该行认为，新一轮车型周期将由畅销车款主导，即宋Pro/L及秦Plus/L系列，将对大众市场车型构成更大 压力，预计同行亦将很快推出具竞争力的长续航产品。 另一方面，该行表示比亚迪将向经销商延续每辆车666元的激励措施，以加速清理续航低于100公里车型 的库存。如将平均库存水平降至两个月以下，将为农历新年后的主要新车发布营造更有利的条件。 智通财经APP获悉，摩根士丹利发布研报称，现予比亚迪股份(01211)港股目标价126港元及"增持"评 级。比亚迪今年将持续更新其插电式混能车型，推出长续航版本，新增车型包括宋Pro/L DM-i及秦 Plus/L DM-i，该系列在2025年占比亚迪销量达20%。当中，宋Pro DM-i系列以限时优惠价格推出，定价 介乎9.98万至12.78万元人民币(下同)，并提供3,000元补贴，以抵销近期车辆购置税上调的影响。 ...

摩根士丹利发布研报称，现予比亚迪（002594）股份(01211)港股目标价126港元及"增持"评级。比亚迪 今年将持续更新其插电式混能车型，推出长续航版本，新增车型包括宋Pro/L DM-i及秦Plus/L DM-i，该 系列在2025年占比亚迪销量达20%。当中，宋Pro DM-i系列以限时优惠价格推出，定价介乎9.98万至 12.78万元人民币(下同)，并提供3,000元补贴，以抵销近期车辆购置税上调的影响。 该行认为，新一轮车型周期将由畅销车款主导，即宋Pro/L及秦Plus/L系列，将对大众市场车型构成更大 压力，预计同行亦将很快推出具竞争力的长续航产品。 另一方面，该行表示比亚迪将向经销商延续每辆车666元的激励措施，以加速清理续航低于100公里车型 的库存。如将平均库存水平降至两个月以下，将为农历新年后的主要新车发布营造更有利的条件。 ...

Core Insights - BYD's Ocean Network has launched two new models of its sedan series, the 2026 Seal 05DM-i and Seal 06DM-i Super Enjoy Edition, featuring a pure electric range of up to 210 km [1][6] Pricing and Promotions - The 2026 Seal 05DM-i offers two variants priced between 89,800 to 99,800 yuan, while the Seal 06DM-i Super Enjoy Edition is priced between 116,800 to 126,800 yuan [1] - Customers can benefit from multiple purchasing incentives, including zero down payment or interest, trade-in subsidies, two years of free vehicle data (5GB/month), and a lifetime warranty on the battery system for non-commercial vehicles [1] Intelligent Features - The new models are equipped with the Tian Shen Zhi Yan C-Auxiliary Driving system (DiPilot 100), which supports over 20 functions including high-speed navigation and intelligent parking [6] - The 2026 Seal 05DM-i comes with over 100 core configurations as standard, enhancing smart, safety, and comfort features [6] Interior and Comfort - The interior is designed to provide a high-quality mobile space, featuring split-type super sensory seats with multiple electric adjustments and heating/cooling functions [8] - Additional amenities include a temperature-controlled car refrigerator, panoramic sunroof, and various comfort-enhancing features such as wireless phone charging and ambient lighting [8] Safety and Driving Experience - The Yun Nian-C intelligent damping body control system allows for millisecond-level adaptive adjustments, improving comfort and driving pleasure by anticipating road conditions [9] - Safety features include seven airbags, W-HUD head-up display, and a tire blowout stability control system, ensuring a robust safety framework [9]

Group 1 - The Ministry of Industry and Information Technology, along with other regulatory bodies, held a meeting to discuss the regulation of the power and energy storage battery industry, involving 16 companies including major players like CATL and BYD [1] - The meeting aimed to address and mitigate irrational competition within the battery sector, highlighting the need for industry self-discipline [3] Group 2 - Emmanuel Faber, the ISSB Chair, welcomed the release of the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial)" by the Chinese Ministry of Finance and ten other ministries, marking a significant step towards enhancing global comparability in ESG disclosures [2] - The Hong Kong Accounting and Financial Reporting Council has introduced a consultation document for a sustainable information assurance framework, indicating a move towards standardized and regulated sustainability disclosures in Hong Kong [4] Group 3 - Long-term implications for airlines are highlighted as EVA Air faces scrutiny after an incident involving a physical altercation between the captain and co-pilot during taxiing, leading to an internal investigation and the suspension of the captain [5] - Quartz Co., a subsidiary of Quartz Holdings, was fined 2.7 million RMB for violating trade secrets, which may impact its operational integrity and market position [6] Group 4 - The China Securities Association has issued a warning regarding the lack of effective management mechanisms in certain brokerage firms, which could lead to penalties in future evaluations [7] - Estée Lauder reported that two-thirds of its management positions are held by women, reflecting the company's commitment to diversity and inclusion within its workforce [8]

Core Viewpoint - The company has successfully developed a cold plate roller-pressed adhesive film primarily for use in new energy vehicle power batteries, which has passed product testing by BYD, paving the way for large-scale production in the future [1] Group 1 - The company responded to an investor inquiry regarding the applicability of its products for server liquid cooling heat dissipation plates [1] - The cold plate roller-pressed adhesive film is a key product in the company's portfolio, indicating a focus on innovative solutions in the new energy sector [1] - Successful testing by BYD is a significant milestone for the company, enhancing its credibility and potential market reach [1]

Group 1: Company Developments - Li Ka-shing plans to push for the IPO of AS Watson, the parent company of Superdrug, on the London Stock Exchange, aiming to raise $2 billion (approximately £1.48 billion) [5] - AS Watson, which operates Superdrug, is the second-largest drugstore chain in the UK, with sales reaching £1.6 billion last year, second only to Boots [5] Group 2: Automotive Industry Trends - Tesla's vehicle registrations in the UK fell to 6,323 units in December, marking a year-on-year decline of over 29%. For the entire year of 2025, Tesla's sales in the UK decreased by 8.9%, although it remains the best-selling electric vehicle brand in the country [8] - In contrast, Chinese brand BYD saw its vehicle registrations in the UK surge nearly fivefold in December, reaching 5,194 units. BYD's total electric vehicle sales exceeded 2.25 million units, surpassing Tesla for the first time and becoming the global leader in electric vehicle sales [10][12] - The overall new car registrations in the UK grew by 3.5% in 2025, totaling 2 million units, with two Chinese brands, MG and BYD, ranking among the top ten best-selling car brands in December [12]

Core Viewpoint - BYD has launched a new automotive brand named "Linghui," aimed at the B2B market, with a focus on high-volume procurement needs [1] Group 1: Brand Launch and Product Details - The Ministry of Industry and Information Technology has announced the addition of BYD's new brand Linghui, which includes four new models: three pure electric sedans (Linghui e5, e7, e9) and one plug-in hybrid MPV (Linghui M9) [1] - The new Linghui brand vehicles feature a distinct logo, differentiating them from BYD's existing models, but are based on the iterations of BYD's existing models such as the Summer, Han DM-i, Qin PLUS EV, and Haiyan 07 EV [1] Group 2: Market Strategy - Linghui is designed to cater specifically to the B2B market, consolidating BYD's original e-series new energy vehicles aimed at corporate clients, and will operate with an independent channel system [1] - The establishment of the Linghui brand is part of BYD's strategy to differentiate between vehicles targeting B2B and those aimed at the consumer market (B2C), supporting the company's high-end market strategy [1]

Core Insights - The global automotive industry saw significant changes in market capitalization rankings by December 2025, with most companies experiencing growth, particularly Chinese automakers [1] Group 1: Global Automotive Market Capitalization - Tesla remains the highest valued company with a market capitalization of 101,828.27 billion yuan, showing a month-on-month increase of 0.63% and a year-on-year increase of 7.64% [2][4] - Toyota ranks second with a market capitalization of 23,638.71 billion yuan, reflecting a month-on-month growth of 5.06% and a year-on-year growth of 2.41% [2][4] - CATL (Contemporary Amperex Technology Co., Limited) ranks third with a market capitalization of 16,761.75 billion yuan, experiencing a month-on-month decline of 1.51% but a year-on-year increase of 43.12% [2][4] - BYD ranks fifth with a market capitalization of 8,909.33 billion yuan, with a month-on-month increase of 2.68% and a year-on-year increase of 8.34% [2][4] Group 2: Domestic Automotive Market Capitalization - BYD leads the domestic market with a market capitalization of 8,990.33 billion yuan, significantly higher than the combined market caps of the next four companies [5] - The second-ranked company, Seres, has a market capitalization of 2,080.25 billion yuan, showing a month-on-month decline of 4.31% but a year-on-year growth of 3.29% [5] - Great Wall Motors ranks third with a market capitalization of 1,936.65 billion yuan, with a month-on-month increase of 3.33% but a year-on-year decline of 13.97% [5] - SAIC Motor ranks fourth with a market capitalization of 1,749.58 billion yuan, reflecting a month-on-month increase of 1.67% and a year-on-year decline of 27.19% [5] - Geely ranks fifth with a market capitalization of 1,725.89 billion yuan, showing a month-on-month increase of 10.69% and a year-on-year increase of 22.97% [5] Group 3: Future Outlook - The commercialization of L3 autonomous driving is expected to become a focal point for industry development in 2026, with projections indicating that the domestic L3 autonomous driving market could exceed 1.2 trillion yuan by 2030 [8] - The first conditional L3 autonomous driving vehicle approvals have been granted to BAIC Arcfox and Changan Deep Blue, allowing for conditional autonomous driving on designated roads [8] - The Chinese new energy passenger vehicle market is anticipated to achieve high-quality growth in 2026, supported by favorable policies, potentially leading to increased sales and market share for Chinese automakers [8]

Group 1 - The core point of the article is the launch of BYD's new automotive brand, Linghui, which aims to cater to the B-end market with a focus on high-volume procurement [1][2] - Linghui brand includes four new models, three of which are pure electric sedans (Linghui e5, e7, e9) and one plug-in hybrid MPV (Linghui M9), all derived from existing BYD models [1] - The establishment of the Linghui brand is part of BYD's strategy to differentiate between B-end and C-end market offerings, aiming to enhance its high-end positioning [2] Group 2 - BYD's total sales in 2025 exceeded 4.6 million units, marking a year-on-year increase of 7.73%, with mainstream models contributing approximately 3.45 million units [2] - The competitive landscape in the domestic automotive market is intensifying, with over 100 brands present, prompting companies to focus on resource integration and high-end market penetration [2] - According to CITIC Securities, one of the main trends in the automotive market for 2026 will be the acceleration of high-end positioning among domestic brands, which is expected to yield higher marginal profits for leading companies [3]

本次升级的核心在于搭载了大容量插混专用刀片电池，将CLTC纯电续航提升至220公里，成为同级纯电续航最长的车型之一。对于日常通勤用户而言，可实 现超过两周的纯电覆盖，大幅降低城市用车成本。在长途出行场景下，其满油满电综合续航达1600公里，NEDC百公里亏电油耗低至3.2升。 北京商报讯（记者 蔺雨葳）1月10日，比亚迪正式宣布2026款宋Pro DM-i新增220公里长续航版本上市，全系限时价格为9.98万—12.78万元。新车以超长纯 电续航和低油耗表现，旨在满足家庭用户对高品质出行的需求。 ...