Investment Rating - The report suggests focusing on themes of intelligence and overseas expansion, highlighting potential investment opportunities in companies like BYD and Geely Automobile, as well as in the intelligent and robotics sectors such as Li Auto-W and Xpeng Motors-W [3][16]. Core Insights - Tesla is shifting its focus from traditional vehicle production to AI and robotics, planning to stop the production of Model S and Model X to allocate resources for the Optimus humanoid robot, with a target production capacity of 1 million units annually by 2026 [1][13]. - Li Auto is restructuring its R&D department to enhance its humanoid robot development, indicating a strong commitment to AI competition and innovation in robotics [2][14]. - The passenger car market has shown weak sales performance in early 2026, but there is optimism for recovery in Q1 2026 due to anticipated policy support and seasonal demand [2][15]. Industry Data Tracking - The Shanghai Composite Index increased by 0.08%, while the automotive index decreased by 5.08%, ranking 29th among 31 sectors [4][17]. - In the second week of January 2026, wholesale passenger car sales were 359,000 units, down 28% year-on-year, with a significant increase in new energy vehicle penetration to 50% [5][26]. - In December 2025, the total wholesale passenger car sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. Industry Dynamics - Tesla's transition to focus on AI and robotics is part of a broader trend in the automotive industry, with companies like Xpeng and Li Auto also investing heavily in intelligent driving and robotics [1][3][66]. - The report highlights the importance of new energy vehicle exports, which have shown a consistent growth rate of over 20% year-on-year, indicating a long-term trend towards international markets [3][15]. - The introduction of mandatory standards for advanced driver assistance systems in China marks a significant regulatory shift that will impact the automotive landscape [68].

IT之家 2 月 1 日消息，比亚迪刚刚发布了最新的 1 月产销快报。IT之家整理如下： | | | | 産量 | | | | 鎖量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目類別 | 本月 | 去年同期 | 本年累計 去年累計 | | 累計同比 | 本月 去年同期 | | 本年累計 去年累計 | 累計同比 | | 一商用車 | 4.523 | 4.053 | 4,523 | 4,053 | 11.60% | 4.533 4,092 | 4.533 | 4.092 | 10.78% | | 一客車 | 442 | 286 | 442 | 286 | 54.55% | 442 286 | 442 | 286 | 54.55% | | 一其他 | 4.081 | 3.767 | 4.081 | 3.767 | 8.34% | 4.091 3.806 | 4.091 | 3.806 | 7.49% | | 合計 | 232.358 | 327.864 | 232,358 | 327,864 | -29.13% | ...

【导读】车企1月竞争格局生变：小米成"新王"，比亚迪国内磨底 中国基金报记者 邱德坤 | | | | | | | | | | | 11 17 1 23 1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 产量 | | | | | 销量 | | | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 232, 358 | 327, 864 | 232, 358 | 327,864 | -29. 13% | 210, 051 | 300, 538 | 210, 051 | 300, 538 | -30. 11% | | 一乘用车 | 227, 835 | 323; 811 | 227,835 | 323,811 | -29, 64% | 205, 518 | 296, 446 | 205, 518 | 296. 446 | -30. 67% | | -纯电动 | 88, 071 | 136 ...

【导读】车企1月竞争格局生变：小米成"新王"，比亚迪国内磨底 自1月1日起，国内新能源汽车购置税减半征收（税率5%），或许是影响比亚迪1月销量的重要原因之一。 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%。 | | | | 产量 | | | | | 销量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 232, 358 | 327,864 | 232. 358 | 327,864 | -29. 13% | 210.051 | 300, 538 | 210, 051 | 300. 538 | -30. 11% | | -乘用车 | 227, 835 | 323,811 | 227.835 | 323,811 | -29. 64% | 205. 518 | 296, 446 | 205, ...

比亚迪股份2月1日发布1月份产销快报：2026年1月新能源汽车产量232358辆，同比下降29.13%；销量 210051辆，同比下降30.11%。 比亚迪股份2月1日发布1月份产销快报：2026年1月新能源汽车产量232358辆，同比下降29.13%；销量 210051辆，同比下降30.11%。 （文章来源：智通财经） （文章来源：智通财经） ...

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, focusing on new energy vehicles and related technologies [1]. Core Insights - The automotive market is currently experiencing a cautious atmosphere, with stakeholders observing the recovery of terminal demand and the impact of policies and costs on profitability. Short-term fluctuations in the non-ferrous sector are affecting pricing negotiations in the upstream and midstream segments. The report suggests monitoring factors that could lead to a rebound in vehicle sales in Q1, including retail and export performance, while remaining optimistic about the automotive parts sector, particularly in areas like intelligent driving, liquid cooling, and robotics [1][3]. Data Tracking - In late January, the industry discount rate decreased to 9.5%, showing a year-on-year increase of 0.6 percentage points but a month-on-month decrease of 0.1 percentage points. The average discount amount was 21,541 yuan, up by 1,294 yuan year-on-year but down by 718 yuan month-on-month [3]. - December saw a decline in wholesale and retail sales of passenger vehicles, with wholesale sales at 2.85 million units, down 8.7% year-on-year and 6.3% month-on-month. Retail sales of domestic passenger vehicles were 2.28 million units, down 16.8% year-on-year but up 13.7% month-on-month [3]. - The report highlights specific automotive companies to watch, including Geely, JAC Motors, and BYD, with Geely being favored due to its low valuation and expected better-than-expected performance in domestic sales [5]. Industry News - In January, the China Passenger Car Association reported that the automotive industry generated revenues of 1,117.96 billion yuan in 2025, a year-on-year increase of 7.1%, while costs rose by 8.1% to 984.98 billion yuan, resulting in a profit of 46.1 billion yuan, up 0.6% [31]. - The report notes significant developments in the electric vehicle sector, including a partnership between a Vietnamese manufacturer and BYD to establish a commercial electric vehicle battery factory, and the launch of new electric models by various companies [31][32]. - The report also mentions the implementation of new national standards for automotive steering systems and automatic emergency braking systems, which are expected to enhance safety and technology in the industry [31][32].

格隆汇2月1日｜比亚迪：1月新能源汽车销量210051辆，同比下降30.11%。 鸿蒙智行：1月交付57915台，同比增长65.6%。 问界汽车：1月交付40016辆，同比增长83%。 理想汽车：1月交付27668辆。 蔚来汽车：1月交付27182台，同比增长96.1% 小米汽车：1月交付超39000台。 零跑汽车：1月交付32059台，同比增长27%。 小鹏汽车：1月交付20011台。 岚图汽车：1月交付10515辆，同比增长31%。 极氪：1月交付23852台，同比增长99.7%。 ...

中新社香港2月1日电 题：业界人士：内地电动车企"出海"要用好香港这座"桥头堡" "内地品牌为香港消费者带来远超传统欧洲和日本车企的高性价比优质产品，加上年轻一代的民族自豪 感与日俱增，港人选择内地电动汽车成为一种潮流和趋势。"香港汽车代理商大昌行集团董事兼汽车及 游艇业务主管李晨迪接受中新社记者采访时说。 记者留意到，香港地域狭小、充电环境特殊、驾驶习惯与内地不同，内地车企输入香港的电动汽车往往 会配备适合香港的功能，以更好地满足香港车主使用需求，例如小鹏汽车语音系统可识别粤语、广汽集 团在九龙城广场自建充电桩、智己汽车具备"后轮转向功能"以应对香港复杂的路面。 广汽集团旗下广汽国际汽车销售服务有限公司(简称"广汽国际")表示，公司今年计划在香港新增第3家 售后服务中心，同时利用粤港澳大湾区供应链的地理优势，快速供应零部件，缩短维修等候时间，提升 整体服务效率。 香港电动汽车市场的蓬勃发展离不开特区政府的各项推动措施。"一换一"计划无疑是最重要的一项—— 为购买新电动私家车并销毁合条件旧车的车主，提供首次登记税宽减。截至2025年12月底，香港电动汽 车增至约14.9万辆，占所有车辆总数约16.3%。 业界 ...

证券代码：002594 证券简称：比亚迪 公告编号：2026-002 比亚迪股份有限公司 2026年1月产销快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 比亚迪股份有限公司(以下简称"本公司")2026年1月产销快报数据如下： 注：本公司 2026 年 1 月出口新能源汽车合计 100,482 辆； 本公司 2026 年 1 月新能源汽车动力电池及储能电池装机总量约为 20.187 GWh，2026 年累计装机总量约为 20.187 GWh。 务请注意，上述产、销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公司刊发财务业绩后，股东及 潜在投资者务必详阅。 单位：辆 产量 销量 项目类别 本月 去年同期 本年累计 去年累计 累计同比 本月 去年同期 本年累计 去年累计 累计同比 新能源汽车 232,358 327,864 232,358 327,864 -29.13% 210,051 300,538 210,051 300,538 -30.11% -乘用车 227,835 323,811 227,835 323,811 -29.6 ...

Core Viewpoint - Shenzhen is emerging as a significant economic powerhouse in China, with its GDP projected to reach 38,731.8 billion yuan in 2025, making it the third-largest economy in the country and likely to surpass 40 trillion yuan by 2026 [2][30]. Group 1: Economic Growth - Shenzhen's GDP is expected to grow by 5.5% year-on-year, ranking first among major cities in China [3][31]. - The city contributed 1,929 billion yuan to the provincial GDP growth, accounting for 45.8% of the total increase, solidifying its role as the strongest economic engine in the province [3][31]. Group 2: Industrial Leadership - Shenzhen has become the first city in China to achieve an industrial output value exceeding 50 trillion yuan, with a projected industrial output of 54 trillion yuan in 2024 [6][35]. - The city continues to lead in industrial value-added growth at 5.4% in 2025, maintaining its status as the top industrial city in the country [6][35]. Group 3: Foreign Trade Dominance - In 2025, Shenzhen's total import and export volume is expected to reach 45,500 billion yuan, marking a 1.4% increase and maintaining its position as the leading city for foreign trade in mainland China [9][38]. - Shenzhen's export volume has achieved 33 consecutive months of growth, contributing 10% to the national total and 48% to Guangdong's total foreign trade [10][38]. Group 4: Entrepreneurial Environment - The total number of business entities in Shenzhen has surpassed 4.65 million, making it the city with the most entrepreneurs in China [13][41]. - In 2025, Shenzhen is projected to add 14,000 new foreign-funded enterprises, reflecting a growth of over 40% [13][41]. Group 5: Research and Development - Shenzhen's total R&D expenditure is expected to reach 245.31 billion yuan in 2024, with a growth rate of 9.7%, leading the country in R&D intensity at 6.67% [14][42]. - The city ranks first in the number of high-value patents, with 241,900 patent grants and 24,950 trademark registrations in 2024 [14][42]. Group 6: Cross-Border E-commerce - Shenzhen is recognized as the leading city for cross-border e-commerce, with import and export volumes reaching 372 billion yuan in 2024 [16][44]. - By 2025, the gross merchandise volume (GMV) of cross-border e-commerce in Shenzhen is expected to exceed 1 trillion yuan, representing a significant portion of the national market [18][45]. Group 7: Shenzhen's Success Factors - The success of Shenzhen is attributed to a combination of external factors (such as reform and opening-up) and internal characteristics (such as a market-driven economy and a culture of innovation) [22][52]. - The city embodies a spirit of entrepreneurship and innovation, emphasizing the importance of efficiency and a proactive approach to economic development [26][54].