Group 1 - DeepSeek released a new paper on New Year's Day proposing a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at addressing instability issues in traditional hyperconnections during large-scale model training while maintaining significant performance gains [1] - The paper's first authors include Zhenda Xie, Yixuan Wei, and Huanqi Cao, with DeepSeek's founder and CEO Liang Wenfeng also listed as an author [1] Group 2 - The EU's Carbon Border Adjustment Mechanism (CBAM) will officially implement on January 1, 2026, with recent legislative proposals and implementation details released by the EU [2] - China expressed concerns over the EU's high default carbon emission intensity values for Chinese products, which are deemed unfair and discriminatory, and plans to gradually increase these values over the next three years [2] - The EU plans to expand the CBAM scope to include approximately 180 steel and aluminum-intensive downstream products by 2028, which China views as unilateral and protectionist [2] Group 3 - Multiple electric vehicle manufacturers have reported their delivery data for December 2025 and the entire year, with Li Auto delivering 44,246 vehicles in December and a total of 1,540,215 vehicles since inception [6][16] - NIO delivered 48,135 vehicles in December, marking a 54.6% year-on-year increase, and a total of 326,028 vehicles for the year, a 46.9% increase [6][16] - Xpeng Motors reported 37,508 vehicles delivered in December, with a total of 429,445 vehicles for the year, reflecting a 126% year-on-year growth [6][16] Group 4 - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025 [7][18]

Summary of Key Points Core Viewpoint The domestic major new energy vehicle (NEV) companies have reported their sales figures for December 2025 and the entire year, showcasing significant growth in the sector despite some companies experiencing a decline in monthly sales. Group 1: BYD - In December 2025, BYD sold 420,398 NEVs, a year-on-year decline of approximately 18.2% [1] - The total sales for the year reached 4,602,436 units, representing a year-on-year growth of 7.73% [1] - Pure electric vehicle sales in December were 190,712 units, with annual sales of 2,256,714 units, marking a substantial increase of 27.86% [1] - BYD exported a total of 133,000 NEVs in December [1] Group 2: Geely - Geely's total vehicle sales for 2025 exceeded 3.02 million units, surpassing its annual sales target [2] - The company achieved a record high in NEV sales, totaling 1.69 million units [2] - Geely aims to reach a sales target of 3.45 million units in 2026, with NEV sales projected at 2.22 million units [2] Group 3: Hongmeng Zhixing - Hongmeng Zhixing delivered 89,611 vehicles in December, setting a new historical high [3] - The total deliveries for 2025 reached 589,107 units, reflecting a year-on-year growth of 32% [3] Group 4: Leap Motor - Leap Motor's total deliveries in December reached 60,423 units, a year-on-year increase of 42% [4] - The cumulative deliveries for 2025 amounted to 596,555 units, representing a remarkable growth of 103% [4] Group 5: Xiaomi Auto - Xiaomi Auto reported over 50,000 deliveries in December 2025 [5] - The Xiaomi YU7 model has delivered over 150,000 units in six months, which is 2.3 times the delivery of the SU7 in the same period [6] Group 6: NIO - NIO delivered 48,135 vehicles in December, achieving a historical high with a year-on-year growth of 54.6% [7] - The total deliveries for 2025 reached 326,028 units, marking a year-on-year increase of 46.9% [7] - NIO's brand deliveries included 31,897 units, with the Leida brand delivering 91,54 units and the Firefly brand delivering 7,084 units [7] Group 7: Li Auto - Li Auto delivered 44,246 vehicles in December 2025 [8] - The total deliveries for the fourth quarter reached 109,194 units, with a cumulative historical delivery of 1,540,215 units by the end of December 2025 [8] Group 8: Aion - Aion's sales in December reached 40,066 units, setting a new record [9] Group 9: XPeng Motors - XPeng Motors delivered 37,508 vehicles in December, reflecting a year-on-year growth of 2% [11] - The total annual deliveries for 2025 reached 429,445 units, a significant increase of 126% compared to the previous year [11] - The XPeng X9 model achieved a record monthly delivery of 5,424 units in December, with a month-on-month increase of 68% and a year-on-year increase of 289% [11] Group 10: Zeekr - Zeekr reported 30,267 deliveries in December, achieving a historical high with a year-on-year growth of 11.3% [12] - The total annual sales exceeded 224,000 units [12] Group 11: Lantu - Lantu's total deliveries for 2025 surpassed 150,169 units, achieving a year-on-year growth of 87% [13] Group 12: IM Motors - IM Motors reported total sales of 81,017 units for 2025, setting a new annual sales record [14]

Core Viewpoint - The official launch of NIO's battery swap station on January 1, 2026, marks the completion of the NIO Yunnan-Tibet battery swap route, enhancing the convenience of electric vehicle charging across a significant distance [1] Group 1: Route Details - The NIO Yunnan-Tibet battery swap route starts in Kunming, Yunnan, and spans over 2,700 kilometers [1] - The route connects 19 battery swap stations in key tourist cities such as Dali, Lijiang, Shangri-La, Nyingchi, Lhasa, and Shigatse, with an average of one station every 142 kilometers [1] Group 2: User Experience - Yunnan users can travel from Kunming to the base camp of Mount Everest using battery swaps, ensuring a seamless charging experience [1] - National users can rely on over 3,670 NIO battery swap stations to reach the base camp of Mount Everest, providing a charging experience comparable to refueling a traditional vehicle [1]

Core Viewpoint - The official launch of NIO's battery swap station on January 1, 2026, marks the completion of the NIO battery swap route in Yunnan-Tibet, enhancing the convenience and efficiency of energy replenishment for users traveling to key tourist destinations in the region [1] Group 1 - The Yunnan-Tibet battery swap route starts in Kunming and spans over 2,700 kilometers, connecting 19 battery swap stations in major tourist cities such as Dali, Lijiang, Shangri-La, Nyingchi, Lhasa, and Shigatse [1] - There is an average of one battery swap station every 142 kilometers along the route, facilitating easier access for users [1] - Users in Yunnan can travel from Kunming to the Everest Base Camp with full battery swaps, while users nationwide can rely on over 3,670 NIO battery swap stations for a seamless journey to the Everest Base Camp [1]

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge, but several companies achieved substantial annual growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO saw a 46.88% year-on-year increase. Li Auto, however, struggled to regain its peak performance due to unmet expectations in its pure electric strategy [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, marking a year-on-year increase of 42.11%, and achieved a total of 596,555 deliveries for the year, a 103.1% increase, setting a new record for new energy vehicle sales [2][3]. - NIO's December deliveries reached 48,135 vehicles, a historical monthly high with a year-on-year growth of 54.59%. The total deliveries for 2025 amounted to 326,028 vehicles, reflecting a 46.88% increase [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 for the year, representing an 18.81% decline. However, it became the first new energy brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved 429,445 deliveries in 2025, a significant year-on-year increase of 125.94%, although December deliveries were 37,508, falling short of its quarterly guidance [9]. Group 2: Market Trends and Future Outlook - The absence of a year-end surge in the 2025 car market was confirmed by industry analysts, with government policies expected to stabilize the market in 2026 [11]. - Leap Motor aims to reach a delivery target of one million vehicles in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model has become a key contributor to sales, with a significant number of orders expected to mitigate performance dips in early 2026 [5]. - Li Auto is focusing on expanding its overseas market presence to alleviate domestic competition pressures [7]. - Xpeng Motors plans to introduce seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9].

Core Viewpoint - NIO has successfully completed the connection of its battery swap route in the Yunnan-Tibet region, covering over 2,700 kilometers and featuring 19 battery swap stations along the way, enabling direct battery swaps to Mount Everest [1] Group 1 - The battery swap route spans more than 2,700 kilometers [1] - There are 19 NIO battery swap stations strategically located along the route [1] - The route allows for uninterrupted battery swapping directly to Mount Everest [1]

Core Insights - NIO Inc. achieved a record high in vehicle deliveries in December 2025, with a total of 48,135 vehicles delivered, representing a year-on-year increase of 54.6% [1] Delivery Performance - In December 2025, NIO brand delivered 31,897 vehicles, marking a historical high with a year-on-year growth of 54.8%, and the delivery volume has increased for five consecutive months [1] - The Ladao brand delivered 9,154 vehicles, while the Firefly brand delivered 7,084 vehicles, also reaching historical highs with a month-on-month growth of 16.4% [1] Quarterly Performance - In Q4 2025, NIO delivered a total of 124,807 vehicles, achieving a record high with a year-on-year increase of 71.7% [1] - The NIO brand delivered 67,433 vehicles in Q4, reflecting a year-on-year growth of 27.8% [1] - The Ladao brand saw a significant increase in Q4 deliveries, with 38,290 vehicles delivered, representing a year-on-year growth of 92.1% [1] - The Firefly brand delivered 19,084 vehicles in Q4, showing a month-on-month growth of 52.8% [1]

Core Insights - In 2025, several new energy vehicle companies reported significant growth in their delivery numbers, with many achieving record monthly deliveries in December [1][9]. Group 1: Company Performance - Leap Motor delivered approximately 59.66 million vehicles in 2025, marking a year-on-year increase of 103%. In December alone, the company delivered about 6.04 million vehicles, a 42% increase year-on-year [1][2]. - Xiaomi Auto surpassed 50,000 vehicles in December 2025 for the first time, with total deliveries exceeding 350,000 for the year, achieving a significant milestone [2]. - NIO reported a December delivery of over 48,000 vehicles, a 54.6% increase year-on-year, contributing to a total of approximately 326,000 vehicles delivered in 2025, a 46.9% increase [3][5]. - Li Auto delivered about 44,000 vehicles in 2025, with December deliveries reaching approximately 44,300 vehicles [5]. - Xpeng Motors achieved a total of approximately 429,400 vehicles delivered in 2025, reflecting a 126% year-on-year growth [5]. Group 2: Market Trends - The overall passenger vehicle market in China saw a decline in December 2025, with retail sales dropping by 17% year-on-year to approximately 1.928 million vehicles [9]. - Despite the decline in the overall market, the new energy vehicle sector showed resilience, with many brands reporting record monthly deliveries [9]. - The absence of the typical year-end "tail effect" in the market is expected to lead to a positive start for 2026, with forecasts indicating growth in the first quarter [9].

Core Viewpoint - NIO-SW (09866) reported a record monthly delivery of 48,100 vehicles in December 2025, representing a year-on-year increase of 54.6% [1] Group 1: Delivery Performance - The December 2025 deliveries included 31,900 vehicles from the NIO brand, 9,154 vehicles from the Ladao brand, and 7,084 vehicles from the Firefly brand [1] - In Q4 2025, the company delivered 124,800 vehicles, achieving a quarterly record with a year-on-year growth of 71.7% [1] - The total delivery volume for the year 2025 reached 326,000 vehicles, marking a year-on-year increase of 46.9% [1] - As of December 31, 2025, the cumulative delivery volume of the company reached 997,600 vehicles [1] Group 2: Product Highlights - The NIO ES8, the company's flagship SUV, surpassed 40,000 cumulative deliveries in December 2025, setting a record for the fastest delivery of pure electric vehicles priced above 400,000 RMB in China [1] - The ES8's success is attributed to the company's leading smart electric vehicle technology and its comprehensive charging, swapping, and upgrading support network [1] - The ES8 has solidified its leading position in the large three-row SUV segment, showcasing exceptional product competitiveness and broad user recognition [1]

Core Insights - NIO-SW (09866) achieved a record monthly delivery of 48,100 vehicles in December 2025, representing a year-on-year increase of 54.6% [1] - The total vehicle deliveries for the fourth quarter of 2025 reached 124,800 units, marking a quarterly increase of 71.7% [1] - For the entire year of 2025, the company delivered 326,000 vehicles, which is a year-on-year growth of 46.9% [1] - As of December 31, 2025, the cumulative vehicle delivery reached 997,600 units [1] Delivery Breakdown - In December 2025, the NIO brand delivered 31,900 high-end smart electric vehicles, while the Ladao brand delivered 9,154 family smart electric vehicles, and the Firefly brand delivered 7,084 high-end smart electric cars [1] - The new ES8 SUV, a flagship model, surpassed 40,000 cumulative deliveries in December 2025, setting a record for the fastest delivery of pure electric vehicles priced above 400,000 RMB in China [1] Competitive Positioning - The new ES8 solidified its leading position in the large three-row SUV segment, showcasing exceptional product competitiveness and broad user recognition, supported by industry-leading smart electric vehicle technology and a comprehensive energy replenishment network [1]