曾几何时，德国工艺、意大利设计、英国血统等，是欧洲汽车工业引以为傲的标签，更是其构筑行业壁垒的护城河。在燃油车时代，这些由百年积淀形成 的专有技术与品牌光环，确实让欧洲车企稳坐全球汽车产业的高端王座。 然而，当汽车的灵魂从发动机与底盘悄然转向芯片与算力，一场深刻的危机早已降临。固执于一切自研的欧洲巨头们，在软件定义汽车的浪潮中频频触 礁，比如项目延期、成本失控、系统失灵成为常态。 直到如今，他们终于放下身段，将目光投向东方，尤其是那些在智能电动车赛道上疾驰的中国企业，才恍然发觉，闭门造车的时代已经终结，开放与合作 才是通向未来的钥匙。 从大众携手小鹏、到Stellantis寻求外部技术输血，一场由痛苦教训催生的觉醒正在欧洲汽车业蔓延。他们终于明白，在软件这场高投入、快迭代的竞赛 中，单打独斗不仅无法赢得优势，反而可能拖垮整个帝国。 欧洲车企的挫折、醒悟 欧洲汽车制造商曾深信，竞争优势源自对核心技术的绝对掌控。这种根植于工业时代的信念，驱使它们在面对软件定义汽车的变革时，第一反应是建立庞 大的内部软件部门，试图将软件能力完全内化。 比如大众集团于2020年高调成立的Cariad软件公司，便是这一思维的典型代表。 ...

图源：何小鹏官方微博 2月5日，何小鹏在微博发文称， 小鹏即将迎来第一款旗舰级大六座SUV小鹏GX。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 腾讯"元宝分10亿"活动2月1日0点正式开启，用户最高可领万元现金红 包，官方攻略发布 何小鹏表示，制造大六座SUV是根据用户反馈。他认为，当前市场上三排座SUV无法兼顾舒适、空间与操控，所以重新设计一台全尺寸家用旗舰 SUV。 亚马逊官宣裁撤1.6万个职位 ...

Core Viewpoint - The January 2026 performance of the new energy vehicle market was relatively flat, but new forces in the industry showed better year-on-year performance compared to the overall market [3]. Group 1: January Delivery Data - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.4% but a month-on-month decrease of 31.9% [2]. - Li Auto delivered 27,668 vehicles, down 7.5% year-on-year and down 37.5% month-on-month [7]. - NIO delivered 27,182 vehicles, marking a significant year-on-year increase of 96.1% but a month-on-month decrease of 14.2% [6]. - Zeekr delivered 23,852 vehicles, with a year-on-year increase of 99.7% and a month-on-month decrease of 9.3% [8]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and down 38.0% month-on-month [5]. - Xiaomi delivered over 39,000 vehicles in January [8]. Group 2: Market Performance Analysis - The total retail market for narrow passenger cars in January was approximately 1.8 million units, a month-on-month decrease of 20.4% but a slight year-on-year increase [3]. - The new energy vehicle retail market is expected to reach 800,000 units, with a penetration rate of 44.4% [3]. - The five sample new force car companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles, a year-on-year increase of 17.5% but a month-on-month decrease of 28.0% [3]. Group 3: Company-Specific Insights - Leap Motor's growth is attributed to strong product offerings like the C10 and B01, with plans to launch new models in 2026 [4]. - Xpeng's delivery decline is noted, but the company plans to launch multiple new models in 2026 [5]. - NIO's delivery increase is supported by strong sales of the ES8 and new software updates enhancing user experience [6]. - Li Auto's stable sales are backed by the L series, with ongoing expansion in the charging infrastructure [7]. - Zeekr's growth is driven by the success of the 7X model and plans for new model launches [8]. Group 4: Industry Trends - The smart driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting intelligent driving features [9]. - The industry is expected to see a shift towards more affordable smart driving solutions, enhancing competitiveness against joint venture brands [9]. - The rise of intelligent capabilities is becoming a critical factor in competition among automakers, with a focus on autonomous driving and user acceptance [10].

Summary of Conference Call on China Autos & Shared Mobility Industry Overview - The focus is on the integration of smart-driving and cockpit functionalities within the automotive industry, particularly in China. This integration is expected to accelerate significantly in the next 6-12 months due to advancements in VLA (vision-language-action) models and a pressing need for cost savings [1][2]. Key Insights 1. **Integration of Smart Systems**: The integration of smart cockpit and smart driving systems is anticipated to reach a new level, with penetration rates of approximately 80% for smart cockpits and 60% for smart driving (L2 and above) in China by 2025. This shift is driven by the synergy between these systems, increased AI computing needs, and OEMs' focus on cost savings [2][3]. 2. **Cost Savings from Integration**: Integrating cockpit and driving functions onto a single SoC (System on Chip) could yield cost savings of Rmb2-3k per vehicle by eliminating the need for separate hardware components. This integration is expected to make advanced features accessible in vehicles priced below Rmb150k [10][11]. 3. **Technological Advancements**: The automotive industry is witnessing rapid technological upgrades, with chip processes advancing from 7nm to 5nm and below. This is crucial for meeting the higher computing power demands of L3 autonomous driving systems, which require onboard computing power ranging from 700 to 2250 TOPS [4]. 4. **Market Dynamics**: Companies like Horizon Robotics are positioned to benefit from this trend, provided they can compete effectively with established players like Nvidia in the SoC market. However, this integration poses risks for tier-one DCU makers, as it may lead to a decrease in the value content of their products [11][16]. Additional Considerations - **Supplier Landscape**: Key suppliers and OEMs adopting integrated smart cockpit and driving solutions are highlighted, indicating a shift in the competitive landscape within the industry [11]. - **Risks**: Potential risks include slower-than-expected adoption of ADAS/AD technologies, supply chain disruptions, and successful in-house hardware design initiatives by OEMs [18]. Conclusion The automotive industry in China is on the brink of significant transformation with the integration of smart-driving and cockpit functionalities. This shift is driven by technological advancements, cost-saving measures, and changing market dynamics, presenting both opportunities and risks for stakeholders involved.

凤凰网科技讯 2月5日，小鹏汽车董事长何小鹏发微博表示，小鹏即将迎来第一款旗舰级大六座SUV， 命名为：小鹏GX。 何小鹏介绍，它的研发代号是G01。这个"1"，代表我们从 "第一性原理"出发，用完整的AI思维，重新 设计一台全尺寸家用旗舰SUV。 据悉，小鹏GX基于划时代SEPA 3.0"物理AI"整车架构打造，宣称能终结六座SUV长期存在的"不可能三 角"。 对于小鹏为什么还要造一台大六座SUV，何小鹏表示，当前市场上三排座SUV的不可能三角，舒适、空 间、操控不可兼得，这迫使许多家庭，在每一次出行前，都要做出妥协。"我们不希望重复和妥协，所 以，今天我们带来了全新的科技旗舰。"他说。 ...

每经AI快讯，2月5日，何小鹏刚刚在微博宣布，小鹏汽车首款六座SUV小鹏GX官宣亮相。据悉，小鹏 GX基于划时代SEPA3.0"物理AI"整车架构打造，宣称能终结六座SUV长期存在的"不可能三角"。 ...

2月5日消息，小鹏汽车董事长何小鹏发微博表示，小鹏即将迎来第一款旗舰级大六座SUV，命名为：小 鹏GX。 对于小鹏为什么还要造一台大六座SUV，何小鹏表示，当前市场上三排座SUV的不可能三角，舒适、空 间、操控不可兼得，这迫使许多家庭，在每一次出行前，都要做出妥协。 "我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。"他说。 以下为微博原文： 小鹏即将迎来第一款旗舰级大六座SUV，我们把它命名为：小鹏GX。 有人问我：小鹏为什么还要造一台大六座SUV？ 我们调研很多真实用户，他们说，第三排坐久了不舒服；一家人坐满时，行李却塞不下；开起来既笨重 又不好开。这是当前市场上三排座SUV的不可能三角，舒适、空间、操控不可兼得，这迫使许多家庭， 在每一次出行前，都要做出妥协。 我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。 它的研发代号是G01。这个"1"，代表我们从 "第一性原理"出发，用完整的AI思维，重新设计一台全尺 寸家用旗舰SUV。当它即将走向千家万户时，全新名字：小鹏GX。 "X"，代表着对出行美好未知的探索（eXploration），更代表着小鹏骨子里的科技基因（X-tech）—— ...

Market Performance - The three major U.S. stock indices closed mixed on Wednesday, with the Dow Jones Industrial Average rising by 0.53%, while the Nasdaq Composite fell by 1.51% and the S&P 500 declined by 0.51% [2] - Popular technology stocks experienced widespread declines, with AMD dropping over 17%, and Nvidia, Tesla, Broadcom, and Meta each falling more than 3% [2] Sector Performance - Semiconductor equipment and materials, as well as storage concept stocks, saw significant declines, with SanDisk falling nearly 16% and Micron Technology dropping over 9% [2] - In contrast, weight loss drug concept stocks and residential real estate sectors performed well, with Eli Lilly rising over 10% and Amgen increasing by more than 8% [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.95%, with popular Chinese concept stocks generally declining; Bilibili dropped over 6%, Baidu fell more than 4%, and Alibaba, NIO, and Xpeng Motors each decreased by over 2% [2] - However, Li Auto and Bawang Tea saw gains, with Li Auto increasing by over 1% [2]

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

人民财讯2月5日电，美股三大指数收盘涨跌不一，道指涨0.53%，纳指跌1.51%，标普500指数跌 0.51%，热门科技股普遍下跌，AMD跌超17%，英伟达、特斯拉、Meta跌超3%，谷歌、亚马逊跌超 2%，苹果涨超2%。存储概念股跌幅居前，闪迪跌近16%，美光科技跌超9%，西部数据跌超7%；热门 中概股普跌，纳斯达克中国金龙指数收跌1.95%，哔哩哔哩跌超6%，百度跌超4%，阿里巴巴、蔚来、 小鹏汽车跌超2%。 转自：证券时报 ...