Core Insights - BYD is launching the long-range version of the 2026 Song Pro DM-i, priced between 119,800 to 127,800 yuan, to enhance its competitive edge in the market [1] - The new model features a CLTC pure electric range of 220 km and a combined range of 1,600 km, addressing consumer demand for longer electric driving distances [2] Product Features - The 2026 Song Pro DM-i long-range version includes a larger capacity plug-in hybrid blade battery, significantly increasing the pure electric range to 220 km, suitable for daily commuters [2] - Interior enhancements include a smart cooling and heating refrigerator, ventilated and heated front seats, a panoramic sunroof, and a 15.6-inch central control pad, creating a high-quality comfort atmosphere [3] - The vehicle is equipped with the "Tian Shen Zhi Yan C-Auxiliary Driving System," providing comprehensive driving assistance across various scenarios, including highway and urban driving [3] Safety Features - The new model introduces a high-speed tire blowout stability control system, enhancing safety by stabilizing the vehicle during emergencies [4] - The vehicle's safety features include active safety systems like AEB and blind spot monitoring, along with a high-strength steel body and multiple airbags, creating a comprehensive safety framework [4] - The integration of a smart children's safety seat and relaxation devices like a neck massager and smart eye mask enhances the overall user experience [4]

该行认为，新一轮车型周期将由畅销车款主导，即宋Pro/L及秦Plus/L系列，将对大众市场车型构成更大 压力，预计同行亦将很快推出具竞争力的长续航产品。 另一方面，该行表示比亚迪将向经销商延续每辆车666元的激励措施，以加速清理续航低于100公里车型 的库存。如将平均库存水平降至两个月以下，将为农历新年后的主要新车发布营造更有利的条件。 智通财经APP获悉，摩根士丹利发布研报称，现予比亚迪股份(01211)港股目标价126港元及"增持"评 级。比亚迪今年将持续更新其插电式混能车型，推出长续航版本，新增车型包括宋Pro/L DM-i及秦 Plus/L DM-i，该系列在2025年占比亚迪销量达20%。当中，宋Pro DM-i系列以限时优惠价格推出，定价 介乎9.98万至12.78万元人民币(下同)，并提供3,000元补贴，以抵销近期车辆购置税上调的影响。 ...

摩根士丹利发布研报称，现予比亚迪（002594）股份(01211)港股目标价126港元及"增持"评级。比亚迪 今年将持续更新其插电式混能车型，推出长续航版本，新增车型包括宋Pro/L DM-i及秦Plus/L DM-i，该 系列在2025年占比亚迪销量达20%。当中，宋Pro DM-i系列以限时优惠价格推出，定价介乎9.98万至 12.78万元人民币(下同)，并提供3,000元补贴，以抵销近期车辆购置税上调的影响。 该行认为，新一轮车型周期将由畅销车款主导，即宋Pro/L及秦Plus/L系列，将对大众市场车型构成更大 压力，预计同行亦将很快推出具竞争力的长续航产品。 另一方面，该行表示比亚迪将向经销商延续每辆车666元的激励措施，以加速清理续航低于100公里车型 的库存。如将平均库存水平降至两个月以下，将为农历新年后的主要新车发布营造更有利的条件。 ...

Core Viewpoint - The 2026 Qin L DM-i and 2026 Qin PLUS DM-i 210KM long-range versions have been launched, with prices ranging from 89,800 to 122,800 yuan, showcasing advanced technology and impressive range capabilities [2][5]. Group 1: Product Launch Details - The 2026 Qin L DM-i 210KM long-range version is priced at 112,800 to 122,800 yuan, while the 2026 Qin PLUS DM-i 210KM long-range version is priced at 89,800 to 99,800 yuan [2][5]. - The Qin series has achieved cumulative sales exceeding 2.7 million units [6]. Group 2: Technical Specifications - The 2026 Qin L DM-i offers a pure electric range of up to 210 km and a combined range of 2110 km when fully fueled and charged [6]. - The new model features a low NEDC fuel consumption of 2.79L per 100 km, translating to an average cost of 0.2 yuan per kilometer [3][6]. Group 3: Technology and Features - The vehicles are equipped with advanced technology, including the DiPilot 100 driving assistance system, cloud damping control system, W-HUD head-up display, and a smart refrigerator [6]. - The top configuration model includes a limited-time offer of a 3000 yuan TBC high-speed tire stability system [6].

Core Insights - BYD's Ocean Network has launched two new models of its sedan series, the 2026 Seal 05DM-i and Seal 06DM-i Super Enjoy Edition, featuring a pure electric range of up to 210 km [1][6] Pricing and Promotions - The 2026 Seal 05DM-i offers two variants priced between 89,800 to 99,800 yuan, while the Seal 06DM-i Super Enjoy Edition is priced between 116,800 to 126,800 yuan [1] - Customers can benefit from multiple purchasing incentives, including zero down payment or interest, trade-in subsidies, two years of free vehicle data (5GB/month), and a lifetime warranty on the battery system for non-commercial vehicles [1] Intelligent Features - The new models are equipped with the Tian Shen Zhi Yan C-Auxiliary Driving system (DiPilot 100), which supports over 20 functions including high-speed navigation and intelligent parking [6] - The 2026 Seal 05DM-i comes with over 100 core configurations as standard, enhancing smart, safety, and comfort features [6] Interior and Comfort - The interior is designed to provide a high-quality mobile space, featuring split-type super sensory seats with multiple electric adjustments and heating/cooling functions [8] - Additional amenities include a temperature-controlled car refrigerator, panoramic sunroof, and various comfort-enhancing features such as wireless phone charging and ambient lighting [8] Safety and Driving Experience - The Yun Nian-C intelligent damping body control system allows for millisecond-level adaptive adjustments, improving comfort and driving pleasure by anticipating road conditions [9] - Safety features include seven airbags, W-HUD head-up display, and a tire blowout stability control system, ensuring a robust safety framework [9]

Core Insights - BYD launched the 2026 models of Qin L DM-i and Qin PLUS DM-i with a long-range version of 210 kilometers, priced between 89,800 to 122,800 yuan [1] - The new models enhance the pure electric range of plug-in hybrid sedans to over 200 kilometers, featuring a standard battery capacity of 25.28 kWh [1] - Both models achieve a comprehensive range of 2,110 kilometers under NEDC conditions, with a fuel consumption of 2.79 liters per 100 kilometers when depleted [1] Product Features - The Qin L DM-i high-end model includes the Yun Nian-C intelligent damping body control system and multi-link independent suspension, with optional front-row side airbags and W-HUD head-up display system [1] - The Qin PLUS DM-i is equipped with the DiPilot 100 driver assistance system and DiLink 100 high-end intelligent cockpit [1] - The Qin L DM-i offers six body color options, while the Qin PLUS DM-i provides seven color choices, both featuring an integrated electronic gear shift [1] Sales and Promotions - Certain configurations of the new models come with limited-time offers, including the TBC high-speed tire blowout stability system, purchase tax subsidies, and financial interest discounts [1] - The cumulative sales of the Qin family have exceeded 2.7 million units [1]

Core Insights - The latest "Top 500 Chinese Listed Companies by Market Value" list for 2025 highlights the dominance of leading enterprises in finance, energy, technology, consumption, and intelligent manufacturing, with companies like Tencent and Industrial and Commercial Bank of China showcasing trillion-level market values [2][5][17] - The presence of companies such as Industrial Fulian, SMIC, and BYD in the 11th to 30th rankings reflects the deep transformation of China's economic structure, indicating these firms are both stabilizers and leaders in industrial upgrades [2][5][24] Market Value Rankings - The top ten companies by market value include Tencent (49400 billion), ICBC (26311 billion), Agricultural Bank of China (26123 billion), Alibaba (24621 billion), and others, collectively representing a significant portion of the market [17][19] - The total market value of the top ten companies reaches 181.5 trillion, emphasizing the concentration of market power among these leading firms [17][19] Industry Distribution - The companies ranked 11th to 20th span key sectors such as intelligent manufacturing, finance, e-commerce, energy, technology, and new energy vehicles, with a combined market value of 91645 billion [7][24] - The average market value of the top 500 companies is 1856 billion, reflecting a year-on-year increase of 373 billion, with information technology, finance, and consumer discretionary sectors leading in market share [10][27] Economic Transformation - The high market values of these companies signify a shift from extensive growth to intensive growth in China's economy, driven by national policies like "Made in China 2025" and the new energy strategy [9][26] - Analysts suggest that the emergence of high-value companies is due to their alignment with economic transformation directions and their potential for future growth, leading to higher valuation premiums from the capital market [9][26] Corporate Strategies - Companies are focusing on core business upgrades and exploring new growth avenues, with Xiaomi targeting 550,000 vehicle deliveries by 2026 and BYD investing in solid-state and hydrogen fuel cell technologies [11][28] - Financial institutions like China Ping An and China Merchants Bank are enhancing their digital transformation and wealth management capabilities, while Pinduoduo is investing in agricultural technology and expanding its global market presence [11][28] Investment Trends - The performance of the 11th to 20th ranked companies reinforces a value investment orientation, guiding capital towards high-quality enterprises and core sectors [12][28] - The capital market is expected to support the long-term matching of value and market capitalization for these quality enterprises, promoting a positive cycle of corporate development and investor returns [12][28]

Investment Rating - The report maintains a "Buy" rating for the automotive industry [1] Core Insights - The automotive industry is expected to face challenges in 2026 due to the reduction of new energy vehicle purchase tax incentives and the decline in vehicle replacement subsidies. However, there are opportunities for high-end upgrades and accelerated penetration of smart technologies. The report maintains a positive outlook on the industry, emphasizing the ongoing technological transformation [14][5] - The report highlights the launch of several new models from companies like Xpeng and BYD, indicating a competitive landscape with innovative offerings [11][12][13] Summary by Sections Weekly Dynamics - The Ministry of Industry and Information Technology (MIIT) announced the 403rd batch of new vehicle models, including significant releases from Xpeng and BYD [11] - Xpeng unveiled four new models, including the P7+, G7, G6, and G9, with advanced AI capabilities and plans for mass production of humanoid robots and flying cars [12] - BYD launched the long-range version of the Qin family, featuring advanced technology and competitive pricing [13] Market Performance - From January 4 to January 9, 2026, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index rising by 2.5% while the Shanghai Composite Index increased by 3.8% [15] - The report notes that the automotive sector's trading volume increased during this period, indicating heightened market activity [15] Key Companies and Profit Forecasts - The report provides a detailed forecast for several key companies, recommending stocks such as Xpeng, BYD, and others based on their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [6]

Group 1 - The Ministry of Industry and Information Technology, along with other regulatory bodies, held a meeting to discuss the regulation of the power and energy storage battery industry, involving 16 companies including major players like CATL and BYD [1] - The meeting aimed to address and mitigate irrational competition within the battery sector, highlighting the need for industry self-discipline [3] Group 2 - Emmanuel Faber, the ISSB Chair, welcomed the release of the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial)" by the Chinese Ministry of Finance and ten other ministries, marking a significant step towards enhancing global comparability in ESG disclosures [2] - The Hong Kong Accounting and Financial Reporting Council has introduced a consultation document for a sustainable information assurance framework, indicating a move towards standardized and regulated sustainability disclosures in Hong Kong [4] Group 3 - Long-term implications for airlines are highlighted as EVA Air faces scrutiny after an incident involving a physical altercation between the captain and co-pilot during taxiing, leading to an internal investigation and the suspension of the captain [5] - Quartz Co., a subsidiary of Quartz Holdings, was fined 2.7 million RMB for violating trade secrets, which may impact its operational integrity and market position [6] Group 4 - The China Securities Association has issued a warning regarding the lack of effective management mechanisms in certain brokerage firms, which could lead to penalties in future evaluations [7] - Estée Lauder reported that two-thirds of its management positions are held by women, reflecting the company's commitment to diversity and inclusion within its workforce [8]

Core Viewpoint - The company has successfully developed a cold plate roller-pressed adhesive film primarily for use in new energy vehicle power batteries, which has passed product testing by BYD, paving the way for large-scale production in the future [1] Group 1 - The company responded to an investor inquiry regarding the applicability of its products for server liquid cooling heat dissipation plates [1] - The cold plate roller-pressed adhesive film is a key product in the company's portfolio, indicating a focus on innovative solutions in the new energy sector [1] - Successful testing by BYD is a significant milestone for the company, enhancing its credibility and potential market reach [1]