Investment Rating - The report suggests focusing on themes of intelligence and overseas expansion, highlighting potential investment opportunities in companies like BYD and Geely Automobile, as well as in the intelligent and robotics sectors such as Li Auto-W and Xpeng Motors-W [3][16]. Core Insights - Tesla is shifting its focus from traditional vehicle production to AI and robotics, planning to stop the production of Model S and Model X to allocate resources for the Optimus humanoid robot, with a target production capacity of 1 million units annually by 2026 [1][13]. - Li Auto is restructuring its R&D department to enhance its humanoid robot development, indicating a strong commitment to AI competition and innovation in robotics [2][14]. - The passenger car market has shown weak sales performance in early 2026, but there is optimism for recovery in Q1 2026 due to anticipated policy support and seasonal demand [2][15]. Industry Data Tracking - The Shanghai Composite Index increased by 0.08%, while the automotive index decreased by 5.08%, ranking 29th among 31 sectors [4][17]. - In the second week of January 2026, wholesale passenger car sales were 359,000 units, down 28% year-on-year, with a significant increase in new energy vehicle penetration to 50% [5][26]. - In December 2025, the total wholesale passenger car sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. Industry Dynamics - Tesla's transition to focus on AI and robotics is part of a broader trend in the automotive industry, with companies like Xpeng and Li Auto also investing heavily in intelligent driving and robotics [1][3][66]. - The report highlights the importance of new energy vehicle exports, which have shown a consistent growth rate of over 20% year-on-year, indicating a long-term trend towards international markets [3][15]. - The introduction of mandatory standards for advanced driver assistance systems in China marks a significant regulatory shift that will impact the automotive landscape [68].

日前，小鹏汽车人形机器人IRON在深圳湾万象城的公开行走演示中意外摔倒的视频，引发全网关注与 热议。 事实上，这并非IRON首次引发社会关注。 2月1日，小鹏汽车董事长、CEO何小鹏回应争议："（这一摔）让我想起所有孩子学步的样子，跌倒后 会站稳，下一步就是开始奔跑，持续奔跑。" 据小鹏汽车副总裁@托马斯电火车 披露，1月31日，IRON在深圳湾万象城向市民进行真实行走展示。 网传视频显示，IRON完成一段流畅的"猫步"后，在与观众互动站定期间突然向侧方倾倒。"她走了很多 次，其中一次她摔倒了。"@托马斯电火车补充说明，同时发布了更多现场视频佐证其稳定演示的表 现。 值得一提的是，这次"插曲"也意外打破了此前的相关争议。"这一摔也没人怀疑是真人扮演的了"，@托 马斯电火车透露，已将部分嘲笑的声音转达给研发团队，反而成为了团队的激励。 2025年11月，小鹏汽车科技日期间，IRON因"猫步"姿态过于拟人化，曾被公众质疑"由真人扮演"。为 回应争议，何小鹏两度公开自证，甚至在发布会现场剪开IRON的小腿"皮肤"与"肌肉"，让其在机械"骨 骼"完全暴露的状态下完成"猫步"行走，用硬核展示回应外界疑虑。 当场"剪腿" ...

Core Viewpoint - The new energy vehicle market experienced a significant decline in January 2026, attributed to seasonal factors and the expiration of the vehicle purchase tax exemption policy, which led to a demand pull-forward in late 2025 [1]. Group 1: Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37%, but a month-on-month decrease of 46.94% [2]. - Li Auto's January deliveries were 27,668 vehicles, reflecting a year-on-year decrease of 7.55% and a month-on-month decrease of 37.47% [3]. - NIO delivered 27,182 vehicles in January, marking a year-on-year increase of 96.08% but a month-on-month decline of 43.53% [3]. - Xpeng Motors reported 20,011 vehicles delivered in January, showing a year-on-year decrease of 34.07% and a month-on-month decline of 46.65% [5]. Group 2: Market Strategies and Innovations - Leap Motor is accelerating its channel development, adding 85 new stores to reach a total of 1,068 nationwide, aiming to enhance customer experience [2]. - Li Auto is addressing supply chain issues by offering compensation to customers affected by delivery delays and promoting battery version alternatives [3]. - NIO is launching low-interest financing options for its new models to stimulate market demand [4]. - Both Li Auto and NIO are enhancing their smart technology offerings, indicating increased competition in the intelligent vehicle sector [4]. Group 3: Market Outlook - The automotive retail market is expected to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [6].

格隆汇2月1日｜比亚迪：1月新能源汽车销量210051辆，同比下降30.11%。 鸿蒙智行：1月交付57915台，同比增长65.6%。 问界汽车：1月交付40016辆，同比增长83%。 理想汽车：1月交付27668辆。 蔚来汽车：1月交付27182台，同比增长96.1% 小米汽车：1月交付超39000台。 零跑汽车：1月交付32059台，同比增长27%。 小鹏汽车：1月交付20011台。 岚图汽车：1月交付10515辆，同比增长31%。 极氪：1月交付23852台，同比增长99.7%。 ...

1月31日，有网友在社交平台晒出小鹏IRON人形机器人摔倒照片。 据悉，本次活动 是小鹏IRON人形机器人的首次线下互动，地点位于深圳湾万象城Wave广场。 目前，小鹏汽车董事长何小鹏和小鹏汽车副总裁均对此事进行了回 应。小鹏汽车副总裁称，机器人IRON在深圳湾万象城给深圳市民尤其是孩子们又来了一次真实行走，让大家真实感受未来。她走了很多次，其中一次她 摔倒了，主持人感慨"人生的道路上也要经历挫折"，这一摔也没人怀疑是真人扮演的了。 何小鹏则表示："让我想起所有孩子学步的样子，跌倒后会站稳，下一步就是开始奔跑，持续奔跑"。 值得一提的是，在会展上，由于展示了猫步般轻盈的步态，有不少网友质疑，称"感觉是个真人在努力扮演机器人"。 11月6日上午，何小鹏发布了一个一镜到底无剪辑的视频，证明IRON是真的机器人。 在11月6日晚上的发布会上，何小鹏表示，今天上午IRON机器人的拉链被打开的时，"说实话，我有一点点的心酸……就像电影《向子弹飞》里一样，要 证明吃一碗粉是要剥开肚子的。""如果IRON来自海外的企业，也许就不会产生这么多的质疑，而会鼓掌、欣喜。""大家不敢相信一个极其强大的技术来 自一家中国公司，我们心 ...

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

北京商报讯（记者 刘晓梦）2月1日，小鹏汽车发布的数据显示，2026年1月共交付新车20011辆。 ...

日前，小鹏汽车人形机器人IRON在深圳湾万象城的公开行走演示中意外摔倒的视频，引发全网关注与 热议。2月1日，小鹏汽车董事长、CEO何小鹏回应争议："（这一摔）让我想起所有孩子学步的样子， 跌倒后会站稳，下一步就是开始奔跑，持续奔跑。" 据小鹏汽车副总裁@托马斯电火车披露，1月31日，IRON在深圳湾万象城向市民进行真实行走展示。 网传视频显示，IRON完成一段流畅的"猫步"后，在与观众互动站定期间突然向侧方倾倒。"她走了很多 次，其中一次她摔倒了。"@托马斯电火车补充说明，同时发布了更多现场视频佐证其稳定演示的表 现。 值得一提的是，这次"插曲"也意外打破了此前的相关争议。"这一摔也没人怀疑是真人扮演的了"，@托 马斯电火车透露，已将部分嘲笑的声音转达给研发团队，反而成为了团队的激励。 事实上，这并非IRON首次引发社会关注。2025年11月，小鹏汽车科技日期间，IRON因"猫步"姿态过于 拟人化，曾被公众质疑"由真人扮演"。为回应争议，何小鹏两度公开自证，甚至在发布会现场剪开 IRON的小腿"皮肤"与"肌肉"，让其在机械"骨骼"完全暴露的状态下完成"猫步"行走，用硬核展示回应外 界疑虑。 值得一提的是，不 ...

每经编辑｜许绍航 1月31日，有网友在社交平台晒出小鹏IRON人形机器人摔倒照片。 据悉，本次活动是小鹏IRON人形机器人的首次线下互动，地点位于深圳湾万象城Wave广场。 小鹏汽车副总裁称，机器人IRON在深圳湾万象城给深圳市民尤其是孩子们又来了一次真实行走，让大家真实感受未来。她走了很多次，其中一次她摔倒 了，主持人感慨"人生的道路上也要经历挫折"，这一摔也没人怀疑是真人扮演的了。何小鹏则表示："让我想起所有孩子学步的样子，跌倒后会站稳，下 一步就是开始奔跑，持续奔跑"。 目前，小鹏汽车董事长何小鹏和小鹏汽车副总裁均对此事进行了回应。 据了解，小鹏在早期阶段主要研究四足机器人，随后转向更为复杂的双足机器人研发。2023年10月24日举办的小鹏汽车科技日上，小鹏展示了其首款人形 机器人PX5。 随后在2025年11月6日，小鹏AI科技日上，小鹏最新一代AI机器人Iron正式亮相。据介绍，小鹏Iron采用仿人结构设计，身高178cm、体重70kg，拥有62个 主动自由度，双手也采用1：1人类双手尺寸，拥有15个双手自由度。该机器人的"大脑"采用图灵AI芯片，拥有3000T的算力，为其提供了强大的数据处理 和学 ...

小鹏汽车：2026年1月共交付新车20011台。 ...