Core Insights - The CEO of Li Auto, Li Xiang, emphasized that 2026 is the last year for companies aiming to become leaders in AI to get on board, with Level 4 (L4) autonomy expected to be realized by 2028. He believes that ultimately, no more than three companies will dominate the global landscape in foundational models, chips, operating systems, and embodied intelligence, and Li Auto aims to be one of them [2][11]. Group 1: AI and Robotics Strategy - Li Auto plans to strengthen its brand positioning in embodied intelligence, moving beyond just creating mobile homes to developing humanoid robots, which are expected to be unveiled soon [2][11]. - The company will undergo a reorganization of its R&D teams, categorizing them into foundational model teams, software teams, and hardware teams, with automotive and robotics projects falling under the hardware category [2][11]. - Li Auto is actively recruiting top talent, including former employees who left to start their own ventures in the robotics field, to bolster its capabilities in embodied intelligence [2][11]. Group 2: Market Position and Product Development - During a Q3 2025 earnings call, Li Xiang stated that the electric vehicle industry has reached a dead end in parameter competition, and that simply integrating mobile applications into vehicles is redundant. Instead, Li Auto is defining its vehicles as "embodied intelligent" products, transforming them from mere transportation tools into robots with sensory and cognitive capabilities [9][18]. - Although Li Auto had previously paused its humanoid robot development due to technological and supply chain challenges, it has continued to make strides in the broader robotics field, establishing departments for "space robots" and "wearable robots" [9][18]. - The company has recently posted multiple job openings for humanoid robot development on its official recruitment page, indicating a comprehensive approach to developing core components and system integration for humanoid robots [3][12].

1 月 26 日，理想汽车 CEO 李想召开了一场两个小时的线上全员会。据多位内部员工反馈，李想强调，2026 年是所有想要成为 AI 头部公司上车的最后一 年；最晚 2028 年，L4 一定能落地；最终全球布局基座模型、芯片、操作系统、具身智能等业务的公司不会超过 3 家，理想会努力成为其中一家。 "未来，理想会进一步强化具身智能的品牌定位，而不仅仅是创造移动的家。在汽车之外，理想一定会做人形机器人，并会尽快落地亮相。"而接下来，理 想为了迎接新一轮的 AI 竞争，公司将对研发进行新一轮的组织变革，将研发团队按照基座模型团队、软件本体团队、硬件本体团队等进行划分，其中汽 车、机器人等都归为硬件本体团队。 同时，李想表示，要去招聘最好的人，把原来那些去到机器人创业公司的人再招回来。在此之前，已经有不少智驾核心技术人员从该公司离职，去具身智 能赛道创业了。2025 年下半年，前理想自动驾驶研发负责人贾鹏、量产负责人王佳佳与前 CTO 王凯等核心高管一起创办了具身智能公司至简动力，且很 快就拿到多家头部美元基金和互联网科技公司的投资意向。 当前，理想已在官网社招页面放出多个人形机器人研发岗位。从招聘信息可以看出， ...

Group 1 - U.S. Chinese concept stocks showed mixed performance in pre-market trading, with Bilibili rising by 4% [1] - Xpeng Motors, Li Auto, and NIO each increased by 3% [1] - Alibaba's stock saw a 2% increase [1]

Core Insights - The CEO of Li Auto, Li Xiang, emphasized that 2026 is the last year for companies aiming to become leaders in AI to enter the market, with Level 4 (L4) autonomy expected to be realized by 2028. The company aims to be one of the three global leaders in foundational models, chips, operating systems, and embodied intelligence [2] - Li Auto plans to strengthen its brand positioning in embodied intelligence, moving beyond just creating mobile homes to developing humanoid robots, which will be showcased soon [2] - The company will undergo organizational changes in R&D, dividing teams into foundational model teams, software teams, and hardware teams, with a focus on recruiting top talent, including those who previously left for startups in the embodied intelligence sector [2] - Li Xiang stated that the electric vehicle industry has reached a dead end in parameter competition, and Li Auto has chosen to define its vehicles as "embodied intelligent" products, transforming them from mere transportation tools into robots with perception and intelligence [7][8] Recruitment and Development - Li Auto has posted multiple job openings for humanoid robot R&D positions on its official recruitment page, indicating a comprehensive approach to developing humanoid robots from core components to system integration [3] - The company has established secondary departments for "space robots" and "wearable robots," with the first product being the smart glasses Livis, under the leadership of Senior Vice President Fan Haoyu [8]

Group 1: Hong Kong Stock Market Performance - Most property stocks in Hong Kong rose, with China Jinmao (00817) up 7.95%, Greentown China (03900) up 5.79%, and China Overseas Macro Yang Group (00081) up 4.62%. Vanke Enterprises (02202) also saw a gain of 2.49% following significant progress in debt resolution, with the extension proposals for two medium-term notes totaling 5.7 billion yuan approved [1][1]. - Pop Mart (09992) increased by over 4.8%, reflecting confidence in its development as it recently repurchased shares for the first time since early 2024, which is expected to attract more investors [1][1]. - Nanshan Aluminum International (02610) rose over 4.7% after announcing plans to invest approximately 4.37 billion USD (about 30.56 billion yuan) in a new aluminum project in Indonesia [1][1]. Group 2: Notable Company Announcements - Alibaba Health (00241) rose over 3.3% after launching a new feature for its AI medical application "Hydrogen Ion" [2][2]. - GCL Global (GCL.US) increased by 9.91% ahead of its earnings call scheduled for January 30, 2026 [5][5]. - Ericsson (ERIC.US) continued its upward trend with a 4.03% increase after reporting a strong Q4 2025 financial performance, with adjusted EBITA rising 24% year-on-year [5][5]. Group 3: Market Trends and Price Adjustments - The gold market saw a significant rise, with spot gold prices surpassing 5200 USD, leading to a 7.38% increase in the shares of Wan Guo Gold Group (03939) [2][2]. - The semiconductor sector showed strong performance, with stocks like Naxin Micro (02676) up 10.62% and a price adjustment announcement from Zhongwei Semiconductor indicating a price increase of 15% to 50% due to supply-demand pressures [3][4]. - The storage sector also experienced a pre-market surge, with Micron Technology (MU.US) up 5.44% as price increases spread across the storage market [7][7].

1 、 很多人都很担心新能源汽车行业会不会光伏化 ， 内卷永无止境 ？ 新能源乘用车20万以下会光伏化 ， 20万以上会和智能手机的格局走势类似 。 这里面的原因有以下几点 ： （ 1 ） 20万以下 ， 智能化在这个价位主流消费者购买决策中排名更靠后 。 这并不是说这个区间的消费者不想要智能化 ， 而是智能化的成本 （ 举个例子包括激光雷达 、 大算力芯片 、 研发投入摊销等等两万人民币 ） 占车价超过10％ ， 这个比例 太高了 ， 这个价位主流的消费者宁愿选择便宜一两万 。 这也是尚界第一款车失败的原因之一 。 因此20万以下的竞争会更接 近光伏化内卷竞争 ， 完全比硬件 、 比价格 ， 没有任何一项投入可以获得边际成本递减效应 。 （ 2 ） 20万以上有很多投入可以获得边际成本递减效应 ， 比如品牌 、 智能驾驶 、 智能座舱 。 消费者买一辆20万以上的车 ， 价格是很重要的考虑因素 ， 但不是唯一重要的了 ， 他要综合考虑品牌 、 体验 、 智能化升级空间等等 。 厂家对品牌建 设 、 AI团队的投入 ， 第一是有门槛的 ， 第二是无形资产 ， 第三在卖车的时候又是消费者重点决策因素 。 这里面 ...

Group 1: AI Ecosystem Developments - The AI ecosystem is rapidly evolving with major players like ByteDance, Alibaba, Tencent, and Baidu developing various AI applications across multiple domains such as education, health, finance, and entertainment [1] - ByteDance's AI offerings include Doubao for education and health, while Alibaba's Qianwen focuses on financial services and education [1] - Tencent and Baidu are also expanding their AI capabilities, with Tencent offering services like QQ Browser and Baidu focusing on AI health and education [1] Group 2: Market Changes in Electricity Pricing - A significant market reform in China's electricity sector is underway, with nine regions canceling fixed time-of-use electricity pricing, marking a shift towards market-driven pricing [4] - The National Development and Reform Commission's new rules will eliminate government-set time-of-use pricing starting March 1, 2026, allowing market forces to dictate pricing [4] Group 3: AI Funding and Valuation Trends - Anthropic is planning to raise approximately $20 billion, doubling its initial target, reflecting strong investor interest and pushing its valuation to $350 billion [7][8] - The demand for investment in AI startups is surging, with investor interest reportedly reaching 5 to 6 times the original target [8] Group 4: New AI Models and Innovations - DeepSeek has released a new OCR model, DeepSeek-OCR 2, which utilizes a novel architecture to enhance AI's visual processing capabilities [7] - Alibaba has launched its flagship reasoning model, Qwen3-Max-Thinking, which surpasses leading models in performance and enhances its tool-calling capabilities [13] Group 5: Corporate Developments and Acquisitions - Anta Sports is planning to acquire a 29.06% stake in Puma for €1.5 billion, aiming to enhance its global market position [22] - DeepWay has completed a Pre-IPO financing round of ¥1.177 billion, marking a significant investment in the autonomous driving sector [23]

Domestic News - The Ministry of Transport has implemented a policy to waive toll fees for small passenger vehicles (7 seats or fewer) during the Spring Festival holiday [2] - The Ministry's notice emphasizes the need to enhance charging infrastructure for electric vehicles, proposing tailored strategies for busy service areas to reduce long wait times for charging [2] Industry Insights - In 2025, profits for large-scale high-tech manufacturing industries are expected to grow by 13.3% year-on-year, surpassing the overall industrial profit growth of 12.7% [3] - The smart electronics sector is driving significant profit increases, with profits in the smart consumer device manufacturing sector rising by 48%, and specific industries like smart drones and smart vehicle equipment seeing profits increase by 102% and 88.8%, respectively [3] - The automotive industry is projected to generate profits of 461 billion yuan in 2025, reflecting a modest year-on-year increase of 0.6% [4] - The automotive sector's revenue is expected to reach 1,117.96 billion yuan, with production figures at 34.78 million vehicles, marking a 10% increase year-on-year [4] International News - The EU has announced a trade agreement with India, granting EU service providers preferential access in key sectors such as finance and maritime services, while gradually reducing automotive tariffs to 10% with an annual quota of 250,000 vehicles [5] - Stellantis Group reported that despite a sluggish market, it expects to sell over 2.42 million new vehicles in Europe in 2025, achieving a market share of 16% [6] - The company leads the hybrid vehicle market with a 15% share and holds a 28.6% share in the commercial vehicle sector [6] - The European new car registration is projected to grow by 2.4% in 2025, reaching 13.3 million units, with electric vehicle registrations surging by 30% [7] - In Vietnam, the automotive market is expected to grow by 22% in 2025, although major players like Hyundai and Kia are experiencing declining sales for the third consecutive year [8] - South Africa's electric vehicle sales are projected to decline by 17% in 2025, accounting for only 0.17% of total new car sales, despite overall new car sales reaching a decade-high of 596,818 units [9] Corporate News - BYD has signed a long-term strategic cooperation memorandum with ExxonMobil, focusing on innovation in new energy hybrid technology and collaborative product development [10] - Li Auto plans to close a small number of underperforming stores as part of normal operational adjustments, clarifying that rumors of closing 100 stores are unfounded [11] - Didi plans to enhance the experience of its ride-hailing services in 2026, focusing on improving driver service levels and optimizing vehicle offerings [12] - DeepWay has completed a Pre-IPO financing round of 1.177 billion yuan, marking the largest single financing in the autonomous driving new energy heavy truck sector [13] - XPeng Motors anticipates "very strong" growth this year, with overseas sales growth potentially outpacing domestic sales [14]

Core Viewpoint - The introduction of 7-year low-interest financing plans by various electric vehicle manufacturers aims to stimulate market demand amid a competitive landscape and inventory pressure, but the actual effectiveness and implications of these plans remain to be validated by the market [1][10]. Group 1: Financing Plans Overview - Major brands like Tesla, Xiaomi, Li Auto, and Xpeng have launched or enhanced 7-year low-interest financing options, extending traditional auto loan periods by 2 to 3 years [1]. - Monthly payments have significantly decreased due to longer loan terms, with Xiaomi's YU7 starting at 2,593 yuan, Xpeng's models at 1,355 yuan, Li Auto at 2,578 yuan, and Tesla's Model 3/Y/Y L at 1,918 yuan [1]. - Tesla offers two different 7-year financing plans with varying down payment requirements, resulting in different annualized rates [2][3]. Group 2: Comparative Analysis of Financing Options - Tesla's financing plans are noted for their flexibility, with lower annualized rates for higher down payments, while other brands have higher rates [3][6]. - Xiaomi's plan requires a minimum down payment of 20%, with an annualized rate of 1% and an effective annualized rate of 1.93% [4]. - Li Auto's financing is categorized by model, with some models offering interest-free periods, while Xpeng's plan applies to all models with a minimum down payment of 15% and an annualized rate of 1.5% [5][6]. Group 3: Market Dynamics and Consumer Behavior - Sales personnel from various brands express differing opinions on the 7-year financing plans, with some recommending shorter terms due to higher interest costs associated with longer loans [7][8]. - The overall market for passenger vehicles has seen a significant decline, with retail sales down 28% year-on-year and wholesale volumes down 35% [9][10]. - Investment firms predict a continued downturn in the Chinese passenger vehicle market, with potential sales declines of 2% to 5% in 2026 [10]. Group 4: Implications of Financing Strategies - The 7-year low-interest financing plans are seen as a strategy to lower the purchase threshold for consumers, but the effectiveness may be limited by high qualification requirements for consumers [9][10]. - Concerns are raised about the long-term implications of extended financing terms, including potential risks of negative equity and the sustainability of demand post-incentive [12].

"7年超低息，轻松入手特斯拉""小鹏全系享7年低息，月供低至1355元""购小米YU7 7年低息"…… 1月27日，21世纪经济报道记者注意到，2026年开年，车企掀起"7年低息"促销潮。如，特斯拉、小米、小鹏、理想、吉利银 河、岚图等车企陆续推出"7年低息"金融方案，打破了传统新车车贷1-5年的常规期限，以低月供、低首付为核心卖点。 这股热潮的背后，是国家提振消费的政策导向。 一般而言，传统新车贷款期限普遍在1至5年。去年2月《关于发展消费金融助力提振消费的通知》提出，针对有长期消费需求的 客户，商业银行用于个人消费的贷款期限可阶段性由不超过5年延长至不超过7年。 "本质上就是响应国家号召刺激消费。"某银行汽车金融相关人士告诉记者。"很多顾客都有在年前买/换一辆新车回家过年的需 求，所以这个购车方案主要是为了年前冲销量。"一位新势力车企销售人员告诉记者。 但在提振消费同时，7年超长车贷究竟适合哪类消费者？更长周期、更低首付的汽车贷款产品，也让金融机构的风控压力陡增？ 车辆残值是否会跟不上贷款余额？银行与融资租赁的模式差异又该如何区分？这些问题都值得深思。 | | | | 车企"7年低息"贷款方案 | | | ...