Core Insights - The first end-to-end city NOA solution based on Horizon's Journey 6M chip has been officially delivered, marking a significant milestone in urban mobility [1] - The collaboration between Li Auto, Lightyear, and Horizon showcases a complete closed-loop from technology development to large-scale delivery [7] Group 1: Product and Technology - The city NOA system, built on a single Journey 6M chip, offers advanced defensive driving capabilities, enhancing safety during urban travel [2][5] - The system utilizes 128 TOPS of computing power, optimizing safety and traffic efficiency while supporting various sensor integrations [4] - The Journey 6M chip enables lightweight urban driving assistance and memory driving functions, significantly improving performance and reducing costs [4] Group 2: Industry Collaboration - The partnership between Horizon, Lightyear, and Li Auto exemplifies a strong industry collaboration, achieving multiple industry records since their strategic alliance began in May 2022 [7] - Horizon is also collaborating with Bosch, Denso, and other partners to promote the mass production of the city NOA solution, targeting the 100,000 yuan market segment [8] - The ecosystem collaboration is seen as a key pathway to advancing the widespread adoption of intelligent driving technology [8] Group 3: Market Impact - Li Auto's L series models are equipped with the Journey 6M chip, enhancing their reputation as reliable and user-friendly smart driving vehicles [7] - The successful deployment of the city NOA solution is expected to accelerate the scale of mass production in the intelligent driving sector [8] - Horizon aims to continue building a reliable and inclusive future for intelligent driving through its collaborative ecosystem approach [10]

Core Insights - The automotive market is experiencing a significant shift towards innovative financial services, with multiple companies introducing 7-year low-interest financing options to stimulate sales [1][2][3] - The trend indicates a move away from traditional price-cutting strategies, as companies seek to enhance competitiveness through financial promotions [2][3] Group 1: Financial Innovations - Xpeng Motors announced a 7-year low-interest financing plan with monthly payments starting at 1,355 yuan [1] - Geely Galaxy followed suit, offering a similar plan with a down payment starting at 25,800 yuan and monthly payments from 1,999 yuan [1] - Tesla initiated the trend with a financing option for its Model 3 and Model Y, featuring an annual interest rate of approximately 0.98% and monthly payments starting at 2,947 yuan [2] Group 2: Market Dynamics - Over 20 automotive companies have implemented price reductions since the beginning of 2026, but retail sales have not shown significant growth, with a 28% year-on-year decline in passenger vehicle sales from January 1-18 [3] - The retail sales of new energy vehicles also fell by 16% year-on-year during the same period [3] - Regulatory bodies are emphasizing the need to avoid chaotic price wars, aiming to maintain a fair market environment [3] Group 3: Consumer Impact - The 7-year low-interest financing significantly lowers the barrier to vehicle ownership, making it accessible for younger consumers [5] - However, the long loan term introduces uncertainties, as rapid technological advancements may lead to depreciation of vehicles, potentially resulting in negative equity [5] - The extended repayment period requires stable financial conditions, as any significant changes could create financial pressure [5] Group 4: Industry Challenges - Companies face challenges in cash flow management due to the extended repayment period associated with 7-year financing [4] - Financial reports indicate that companies like Xpeng and Li Auto are experiencing thin profit margins, with Li Auto reporting its first quarterly loss [4] - The long-term viability of low-interest financing strategies may lead to a "sell one at a loss" scenario for brands with already tight margins [4] Group 5: Competitive Landscape - The shift towards 7-year financing may accelerate industry consolidation, favoring companies with strong technological foundations [6][7] - Non-leading brands may struggle to balance the costs of low-interest financing with the risk of declining sales if they do not adopt similar strategies [6] - Ultimately, the competitive edge will rely on technological innovation rather than financial gimmicks, as the market will revert to valuing product quality and user experience [6][7]

Core Viewpoint - Li Auto plans to rebound in 2026 after a projected decline in 2025, targeting a 40% growth with a sales goal of approximately 550,000 units, up from around 410,000 units last year [2][3]. Group 1: Strategic Focus - The company is refocusing on its core business, aiming to regain its leading position in range-extended products by simplifying its product strategy and reducing the number of model variants [3][4]. - The new L9 model will undergo significant upgrades, including a larger size, enhanced battery capacity exceeding 70 kWh, and improved electric range of over 400 kilometers [5][12]. - Li Auto anticipates that the upgraded L9 will contribute over 100,000 units to its sales forecast [5]. Group 2: Market Position and Competition - Li Auto faces increased competition in the range-extended market, with other companies like Xpeng and Xiaomi planning to launch their own range-extended models [11][12]. - The company acknowledges that it has lost market share and aims to stabilize its sales before pursuing further growth [10][13]. - The shift towards larger battery capacities in the industry has prompted Li Auto to consider more aggressive upgrades, although it remains cautious compared to competitors [11][12]. Group 3: Product and Organizational Adjustments - Li Auto's product focus has shifted towards pure electric models, but the company plans to return to its range-extended roots, with only one new pure electric SUV expected in 2026 [6][14]. - Recent organizational changes include the departure of key personnel and a restructuring of product lines to enhance competitiveness [15][16]. - The sales system is undergoing a comprehensive review, with a focus on improving store efficiency and closing underperforming locations [18][19].

Core Viewpoint - The automotive industry is witnessing a trend of introducing low-interest financing options for vehicle purchases, aimed at making cars more affordable for consumers, particularly in the electric vehicle segment. Group 1: Financing Plans - Xpeng Motors announced a 7-year low-interest financing plan with a down payment starting at 15% and monthly payments as low as 1355 yuan, valid until January 31, 2026 [1] - Li Auto introduced a similar 7-year low monthly payment plan starting from 32,500 yuan down payment and monthly payments as low as 2578 yuan, effective from January 20, 2026 [2] - Xiaomi Motors launched a 7-year low-interest plan with a down payment starting at 49,900 yuan and monthly payments starting at 2593 yuan, available from January 16 to February 28 [5] - Tesla announced a 7-year low-interest plan for Model 3/Y/Y L with monthly payments starting at 1918 yuan and a down payment starting at 79,900 yuan, with a maximum interest rate of 0.5% [8] Group 2: Market Trends - The introduction of low-interest financing options by multiple companies, including Xiaomi and Tesla, indicates a competitive strategy to lower the barriers for consumers to purchase electric vehicles [5][8] - Tesla's recent delivery data shows a decline in delivery volumes, with Q4 2025 deliveries at 418,200 units, down 15.6% year-over-year, and an annual total of 1.6361 million units, marking an 8.6% decrease, the largest annual drop [8]

Group 1 - The core viewpoint of the article is that Lightyear Zhihang and Li Auto have successfully mass-produced a city NOA (Navigation Assisted Driving) solution, which is the first in the industry to achieve this using a single Horizon Journey 6M chip with a computing power of 128 TOPS [2]. - The solution will first be launched on the Li Auto L series smart upgrade version of the AD Pro model, showcasing a significant advancement in the integration of hardware and software for urban driving scenarios [2]. - The successful mass production of this single-chip solution is seen as a key step in reducing the hardware costs of advanced intelligent driving systems, making it possible to equip more mid-range models with urban high-level assisted driving functions [2][3]. Group 2 - The city NOA function is increasingly penetrating the Chinese market, moving from leading new force brands to more automakers, becoming a core area of competition in smart technology [3]. - The collaboration between Lightyear Zhihang and Li Auto demonstrates a technical direction that enhances system performance through algorithm optimization rather than merely stacking hardware [3].

小米汽车宣布从1月16号开始推出7年低息政策，购买小米YU7首付4.99万元起，月供低至2593元起。 凤凰网科技讯1月22日，小鹏汽车宣布推出全系7年低息分期购车方案，首付15%起，月供低至1355元， 活动有效期至2026年1月31日。 凤凰网科技讯1月22日，小鹏汽车宣布推出全系7年低息分期购车方案，首付15%起，月供低至1355元， 活动有效期至2026年1月31日。 小米汽车、理想汽车也于近日先后推出7年低息购车政策，进一步降低购车门槛。 1月20日，理想汽车官方宣布7年超低月供购车方案来了。据介绍，2026年1月20日起购买理想汽车，可 享7年超低月供购车方案：首付3.25万元起，月供低至2578元。 小米汽车、理想汽车也于近日先后推出7年低息购车政策，进一步降低购车门槛。 1月20日，理想汽车官方宣布7年超低月供购车方案来了。据介绍，2026年1月20日起购买理想汽车，可 享7年超低月供购车方案：首付3.25万元起，月供低至2578元。 小米汽车宣布从1月16号开始推出7年低息政策，购买小米YU7首付4.99万元起，月供低至2593元起。 ...

Core Viewpoint - Li Auto's stock has seen an increase of over 4% during trading, with a current price of HKD 65.35 and a trading volume of HKD 564 million. The company plans to rebound from a sales decline in 2025 by targeting a 40% sales growth in 2026, aiming for approximately 550,000 units sold. The strategic focus is on regaining leadership in range-extended products by enhancing the new generation L9 model [1]. Group 1 - Li Auto's stock price increased by 3.81% to HKD 65.35, with a trading volume of HKD 564 million [1] - The company aims for a 40% sales growth in 2026, targeting around 550,000 units sold [1] - The strategic direction is to regain leadership in range-extended products by focusing on the new generation L9 model [1] Group 2 - The new L9 model will feature a larger size and a completely upgraded chassis [1] - Li Auto's self-developed smart driving chip M100 will debut in the L9 model [1] - Industry experts believe that success with the L9 model will positively impact subsequent products [1]

Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

消息面上，近日，据36氪报道，经历2025年销量下滑的理想汽车-W，将于2026年发起绝地反击，计划 实现40%的销量增长，冲击约55万辆的销售目标。围绕全新的销量目标，理想正在重新聚焦其最具确定 性的业务基础，整体战略方向是"2026年重回增程产品领先地位"。 理想汽车-W(02015)涨超4%，截至发稿，涨3.65%，报65.2港元，成交额4.39亿港元。 报道称，理想汽车-W首先将重头资源押在了新一代L9车型上。不少业内人士认为，"打赢了L9的仗，下 面的产品自然就活了。"其2026款L9车型在尺寸上将进一步放大，在底盘上会有全新升级。而在智能化 层面，理想自研智驾芯片M100即将首次上车L9。 ...

报道称，理想汽车-W首先将重头资源押在了新一代L9车型上。不少业内人士认为，"打赢了L9的仗，下 面的产品自然就活了。"其2026款L9车型在尺寸上将进一步放大，在底盘上会有全新升级。而在智能化 层面，理想自研智驾芯片M100即将首次上车L9。 智通财经APP获悉，理想汽车-W(02015)涨超4%，截至发稿，涨3.65%，报65.2港元，成交额4.39亿港 元。 消息面上，近日，据36氪报道，经历2025年销量下滑的理想汽车-W，将于2026年发起绝地反击，计划 实现40%的销量增长，冲击约55万辆的销售目标。围绕全新的销量目标，理想正在重新聚焦其最具确定 性的业务基础，整体战略方向是"2026年重回增程产品领先地位"。 ...