作者丨彭鑫 编辑丨安安 2月1日，多家新势力车企陆续公布1月交付数据。 鸿蒙智行和零跑1月分别交付57915台和32059台；蔚来和岚图均实现同比大幅增长，分别同比增长96.1%和31%。 理想和小鹏则同比、环比双双下滑：前者1月交付新车27668台，同比下滑7.6%，环比下滑37.5%；后者1月交付新车20011台，同比下滑34.1%，环比下滑 46.7%。 | 品牌名称 | 2026年1月交付量 (辆) | 同家 | | --- | --- | --- | | 鸿蒙智行 | 57915 | 65.6 | | 小米 | 39000+ | | | 零跑 | 32059 | 279 | | 理想 | 27668 | -7.6 | | 高来 | 27182 | 96.1 | | 小鹏 | 20011 | -34. | | 岚圏 | 10515 | 319 | 制图：财经网汽车 乘联分会发布的数据显示，2026年1月1日至18日，国内乘用车零售67.9万辆，同比下跌28%，环比下跌37%。其中，新能源乘用车出现罕见大幅下滑，零售 销售为31.2万辆，同比下跌16%，环比腰斩，降幅达52%，新能源汽车渗透率从去年12 ...

Core Viewpoint - Anhui Province is rapidly developing its automotive industry, particularly in the electric vehicle sector, aiming for a production target of 3.6865 million vehicles by 2025, with 1.7941 million being electric vehicles, both leading the nation [2][3]. Group 1: Industry Growth and Development - The automotive industry in Anhui has grown significantly, with production increasing from 1.161 million vehicles in 2020 to a projected 3.6865 million in 2025, moving from eighth to first in national rankings [3][4]. - The province has attracted seven major vehicle manufacturers and over 3,000 automotive parts companies, with the automotive industry chain's revenue expected to exceed 1.5 trillion yuan in 2024, marking a continuous growth of over 20% for two consecutive years [6][8]. Group 2: Government Support and Investment - The local government has played a crucial role in supporting the automotive industry, exemplified by a 7 billion yuan investment in NIO to stabilize its funding and attract other manufacturers like BYD and Volkswagen [5][6]. - The establishment of the "Automobile Office" by the Anhui Provincial Development and Reform Commission aims to provide comprehensive support for the automotive industry, enhancing market efficiency through government initiatives [6][8]. Group 3: Collaborative Innovation - A framework agreement was signed among major local car manufacturers, including Chery and NIO, to promote collaborative innovation in vehicle and key component development, resource sharing, and localized chip development [9][11]. - Chery has established a global network of R&D centers and invests approximately 20 billion yuan annually in research, focusing on engine efficiency and innovation [10][11]. Group 4: Regional Development and Integration - The province is implementing a dual-core strategy with Hefei and Wuhu as the main hubs, while supporting other cities to develop complementary automotive industries, leading to a projected revenue of 20.26 billion yuan for the automotive industry in Huainan by 2025 [7][8]. - All 16 cities in Anhui have developed unique and competitive automotive parts clusters, contributing to the overall growth of the province's automotive industry [7][8].

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [8]. Core Insights - The automotive market in January 2026 experienced a seasonal downturn, with a notable decline in demand due to the impact of subsidy policies and adjustments in purchase tax. Most new energy vehicle manufacturers saw a significant month-on-month sales drop of 43.9% [3][4]. - Despite the overall weak performance in the first quarter of 2026, the continuation of the vehicle replacement policy is expected to support market recovery as local subsidy details are finalized [4]. - Companies to watch include: - Xpeng Motors (9868 HK/XPEV US) with new models launching and increasing overseas production [4]. - Geely Automobile (175 HK) focusing on internal resource integration post-privatization of Zeekr [4]. - BYD (1211 HK) benefiting from increased overseas production capacity and high growth in international sales [4]. Summary by Relevant Sections Sales Performance - BYD's January sales were 205,518 units, down 30.7% year-on-year and 50.4% month-on-month. However, exports surged by 43.3% to 100,009 units, with overseas sales accounting for 47.6% of total sales [6][7]. - NIO delivered 27,182 vehicles in January, a 96.1% year-on-year increase but a 43.5% month-on-month decline. The introduction of new financing options is expected to ease purchasing barriers [6][7]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and 46.6% month-on-month, with the new X9 model showing significant growth [6][7]. - Li Auto's deliveries were 27,668 units, reflecting a slight decline due to product cycle impacts [6][7]. - Xiaomi's deliveries exceeded 39,000 units, marking a 95% year-on-year increase [6][7]. Company Ratings and Price Targets - The report includes various companies with their respective ratings and target prices, indicating potential upside: - BYD (1211 HK) with a target price of 133.00, representing a 36.06% upside [8]. - NIO (9866 HK) with a target price of 62.75, indicating a 62.48% upside [8]. - Xpeng (9868 HK) with a target price of 134.69, suggesting an 87.98% upside [8].

2月1日，车企陆续披露新年首月销量。 从已公开信息来看，2026年1月，车市总体呈现同比微增、环比下滑的形势，部分车企环比下滑十分明 显，甚至是腰斩。 今年开局市场低迷的核心原因，一方面是国家政策退坡带来连锁反应，2026年起，新能源汽车购置税由 全额免征调整为减半征收，引发了年初消费者与厂商博弈，导致新能源汽车市场观望情绪较重。 另一方面是需求透支与春节错位。去年底，车企为冲刺销量、抢占政策末班车，密集推出降价、免息等 促销活动，刺激市场需求集中释放，加上春节延到2月中下旬，导致1月市场需求不振。 | 车企 | 销量(万辆) | 同比 | 环比 | | --- | --- | --- | --- | | 上汽集团 | 32.7 | 23.9% | -24.75% | | 吉利汽车 | 27.02 | 1.29% | 14.08% | | 比亚迪 | 21.01 | -30.11% | -50.04% | | 奇瑞汽车 | 20.03 | -10.72% | -18.23% | | 广汽集团 | 11.66 | 18.46% | -37.79% | | 长城汽车 | 9.03 | 11.59% | -27.1 ...

2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车企1月销量同比取得正增长，但这一同比增长是由于2025年春 节在1月，去年同期的新车销售基数较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税全额减免政策，同时车企为年底冲量，在12月出台了许多其 他优惠政策。进入2026年1月后，新能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴细则尚未全部出台，导 致消费者存在观望情绪，影响了车市终端销售情况。 具体来看，问界汽车1月交付约4万辆，同比增长83%，环比下滑30.74%；小米汽车1月交付超3.9万辆，去年同期为超2万辆，去年12月为超5万辆；零跑汽车 1月全系交付达3.21万辆，同比增长27%，环比下滑46.94%。 比亚迪1月销售21.01万辆，其中海外销量表现亮眼，乘用车及皮卡海外销售10万辆，同比增长43.3%。分品牌来看，比亚迪品牌销售17.75万辆；方程豹品牌 销售2.16万辆；腾势品牌销售6002辆；仰望品牌销售413辆。 长城汽车1月销售新车9.03万辆，同比增长11. ...

工信部发布强制性国家标准《汽车车门把手安全技术要求》 据工信部消息，1月28日，工业和信息化部组织制定的强制性国家标准《汽车车门把手安全技术要求》 由国家市场监督管理总局、国家标准化管理委员会批准发布，将于2027年1月1日起开始实施。 中国汽车流通协会：2月汽车市场将进入阶段性调整期 2月2日，上汽集团公告，2026年1月公司整车销量为32.74万辆，同比增长23.94%。其中，新能源汽车销 量为8.54万辆，同比增长39.73%；出口及海外基地销量为10.45万辆，同比增长51.68%。 东风日产1月交付量45984台，同比增长5.4% 2月2日，东风日产宣布，2026年1月全车系交付45984台，同比增长5.4%。其中，天籁鸿蒙座舱车型1月 交付6724台，同比增长22%。 东风本田1月销量31377辆，同比增长4.4% 2月2日，东风本田发布的数据显示，2026年1月销量31377辆，同比增长4.4%，环比增长1.8%。其中， CR-V车型销量达19141辆，同比增长36.4%，环比增长8.5%。 吉利汽车在宝鸡成立闪聚电池公司，注册资本5000万 天眼查App显示，近日，宝鸡闪聚电池有限公司成立，法 ...

Market Overview - On February 2, US stock indices closed higher, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56% [1] - Major technology stocks showed mixed results, with Apple rising over 4% and Nvidia falling nearly 3% [2] Technology Sector - The Philadelphia Semiconductor Index increased by 1.7%, with Micron Technology up over 5% and Intel up nearly 5% [2] - SanDisk's stock surged over 15% due to better-than-expected earnings, while Western Digital and Seagate also saw gains [3] - NAND flash memory prices are expected to rise by over 30% according to reports from SK Hynix and SanDisk [3] Energy Sector - The energy sector experienced declines, with ExxonMobil down over 2% and Chevron down more than 1% [3] - WTI crude oil futures fell by 4.71%, closing at $62.14 per barrel, while Brent crude oil futures dropped by 4.36% to $66.30 per barrel [4] Cryptocurrency Market - Bitcoin prices rose above $78,000 after previously dipping to around $74,560, with significant market volatility leading to over 170,000 liquidations [4] - Bitcoin ETF saw a net outflow of $1.61 billion in January 2026, indicating liquidity issues in the market [4] International Relations and Trade - A trade agreement between the US and India was announced, reducing tariffs on Indian goods from 25% to 18%, effective immediately [5] - India is expected to increase its procurement of US products, including energy and agricultural goods, valued at over $500 billion [5] - The Indian stock index Nifty 50 saw a rise in futures, and the Indian Rupee strengthened against the US dollar following the trade announcement [6]

Market Performance - The U.S. stock market showed stability as the sell-off in precious metals and cryptocurrencies eased, with better-than-expected PMI data contributing to gains across major indices [1] - The S&P 500 index closed up 0.54% at 6976.44 points, the Nasdaq Composite rose 0.56% to 23592.11 points, and the Dow Jones Industrial Average increased by 1.05% to 49407.66 points [1] Sector Performance - The S&P 500 index is close to its historical closing high, just 2.16 points away from 6978.60 points and approximately 20 points from its intraday high of 7002.28 points [3] - Notable stock movements included Nvidia down 2.89%, Google-A up 1.68%, Apple up 4.06%, and Amazon up 1.53% [3] - The "storage giants" performed well, with SanDisk up 15.44%, Micron Technology up 5.52%, Seagate Technology up 6.2%, and Western Digital up 7.99% [3] - The rare earth sector saw mixed results, with U.S. Antimony up 7.23%, while other companies like U.S. Rare Earths and Critical Metals experienced fluctuations [3] Cryptocurrency Impact - Bitcoin fell below $80,000, leading to a significant drop in Robinhood Markets by 9.62%, making it the largest decliner in the S&P 500 [4] - Other cryptocurrency-related stocks also faced declines on the same day [4] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index down 0.65% [5] Commodity Market - International oil prices fell, with WTI crude oil down $2.88 to $62.33 per barrel, a decline of 4.42% [6] - COMEX gold futures dropped $64.20, or 1.35%, to $4680.9 per ounce, while COMEX silver futures rose slightly by $0.73, or 0.93%, to $79.265 per ounce [6] - Spot gold decreased by $205.25, or 4.22%, to $4660.1 per ounce, and spot silver fell by $5.49, or 6.48%, to $79.21 per ounce [6]

截至2月2日，国内主流车企2026年1月产销数据陆续披露。整体市场呈现"传统自主强势领跑、新势力普 遍承压"的鲜明格局：上汽、吉利、奇瑞等头部车企销量同比多实现20%以上增长，自主品牌座次因新 能源与出口表现差异出现重构。 与此同时，9家主流造车新势力则遭遇集体环比下滑。业内分析指出，短期政策切换、淡季效应等因素 扰动终端，但自主车企核心竞争力持续提升，新势力"马太效应"加剧，行业高质量发展的长期逻辑未 变。 自主品牌座次重构 1月传统自主车企集团凭借完善的产品矩阵与全球化布局，交出亮眼成绩单，头部阵营座次因各板块增 长动能差异出现显著调整。 长城汽车1月销售9.03万辆，同比增长11.59%，旗下哈弗、魏牌、坦克、欧拉、长城皮卡五大品牌集体 上涨，呈现全面开花态势。具体来看，哈弗品牌销量5.05万辆，同比增长4.03%；魏牌销量7873辆，同 比增长57.24%；坦克品牌交付1.45万辆，同比增长12.92%；长城皮卡销售1.54万辆，同比增长24.58%。 海外市场表现突出，1月销售4.03万辆，同比劲增43.77%，成为集团"第二增长极"，新能源板块销量1.8 万辆，持续稳步推进转型。 东风汽车部分板块 ...

聚集7家整车制造企业，3000多家规模以上、限额以上汽车零部件企业，产业集群茁壮成长；16个设区 市因地制宜、特色发展，全省一盘棋发力新能源汽车产业；依托高能级创新平台，共建协同创新生 态……2025年，安徽省汽车产量达到368.65万辆，其中新能源汽车产量179.41万辆，均居全国首位。两 个"首位"的背后，是安徽当地政府积极作为、加快构建本土汽车产业集群的信心与恒心。安徽汽车产业 何以实现快速增长？记者近日进行了探访。 ——编者 春节临近，安徽芜湖港国际集装箱码头一派繁忙。120辆奇瑞牌汽车整齐排列，在完成装箱后，即将登 上货轮发往波兰。2025年，奇瑞控股集团有限公司连续23年位居中国品牌乘用车出口第一，在世界500 强榜单上排名大幅前移。 时针拨回到1997年，奇瑞在芜湖城北的一片荒滩中成立。彼时，奇瑞创始团队的办公场所不过是几 间"小草房"。 "一台车"，助力安徽加快构建现代化产业体系。国家统计局公布的数据显示，2025年，安徽省汽车产量 达到368.65万辆，居全国首位。其中，新能源汽车产量179.41万辆，同样居全国首位。 5年前，2020年，安徽汽车产量为116.1万辆，居全国第八位；新能源汽 ...