若按公认会计准则，预计录得经营利润为2亿元（约0.29亿美元）至7亿元（约1亿美元），而去年同期 蔚来录得净亏损55.436亿元。这也是蔚来自2014年11月成立以来首次实现季度盈利。 2月5日晚，蔚来发布盈利预告，在非公认会计准则下，预计蔚来于2025年第四季度录得经调整经营利润 7亿元（约1亿美元）至12亿元（约1.72亿美元）。 事实上，蔚来此次季度扭亏早有迹象。2025年第三季度蔚来实现营收217.94亿元，同比增长16.7%；亏 损同比收窄31.2%至34.81亿元，综合毛利率升至13.9%，汽车业务毛利率为14.7%，均为近三年来最高， 并且经营性现金流也在该季度实现转正。 此前李斌已多次公开表示，蔚来有信心在2025年四季度实现盈利，同时，李斌还提出"2026年蔚来要实 现全年盈利"的目标。 或受利好消息提振，6日盘中，蔚来港股一度涨超8%，收盘涨约6.95%，公司最新市值为967.2亿港元。 进入2026年，销量增长势头延续。今年1月，蔚来累计交付新车2.71万台，同比增长96.1%，全新ES8单 月交付达1.76万辆。 同时，蔚来还在持续优化高端、大车的占比，并计划在今年推出ES9、全新ES ...

对于近期港股市场的持续调整，机构普遍认为，这主要是技术性回调而非趋势反转。此前市场情绪在短期内过于乐观，叠加外部因素（如美联储主席提名 带来的流动性担忧），引发了获利了结。中期来看，港股的低估值和南向资金的持续流入仍提供了支撑。 券商机构认为，一个显著变化是资金正从近期涨幅较高的科技股，流向防御性更强的板块。例如，消费和红利板块因估值较低、业绩稳定而受到青睐。同 时，受印尼暂停煤炭现货出口等事件驱动，煤炭等资源股也表现强势，显示市场对实物资产和短期催化剂的关注。 编辑|段炼 易启江 校对|金冥羽 汽车股上涨，蔚来涨近7%，零跑汽车涨超5%，理想汽车涨超3%。 蔚来5日发布业绩盈利预告称，基于对公司未经审计合并管理账目及董事会目前可得资料的初步评估，预计公司2025年第四季度将实现经调整经营利润 （非公认会计准则，剔除股权激励费用后的经营利润）约7亿元至12亿元，这是蔚来成立11年来首次实现单季度经调整经营盈利。按公认会计准则计量， 预计同期将实现经营利润约2亿元至7亿元。 后市展望： 2月6日，港股三大指数全线下跌，恒生指数跌1.21%，国企指数跌0.681%，恒生科技指数跌1.109%。 科网股齐跌，阿里巴 ...

文｜新能源观 2026年2月5日，蔚来发布了2025年第四季度业绩预告。公告提到，预计2025年四季度录得经调整经营利润为7亿元至12亿元，为蔚来首次录得单季度经调整 经营利润。 盈利背后，乐道L90和全新蔚来ES8无疑是两大功臣。 只不过，目前来看，相较于全新蔚来ES8，被蔚来寄予厚望、一度被视为中端市场破局关键的乐道L90，其市场热度的花期似乎比所有人预想的都要短暂。 蔚来公司披露的数据显示，1月乐道品牌的销量仅有3481辆，同比下滑41%，环比下滑62%，销量近乎"腰斩"。 这一数据不仅创下乐道品牌自推出以来的月度销量新低，更与此前的高光表现形成了刺眼反差。 尽管蔚来并未单独披露乐道L90和乐道L60各自的销售数据，但根据懂车帝的数据显示，2025年12月，乐道品牌共计交付新车9018辆，其中乐道L90交付了 4105辆，已经略少于乐道L60，增长乏力。 图/2025年8-12月乐道L90销售情况 来源/懂车帝 要知道，乐道L90曾在上市首月就实现了月交付破万，更是蔚来公司历史上销量破万最快的车型。 2025年10月，乐道L90更是迎来销量巅峰，单车月交付量高达11722辆，凭借大空间、高配置以及蔚来换 ...

Macro & Industry - China has banned the use of hidden door handles in vehicles, requiring mechanical door handles for all car doors except the tailgate, effective from January 1, 2027 [1] - NAND flash prices are expected to rise by over 40% in Q1 2026 due to reduced consumer-grade production and increased demand from AI servers [1] - The VAT rate for basic telecom services will increase from 6% to 9% starting January 1, 2026, impacting the revenue and profits of major telecom operators [2] Company News - Meituan announced the acquisition of Dingdong Maicai's China business for approximately 7.17 billion USD (about 49.75 billion RMB), enhancing its service offerings [4] - NIO is projected to achieve its first quarterly adjusted operating profit between 700 million RMB and 1.2 billion RMB in Q4 2025, marking a significant milestone in its 11-year history [4] - SpaceX has confirmed the acquisition of xAI, aiming to integrate AI with its existing technologies to create a highly ambitious innovation engine [8]

美股中概股盘前多数上涨，蔚来涨4%，理想汽车涨2%，百度涨1%，富途控股涨0.4%，阿里巴巴涨 0.3%，京东涨0.1%，拼多多跌0.5%，携程跌0.6%。 本文源自：金融界AI电报 ...

"2025年四季度，争取盈利。" 2025年3月的财报会上，蔚来汽车董事长李斌这样承诺。彼时的蔚来，正陷在"至暗时刻"：新品牌乐道首款车型L60出师不利，销量惨淡；企业被迫战略收 缩，持续失血的财报让投资者用脚投票；就连内部员工也难掩"前途未卜"的悲观。 2026年2月5日，剧情出现反转，蔚来扔出一颗"重磅炸弹"，宣告企业2025年第四季度预计实现成立以来首次盈利。非公认会计准则下，经调整经营利润高达 7亿至12亿元（约1.0亿至1.72亿美元）。 消息一出，资本市场瞬间沸腾。蔚来美股盘前直线拉升，一度大涨10%。11年终于迎来首次"盈利宣告"，不仅让李斌兑现了承诺，更让这家起起落落的造车 新势力，站回了聚光灯下。 蔚来盈利预告。 港交所截图 11年"生死劫" 蔚来曾是造车新势力的"神话"。 新能源汽车还在"萌芽期"时，它就以超级跑车EP9在纽博格林赛道一鸣惊人，成为彼时纽北最快圈速量产车型；随后高举高打，推出豪华中大型SUV ES8， 带来"全系换电"体验，凭借其用户服务和跨界创新，硬生生在合资豪华品牌林立的2018年撕开一道口子，凝聚起一个极具黏性的"车主圈层"——蔚来的创 新、服务、产品力，是无数车主的 ...

蓝筹股表现 智通财经APP获悉，港股三大指数全天水下震荡，午后跌幅均有所收窄。截至收盘，恒生指数跌1.21% 或325.29点，报26559.95点，全日成交额为2478.65亿港元；恒生国企指数跌0.68%，报9031.38点；恒生 科技指数跌1.11%，报5346.2点。全周来看，恒指累跌3.02%，国指累跌3.07%，恒科指数累跌6.51%。 理想汽车-W(02015)领升蓝筹。截至收盘，涨3.61%，报71.7港元，成交额21.05亿港元，贡献恒指5.63 点。理想汽车董事长兼CEO李想表示，将推出全新一代理想L9 Livis版，售价55.98万元。该车款将搭载 2颗理想汽车全自研的"马赫100"芯片，是理想汽车自2022年起自研的核心技术，配合理想汽车自研大模 型和自研操作系统，全新一代理想L9的智能化程度将大幅提升。 浦银国际认为，短期市场预计将维持震荡态势，风格和投资主线或将出现轮动。春节前增量资金流入可 能放缓，南向资金受港股通休市影响，而地缘政治风险和特朗普政策的不确定性将影响外部流动性，需 重点观察主动型外资转为净流入是否能持续。当前港股的估值扩张空间有限，预计盈利端的表现将更可 能决定市 ...

2月6日，A股三大指数小幅下跌，截至收盘，沪指跌0.25%报4065点，早盘一度跌至4029点，险守4000点。深证成指跌0.33%；创业板指跌0.73%。全市场 成交额2.16万亿元，较前一交易日缩量308亿元，超2700股上涨。 盘面上，采掘、石油板块走高，通源石油（300164）、准油股份（002207）等多股涨停，消息面上，WTI原油、ICE布油大涨，截至发稿均涨超1%；氟化 工板块走强，天际股份（002759）涨停；锂矿概念、电池板块活跃 ，恩杰股份涨停；珠宝首饰、有机硅及化学原料等板块涨幅居前。 国际贵金属价格再度反弹，现货黄金涨近1%，一度收复4900美元/盎司关口；现货白银涨逾2%。 | 贵金属 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 4840.870 | 72.571 | 4866.4 | | +64.390 +1.35% +1.669 +2.35% -23.1 -0.47% | | | | COMEX白银 | SHFE黄金 | SHFE自银 | | 72.880 | 1090.12 | 18799 | | -3.834 - ...

We recently published 10 Stocks Withstanding Market Turbulence. NIO Inc. (NYSE:NIO) was one of the best performers on Thursday. NIO shares jumped by 5.86 percent on Thursday to close at $4.7 apiece as investors gobbled up shares following hints at profitability in the fourth quarter of 2025. In a statement, NIO Inc. (NYSE:NIO) said that based on a preliminary assessment, it expects to report adjusted operating profit of $100 million to $172 million during the period, reversing an adjusted operating loss ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping 1.13% to 26,580.94 points, the Hang Seng Tech Index down 0.47% to 5,380.72 points, and the National Enterprises Index falling 0.52% to 9,045.82 points, indicating a weak overall performance and noticeable market divergence [1][2]. Sector Performance - Major technology stocks faced substantial pressure, with Alibaba down 2.57%, JD Group down 2.21%, and Tencent Holdings down 0.9%, contributing significantly to the index decline. Analysts attribute this adjustment to intensified market competition and regulatory changes, leading to evident capital outflows [2]. - Gold stocks plummeted due to a sharp drop in gold and silver prices, with companies like Zhaojin Mining and Zijin Mining experiencing declines. The decrease in demand for gold as a safe haven and the rebound of the US dollar index pressured gold prices [3]. - Digital currency and AI application stocks also performed poorly, affected by increased market volatility and regulatory uncertainties. Despite the promising outlook for AI applications, the sector is still in its early development stages, facing challenges in commercialization [4]. Active Sectors - Chinese medicine stocks showed strong performance due to favorable government policies supporting traditional Chinese medicine, with companies like Tongrentang Technology and China Traditional Chinese Medicine seeing significant gains [5]. - The paper industry and new consumption concept stocks were active, benefiting from stable raw material prices and improved supply-demand dynamics, attracting investor interest [6]. Corporate Developments - Meituan announced plans to acquire all shares of fresh food e-commerce platform Dingdong Maicai for $717 million, aiming to expand its presence in the fresh food sector and enhance market share [7]. - NIO projected its first quarterly profit, estimating adjusted operating profits between 700 million to 1.2 billion yuan for Q4 2025, a significant reduction in losses compared to the previous year, driven by increased sales and cost-cutting measures [8][9]. - Several companies reported positive earnings forecasts, including Tongda Group, which expects a profit of 115 to 125 million HKD for the fiscal year 2025, and Caike New Energy, which anticipates a revenue of 507 million yuan, reflecting year-on-year increases [10][11]. Institutional Insights - Analysts from Hang Seng Qianhai suggest that while short-term volatility and liquidity shocks may persist, the market's valuation attractiveness is gradually becoming evident, with potential for upward movement in the medium term [12]. - Guosen Securities remains optimistic about the Hong Kong market's future, despite potential risks from rising oil prices and long-term bond yields, emphasizing the resilience of corporate earnings [13]. - Guoyuan International highlights the potential for short-term fluctuations but maintains a positive long-term outlook for the Hong Kong market, citing strong capital resilience [14].