Core Viewpoint - The article discusses the recent trend of car manufacturers offering "7-year low-interest" financing plans to stimulate consumer demand, driven by government policies aimed at boosting consumption [2][5]. Group 1: Financing Trends - Various car manufacturers, including Tesla, Xiaomi, and Xpeng, have launched "7-year low-interest" financing options, breaking away from the traditional 1-5 year loan terms [1][5]. - The financing plans are designed to lower monthly payments and initial down payments, making it easier for consumers to purchase vehicles [1][5]. - The trend is a response to government initiatives encouraging consumer spending, particularly before the Lunar New Year [2][5]. Group 2: Loan Details and Variations - The financing options vary significantly among manufacturers, particularly in terms of lending institutions, down payment requirements, and interest rates [5][6]. - Tesla offers competitive rates, with a 0.50% annual fee translating to an effective annual rate of 0.98% for those making a 25% down payment [6]. - Other brands like Li Auto and Xpeng have higher effective annual rates, ranging from 1.9% to 4.69%, indicating a broader range of financing costs [6]. Group 3: Consumer Perception and Financial Implications - Consumers generally perceive the "7-year low-interest" loans as a way to reduce monthly financial burdens, although total interest payments may increase over the loan term [8][10]. - For example, a Xiaomi YU7 financed over 7 years with a 1% annual fee results in a total interest payment of approximately 14,252.28 yuan [8]. - Some consumers express caution, preferring to pay in full rather than take on long-term debt, indicating a desire to avoid overextending financially [10]. Group 4: Risk and Valuation Concerns - The longer loan terms raise concerns about vehicle depreciation and residual values, especially for electric vehicles, which may not hold their value as well as traditional combustion vehicles [11][14]. - The article notes that the average resale value for electric vehicles is lower than that of traditional vehicles, which could pose risks for consumers taking on long-term loans [11][14]. - The article highlights that the main models offered under these financing plans have relatively high resale values, which may mitigate some concerns [11][13]. Group 5: Consumer Eligibility and Approval Process - The approval process for "7-year low-interest" loans is more stringent, requiring higher credit qualifications compared to shorter-term loans [14][15]. - Financial institutions are increasing their risk assessment criteria, necessitating thorough evaluations of consumers' long-term repayment capabilities [14][15]. - Consumers are advised to assess their financial situations carefully before opting for these extended loan terms to avoid potential rejections or financial strain [15].

Core Viewpoint - In early 2026, automotive companies are launching a "7-year low-interest" promotion, breaking the traditional 1-5 year loan terms, with a focus on low monthly payments and down payments [1] Group 1: Financial Offerings - Companies like Tesla, Xiaomi, Xpeng, Li Auto, Geely Galaxy, and Lantu are introducing "7-year low-interest" financial plans [1] - The annual interest rate varies significantly among brands, with Tesla offering a low-cost loan at 0.50% for a 25% down payment, translating to an effective annual rate of 0.98% [1] - Li Auto has higher costs, with an annual interest rate of 2.50%, equating to an effective annual rate of 4.69% [1] - Other brands like Xpeng, Geely Galaxy, and Xiaomi have effective annual rates ranging from 1.9% to 3.5%, placing them in the mid-range [1] Group 2: Consumer Sentiment - Many consumers express that the "7-year low-interest" car loans significantly reduce monthly payment pressure, with some stating, "A few thousand yuan down and only one or two thousand yuan monthly makes it much easier" [1] - However, some consumers remain cautious, indicating that while monthly payments are lighter, they prefer to pay in full if possible, as relying on a 7-year loan suggests exceeding their normal financial capacity [1]

Military and Geopolitical Developments - The US Central Command announced that the Ninth Air Force will conduct air force readiness exercises in the Middle East, aimed at enhancing rapid deployment capabilities [2] - The USS Abraham Lincoln Carrier Strike Group has entered the Middle East, and the US has informed Israel about military preparations against Iran, expected to be completed within two weeks [2] - Iran's Revolutionary Guard Navy officials stated they have achieved real-time monitoring of the Strait of Hormuz and are prepared for any potential conflict, asserting they do not seek war but are ready for a response [2] Financial Markets Overview - US stock markets showed mixed results, with the Dow Jones down 0.83%, while the Nasdaq rose by 0.91% and the S&P 500 increased by 0.41% [3] - Major tech stocks mostly rose, with Amazon up 2.63%, Microsoft up 2.19%, and Apple up 1.12%, while Tesla fell nearly 1% [3] - The Nasdaq Golden Dragon China Index increased by 0.48%, with mixed performances among popular Chinese stocks [3] Commodity Prices - International oil prices rose, with WTI crude oil futures closing at $62.57 per barrel, up 3.20%, and Brent crude oil futures at $66.70 per barrel, up 2.98% [3] - Spot gold increased by 3.45%, reaching $5,181.04 per ounce, with a peak at $5,190.06, marking a historical high [3] - Spot silver rose by 7.97%, priced at $112.14 per ounce [3] Currency and Exchange Rates - The US Dollar Index fell to 95.775, hitting a low of 95.510, the lowest since early 2022 [4] - The offshore RMB was quoted at 6.9321, while the onshore RMB was at 6.9545 [5] Corporate Announcements - Anta Sports announced plans to acquire a 29.06% stake in Puma for €15.06 billion (approximately 123 billion RMB), aiming to become its largest shareholder [15] - Micron Technology plans to invest $24 billion in Singapore over the next decade to expand NAND flash memory production, creating approximately 1,600 jobs [16] - DeepSeek launched a new AI model, DeepSeek-OCR 2, which can interpret images in a human-like logical sequence, enhancing its visual understanding capabilities [13]

Core Viewpoint - The introduction of 7-year low-interest financing plans by various electric vehicle manufacturers aims to stimulate market demand amid a competitive landscape and inventory pressure, but the actual effectiveness and implications of these plans remain to be validated by the market [1][14]. Financing Plans Overview - Major brands like Tesla, Xiaomi, Li Auto, and Xpeng have launched or enhanced 7-year low-interest financing options, extending traditional auto loan periods by 2 to 3 years [1]. - Monthly payments have significantly decreased due to longer loan terms, with Xiaomi's YU7 starting at 2,593 yuan, Xpeng's models at 1,355 yuan, Li Auto at 2,578 yuan, and Tesla's Model 3/Y/Y L at 1,918 yuan [1]. Brand-Specific Financing Details - Tesla offers two different 7-year financing plans with varying down payment requirements, where a lower down payment (around 15%) has an annualized rate of 0.7% and an effective annualized rate of 1.36%, while a higher down payment (around 30%) has a rate of 0.5% and an effective rate of 0.98% [5][6]. - Xiaomi's plan requires a minimum down payment of 20% with an annualized rate of 1% and an effective rate of 1.93% [6]. - Li Auto's financing is categorized by model, with some models offering interest-free payments for the first three years, while others have rates of 2.5% and an effective rate of 4.69% [7]. - Xpeng's plan applies to all models with a minimum down payment of 15% and an annualized rate of 1.5%, resulting in an effective rate of 2.86% [7]. Market Context and Consumer Sentiment - The automotive market is experiencing a decline, with retail sales down 28% year-on-year and wholesale sales down 35% in early January 2026 [13]. - Analysts predict a potential drop in retail sales of 2% for 2026, with more severe declines expected in the first quarter [13]. - Sales personnel from various brands express differing opinions on the 7-year financing plans, with some recommending shorter 5-year plans due to lower interest costs and fewer requirements [10][12]. Financing Model Implications - Li Auto and Xpeng utilize financing leasing models, while Tesla offers personal loans alongside leasing options, which may lead to higher effective rates due to the nature of leasing [9]. - The 7-year low-interest plans are seen as a strategy to lower the purchase threshold for consumers, but the actual impact may be limited by high qualification requirements and the financial profiles of potential buyers [14].

Core Viewpoint - The Zacks Foreign Auto Industry outlook remains cautious, with varying growth prospects across key markets, particularly in China, Europe, Japan, and India, influenced by policy changes and consumer confidence [1][4][5][7]. Industry Overview - The Zacks Automotive – Foreign industry encompasses the design, manufacturing, and sale of vehicles and components, heavily influenced by economic conditions and business cycles [3]. - Key manufacturing countries include China, Japan, Germany, and India, with a significant shift towards electric and autonomous vehicles driven by stricter emission regulations and technological advancements [3]. Factors Influencing Industry Dynamics - **China**: After record sales in 2025, growth is expected to slow in 2026 due to reduced policy support for new energy vehicles (NEVs) and fragile consumer confidence [4]. - **Europe**: Modest growth of about 2.5% in 2025 is anticipated to continue, but profitability remains a concern due to a shift towards lower-margin mass-market and EV models [5]. - **Japan**: The market showed a 3.3% sales increase in 2025, with a positive outlook for 2026 supported by tax reductions, although prices limit a full recovery to pre-pandemic levels [6]. - **India**: The market grew by 5% in 2025, driven by government tax cuts improving affordability, with a positive sentiment expected to sustain demand momentum [7][8]. Industry Performance and Valuation - The Zacks Automotive – Foreign industry ranks 184, placing it in the bottom 25% of Zacks industries, reflecting a negative earnings outlook with a 62.6% decline in earnings estimates for 2026 [9][10]. - The industry has underperformed compared to the broader Auto, Tires, and Truck sector and the S&P 500, with an 11% increase over the past year compared to 16% and 14% for the sector and S&P 500, respectively [12]. - The industry is currently trading at an EV/EBITDA ratio of 10.48X, significantly lower than the S&P 500's 18.90X and the sector's 27.29X [15]. Stock Recommendations - **XPeng Inc. (XPEV)**: Notable growth with a 126% increase in vehicle deliveries in 2025, expanding internationally and investing in future technologies [19][20][21]. - **Nissan Motor (NSANY)**: Undergoing a strategic reset with cost-cutting measures and an electrification push, expecting significant improvements in sales and profitability by fiscal 2026 [24][25][26]. - **Mazda Motor (MZDAY)**: Focusing on hybrids while delaying its major EV rollout, with a strategy to balance emissions reduction and consumer preferences, expecting substantial growth in sales and earnings by fiscal 2027 [29][30][31].

Core Insights - The automotive industry is experiencing a promotional wave of "7-year low-interest" financing plans, initiated by companies like Tesla, Xiaomi, and Xpeng, aimed at stimulating consumer demand and increasing sales before the Chinese New Year [1][4]. Group 1: Promotional Strategies - Various automakers have launched "7-year low-interest" loan schemes to lower the barriers for car purchases and stimulate end-consumer demand [4][5]. - The promotional period for these financing options is limited, primarily from January to February 2026, indicating a strategic push to boost sales during a peak buying season [5][6]. Group 2: Financing Details - The financing plans differ significantly among brands in terms of lending institutions, down payment requirements, funding costs, and model coverage [5][6]. - Tesla offers a low-interest rate of 0.50% for a 25% down payment, while other brands like Li Auto and Xpeng have higher rates, with some reaching up to 2.50% [6][7]. - The monthly payment burden is significantly reduced with the extended loan term, but the total interest paid over the loan period increases [8][10]. Group 3: Consumer Considerations - Consumers are advised to assess their financial capabilities and long-term repayment abilities before opting for the "7-year low-interest" loans, as the longer repayment period may lead to increased financial strain [15][17]. - The risk of depreciation in vehicle value over the extended loan term raises concerns, particularly for electric vehicles, which may face rapid technological obsolescence [10][11]. Group 4: Market Trends - The trend of offering longer loan terms aligns with national policies aimed at boosting consumer spending, reflecting a broader economic strategy [2][4]. - The resale value of electric vehicles is notably lower compared to traditional fuel vehicles, with electric models experiencing a decline in value due to market competition and rapid advancements in technology [11][13].

Core Viewpoint - The automotive industry is experiencing a promotional wave of "7-year low-interest" financing plans, driven by government policies aimed at boosting consumer spending and sales before the Lunar New Year [2][5]. Group 1: Promotional Trends - Multiple automakers, including Tesla, Xiaomi, Xpeng, Li Auto, Geely Galaxy, and Lantu, have launched "7-year low-interest" financing options, breaking away from the traditional 1-5 year loan terms [1][5]. - The promotional period for these financing plans is limited, primarily from January to February 2026, aimed at increasing sales volume [6]. Group 2: Financing Details - The financing plans vary significantly among automakers in terms of lending institutions, down payment requirements, and annualized interest rates [6][7]. - Tesla offers a minimum down payment of 14% with an annualized interest rate as low as 0.98% for certain plans, while other brands like Li Auto have higher rates, reaching up to 4.69% [3][7]. - The down payment requirements range from 0% for Lantu to over 25% for Tesla, indicating a wide disparity in accessibility for consumers [6][7]. Group 3: Consumer Impact - The extended loan terms reduce monthly payment burdens, making it easier for consumers to afford new vehicles, but they also lead to higher total interest payments over the loan's duration [10]. - For example, a Xiaomi YU7 financed over 7 years results in a total interest payment of approximately 14,252.28 yuan, compared to a higher monthly payment with a shorter loan term [10]. Group 4: Market Dynamics - The introduction of these financing options is a response to consumer demand for lower upfront costs and monthly payments, particularly before the Lunar New Year [2][5]. - However, concerns about vehicle depreciation and the long-term viability of such financing options exist, especially given the rapid technological advancements in electric vehicles [13][14]. Group 5: Risk and Regulation - Financial institutions face increased risk management challenges due to the longer loan terms and lower down payments, necessitating more stringent consumer assessments [19][20]. - The approval process for "7-year low-interest" loans is more rigorous, with banks requiring higher credit qualifications compared to shorter-term loans [20][21].

Group 1 - U.S. stock index futures show mixed performance, with Nasdaq futures up 0.63% and S&P 500 futures up 0.25%, while Dow futures are down 0.44% [1] - Major European indices also display mixed results, with Germany's DAX down 0.09%, UK's FTSE 100 up 0.35%, France's CAC up 0.37%, and the Euro Stoxx 50 up 0.28% [1] - The Federal Reserve officials expect to pause interest rate cuts this week, with an unclear path for future cuts [1] Group 2 - Samsung Electronics and SK Hynix are negotiating with Apple to significantly increase the price of LPDDR memory used in iPhones, with a potential increase of up to 100% [2] Group 3 - The European Union has initiated two compliance procedures to ensure Google meets its obligations under the Digital Markets Act [3] Group 4 - Microsoft has received approval to build 15 additional data centers in Wisconsin, USA [4] Group 5 - Micron Technology is investing $24 billion to expand production in Singapore to address AI chip shortages [5] - Synopsys CEO anticipates that the price increase and shortage of memory chips will persist until 2027 [5] Group 6 - Nike is reportedly planning to lay off 775 employees to enhance profitability and accelerate automation [6] Group 7 - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which is noted for its stronger initiative and proficiency in logical reasoning [7] Group 8 - XPeng Motors' CEO expects "very strong" growth this year, with overseas sales growth potentially surpassing that of the domestic market [8] Group 9 - VinFast is collaborating with AI company Autobrains to develop autonomous driving technology [9] Group 10 - The U.S. Treasury has terminated its contract with consulting firm Booz Allen, related to the leak of tax records for Trump and Musk [10] Group 11 - UnitedHealth reported Q4 revenue of $113.215 billion, with adjusted EPS down 69.02% year-over-year to $2.11 [11] - General Motors reported Q4 revenue of $45.29 billion, with a loss of $3.31 billion; the company approved a $6 billion stock buyback plan [12] - American Airlines reported Q4 adjusted EPS of $0.16, which was below expectations, and anticipates a revenue decrease of $150 million to $200 million due to winter storms [13] - Raytheon Technologies reported a 12% year-over-year increase in Q4 sales to $24.24 billion, with adjusted EPS of $1.55, exceeding expectations [14]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Domestic News - The Ministry of Commerce aims to cultivate new growth points in service consumption, focusing on transportation services, housekeeping services, automotive aftermarket services, and more to meet the evolving demands of consumers [4] - In 2025, the number of vehicle transfer registrations is expected to reach 41.11 million, with 38.41 million being automotive transfers, marking a continuous six-year trend of second-hand vehicle transactions surpassing new car registrations [5] - Guangdong province plans to strengthen emerging industries such as new energy, smart connected vehicles, intelligent robotics, and aerospace, aiming to build a more robust modern industrial system [6] - Nanjing is promoting a recycling program for key categories like home appliances and automobiles to support green product consumption [7] - Li Xiang, CEO of Li Auto, predicts that Level 4 autonomous driving will be realized by 2028 at the latest, emphasizing the urgency for companies to adopt AI technologies [9] - NIO has opened its first national dealership in Hungary, marking a significant step in its expansion into the Central European market [10] - XPeng has launched 1,000 mobile charging stations for its X9 model, strategically placed along major highways to assist drivers during peak travel seasons [11] - Lantu has surpassed 100 smart charging stations within a year, providing access to over 1.5 million charging resources nationwide [12] International News - In 2025, European electric vehicle sales are projected to exceed 2.885 million units, a 32.6% increase year-on-year, with a penetration rate of 29.0%, reflecting a significant shift in the automotive market [13] - Toyota has launched its first electric SUV specifically for the Indian market, named Urban Cruiser Ebella, as part of its long-term electrification strategy [14] - Jaguar plans to release its first mass-produced electric vehicle, the Type 00, in the first quarter of 2026, marking a pivotal moment in its transition away from fuel-powered vehicles [15] - Hyundai has no current plans to establish a new manufacturing plant in Canada but is exploring potential collaborations in the hydrogen sector [16] Commercial Vehicles - A new innovation center for power control systems in new energy commercial vehicles has been approved in Jiangsu province, aiming to enhance technological capabilities and international competitiveness [17] - The Zero Mi light truck will be launched in Shandong province, targeting individual entrepreneurs and small logistics companies for urban distribution [18] - The Ministry of Transport has implemented new regulations for online freight platforms, encouraging the use of advanced technologies to optimize transportation efficiency [19] - Hunan province is promoting the application of electric and hydrogen-powered heavy-duty trucks to support low-carbon transportation initiatives [20]