We recently published 10 Stocks Quietly Climbing Toward 2026. NIO Inc. (NYSE:NIO) is one of the best performers on Monday. NIO Inc. extended its winning streak to a third consecutive day on Monday, jumping 4.71 percent to close at $5.34 apiece as investors cheered the company’s preliminary sales guidance for the fourth quarter of the year. According to Chinese media 36kr, quoting NIO Inc. (NYSE:NIO) founder and Chief Executive Officer William Li as telling Chinese customers that the company is looking t ...

（原标题：蔚来能源｜写入《2025 汽车行业影响力年鉴》） 在"十四五"规划收官之际，中国汽车产业正在进入新的发展阶段。经济观察报第十九届中国汽车年会暨 《2025汽车行业影响力年鉴》，基于公开数据、市场表现与行业共识，对年度内在技术路径与市场格局 层面产生实际影响的"明亮因子"进行系统梳理。 在汽车产业迈向全面电动化转型的关键阶段，能源服务的创新与布局，已成为衡量企业长期竞争力与用 户体验的重要标尺。蔚来能源 以前瞻的战略眼光、扎实的网络建设、开放的生态合作以及持续演进的 商业模式，重塑电动汽车用户的补能体验，开辟出一条兼具成长性、行业引领性与社会价值的新赛道， 成为2025年备受关注的投资价值标杆。 秉持"让加电比加油更方便"的愿景，蔚来能源累计投入约180亿元，系统构建起"可充、可换、可升 级"的全场景能源服务体系。截至2025年12月，其已在全国布局超过8500座充换电站，形成覆盖"9纵11 横16大城市群"的高速换电网络，1000余座高速换电站联通全国550座城市。在部分基础设施相对薄弱、 但出行需求旺盛的区域，蔚来布局了80余条加电风景线，并向全行业电动车用户开放，助力低碳出行。 2025年，蔚来 ...

（编辑 张昕） 本报讯 （记者袁传玺）天眼查App显示，近日，海宁蔚乐萤汽车销售服务有限公司成立，注册资本500万元，经营范围包 括新能源汽车整车销售、机械设备销售、五金产品零售等，由蔚来汽车销售服务有限公司全资持股。 ...

Core Insights - In 2025, the Chinese smart driving industry is experiencing an unprecedented shift in computing power, driven by the evolution of software algorithms and the emergence of competing technical paradigms [1][2] - The differentiation in high-level intelligent driving commercial applications is evident, with a K-shaped market split between affordable and high-end models, leading to fragmentation in the industry [2] - The demand for computing power is increasingly recognized as a core element in the development of smart driving technologies, both at the vehicle and cloud levels [2] Group 1: Technological Evolution - The transition to an end-to-end framework in smart driving is marked by significant advancements, as seen in Tesla's FSD Beta V12 software, which utilizes a computing power standard of 144 TOPS [3][4] - Tesla's shift from HW3 to HW4 signifies a major milestone in its autonomous driving evolution, with the latter becoming the preferred platform for future software updates [5][6] - The upcoming FSD V14 version is expected to have ten times the parameters of its predecessor, indicating a substantial leap in the vehicle's ability to process complex environmental information [6] Group 2: Market Dynamics - Chinese smart driving players, including Xpeng, Li Auto, and NIO, are adopting end-to-end strategies but are initially relying on existing computing platforms, primarily NVIDIA's Orin-X [7][12] - By 2025, a clear division among smart driving companies has emerged, categorized into three main factions based on their computing power strategies: self-developed chips, NVIDIA-based solutions, and Huawei's offerings [12][13] - The self-developed chip faction includes NIO's NX9031 and Xpeng's Turing AI chip, while the NVIDIA faction is represented by the latest Thor platform, which is gaining traction in various models [13][14] Group 3: Cloud Computing and Future Prospects - The industry is witnessing a race for cloud computing power, which is essential for the evolution of smart driving algorithms and the transition from L2 to L4 capabilities [19][20] - The reliance on cloud computing is becoming increasingly critical, as it supports data processing, model training, and simulation necessary for addressing complex driving scenarios [23][24] - The ongoing competition for cloud resources is expected to intensify, with companies recognizing that enhanced cloud capabilities are vital for future advancements in autonomous driving technology [20][21]

Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

Domestic News - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes accelerating the transformation and upgrading of traditional industries, focusing on intelligent, green, and integrated development to enhance the competitiveness of traditional industries globally [6] - The National Energy Administration calls for the construction of a high-quality charging infrastructure system, aiming for a "three-year doubling" action plan to improve service capabilities and safety in electric vehicle charging [7] - In November, China's electric vehicle exports surged by 87% year-on-year, reaching 199,836 units, with significant growth in Asia (71%) and Latin America (283%) [8] - Changan Automobile plans to raise no more than 6 billion RMB through stock issuance to enhance its R&D and market competitiveness in the new energy vehicle sector [9] - NIO has announced the launch of a battery swap station in Deqin, completing a battery swap route over 2,700 kilometers with 19 stations [12] - CATL has established a new energy technology company in Xishuangbanna, focusing on new energy technology research and sales [13] International News - The market share of imported cars in South Korea is expected to exceed 20% in 2025, driven by the surge in Tesla sales and high demand for premium brands [15] - TIERIV has received support from the Japanese government to build a large-scale autonomous driving data set, enhancing industry competitiveness through AI data collection [16] - Waymo is conducting autonomous taxi tests in London, showcasing its electric vehicles on the streets [17] - General Motors plans to launch its sixth-generation V8 engine in 2027, offering two displacement options of 5.7L and 6.7L [18] Commercial Vehicles - The first fully vehicle-compliant unmanned logistics vehicle is set to launch in early 2026, with several domestic manufacturers focusing on unmanned logistics solutions [21] - Dongfeng Motor has completed dual national standard certification for vehicle information security and software upgrades, positioning itself at the forefront of compliance in the industry [23] - Iveco's electric vehicle has been awarded the title of "Green and Efficient City Distribution Recommended VAN" at a recent industry event [24] - The Fei Die Qitu MX (air brake version) light truck has been launched in Shaanxi, expanding the product lineup to meet diverse transportation needs [26]

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]

Core Insights - The report emphasizes that the automotive industry will experience new growth driven by "smart driving and overseas expansion" in 2026, with L3-level autonomous driving penetration expected to continue increasing and new energy vehicle (NEV) exports maintaining high growth [2][3] - The report anticipates that the overall export of vehicles will exceed expectations in 2025, with strong momentum for NEV exports in regions such as Europe, the Middle East, and North America, indicating a new growth phase for domestic brands [2] - The report highlights that the L3 window period is clearly defined, with multiple domestic manufacturers set to mass-produce vehicles equipped with advanced driving assistance systems, leading to increased penetration of intelligent components [2] Vehicle Sector - The overall demand in the vehicle market remains stable, with a projected retail sales volume of 2,494 million units in 2026, reflecting a year-on-year growth rate of 1% [45] - NEV sales are steadily increasing, with a retail penetration rate exceeding 50%, and a cumulative retail sales volume of 10.15 million units from January to October 2025, representing a year-on-year growth of 21.9% [13] - The average price of passenger vehicles is on a downward trend, with the average price in the first ten months of 2025 being 170,000 yuan, a decrease of 7,000 yuan from the previous year [19] Component Sector - The report indicates that the trend towards electrification remains unchanged, with the penetration of intelligent components expected to continue rising, benefiting from the ongoing development of the automotive supply chain [2] - The report suggests that the domestic automotive supply chain, combined with overseas expansion, is likely to accelerate in 2026, providing incremental opportunities for relevant component manufacturers [2] Robotics Sector - The report notes that humanoid robots are entering a critical stage of industrialization, with significant demand for complex scene interactions driving the growth of core components, benefiting companies with relevant layouts in the robotics field [2] - The report emphasizes that the core components of humanoid robots will enjoy the dividends of industrial development, with companies positioned in this sector expected to benefit first [2] Low-altitude Economy - The report states that the domestic low-altitude economy has transitioned from a nascent stage to a period of rapid development, with the market scale expected to leap from hundreds of billions to trillions [2] - Several automotive companies are entering the low-altitude economy sector, indicating a promising future for growth [2] Policy and Market Dynamics - The report highlights that the 2026 NEV purchase tax subsidy will be reduced, leading to increased market competition, while the overall trend of NEV penetration and intelligentization is expected to drive the rise of domestic brands [2][38] - The tightening of "two new" policies is anticipated to increase the marginal cost for consumers, with various regions adjusting or suspending vehicle replacement and scrapping subsidy policies [39][40]

Industry Overview - The electric car market in China is experiencing a downturn in 2025, with overall sales declining and analysts predicting a continued price war [1] - Tesla's sales decreased by 7.4% year-over-year, while BYD, the market leader, reported a 5.1% decline during the same period [1] Sales Performance - BYD's passenger car sales in November alone fell by 26.5% compared to the previous year, indicating a significant drop in demand [2] - In contrast, newer competitors, including vehicles powered by Huawei software and models from Xiaomi, saw sales growth exceeding 90% during the same timeframe [2] - U.S.-listed Chinese electric car startups such as Nio, Xpeng, and Li Auto did not rank among the top 10 sellers for the month, despite improvements in their monthly deliveries [2] Market Dynamics - Market concentration in the new energy vehicle sector has increased dramatically, with the top ten manufacturers now accounting for approximately 95% of the market, up from 60-70% just two to three years ago [3] - The new energy vehicle category includes both battery-electric and hybrid-powered cars [3] Future Outlook - Industry consolidation is anticipated, with price competition becoming more critical than brand recognition, as consumers are less likely to purchase unfamiliar brands [4]

Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]