Investment Rating - The industry investment rating is "Hold" [6] Core Views - The automotive sector experienced a weekly increase of 2.20%, with the best-performing sub-sector being automotive services, which rose by 6.87% [3] - The average daily wholesale volume of domestic passenger car manufacturers was 51,200 units, a year-on-year decrease of 28.00%, while the average daily retail volume was 50,200 units, down 22.00% year-on-year [3] - In January, the narrow passenger car retail market is expected to reach approximately 1.8 million units, with new energy vehicles accounting for around 800,000 units, resulting in a penetration rate of 44.4% [4] - CATL launched a light commercial vehicle solution featuring the industry's first mass-produced sodium battery, which can operate effectively in extreme temperatures [4][11] - Tesla plans to sell the Optimus robot to the public by the end of next year, indicating a significant future business line for the company [5] Summary by Sections Automotive Sector Performance - The automotive sector's weekly performance was +2.20%, ranking 15th among 31 first-level industries [3] - The top five companies in terms of stock performance included New Coordinates (+36.30%) and Iron Flow Co. (+32.97%) [3] Sales and Market Trends - The expected retail sales for January are 1.8 million units, with a month-on-month decrease of 20.4% but a year-on-year increase of 0.3% [4] - The penetration rate for new energy vehicles in January is projected at 44.4% [4] Technological Developments - CATL's sodium battery solution for light commercial vehicles is designed for various vehicle types and can function in extreme cold [4][11] - The first prototype of the Hongqi all-solid-state battery has successfully passed critical testing, marking a significant technological advancement for the company [11] Investment Recommendations - Focus on companies involved in intelligent vehicle technology and those with potential overseas sales [12] - Recommended companies include Beiqi Blue Valley and several component manufacturers [14]

Core Insights - NewBridge Asset Management's Q4 2025 letter indicates that equity markets maintained upward momentum due to resilient economic growth and solid corporate returns, with large-cap growth outperforming in this quarter [1] - The NewBridge Large Cap Growth Strategy generated positive returns but lagged behind the Russell 1000® Growth Index, with most portfolio companies exceeding expectations, although some faced declines [1] - The contrasting performance of Uber Technologies, Inc. and Tesla, Inc. was highlighted as a significant challenge for the portfolio, with Uber's stock declining while Tesla's surged [1][3] Company Performance - Uber Technologies, Inc. shares traded between $60.63 and $101.99 over the past 52 weeks, closing at $81.98 on January 26, 2026, with a one-month return of 0.59% and a three-month loss of 14.98% [2] - Uber's market capitalization stands at $170.963 billion, indicating its substantial presence in the market [2] Investment Analysis - The portfolio's significant position in Uber was contrasted with the absence of Tesla, which saw a stock increase of over 60% while Uber's stock fell nearly 19% during the quarter [3] - The perceived competition from Tesla's autonomous vehicle initiatives has negatively impacted Uber, particularly following Waymo's decision not to partner with Uber in Miami for 2026 [3] - Despite current challenges, the fundamentals of Uber are considered attractive, with the belief that it will remain a key player in the autonomous vehicle market due to its extensive network platform [3]

Core Insights - The fourth quarter earnings season is gaining momentum, with major tech companies like Microsoft, Meta, Tesla, and Apple leading the earnings calendar [1] - A positive consensus is emerging, with 13% of S&P 500 companies having reported fourth quarter results, and analysts projecting an 8.2% increase in earnings per share, marking the potential for the 10th consecutive quarter of annual earnings growth for the index [2] - Analysts had initially expected an 8.3% increase in earnings per share, a decrease from the previous quarter's 13.6% growth rate, but have recently raised expectations, particularly for tech companies [3] Industry Trends - The earnings season will not only focus on Big Tech but will also assess the broader stock market breadth that has improved at the start of 2026, with ongoing themes such as artificial intelligence and economic policies from the Trump administration continuing to influence market dynamics [4] - In addition to the major tech earnings, updates will be provided from a diverse range of companies across various sectors, including UnitedHealth, Boeing, General Motors, IBM, Starbucks, and others, indicating a comprehensive earnings landscape [5]

Quick Read Stocks rallied Monday after the second straight week of losses for the major indices was posted last Friday. Excitement over megacap earnings from some of the Magnificent 7 this week is taking center stage as this will be the biggest week for 4th quarter earnings results. The Federal Reserve will meet this week, and it’s doubtful they will lower rates again. They will likely need more economic data to ensure inflation isn’t bubbling back up. Investors rethink ‘hands off’ investing and dec ...

IT之家 1 月 27 日消息，欧洲汽车制造商协会（ACEA）当地时间周二发布的数据显示，2025 年欧洲新车注册量增长 2.4%，达到 1330 万辆，12 月份再度实 现反弹。尽管这一数据对饱受关税压力与竞争加剧困扰的行业而言是利好消息，但销量仍比疫情前水平低约 15%。 去年欧洲汽车销量增长部分得益于电动汽车销售的复苏。随着售价约 2 万欧元（IT之家注：现汇率约合 16.5 万元人民币）的更多车型上市，市场需求被有 效激活。这类车型包括 Stellantis 集团旗下的雪铁龙 ë-C3 城市车，以及比亚迪等中国品牌进口车型。纯电动汽车注册量激增 30%，该动力类型已占据整体市 场约五分之一的份额。 不过，这一表现仍略低于预期。由于欧洲充电基础设施尚不完善，许多消费者转而选择兼具电池与内燃机的混动车型。大众和保时捷均已调整其电动化战 略，以应对增长放缓的趋势，两家车企均计划推出更多混动车型。去年，插电式混合动力汽车销量增长 33%，成为该地区增长最快的动力类型。 彭博行业研究分析师吉莉安 · 戴维斯表示，受新补贴政策及多款新一代车型上市推动，欧洲汽车销量今年有 望继续增长。戴维斯在一份报告中指出，中国品 ...

Core Viewpoint - Tesla's stock has seen a 7% increase over the past 12 months, but it has declined by 1% since the company reported its third-quarter earnings in late October, indicating mixed investor sentiment ahead of the upcoming fourth-quarter earnings report [1]. Group 1 - Tesla stock rose early on Tuesday, reflecting investor anticipation for the company's fourth-quarter earnings report [1]. - The stock performance shows a 7% increase over the past year, suggesting some level of investor confidence despite recent fluctuations [1]. - The 1% decline since the third-quarter earnings report indicates potential concerns regarding the company's financial outlook [1].

新力量 New Force 第一上海研究部 research@firstshanghai.com 【公司评论】 特斯拉 2025Q4 业绩前瞻 【行业评论】 互联网行业周报 【宏观经济评论】 第一上海——First Call 一月策略（二） 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 第一上海证券有限公司 www.mystockhk.com 总第 4952 期 2026 年 1 月 27 日 星期二 研究观点 第一上海 新力量 New Force 【公司评论】 | 李京霖 | | --- | 852-25321957 jinglin.li@firstshanghai.com.hk 唐伊莲 alice.tang@firstshanghai.com.hk | 行业 | 汽车 | | --- | --- | | 股价 | 449.06 美元 | | 市值 | 1.49 万亿美元 | | 总股本 | 33.26 亿股 | | 52 周高/低 | 499 ...

Group 1 - VinFast collaborates with Autobrains to develop autonomous driving technology, focusing on enhancing the L2 level autonomous driving capabilities of its upcoming electric vehicles [2] - Tesla's sales in Europe declined significantly, with a 20% year-on-year drop in December, totaling 35,280 units, and an annual decline of 27% to 238,656 units, while BYD's sales surged over twofold to 27,678 units in December, with an annual total of 187,657 units [2] - BYD plans to launch at least three new models in South Korea this year, aiming for sales exceeding 10,000 units [3] - Xiaopeng Motors anticipates "very strong" growth this year, with overseas sales growth potentially outpacing domestic sales [2] - The 2026 Beijing Off-road BJ40 family has been launched, with prices starting from 132,900 yuan, featuring various upgrades including a new drone storage system in one model [2][3]

Core Insights - EU car sales increased by 1.8% in 2025, reaching 10.8 million vehicles, driven by rising demand for electric vehicles (EVs) despite remaining below pre-pandemic levels [1][1][1] Electric Vehicle Market - Battery-electric vehicles accounted for nearly 1.9 million registrations in 2025, representing 17.4% of total sales, up from 13.6% in the previous year [1][1][1] - Hybrid electric cars captured 34.5% of the market, while the combined share of petrol and diesel vehicles fell to 35.5%, down from 45.2% [1][1][1] - Petrol car sales declined by 18.7%, with France experiencing the steepest drop at 32% [1][1][1] - Germany saw a 43.2% increase in electric vehicle sales, with the Netherlands, Belgium, and France also reporting double-digit growth [1][1][1] Competitive Landscape - Tesla's sales in Europe fell by 31.9% in December to 21,485 vehicles, resulting in a market share reduction to 2.2% [1][1][1] - For the full year, Tesla's sales dropped 37.9% to 150,504 units, losing ground to BYD, which saw its European sales nearly triple in December to 18,008 vehicles [1][1][1] - BYD's annual sales increased to 128,827 cars, raising its market share to 1.9% and overtaking Tesla as the world's largest electric carmaker in 2025 [1][1][1] Overall Market Performance - Across Europe, including the EU, European Free Trade Association, and the UK, car sales rose 7.6% in December to 1.2 million vehicles and increased 2.4% over the year to 13.3 million [1][1][1] - Jaguar Land Rover faced challenges, with December sales falling 25.3% to 4,332 vehicles and full-year sales declining 17% to 53,161 units, selling only one Jaguar in December as it transitioned to an all-electric future [1][1][1]

U.S. stock futures are presenting a mixed picture this Tuesday, January 27, 2026, as investors navigate a busy week dominated by corporate earnings reports, a crucial Federal Reserve policy meeting, and fresh geopolitical developments. While technology-focused futures show upward momentum, broader market indicators suggest a more cautious approach in premarket trading.Premarket Activity and Index FuturesAs of early Tuesday, premarket trading indicates a divergence among the major U.S. indexes. Nasdaq 100 fu ...