南方财经1月26日电，港股汽车股盘初下探，长城汽车跌超4%，蔚来-SW、零跑汽车、理想汽车-W跌超 2%，赛力斯、吉利汽车跟跌。 ...

Core Viewpoint - On January 26, a total of 8 listed companies will have their restricted shares unlocked, with a total market value of approximately 2.11 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Meili Eco (000010) with 45.48 million shares from equity incentive restrictions - Jiadian Co. (000922) with 236,500 shares from equity incentive restrictions - Nanjing Pharmaceutical (600713) with 5.43 million shares from equity incentive restrictions - Nuofushin (002215) with 4.43 million shares from equity incentive restrictions - Great Wall Motors (601633) with 13.67 million shares from equity incentive restrictions - Xutian Salt Industry (600929) with 513,600 shares from equity incentive restrictions - Tianzheng Electric (605066) with 462,500 shares from equity incentive restrictions - Yifang Bio (688382) with 161 million shares [1]

Core Insights - The 2025 China Commercial Vehicle Brand Influence Index Report highlights a stable structure in the commercial vehicle market, led by traditional giants like FAW, Dongfeng, and JMC, which have established strong competitive barriers through product reliability and brand trust [1][2] - The report indicates a significant acceleration in the electrification, intelligence, and efficiency transformation of commercial vehicles, driven by the dual goals of the national "dual carbon" strategy and the logistics industry's need for cost reduction and efficiency [1][10] Group 1: Heavy Truck Market - The heavy truck market is characterized by a triad of leading companies, with FAW achieving the highest influence score of 738.53, supported by a media presence of 17.50% and a user satisfaction score of 4.80 [2][3] - Dongfeng and China National Heavy Duty Truck Group follow with scores of 709.85 and 699.35, respectively, showcasing their strong market presence and quality control [3][4] Group 2: Other Commercial Vehicle Segments - In the pickup truck segment, Great Wall Motors leads with a score of 714.11, demonstrating a robust market presence with over 181,000 units sold and a strong brand reputation built over 28 years [6][7] - Dongfeng tops the light truck segment with a score of 702.67, focusing on high-end logistics solutions, while Foton and JMC maintain their positions through extensive distribution networks and proven product durability [8][9] Group 3: Electrification and New Entrants - The year 2025 marks a pivotal shift towards market-driven electrification in commercial vehicles, with new entrants like Radar Automotive gaining attention in the pickup segment [10][11] - Traditional brands are responding to new competitors by launching dedicated electric platforms and comprehensive logistics solutions, aiming to transition from vehicle manufacturers to integrated smart logistics providers [10][11]

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 report assigns an "Accumulate" rating for the automotive industry [22]. Core Insights - The report forecasts that the wholesale sales of passenger vehicles in China will reach 30.21 million units in 2026, reflecting a year-on-year increase of 1%. The sales of new energy passenger vehicles are expected to be approximately 16.85 million units, with a year-on-year growth of 10% [20][21]. - In December 2025, the wholesale sales of passenger vehicles in China were 2.814 million units, a decrease of 9% year-on-year and a decrease of 7% month-on-month. For the entire year of 2025, the wholesale sales reached 29.908 million units, an increase of 9% year-on-year [7][8]. Summary by Sections 1. Total Passenger Vehicle Sales - In December 2025, the total wholesale sales of passenger vehicles in China were 2.814 million units, down 9% year-on-year and down 7% month-on-month. The wholesale sales of new energy passenger vehicles were 156.3 thousand units, up 3% year-on-year and down 8% month-on-month. For the entire year of 2025, the wholesale sales of passenger vehicles were 29.908 million units, up 9% year-on-year, while new energy passenger vehicle sales reached 1.5319 million units, up 25% year-on-year [7][8]. 2. Key Automotive Companies' December Sales - **BYD**: In December, BYD delivered 420 thousand vehicles, down 18% year-on-year and down 12% month-on-month. The overseas sales reached 132 thousand units, up 130% year-on-year [8][9]. - **Geely**: In December, Geely delivered 237 thousand vehicles, up 13% year-on-year. The 2026 sales target is set at 3.45 million units, a 14% increase from 2025 [10]. - **Changan**: In December, Changan delivered 257 thousand vehicles, down 19% year-on-year. The 2026 sales target is 3.3 million units, a 13% increase from 2025 [12]. - **Great Wall Motors**: In December, Great Wall Motors delivered 124 thousand vehicles, down 8% year-on-year. The company launched the "Guiyuan Platform" globally [13][14]. - **Li Auto**: In December, Li Auto delivered 44 thousand vehicles, down 24% year-on-year. The OTA 8.2 version was fully pushed [15]. - **Leap Motor**: In December, Leap Motor delivered 60 thousand vehicles, up 42% year-on-year. The 2026 sales target is set at 1 million units [16][17]. - **Xpeng Motors**: In December, Xpeng Motors delivered 38 thousand vehicles, achieving double growth year-on-year and month-on-month. The 2025 total deliveries reached 429 thousand units, up 126% year-on-year [18][19]. 3. Policy Impact and Market Outlook - The report notes that the effectiveness of the old-for-new vehicle policy is expected to diminish, with a projected total of over 11.5 million vehicles replaced in 2025, of which nearly 60% are new energy vehicles. The new policy for 2026 will shift from fixed subsidies to a "proportional subsidy + cap" model [20]. - The report anticipates that the reduction in new energy vehicle purchase tax incentives will lead to a more competitive market, pushing the industry towards higher performance and efficiency standards [21].

Investment Rating - The report assigns an "Accumulate" rating for the automotive industry [22]. Core Insights - The report forecasts that the wholesale sales of passenger vehicles in China will reach 30.21 million units in 2026, reflecting a year-on-year increase of 1%. The sales of new energy passenger vehicles are expected to be approximately 16.85 million units, with a year-on-year growth of 10% [20][21]. - The report highlights that the overall passenger vehicle market in December 2025 saw a wholesale sales volume of 2.814 million units, a decrease of 9% year-on-year and a decrease of 7% month-on-month. For the entire year of 2025, the wholesale sales volume was 29.908 million units, an increase of 9% year-on-year [7][20]. Summary by Sections 1. Total Passenger Vehicle Sales - In December 2025, the total wholesale sales of passenger vehicles in China were 2.814 million units, down 9.4% year-on-year and down 7.0% month-on-month. The wholesale sales of new energy passenger vehicles were 156.3 thousand units, up 3% year-on-year and down 8% month-on-month. For the entire year of 2025, the wholesale sales of passenger vehicles reached 29.908 million units, up 9% year-on-year, while new energy passenger vehicle sales were 1.5319 million units, up 25% year-on-year [7][8]. 2. Key Automotive Companies' December Sales - **BYD**: In December, BYD delivered 420 thousand new vehicles, down 18% year-on-year and down 12% month-on-month. The overseas sales reached 132 thousand units, up 130% year-on-year [8][9]. - **Geely**: In December, Geely delivered 237 thousand new vehicles, up 13% year-on-year. The 2026 sales target is set at 3.45 million units, a 14% increase from 2025 [10]. - **Changan**: In December, Changan delivered 257 thousand new vehicles, down 19% year-on-year. The 2026 sales target is 3.3 million units, a 13% increase from 2025 [12]. - **Great Wall Motors**: In December, Great Wall Motors delivered 124 thousand new vehicles, down 8% year-on-year. The company launched the "Guiyuan Platform" globally [13][14]. - **Li Auto**: In December, Li Auto delivered 44 thousand new vehicles, down 24% year-on-year. The OTA 8.2 version was fully pushed [15]. - **Leap Motor**: In December, Leap Motor delivered 60 thousand new vehicles, up 42% year-on-year. The 2026 sales target is set at 1 million units [16][17]. - **Xpeng Motors**: In December, Xpeng Motors delivered 38 thousand new vehicles, achieving growth in both year-on-year and month-on-month comparisons. The 2025 cumulative delivery was 429 thousand units, up 126% year-on-year [18][19]. 3. Policy Impact and Market Outlook - The report notes that the effectiveness of the old-for-new vehicle policy is expected to diminish, with the total number of vehicles replaced exceeding 11.5 million in 2025, of which nearly 60% were new energy vehicles. The new policy for 2026 will shift from fixed subsidies to a "proportional subsidy + cap" model [20]. - The report anticipates that the reduction in new energy vehicle purchase tax incentives will lead to a more competitive market, pushing the industry towards higher performance and efficiency standards [21].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production milestones. For instance, Yushu's humanoid robot shipments exceeded 5,500 units in 2025, indicating a shift towards mass production [15]. - The Robotaxi industry is advancing rapidly, with plans for extensive deployment by companies like Cao Cao Mobility, which aims to introduce 100,000 fully customized Robotaxis by 2030 [16]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the past month. The new energy vehicle index rose by 2% weekly but was flat monthly, while the automotive parts index saw a 4% weekly increase and a 15% monthly increase [8][9]. 2. Domestic Humanoid Robots - The humanoid robot market in China is entering a rapid growth phase, with leading manufacturers achieving significant production volumes. Yushu and Zhiyuan have both reported substantial shipment numbers, indicating a breakthrough in mass production capabilities [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility is set to deploy 100,000 Robotaxis by 2030, with ongoing trials for their second-generation models. This initiative is expected to enhance the application of AI in transportation and contribute to the subscription-based vehicle market [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends key players such as Dechang Motor Holdings and Haoneng Co. The report also highlights the competitive landscape in the passenger vehicle market, suggesting differentiation strategies for companies like Great Wall Motors and SAIC Motor [17].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8][9]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production and sales milestones. The Robotaxi industry is also advancing rapidly, with plans for large-scale deployment by companies like Cao Cao Mobility [15][16]. - The report emphasizes the importance of identifying high-value technology routes and companies with inherent advantages, particularly in the humanoid robot and automotive sectors [17]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the month. The new energy vehicle index rose by 2% weekly and remained flat monthly, while the automotive parts index increased by 4% weekly and 15% monthly [8][9]. - Notable stocks with significant gains over the past month include Chaojie Co., Hengbo Co., and Wanxiang Qianchao, while stocks with notable declines include Haima Automobile and Aolian Electronics [10][11][13]. 2. Domestic Humanoid Robots - The humanoid robot market in China is rapidly expanding, with Utree achieving over 5,500 units shipped in 2025. Other companies like Zhiyuan also reported significant production numbers, indicating a shift towards mass production [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, with ongoing trials for their second-generation models. This sector is seen as a critical application for AI technology [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends leading firms in electric motors and reducers. It also highlights the competitive landscape for passenger vehicles and suggests companies like Great Wall Motors and BYD for long-term investment [17].

Group 1 - The 12th Jin Xuan Award ceremony was held in Beijing, recognizing 20 gold award marketing cases, 6 annual awards, and 43 excellent marketing cases across various categories including creative works, public welfare and sustainable development, AIGC marketing, and brand IP marketing [2] - Notable winners include Volkswagen China and Toyota China for public welfare and sustainable development, Wuling for creative works, and Mercedes-Benz and SAIC Audi for cross-border marketing [2] - The award introduced a dual-track collection mechanism this year, combining committee nominations and enterprise applications, resulting in over 500 initial cases and 84 benchmark cases shortlisted after multiple rounds of screening [2] Group 2 - The Jin Xuan Award highlights the shift in marketing strategies in the automotive industry due to information overload and weakened traditional marketing effectiveness, emphasizing the need for "meaning reconstruction and value redefinition" [3] - The award ceremony featured the launch of the Xuanyuan Matrix, which consists of three main components: industry services, industry evaluation, and industry communication, aimed at creating a comprehensive support system for the automotive marketing sector [3] - The marketing focus is shifting towards three-dimensional values of "temperature, scale, and attitude," with an emphasis on AI technology and user experience throughout the entire vehicle usage process [3]

Core Viewpoint - The board of directors of Great Wall Motors has decided not to lower the conversion price of the "Changqi Convertible Bond" despite triggering the conditions for a downward adjustment due to stock price performance [2][5][18]. Group 1: Meeting Decisions - The board held its 46th meeting on January 23, 2026, with all 8 directors present, and unanimously approved the proposal not to adjust the conversion price of the "Changqi Convertible Bond" [1][2]. - The decision was made based on confidence in the company's long-term potential and to protect the interests of all investors [18]. Group 2: Convertible Bond Details - The "Changqi Convertible Bond" was issued on June 10, 2021, with a total amount of 3.5 million bonds, each with a face value of 100 yuan, totaling 3.5 billion yuan [6][7]. - The bond has a maturity period of 6 years, from June 10, 2021, to June 9, 2027, with an initial conversion price of 38.39 yuan per share, which has been adjusted multiple times since issuance [7][19]. - The current conversion price is 39.61 yuan per share, and the bond's conversion period is from December 17, 2021, to June 9, 2027 [7][19]. Group 3: Price Adjustment Conditions - The conditions for a downward adjustment of the conversion price were triggered when the company's A-share stock price was below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][17]. - The board has decided not to propose a downward adjustment for the next 6 months, from January 24, 2026, to July 23, 2026, even if the conditions are met again during this period [18].