Market Overview - The passenger car sector experienced a decline of 0.71% on January 13, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - SAIC Motor Corporation (600104) closed at 15.49, up 0.45% with a trading volume of 1.058 million shares and a turnover of 1.658 billion yuan [1] - GAC Group (601238) closed at 8.46, up 0.24% with a trading volume of 551,500 shares and a turnover of 468 million yuan [1] - BYD (002594) closed at 97.19, down 0.29% with a trading volume of 498,700 shares and a turnover of 4.905 billion yuan [1] - Seres (601127) closed at 122.70, down 1.07% with a trading volume of 223,800 shares and a turnover of 2.774 billion yuan [1] - Great Wall Motors (601633) closed at 21.93, down 1.08% with a trading volume of 249,700 shares and a turnover of 551 million yuan [1] - Changan Automobile (000625) closed at 11.82, down 1.09% with a trading volume of 958,400 shares and a turnover of 1.139 billion yuan [1] - BAIC BluePark (600733) closed at 8.40, down 5.19% with a trading volume of 2.112 million shares and a turnover of 1.809 billion yuan [1] - Haima Automobile (000572) closed at 7.26, down 5.59% with a trading volume of 1.729 million shares and a turnover of 1.290 billion yuan [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 624 million yuan from main funds, while retail investors contributed a net inflow of 451 million yuan [1] - The detailed fund flow for individual stocks shows: - SAIC Motor had a net inflow of 1.5 billion yuan from main funds, but a net outflow of 1.01 billion yuan from retail investors [2] - Great Wall Motors had a net inflow of 11.625 million yuan from main funds, with a net outflow of 9.9974 million yuan from retail investors [2] - GAC Group experienced a net outflow of 8.916 million yuan from main funds, with a net inflow of 440,000 yuan from retail investors [2] - BYD had a significant net outflow of 92.804 million yuan from main funds, but a net inflow of 10.8052 million yuan from retail investors [2] - Changan Automobile faced a net outflow of 1.15 billion yuan from main funds, while retail investors contributed a net inflow of 94.9543 million yuan [2] - Haima Automobile had a net outflow of 162 million yuan from main funds, but a net inflow of 143 million yuan from retail investors [2] - Seres had a net outflow of 2.02 billion yuan from main funds, with a net inflow of 178 million yuan from retail investors [2] - BAIC BluePark had a net outflow of 206 million yuan from main funds, while retail investors contributed a net inflow of 135 million yuan [2]

Core Viewpoint - Zhao Changjiang, a veteran of BYD for 16 years, has officially joined Hongmeng Zhixing's Zhijie Automobile as Executive Director and Executive Vice President, marking a significant shift in his career and the potential for innovation in the high-end smart vehicle sector [1][4]. Group 1: Zhao Changjiang's Background and Transition - Zhao Changjiang has a notable career trajectory at BYD, starting as a sales manager and rising to become the youngest sales company general manager at the age of 31 [5]. - He played a crucial role in the relaunch of the Tengshi brand in collaboration with Mercedes-Benz, overseeing marketing and channel development, and successfully launched the popular high-end new energy MPV, Tengshi D9 [5][6]. - His transition to Zhijie Automobile is seen as a strategic move to leverage his experience in high-end vehicle marketing and development [6]. Group 2: Zhijie Automobile and Market Position - Zhijie is a high-end smart automobile brand co-created by Huawei and Chery, currently under Chery's ownership within the Hongmeng Zhixing system [4]. - The brand has already launched models such as Zhijie S7 and Zhijie R7, with significant sales figures reported; in November, 11,761 units were sold, bringing the total sales for the first 11 months of the year to 82,348 units [7]. - Zhao's involvement is expected to enhance the brand's market presence, especially with the upcoming launch of the Zhijie V9, which he has described as a potential game-changer in the MPV segment [6].

1月13日，脉脉发布的数据显示，新经济行业就业出现回暖信号。从招聘量来看，2025年，万人以上规 模企业新发岗位量同比增长2.33%，成为唯一实现新发岗位量增长的企业规模类型。500人以下、500— 1000人、1000—10000人企业的招聘需求均在收窄。2025年，万人以上的企业贡献了全行业36.55%的新 发岗位量，高于2024年的34.80%。 具体到公司层面，新发岗位量涨幅较高的企业几乎全部为万人以上规模企业。大疆、滴滴、小米的新发 岗位量均取得较高水平增长。字节跳动、蚂蚁集团等知名大厂在脉脉发布多个急招岗位，其中BI数据分 析、海外业务项目经理、数据开发专家等多个岗位年薪超过100万元。 脉脉调研数据显示，2025年，万人以上规模企业涨薪的员工比例显著高于其他规模企业。从不同企业的 新发岗位平均月薪涨幅来看，涨薪较多的企业集中在互联网行业和新能源汽车。据不完全统计，2025 年，比亚迪（002594）新发"AI infra算法工程师"岗位平均月薪上涨超过36%；大疆"工业设计师"岗位平 均月薪上涨20%，腾讯"AI产品经理"岗位平均月薪上涨5.56%。近日，字节跳动启动实习生全面涨薪计 划。在脉脉 ...

Industry Information - The world's first commercially viable solid-state battery has been introduced, featuring an energy density of 400 Wh/kg and the ability to charge in just 5 minutes, with a cycle life of up to 100,000 times [11] - The Ministry of Commerce predicts that over 11.5 million vehicles will be replaced under the vehicle trade-in policy by 2025, with a total sales value exceeding 2.6 trillion yuan [11] - At CES 2026, autonomous driving technology and artificial intelligence are highlighted as key themes, with significant interest in how AI can address safety challenges in autonomous vehicles [12][13] - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a five-year strategic agreement with NIO to deepen collaboration on battery swapping technology [10] - The first half-solid-state lithium battery energy storage project in Inner Mongolia has been connected to the grid, marking a significant advancement in energy storage technology [14] Policy Information - The State Council is accelerating the introduction of comprehensive management measures for the recycling of new energy vehicle batteries [22] - Various local governments are implementing policies to promote the development of electric vehicle charging infrastructure, including the construction of charging stations and the integration of charging facilities in urban planning [20][25][37] - The Guangdong provincial government is optimizing insurance services for new energy vehicles and exploring the development of smart driving liability insurance products [27] - The Ministry of Industry and Information Technology is soliciting opinions on national standards related to automatic parking and safety event data for smart connected vehicles [35] Company Information - NIO has launched 36 new power swap stations, bringing the total to 3,680 stations [8] - GAC Group has signed a contract with Huawei to deepen cooperation in the HarmonyOS ecosystem and AI technology [8] - Leap Motor has achieved a record delivery of over 160,000 units of its B series vehicles [8] - Huawei's partnership with Qian Kun has resulted in over 900,000 units sold in 2025, with a market share of 27.8% in urban navigation assistance [16]

Core Insights - Zhao Changjiang, former senior executive at BYD's Tengshi, announced his new position as Executive Director and Executive Vice President at Zhijie Automobile, a subsidiary of Hongmeng Zhixing [1][4] - He expressed gratitude towards BYD for its nurturing, emphasizing the importance of user value, technological innovation, and advancing the industry [1][4] - Zhao aims to collaborate with the Zhijie team to create a globally recognized intelligent brand centered on user experience, establishing a unique "AI era user-friendly system" [1][4] Company Background - Zhao joined BYD in 2009, holding various positions including Regional Sales Manager and General Manager of BYD Auto Sales Co., Ltd. [3][5] - In October 2021, he became General Manager of BYD's Tengshi brand division, and in July 2025, he switched roles with another executive [3][5] - Zhao announced his departure from BYD in October 2025 [3][5]

Overall Development Trend - The demand for power batteries is weakening towards the end of the year, with no significant "rush to install" observed as subsidy funds are nearly exhausted and consumer sentiment is in a "wait-and-see" mode [1] - In November, the total installed capacity of power batteries reached 74.03 GWh, with a month-on-month growth of only 9.5%. LFP batteries accounted for 79.0% of the total installed capacity, while NCM batteries made up 21% [1] - The cost of battery cells is expected to increase by 15-20% due to rising prices of raw materials, posing challenges for both second-tier battery manufacturers and automakers [1] Segmented Market - The demand for batteries in the new energy commercial vehicle market has surged, with a year-on-year growth of 136.6% from January to November 2025, significantly boosting the growth of power battery companies [5] Battery Cell Installation Rankings - CATL and BYD remain the leading companies, together accounting for over 65% of the market share. The customer structure of CATL has changed significantly, with new energy vehicle manufacturers surpassing traditional automakers as its main clients [8] - LG has seen a substantial increase in installation data, growing by 100% year-on-year, largely due to the strong sales of Tesla vehicles [8] Future Outlook - The development of China's power battery industry has reached historical highs in terms of cell performance and industry scale, with the next step being to address international expansion, which could alleviate industry competition and drive demand [9]

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Conference Overview - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit aims to address the supply-demand dynamics in the lithium battery sector, focusing on the critical materials needed for battery production and the expected supply shortages [5]. Group 2: Key Topics of Discussion - The conference will feature three main topics: 1. In-depth discussions on cutting-edge technologies and market supply-demand [5]. 2. Announcement of the "Top Ten Lithium Battery Material Brands of 2025," evaluated based on shipment volume, market share, and customer reputation [6]. 3. B2B procurement matchmaking to connect top battery manufacturers and material suppliers, enhancing resource matching and reducing procurement costs [7]. Group 3: Proposed Discussion Topics - Proposed topics for the main forum include: - Outlook on lithium ore resource supply for 2026 [9]. - Market environment discussions on lithium carbonate operations [9]. - Research and application of high-energy density power battery technology [9]. - Additional topics will cover trends in the global new energy vehicle market and the impact of policies on the lithium market [10][11]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [17].

Core Insights - The automotive industry in China is transitioning from a growth phase to a period of stock competition and structural clearing, making it increasingly difficult to sell cars in 2025 [1] - Leading companies like BYD and Geely are thriving through price competition and extensive product offerings, while many joint venture fuel vehicle companies and fringe new players are struggling to meet sales targets [1] Group 1: Profitability Challenges - The industry is trapped in a price war, particularly in the under 200,000 yuan segment, leading to a continuous compression of profit margins [2] - The automotive industry's profit margin was 4.4% from January to November 2025, significantly lower than the average profit margin of 6% for downstream industrial enterprises [2] Group 2: Capacity Utilization Issues - Structural overcapacity is a prominent issue, with capacity utilization rates for vehicle manufacturing and parts remaining below 75%, indicating a need for industry consolidation [2] - In 2025, the capacity utilization rate showed a gradual recovery but remained low, with major joint venture companies like SAIC-GM and Dongfeng Honda operating at only 40% to 60% capacity [2] Group 3: Transition Risks - The risk of asset depreciation due to technological shifts is significant, as production lines for fuel vehicles struggle to convert to new energy capacities [2] - Over half of automotive dealers reported losses in the first half of last year, exacerbating operational pressures on companies [2] Group 4: Strategic Upgrades - Companies must move away from low-price competition and focus on building core competencies in technology, resources, and market presence [3] - Technological innovation is crucial, with over 50% of new energy vehicles replacing fuel vehicles, highlighting the need for advancements in battery systems and intelligent driving technologies [3] Group 5: Global Expansion - Globalization is essential for growth, as traditional vehicle exports are no longer sufficient; companies must adopt a global 2.0 model that integrates capacity and supply chain collaboration [4] - BYD's overseas sales exceeded 1 million units in 2025, demonstrating the importance of international markets as a source of growth in a saturated domestic market [4] Group 6: Market Restructuring - The deepening of stock competition will lead to a fundamental restructuring of the automotive market, with a concentration of market players and a shift from price competition to value competition [4] - The next 3 to 5 years will see dynamic adjustments in fuel vehicle capacity, with some being shut down or restructured, while leading new energy companies will dominate the market [4] Group 7: Industry Transformation - The sales performance in 2025 reflects not only market competition but also signals the need for industry transformation, emphasizing the importance of focusing on technological innovation, resource integration, and global strategies [5]

Core Viewpoint - BYD's overall sales in December reached 420,000 units, showing a year-on-year decline of 18.3% and a month-on-month decline of 12.5% [1] Sales Performance - Passenger vehicle sales in December totaled 415,000 units, with a year-on-year decrease of 18.6% and a month-on-month decrease of 12.7% [1] - December's overseas sales exceeded 130,000 units, setting a new record, while total annual overseas sales surpassed 1 million units [1] Strategic Developments - The company is firmly committed to its intelligent driving transformation under its smart strategy [1] - The launch of the Super e-platform marks a significant breakthrough in pure electric technology, reinforcing its advantages in electrification [1] Product and Market Expansion - The company has a rich lineup of models including Tengshi, Yangwang, and Fangchengbao, accelerating its presence in the high-end market [1] - Continuous efforts in overseas expansion will enhance the overseas channel and model matrix [1] Future Outlook - The second half of the year is expected to boost scale effects, with profitability anticipated to improve as overseas and high-end sales ramp up [1] - The company forecasts a net profit attributable to shareholders of 35 billion yuan by 2025, corresponding to a PE ratio of 25X, maintaining a "buy" rating [1]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on companies with strong supply-demand dynamics and pricing power, as well as those with technological cost-reduction capabilities [1][2]. Core Insights - The report highlights the impact of rising prices for memory, copper, aluminum, and key components, which are expected to lead to an upward trend in consumer vehicle prices. It suggests focusing on supply chain companies like Fuda, Bertley, Minshi, Top, and Jingu, as well as mid-to-high-end vehicle manufacturers such as Xiaopeng, NIO, Li Auto, BAIC, and Jianghuai [1]. - The report emphasizes the potential for profit recovery in the used car sector and improved profitability for dealers due to the industry's inflationary pricing cycle, recommending companies like Uxin [1][2]. - The report notes that the official implementation of new subsidies is expected to boost demand primarily in the mid-to-low-end market, with companies like BYD and Geely being highlighted for their performance potential [2]. Market Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the last week of December reached 123,000 units, a year-on-year increase of 17% [2]. - The automotive industry index rose by 2.53% this week, while the overall market index (CSI 300) increased by 2.79%, indicating that the automotive sector's performance was below the broader market [12]. - The report indicates that 201 automotive stocks rose while 68 fell, with the largest gainers being Siling Co., Jingu Co., and Kaizhong Co., which saw increases of 30.5%, 26.3%, and 23.3%, respectively [18]. Key Events - The Ministry of Industry and Information Technology announced the 403rd batch of new car approvals, which includes notable models such as Xiaomi SU7, NIO ES9, and BYD's new models [3][4][5]. - The report discusses the rising costs of memory impacting the automotive industry, with NIO's founder highlighting that memory prices are becoming a significant cost pressure compared to traditional materials like lithium [6][7]. - A joint initiative by nine government departments aims to promote green consumption, with a focus on supporting the purchase of new energy vehicles and enhancing the automotive supply chain [10][11][26]. Financial Analysis - The automotive industry currently has a price-to-earnings ratio of 30.20, ranking 18th among all primary industries, indicating a moderate valuation compared to the broader market [15]. - The report notes that there are no companies facing stock unlocks in the upcoming week, which may provide stability in the market [21]. Company Recommendations - The report recommends focusing on companies with strong positions in AI and robotics, such as Desay SV, Jingwei Hirain, and Kobot, which are expected to benefit from the industry's technological advancements [1][2]. - It also suggests monitoring component manufacturers with solid earnings support and relatively low valuations, including Yinlun, Fuda, Shuanghuan, Jifeng, Minshi, Xingyu, and Ningbo Huaxiang [2].