Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [1] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by robust demand in emerging markets and data center storage [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Overview - The energy storage sector is experiencing a surge, with the National Energy Administration reporting an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - The report notes a decline in various sectors, including photovoltaic and lithium batteries, with significant price adjustments observed in raw materials [4] - The report discusses the global energy storage market, predicting a compound annual growth rate of 30-50% over the next three years [4] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong market positions and growth potential, with Ningde Times being a global leader in power and energy storage batteries [7] - The report provides earnings forecasts for various companies, indicating a recovery in profitability for several firms, including Ganfeng Lithium and Enjie [4][7] - Specific companies are recommended for investment based on their growth trajectories and market positions, including Ningde Times, Sunshine Power, and others [7][8] Investment Strategy - The report suggests a strong push for energy storage and lithium battery sectors, with a focus on companies that are expected to benefit from the new capacity pricing policy [4][8] - It also highlights the importance of solid-state battery technology and the anticipated growth in the humanoid robotics sector, with Tesla leading the charge [4][8] - The report recommends a diversified investment approach across various segments, including energy storage, lithium batteries, and robotics, to capitalize on emerging opportunities [4][8]

Group 1: Automotive Industry Overview - In January 2026, the Vehicle Inventory Alert Index for Chinese automotive dealers was reported at 59.4%, a year-on-year decrease of 2.9 percentage points and a month-on-month increase of 1.7 percentage points, indicating inventory levels above the threshold [1] - Various automotive companies reported their January delivery and sales figures, showcasing a mixed performance across the industry [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19] Group 2: Company-Specific Performance - Xiaomi delivered over 39,000 vehicles in January 2026 [2] - Hongmeng Zhixing reported a total delivery of 57,915 vehicles in January, marking a year-on-year increase of 65.6% [3] - Aion (昊铂埃安) achieved sales of 23,591 vehicles in January, reflecting a growth of 63.9% [16] - NIO delivered 27,182 vehicles in January, up 96.1% year-on-year [7] - Li Auto reported deliveries of 27,668 vehicles in January [8] - Leap Motor achieved total deliveries of 32,059 vehicles, a year-on-year increase of 27% [9] - BYD's January sales of new energy vehicles were 210,051, a decline of 30.11% year-on-year [6] - Great Wall Motors sold 90,312 vehicles in January, an increase of 11.59% [11] - GAC Group reported sales of 116,622 vehicles in January, up 18.47% year-on-year [13] - Geely's total sales for January were 270,200 units, showing a growth of approximately 1% [13] - Chery's total sales across five brands in January decreased by 10.7% year-on-year [13] - SAIC-GM delivered approximately 51,005 vehicles in January, with a year-on-year increase of 8.2% [15] - A total of 40,016 vehicles were delivered by AITO in January, representing an 83% increase year-on-year [4] - Seres reported sales of 43,034 new energy vehicles in January, a significant increase of 140.33% [5] - GAC Trumpchi's terminal sales reached 26,937 vehicles in January, up 2.06% [14] - BAIC Blue Valley's subsidiary reported sales of 8,073 vehicles, an increase of 11.83% [19] Group 3: Leadership Changes - BMW Group announced that Christian Ach will succeed Sean Green as the President and CEO of BMW Group Greater China, effective April 1 [20]

Market Overview - On January 30, 2026, the A-share market showed mixed results with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, while the Shenzhen Component Index fell 0.66% to 14205.89 points, and the ChiNext Index rose 1.27% to 3346.36 points. Over 2800 stocks declined, with total trading volume in the Shanghai and Shenzhen markets at 2.84 trillion yuan, a decrease of 390 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced a downward trend, with all three major indices dropping over 2%. The Hang Seng Index fell by 2.08% or 580.98 points to 27387.11 points, with a total trading volume of 301.61 billion HKD. The Hang Seng China Enterprises Index decreased by 2.47% to 9317.09 points, and the Hang Seng Tech Index dropped by 2.1% to 5718.18 points. For the month, the Hang Seng Index increased by 6.85% [1] - U.S. stock markets opened lower and closed down across all three major indices on January 30, 2026. The Dow Jones Industrial Average fell by 0.36% to 48892.47 points, the S&P 500 dropped by 0.43% to 6939.03 points, marking its third consecutive day of decline, and the Nasdaq Composite Index decreased by 0.94% to 23461.82 points, with all indices experiencing intraday declines of over 1% [1] New Stock Offerings - On January 30, 2026, there was one new stock available for subscription, with no new stocks listed [2] - The new stock, Yisiwei, listed on the Sci-Tech Innovation Board under the code 688816, has an issuance price of 55.95 yuan per share and a price-to-earnings ratio of 90.39 times. The company specializes in industrial intelligent vision, integrating design, research and development, manufacturing, and application of machine vision products. It has established a comprehensive system of industrial vision equipment for the automotive manufacturing sector, successfully breaking the long-standing monopoly of foreign brands in this field [3] Important News - On February 1, 2026, the State Taxation Administration issued an announcement clarifying the standards for the value-added tax (VAT) threshold and other management matters. The announcement specifies that the threshold for individual VAT taxpayers will increase from 500 yuan to 1000 yuan per transaction. Additionally, certain specific situations will now be subject to a monthly sales threshold of 100,000 yuan instead of the per-transaction threshold [4] - The Guotou Silver LOF fund announced that it will suspend trading from 10:30 AM on February 2, 2026, with resumption of trading following the Shenzhen Stock Exchange's regulations. If the market price does not effectively decrease, the fund reserves the right to apply for temporary suspension of trading to warn the market of risks [4]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Viewpoints - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [4] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by high demand and supportive policies [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Trends - Energy Storage: The national capacity pricing mechanism has been released, marking a significant policy shift. The National Energy Administration has reported an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - Electric Vehicles: The report anticipates a recovery in electric vehicle sales, with a projected increase of 5-10% in domestic sales for 2026 [4] - Lithium Battery Market: The report notes a significant increase in lithium battery shipments, with a forecast of 1100 GWh globally in 2026, representing a 72% year-on-year growth [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [7] - Other companies such as 阳光电源 (Sungrow Power Supply), 固德威 (GoodWe), and 比亚迪 (BYD) are also recommended for their strong market positions and growth potential [7] - The report mentions specific financial forecasts for various companies, indicating expected profitability improvements and revenue growth in the coming years [4][7] Investment Strategy - The report suggests a strong push for large-scale energy storage and lithium battery sectors, with a focus on leading companies that are expected to benefit from policy changes and market demand [4][8] - It recommends investing in companies with strong technological advantages and overseas market expansion capabilities, particularly in the robotics and automation sectors [4][8]

车企1月竞争格局生变：小米成"新王"，比亚迪国内磨底 2月1日晚间，比亚迪发布产销快报称，1月销量达21.01万辆，同比下降30.11%，环比下降50.04%。 此前为了促进新能源汽车发展，国内新能源汽车购置税采取全额免征的政策，助力比亚迪等多家新能源车企快速发展。 对比来看，1月仍有多家新能源车企报喜。比如，小米汽车1月的交付量超3.9万辆，超越零跑汽车首次成为造车新势力月度销冠。 同时，赛力斯、蔚来公司、岚图汽车等主打中高端新能源汽车市场的车企，1月交付量（销量）同比分别增长104.85%、96.08%、31.29%。 多家车企掌门人此前预判，一旦走到这个时刻，燃油车和新能源汽车在某种程度上会迎来终极对决，并且会筛选出哪些新能源车企能够正向发展。 | 车企 | 2026年1月销量或交付量(辆) | 同比 | | --- | --- | --- | | 比亚迪 | 210051 | -30. 11% | | 吉利新能源 | 124252 | 2.63% | | 鸿蒙智行 | 57915 | 65. 53% | | 奇瑞新能源 | 52131 | -0. 08% | | 赛力斯新能源 | 43034 | 14 ...

知情人士称，尽管相关讨论仍处于初步阶段，福特已探讨与小米成立合资公司，在美国制造电动汽车。 此外，福特还与比亚迪（002594）以及其他中国汽车制造商就在美国市场展开潜在合作进行了接触。 福特对此回应称："该报道完全不属实，毫无事实依据。" 截至发稿，小米尚未回应置评请求。比亚迪不予置评。(作者/箫雨) 凤凰网科技讯 北京时间2月1日，据《金融时报》独家报道，四位知情人士透露，福特汽车已与小米进 行了磋商，商讨建立合作伙伴关系。该合作可能会为小米打入美国市场铺平道路。 ...

今日关注 锋龙股份公告，优必选承诺36个月内不注入资产，停牌核查结束，公司股票自今日 起复牌。 锋龙股份在停牌前已录得18连板。 嘉美包装公告，停牌核查完成，公司股票自今日起复牌。 嘉美包装 自2025年12月17 日至2026年1月23日期间价格涨幅为408.11%。 现货白银延续跌势，日内跌幅扩大至10%，报76.89美元/盎司。 重要的消息有哪些 1月30日，证监会党委书记、主席吴清在北京召开座谈会。吴清强调，要紧紧围绕防风险、强监 管、促高质量发展的工作主线，全力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资 综合改革、提高制度包容性适应性。 国家统计局、中国物流与采购联合会31日发布2026年1月份中国采购经理指数。数据显示， 2026年1月份中国制造业采购经理指数为49.3%，比上月下降0.8个百分点。 证监会完善再融资战投制度，其中提出，明确社保基金、养老基金、企业年金基金、险资、公募 基金、银行理财等机构投资者可以作为战略投资者；要求战略投资者持股比例原则上不低于 5%。 国家税务总局近日制发了《关于起征点标准等增值税征管事项的公告》，就起征点标准判定、税 收优惠政策适用等增值税征管事项 ...

Core Insights - The Chinese automotive industry is transitioning from "scale expansion" to "quality improvement and efficiency enhancement" in 2026, driven by electrification and intelligent transformation [1] - The market competition is shifting from price wars to a "value war" focused on technological innovation, product iteration, quality enhancement, and experience optimization [1] Market Overview - In 2026, the total vehicle sales in China are projected to reach 34.75 million, a slight increase of 1%, while another estimate suggests around 28 million units, growing by 2% [2] - The industry is entering a phase characterized by high sales volume but low growth, with competition focusing on quality and efficiency rather than scale [2] - The central economic work conference emphasizes a policy direction of "stability while seeking progress" and "quality improvement and efficiency enhancement" for the automotive sector [2] New Energy Vehicles (NEVs) - NEVs are expected to achieve significant growth, with sales projected to exceed 20 million units in 2026, solidifying their market dominance [3] - Domestic automakers are leveraging technological innovation and supply chain advantages to produce competitively priced NEVs, shifting from policy-driven sales to market-driven sales as penetration rates exceed 50% [3] Competitive Landscape - Leading domestic automakers like Geely, BYD, and Chery are expected to benefit from product structure upgrades and global expansion, with Geely targeting over 4.5 million units in sales for 2026 [3] - New entrants in the automotive market are experiencing accelerated differentiation, with companies like Leap Motor and Xpeng doubling their sales, while others like NIO are focusing on operational efficiency [4] Internationalization and Global Expansion - The Chinese automotive industry is increasingly focusing on international markets, with exports projected to exceed 8 million units in 2026, primarily driven by NEVs [12] - Major automakers are establishing overseas production facilities to mitigate tariffs and trade barriers, enhancing local integration and responsiveness [13] Technological Innovation - Key areas of technological advancement include power batteries, chips, and software, with significant breakthroughs expected in 2026 [6] - The development of next-generation battery technologies, such as solid-state batteries, is progressing, with initial production expected to begin in 2026-2027 [6] - Intelligent driving technologies are advancing, with L2-level driving assistance features expected to penetrate over 70% of new passenger vehicles by 2026 [7] Emerging Trends - The automotive industry is evolving into a "super platform," integrating various technologies and services beyond traditional transportation [11] - Companies are exploring new growth avenues, including humanoid robots and low-altitude economy sectors, with significant developments anticipated in 2026 [9][10]

"中国速度"已成为大众汽车的驱动力，欧洲版的一些车型仅用36个月便完成开发。虽然比不上中国车企 的速度，但相较大众传统开发周期，已是很大进步。"中国速度"理念如今已不仅限于整车企业。意日合 资汽车零部件供应商马瑞利表示，计划以"中国速度"将新产品上市周期从3年缩短至1年。（作者伊恩· 亨利，乔恒译） 英国《汽车制造解决方案》杂志网站1月30日文章，原题："中国速度"重塑全球汽车制造业 副题：中国 电动汽车新势力和传统车企正通过一体化压铸、垂直整合及加速产品迭代重塑汽车制造模式，让全球竞 争对手调整并适应 大多数传统车企已通过合资形式在中国布局。如今，这些业务正面临本土制造商的 激烈竞争。如今的中国市场已成为新技术最可能率先且快速落地应用的最大市场，而主导这一趋势的更 多是本土企业而非跨国公司。这一趋势在电动汽车领域尤为显著，在新的增程式电动汽车等技术领域同 样如此，欧洲正试图追赶中国在这些技术上的领先优势。 来源：环球时报 "中国速度"理念同样体现在中国汽车"欧洲化"的过程中。例如，奇瑞的Omoda 5最初被当地经销商认为 不适合欧洲市场，于是这家中国企业迅速推出改进版，调整转向系统、悬挂、制动和牵引力控制系 ...

BYD Co. said sales dropped 30% in January, underscoring the challenges facing the electric vehicle maker’s efforts to boost sales just as a winding back of subsidies hurts demand in China. https://t.co/hPV90VfJKt ...