【时政新闻】 ①美国至1月31日当周初请失业金人数 23.1万人，前值20.9万人； ⑥世界黄金协会：1月全球黄金ETF吸引创纪录的187亿美元资金流入； 【市场动态】 ①美股三大股指期货盘前齐跌，截至发稿，道指期货跌0.32%，标普500指数期货跌0.51%，纳指期货跌 0.78%； ②欧洲主要股指齐跌，截至发稿，英国富时100指数跌0.51%，法国CAC40指数跌0.18%，德国DAX指数 跌0.66%，欧洲斯托克50指数跌0.81%； 【公司新闻】 ①蔚来汽车盘前涨超7%，蔚来公司发布盈利预告称2025年四季度预期实现经营利润7亿元至12亿元； ②美国1月挑战者企业裁员人数 10.8435万人，前值3.5553万人； ③欧洲央行维持三大利率不变； ④英国央行将基准利率维持在3.75%； ⑤乌总统办公室主任：本轮乌美俄三方会谈富有建设性； ④谷歌A美股盘前跌超3%，报320.72美元。 ②叮咚买菜美股盘前跌超8%，美团宣布拟7.17亿美元收购叮咚； ③Wolfspeed美股盘前跌超17%，公司第二季度调整后每股收益和销售额均不及预期； ...

南都讯 记者赵唯佳2月5日，蔚来公司发布了盈利预告，预计2025年第四季度录得经调整经营利润（非公认会计准则）为7亿元至12亿元，这让蔚来创始人、 CEO李斌此前立下的"季度盈利"军令状得以兑现。 超出市场预期的是，若按公认会计准则，预计本公司于2025年第四季度录得经营利润约人民币2亿元（约0.29亿美元）至人民币7亿元（约1亿美元）。 截至发稿前，蔚来汽车美股盘前涨幅近7%。蔚来港股今日收盘报涨2.70%。 蔚来预盈公告称，预计公司于2025年第四季度录得经调整经营利润（非公认会计准则）（界定为剔除股权激励费用后的经营利润）介乎约人民币7亿元（约1 亿美元）至人民币12亿元（约1.72亿美元），此为公司首次录得单季度经调整经营利润。 相比之下，蔚来于2024年第四季度录得经调整经营利润（非公认会计准则）人民币55.436亿元。 财务数据为何改善？蔚来在公告中解释称，其一，公司在2025年第四季度销量持续增长；其二，有利的产品组合推动汽车毛利率优化；其三，公司持续推行 全面降本增效措施。 回看2025年，蔚来多品牌战略完成了从布局期进入收获期的关键转变。从全年销量来看，蔚来公司共交付新车326028台，创历 ...

同日晚间，蔚来公司发布公告称，公司预计2025年第四季度盈利。这将是蔚来公司首次实现季度盈利。 同时，蔚来公司、小鹏汽车、理想汽车、零跑汽车等头部造车新势力将集体迈入盈利时代。 【导读】蔚来美股盘前一度涨超11%，预计2025年第四季度盈利 中国基金报记者 邱德坤 北京时间2月5日晚间，蔚来公司（证券代码：NIO.N）在美股盘前一度涨超11%。 | < 已 | | 高来 | | | | --- | --- | --- | --- | --- | | | | NIO.N | | | | 4.440 | 量 3837万 股本 24.41亿 市盈 -3.37 | | | 万得 | | -0.110 | -2.42% 换 1.67% 市值 108亿 市净" 20.98 | | | | | 盘前 4.83 0.39 8.78% | 07:24 美东 \ | | | | | 港股 36.560 0.960 2.70% | | | 溢价(H/US) 5.40% | | | 盘前・ 五日 | | 園Ｋ | 月K | | | 叠加 | | | 均价：-- 卖1 4.840 4150 | | | 4.940 | | | 11.2 ...

Core Viewpoint - The article discusses the trend of larger SUVs in the Chinese automotive market, highlighting the shift towards three-row SUVs that cater to family needs and the growing consumer preference for spacious vehicles [5][10][30]. Group 1: Market Trends - The introduction of the Tesla Model YL and the success of large three-row SUVs have significantly impacted Tesla's delivery volumes, indicating a strong consumer preference for larger vehicles [5][7]. - The trend of larger vehicles is evident, with new models like the Denza N9 and N8L showcasing lengths exceeding 5 meters, which aligns with the growing demand for spacious SUVs [7][10]. - The market share of mid-to-large SUVs has seen a notable increase, with mid-large SUVs maintaining a market share of 3%-4% since September 2022, while large SUVs remain below 2% [12][13]. Group 2: Consumer Preferences - The demand for larger SUVs is driven by family-oriented needs, where consumers prioritize space and comfort for both daily use and family outings [26][30]. - The average vehicle ownership in China is projected to reach 52.9 vehicles per 100 households by 2025, indicating a strong market for family-sized vehicles [28]. - The article emphasizes that the preference for larger vehicles is not unique to China, as similar trends are observed globally, particularly in the U.S. and Europe [33]. Group 3: Technological Factors - The increase in vehicle size is attributed to the design of electric vehicles, which require more space for battery placement, leading to wider and longer vehicle dimensions [20][21]. - Advances in battery technology have allowed for larger battery capacities in SUVs, with many new models featuring batteries exceeding 80 kWh, enhancing their range and appeal [23][24]. - The integration of battery technology into vehicle design has improved the overall space within the cabin, allowing for more comfortable seating arrangements and features [30].

Market Overview - Major U.S. stock index futures are down, with Dow futures falling by 0.27%, S&P 500 futures down by 0.10%, and Nasdaq futures decreasing by 0.05% [1] Storage Sector - The storage sector is rebounding in pre-market trading, with Micron Technology up over 2% after a previous drop of over 9%, SanDisk rising nearly 3% after a nearly 16% decline, and Seagate Technology increasing by 1% following a nearly 6% drop [1] Semiconductor and Chip Equipment Stocks - Semiconductor and chip equipment stocks are experiencing gains in pre-market trading, with Broadcom rising nearly 6%, and AMD and NVIDIA both increasing by over 2%. Alphabet, Google's parent company, indicated that its capital expenditures could double by 2026 [1] AI Application Software Stocks - AI application software stocks are collectively rebounding in pre-market trading, with Applovin up over 3%, Unity rising nearly 1%, Roblox increasing by over 1%, and SAP SE gaining nearly 2% [1] Chinese Concept Stocks - Chinese concept stocks are generally rising in pre-market trading, with Baidu up 4.6%, Alibaba increasing by 2.7%, Pinduoduo rising by 0.7%, and NetEase up by 0.9%. NIO's pre-market gains have expanded to 10%, with expectations of adjusted operating profit between 700 million to 1.2 billion yuan for Q4 2025, marking the company's first quarter of adjusted operating profit [1] Software Industry - The U.S. software industry has seen a market value decline of $1 trillion since 2026, with hedge funds profiting $24 billion from short-selling activities [2] Qualcomm Performance - Qualcomm's stock has dropped over 11% following its earnings report, which, despite exceeding expectations for Q1 2026, indicated a revenue forecast for Q2 between $10.2 billion and $11 billion, and adjusted EPS between $2.45 and $2.65, which fell short of expectations [2] AMD Guidance - Citigroup reported that AMD's Q1 guidance exceeded market expectations but did not meet buyer expectations, leading to a "neutral" rating [2] Alphabet and Apple Collaboration - Alphabet's CEO Sundar Pichai announced plans to collaborate with Apple to develop the next generation of Apple's foundational models based on Gemini technology, positioning Alphabet as Apple's preferred cloud service provider [3]

3、美团：拟7.17亿美元收购叮咚 美团2月5日公告，公司拟以7.17亿美元收购中国大陆领先的生鲜电商企业叮咚的全部已发行股份。根据 协议，转让方可从目标集团提取不超过2.8亿美元的资金，但需确保目标集团净现金不低于1.5亿美元。 此次收购将使目标公司成为美团的间接全资附属公司，其财务业绩将并入美团的财务报表。 4、天汽模：筹划购买东实股份股权 股票停牌 天汽模2月5日公告，公司正在筹划通过发行股份及支付现金的方式购买东实汽车科技集团股份有限公司 股权并募集配套资金，预计构成重大资产重组。公司股票自2026年2月6日起停牌，预计在不超过10个交 易日内披露交易方案。若公司未能在上述期限内召开董事会审议并披露交易方案，公司股票将于2026年 3月2日开市起复牌并终止筹划相关事项。 5、两连板协鑫集成：公司暂未获得"太空光伏"领域的相关订单 今日聚焦 1、百度集团：董事会已批准一项新的50亿美元股份回购计划 百度集团2月5日公告，董事会已批准一项新的50亿美元股份回购计划及一项股息政策，旨在进一步提升 股东回报。 2、太极实业：子公司十一科技预中标华虹FAB9B项目投标报价37.78亿元 太极实业2月5日公告，子 ...

Core Viewpoint - NIO Inc. has released a profit forecast indicating an expected operating profit of 700 million to 1.2 billion yuan for the fourth quarter of 2025, leading to a pre-market surge of over 9% in its stock price [1] Group 1 - NIO's stock price increased by more than 9% in pre-market trading [1] - The company anticipates achieving an operating profit between 700 million yuan and 1.2 billion yuan in Q4 2025 [1]

（来源：科创100ETF基金） 蔚来美股盘前涨超10%，现报4.89美元。预计2025年第四季度经调整经营利润为7亿元-12亿元。 （来源：科创100ETF基金） 蔚来美股盘前涨超10%，现报4.89美元。预计2025年第四季度经调整经营利润为7亿元-12亿元。 ...

作者 | 柴旭晨 编辑 | 周智宇 李斌最终还是实现了2025年初的许诺，拿下"四季度盈利"的关键高地，稳住了军心。 2月5日，蔚来公布盈利预告。公告显示，根据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，2025年第四季度，蔚来首次 录得单季度经调整经营利润。按照非公认会计准则，蔚来在同期的经营利润预计达到人民币2亿元至7亿元。 这意味着，在经历了漫长的投入期、质疑声与市场博弈后，蔚来终于打破了亏损的魔咒，迎来了公司成立以来的首次单季度经调整经营利润 转正。当日盘前，蔚来美股直线拉升10多个百分点。 回望过去几年，蔚来始终笼罩在"卖一辆亏一辆"的阴影下。巨额的研发投入、铺设换电补能网络的重资产模式，以及以用户服务为核心的高 昂运营成本，曾让其贴上了"烧钱机器"的标签。很多消费者正因其巨额亏损而徘徊观望，迟迟不敢下手。 去年三月，李斌在内部会议上疾呼，"别家孩子都考上大学了，我们还在复读！"他直言，眼下活下来最重要，刺刀拼得漂亮不如打赢，因此 定下了Q4扭亏的军令状，并且对外开始听劝，有错就改，对内也展开了一系列组织架构调整，上马了CBU政策。 这一年来刀刃向内的调整有了结果。 新ES8、乐道L9 ...

Core Insights - The automotive industry is experiencing a promotional wave centered around "7-year low-interest" financing options, initiated by Tesla and followed by at least 10 other companies, including Xiaomi, Li Auto, and Xpeng [1][3][4] - The promotional strategies focus on low down payments and monthly payments, with many plans keeping monthly payments around 2000 yuan [1][3] - Different automakers are collaborating with various financial institutions, with Tesla and NIO partnering with banks, while others rely on automotive financing leasing companies or third-party financial institutions [1][7] Group 1: Promotional Strategies - The "7-year low-interest" financing has become a key term in the current promotional measures, with low down payment amounts and monthly payments generally around 2000 yuan [3] - Tesla's Model 3 offers a down payment of 79,900 yuan and a monthly payment of 1,918 yuan over 84 months, with a total interest of approximately 5,512 yuan [4] - Li Auto offers a 7-year financing option across all models, with a minimum down payment of 15% and a monthly payment of 3,846 yuan for the i8 model [6] Group 2: Financial Institutions and Models - The financing options are primarily provided by automotive financing leasing companies or third-party financial institutions, rather than banks [7][10] - The differences in ownership and cost structures between bank loans and leasing models are significant, with leasing companies retaining ownership during the lease period [9][10] - Consumers are advised to understand the differences between loan and leasing models, including ownership rights and potential hidden costs associated with long-term financing [10][11]