Core Insights - The delivery performance of new car manufacturers in January 2026 showed a significant decline in month-on-month figures, with some brands experiencing drops exceeding 40%, while year-on-year results displayed a polarized performance [2][3] - The competition in the automotive industry is shifting towards technology and ecosystem advantages, necessitating adjustments in product offerings and marketing strategies to meet changing consumer demands [8] Delivery Performance - In January 2026, the overall delivery volume of new car manufacturers decreased, with three companies reporting a month-on-month decline of over 40% and three others over 30% [3] - Hongmeng Zhixing led the market with a delivery volume of 57,915 vehicles, marking a year-on-year increase of 65.6% but a month-on-month decrease of 35.4% [3][4] - Xiaomi and Leap Motor also reported strong growth, while NIO and Zeekr saw significant year-on-year increases, contrasting with the declines faced by Li Auto and Xpeng [2][3] Market Trends - The automotive market is experiencing a "financial war," with various manufacturers introducing low-interest financing options to stimulate sales [5][6] - The long-term growth trajectory of the new energy vehicle market remains positive, with projections indicating a market volume of 19 million units in 2026, representing a year-on-year growth of 15.2% and a penetration rate exceeding 54% [7] Competitive Landscape - The competition is evolving from price-based strategies to value-based competition, emphasizing technological innovation, product iteration, and enhanced user experience [7][8] - The differentiation among manufacturers is accelerating, with leading companies expanding their advantages while some brands risk falling behind [7][8] - Future competition will focus on smart driving, intelligent cockpit features, and new power battery technologies, with an emphasis on creating a comprehensive service ecosystem around vehicles [8]

China banned concealed door handles on electric vehicles, the first country in the world to outlaw a design popularized by Tesla Inc. that is now facing global regulatory scrutiny due to a spate of deadly incidents.Cars sold in China will be required to have mechanical release both on the inside and outside, according to new safety rules issued by the Ministry of Industry and Information Technology on Monday. The ruling will take effect on Jan. 1, 2027, the ministry said. Models that have already been appro ...

三家车企1月交付数据均录得环比下降，理想汽车1月交付新车27,668辆，同比增长7.55%，环比下降 37.47%。蔚来1月交付新车27,182辆，同比增长96.08%，环比下降43.53%。小鹏汽车1月交付新车20,011 辆，出现了34.07%的同比下降，环比亦下降46.65%。 金吾财讯 | 蔚小理盘前走弱，小鹏汽车跌4.34%，蔚来跌1.28%，理想汽车跌0.96%。 来源：金吾财讯 ...

Core Insights - The automotive industry faced a significant downturn at the beginning of 2026, with many companies reporting disappointing sales figures compared to December 2025, despite some year-on-year growth due to low bases from the previous year [1][4][6] - The market is experiencing a reshuffling, with new entrants like AITO and Xiaomi gaining traction while established players like Li Auto and Xpeng are struggling [3][12][20] Group 1: Market Performance - January 2026 saw a 28% year-on-year decline in retail sales of passenger vehicles, with a 37% drop compared to December 2025 [6] - The new energy vehicle (NEV) market specifically experienced a 16% year-on-year decline and a 52% month-on-month decline [6] - AITO led the new energy vehicle segment with a delivery of 40,016 units, marking a significant year-on-year increase of 83% [13] Group 2: Company-Specific Performance - Xiaomi and AITO both reported over 39,000 units delivered in January, while Li Auto and Xpeng fell below the 30,000 mark [3][15] - Li Auto's deliveries were 27,668 units, showing a 37% month-on-month decline and an 8% year-on-year decline due to battery supply issues [20][22] - NIO delivered 27,182 units, a 96.1% year-on-year increase but a 43% month-on-month decline, with the new ES8 model being a key contributor [22][23] Group 3: Competitive Strategies - Companies are responding to market pressures by adjusting pricing strategies, with BMW reducing prices on 31 models and some brands offering zero-interest loans [6][7] - AITO and Xiaomi are launching new financial purchase plans to stimulate sales, including low-interest financing options [11][23] - The competitive landscape is intensifying, with companies like Geely and BYD also adjusting their strategies to maintain market share [26][28] Group 4: Traditional Automakers - Geely emerged as the top-selling automaker in January 2026 with 270,000 units sold, surpassing BYD's 210,000 units [26][28] - BYD's sales dropped by 30.11% year-on-year, with a significant 50.04% decline from December 2025 [28][30] - Chery and Great Wall Motors also reported declines, with Chery's sales at 200,269 units and Great Wall's at 90,312 units, reflecting broader market challenges [33][35]

"7年超低息+国家贴息，月供低至1759元……"1月，各车企的销售信息开始轮番"轰炸"，"7年超低息"成为这一轮优惠措施的核心关键词。而在半年前，车 企的销售策略还只是"最高3年0息！5年超低息！"短短几个月，从5年超低息到7年超低息，这场博弈并非仅仅是数字的改变，其背后是车企市场竞争进入 新阶段的标志与象征。 "超低息"大杀器 1月6日，特斯拉首次推出"行业首创贷款方案"，提供限时7年的超低息贷款。据介绍，在该超低息方案下，Model 3首付7.99万元，月供1800元，日供仅60 元；Model Y首付7.99万元，月供2200元，日供仅74元；Model YL首付9.99万元，月供2947元，日供95元。"长达7年的贷款期限、年化利率不足1%的超低 息贷款，以及2000元左右的月供，进一步减轻了更多家庭的购车负担。"特斯拉销售店长王女士满怀信心地介绍道。 继特斯拉之后，小米、理想、小鹏、吉利等多家车企迅速跟进，将传统3年车贷周期延长至7年，一场以金融服务为切入点的抢单大战全面打响。 1月15日消息，小米董事长雷军在直播中表示，小米SU7限时上线3年0息和7年低息购车政策：从2026年1月16日0点起，至 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30] Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15] - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27] Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15] - The report highlights a strong performance in the humanoid robot sector, with significant advancements in technology and product launches, such as Figure AI's Helix 02 robot, which demonstrated advanced capabilities in a kitchen environment [5][21] Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and other critical areas [18] - The Jilin provincial government has prioritized "embodied intelligence" as a key industry direction for 2026, aiming to enhance applications in various sectors [19] - The Guangdong provincial government aims to strengthen emerging industries, including intelligent robots, as part of its economic strategy [20] Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which utilizes a single neural network for full-body control, showcasing its ability to perform complex tasks autonomously [5][21] - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21] Investment and Financing - Zhejiang Humanoid Robot Innovation Center secured 450 million yuan in Pre-A financing, reflecting strong market confidence in humanoid robotics [24] - Shandong Future Robot completed a multi-hundred million yuan B round financing to enhance its technological capabilities and market reach [26] Key Company Announcements - Boke Technology expects a net profit increase of 39.08% to 63.63% for 2025, driven by robust demand in the robot sector [27] - Lide Harmony anticipates a net profit growth of 105% to 131% for 2025, attributed to significant advancements in its embodied intelligent robot business [28] - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28] - Li Auto confirmed its entry into the humanoid robot sector, restructuring its R&D team to focus on this emerging field [28]

（文章来源：证券日报） 证券日报网讯 2月2日，苏奥传感在互动平台回答投资者提问时表示，公司目前与比亚迪、蔚来、小 鹏、理想等多家新能源汽车企业建立了长期战略合作伙伴关系，并与一级配套市场开展项目合作。 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15]. - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27]. Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15]. - The humanoid robot industry is witnessing a surge in investment, with Zhejiang Humanoid Robot Innovation Center completing a 450 million yuan Pre-A round financing, and Shandong Future Robot securing several hundred million yuan in B round financing [4][24]. Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and rehabilitation [18]. - Jilin Province has identified "embodied intelligence" as a key industry focus for 2026, aiming to enhance applications in various sectors [19]. - Guangdong Province's government report highlights the importance of developing new industries, including intelligent robots, as part of its economic strategy [20]. Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which can autonomously perform complex tasks in a kitchen environment using a single neural network [5][21]. - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21]. Investment and Financing - Zhejiang Humanoid Robot Innovation Center's recent financing reflects strong market confidence in humanoid robots' potential in industrial digitalization [24]. - Shandong Future Robot's B round financing will support the development of new core technologies and market expansion [26]. Key Company Announcements - Boke Technology expects a significant increase in net profit for 2025, driven by the growing demand for robots [27]. - Lide Harmony anticipates a substantial growth in its embodied intelligent robot business, contributing to its overall performance [28]. - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28].

分化态势加剧 2月1日起，国内造车新势力陆续公布2026年1月交付成绩单。作为车市传统淡季，叠加政策补贴退坡等多重因素影响，1月车市整体呈现"环 比普降、同比分化"特征，新势力阵营格局生变。 在此背景下，新势力车企交付量普遍出现环比下滑，但同比表现呈现明显分化。已公布数据的近10家新势力车企中，有3家环比跌幅超 40%、3家跌幅超30%。其中，鸿蒙智行、小米汽车、零跑汽车稳居交付量前三，蔚来、极氪同比增幅接近翻倍，而理想汽车、小鹏汽车则 面临同比下滑的转型挑战。 具体来看，鸿蒙智行以近5.8万辆交付量断层领跑，同比大幅增长65.6%，环比则下降35.4%；小米汽车交付量超过39000辆，相比于2025年12 月的超过5万辆，环比下降约22%；零跑汽车1月交付新车32059辆，同比增长27%，环比下降46.94%，为稳定市场，零跑汽车方面表示，目 前渠道建设提速，近期新增85家门店，截至1月5日，全国门店总数达1068家。 2月2日，2026年开年造车新势力交付成绩单已陆续揭晓。作为车市淡季，新势力交付量环比全线下滑，部分品牌跌幅超40%，但同比表现两 极分化。其中，鸿蒙智行以57915辆的成绩稳居榜首，小米、 ...

加入轩辕同学 ， 成就新汽车人! 撰 文 | 莫 莉 编 辑 | 张 南 设 计 | 甄 尤美 2026年1月的车圈似乎是以反思开场。 吉利汽车掌门李书福发表"不惑不辍"的新年献词， 保时捷前CEO则罕见公开认错。 小米雷军还在回应"小字营销""绿化带战神"又在"丢轮保车"争议里被推上风口，而华为余承东 则在内部对鸿蒙座舱某些体验不佳大发雷霆。 蔚来李斌还在感慨"活着就有机会"，而理想李想则宣布要加速启动人形机器人业务。 雷诺CEO福兰建议中国车企该舍弃逐量的战略，转向"价值驱动"，而美国总统特朗普则大嘴一 张，让中国车企进来建厂。 01 关键时刻，不惑不辍。 ——李书福 吉利控股集团董事长 2025年12月30日，吉利控股集团董事长李书福发表主题为《关键时刻 不惑不辍》的新年致辞。 他表示，吉利40年的发展是一部在"关键时刻"勇于抉择、敢于破局、蜕变向新的奋斗史。 这些"关键时刻"塑造了吉利的底色：在任何困难和挑战面前，敢于克服路径依赖，始终坚守核 心价值观，打造技术、文化、质量、标准、可持续发展的根基力量。 李书福认为，在行业混沌中锚定方向的关键时刻，需要不断强化自身的核心能力与定力。这考 验着吉利在技术 ...