Core Insights - Xpeng Motors announced that the 2026 model of the P7+ has successfully completed trial production at the Graz factory in Austria [1] - The vehicle is set to launch in China on January 8 and in Europe on January 9 [1] Company Developments - The collaboration between the Chinese and Austrian teams is focused on advancing the subsequent research and production processes for the P7+ [1]

Industry Overview - In October 2025, China's new energy vehicle (NEV) sales reached approximately 1.715 million units, accounting for 51.6% of total new car sales, marking a significant shift in the market dynamics [1][11] - By November 2025, the penetration rate of NEVs further increased to 53.2%, indicating a transition from niche to mainstream consumer choice [1][11] - The automotive market is expected to face challenges as multiple consumer stimulus policies are set to exit, leading to a return to a demand-supply driven seasonal operation [1][12] New Entrants and Performance - Leap Motor emerged as the top new force with 596,600 units delivered, surpassing competitors like NIO, Xiaopeng, and Hongmeng Zhixing [3][14] - Xiaopeng Motors delivered 429,400 units, while Li Auto and NIO delivered 406,300 and 326,000 units respectively, with NIO experiencing a significant sales boost in Q4 due to the new ES8 model [3][14] - Xiaomi Auto achieved over 410,000 units, exceeding its target of 350,000 units, and plans to challenge a target of 550,000 units in 2026 [6][16] Established Brands Performance - BYD sold 4.6024 million vehicles globally, achieving its target and becoming the world's top seller of pure electric vehicles with 2.26 million units sold, a 28% year-on-year increase [7][17] - Geely and Changan both met their sales targets, with Geely selling 3.0246 million vehicles and Changan reaching 2.913 million, with significant growth in their NEV segments [8][18] - Great Wall Motors and Chery reported sales of 1.3237 million and 2.6314 million units respectively, with Chery's sales boosted by its collaboration with Huawei [8][18] Market Dynamics and Future Outlook - The competition among new entrants and established brands is intensifying, with the market expected to undergo significant changes as policy support diminishes [1][12] - The automotive industry is preparing for a challenging 2026, with various companies adjusting their strategies to maintain competitiveness [1][12]

Core Viewpoint - Xpeng Motors announced the successful completion of trial assembly for the 2026 model of the P7+ at its Graz factory in Austria, with plans for high-quality delivery [1][2] Group 1: Production and Manufacturing - The Graz factory has a century of manufacturing experience and has produced over 3 million vehicles, making it the largest and only manufacturer of the Mercedes-Benz G-Class [1][2] - The P7+ will be produced under globally unified production and safety standards [1][2] Group 2: Market Launch - The new P7+ is set to launch in China on January 8 and in Europe on January 9 [1][2]

2026 年 01 月 05 日 两新补贴正式落地符合预期，看好 预期修复下的交易机会 看好 ——2025/12/29-2026/1/4 汽车周报 《补贴落地践行渐进，看好预期修复下的 交易机会——2025/12/22-2025/12/28 汽车周报》 2025/12/29 《L3 智驾车型许可发放，继续看好智能 化、中高端和二手车市场—— 2025/12/15-2025/12/19 汽车周报》 2025/12/22 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 行 业 及 产 业 证 券 研 究 报 告 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 中庚基金 使用。1 行 业 研 本期投资提示： 1.1 新势力月度销量更新 究 / 行 点 业 评 汽车 ⚫ 观点：两新补贴正式落地，计算方式由定额制转向按车价比例计算，结构导向更加清 晰，此前对行业 26 年总量的担心有望得到修复。看好中低端需求为主的比亚迪、吉 利，以及基本面α弹性显著的北汽、江淮 ...

小鹏汽车港股今日收跌4.6%，带动小鹏汽车(XPEV.US)美股盘前跌2.8%。消息上，就在昨天，汽车圈曝 光一件大事，小鹏汽车副总裁、产品中心负责人陈永海正式离职。而他的岗位，暂时由总裁王凤英代 管。陈永海其实是何小鹏的老搭档，并且是整个小鹏产品体系的核心人物。有分析称，其实，陈永海的 离职，本质还是互联网行业与传统造车产业的冲突。 | XPEV 小鹏汽车 | | | | --- | --- | --- | | 20 430 + +0.150 +0.74% | | 收盘价 01/02 16:00 美东 | | 19.860 ↓ -0.570 -2.79% | | 盘前价 01/05 04:08 美东 | | 三 7 24 号 8 9 日 9 | | ● 快捷交易 | | 最高价 20.582 | 开盘价 20.570 | 成交量 985.93万 | | 最低价 19.722 | 昨收价 20.280 | 成交额 1.99亿 | | 平均价 20.144 | 市盈率ITM 亏损 | 总市值 195.28亿 (…) | | 振 幅 4.24% | 市盈率(静) 亏损 | 总股本 9.56亿 | | 换手率 1. ...

Core Viewpoint - The article predicts a 25% growth in China's new energy passenger vehicle market sales by 2025, aligning with the "14th Five-Year Plan" expectations for the new energy vehicle market [2]. Group 1: Market Trends - December marks a peak buying season for new energy vehicles as the vehicle purchase tax exemption policy expires, but market dynamics are affected by adjustments in vehicle replacement and trade-in subsidies, leading to a noticeable divergence in market trends [2]. - Major manufacturers have adjusted their production schedules to reduce inventory, preparing for a strong start in the "15th Five-Year Plan" [2]. Group 2: Sales Performance - In December, several key manufacturers, including Tesla, Seres, NIO, and others, achieved record high wholesale sales for new energy vehicles, contributing to a structural growth in the market [2]. - BYD's exports reached 133,000 units in December, a year-on-year increase of 75,000 units, significantly boosting the overall sales growth of new energy passenger vehicles by 4% [2]. Group 3: Sales Data - According to the latest data, the wholesale sales of new energy passenger vehicles in December are estimated at 1.57 million units, representing a 4% year-on-year growth but an 8% month-on-month decline [3]. - Cumulatively, the wholesale sales of new energy passenger vehicles for the year 2025 are projected to reach 15.33 million units, reflecting a 25% year-on-year increase [3].

智通财经记者 | 贾璐 智通财经编辑 | 崔宇 【编者按】为了更全面、更及时、更精确地反映电动载人汽车出口状况，2025年3月起，智通财经/界面 智库和瀚闻资讯联合推出《中国电动载人汽车出海月报》。《中国电动载人汽车出海月报》旨在呈现全 国及各省电动载人汽车出口金额、出口数量和出口目的地等指标的月度变化趋势，以期为政府、企业和 投资者等提供决策参考。我们将于每月27日左右发布相关月报。 根据界面智库与瀚闻资讯统计，2025年11月，中国电动载人汽车贸易增长动能全面爆发，结构性分化态 势进一步凸显。进口方面延续收缩态势，出口方面则展现出强劲的加速势头，11月当月出口金额达 70.76亿美元，同比大幅增长139.83%，环比微降0.11%；出口数量达39.94万辆，同比激增144.93%，环 比增长6.52%。1-11月累计出口量已达337.31万辆，同比增长63.59%，增速较1-10月显著扩大6.99个百分 点，全球市场拓展进入高速增长通道。 从细分市场看，11月电动载人汽车出口分化路径更为清晰。乘用车领域呈现"量价齐升"的强劲增长格 局，在整体出口中占据绝对主导，出口量39.83万辆，占比高达99.73%， ...

Core Viewpoint - The article discusses the impact of the new electric vehicle (EV) purchase tax policy and subsidy changes in 2026, highlighting how these changes are prompting car manufacturers to increase promotions to attract buyers during the New Year period [3]. Group 1: Policy Changes - Starting in 2026, the EV purchase tax incentive has been reduced from full exemption to a 50% reduction (5% tax rate) [3][5]. - The "Two New" policy has shifted from fixed subsidies to a percentage-based subsidy based on vehicle price, although the maximum subsidy remains unchanged [3][5]. - The new purchase tax policy is expected to increase the cost of purchasing EVs, with the tax for a vehicle priced at 31.98 million yuan being approximately 14,200 yuan [11]. Group 2: Market Response - Car manufacturers are ramping up promotions to attract hesitant buyers, with many offering cash discounts and trade-in subsidies [5][6]. - For example, Xiaopeng Motors is offering a cash discount of 3,000 yuan and a trade-in subsidy of 3,000 yuan, totaling around 6,000 yuan in discounts [5]. - Li Auto has different discount policies for various models, with the L6 model seeing a price drop of 38,000 yuan [6]. Group 3: Consumer Behavior - There has been an increase in consumer inquiries and test drives during the New Year period, indicating heightened interest due to the policy changes [4][5]. - Many consumers are still in a wait-and-see mode, comparing different brands' promotions before making a purchase decision [6][8]. - Despite the increased costs from the new tax, many consumers are still purchasing vehicles, as seen in the sales performance of brands like NIO and Hongmeng Zhixing [8][11]. Group 4: Sales Performance - NIO's sales during the New Year period were robust, with reports of high foot traffic and test drive requests [7][8]. - In Guangzhou, a store sold over 10 units of the new Aion model in a single day, demonstrating strong demand despite the new tax [11]. - Overall, the article indicates that while the new tax has raised costs, many brands are successfully maintaining sales momentum through strategic promotions and consumer engagement [9][11].

Core Insights - The new policy for electric vehicle (EV) purchase tax has been implemented in 2026, reducing the previous full exemption to a 50% reduction, resulting in a 5% tax rate for consumers [2][4] - The subsidy policy has shifted from fixed amounts to a percentage of the vehicle price, although the maximum subsidy remains unchanged, leading to a decrease in support for lower-priced models [2][4] Group 1: Market Reactions - Car manufacturers and dealerships are increasing promotional efforts to attract hesitant buyers, aiming for a strong start to the 2026 market [2][3] - During the New Year holiday, there was a notable increase in customer inquiries and test drives, with sales staff working in larger numbers to accommodate demand [3][5] - Many dealerships are advertising their sales achievements to draw in more customers, with some offering cash discounts and trade-in subsidies [3][4] Group 2: Specific Company Strategies - Li Auto is offering varying discounts based on model, with significant reductions for popular models like the L6 and L7 [4] - NIO and other new energy brands are implementing "bottom line" measures to offset the increased purchase tax, such as cash subsidies and price reductions [6][7] - Tesla has not introduced any compensatory measures for the new tax policy but continues to see strong customer interest and sales [7] Group 3: Sales Performance - Some dealerships reported high sales volumes during the holiday, with one store selling over 10 new energy vehicles in a single day [8][9] - Despite the increased costs from the new tax, many brands are still experiencing robust sales, indicating strong market demand [8][9] - The introduction of new models and promotional strategies is expected to maintain consumer interest and sales momentum in the coming months [10][11]

和讯猎报 01.05 13:33:15 周- 【1月5日港股汽车股齐跌，小鹏汽车跌近5%且传高层变动】1月5日，港股市场汽车股集体下挫。其 中，小鹏汽车跌幅近5%，股价报76.35港元。同时，小鹏汽车传出高层变动消息。 ，小鹏汽车产品营运 中心副总裁陈永海已于2025年12月离职，其职务暂由公司总裁王凤英接替。陈永海2010年加入何小鹏创 立的UC，曾担任产品主管。 2014年UC被阿里巴巴收购后，陈永海先后加入360、高德。2022年1月， 他正式加入小鹏汽车，初期负责网路中心，后转任产品中心负责人。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 小鹏汽车:股价跌近5%,产品营运中 心副总裁已离职 扫码查看原文 和讯财经 和而不同 迅达天下 【1月5日港股汽车股齐跌,小鹏汽车跌近5%且传高 层变动】1月5日,港股市场汽车股集体下挫。其 中,小鹏汽车跌幅近5%,股价报76.35港元。同 时,小鹏汽车传出高层变动消息。,小鹏汽车产品 营运中心副总裁陈永海已于2025年12月离职,其职 务暂由公司总裁王凤英接替。陈永海2010年加入何 小鹏创立的UC,曾担任产品主管。2014年UC被阿 里巴巴收购后 ...