特此公告。 长城汽车股份有限公司董事会 2026年2月1日 本公司董事会谨此宣布，本公司于2026年1月产销量详细如下(单位:台)： ■ ...

汽车 2026 年 02 月 01 日 长城汽车(601633.SH) 2025年销量创新高，渠道搭建影响盈利潜力释放 推荐（维持） 股价：20.69 元 主要数据 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 173,212 | 202,195 | 222,790 | 271,336 | 336,829 | | YOY(%) | 26.1 | 16.7 | 10.2 | 21.8 | 24.1 | | 净利润(百万元) | 7,022 | 12,692 | 9,912 | 13,294 | 16,519 | | YOY(%) | -15.1 | 80.8 | -21.9 | 34.1 | 24.3 | | 毛利率(%) | 18.7 | 19.5 | 19.5 | 19.9 | 20.2 | | 净利率(%) | 4.1 | 6.3 | 4.4 | 4.9 | 4.9 | | ROE(%) | 10.3 | 16.1 | 11.5 | 13.7 | 1 ...

此外，1月海外销售40,278台。1月新能源车销售18,029台。 智通财经APP讯，长城汽车(02333)发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%;汽 车产量约9.01万台，同比增长9.17%。 ...

此外，1月海外销售40,278台。1月新能源车销售18,029台。 长城汽车（601633）(02333)发布公告，于2026年1月，汽车销量约9.03万台，同比增长11.59%;汽车产量 约9.01万台，同比增长9.17%。 ...