依托第五代DM技术，2026款海豹05DM-i加推的两款新车型，成为行业首款纯电续航突破210km的A级 插混轿车，纯电里程是同级车型的两倍，可轻松覆盖一周通勤，满足用户高频次代步出行所需。配合低 至2.79L/100km的亏电油耗及满油满电2110km的综合续航里程，让用户尽享"低成本，0焦虑"的高价值 用车体验。 智能方面，新车搭载了同级鲜有的天神之眼 C - 辅助驾驶（DiPilot 100），支持高快领航、智能泊车、 拨杆变道等20余项功能，为用户带来覆盖全场景的智慧家轿新体验。秉承着"入门即高配"的理念，2026 款海豹05DM-i全系标配超100项的核心配置，涵盖智能、安全与舒适多个领域。在此基础之上，新车还 进一步配备了主驾6向电动调节、副驾4向电动调节、12.8英寸DiLink大屏、全景影像、TPMS直接式胎 压监测系统、48kW直流快充、双温区空调等越级舒享配置，全面提升驾乘品质感。 海豹06DM-i超享版 重新定义中型插混家轿标杆 商报记者 郭雨昕 日前，比亚迪（002594）海洋网旗下两款重磅家轿——2026款海豹05DM-i与海豹06DM-i超享版，正式 宣布分别加推两款纯电续航高达2 ...

Core Insights - Volkswagen AG has fallen to third place in China's auto market, overtaken by Geely Automobile Holdings Limited, marking a significant decline for the German automaker in the world's largest vehicle market [1][9] - The shift in market leadership indicates increasing pressure on traditional foreign automakers as domestic brands strengthen their positions [1][3] Market Share Dynamics - Volkswagen's joint ventures in China accounted for a 10.9% share of retail vehicle sales, down from 12.2% in 2024, while Geely's market share increased to 11% from 7.7% in 2025 [2] - BYD remains the market leader but saw its share decrease to 14.7% from 16.2% [2] Competitive Landscape - Established global automakers like Volkswagen, General Motors, and Toyota are losing ground to Chinese competitors due to a slower transition to electric vehicles, as Chinese consumers increasingly favor EVs supported by government incentives [3] Strategic Responses - Volkswagen is enhancing its localization efforts in China, including partnerships with Xpeng and Horizon Robotics to develop electric vehicle technologies and smart vehicle chips tailored for the Chinese market [4] - The company is also exploring opportunities to export vehicles developed and manufactured in China to international markets, similar to strategies employed by Chinese automakers like BYD [5] Global Performance - Volkswagen delivered approximately 4.73 million vehicles globally, with around 382,000 fully electric vehicles delivered in 2025, reflecting a slight decline of 0.2% [6] - Battery-electric models constituted 8.1% of Volkswagen's total vehicle deliveries for the year [6] Competitor Performance - BYD achieved sales of 4.6 million vehicles in 2025, a 7.7% increase from 2024, with sales evenly split between fully electric vehicles and plug-in hybrids [7] - Geely sold 3.02 million vehicles, meeting its target, and has set a sales goal of 3.45 million vehicles for 2026, indicating a projected growth of about 14% from 2025 [8]

Key Takeaways China and the EU signaled willingness to ease their EV dispute, considering price commitments.EU officials said any minimum prices must offset subsidies, with proposals judged under WTO rules.BYD Company Limited outsold Tesla in Germany and the UK as China-made vehicles gained share in EU sales.China and the European Union (EU) have taken steps toward easing their dispute over EU imports of electric vehicles manufactured in China. Per the EU, any minimum import prices would need to be set high ...

Core Viewpoint - The EU has issued price commitment guidelines for Chinese exporters, allowing eligible car manufacturers to replace existing high tariffs with a minimum import price, which is seen as a positive development for companies not engaged in low-price competition in Europe, such as BYD and Geely [1] Group 1: Impact on Chinese Automakers - The report suggests that the prices of electric vehicles sold by Chinese brands in Europe are unlikely to decrease [1] - The main positive impact is that automakers can retain the tariff differential that would have been paid to the EU, which is expected to improve profit margins [1] - Companies like BYD and Geely, which have performed well in Europe, are anticipated to benefit directly, maintaining current prices while enjoying higher profit margins [1]

Core Viewpoint - The EU has issued price commitment guidelines for Chinese exporters, allowing eligible car manufacturers to replace existing high tariffs with a minimum import price, which is seen as a positive development for companies not engaged in low-price competition in Europe, such as BYD and Geely [1] Group 1: Impact on Chinese Car Manufacturers - The new guidelines are expected to improve profit margins for car manufacturers by allowing them to retain the tariff differential that would have been paid to the EU [1] - Companies like BYD and Geely, which have performed well in Europe, are anticipated to benefit directly from these changes, maintaining current prices while enjoying higher profit margins [1]

花旗发布研报称，综合上月零售销售、出口及批发数据，估算比亚迪（002594）(01211)上月底国内库 存为1.2个月，对比11月的1.43个月，库存量39.1万辆，环比减少4万辆。目前予比亚迪"买入"评级及174 港元目标价。行业层面短期重估催化剂相对有限，但出口政策调整或新车型与技术推出，或为长期估值 提供支撑。 ...

智通财经APP获悉，花旗发布研报称，综合上月零售销售、出口及批发数据，估算比亚迪(01211)上月底 国内库存为1.2个月，对比11月的1.43个月，库存量39.1万辆，环比减少4万辆。目前予比亚迪"买入"评 级及174港元目标价。行业层面短期重估催化剂相对有限，但出口政策调整或新车型与技术推出，或为 长期估值提供支撑。 ...

欧盟向中国出口商发布价格承诺指导文件，合资格车企能以最低进口价格取代现有的高额关税。大和认 为，中国品牌在欧洲销售的电动车价格不太可能下降，真正的正面影响在于汽车制造商可以自行保留原 本需缴给欧盟的关税差额，而非支付给欧盟，料将改善利润率。该行预期像比亚迪及吉利这类已在欧洲 销售表现良好的车厂将最直接受惠，它们有望在维持目前售价的同时，享受更高的利润空间。 ...

Group 1 - BYD has set a target of 1.6 million overseas sales by 2026, a significant increase from 1 million in 2025, supported by local production capacity in Brazil and Hungary, which is expected to add 300,000 units of annual capacity [1] - The company plans to launch several new models in 2026, including the Ocean Network's Seal 08 and Lion 08 flagship models, the Dynasty Network's Qin MAX electric sedan, and the Tengshi brand's Tengshi Z sports car [1] - Tongda Power is a significant customer of BYD, and the company has received a substantial order worth billions [1]

Bernstein分析师在一份报告中表示，比亚迪的电池业务被低估，因为投资者主要将其视为一家电动汽车 制造商，尽管比亚迪在这两个领域都是全球领导者。这些分析师补充说，比亚迪的估值似乎受到压制， 并忽视了其电池资产的价值和增长潜力。仅电池业务的价值就几乎与该公司整体市值相当，这意味着市 场对其电子、半导体和其他业务给出的价值微乎其微。该公司是全球第二大电池制造商，在2025年出货 了286吉瓦时的电池。Bernstein表示，比亚迪今年的电池出货量预计将增长35%，其中内部需求将增长 22%，外部销售将增长50%。该行维持对该股的强于大盘评级，目标价为130.00港元。 ...