根据2026年2月1-2日各大车企发布的最新数据，2026年1月中国汽车市场销量排行如下： 车企集团销量排行（TOP 5） | 排名 | 车企集团 | 1月销量 | 同比变化 | 主要亮点 | | --- | --- | --- | --- | --- | | 1 | 吉利汽车集团 | 270,167辆 | +1% | 海外出口60,506辆，同比翻倍；新能源124,252辆 | | 2 | 比亚迪 | 210,051辆 | -30.11% | 出口100,482辆，同比+51.47%，蝉联新能源冠军 | | 3 | 奇瑞集团 | 200,269辆 | -10.72% | 出口11.96万辆，同比+48.1%，出口占比近60% | | 4 | 广汽集团 | 116,622辆 | +18.47% | 自主品牌超4.9万辆，同比+87.58% | | 5 | 长城汽车 | 90,312辆 | +11.59% | 海外销量40,278辆，同比+43.77% | | | 🚀 造车新势力销量排行（TOP 10） | | | | 排名 品牌 1月销量 同比变化 备注 1 问界（AITO） 40,016辆 +83% 鸿蒙智 ...

证券研究报告·行业点评报告·电力设备 电力设备行业点评报告 全国性储能容量电价出台，独立储能盈利模 式重构 增持（维持） [Table_Tag] [Table_Summary] 政策内容 2026 年 02 月 02 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -10% -3% 4% 11% 18% 25% 32% 39% 46% 53% 60% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 电力设备 沪深300 相关研究 免责及评级说明部分 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式 ...

Core Insights - The automotive industry is entering a relatively dull phase that tests internal capabilities before the next technological singularity, despite the ongoing wave of new energy transformation [1] - The key to selling electric vehicles (EVs) effectively lies in two main aspects: range and intelligent driving capabilities, which must be prioritized by manufacturers [2] Group 1: Market Trends - In 2025, the electric vehicle market showed strong performance with cumulative retail sales reaching 12.809 million units, a year-on-year increase of 17.6%, achieving a penetration rate of 53.9% [3] - The industry is witnessing a trend of product homogeneity among mainstream manufacturers, making differentiation increasingly challenging [4] Group 2: Key Factors for Success - Range remains the primary catalyst for consumer demand, with significant emphasis on battery capacity and charging infrastructure, especially in winter conditions [6] - Xiaomi's new SU7 model, priced between 229,900 to 309,900 yuan, features an impressive range of 902 kilometers and is equipped with advanced technologies like laser radar and dual-chamber air suspension [9] - BYD has also focused on enhancing battery capacity across its popular models, with the Qin PLUS achieving a pure electric range of 210 kilometers at a competitive price of 89,800 yuan [10][12] Group 3: Intelligent Driving - Intelligent driving is identified as a critical factor that will determine the upper limits of electric vehicle performance, with the market moving towards higher levels of automation and user experience [14] - Tesla's CEO Elon Musk hinted at the potential approval of the full self-driving (FSD) version in China, which could significantly impact the competitive landscape in 2026 [16] - Huawei is also expected to play a significant role in the intelligent driving sector, focusing on safety, technology, and user experience enhancements [16] Group 4: Strategic Recommendations - Companies should focus on maintaining high-quality standards, after-sales service, and stable pricing to build trust with core user groups [18] - In the high-end luxury market, brand building and user experience should take precedence, emphasizing patience and long-term commitment to succeed [19] - The competitive landscape in the electric vehicle market is expected to become increasingly fierce as the industry transitions from incremental competition to more intense rivalry [20]

凤凰网科技讯2月2日，港股低开低走，截至发稿，恒生科技指数跌幅扩大至2.2%，小鹏汽车跌超9%， 蔚来跌超6%，零跑汽车、比亚迪（002594）股份跌超5%。 2月1日，蔚来公司宣布1月交付新车27,182台，同比增长96.1%。截至目前，蔚来公司已累计交付新车 1,024,774台。蔚来全新ES8在广州完成第60,000台新车交付，历时134天。 2月1日，零跑汽车官方宣布1月零跑汽车交付量达32059台，同比增长27%。 2月1日，公布了2026年1月汽车销量数据。比亚迪新能源汽车1月总销量达到210,051辆，不过和去年同 期相比，出现了30.11%的下滑。 消息方面，多家造车新势力先后发布1月交付量，其中四家车企均实现同比增长，但相较于去年12月， 交付表现出现明显下滑。 ...

Core Viewpoint - Shares of BYD Co Ltd experienced a significant decline, reaching their lowest level in over a year, which contributed to a broader selloff in the Chinese automotive sector due to weaker sales reported in January [1] Group 1: Company Performance - BYD Co Ltd's stock price fell sharply, indicating investor concerns regarding the company's sales performance [1] - The decline in sales was attributed to a revised subsidy scheme that impacted the overall market dynamics for electric vehicles in China [1] Group 2: Industry Impact - The broader Chinese automaker stocks faced a selloff, reflecting a negative sentiment across the industry following the sales report [1] - The weaker sales figures in January may signal potential challenges for the Chinese automotive market, particularly in the electric vehicle segment [1]

来源：滚动播报 比亚迪在港股价最大跌幅达 5.1%，小鹏汽车跌 9.8%。 ...

Core Insights - The retail sales of new energy vehicles in China for January 1-18 reached 312,000 units, representing a year-on-year decline of 16% and a month-on-month decline of 52% due to the expiration of the new energy vehicle purchase tax exemption policy and a weak market trend during the New Year holiday [1][27]. Company Performance - BYD sold 210,051 vehicles in January, with overseas sales of passenger cars and pickups reaching 100,009 units, and cumulative sales exceeding 15.3 million units [2][28]. - Xiaomi delivered over 39,000 vehicles in January, with a target of 550,000 electric vehicles for 2026, reflecting a year-on-year growth of over 34% [4][30]. - Leap Motor achieved 32,059 deliveries in January, marking a year-on-year increase of 27% [6][32]. - Li Auto delivered 27,668 new vehicles in January, with a cumulative delivery of 1,567,883 vehicles as of January 31 [8][34]. - NIO delivered 27,182 vehicles in January, showing a significant year-on-year growth of 96.1%, and became the fourth Chinese "new force" car manufacturer to reach cumulative deliveries of 1 million vehicles [11][37]. - Zeekr achieved 23,852 deliveries in January, with a year-on-year growth of 99.7% [14][40]. - Xpeng delivered 20,011 vehicles in January, with the X9 model achieving a remarkable year-on-year growth of 413.9% [17][43]. - Lantu delivered 10,515 vehicles in January, marking a year-on-year increase of 31%, and announced plans to launch four new models in 2026 [19][45]. - IM delivered 5,017 vehicles in January, with the LS6 model surpassing 100,000 cumulative deliveries [20][46]. - Extreme Stone delivered 1,028 vehicles in January, with a nearly 100% year-on-year increase and a significant growth in order volume [23][49]. - Hongmeng Zhixing reported a year-on-year growth of over 65% in January [25][51].

截至9月30日，比亚迪股东户数64.26万，较上期增加98.37%；人均流通股5427股，较上期增加51.21%。 2025年1月-9月，比亚迪实现营业收入5662.66亿元，同比增长12.75%；归母净利润233.33亿元，同比减 少7.55%。 分红方面，比亚迪A股上市后累计派现278.59亿元。近三年，累计派现244.14亿元。 机构持仓方面，截止2025年9月30日，比亚迪十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股2.65亿股，相比上期增加1.37亿股。华泰柏瑞沪深300ETF（510300）位居第八大流通股东， 持股4630.40万股，相比上期增加3024.58万股。易方达沪深300ETF（510310）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 1月30日，比亚迪跌1.54%，成交额30.02亿元。两融数据显示，当日比亚迪获融资买入额2.54亿元，融 资偿还3.09亿元，融资 ...

Group 1 - The core point of the article is that Shanghai Borai Intelligent Technology Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange just six days after receiving a strategic investment of 100 million RMB from BYD Company Limited, which significantly enhances its market appeal and valuation [1][5][27]. Group 2 - The investment from BYD is crucial as it serves as a strong endorsement of Borai Intelligent's technology and future prospects, boosting market confidence [8][43]. - The strategic collaboration potential between BYD and Borai Intelligent in areas such as technology research and supply chain management is significant [8][43]. - The timing of the IPO application is strategic, leveraging the heightened market attention following the investment to maximize valuation [9][62]. Group 3 - Borai Intelligent focuses on the research and sales of fully electric, autonomous mining trucks, having been established in Shanghai in 2015 [10][45]. - The company is recognized as the largest provider of fully electric autonomous mining trucks globally based on projected shipment volume and revenue for 2024 [11][46]. - It ranks second in the Chinese market for autonomous mining truck solutions [12][48]. Group 4 - The company's revenue model consists of three main segments: selling autonomous mining trucks, providing comprehensive intelligent solutions for mining operations, and offering unmanned transportation services using its own fleet [16][51][53]. - The company aims to help mining companies adopt more environmentally friendly, safer, and efficient transportation solutions [19][54]. Group 5 - The financial performance shows rapid revenue growth, with approximately 69.57 million RMB in 2023, projected to reach about 171 million RMB in 2024, and 315 million RMB in the first nine months of 2025, which is over eight times the revenue from the same period the previous year [20][21][22]. - Despite the revenue growth, the company is still operating at a loss, with losses of 32.48 million RMB in 2023, 60.99 million RMB in 2024, and 58.67 million RMB in the first nine months of 2025, primarily due to high R&D expenses and rapid business expansion [23][24][58]. - A significant risk is the concentration of revenue, with the top five customers contributing 97.7% of total revenue, indicating a strong dependency on a few major clients [25][60]. Group 6 - The urgency for the IPO is driven by the need for capital to accelerate development in a rapidly growing industry, requiring substantial investment in R&D and capacity expansion [26][62]. - The recent investment from BYD has increased market interest, making this an opportune moment to file for the IPO to maximize attention and valuation [27][62]. - The company has undergone multiple rounds of financing since its inception, and the IPO represents a critical exit opportunity for early investors [27][62].

Group 1: GAC Group Performance - GAC Group reported January 2026 sales of 116,600 vehicles, an increase of 18.47% year-on-year [1][5] - The production for January was 110,800 vehicles, a decrease of 4.77% year-on-year [1][5] - New energy vehicles (NEVs) showed strong performance with a production of 23,700 units, up 42.82% year-on-year, and sales of 26,000 units, a significant increase of 162.90% [1][5] - GAC Aion's sales reached 21,600 units, a year-on-year increase of 171.63% [1][5] - GAC Honda's sales were 4,558 units, down 69.86% year-on-year, while GAC Toyota's sales increased by 9.82% to 62,600 units [1][5] - Wuyang-Honda motorcycles sold 45,200 units, up 15.00% year-on-year [1][5] Group 2: BYD Performance - BYD reported January 2026 sales of 210,100 NEVs, a decrease of 30.11% year-on-year [2][6] - The production for January was 232,400 NEVs, down 29.13% year-on-year [2][6] - Sales of pure electric passenger vehicles were 83,200 units, a decline of 33.60% year-on-year, while plug-in hybrid passenger vehicles sold 122,300 units, down 28.53% [2][6] - The commercial vehicle segment performed well with production and sales of 4,523 and 4,533 units, respectively, representing year-on-year growth of 11.60% and 10.78% [2][6] - NEV exports reached 100,500 units, and the total installed capacity of power batteries and energy storage batteries was approximately 20.187 GWh [2][6] Group 3: Li Auto Performance - Li Auto delivered 27,700 vehicles in January 2026, with a cumulative delivery of 1,567,900 vehicles as of January 31, 2026 [3][7] - The company launched OTA 8.2 system update in January, featuring 40 new functions and 25 experience optimizations [3][7] - Li Auto has 547 retail centers covering 159 cities and 547 after-sales service centers across 221 cities, with 3,966 charging stations and 21,900 charging piles in operation [3][7]