Group 1 - The core viewpoint of the news highlights the significant growth of the Tianhong ChiNext ETF (159977), which has seen a scale increase of 419 million yuan and a share increase of 10.6 million shares over the past two weeks, indicating strong investor interest [1][2] - The ChiNext ETF has attracted nearly 200 million yuan in capital inflow over the last five trading days, showcasing its popularity among investors [2] - The ETF tracks a portfolio heavily weighted in technology sectors, with over 65% of its components in electric equipment, electronics, biomedicine, and communications, aligning with China's core areas of technological innovation [3] Group 2 - A strategic cooperation agreement has been signed between CATL and NIO for five years, focusing on joint development of long-life batteries and battery swap technology, as well as collaboration on market promotion [4] - The market sentiment is optimistic, with expectations of a proactive stance from the Central Economic Work Conference and a favorable macro liquidity environment, contributing to a valuation adjustment driven by incremental capital [5][6] - The current spring market rally is characterized by a focus on technology growth, with signs of increased participation from institutional and leveraged funds, indicating a shift in capital dynamics [6]

港股科技股跌幅进一步扩大，恒生科技指数跌2.3%，成分股中，腾讯音乐跌超5%，阿里巴巴、比亚迪 股份跌超4%，蔚来、哔哩哔哩、小鹏汽车、快手、零跑汽车跌超3%，腾讯、美团、网易、中芯国际跌 超2%。 本文源自：金融界AI电报 ...

格隆汇1月7日｜港股科技股跌幅进一步扩大，恒生科技指数跌2.3%，成分股中，腾讯音乐跌超5%，阿 里巴巴、比亚迪股份跌超4%，蔚来、哔哩哔哩、小鹏汽车、快手、零跑汽车跌超3%，腾讯、美团、网 易、中芯国际跌超2%。 ...

1月7日，蔚来宣布，值此蔚来第100万台量产车下线之际，正式推出"ET9百万纪念限量版"，将专属标 识融入设计细节，限量9台，售价81.8万元起，采用BaaS电池租用方式购买，售价71万元起。 蔚来创始人、董事长、CEO李斌表示，ET9百万纪念限量版有三个主题："天空之镜"、"拂晓黎明"、"日 照金山"。推出纪念版的初衷，不仅是为了纪念蔚来公司第 100 万台量产车下线，也是为了致敬各行各 业的创新引领者。 1月7日，蔚来宣布，值此蔚来第100万台量产车下线之际，正式推出"ET9百万纪念限量版"，将专属标 识融入设计细节，限量9台，售价81.8万元起，采用BaaS电池租用方式购买，售价71万元起。 蔚来创始人、董事长、CEO李斌表示，ET9百万纪念限量版有三个主题："天空之镜"、"拂晓黎明"、"日 照金山"。推出纪念版的初衷，不仅是为了纪念蔚来公司第 100 万台量产车下线，也是为了致敬各行各 业的创新引领者。 责任编辑：李昂 责任编辑：李昂 ...

文｜快刀财经 唐纳德 车祸横行、智驾噱头满天飞、价格战喋喋不休、国产豪车迈上台面、车企求生欲达到极限……2025年的新能源汽车行业到底发生了怎样的巨大变化？ 回到各个厂商界面。 对外而言，无论是车主还是投资人，都需要在穿越经济的过程中，看透新旧力量变化、大势与商业竞争变化的规律。汽车工业是万亿级规模，借助于这个 行业在2025年的表现，可以给新年规划带来很多有价值的东西。 但由于各大媒体同行已经从各个维度对新能源汽车作了总结。不妨通过对比的逻辑，借助同样是万亿级，且在产业链、渠道模式、产品定义等方面都极为 相似的消费电子手机行业的发展背景，来重新审视新能源汽车行业的情况。 为此不难总结3个方面的主题：激进的一年、反内卷的一年和不确定2026年。 01、激进的一年 过去十来年，智能手机行业从4G迈入5G，从机海战术迈入规模上量，在每年2亿—4亿台出货量后又跌入1亿＋的体量。参考其发展规律，新能源汽车实际 上还处于智能手机行业大致在2017年的阶段。 基于每日经济新闻等媒体整理的公开资料。在2025年年度任务大考上，比亚迪以460.24万辆的成绩占据榜首，吉利汽车以39%的同比增速成为传统车企中 增长最快的企业， ...

Group 1 - BYD has topped the global sales chart for pure electric vehicles, with a total sales exceeding 4.6 million units in 2025, maintaining its position as the annual sales champion in China [3] - China FAW Group achieved over 3.3 million vehicle sales in 2025, marking a 3.2% year-on-year increase, with its joint venture FAW-Volkswagen leading in sales among joint venture brands [3] - Geely Automobile surpassed 3.02 million units in sales, exceeding its annual target and setting a historical record [3] Group 2 - Leap Motor emerged as the biggest "dark horse" in the new energy vehicle sector, delivering nearly 600,000 units in 2025, representing a 103% year-on-year growth and achieving over 119% of its annual target [4] - NIO reported a record delivery of over 320,000 vehicles in 2025, with a significant increase in delivery volume in the latter half of the year [6] - Multiple automakers indicated that the Chinese new energy vehicle industry is entering a new phase of technological iteration and global development, aiming to lead in both quantity and quality [6] Group 3 - The establishment of new state-owned enterprise China Changan Automobile Group aims to accelerate breakthroughs in new energy, intelligence, and globalization, contributing to a total sales of 2.91 million units in 2025, the highest in nearly nine years [3] - Chery Group's sales exceeded 2.8 million units in 2025, focusing on innovation to enhance product service for global users [3] - Huawei's collaboration with automakers like Seres and BAIC has led to the successful launch of popular models, with a total delivery of nearly 590,000 units in 2025 [4]

Core Insights - NIO has reached a significant milestone with the production of its one-millionth vehicle, but it still holds only about 1% of the Chinese automotive market, indicating a long journey ahead in a highly competitive landscape [1] - The company is entering a new phase of growth, focusing on expanding its brand matrix and enhancing operational efficiency while aiming for a 40%-50% annual growth rate without setting specific sales targets for 2026 [4][5] Group 1: Company Strategy and Market Position - NIO's founder, Li Bin, emphasizes the importance of not becoming complacent and acknowledges the competitive nature of the market, predicting that only about ten Chinese EV companies will survive in the long run [1] - The company has segmented its development into three phases: rapid growth (2018-2021), an adjustment period with growth (2022-2025), and a new phase starting in late 2025 characterized by a mature brand matrix and technological advancements [2] - NIO plans to deepen its market penetration by expanding its sales network into 210 cities, aiming to compete more effectively with established brands [4] Group 2: Product Development and Technological Advancements - NIO is set to launch the ES9, a flagship SUV, in the second quarter of 2026, which is expected to leverage the company's technological advantages to deliver significant user value [5] - The company has committed to building at least 1,000 new battery swap stations in 2026, addressing the critical issue of battery life synchronization in electric vehicles [5] - NIO is increasing its investment in computing power to enhance its smart driving capabilities, with plans for large-scale model training in 2026 [5] Group 3: Financial Performance and Profitability - Li Bin expresses confidence in achieving profitability in the fourth quarter, driven by high-margin models like the new ES8 and effective cost management [3] - The company has invested over 65 billion yuan in R&D, focusing on self-developed technologies that create a competitive edge [3] - Despite rising costs due to material price increases, NIO plans to absorb some of the pressure without adjusting vehicle prices, relying on existing profit margins [5]

2026.01. 07 本文字数：2625，阅读时长大约4分钟 作者 | 第一财经 葛慧 "蔚来还活着，活着就有机会。" 在2026年1月6日的媒体沟通会上，蔚来创始人、董事长、CEO李斌在媒体群访中如是说。当天，蔚 来第100万辆纯电动汽车在合肥新桥工厂驶下生产线。这家成立了11年的公司，成为了继理想、小 鹏、零跑后，第四家迈入"百万俱乐部"的新势力车企，也是全球继特斯拉之后第二家达成百万纯电里 程碑的汽车品牌。 上述沟通会上，蔚来联合创始人秦力洪表示，过去N次被大家关注"还能够活多久"，在顺利地达到了 量产100万辆以后，希望外界能够更多地聚焦到蔚来怎么去进一步发展。 从几乎躺在ICU的2019年，到交出单季资不抵债财报的2025年，再到如今的百万里程碑，"活着"是 蔚来过去几年挥之不去的标签性话题。但当第100万辆车下线，蔚来是否真的可以宣布，自己已经彻 底摆脱了"生存困扰"？ 四季度盈利仍存悬念 2025年，四季度盈利成为蔚来全公司最聚焦的目标。 整个下半年，李斌在多个场合一直强调四季度盈利的信心。在1月6日的沟通会上，他再次回应称仍 然有信心。 李斌说，最终的财务数字还没出来，需要等最后的审计，但他 ...

"蔚来还活着，活着就有机会。" 在2026年1月6日的媒体沟通会上，蔚来创始人、董事长、CEO李斌在媒体群访中如是说。当天，蔚来第 100万辆纯电动汽车在合肥新桥工厂驶下生产线。这家成立了11年的公司，成为了继理想、小鹏、零跑 后，第四家迈入"百万俱乐部"的新势力车企，也是全球继特斯拉之后第二家达成百万纯电里程碑的汽车 品牌。 上述沟通会上，蔚来联合创始人秦力洪表示，过去N次被大家关注"还能够活多久"，在顺利地达到了量 产100万辆以后，希望外界能够更多地聚焦到蔚来怎么去进一步发展。 从几乎躺在ICU的2019年，到交出单季资不抵债财报的2025年，再到如今的百万里程碑，"活着"是蔚来 过去几年挥之不去的标签性话题。但当第100万辆车下线，蔚来是否真的可以宣布，自己已经彻底摆脱 了"生存困扰"？ 四季度盈利仍存悬念 2025年，四季度盈利成为蔚来全公司最聚焦的目标。 整个下半年，李斌在多个场合一直强调四季度盈利的信心。在1月6日的沟通会上，他再次回应称仍然有 信心。 李斌说，最终的财务数字还没出来，需要等最后的审计，但他还是有信心。从non-Gaap口径来看，蔚来 三季度亏27亿人民币，四季度和三季度比，全新 ...

Market Overview - The Shanghai Composite Index rose by 0.29%, approaching 4100 points, while the Shenzhen Component increased by 0.35%, and the ChiNext Index gained 0.41% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.84 trillion yuan, an increase of 538 billion yuan compared to the previous trading day, with over 2700 stocks declining [3] Sector Performance - The coal sector showed strength, with major stocks like Antai Group hitting the daily limit, and other companies such as Baotailong and Shanxi Coking rising alongside [5] - The futures contract for coking coal hit the daily limit with a rise of 7.98%, priced at 1164 yuan per ton [6] - The semiconductor industry chain performed strongly, with significant gains in sectors like photolithography and storage chips [7] - The photolithography sector saw a rise of 6.66%, with stocks like Yake Technology hitting the daily limit [4] - The rare earth permanent magnet sector also experienced a rise of 3.37%, with companies like Zhongcai Rare Earth and Jiuling Technology seeing gains [9] Individual Stock Highlights - Shangfeng Cement opened over 3% higher after announcing a plan to invest 90 million yuan to establish a semiconductor industry fund [16] - Times New Material opened 3.38% higher following the signing of a 3.32 billion yuan wind turbine blade sales contract [18] - The stock of Puhua Technology surged over 10% as it reached a new historical high [12] International Market Influence - The Hang Seng Index opened down 0.41%, with notable declines in stocks like Alibaba and NIO, while companies like Huahong Semiconductor and SMIC showed strength [19] - The central bank conducted a reverse repurchase operation of 28.6 billion yuan at an interest rate of 1.40% [18]