在加入智界之前，赵长江已在比亚迪工作超过15年，从一线销售一路晋升。2017年，赵长江升任比亚迪 汽车销售公司总经理，成为比亚迪最年轻的高管。2021年，比亚迪有意发展高端品牌，与奔驰的合资公 司腾势重新换血，赵长江成为比亚迪腾势销售事业部总经理。 赵长江在多个公开平台中表示："在比亚迪的宝贵经历，让我深谙坚守用户价值、技术创新、推动产业 进阶的深层要义。感谢比亚迪的悉心培养，致敬奇瑞等中国车企深耕造车赛道的技术坚守与创新突破， 致敬华为以硬核技术深度推动汽车产业智能化转型的卓越贡献。" #比亚迪前高管赵长江加入智界汽车#【#智界汽车来了一个比亚迪高管#】1月13日，比亚迪前高管赵长 江发文称，已正式加入鸿蒙智行旗下智界汽车，现任智界汽车执行董事及执行副总裁。 ...

Core Viewpoint - The EU has made significant progress in negotiations with China regarding anti-subsidy tariffs on electric vehicles, replacing high tariffs with a "price commitment" mechanism to facilitate exports of Chinese electric vehicles to the EU [1][3][4]. Group 1: Negotiation Outcomes - The "price commitment" mechanism is a result of mutual discussions between the EU and China, aimed at managing trade frictions and maintaining a rules-based international trade order [3][4]. - The Chinese automotive industry sees the adoption of the "price commitment" as a major positive outcome, signaling enhanced cooperation between China and the EU in the automotive sector [3][4]. Group 2: Impact on Export Pricing - Previously proposed high anti-subsidy taxes could have reached nearly 45%, significantly impacting the cost structure and pricing of Chinese electric vehicles in the EU market [4]. - The EU's decision to implement a "price commitment" mechanism is intended to allow Chinese exporters to raise vehicle prices, thereby mitigating potential impacts on the local automotive market [4][6]. Group 3: Guidelines for Price Commitment - The EU has published guidelines for submitting price commitments, which will be evaluated based on non-discrimination and fairness principles, in accordance with WTO rules [5][6]. - The guidelines outline two potential methods for determining the minimum import price (MIP), ensuring that prices do not fall below those of comparable non-subsidized electric vehicles produced in the EU [6][10]. Group 4: Market Dynamics and Growth Potential - The agreement is expected to stabilize market access for Chinese electric vehicles in the EU, with projections indicating an annual growth rate of approximately 20% for Chinese electric vehicles in the EU market [9][10]. - The "price commitment" mechanism is anticipated to encourage Chinese automakers to shift from a low-cost strategy to a focus on high-end products and local production in Europe [9][10]. Group 5: Industry Reactions - Various industry associations have expressed support for the resolution of the EU's anti-subsidy case, highlighting the importance of dialogue in maintaining stable economic and trade relations between China and the EU [11][12]. - The consensus reached is viewed as a significant step towards fostering cooperation and stability in the automotive supply chain between the two regions [11][12].

Group 1 - Zhao Changjiang, former executive of BYD, has officially joined Zhijie Automobile under Hongmeng Zhixing as Executive Director and Executive Vice President [1] - Zhao expressed gratitude for his experience at BYD, emphasizing the importance of user value, technological innovation, and industry advancement [1] - Prior to joining Zhijie, Zhao worked at BYD for over 15 years, rising through the ranks to become the youngest executive at BYD [2] Group 2 - Zhao's transition to Zhijie is closely related to his experience with the Tengshi brand, which saw significant success with the Tengshi D9 model, achieving over 100,000 cumulative sales in 2025 [3] - Zhijie is set to launch its first MPV model, the Zhijie V9, in 2026, targeting the mid-to-large luxury market, raising questions about its potential to replicate the success of the Tengshi D9 [3] - The Zhijie brand's main sales currently come from the Zhijie R7, which has experienced significant sales fluctuations, indicating a need for a stable product to support growth [3]

（文章来源：证券日报） 证券日报网讯 1月13日，通达动力在互动平台回答投资者提问时表示，比亚迪是公司的重要客户之一， 公司目前为比亚迪提供的为新能源汽车驱动电机铁芯。公司会主动捕捉行业机遇，充分发挥技术与客户 资源优势，实现业务高质量发展。 ...

△图源：智界 智界汽车是奇瑞汽车与华为联合推出的智选车品牌，目前有两款汽车在售，首款MPV车型将在近期上市。1月9日，赵长江已开始转发智界品牌的相关宣 传内容。当时就有消息称，赵长江已被任命为奇瑞集团销售常务副总经理，主抓智界品牌的销售工作。 在加入奇瑞汽车之前，赵长江曾在比亚迪工作近16年，历任区域销售经理、比亚迪销售公司总经理、腾势总经理等。2025年10月24日，赵长江宣布从比亚 迪离职，此后就有消息称其将加入奇瑞汽车，负责智界品牌的相关工作。 奇瑞汽车集团对时代周报记者表示，此次任命是智界汽车的任命，并非奇瑞集团的任命，赵长江将负责智界的品牌建设、市场销售等工作。 腾势的"关键先生" 赵长江称得上是一位年富力强的汽车人。 2009年大学毕业之后，赵长江就加入比亚迪的销售体系，曾负责京津等区域、比亚迪等品牌的销售工作。2017年，他已成为比亚迪最年轻的销售公司总经 理，当时年仅31岁。 传闻最终落定。 1月13日，比亚迪旗下品牌腾势的原总经理赵长江宣布加入智界汽车，担任智界汽车执行董事及执行副总裁。"我将与团队一起全心打造一个真正以用户为 中心的全球化标杆智能品牌，构建贯穿产品、服务与体验的独树一帜的' ...

证券研究报告 | 策略研究 2026 年 1 月 13 日 北向资金四季度回流，增量资金加速净流入 ——金融市场流动性与监管动态周报（0113） 北向资金四季度重回净流入，主要流入有色金属与电子、电力设备等科技方向。 开年第一周融资资金大幅净流入，为市场贡献重要增量资金，A 股继续演绎春 季攻势。往后看，A 股有望延续上行，1 月科技+周期牛的主线不会有变化，风 格选择方面更推荐大盘成长。 定期报告 相关报告 1. 《招商 A 股流动性研究体系与 流动性指数——A 股市流动性研 究之四》，2016 年 8 月 2. 《A 股机构投资者全景图—股 票市场 SCP 范式研究之一》， 2017 年 10 月 3. 《历年 1 月各类资金变化特征 及其影响如何？——金融市场流 动性与监管动态周报（0106）》 | 招商 A 股流动性指数 | | | --- | --- | | 流动性指标 | 数值/金额（亿元） | | 资金供给 | | | 公募基金发行 | 9.61↓ | | ETF 净申购 | 9.73↑ | | 融资净买入 | 857.75↑ | | 资金需求 | | | 限售解禁 | 1624.80↑ | | ...

Core Insights - The Chinese electric vehicle (EV) industry is set to become mainstream by 2025, with retail penetration rates expected to exceed 60% by year-end, marking a significant shift from being an alternative option to a market leader [2][4] - Domestic brands like BYD and Geely are solidifying their positions, while new entrants are facing intense competition and differentiation [2][6] - The focus for 2026 will shift from market share expansion to value redefinition within the industry [3] Market Penetration - In the first eleven months of 2025, the production and sales of new energy vehicles (NEVs) in China saw a year-on-year increase of over 30%, with NEV sales accounting for 47.5% of total vehicle sales [4] - December is projected to see NEV retail sales reach 1.38 million units, with penetration rates likely to surpass 60% for the first time [4] - Domestic brands dominate the market, with a retail penetration rate of 79.6% for NEVs in November, far outpacing mainstream joint venture brands at 6.8% [4] Company Strategies and Challenges - BYD aims to expand its "smart driving equality" initiative, while facing challenges in balancing scale expansion with profit and quality [5] - Geely's strategy is showing results with a 60.5% NEV penetration rate, but it needs to build a "second growth curve" for overseas market presence [5] - Chery leads in overseas markets but must accelerate its domestic NEV transformation and smart technology integration [5] - New forces like Leap Motor are experiencing rapid growth, while Li Auto faces challenges due to product controversies and performance declines [6] Technological Advancements and Globalization - The "universal smart driving" concept is becoming a reality, with BYD's advanced driving assistance systems becoming more affordable [8] - The global expansion of Chinese EVs is evolving from simple product exports to establishing local manufacturing and supply chains in markets like Thailand [9] - The industry is witnessing a shift towards integrating technology and manufacturing, with companies like Chery and Seres successfully navigating the capital markets [10] Industry Restructuring and Future Directions - The industry is transitioning from a financing and expansion model to one focused on technology depth, profitability, and ecological value [10] - State-owned capital is evolving from a supportive role to an active industry integrator, aiming to stabilize the market and promote long-term R&D [11] - The automotive value chain is shifting towards a focus on electronic architecture, software, and services, with tech giants redefining the automotive experience [11] Challenges and Future Outlook - Structural challenges in the supply chain are emerging, with cost pressures affecting relationships with suppliers, particularly smaller firms [12] - Marketing practices that mislead consumers could damage long-term brand trust, highlighting the need for integrity in communications [12] - The industry must build resilient supply chains, drive technological innovation, and transition to localized ecosystems to sustain growth [13][14] - The competition is entering a new phase where success will depend on defining next-generation technology standards and achieving sustainable business models [15]

Core Insights - Zhao Changjiang officially announced his joining of Zhijie Automotive as Executive Director and Executive Vice President, responsible for overall brand marketing [2][7] - His previous experience includes significant roles at BYD, where he led substantial sales growth and brand transformation [3][5][6] Group 1: Zhao Changjiang's Background - Zhao Changjiang began his career at BYD in 2009, quickly rising through the ranks to become the youngest sales head in the company's history by 2017 [3] - He played a crucial role in increasing BYD's market share in the Beijing-Tianjin region to over 35% and achieving a tenfold sales increase [3] - In 2021, he took on the challenge of leading the Tengshi brand, which was struggling with low sales and profitability, and successfully revitalized it with the launch of the Tengshi D9 [4][5] Group 2: Tengshi Brand Performance - Under Zhao's leadership, Tengshi's sales doubled in 2022, nearing 10,000 units, with the D9 model becoming a market phenomenon [5][6] - By 2023, Tengshi's total sales surpassed 120,000 units, with the D9 accounting for 81.75% of those sales [6] Group 3: Zhijie Automotive's Market Position - Zhijie Automotive, a collaboration between Huawei and Chery, is positioned in the high-end MPV market, with the upcoming V9 model expected to compete directly with Tengshi D9 [10][13] - The V9 is designed with advanced technology and spacious luxury features, aiming to redefine the high-end MPV segment [12][15] - Zhijie plans to expand its product lineup and retail presence significantly in 2026, with the V9 being a key product launch [15]

最近，在全国各大高校的校园停车场，一个现象引发关注：比亚迪（002594）系列车型的身影随处可 见，从沉稳大气的汉唐宋元，到灵动时尚的海豚海豹，再到高端商务的腾势，年轻个性的方程豹，以及 国产超豪华品牌仰望，几乎涵盖了比亚迪全产品线。在高校圈层，比亚迪深受高知群体青睐，已然成为 众多大学老师的购车首选，也成为比亚迪品牌实力最直观的印证。 大学老师与教授作为深耕学术、追求严谨的高知群体，其消费决策向来以理性务实、注重产品技术含量 与实际价值为核心，选车亦不例外。与其盲目追捧品牌溢价，他们更看重车辆的技术可靠性、安全保 障、品质细节与智能化体验——而这恰恰与比亚迪的产品特质高度契合。 技术硬实力，是比亚迪打动高知群体的核心关键。比亚迪深耕新能源领域二十余年，构建了以刀片电 池、DM混动系统、云辇、天神之眼辅助驾驶系统等为核心的全栈自研技术体系，其中多项成果获得学 术界认可，DM混动技术更是四年两登清华大学教科书封面，成为新能源技术的行业标杆。对于长期从 事科研与教学的大学老师而言，这种踏实可靠技术先进的企业特质，很容易引发老师们的专业认同。比 亚迪"技术为王,创新为本"的核心理念，也与大学教师在科研工作中的创新发 ...

汽车纵横全媒体 汽车行业在稳中求进、以进促稳导向中走过了不凡的2025年。一揽子积极政策，有效提振消费、挖掘增 量潜能、增强内生增长动力、净化改善竞争环境，让企业拥有获得感；行业上下携手"反内卷"，企业勇 于破局，在竞合中有喜有忧。干字当头，生态共建，汽车行业整体在守正创新、立破有序中实现精进式 发展。 鉴往知今，驭势前行。《汽车纵横》重磅推出"封面故事"《精进2025——汽车行业10个十大年度盘点》 大型专题报道。这是《汽车纵横》连续第6年重磅推出汽车行业"10个十大"年度盘点。 本专题报道共10篇，分别为"十大年度热点""十大年度新政""十大年度人事变动""十大年度金句""十大年 度品牌热点""十大年度融资热点""智能网联新能源汽车十大年度事件""汽车供应链十大年度热点""中国 汽车出海本地化十大年度事件""全球汽车行业十大年度事件"。 从智驾企业扎堆上市，到电池安全强制性国标升级，在政策指引与技术创新的双轮驱动下，智能网联新 能源汽车发展路径如今已愈发明晰。 2025年，在政策法规持续完善与核心技术快速迭代的推动下，中国智能网联新能源汽车产业在商业化落 地、全球化发展及安全规范建设等方面取得一系列实质性 ...