1月7日，新能源汽车购置税减半政策的实施及"两新"补贴政策的调整延续，为2026年国内汽车市场带来 了新的变量。 在此背景下，多家车企相继披露的2026年销量目标呈现出截然相反的走势——尚处于全面智电转型、且 背负较大燃油车时代存量资产、销量基数较大的传统车企普遍给出了较为审慎的增长目标，而新造车企 业对市场估计则更为乐观。其中，在2025年均超额完成KPI的零跑、小米汽车今年销量目标的增幅分别 达到68%和34%；意欲在2026年实现全年盈利的蔚来汽车，年度目标增幅同样高达40-50%。 | | | 部分A/H重点上市车企2026年销量目标(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 公司 | 2026年 | | 2025年 | | | | | 目标销量 | 目标增长率 | 实际销量 | 目标销量 | 目标完成率 | | 吉利汽车 | 3.450.000 | 14% | 3.024.567 | 3.000.000 | 100.82% | | 东风集团 | 3.250.000 | 30%(估) | 2.500.000(估) | 3.000.000 ...

证券日报网讯 1月7日，长城汽车在互动平台回答投资者提问时表示，长城汽车高度重视股东回报，分 红方案将严格依据《公司章程》规定，结合经营业绩、战略发展及现金流状况等综合因素制定，具体需 经董事会及股东大会审议通过后披露。 （文章来源：证券日报） ...

智通财经1月7日讯（记者 徐昊）新能源汽车购置税减半政策的实施及"两新"补贴政策的调整延续，为 2026年国内汽车市场带来了新的变量。 在此背景下，多家车企相继披露的2026年销量目标呈现出截然相反的走势——尚处于全面智电转型、且 背负较大燃油车时代存量资产、销量基数较大的传统车企普遍给出了较为审慎的增长目标，而新造车企 业对市场估计则更为乐观。其中，在2025年均超额完成KPI的零跑、小米汽车今年销量目标的增幅分别 达到68%和34%；意欲在2026年实现全年盈利的蔚来汽车，年度目标增幅同样高达40-50%。 | | | 部分A/H重点上市车企2026年销量目标(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 公司 | 2026年 | | 2025年 | | | | | 目标销量 | 目标增长率 | 实际销量 | 目标销量 | 目标完成率 | | 吉利汽车 | 3.450.000 | 14% | 3.024.567 | 3.000.000 | 100.82% | | 东风集团 | 3.250.000 | 30%(估) | 2.500.000(估) ...

Core Viewpoint - Great Wall Motors has made significant progress in its global expansion strategy for its motorcycle brand, Great Wall Soul, with key partnerships established in the Middle East [1] Group 1: Global Expansion - Great Wall Soul has achieved a crucial breakthrough in its global layout, signing agreements with distributors in the UAE and Qatar on December 4, 2025 [1] - The partnerships focus on product adaptation, after-sales service, and regional expansion [1] Group 2: Brand Development - Great Wall Soul will showcase its products at the 2026 CES, aiming to enhance its international brand influence [1] Group 3: Technical Certifications - The products have obtained GSO certification for the Middle East and completed the factory audit for Euro 5+ certification [1] - The company expects to officially receive the necessary qualifications by February 2026, laying the groundwork for market entry into Europe [1] Group 4: Future Collaborations - Great Wall Soul plans to continue collaborating with more international partners to create a more valuable riding experience for global riders [1]

Core Viewpoint - Great Wall Motors has become one of the first companies in China to comply with the new national standard GB38031-2025 for electric vehicle battery safety, demonstrating its technological leadership and high compliance standards in the electric vehicle sector [1] Group 1 - Great Wall Motors announced that it passed the China Automotive Research Institute's testing in May, ahead of the new national standard implementation [1] - The new standard, which focuses on safety requirements for electric vehicle power batteries, will be mandatory for new models starting from July 1, 2026, and does not affect the normal use of already sold vehicles [1] - The company’s upgrade in battery safety reflects its commitment to leading technology in the electric vehicle safety domain [1]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The 2026 new energy vehicle (NEV) purchase tax subsidy policy has shifted from a flat-rate model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands will be less affected [2][3]. - The adjustment in subsidy policy is expected to reshape the sales structure of NEVs in 2026, with a decline in demand for low-end models and a relative advantage for mid-to-high-end models [2]. Summary by Relevant Sections Subsidy Policy Analysis - The new subsidy policy will lead to a 19% reduction for Geely and a 14% reduction for BYD, while companies like Xiaopeng, Great Wall, and Leap Motor will see a smaller impact of around 10% due to their higher proportion of mid-to-high-end models [2]. - The demand for A0 and A00 level low-end models, which previously relied heavily on subsidies, is expected to decrease significantly [2]. Sales Analysis of Key Companies - Xiaopeng Motors delivered nearly 430,000 vehicles in 2025, a 126% year-on-year increase. However, the average selling price (ASP) dropped from approximately 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025 due to changes in product mix [3]. - Leap Motor achieved a delivery volume of 597,000 vehicles in 2025, doubling from 290,000 in 2024. The company plans to launch two high-end models in 2026 and aims for a sales target of 1 million vehicles [4]. - Great Wall Motors sold 1.32 million vehicles in 2025, with a 7% year-on-year growth. The company has set a sales target of 1.8 million vehicles for 2026, reflecting a 40% increase [5]. Investment Recommendations - The report suggests focusing on new energy vehicle companies with advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as component manufacturers like Yinchuan, Fuda, and Shuanghuan, which are expected to benefit from the new subsidy policies [6].

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Group 1 - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a 14.03% increase compared to 2025. Chery Automobile Co., Ltd. aims for 3 million units, a year-on-year growth of 14.01% [3][14] - Great Wall Motors has unveiled a new platform named "Guiyuan," which received 22,000 votes from 96,000 participants. The platform focuses on user needs and aims to simplify vehicle offerings while enhancing value [5][15] - Huawei's QianKun partnership is projected to achieve over 900,000 units in total sales by 2025, continuing its commitment to integrate intelligence into every vehicle. The sales data includes brands such as Avita, Lantu, and others [7][18] Group 2 - Employees of Changan Automobile have expressed dissatisfaction on social media regarding the cancellation of traditional year-end bonuses due to unmet sales and profit targets. An incentive plan is expected in February, but details are currently unavailable [9][20]

作者 | 周智宇 编辑 | 张晓玲 借着CES的舞台，中国车企正在重新定义未来。 相比往年的CES（国际消费电子展），今年参展的中国车企与供应链企业少了一份初来乍到的喧嚣，多 了一份务实。如果说两年前，中国汽车产业还在试图通过电池成本和供应链效率向全球证明"性价比"； 那么在本届展会上，核心议题已经彻底切换。 从现场释放的信号来看，单纯的硬件堆砌已触及边际效应递减的临界点。 当屏幕数量和百公里加速不再能刺激资本市场的神经，中国车企开始集体向产业链的最顶端——AI大 模型与高阶智驾架构，发起冲锋。此次CES上，吉利发布的"全域AI 2.0"体系、长城汽车带去智能、动 力，加上供应链企业在芯片与传感器上的性能突围，共同构成了本届CES的中国叙事。 这些来自中国的核心玩家，正通过高阶智驾与AI大模型构建新的技术护城河。这也会是汽车产业重构 的过程中，中国玩家从制造输出到标准输出的惊险一跃。 在拉斯维加斯，一场关于汽车产业价值分配权的争夺战已然悄然打响。当硬件同质化成为行业共识，中 国车企开始在"软实力"上进行饱和式投入。这不仅是产品层面的军备竞赛，更是供应链整合能力与全球 化战略的一次深度重构。 技术亮剑 CES上 ...

Core Insights - The automotive industry in 2025 has experienced significant growth driven by proactive policies that enhance consumption, tap into incremental potential, and improve the competitive environment, leading to a collaborative effort to combat unhealthy competition [2] - The "Cover Story" titled "Progress 2025 - Ten Major Annual Reviews of the Automotive Industry" has been launched, marking the sixth consecutive year of such comprehensive reporting [2] Group 1: Industry Trends - The automotive sector is focusing on innovation and collaboration to achieve steady progress while addressing challenges such as unhealthy competition [2] - A series of ten thematic reports have been published, covering various aspects of the automotive industry, including annual highlights, new policies, personnel changes, and significant events [2] Group 2: Leadership Perspectives - Industry leaders emphasize the importance of face-to-face interactions to reduce misunderstandings and foster collaboration, as highlighted by Chery's chairman [6] - The call for open communication among industry leaders is seen as essential for addressing challenges and promoting a healthy competitive environment [6][7] Group 3: Safety and Technology - Geely's establishment of a world-class safety center aims to enhance automotive safety through shared resources and data accumulation, reflecting a commitment to industry-wide safety standards [7][8] - The focus on safety is underscored by the need for responsible innovation that prioritizes user safety over mere technological advancement [10][11] Group 4: Market Dynamics - BYD's chairman advocates for a leadership role that respects competitors while pushing for technological excellence, emphasizing the importance of consumer trust and respect within the industry [9][10] - The shift towards a more collaborative industry ethos is seen as vital for fostering innovation and maintaining a competitive edge [10] Group 5: Innovation and Responsibility - The automotive industry is urged to prioritize necessary technological advancements that align with user safety and regulatory requirements, as articulated by Great Wall's chairman [11] - The call for innovation driven by real user needs rather than mere technological prowess reflects a shift towards more responsible and inclusive practices in the industry [13] Group 6: Global Trade and Cooperation - BMW's chairman stresses the importance of open markets and clear rules over trade barriers, advocating for mutual support in the face of geopolitical challenges [15][16] - The emphasis on cooperation and shared prosperity highlights the need for a unified approach to global trade within the automotive sector [16] Group 7: Strategic Reflections - Volkswagen's CEO acknowledges the need for self-reflection and adaptability in response to industry changes, emphasizing the importance of proactive engagement [17][18] - Toyota's chairman highlights the significance of preparing for uncertainties rather than making predictions, advocating for a responsive strategy to market changes [18][19]