Core Insights - The new energy vehicle (NEV) industry in 2025 has seen a clear division between leading brands and those lagging behind, with companies like Leap Motor, Hongmeng Zhixing, and Xiaopeng firmly establishing themselves in the top tier, while traditional automaker-backed brands struggle to gain traction [1][6][11] Group 1: Market Performance - In 2025, the top three new car brands were Leap Motor (596,555 units, +103%), Hongmeng Zhixing (589,107 units, +32%), and Xiaopeng (429,445 units, +126%) [6][7] - The second tier includes Xiaomi Auto (over 411,625 units), Li Auto (406,343 units), and Deep Blue (333,117 units), while brands like Lantu, Avita, and Zhiji lagged with sales of 150,169, 128,772, and 81,017 units respectively [6][7][8] - The overall NEV market is expected to enter a phase of slower growth and intensified competition in 2026, with significant price cuts from major players like BMW and Tesla reigniting a price war [2][5] Group 2: Brand Dynamics - The "second-generation" brands, despite their backing from established automakers, have not been able to match the performance of pure new car brands, with significant sales gaps [6][11] - However, brands like Deep Blue and Lantu have shown impressive growth rates, with Lantu achieving a 87% increase in sales [8][21] - Traditional automakers are heavily investing in these "second-generation" brands, providing them with essential resources and support to compete in the high-end NEV market [11][13][15] Group 3: Future Outlook - Predictions for 2026 indicate a potential market growth of only about 2%, significantly lower than the previous year's growth [16] - Lantu is expected to expand its product lineup significantly and is on track for an IPO, which could enhance its market position [21][23] - Deep Blue is also positioned for growth, having achieved a high completion rate of its annual sales target [21][23] - Brands like Avita and Zeekr may stabilize but face challenges in maintaining competitive pricing and market share [26][29]

Core Viewpoint - The article emphasizes the significant advancements in L4 and L3 autonomous driving technologies, highlighting a dual stronghold in the U.S. and China, with notable developments in commercial applications and regulatory approvals [3][10]. Group 1: December Smartization Marginal Changes Summary - L4 commercialization is experiencing global resonance, while L3 policies have made a "0-1" breakthrough. Tesla has initiated pure unmanned testing in Austin without safety drivers or passengers, and the Chinese version of FSD has completed compliance construction in Shanghai [3][10]. - Waymo's monthly active users have increased by 96.6% year-on-year to 1.64 million, accelerating the validation of its business model. Domestic players like Pony.ai have integrated into the WeChat ecosystem, and CAOCAO's "Ten Years, One Hundred Cities, One Hundred Billion" Robotaxi strategy continues to expand [3][10]. - The policy side for L3 has seen a milestone breakthrough with the issuance of the first batch of L3 permits by the Ministry of Industry and Information Technology, marking a transition from assisted driving to conditionally automated driving in China [3][10]. Group 2: January Smartization Catalysts - The industry may enter a year of Robotaxi explosion, driven by both technology and policy, accelerating towards an "iPhone moment" for AI smart vehicles. CES 2026 is expected to be a key industry indicator, with NVIDIA's CEO focusing on the latest advancements in physical AI [4][10]. - In the L4 dimension, attention is on Tesla's FSD V14.2 performance across the U.S. without driver intervention and the expansion of its fleet. For L3, January 2026 will mark the first complete month for public road commercial trials in cities like Chongqing and Beijing, with a focus on operational takeover rates and accident liability cases [4][10]. Group 3: Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks. Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, CAOCAO, and Black Sesame Intelligence, while A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [5][10]. - Relevant downstream application stocks include those in the Robotaxi sector, such as Tesla and Xpeng Motors, as well as technology providers like Horizon and Baidu. The transformation of ride-hailing and taxi services involves companies like Didi, CAOCAO, and others [5][10]. Group 4: Supply Chain Insights - In the upstream supply chain, key players include B-end unmanned vehicle manufacturers like BAIC BluePark, GAC Group, and Jiangling Motors, along with core suppliers for testing services, chips, domain controllers, sensors, and other components [5][10]. - The investment landscape is characterized by a spiral upward iteration of hardware and software, with significant opportunities in both sectors as the industry transitions from the 0-1 stage to more advanced phases [15][10].

呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09868 | 說明 | A類普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,250,000,000 | USD | | 0.00001 USD | | 92,500 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 9,250,000,000 | USD | | 0.00001 USD | | 92,500 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- ...

本报讯天眼查工商信息显示，近日，苏州鹏昭汽车销售服务有限公司成立，注册资本500万元，经营范 围含汽车销售、新能源汽车整车销售、新能源汽车电附件销售、汽车零配件批发、汽车零配件零售、商 务代理代办服务、信息技术咨询服务、信息咨询服务等。股东信息显示，该公司由小鹏汽车旗下苏州小 鹏汽车销售服务有限公司全资持股。 （文章来源：证券日报） ...

Group 1 - The core point of the article is the departure of Chen Yonghai, the Vice President of Product Center at XPeng Motors, and the subsequent appointment of Wang Fengying as his temporary replacement, highlighting the leadership changes within the company [1][2] - Chen Yonghai has a long history with the founder He Xiaopeng, having worked with him since 2010 at UC, and his departure comes after nearly four years at XPeng, where he faced challenges with product launches [2] - Wang Fengying, who has over 30 years of experience in the automotive industry, has implemented significant reforms at XPeng, focusing on core products, cost control, and channel optimization, which have positively impacted sales [2] Group 2 - XPeng's best-selling model, the MONA M03, has surpassed cumulative sales of 200,000 units, contributing to the company exceeding its annual sales target of 350,000 units for 2025, achieving a completion rate of 122.7% [3] - Despite the overall sales success, XPeng's December delivery figures fell short of expectations, with only 37,500 units delivered in December and a total of 116,200 units in Q4, below the guidance of 125,000 to 132,000 units [3] - The company is set to launch its second-generation VLA model in Q1 2026, with plans for seven new models featuring advanced configurations, which are expected to significantly expand market reach and sales potential [3] Group 3 - XPeng is currently facing allegations of false advertising related to the reduction of millimeter-wave radar in some models, leading to a collective complaint from over 100 car owners who claim the company misrepresented vehicle specifications [5] - The company has responded to the allegations by stating that the reduction in radar was due to a technical upgrade to a pure visual driving assistance system, asserting that all changes were communicated through official channels [5]

Group 1 - The Hang Seng Tech Index has declined by 2.3%, indicating a broader downturn in the technology sector in Hong Kong [1] - Tencent Music has dropped over 5%, while Alibaba and BYD have seen declines exceeding 4% [1] - Other companies such as NIO, Bilibili, Xiaopeng Motors, Kuaishou, and Li Auto have all fallen by more than 3%, with Tencent, Meituan, NetEase, and SMIC experiencing declines of over 2% [1]

Core Viewpoint - The Hong Kong technology sector is experiencing a significant decline, with the Hang Seng Technology Index dropping by 2.3% [1] Group 1: Stock Performance - Tencent Music has seen a decline of over 5% [1] - Alibaba and BYD have both dropped by more than 4% [1] - NIO, Bilibili, Xpeng Motors, Kuaishou, and Li Auto have all decreased by over 3% [1] - Tencent, Meituan, NetEase, and SMIC have fallen by more than 2% [1]

Core Insights - The 2025 year for the electric vehicle (EV) industry is characterized by aggressive growth, a backlash against internal competition, and uncertainty heading into 2026 [2][17][19] Group 1: Aggressive Growth - The EV industry is projected to sell 12.852 million units in 2025, with a market penetration rate surpassing 50% [3] - BYD leads the market with 4.6024 million units sold, achieving a 7.7% year-on-year growth [6] - New players like Leap Motor and Xiaomi are also showing significant growth, with Leap Motor achieving a 103% year-on-year increase [4][6] Group 2: Backlash Against Internal Competition - The industry has faced issues of malicious competition, with average price reductions of 9.2% leading to a decline in profit margins from 6.2% in 2020 to 4.3% in 2025 [17][18] - Regulatory bodies are advocating for a shift towards innovation and service differentiation rather than price wars [18] - The backlash aims to guide companies towards better product definitions and fair competition practices [18] Group 3: Uncertainty in 2026 - The competition in the EV sector is expected to intensify, with a slowdown in growth rates and increased pressure on product iteration [19][20] - Key factors influencing competition will be autonomous driving capabilities and expansion strategies [20][25] - The industry may face a dilemma regarding price wars as average vehicle prices have decreased from 184,000 yuan in 2024 to 178,000 yuan in 2025 [27]

Group 1 - BYD has topped the global sales chart for pure electric vehicles, with a total sales exceeding 4.6 million units in 2025, maintaining its position as the annual sales champion in China [3] - China FAW Group achieved over 3.3 million vehicle sales in 2025, marking a 3.2% year-on-year increase, with its joint venture FAW-Volkswagen leading in sales among joint venture brands [3] - Geely Automobile surpassed 3.02 million units in sales, exceeding its annual target and setting a historical record [3] Group 2 - Leap Motor emerged as the biggest "dark horse" in the new energy vehicle sector, delivering nearly 600,000 units in 2025, representing a 103% year-on-year growth and achieving over 119% of its annual target [4] - NIO reported a record delivery of over 320,000 vehicles in 2025, with a significant increase in delivery volume in the latter half of the year [6] - Multiple automakers indicated that the Chinese new energy vehicle industry is entering a new phase of technological iteration and global development, aiming to lead in both quantity and quality [6] Group 3 - The establishment of new state-owned enterprise China Changan Automobile Group aims to accelerate breakthroughs in new energy, intelligence, and globalization, contributing to a total sales of 2.91 million units in 2025, the highest in nearly nine years [3] - Chery Group's sales exceeded 2.8 million units in 2025, focusing on innovation to enhance product service for global users [3] - Huawei's collaboration with automakers like Seres and BAIC has led to the successful launch of popular models, with a total delivery of nearly 590,000 units in 2025 [4]

Group 1 - The company is currently focused on testing services for consumer batteries, power batteries, and energy storage batteries, and does not involve solid-state battery testing [1] - The company's testing services have been widely utilized by over 2,000 new energy enterprises, including notable clients such as Zhongchuang Xinhang, Ju Wan Technology, Yiwei Lithium Energy, and Honeycomb Energy [1] - The company also provides services to new energy vehicle manufacturers like GAC Group, GAC Aion, and Xpeng Motors [1]