Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts leaving the communication equipment and precious metals sectors [1][2][3] Group 1: Stock Performance and Capital Outflow - Zhongji Xuchuang experienced a capital outflow of 1.647 billion, with a slight increase in stock price of 0.37% [2] - Xinyi Sheng saw a capital outflow of 1.169 billion, with a decline in stock price of 1.7% [2] - BlueFocus Media had a capital outflow of 1.067 billion, with a stock price increase of 2.48% [2] - Industrial Fulian faced a capital outflow of 1.022 billion, with a decrease in stock price of 0.32% [2] - Zijin Mining reported a capital outflow of 0.844 billion, with a stock price increase of 3.88% [2] - Western Materials had a capital outflow of 0.747 billion, with a notable stock price increase of 7.73% [2] Group 2: Sector Analysis - The communication equipment sector is facing significant capital outflows, with Zhongji Xuchuang and Xinyi Sheng leading the outflows [1][2] - The precious metals sector, including companies like Shandong Gold and Zijin Mining, is also experiencing notable capital outflows [1][3] - The automotive sector, represented by BYD, has a capital outflow of 0.396 billion, with a slight decrease in stock price of 0.25% [3]

东吴证券研报指出，比亚迪1月销21万辆，同环比-30%/-50%。结构方面，1月本土销量11万辆，同环 比-53%/-62%；1月海外销10万辆，同环比+51%/-25%。该行预计26年销量512万辆，同增11%，其中出 口预计150-160万辆，同增44-53%，本土预计356万辆，同比持平。出海方面，截至25年11月，公司已投 产海外产能超30万台/年，独资建设SKD/CKD工厂，截至25年10月，巴西累计销17万辆，连续两年居新 能源汽车首位；泰国、乌兹别克斯坦工厂已投产；我们预计匈牙利工厂26年Q2前有望陆续投产，马来 西亚和柬埔寨工厂规划投产中。高端及海外均价高，我们预计总体ASP有望提升。1月电池装机同增 30%、外供电池持续高增、储能业务增长加速。由于行业竞争加剧，预计公司25-27年归母净利 350/450/563亿元（原预测值为350/509/664亿元），同比-13%/+29%/+25%，对应PE为23/18/14x，给予26 年25x，目标价124元，维持"买入"评级。 ...

Market Performance - The automotive sector underperformed the market this week, with a decline of 5.2% from January 26 to February 1, ranking 30th among Shenwan sub-industries, compared to the CSI 300's increase of 5.9% [2] - Within sub-sectors, commercial cargo vehicles rose by 1.9%, while commercial passenger vehicles, passenger cars, motorcycles and others, auto parts, and automotive services fell by -3.3%, -5.3%, -5.5%, -5.8%, and -6.7% respectively [2] Investment Recommendations - The core investment focus for the month includes companies such as Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., and Chunfeng Power [3] - For passenger vehicles, the recommendation is to pay attention to the bottom opportunities in demand, particularly for Geely, Xpeng, and BYD, with a note to also consider Jianghuai Automobile [6] - In the auto parts sector, recommendations include intelligent driving companies like Berteli, Horizon Robotics, and Kobot, as well as new force industry chains such as H chain (Xingyu Co., Huguang Co.) and T chain (Top Group, New Spring Co., Shuanghuan Transmission) [6][22] Policy and Market Trends - Various regions have begun implementing the 2026 vehicle trade-in subsidy, which, combined with the upcoming auto shows after the Spring Festival, is expected to stabilize and increase automotive sales [5][12] - The January automotive terminal demand was relatively weak due to the delayed rollout of local subsidies and a lack of new model launches, but improvements are anticipated as subsidies are activated and new models are introduced [5][12] - The new subsidy policy for 2026 includes a vehicle price proportion subsidy, with electric vehicles receiving 12% (up to 20,000 yuan) and fuel vehicles receiving 10% (up to 15,000 yuan) for scrapping [14][51] Robotics and AI Developments - Tesla's strategic shift includes the permanent cessation of Model S and Model X production to focus on AI, with a projected capital expenditure exceeding $20 billion by 2026 for computing infrastructure and AI chip development [4][11] - The domestic robotics sector is expected to see significant IPO activity, with companies like Yushutech and Leju gearing up for public offerings, which could act as strong catalysts for the sector [4][23] Motorcycle Market Insights - The motorcycle market, particularly for mid-to-large displacement models, is showing growth, with December sales of 250cc and above motorcycles reaching 69,000 units, a year-on-year increase of 1.8% [29] - The domestic sales of 250cc+ motorcycles in December were 28,000 units, up 32.8% year-on-year, indicating strong domestic demand [30] Heavy Truck Market Dynamics - The heavy truck market saw sales of approximately 95,000 units in December, a year-on-year increase of about 13%, with a total of 1.137 million units sold in 2025, reflecting a 26% increase [34] - The expansion of the trade-in subsidy policy to include older heavy-duty trucks is expected to stimulate demand and support market recovery [34][36]

Core Viewpoint - The automotive market in January 2026 showed a slight year-on-year increase but a significant month-on-month decline, primarily due to policy changes and demand exhaustion, with exports becoming a crucial growth driver for companies [1][22]. Group 1: Market Performance - The overall automotive market experienced a year-on-year increase but a month-on-month decline, with some companies facing drastic reductions in sales [1]. - The core reasons for the market's sluggish start include the reduction of the new energy vehicle purchase tax and a mismatch in demand due to the timing of the Spring Festival [1]. - Exports have emerged as a vital growth area for automotive companies, helping to offset domestic market fluctuations [1][6]. Group 2: Company Sales Data - BYD sold 210,100 vehicles in January, a year-on-year decline of 30.11% and a month-on-month decline of 50.04%, heavily impacted by the new energy vehicle tax policy [3][5]. - Geely's sales reached 270,200 units, showing a year-on-year increase of 1.29% and a month-on-month increase of 14.08%, with significant export growth [5][6]. - SAIC Group reported sales of 327,000 units, a year-on-year increase of 23.9%, with a notable increase in overseas sales [8]. Group 3: New Energy Vehicle Trends - The new energy vehicle market is facing challenges due to policy changes, leading to a cautious consumer sentiment [1][3]. - Companies are increasingly relying on exports to sustain growth in the new energy vehicle segment, as domestic competition intensifies [6][22]. Group 4: Competitive Strategies - Companies are engaging in aggressive promotional strategies, including long-term financing options and price reductions, to stimulate sales amid a cooling market [15][17]. - The automotive industry is shifting towards a more competitive landscape, focusing on comprehensive service offerings beyond just product pricing [17][22]. - Traditional luxury brands are facing pressure from the rise of domestic electric vehicle manufacturers, leading to significant price reductions to maintain market share [20][22].

202 6（第二届） 起点锂电圆柱电池技术论坛 暨圆柱电池 20强排行榜发布会 3、全极耳、高镍、硅碳、钠电等技术与圆柱电池结合产生新的增长点和市场空间； ——全极耳技术跃升 大圆柱市场领航—— 4、起点研究院（SPIR）2026中国圆柱电池综合竞争力排行榜20强权威发布（覆盖圆柱电池电芯、设备、材料等关键环节）为行业做采购参考； 202 6 年 4 月 10 日 深圳 一、活动组织架构及行业背景 ——行业背景—— 1、2025年大圆柱电池和全极耳电池市场爆发，根据起点研究院SPIR统计，2025年中国圆柱电池出货量增长超过15%，其中大圆柱电池增速超 过40%，亿纬锂能、多氟多新能源、鹏辉能源、新能安、创明新能源、小鲁锂电、蓝京新能源、利维能、 时代联合 、 中比 等头部大圆柱电池企 业产能供不应求，预计 2026年圆柱电池将继续保持高速增长； 2、32、40、46、60等大圆柱系列产品在轻型动力、电动两三轮车、铅改锂、便携式及户用储能、两轮车及换电、无人机及EVTOL、汽车动力等 领域快速放量； 活动主题： 全极耳技术跃升 大圆柱市场领航 主办单位： 起点锂电、起点研究院（ SPIR） 活动规模： 6 0 ...

Core Insights - In 2025, BYD, a leading Chinese electric vehicle manufacturer, registered 25,500 new vehicles in Spain, marking a year-on-year increase of 410% [2] Industry Summary - The significant growth in BYD's new vehicle registrations in Spain highlights the robust development momentum of the Chinese electric vehicle industry [2]

责任编辑：李思阳 2月3日消息，比亚迪集团-品牌及公关处总经理李云飞发微博表示：比亚迪蝉联中国的冠军世界的冠 军，包揽中国市场车企销量、品牌销量双冠军，连续四年卫冕全球新能源车市场销量冠军。 2月3日消息，比亚迪集团-品牌及公关处总经理李云飞发微博表示：比亚迪蝉联中国的冠军世界的冠 军，包揽中国市场车企销量、品牌销量双冠军，连续四年卫冕全球新能源车市场销量冠军。 责任编辑：李思阳 ...

Group 1: Core Insights - The visit of UK Prime Minister Keir Starmer to China marks a significant effort to enhance cooperation, particularly in the energy sector, with a large delegation of over 60 UK business leaders [1] - Greg Jackson, CEO of Octopus Energy, emphasizes the potential for collaboration in renewable energy, highlighting China's leadership in solar, battery, and wind technologies [3][4] - Jackson notes that the cost of batteries has decreased by 20 times over the past 15 years due to China's investment in R&D, which has transformed the global energy landscape [3][4] Group 2: Energy Cooperation - Octopus Energy is already collaborating with Chinese companies like BYD and Chery to introduce electric vehicles to Europe, showcasing a commitment to innovation [4][5] - The establishment of joint ventures in the electricity trading sector is a goal for Octopus Energy, leveraging experiences from other regions to help reduce electricity prices in China [5][6] - Jackson highlights the importance of a customer-centric approach and data-driven optimization software as unique advantages for Octopus Energy in the competitive energy market [6][7][9] Group 3: Policy and Market Dynamics - Jackson expresses hope for maintaining low tariffs on Chinese renewable energy products, which he believes is crucial for fostering business collaboration [12] - He discusses the need for mutual respect and understanding in the partnership between the EU and China, particularly in the electric vehicle sector [12][13] - The transition from fossil fuels to electric power is seen as a significant opportunity for both the UK and EU, with a focus on increasing local energy supply and reducing dependence on imports [13][16] Group 4: China's Green Energy Ecosystem - Jackson praises China's effective focus on electrifying energy consumption, particularly through the promotion of electric vehicles, contributing to a cleaner environment [15][16] - He notes that three-quarters of global clean energy construction is taking place in China, indicating a strong momentum in the renewable energy sector [16][17] - The enthusiasm for investment opportunities from both UK and Chinese businesses is highlighted as a key takeaway from the visit, reflecting a shared vision for a sustainable future [18]

2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车企1月销量同比取得正增长，但这一同比增长是由于2025年春 节在1月，去年同期的新车销售基数较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税全额减免政策，同时车企为年底冲量，在12月出台了许多其 他优惠政策。进入2026年1月后，新能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴细则尚未全部出台，导 致消费者存在观望情绪，影响了车市终端销售情况。 具体来看，问界汽车1月交付约4万辆，同比增长83%，环比下滑30.74%；小米汽车1月交付超3.9万辆，去年同期为超2万辆，去年12月为超5万辆；零跑汽车 1月全系交付达3.21万辆，同比增长27%，环比下滑46.94%。 比亚迪1月销售21.01万辆，其中海外销量表现亮眼，乘用车及皮卡海外销售10万辆，同比增长43.3%。分品牌来看，比亚迪品牌销售17.75万辆；方程豹品牌 销售2.16万辆；腾势品牌销售6002辆；仰望品牌销售413辆。 长城汽车1月销售新车9.03万辆，同比增长11. ...

———— 比亚迪：1M26批发21.0万辆/同比-30%、环比-50% 公司发布1月销量： ———— 比亚迪：1M26批发21.0万辆/同比-30%、环比-50% 公司发布1月销量： 1）BEV：8.3万辆/同比-34%％、环比-56％； 2）PHV：12.2万辆/同比-29%、环比-45％； 3）新能源：21.0万辆/同比-30%、环比-50％； 4）海外：10.0万辆/同比＋51％、环比-25%； 5）锂电出货：20.2Gwh/同比＋30％、环比-26％。 1）BEV：8.3万辆/同比-34%％、环比-56％； 2）PHV：12.2万辆/同比-29%、环比-45％； 3）新能源：21.0万辆/同比-30%、环比-50％； 4）海外：10.0万辆/同比＋51％、环比-25%； 5）锂电出货：20.2Gwh/同比＋30％、环比-26％。 ...