加拿大CP24网站1月18日文章，原题："我完全被震惊了"，汽车经销商为何称加拿大消费者将受益于加 中电动汽车协议 几乎每项交易都会有赢家和输家，看似加中电动汽车协议（加方将给予中国电动汽车 每年4.9万辆的配额，配额内享受6.1%的最惠国关税待遇——编者注）亦不例外。尽管加拿大汽车制造 商拉响警报，称协议可能影响加本土汽车行业岗位和供应链，但一些加拿大汽车经销商认为这是消费者 的胜利——能以实惠价格买到优质车。 也有车商质疑这项协议。对此阿瑟表示，鉴于当前美国政策充满不确定性，加拿大不能指望美国实现其 电动汽车制造目标，"加拿大人要追求多元化发展，找到其他选项和潜在制造方来这里发展制造业，这 才最符合我们的利益"。（作者卡米尔·卡拉马利是加拿大电视台记者，丁玎译） 另一家二手车经销企业的经理哈姆扎·帕特尔也这么认为，"如今，消费者可以在知名品牌和比亚迪、小 米等新兴品牌之间做选择，这些中国品牌以实惠的价格提供配备先进技术的豪华风格车型。尤其像比亚 迪这样的中国电动汽车品牌表现出色，与目前加市场上价格类似或更高价位区间的汽车相比，它们提供 更具竞争力的续航里程、更多的功能和更新的技术"。帕特尔说："从更广泛角 ...

据交易所数据显示，截至1月20日午后一小时，主力资金流出前20的股票分别为： 新易盛（-20.21亿元）、 中际旭创（-18.09亿元）、 阳光电源（-15.07亿 元）、 胜宏科技（-14.52亿元）、 中国卫星（-13.92亿元）、 隆基绿能（-12.68亿元）、 工业富联（-11.96亿元）、 北方稀土（-10.19亿元）、 英维克 （-9.72亿元）、 金风科技（-9.66亿元）、 中国卫通（-9.16亿元）、 沪电股份（-8.48亿元）、 先导智能（-8.47亿元）、 烽火通信（-8.24亿元）、 天孚通信 （-8.16亿元）、 海格通信（-8.13亿元）、 三花智控（-8.02亿元）、 中芯国际（-7.75亿元）、 比亚迪（-7.64亿元）、 华工科技（-7.28亿元）。 | 沪电股份 | -5.06 | -8.48亿元 | 电子元件 | | --- | --- | --- | --- | | 先导智能 | -4.03 | -8.47亿元 | 电池 | | 烽火通信 | -6.26 | -8.24亿元 | 通信设备 | | 天孚通信 | -4.54 | -8.16亿元 | 通信设备 | | 海格通 ...

Core Insights - The 2025 Chinese automotive market is characterized by the continued penetration of new energy vehicles (NEVs), strong performance of domestic brands, and a reshaping of market dynamics across various segments [1][14]. Passenger Car Market - Domestic brand NEVs dominate the passenger car sales rankings, with Geely's Star Wish leading at 465,775 units sold, supported by its competitive pricing and features targeting young families [2][5]. - BYD's models, including the Qin PLUS and Dolphin, also performed well, with the Qin PLUS achieving significant sales due to its low fuel consumption and spacious design [2][5]. - The top ten passenger cars include six NEVs priced under 100,000 yuan, indicating a strong market presence for affordable electric vehicles [5]. SUV Market - The Tesla Model Y leads the SUV segment with 425,337 units sold, despite facing competitive pressure from domestic brands [6][10]. - Domestic brands like Geely and BYD have shown strong performance, with Geely's Xingyue L and Boyue L achieving notable sales growth [9][10]. - The SUV market remains diverse, with a mix of six fuel vehicles and four NEVs in the top ten, highlighting the growing influence of electric models [10]. MPV Market - The MPV segment is witnessing a shift towards NEVs, with the BYD D9 leading sales at 92,988 units, despite a slight decline [11][13]. - Toyota's Sienna and other models have also performed well, indicating a competitive landscape where both domestic and joint venture brands are adapting to market demands [11][13]. - The top ten MPVs include six NEVs, showcasing the increasing acceptance of electric and hybrid models in the market [13]. Overall Market Trends - The 2025 Chinese automotive market is undergoing significant structural adjustments, with domestic brands leveraging their technological advantages and competitive pricing to challenge the long-standing dominance of joint venture brands [14]. - The penetration rate of NEVs is on the rise across all segments, with electrification and intelligence becoming irreversible trends in the industry [14].

Core Viewpoint - The launch of BYD's 2026 models, including the Qin and Song series, emphasizes long-range capabilities and enhanced comfort for family travel, positioning these vehicles as leaders in the plug-in hybrid market [1][2][3] Group 1: Product Features - The 2026 Qin PLUS DM-i features a 25.28 kW·h battery, offering a pure electric range of up to 210 kilometers and a fuel consumption of only 2.79 liters per 100 kilometers when the battery is depleted [2] - The 2026 Qin L DM-i also includes a 25.28 kW·h battery, with a combined range of 2110 kilometers when fully charged and fueled, and a low fuel consumption of 2.79 liters per 100 kilometers [2] - The 2026 Song Pro DM-i is equipped with a larger blade battery, providing a pure electric range of 220 kilometers, allowing for zero fuel consumption during daily commutes [3] Group 2: Technological Innovations - The vehicles are equipped with the "Tian Shen Zhi Yan" auxiliary driving system, enhancing safety and driving ease [2][3] - The interior of the Qin L DM-i features advanced technology such as an 8.8-inch full LCD instrument panel and smart connectivity with devices like intelligent child seats [2] - The Song Pro DM-i supports OTA remote upgrades, ensuring that the smart configurations remain up-to-date [3] Group 3: Market Positioning and Strategy - The launch event highlighted BYD's commitment to innovation in smart, electric, and comfortable vehicles, aiming to redefine family travel standards [1][3] - The Qin and Song families are positioned as core models in BYD's strategy to capture the mainstream market with their strong sales and reputation [1] - The delivery ceremony for the first batch of vehicles marked a significant step in BYD's outreach to families, symbolizing the brand's vision of enhancing everyday life through advanced automotive technology [3]

高盛发表报告指， 比亚迪电子(00285.HK)管理层预期，其主要品牌客户即将推出的新款折叠手机，相 比以往型号将为公司带来更高的单机价值，有望支持公司未来增长。同时，管理层对AI基建周期保持 乐观，并正于全球及本地客户中寻求机遇。比亚迪电子管理层又预期，2026年汽车零件业务出货量将会 上升，其中悬挂系统出货量将加快提升，而 ADAS系统亦将渗透至更多经济车型。该行对比亚迪电子聚 焦领先客户的策略，以及将产品线扩展至AI基建的举措维持正面看法，重申"买入"评级，予目标价 53.08港元。 ...

该行对比亚迪电子聚焦领先客户的策略，以及将产品线扩展至AI基建的举措维持正面看法，重申"买 入"评级，目标价为53.08港元。 高盛发表报告指，比亚迪电子管理层预期，主要品牌客户即将推出的新款折叠手机，相比以往型号将为 公司带来更高的单机价值，有望支持公司未来增长。同时，管理层对AI基建周期保持乐观，并正于全 球及本地客户中寻求机遇。管理层又预期，2026年汽车零件业务出货量将会上升，其中悬挂系统出货量 将加快提升，而ADAS系统亦将渗透至更多经济车型。 ...

Group 1 - Germany has reintroduced an electric vehicle (EV) subsidy program worth €3 billion, aimed at stimulating market growth and open to all manufacturers, including Chinese companies [1][3] - The new subsidy plan will support approximately 800,000 new vehicle purchases or leases, focusing on low- to middle-income groups, and is expected to accelerate the adoption of electric vehicles in Germany [4] - The subsidy amounts will range from €1,500 to €6,000 based on vehicle type, household size, and income level, applicable to new registrations starting January 1, 2026, and lasting until 2029 [3][4] Group 2 - The German automotive industry association (VDA) welcomed the new subsidy plan but emphasized the need for improved infrastructure to ensure its effectiveness [4] - The new subsidy is seen as beneficial for companies like Volkswagen and Stellantis, which are increasing their focus on affordable electric vehicle models, as well as for Chinese brands like BYD that are expanding in the European market [4] - Recent developments in EU-China electric vehicle trade negotiations indicate a potential easing of tensions, with agreements that could allow Chinese manufacturers to enter the EU market without facing anti-subsidy tariffs [6][7] Group 3 - Chinese brands are gaining market share in Europe, with projections indicating that by November 2025, their share in the European electric vehicle market could reach a record 12.8% [7] - The expected annual growth rate for Chinese electric vehicle exports to the EU is around 20% from 2026 to 2028, positioning them as a significant driver of global electric vehicle market growth [10]

Summary of Key Points from the Conference Call Industry Overview: Greater China Auto, EV, and EV Battery Industry Forecasts - **China's Auto Industry**: Expected to face challenges in 2026 with a forecasted decline in auto wholesales by **1.6% YoY** compared to a **10% YoY** increase in 2025. This decline is attributed to front-loaded demand in 2025 [1] - **Domestic EV Sales**: Anticipated to grow only **7% YoY** in 2026 due to a **5% increase in purchase tax** and reduced trade-in subsidies [1] - **Export Sales**: Projected to increase by **12% YoY**, reaching **7.9 million units** in 2026, with EV exports expected to surge by **40% YoY** [1] - **Competition Dynamics**: Shift from price competition to configuration-based competition, necessitating more investment in autonomous driving (AD) and smart cabin technologies [1] Key Automotive/EV Themes for 2026 Theme 1: Export Growth - **Export Growth**: Companies like Chery and BYD are expected to benefit significantly from exports, especially with the EU's minimum EV price replacing tariffs [2] Theme 2: Autonomous Driving Development - **ADAS to AD Transition**: L3 permits issued to Changan and BAIC, with highway/city NOA penetration expected to exceed **40%** in 2026 and **85%** by 2030. L4/L5 penetration is projected to reach **8%** by 2030 [3] Theme 3: Cost Concerns - **Battery and Memory Costs**: Rising costs and supply stability of memory are key concerns for auto OEMs [3] Key Battery Themes for 2026 Theme 1: Energy Storage Systems (ESS) - **ESS Demand**: Global battery ESS installations expected to grow by **33% YoY** in 2026, with shipments increasing by **41% YoY** [4] Theme 2: Global Expansion - **Overseas Capacity Expansion**: Chinese battery manufacturers are accelerating their overseas capacity expansion, particularly in Europe and Southeast Asia, in response to rising tariffs and trade tensions [4] Theme 3: VAT Rebate Changes - **Export VAT Rebate Cut**: Anticipated to lead to a rush in battery production and shipment in Q1 2026, potentially increasing raw material prices and exerting cost pressure on battery makers and auto OEMs [5] Theme 4: Technological Innovation - **Sodium-Ion Battery**: Launch of Gen-2 sodium-ion battery expected, with ASSB (all-solid-state battery) small-batch production anticipated to start in 2027 and scale up significantly post-2029 [5] Investment Recommendations - **Top Picks**: - **XPeng**: Launch of Mona SUV and HR in 2H26, with a focus on AI-related businesses [6] - **CATL**: Growth driven by CEV, ESS, and overseas capacity despite short-term cost pressures [6] - **Tuopu**: Major supplier for humanoid robots with overseas expansion [6] - **Minth**: Resilient earnings growth supported by high overseas market exposure [6] - **Hesai**: Increased LiDAR adoption in China alongside L3 ADAS development [6] Additional Insights - **Market Dynamics**: The shift in competition and the focus on technological advancements highlight the evolving landscape of the automotive and EV sectors in China, emphasizing the need for companies to adapt to changing consumer preferences and regulatory environments [1][3][4][5]

"2026年全年盈利的目标最大的不确定性来自于上游原材料的上涨，我们并没有办法快速全部转嫁到下游的客户，造成我们自己会吸收很多原材料价格的上 涨，这部分是对2026年盈利最大的挑战。" 而另一部分成本，电池厂则必须自己扛下。例如隔膜、石墨等非大宗原料，以及持续攀升的加工费，它们通常"不联动"。这部分成本上涨后，电池企业很难 立刻向客户要求提价，只能先和上游供应商协商分担，或者等积累到一定幅度后，再艰难地与车企进行"打包谈判"。 最典型的压力体现在储能业务上。与动力电池成熟的联动体系不同，储能项目以往多采用固定价格的合同制，几乎完全没有价格传导机制。面对这轮剧烈的 价格波动，电池企业正紧急与客户协商，希望建立起新的价格调整规则以分摊风险，但这无疑需要时间。 蜂巢能源董事长杨红新在年初的这句话，几乎是所有中国电池企业共同面对的现实。开年以来，碳酸锂等关键材料价格再次抬头，而下游的市场却传来了降 温的信号。摩根士丹利最近发布的一份预测报告显示，2026年中国车市将迎来7%的销量下滑。 当成本涨上去，需求却可能慢下来，被夹在中间的电池厂，面临的是近几年最复杂的局面。 原材料涨价：有的能传导，有的得自扛 锂电材料涨价风 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]