每经AI快讯，1月5日，香港恒生指数收涨0.03%，恒生科技指数涨0.09%。脑机接口概念股领涨，南京 熊猫（600775）电子股份大涨近40%，脑动极光涨超15%；内房股拉升，融信中国涨超6%，世茂集团涨 超5%。新能源汽车股持续走低，长城汽车（601633）跌超6%，蔚来跌近6%，小鹏汽车跌超4%。 ...

每经AI快讯，长城汽车(02333.HK)跌超5%，截至发稿跌5.49%，报14.29港元，成交额4.68亿港元。 ...

长城汽车（601633）(02333)跌超5%，截至发稿，跌5.49%，报14.29港元，成交额4.68亿港元。 消息面上，长城汽车近日披露，公司2025年销售汽车132.37万辆，同比增长7.33%，对照全年400万辆业 绩目标来看，完成率仅为33.09%。从结构上看，长城汽车海外全年累计销量50.61万辆，高于新能源汽 车销量的40.36万辆。此外，长城汽车12月单月销量12.4万辆，同比下滑8.33%。 ...

消息面上，长城汽车近日披露，公司2025年销售汽车132.37万辆，同比增长7.33%，对照全年400万辆业 绩目标来看，完成率仅为33.09%。从结构上看，长城汽车海外全年累计销量50.61万辆，高于新能源汽 车销量的40.36万辆。此外，长城汽车12月单月销量12.4万辆，同比下滑8.33%。 智通财经APP获悉，长城汽车(02333)跌超5%，截至发稿，跌5.49%，报14.29港元，成交额4.68亿港元。 ...

日前，汽车界评论员、记者李安定发微博谈"电动车取代燃油车"观点时表示，这是"聪明人的有意为 之。"他们的目的一是给广大消费者洗脑，强化纯电就是未来的认知，全面阻击消费者对燃油车的选 择；二是激进且自信的表态向资本市场传递了纯电行业未来向好的强烈信号，以获得更多的金融投资。 三是借舆论博取眼球，为个人和品牌增加流量和知名度。 但他认为目前电动车因电池能量密度低，难以全面抗衡燃油车。尽管资本推动下电动车迅速发展，销量 仍低于燃油车，全面胜利并不确定。 对此，长城汽车董事长魏建军1月5日转发李安定的微博表示：李安定老师分析格局和站位都很高，看得 很远，也很透，非常值得听听。行业激辩"谁取代谁"时，用户要的其实是"谁能更好地满足我"、是靠谱 的方案：上班通勤、长途穿越、拉货跑山……因为使用场景完全不同，所以纯电、混动、燃油、氢能我 们都在搞。道理很简单：每种技术都有它最适合的场景，而我们的任务是满足每一位用户的需求。 来源：5D调查 ...

Market Performance - The New Energy Vehicle (NEV) index rose by 0.52% from December 29 to December 31, outperforming the CSI 300 index by 1.11% [1] - The best-performing sector within the automotive-related stocks was the Electric Motor III index, which increased by 4.21% [1] - Among battery-related sectors, the battery swapping concept index had a weekly increase of 0.28% [1] Company Stock Prices - Jianghuai Automobile closed at 49.5 CNY [4] - Seres closed at 120.96 CNY [4] - BYD closed at 97.72 CNY [4] - Great Wall Motors closed at 22.63 CNY [4] - Other notable companies include Changan Automobile at 11.86 CNY and BAIC Blue Valley at 8.03 CNY [4] Industry Data - In December 2025, Leap Motor delivered 60,423 vehicles, a month-on-month decrease of 14.08% but a year-on-year increase of 42.11% [37] - NIO delivered 48,135 vehicles, with a month-on-month increase of 32.69% and a year-on-year increase of 54.59% [37] - Li Auto delivered 44,246 vehicles, showing a month-on-month increase of 33.35% but a year-on-year decrease of 24.38% [37] - Other brands' performance included Aion with 40,066 vehicles and Xpeng with 37,508 vehicles [37] Material Prices - As of December 31, 2025, the average price of battery-grade lithium hydroxide was 114,700 CNY/ton, up by 7,100 CNY/ton from December 26 [13] - Battery-grade cobalt sulfate averaged 93,000 CNY/ton, increasing by 500 CNY/ton [15] - The price of battery-grade nickel sulfate was 27,050 CNY/ton, up by 150 CNY/ton [17] - Lithium iron phosphate remained stable at 45,100 CNY/ton [19] - The price of ternary precursor 811 was 111,500 CNY/ton, up by 1,000 CNY/ton [22] - The price of ternary materials 811 was 173,500 CNY/ton, increasing by 2,000 CNY/ton [25] - The price of dry separator film was stable at 0.42 CNY/sqm, while wet separator film increased by 0.03 CNY/sqm [28] - The price of lithium hexafluorophosphate remained at 180,000 CNY/ton [31]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The implementation of the vehicle trade-in policy in 2026 is expected to boost the industry's outlook, particularly for passenger vehicles, heavy trucks, and buses, with a focus on high-end electric vehicles and established export-oriented companies [2][26]. - The heavy truck segment is anticipated to see a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3% [30]. - The bus segment is projected to maintain growth, with an estimated sales volume of 40,000 units in 2026, a 5% increase year-on-year [30]. - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [27]. Summary by Sections Passenger Vehicles - The short-term outlook is positive due to the new subsidy policies, with expectations for a recovery in demand in Q1 2026. Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD [2][26]. - The 2026 subsidy budget is projected at 125 billion yuan, which could drive an additional sales increase of 780,000 to 1.54 million units [15]. Heavy Trucks - The 2026 trade-in policy for heavy trucks has exceeded expectations, with subsidies remaining at previous levels. The anticipated sales volume for 2026 is optimistic, with a target of 800,000 to 850,000 units [30][19]. - Recommended companies in this segment include China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30]. Buses - The bus segment's policy has also exceeded expectations, with a projected sales volume of 40,000 units in 2026, reflecting a 5% year-on-year increase [30][18]. - Key recommendations include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is expected to see a total sales volume of 19.38 million units in 2026, with large-displacement motorcycles projected to grow significantly [27]. - Recommended companies include Chunfeng Power and Longxin General [27].

Group 1 - The core viewpoint indicates that Hong Kong automotive stocks experienced a collective decline, with Great Wall Motors falling nearly 7% and NIO and Xpeng down over 4.2% [1] - The report from CICC suggests that the domestic automotive industry in mainland China will face certain challenges in demand due to ongoing policies, while overseas sales are expected to grow steadily [1] - Investment strategy emphasizes that auto parts are favored over complete vehicles, with a focus on opportunities arising from AI-related developments in robotics, intelligent driving, and data center liquid cooling [1] Group 2 - The report highlights that new policies are expected to support the passenger vehicle market, but domestic demand still faces challenges [2] - A study by Benchmark Mineral Intelligence predicts that global electric vehicle sales growth will reach its lowest level since the pandemic, with an expected increase of only 13% to 24 million units by 2026, significantly lower than the 22% growth forecast for 2025 [2] - The slowdown in the European market and rapid decline in the U.S. market are identified as new obstacles in the transition away from fuel vehicles [2]

Group 1 - The Hong Kong automotive stocks collectively declined, with Great Wall Motors falling nearly 7%, NIO and Xpeng down over 4.2%, and other companies like Chery, Leap Motor, and Geely dropping close to 4% [1] - A report from CICC indicates that by 2026, the domestic automotive industry in China will face certain challenges in internal demand, while overseas sales are expected to grow steadily. The investment strategy favors auto parts over complete vehicles, focusing on opportunities in AI-related sectors such as robotics, intelligent driving, and data center liquid cooling [1] - A separate report forecasts that global electric vehicle sales growth will reach its lowest level since the pandemic began in 2020, with an expected increase of only 13% to 24 million units by 2026, significantly lower than the 22% growth anticipated for 2025 due to a slowdown in the European market and a rapid decline in the U.S. market [1] Group 2 - The latest stock prices and changes for major automotive companies are as follows: Great Wall Motors at 14.090 (-6.81%), NIO at 39.440 (-4.55%), Xpeng at 76.950 (-4.23%), Chery at 29.040 (-3.84%), Leap Motor at 47.700 (-3.75%), Geely at 17.550 (-3.57%), Li Auto at 66.600 (-2.13%), BYD at 96.950 (-1.82%), and others showing minor declines [2]

Core Viewpoint - Great Wall Motors' stock price has experienced a decline of 2.03% as of January 5, 2025, with a market capitalization of 189.73 billion yuan, indicating a challenging market environment for the company [1]. Financial Performance - For the period from January to September 2025, Great Wall Motors achieved a revenue of 153.58 billion yuan, reflecting a year-on-year growth of 7.96%. However, the net profit attributable to shareholders decreased by 17.20% to 8.64 billion yuan [2]. - Cumulatively, the company has distributed a total of 34.70 billion yuan in dividends since its A-share listing, with 8.95 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Great Wall Motors stood at 137,500, a decrease of 22.95% from the previous period. The average number of circulating shares per shareholder remained at 0 [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 197 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 27.42 million shares to 58.10 million shares [3].