Industry Information - The world's first commercially viable solid-state battery has been introduced, featuring an energy density of 400 Wh/kg and the ability to charge in just 5 minutes, with a cycle life of up to 100,000 times [11] - The Ministry of Commerce predicts that over 11.5 million vehicles will be replaced under the vehicle trade-in policy by 2025, with a total sales value exceeding 2.6 trillion yuan [11] - At CES 2026, autonomous driving technology and artificial intelligence are highlighted as key themes, with significant interest in how AI can address safety challenges in autonomous vehicles [12][13] - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a five-year strategic agreement with NIO to deepen collaboration on battery swapping technology [10] - The first half-solid-state lithium battery energy storage project in Inner Mongolia has been connected to the grid, marking a significant advancement in energy storage technology [14] Policy Information - The State Council is accelerating the introduction of comprehensive management measures for the recycling of new energy vehicle batteries [22] - Various local governments are implementing policies to promote the development of electric vehicle charging infrastructure, including the construction of charging stations and the integration of charging facilities in urban planning [20][25][37] - The Guangdong provincial government is optimizing insurance services for new energy vehicles and exploring the development of smart driving liability insurance products [27] - The Ministry of Industry and Information Technology is soliciting opinions on national standards related to automatic parking and safety event data for smart connected vehicles [35] Company Information - NIO has launched 36 new power swap stations, bringing the total to 3,680 stations [8] - GAC Group has signed a contract with Huawei to deepen cooperation in the HarmonyOS ecosystem and AI technology [8] - Leap Motor has achieved a record delivery of over 160,000 units of its B series vehicles [8] - Huawei's partnership with Qian Kun has resulted in over 900,000 units sold in 2025, with a market share of 27.8% in urban navigation assistance [16]

Group 1 - The recruitment market is recovering, with new job postings in the new economy sector surpassing last year's levels starting from June 2025 [1] - The AI sector has shown remarkable growth, with new AI job postings reaching a historical peak in September 2025, showing a year-on-year increase of over 11 times [2] - From January to October 2025, the number of new AI job postings increased by 543% compared to the same period in 2024 [2] Group 2 - The increase in job opportunities has led to heightened competition, with the talent supply-demand ratio in the new economy sector reaching a historical high of 2.23, indicating an average of 2.23 job seekers per position [7] - In the AI sector, the talent supply-demand ratio exceeded 1 for the first time, reaching 1.08, indicating a shift from talent shortage to surplus [7] - Nearly 20% of new job postings in non-AI roles explicitly require AI skills, with the proportion rising from 12.25% in 2024 to 19.18% in 2025 [7] Group 3 - Despite the talent surplus in AI, the sector remains attractive, with an average monthly salary of 61,764 yuan, which is 35.59% higher than the overall salary in the new economy sector [8] - AI roles dominate the highest-paying job categories, with AI scientists earning an average monthly salary of 127,225 yuan [8] - The phenomenon of "AI premium" is evident, with AIGC algorithm engineers earning 67,460 yuan, 17.81% more than regular algorithm engineers [12] Group 4 - The demand for AI talent is accelerating across various industries, with new financial technology showing the highest AI job penetration rate at 13.76% [13] - AI product manager positions have seen a staggering increase of 369.36%, indicating a strong need for professionals who can transition AI technology from "lab" to "product" [13] - Data labeling/AI training roles have also increased by 171.35%, reflecting the ongoing demand for high-quality data in AI model training [14] Group 5 - The use of AI tools among professionals has surged, with over 90% of workers using AI tools in 2025, up from 69.99% in 2024 [16] - The focus of job seekers is shifting from salary to long-term value, with an increase in attention to industry and company development prospects [20] - The proportion of non-technical roles in the AI sector has risen from 12.25% in 2024 to 17.36% in 2025, indicating broader opportunities for non-technical candidates [21] Group 6 - Companies are actively competing for AI talent, with ByteDance leading in new job postings and recruitment indices [24] - Xiaopeng Motors has a high AI job penetration rate of 19.32%, indicating a significant focus on AI-related roles [27] - The trend of AI adoption is widespread, with 79.55% of companies having implemented AI strategies [27] Group 7 - The job market landscape is changing, with cities like Chongqing emerging as new hubs for AI talent due to industrial shifts and policy support [28] - The report highlights a clear trend of AI reshaping the workplace, creating new opportunities and high returns for those prepared to embrace it [30]

Core Viewpoint - Guangzhou Xiaopeng Motors Technology Co., Ltd. has recently published a patent for a "robot vision calibration method, device, robot, and storage medium," which aims to enhance the precision of robot vision calibration in dynamic working environments and achieve full automation of the calibration process [1] Group 1: Patent Details - The patent describes a method that involves planning the robot's movement trajectory based on calibration requirements upon receiving a calibration request [1] - The robot is equipped with visual and motion sensors to collect real-time visual data of the target and motion data of the end effector during movement [1] - The method allows for real-time calculation of the external parameters of the visual sensor relative to the end effector using the collected visual and motion data [1] Group 2: Application and Benefits - The proposed solution improves the accuracy of robot vision calibration in dynamic environments, addressing the need for high precision and automation in actual production operations [1]

Core Insights - Xiaopeng Motors launched four new models at its global product launch on January 8, 2026, marking a significant push into the electric vehicle market with a focus on advanced technology and competitive pricing [4][6] - The company aims to leverage its VLA2.0 intelligent driving technology and Kunpeng super-range system to enhance its market position amidst a slowing automotive market [4][7] Group 1: Product Launch and Technology - The new models include the 2026 Xiaopeng P7+, G7 super-range, G6, and G9, priced between 170,000 to 270,000 yuan, showcasing a comprehensive attack on the electric vehicle market [4] - VLA2.0 technology, which eliminates traditional language translation steps, allows for direct conversion of visual information from cameras into vehicle control commands, enhancing the driving experience [4][5] - The VLA2.0 system has been trained on 1 billion kilometers of data and is expected to enable L3 level autonomous driving capabilities by March 2026 [5] Group 2: Market Strategy and Pricing - Xiaopeng's pricing strategy aims to position its vehicles as "smart-first" options in the 200,000 yuan market, offering advanced features at competitive prices [6] - The P7+ super-range version starts at 186,800 yuan, while the G7 super-range version starts at 195,800 yuan, both featuring high-end intelligent driving and fast-charging capabilities [6] - The company plans to cover a broader user base with its four-car strategy, addressing previous limitations in product diversity and enhancing market competitiveness [6][7] Group 3: Market Outlook and Challenges - The automotive market is expected to face significant pressure in 2026, with a projected 1% growth in retail sales and a 13% increase in new energy vehicle sales, down from 17.6% in 2025 [4][7] - Xiaopeng Motors aims to differentiate itself through technology and product strength, focusing on L4 level intelligent driving technology and range extension to alleviate consumer concerns about battery life [7] - Despite achieving significant growth in overseas sales, the company has yet to achieve profitability, and ongoing high R&D investments continue to exert pressure [7]

Core Insights - XPENG is expanding its global presence by establishing localized supply chain teams in Europe and ASEAN in 2026, enhancing its "In Local, For Local" strategy [1][2] - The new supply chain teams will focus on securing regional supplier resources and improving operational efficiency, aiming to strengthen XPENG's global industrial ecosystem [2][4] - The formation of these teams completes XPENG's "localization loop," integrating production, R&D, service, data, and supply chain management [3] Performance Metrics - In 2025, XPENG's overseas deliveries reached 45,008 units, marking a 96% year-on-year increase, with the brand now present in 60 countries [4] - The company anticipates that by 2036, half of its sales will originate from global markets [4] Strategic Developments - The localized supply chain structure aims to reduce logistics costs and enhance customer satisfaction through optimized regional logistics networks [9] - XPENG is leveraging AI for intelligent transformation in supply chain management, with pilot applications in team management and quality monitoring [6] - The company is exploring advanced manufacturing opportunities, including robotics and flying cars, utilizing 80% of its automotive supply chain partners for these new ventures [7] Global Operations - XPENG has established R&D centers in multiple locations, including the United States and various European countries, and is committed to in-house development of intelligent driver-assistance software [10] - The company has a dual primary listing on both the New York Stock Exchange and the Hong Kong Stock Exchange, highlighting its significant position in the new energy vehicle industry [11]

恒生指数高开1.32%，恒生科技指数涨1.93%。科网股全线走强，阿里巴巴、阿里健康涨近5%，小鹏汽 车涨逾4%，金蝶国际、比亚迪股份涨逾3%。兆易创新H股上市高开45%。 来源：第一财经 ...

管理层又提到，虽然锂价上升，但今年毛利率不会面临显著挑战，因销量扩张可抵销原材料成本上升。 同时，公司计划为未来车型配备图灵芯片，以凸显其成本优势及性能提升。海外市场方面，公司目前并 无成立合资企业的计划，预计国际销量增速将大幅超越国内，目标2026年海外市场贡献超过20%总收 入。而在奥地利的本地化生产线预计可缩短交付时间并降低税务成本，进一步改善利润率。 瑞银发布研报称，现予小鹏汽车美股(XPEV.US)"中性"评级，目标价18美元。小鹏汽车-W(09868)管理 层透露，新推出车型的定价已考虑到以旧换新政策的变化，并预期2026年的价格环境将相对更稳定。公 司会优先考虑优化成本、提升经营杠杆效益及巩固技术领导地位。 ...

Core Viewpoint - UBS has issued a "Neutral" rating for XPeng Motors (XPEV.US) with a target price of $18, reflecting cautious optimism about the company's future performance [1] Group 1: Management Insights - The management of XPeng Motors has indicated that the pricing of new models takes into account changes in the trade-in policy, expecting a more stable pricing environment by 2026 [1] - The company will prioritize cost optimization, enhancing operational leverage, and solidifying its technological leadership [1] Group 2: Financial Performance - Despite rising lithium prices, the company does not anticipate significant challenges to its gross margin this year, as sales expansion is expected to offset the increase in raw material costs [1] - The company plans to equip future models with Turing chips to highlight cost advantages and performance improvements [1] Group 3: Market Strategy - Currently, there are no plans to establish joint ventures in overseas markets, with expectations that international sales growth will significantly outpace domestic growth, targeting over 20% of total revenue from overseas markets by 2026 [1] - The localized production line in Austria is expected to shorten delivery times and reduce tax costs, further improving profit margins [1]

瑞银发表研究报告指，小鹏汽车管理层透露，新推出车型的定价已考虑到以旧换新政策的变化，并预期 2026年的价格环境将相对更稳定。公司会优先考虑优化成本、提升经营杠杆效益及巩固技术领导地位。 管理层又提到，虽然锂价上升，但今年毛利率不会面临显著挑战，因销量扩张可抵销原材料成本上升。 同时，公司计划为未来车型配备图灵芯片，以凸显其成本优势及性能提升。海外市场方面，公司目前并 无成立合资企业的计划，预计国际销量增速将大幅超越国内，目标2026年海外市场贡献超过20%总收 入。该行现予小鹏汽车美股"中性"评级，目标价18美元。 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report highlights the impact of rising prices for memory, copper, aluminum, and key components, which are expected to lead to an increase in consumer vehicle prices. It suggests focusing on supply chain companies with good supply-demand dynamics and price transmission capabilities, as well as mid-to-high-end vehicle manufacturers with model cycles [2]. - The report notes that the average daily retail sales of passenger vehicles in China reached 123,000 units in the last week of December, a year-on-year increase of 17% [2]. - The report emphasizes the importance of the recently implemented green consumption policies, which aim to support the purchase of new energy vehicles and enhance the automotive industry's supply chain [11][12]. Market Updates - The automotive industry recorded a total transaction value of 638.35 billion yuan, with a week-on-week increase of 11.27%. The automotive industry index rose by 2.53% during the week [2][13]. - The report indicates that the automotive industry index's growth was lower than that of the Shanghai and Shenzhen 300 index, which increased by 2.79% [13]. - The report lists significant stock movements, with 201 stocks rising and 68 falling, highlighting the top gainers and losers in the automotive sector [19]. Key Events - The Ministry of Industry and Information Technology released the 403rd batch of new vehicle approvals, featuring several notable models from various manufacturers [3][4]. - The report discusses the rising cost pressures in the automotive industry due to increasing memory prices, which are becoming a significant factor affecting profitability [6][8]. - The report mentions a strategic cooperation agreement between CATL and NIO, focusing on battery technology and market collaboration [36]. Financial Metrics - The automotive sector's price-to-earnings ratio stands at 30.20, ranking 18th among all primary industries, indicating a moderate valuation compared to the Shanghai and Shenzhen 300 index's 14.41 [16][18].