财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 格隆汇2月16日｜据不完全统计，截至目前，总台春晚已官宣的合作伙伴已超20家，覆盖智能出行、人 工智能机器人、白酒等多个领域。在机器人与AI领域，2026年总台春晚官宣了宇树科技、火山引擎、 银河通用、松延动力、魔法原子、追觅科技等企业为合作伙伴。字节跳动旗下人工智能公司火山引擎和 大模型豆包均与2026年总台春晚达成合作。在上述总台春晚合作伙伴中，有8家上市公司，分别是五粮 液、洋河股份、古井贡酒、长城汽车、江淮汽车、快手-W、哔哩哔哩-W和名创优品。其中，3家为白 酒企业，2家车企，2家视频平台，1家为潮玩企业。 ...

2026年1月份，我国商用车行业整体销量出现23%的同比增长，收获"开门红"，其中卡车市场同比增长了28%，增速高于商用车行业 整体增速。作为卡车市场，乃至整个商用车市场份额最大的细分领域，轻卡市场在2026年首月表现如何？能否同步收获"开门红"？新 一年的轻卡市场有什么新的看点和亮点呢？ 2026年1月份，轻卡市场有5家企业销量破万辆，月销超万辆企业数较上月减少两家 ，福田汽车、江淮汽车、东风公司、长城汽车和江 铃汽车，1月份分别销售轻卡3.63万辆、2.24万辆、1.60万辆、1.54万辆和1.00万辆，月度份额分别达到22.8%、14.0%、10.0%、 9.6%和6.3%；排名第6、7位的上汽跃进和重汽1月份销量也接近1万辆，月度份额分别为6.0%和5.9%。2026年1月份，轻卡市场销 量排名前十企业合计份额达到88.4%，其中排名前五的企业合计份额就超过60%，达到62.7%。 五家企业月销过万辆 ，福田超3万辆摘冠，远程领涨 请看第一商用车网的分析报道。 销售16万辆同比增长8% ，以十年第四高1月开局 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同），2026年1月 ...

金马纳福 万事顺遂 导读："四十余载春晚路，半部中国商业史。"回顾历届春晚合作伙伴，从八十年代的手表、自行车，到 九十年代异军突起的家电、白酒，再到新世纪的互联网巨头、电商，直至如今的短视频平台、科技新 贵。每家合作伙伴的更迭，不仅是商业版图的变迁，更是中国经济腾飞、消费升级与生活方式转型的生 动注脚。 2026年总台春晚合作伙伴曝光 坐拥上亿观众基础的春晚，不仅是全国观众除夕守岁的荧屏盛宴，更是企业塑造品牌认知、提升影响力 的绝佳舞台。2015年春晚，微信红包一炮而红，开启互联网企业的春晚"霸屏"模式；2025年春晚，宇树 科技凭借机器人群舞节目《秧BOT》一举成名，将春晚拉入"机器人+AI"的新时代。 据证券时报·数据宝不完全统计，在中央广播电视总台《2026年春节联欢晚会》（以下简称"总台春 晚"）已官宣的合作伙伴中，上市公司共计8家。其中，3家为白酒企业，2家车企，2家视频平台，1家为 潮玩企业。 2026年，五粮液将作为总台春晚"和美好礼"独家互动合作伙伴与全球华人共迎新春，这是五粮液第四次 登上春晚；洋河梦之蓝M6+连续第7年成为总台春晚的独家报时合作伙伴；古井贡酒则官宣与总台春晚 达成独家特约合 ...

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 撰文 | 温 莎 编辑 | 黄 大 路 无论你期待不期待，2026年央视春晚如期而至。 今天晚上，机器人将继续表演才艺，据说在这届"最不是人"的春晚上，想上台的机器人挤破头，脱颖而出者要上交天价出场费。 央视春晚的商业价值自它一诞生就是爆炸性的。1984年，精明的济南钟表企业康巴丝成为首个春晚赞助商。它的赞助费居然就是3000块石英钟。 然后，下一年，康巴丝销量达到上一年的3倍多。 作为全国人民共同看的一台戏，央视春节联欢晚会当时因为内容平实有趣而一炮打响，迅速成为国民级IP，也成为改革开放后中国商品的重要宣传 阵地。 央视春晚前20年，广告标王主要是钟表、自行车、白酒、医药等企业。家用电器的巨头美的从2003年开始，一下子当了11次春晚标王。 春晚第一次出现汽车广告是2004年，不过它是在春晚结束之后。两则汽车广告分别是奇瑞QQ和中华尊驰。 奇瑞QQ在2003年上市，其"年轻人的第一辆车"的Slogan深入人心。那是轿车大规模进入家庭的初始阶段，2000年，中国十万元家轿出现，2001年 加入WTO，2003年，中国汽车市场第一次出现井喷，奇瑞抓住了机 ...

智通财经APP获悉，崔东树发文称，在国家促销费政策推动下汽车市场保持强势增长，2025年全国汽车市场总体走势较强，卡车市场和客车市场回暖明 显。对比2025年政策力度，今年政策收缩明显，导致今年1月乘用车零售环比下降，但因出口增量，1月厂家销量增速相对较好。1月新能源车走势较平 稳，主要是汽车出口市场持续走强，但行业压力仍较大。2026年商用车市场出现设备更新补贴推动的结构性增长特征，高补贴带来物流运输类电动化加 速，商用车景气度较高。 1、2026年汽车乘商走势分化 近几年乘商分化特征明显，商用车走弱，乘用车消费改善。2025年市场受政策因素推动，乘用车增速9%相对较好，商用车受电动化推动，新能源商用车 走势较去年明显走强，包含微客的客车市场实现较强增长。以旧换新政策对乘用车拉动较好，尤其是政策进入期效果好，近期绝大部分暂停补贴，行业综 合治理"内卷"工作取得积极进展，车市总体走势放缓。 2、2026年汽车市场降温 2025年汽车总计销量343920万台，累计增速9%；2026年1月汽车总计销量235万台，同比下降4%。卡车市场超强，乘用车和客车市场表现稍弱。 3、主力车企集团的表现分化剧烈 2023年初新 ...

Core Insights - The global automotive landscape is undergoing significant changes due to the rise of new energy vehicles, with Chinese automakers emerging as top competitors while traditional giants face strategic transformation challenges [1][2]. Group 1: Tesla - Tesla's 2025 financial report shows total revenue of $94.827 billion, a 3% year-over-year decline, marking the first revenue drop in its history [7]. - The company delivered 1.636 million vehicles in 2025, an 8.6% decrease from 2024, leading to a 10% drop in automotive revenue, which constitutes over 70% of total income [9]. - Despite record revenue from energy generation and storage, Tesla's overall revenue decline remains unmitigated [10]. - R&D investment surged by 41% to $6.411 billion, focusing on autonomous driving and humanoid robots, indicating a shift in strategic priorities [14]. Group 2: General Motors - General Motors reported 2025 revenue of $185 billion, down 1.3%, with net profit falling 55.1% to $2.697 billion due to a $7.9 billion charge for strategic restructuring [17][19]. - The company maintains strong cash flow of $10.6 billion despite the profit drop, attributed to one-time restructuring costs and market adjustments [20]. - GM's outlook for 2026 is optimistic, expecting net profit between $10.3 billion and $11.7 billion, supported by a solid market position in the U.S. and new product launches in China [24]. Group 3: Ford - Ford's 2025 revenue reached $187.3 billion, a 1% increase, but it reported a net loss of $8.2 billion, primarily due to a $19.5 billion charge related to electric vehicle restructuring [26][30]. - The company faces challenges similar to GM, with traditional vehicles performing well while electric vehicle strategies require adjustment [32]. Group 4: Hyundai - Hyundai's 2025 revenue was 186.3 trillion KRW (approximately 888.7 billion RMB), a 6.3% increase, but operating profit fell 19.5% to 11.47 trillion KRW [34]. - The decline in profit is largely due to increased tariffs on exports to the U.S., despite a reduction in tariffs effective November 2025 [38]. - The company is also navigating the transition to electric vehicles, which requires adjustments to its product lineup [39]. Group 5: Volvo - Volvo's 2025 revenue was 357.3 billion SEK (approximately 278.8 billion RMB), down 11%, with operating profit plummeting 99% [42]. - The decline is attributed to tariffs, weak demand, and price pressures, prompting a cost-cutting plan involving layoffs [45]. - Despite challenges, Volvo's electric vehicle offerings are performing well, particularly in the Chinese market [48]. Group 6: Great Wall Motors - Great Wall Motors reported 2025 revenue of 222.79 billion RMB, a 10.19% increase, but net profit fell 21.71% to 9.912 billion RMB [52]. - The company achieved record sales of 1.3237 million vehicles, indicating strong growth despite profit declines due to increased investments in new technologies and marketing [54]. - The focus on electric vehicle development, particularly through its premium brand WEY, is expected to enhance growth potential [56]. Group 7: GAC Group - GAC Group's 2025 sales fell 14.06% to 1.72 million vehicles, with a projected loss of 8-9 billion RMB [58]. - The decline is linked to poor performance in traditional fuel vehicles and slower growth in its electric vehicle segment [59]. - The company is pursuing deep collaborations with local suppliers to accelerate its electrification strategy [60]. Group 8: Toyota - Toyota's revenue for the first three quarters of the 2026 fiscal year was 38.09 trillion JPY (approximately 1.72 trillion RMB), a 6.8% increase, but net profit dropped 26.1% to 3.03 trillion JPY [63]. - The profit decline is primarily due to the impact of U.S. tariff policies, despite a 10.5% profit increase in the Chinese market [66][68]. - Toyota is implementing a company-wide plan to reduce its breakeven point and improve operational efficiency [71].

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline of 13.9% year-on-year in January 2026, with sales reaching 1.544 million units, attributed to the end of the 12-year new energy vehicle purchase tax exemption policy, leading to a temporary dip in demand [2][4]. Sales Data Summary Wholesale Sales Rankings (January 2026) - Geely Automobile led with 270,167 units sold, a 1.3% increase, capturing 13.7% market share - BYD Automobile followed with 205,518 units, down 30.7%, holding 10.4% market share - Chery Automobile sold 193,969 units, down 12.0%, with a 9.8% market share - Volkswagen sold 128,001 units, down 1.7%, with a 6.5% market share - SAIC Passenger Vehicle sales increased by 53.6% to 77,421 units, capturing 3.9% market share [6]. Retail Sales Rankings (January 2026) - Geely Automobile again led with 209,661 units sold, down 12.6%, holding 13.6% market share - Volkswagen sold 132,300 units, down 3.5%, with an 8.6% market share - BYD's retail sales dropped significantly by 53.0% to 94,176 units, capturing 6.1% market share - SAIC Volkswagen sold 89,600 units, down 9.3%, with a 5.8% market share - Changan Automobile's sales decreased by 33.5% to 81,074 units, holding 5.2% market share [7]. New Energy Vehicle (NEV) Wholesale Sales Rankings (January 2026) - BYD led NEV sales with 205,518 units, down 30.7%, capturing 23.8% market share - Geely followed with 124,252 units, up 2.6%, holding 14.4% market share - Tesla China sold 69,129 units, up 9.3%, with an 8.0% market share - Chery sold 46,802 units, down 14.9%, with a 5.4% market share - SAIC Passenger Vehicle saw a significant increase of 576.9% to 28,179 units, capturing 3.3% market share [9]. New Energy Vehicle (NEV) Retail Sales Rankings (January 2026) - BYD again led with 94,176 units sold, down 53.0%, holding 15.8% market share - Geely sold 92,135 units, down 21.6%, with a 15.5% market share - Hongmeng Zhixing saw a significant increase of 65.5% to 57,915 units, capturing 9.7% market share - SAIC's sales increased by 83.3% to 40,016 units, holding 6.7% market share - Xiaomi Automobile sold 39,002 units, up 70.3%, with a 6.5% market share [10].

Group 1: Used Car Market - In January 2025, the national used car market transaction volume reached 1.7292 million units, showing a year-on-year increase of 18.33% but a month-on-month decrease of 7.59% [1] - The transaction amount for January was 110.612 billion yuan, indicating a robust market performance across various vehicle types, particularly in passenger cars and commercial vehicles [1] - The demand for MPVs continued to rise significantly, contributing to the overall market growth, while the commercial vehicle sector also showed positive year-on-year growth in both passenger and cargo vehicles [1] Group 2: Automotive Dealer Inventory - The comprehensive inventory coefficient for automotive dealers in January was reported at 1.48, reflecting a month-on-month increase of 13.0% and a year-on-year increase of 5.7% [2] Group 3: Pickup Truck Market - In January 2026, the pickup truck market saw sales of 49,000 units, marking a year-on-year growth of 22.5%, the highest level in the past five years [3] - Pickup truck production in January was 52,000 units, with a year-on-year increase of 29.3%, while exports reached 28,000 units, showing a year-on-year increase of 12% [3] Group 4: Xiaomi Automotive - Xiaomi Automotive announced the delivery of the last unit of the first-generation SU7, with production halted to prepare for the next generation, expected to launch in April [4] - The company will continue to provide maintenance and spare parts for the first-generation SU7 for at least 10 years [4] Group 5: Changan Automobile Legal Action - Changan Automobile has filed lawsuits against two media outlets for alleged online infringement, which have been accepted by the court [5] Group 6: Zeekr Automotive - Zeekr Automotive has established a new sales service company in Shenzhen with a registered capital of 10 million yuan, focusing on the sale of new energy vehicles and related services [6] Group 7: Great Wall Motors - Great Wall Motors' chairman confirmed that the company is successfully promoting its MPV models in the U.S. market through intermediaries [7] Group 8: Japanese Automakers' Profit Forecast - Seven major Japanese automakers, including Toyota and Honda, expect a 35.5% decrease in net profits for the fiscal year 2025, totaling approximately 3.765 trillion yen (about 169.7 billion yuan) [8] - Specific forecasts include a 25.1% profit reduction for Toyota and a 64.1% decrease for Honda, with Nissan anticipating a net loss of 650 billion yen [8]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5] Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy, justifying the "Buy" rating [2][11] - The company launched the world's first native AI all-powertrain vehicle platform, "Guiyuan," which aims to enhance efficiency and competitiveness in the market [11] - The "Ecological Overseas" strategy is progressing effectively, with the completion of a factory in Brazil, expected to produce 50,000 vehicles annually [11] Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, a year-on-year increase of 10% [11] - Net profit attributable to shareholders for 2025 is estimated at 9.918 billion yuan, a decrease of 21.9% year-on-year [11] - The earnings per share (EPS) for 2025 is forecasted to be 1.16 yuan, with a target price of 24.64 yuan based on a 14x PE ratio for 2026 [11] - The company achieved a total sales volume of 400,000 vehicles in Q4 2025, a 5% increase year-on-year [11] - The overseas sales volume reached 172,000 vehicles in Q4 2025, marking a 33% increase year-on-year [11] Market Data - The current market capitalization of Great Wall Motors is 176.891 billion yuan, with a total share capital of 8.558 billion shares [6] - The stock price has fluctuated between 20.44 yuan and 27.52 yuan over the past 52 weeks [6] Financial Ratios - The return on equity (ROE) is projected to be 11.3% in 2025, with a price-to-earnings (P/E) ratio of 17.84 [4][12] - The net asset value per share is estimated at 10.10 yuan, with a price-to-book (P/B) ratio of 2.0 [7][12]

Group 1: Monetary and Financing Trends - As of the end of January, broad money (M2) balance, social financing scale stock, and RMB loan balance grew by 9%, 8.2%, and 6.1% year-on-year respectively [2] - M2 growth rate reached a recent high, hitting the "9" level, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [2] - The increase in social financing scale was driven mainly by government bond financing, which net financed 976.4 billion yuan in January, an increase of 283.1 billion yuan year-on-year [2] Group 2: Corporate Financing and Loan Trends - By the end of January, the RMB loan balance was 276.62 trillion yuan, with a year-on-year growth of 6.1%, still above nominal economic growth [3] - The first quarter typically sees high credit issuance, and early policy implementation can yield quicker results [3] - Significant project launches at the beginning of the year have led to increased medium to long-term loans for enterprises, while consumer short-term loans have seen stable growth due to pre-holiday consumption [3] Group 3: Regulatory Actions and Corporate Developments - Six travel platform companies were interviewed by financial regulators regarding issues in their lending practices, emphasizing the need for clear disclosures and improved consumer protection [4] - Tianfeng Securities faced severe penalties from the China Securities Regulatory Commission for illegal financing and information disclosure violations, with fines totaling 25 million yuan [5] - The Shanghai Stock Exchange issued a regulatory warning to Trina Solar for misleading information regarding its collaboration with SpaceX [6] Group 4: Market and Investment Insights - Meituan expects a net loss of approximately 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to increased competition and higher investments in its ecosystem [6] - Anta Sports received shareholder approval for the acquisition of a 29.06% stake in Puma, indicating strategic expansion plans [7][8] - The Hang Seng Index will include CATL, Luoyang Molybdenum, and Laopu Gold, increasing the number of constituent stocks to 90 [16]