Group 1: Stock Market Performance - Several gold stocks in the US market saw significant increases, with Kintan, Harmony Gold, and Pan American Silver rising over 3% [2] - Notable performance in tech stocks, with Meta and Intel both rising approximately 2% [2] - The Nasdaq Golden Dragon China Index rose over 1%, with NIO increasing nearly 7%, XPeng up over 5%, and Baidu rising nearly 6% [2] Group 2: Precious Metals Market - After a significant drop, the precious metals market rebounded, with COMEX silver rising nearly 8% and spot silver increasing over 4% [5] - Gold prices reached up to $4,400, while platinum and palladium rose approximately 5% and 2%, respectively [5] - Year-to-date, gold has seen an increase of over 66%, marking its best performance since 1979 [7] Group 3: Future Price Predictions - UBS has raised its gold price forecast for the first three quarters of 2026 to $5,000 per ounce, with potential increases to $5,400 in case of political or economic turmoil [10] - CITIC Securities has warned of potential volatility in silver prices, suggesting caution due to historical high volatility indices [10]

智通财经APP获悉，12月30日，蔚来(NIO.US)美股开盘阶段大幅拉升，涨幅超过7%。此轮市场积极反 应，紧随其旗舰车型全新ES8达成重要交付里程碑。 值得注意的是，该品类销量自今年9月首次超越增程式、传统燃油及插电混动同类车型后，已连续三个 月稳居各动力形式销量榜首。用户购买偏好与市场销售数据的双重印证，标志着以纯电驱动的大型三排 座SUV正迎来高速增长的"黄金时代"。 12月29日，全新ES8正式交付第四万台，自今年9月21日开启交付至今，仅用100天即实现此目标，创下 中国汽车市场40万元以上价位车型达成四万台交付的最快纪录。全新ES8持续刷新的交付速度，有力印 证了蔚来"双旗舰大三排SUV"产品策略的市场竞争力。根据规划，2026年蔚来还将推出三款全新大型车 型，形成旗下共计五款大车同步销售的产品矩阵。 这一业绩也与宏观市场趋势高度吻合。根据根据中汽协与乘联会最新发布的零售数据，2025年11月，纯 电动大三排SUV细分市场单月销量攀升至46,209台，环比增长16%，创下历史新高。 ...

格隆汇12月30日｜中概新能源车股齐涨，蔚来涨超7%，小鹏汽车涨5.5%，理想汽车涨近2%。 消息面上，国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通 知。支持汽车报废更新。个人消费者报废登记在本人名下的乘用车，并购买纳入《减免车辆购置税的新 能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车报废更新补贴支持， 购买新能源乘用车补贴车价的12%（最高不超过2万元）、购买2.0升及以下排量燃油乘用车补贴车价的 10%（最高不超过1.5万元）。 支持汽车置换更新。个人消费者转让登记在本人名下的乘用车，并购买纳入《减免车辆购置税的新能源 汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车置换更新补贴支持，购买 新能源乘用车补贴车价的8%（最高不超过1.5万元）、购买2.0升及以下排量燃油乘用车补贴车价的6% （最高不超过1.3万元）。(格隆汇) ...

Group 1 - The Nasdaq China Golden Dragon Index rose over 0.5% in early trading [1] - Baidu increased by 5.75% [1] - NIO rose by 3.88% [1] - Xpeng Motors gained 3.51% [1] - NetEase saw an increase of 2.36% [1] - Century Internet rose by 1.28% [1]

消息面上，国家发改委、财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政策的通 知》，其中提到，支持汽车报废更新。个人消费者报废登记在本人名下的乘用车，并购买纳入《减免车 辆购置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车报废更 新补贴支持，购买新能源乘用车补贴车价的12%(最高不超过2万元)、购买2.0升及以下排量燃油乘用车 补贴车价的10%(最高不超过1.5万元)。 上述通知还提到，支持汽车置换更新。个人消费者转让登记在本人名下的乘用车，并购买纳入《减免车 辆购置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车置换更 新补贴支持，购买新能源乘用车补贴车价的8%(最高不超过1.5万元)、购买2.0升及以下排量燃油乘用车 补贴车价的6%(最高不超过1.3万元)。 智通财经APP获悉，周二，新能源车中概股普涨，蔚来(NIO.US)涨5%，小鹏汽车(XPEV.US)涨逾3%， 理想汽车(LI.US)涨逾1%。 ...

Summary of the Conference Call on China's Auto Industry Outlook for 2026 Industry Overview - The conference call focuses on the **China auto industry** and its outlook for **2026**, highlighting cyclical and policy challenges that may lead to both risks and opportunities for technological advancements and market growth [1][2]. Key Forecasts and Trends - **Sales Decline**: Anticipated **7% year-over-year (YoY)** decline in auto sales for 2026, ending a three-year growth streak. This decline is attributed to market pessimism, which may lead to a relief rally if marginal improvements occur [2][3]. - **Subsidy Expectations**: Continued nationwide and local subsidies are expected to mitigate the impact of a **5% purchase tax hike**. The average subsidy per car is projected to decrease due to updated stimulus measures [3]. - **Quarterly Sales Projections**: - **1Q26**: Sales expected to fall **5-7% YoY** (or down **30%+ quarter-over-quarter (QoQ)**). - **2Q26**: Anticipated **3% YoY** decline. - **2H26**: Expected to see a **0-1% YoY** decline, with March/April potentially marking the fundamental trough for investors [3]. Volume and Market Share - **Wholesale Volume**: Forecasted **3% YoY** decline in **2026** for passenger vehicle (PV) wholesale volume, with a **7% YoY** decline in domestic sales [4][11]. - **New Energy Vehicles (NEV)**: NEV sales growth is expected to decelerate to **11%**, achieving **59% sales penetration**. Plug-in hybrid electric vehicles (PHEVs) are projected to grow **14%**, outpacing battery electric vehicles (BEVs) at **9%** growth [4][15]. - **Export Growth**: Exports are expected to grow by **16% YoY**, with significant growth in sales to Europe, ASEAN, and Latin America, each projected to grow **20-25% YoY** [4][12]. Investment Recommendations - **Preferred Stocks**: - For OEMs: **XPeng**, **Geely**, and **SAIC** are recommended for their resilient domestic and growing overseas sales, along with potential re-rating opportunities from non-auto initiatives. - Investors are advised to monitor **Li Auto**, **NIO**, and **BYD** for new launches in **2Q26** that may generate alpha against reduced expectations [6]. - **Auto Parts**: Preferred stocks include **Hesai**, **Minth**, and **Xingyu**. Among dealers, **Zhongsheng** is favored due to profit resurgence from stricter scrutiny on unfair auto price competition [6]. Additional Insights - **Technological Development**: The need for progressive development of non-auto initiatives, such as AI and humanoids, is emphasized for a potential re-rating of multiples in the capital market [5]. - **Market Sentiment**: The current market sentiment is characterized by a pessimistic bias, which may create opportunities for recovery if conditions improve [2]. Conclusion - The China auto industry is poised for a challenging year in **2026**, with expected declines in sales and volume. However, strategic investments in resilient companies and emerging technologies may provide opportunities for recovery and growth in the long term [1][2][6].

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]