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].

Core Viewpoint - The market remains cautious, observing the recovery of terminal demand and the impact of policies and costs on profitability, with increased volatility in the non-ferrous sector affecting short-term pricing in the upstream and midstream segments [1] Investment Recommendations - **Complete Vehicles**: Recommended stocks include Geely Automobile, JAC Motors, and BYD. Geely is favored due to its low valuation of over 6 times, with expectations of better-than-expected domestic profitability. JAC's S800 model shows stable order performance, and the company plans to launch 2-3 new models this year [2] - **Auto Parts**: - Robotics sector continues to be a catalyst, with recommendations for Foresight Technology, Minth Group, Top Group, Yinlun Machinery, Haoneng Co., Shuanghuan Transmission, and New Spring Co., with a suggestion to pay attention to Joyson Electronics - AI/Smart Driving is a key area with potential supply order catalysts from policy support and Nvidia's involvement, recommending Horizon Robotics and Hesai Technology, while suggesting to monitor SOTERIA, Black Sesame Technologies, and Pony.ai - Liquid cooling orders are clear, with continued recommendations for Minth Group, Yinlun Machinery, and Lingyun Industrial, and a suggestion to watch Feilong Co. [2] - **Heavy Trucks**: Weichai Power has shown strong performance, reflecting market recognition of its position in AIDC diesel engines and natural gas generators, with continued recommendations. Concerns over short-term shareholder reductions in China National Heavy Duty Truck have dissipated, suggesting a focus on fundamentals [2] Data Tracking - In late January, industry discounts decreased month-on-month, with a discount rate of 9.5%, up 0.6 percentage points year-on-year and down 0.1 percentage points month-on-month. The discount amount was 21,541 yuan, up 1,294 yuan year-on-year and down 718 yuan month-on-month [3] - December wholesale and retail sales of passenger vehicles declined year-on-year, 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] Market Performance - The automotive sector saw a decline of 5.12% this week, ranking 28th out of 29 sectors. The overall index performance included a decrease of 0.44% for the Shanghai Composite Index, an increase of 0.08% for the CSI 300, and a decrease of 0.09% for the ChiNext Index. The automotive index's performance included a drop of 5.12% for the automotive sector, 6.70% for parts, 3.64% for passenger vehicles, 1.10% for commercial vehicles, and 3.42% for circulation services [6]

行业研究 证 券 研 究 报 告 汽车 2026 年 02 月 01 日 汽车行业周报（20260126-20260201） 有色波动影响中上游短期议价，继续看好新产 推荐（维持） 业方向 1 月下旬行业折扣环比下降（油车为主）。折扣率 9.5%，同比+0.6PP（1/25），环比-0.1PP （1/10）。折扣金额 21,541 元，同比+1,294 元（1/25），环比-718 元（1/10）。折扣率变 动环比较大的主流品牌：WEY+1.6PP、北京奔驰-1.5PP、上汽通用别克-1.3PP、长安启源 +1.2PP、长安马自达-0.8PP。 12 月乘用车批发、零售销量同比下滑。12 月乘用车批发 285 万辆，同比-8.7%，环比- 6.3%，狭义乘用车批发 283 万辆，同比-8.4%，环比-6.1%；国产乘用车零售 228 万辆， 同比-16.8%，环比+13.7%；乘用车出口销量 64 万辆，同比+50.5%，环比+2.8%；估算库 存变动-7.4 万辆，同比-4 万辆，环比-48 万辆。 截至 2026 年 1 月 30 日， 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）121 ...

Core Insights - BYD reported a decline in both production and sales of new energy vehicles for January 2026, with production at 232,358 units, a year-on-year decrease of 29.13%, and sales at 210,051 units, down 30.11% compared to the previous year [1] Production Summary - The production of new energy vehicles by BYD in January 2026 was 232,358 units, reflecting a significant year-on-year decline of 29.13% [1] Sales Summary - The sales figures for BYD's new energy vehicles in January 2026 stood at 210,051 units, marking a year-on-year decrease of 30.11% [1]

Group 1 - The core viewpoint of the article indicates that BYD's production and sales of new energy vehicles are projected to decline significantly in 2026, with production expected to be 232,358 units, representing a year-on-year decrease of 29.13% [1] - The sales forecast for BYD's new energy vehicles in 2026 is 210,051 units, which reflects a year-on-year decline of 30.11% [1]

比亚迪公告，2026年1月实现新能源汽车销量210,051辆，同比下降30.11%。其中乘用车销量为205,518 辆，同比下降30.67%；纯电动汽车销量83,249辆，同比下降33.60%；插电式混合动力汽车销量122,269 辆，同比下降28.53%。 ...

Core Insights - BYD's vehicle sales experienced a significant decline of 30.1% in January compared to the same month last year, marking the fifth consecutive month of sales decrease [1] Company Summary - The decline in sales is attributed to external uncertainties and intense competition within the electric vehicle market [1]

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20.187GWh，2026年累计装机总量约为 20.187GWh。 比亚迪（002594）股份(01211)发布公告，于2026年1月，新能源汽车产量约23.24万辆;销量约21万辆。 公司2026年1月出口新能源汽车合计100,482辆。 ...

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20.187GWh，2026年累计装机总量约为 20.187GWh。 公司2026年1月出口新能源汽车合计100,482辆。 智通财经APP讯，比亚迪股份(01211)发布公告，于2026年1月，新能源汽车产量约23.24万辆;销量约21万 辆。 ...