以下文章来源于汽车公社 ，作者杜余鑫 汽车公社 . 速度 深度 态度 将投中网设为"星标⭐"，第一时间收获最新推送 "多条腿走路"，才是车企穿越周期的最优解。 作者丨 杜余鑫 来源丨 汽车公社 2026年开年1月的中国车市，用"冰火两重天"形容再贴切不过。 过去三天，不少车企都发布了1月份的销量业绩，可以说绝大多数车企都挂上了负增长的标签，特别是一些头部新能源车企，其1月销量波动更为严峻。 乘联会数据显示，全月乘用车零售预计180万辆，环比下滑20.4%，同比仅微增；新能源零售销量可能达80万辆左右，渗透率降至44.4%，较2025年 底的峰值跌落近10个百分点。 在这场开年"寒流"中，车企阵营分化彻底拉满，拥有庞大燃油车基盘的大多数车企稳如泰山，而绝大多数单押新能源的品牌集体承压，新势力内部更是 有人狂欢有人落寞。 透过这份成绩单，我们似乎可以发现中国市场越来越明显的竞争逻辑，那就是即便新能源是未来发展的大趋势，但"双腿走路才稳"的路径愈加清晰。 燃油车托底者稳 单押新能源者惨，出口是重要支撑 1月的销量数据，像一面放大镜，照出了不同车企战略选择的最终结果。核心分化点清晰明了，即是否拥有燃油车基本盘，直接决 ...

【内容摘要】2月3日，资金面整体平稳；债市以震荡为主，短债偏弱，中长债略强；转债市场主要指数集体跟涨，转债个券多数上涨；各期限美债收益率走 势分化，主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【2026年中央一号文件发布】2月3日，2026年中央一号文件《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》发布。《意见》提 出，深化农村集体产权制度改革，支持发展新型农村集体经济，严控新增村级债务。健全农垦国有资产资源监管体制。创新乡村振兴投融资机制。优先保障 农业农村领域一般公共预算投入，提升财政支农政策效能和资金效益。用足用好专项债、超长期特别国债，支持符合条件的农业农村领域重大项目建设。健 全财政金融协同支农投入机制，充分发挥支农支小再贷款、科技创新和技术改造再贷款等政策激励作用，推动金融机构加大对农业农村领域资金投放。加大 对涉农企业和农户贷款展期、续贷支持力度。 【央行加量续做3个月期买断式逆回购】2月3日，央行发布公开市场买断式逆回购招标公告。公告显示，为保持银行体系流动性充裕，2月4日，央行将以固 定数量、利率招标、多重价位中标方式开展8000亿元买断 ...

Investment Rating - The report maintains an "In-Line" investment rating for the China Autos & Shared Mobility industry [4]. Core Insights - The report indicates a "wait and see" strategy among automakers as they navigate a challenging market environment, with many companies preparing for significant product launches post-Chinese New Year (CNY) while monitoring demand trends closely [54]. - Weekly order trends from January 26 to February 1 show a decline in demand for major electric vehicle (EV) manufacturers, with notable decreases in order volumes compared to previous weeks [2][3]. - The anticipated pre-CNY buying rush is expected to be less impactful this year, as original equipment manufacturers (OEMs) adopt a cautious approach until demand shows signs of recovery [54]. - Approximately 25 localities began accepting applications for trade-in subsidies in January, but the effectiveness of these subsidies is expected to be clearer only after the CNY break [54]. Summary by Relevant Sections Order Trends - BYD: 41-42k orders (down 8% week-over-week, down 41% month-over-month) [2] - NIO: 3.9-4.1k orders (down 5% week-over-week, down 49% month-over-month) [2] - XPeng: 7.5-7.7k orders (down 9% week-over-week, down 15% month-over-month) [2] - Tesla China: 9.5-9.7k orders (down 3% week-over-week, down 4% month-over-month) [2] - Aito: 5.2-5.4k orders (down 7% week-over-week, down 32% month-over-month) [3] - Geely Galaxy: 15-15.2k orders (down 6% week-over-week, down 32% month-over-month) [3] Market Environment - The report highlights that despite some seasonal promotions, the overall market remains tough, leading to a cautious outlook from manufacturers [54]. - The report suggests that the industry is in a transitional phase, with companies waiting for clearer signals of demand recovery before making significant moves [54].

2026年开年1月的中国车市，用"冰火两重天"形容再贴切不过。 过去三天，不少车企都发布了1月份的销量业绩，可以说绝大多数车企都挂上了负增长的标签，特别是一些头部新能源车企，其1月销量波动更 为严峻。 乘联会数据显示，全月乘用车零售预计180万辆，环比下滑20.4%，同比仅微增；新能源零售销量可能达80万辆左右，渗透率降至44.4%，较 2025年底的峰值跌落近10个百分点。 在这场开年"寒流"中，车企阵营分化彻底拉满，拥有庞大燃油车基盘的大多数车企稳如泰山，而绝大多数单押新能源的品牌集体承压，新势力 内部更是有人狂欢有人落寞。 透过这份成绩单，我们似乎可以发现中国市场越来越明显的竞争逻辑，那就是即便新能源是未来发展的大趋势，但"双腿走路才稳"的路径愈加 清晰。 燃油车托底者稳，单押新能源者惨，出口是重要支撑 1月的销量数据，像一面放大镜，照出了不同车企战略选择的最终结果。核心分化点清晰明了，即是否拥有燃油车基本盘，直接决定了企业在市 场波动中的抗风险能力。 以吉利、上汽、广汽丰田为代表的传统车企，凭借"燃油+新能源"双线布局，在1月交出了最稳健的答卷。 上汽集团1月销量32.74万辆，同比增长23.94%， ...

近日，国内各车企1月新车销售数据相继公布。在购置税政策调整、年末消费需求提前释放等多重因素 影响下，整体汽车市场销量环比出现大幅下滑，同比销量则保持基本稳定。 据中国汽车流通协会乘联分会初步预估，2026年1月我国狭义乘用车市场零售销量约为180万辆，环比下 降20.4%，同比微增0.3%。新能源汽车方面，1月零售销量约为80万辆，同比下降40.2%，但环比实现 7.5%的正增长。 传统三强易位，上汽、吉利反超比亚迪，小鹏、理想"掉队" 尽管1月车市环比降幅显著，但与2025年同期相比，各车企表现呈现明显分化。多数企业在今年1月仍实 现了同比稳健增长，部分企业增速尤为突出。 传统头部车企销量纷纷突破20万辆。其中，上汽集团与吉利汽车表现亮眼，1月销量均反超比亚迪，迎 来年度"开门红"。 2025年开始，从动力电池核心原料锂、车身轻量化所需的铝和铜，到智能驾驶依赖的存储芯片，再到整 车线束等关键材料，行业上游多个供应链环节掀起涨价潮。以碳酸锂为例，中国电池级碳酸锂价格从 2025年初的7.57万元／吨攀升至2026年2月3日的14.66万元／吨，涨幅约94%，近乎翻倍。创元期货分析 师余烁表示，碳酸锂价格每上涨 ...

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.34%, the Nasdaq down 1.43%, and the S&P 500 down 0.83% [1] - Popular technology stocks experienced declines, with Broadcom falling over 3%, and Microsoft, Nvidia, and Meta each dropping over 2% [1] Sector Performance - The rare earth, non-ferrous metals, and precious metals sectors saw significant gains, with gold resources rising over 20%, Southern Copper up over 11%, Americas Silver up over 8%, and Pan American Silver up over 5% [1] - Conversely, application software, cryptocurrency, and weight loss drug stocks faced notable declines, with Novo Nordisk down over 14%, Coinbase and Circle each down over 4%, and Eli Lilly and Pfizer each down over 3% [1] Notable Company Movements - Walmart's stock increased by 2.94%, marking its market capitalization surpassing the $1 trillion milestone for the first time [1] - The Nasdaq Golden Dragon China Index fell by 0.94%, with significant declines in popular Chinese stocks such as Daqo New Energy down 5.6%, Bilibili down 4%, and Kingsoft Cloud down 3.5% [1] - Alibaba dropped 2.9%, while NIO rose 0.8%, Pony.ai increased by 2%, Huazhu up 2.2%, New Oriental up 2.3%, Li Auto up 2.7%, Canadian Solar up 4.1%, and Xpeng up 4.3% [1]

Core Viewpoint - The article discusses innovative marketing strategies adopted by automotive companies during the winter sales season in January 2026, highlighting how they engage consumers through unique experiences and cross-industry collaborations [3][4]. Group 1: Winter Marketing Strategies - January is a critical month for car companies, often referred to as the winter testing season, where numerous companies gather in regions like Inner Mongolia for vehicle testing [5]. - Traditional testing methods are becoming less effective in attracting attention, leading companies to create engaging winter experiences, such as Great Wall Motors' collaboration with Harbin Tourism Bureau for the "Harbin Ice and Snow Happy Week" [8][10]. - The "Long Spring First Ice Pot," a giant ice structure in Changchun, has become a popular destination, attracting over 1,000 vehicles for ice drifting experiences since its opening on January 10, 2026 [10][12]. Group 2: Cross-Industry Collaborations - Cross-industry marketing remains a popular strategy, with companies like Wangwang and Dong Mingzhu engaging in partnerships to attract consumer attention [15][20]. - Notable interactions include a humorous exchange between GAC Group's chairman and Gree Electric's chairman, which, despite being misinterpreted, enhanced the collaboration's visibility [22]. - BMW's playful marketing campaign during the New Year featured various humorous themes, effectively combining cultural elements with brand promotion [23][25]. Group 3: Community Engagement Initiatives - Xiaopeng Motors launched a "1000 Mobile Charging Stations" initiative, providing charging cables to 1,000 car owners, addressing the real needs of consumers during the Spring Festival [29][30]. - This initiative not only alleviates charging anxiety but also fosters a sense of community among car owners, enhancing brand warmth and consumer pride [33]. Group 4: Cultural and Brand Positioning - Volvo's innovative marketing approach involved a real-life simulation of a racing game, effectively engaging consumers by mimicking gaming experiences [34][37]. - GAC Aion capitalized on local cultural phenomena by creating a music video related to a trending song, thereby connecting emotionally with the audience [38][41]. - NIO's collaboration with the talk show "Thirteen Invitations" reflects a commitment to deeper values and long-term engagement rather than superficial marketing [42][45]. Group 5: Year-End Reflections and Celebrations - The automotive industry has seen a surge in year-end celebrations, with companies like Chasing and Mercedes-Benz using these events to enhance brand image and consumer engagement [49][51]. - The collective celebration of Mercedes-Benz's 140th anniversary showcased the industry's youthful spirit and creativity, with various brands participating in playful marketing campaigns [51].

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Nio (NYSE: NIO) did an impressive job navigating choppy waters in the electric vehicle (EV) industry last year. The Chinese EV maker had to deal with a brutal price war in China that has weighed on industry margins, new or increased automotive tariffs in many global markets, and an occasional supplier or materials bottleneck. Despite that, Nio has posted wild delivery growth in recent months, and the good news is investors can expect that trend to continue. What's going on? Nio's deliveries climbed 54.6% ...

Nio (NIO) recently reported its cumulative deliveries surpassed 1 million after handing over 27,182 vehicles in January, up a remarkable 96.1% on a year-over-year basis. Yet, despite this high-voltage headline, the electric vehicle (EV) stock short-circuited, losing nearly 5% and dragging the price below a key moving average (20-day) on Feb. 2. Why? Because investors focused more on the sequential decline. On a month-to-month basis, Nio’s deliveries came in down an alarming 44% in January. More News fro ...