（编辑 袁冠琳） 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，公司始终以用户需求为导向，确 保产能规划与市场需求动态匹配。在中国，长城汽车拥有10大全工艺整车生产基地，分别是保定、徐 水、重庆永川、荆门等，在海外，长城汽车在泰国、巴西等地建立3个全工艺整车生产基地，在厄瓜多 尔、马来西亚、巴基斯坦等地拥有多家KD工厂。通过全球化生产基地的协同布局，进一步提升了资源 调配的灵活性与效率，提升产能利用率。未来长城汽车会不断优化产能结构，为用户提供更优质的产品 与服务。 ...

Core Insights - The new energy vehicle (NEV) industry in 2025 has seen a clear division between leading brands and those lagging behind, with companies like Leap Motor, Hongmeng Zhixing, and Xiaopeng firmly establishing themselves in the top tier, while traditional automaker-backed brands struggle to gain traction [1][6][11] Group 1: Market Performance - In 2025, the top three new car brands were Leap Motor (596,555 units, +103%), Hongmeng Zhixing (589,107 units, +32%), and Xiaopeng (429,445 units, +126%) [6][7] - The second tier includes Xiaomi Auto (over 411,625 units), Li Auto (406,343 units), and Deep Blue (333,117 units), while brands like Lantu, Avita, and Zhiji lagged with sales of 150,169, 128,772, and 81,017 units respectively [6][7][8] - The overall NEV market is expected to enter a phase of slower growth and intensified competition in 2026, with significant price cuts from major players like BMW and Tesla reigniting a price war [2][5] Group 2: Brand Dynamics - The "second-generation" brands, despite their backing from established automakers, have not been able to match the performance of pure new car brands, with significant sales gaps [6][11] - However, brands like Deep Blue and Lantu have shown impressive growth rates, with Lantu achieving a 87% increase in sales [8][21] - Traditional automakers are heavily investing in these "second-generation" brands, providing them with essential resources and support to compete in the high-end NEV market [11][13][15] Group 3: Future Outlook - Predictions for 2026 indicate a potential market growth of only about 2%, significantly lower than the previous year's growth [16] - Lantu is expected to expand its product lineup significantly and is on track for an IPO, which could enhance its market position [21][23] - Deep Blue is also positioned for growth, having achieved a high completion rate of its annual sales target [21][23] - Brands like Avita and Zeekr may stabilize but face challenges in maintaining competitive pricing and market share [26][29]

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]