Xin Lang Cai Jing·2026-01-25 10:34Industry Overview - In January 2026, the narrow passenger car retail market is expected to reach approximately 1.8 million units, reflecting a month-on-month decline of 20.4% but a slight year-on-year increase of 0.3% [2] - Tesla has been actively disclosing progress on key projects, including the near completion of its next-generation AI5 chip design and the initiation of AI6 chip development. Additionally, Tesla's shared mobility fleet has reached 200 vehicles, and plans for the Optimus humanoid robot to be released to the public by the end of 2027 have been announced [2] Company Insights - QuanFeng Automotive has forecasted a net profit attributable to shareholders for 2025 to be between -340 million yuan and -290 million yuan, a significant improvement from -517 million yuan in the previous year. The non-recurring net profit is expected to be between -350 million yuan and -300 million yuan, also showing notable improvement from -522 million yuan year-on-year [3] - Yingboer anticipates a net profit attributable to shareholders for 2025 to be between 170 million and 190 million yuan, representing a substantial year-on-year growth of 139.43% to 167.60%. The net profit after excluding non-recurring gains and losses is expected to be between 70 million and 90 million yuan, reflecting a year-on-year increase of 80.86% to 132.54% [3] Investment Recommendations - The automotive market is expected to gradually enter an upward recovery phase, supported by the implementation of the vehicle trade-in policy in 2026, which is likely to boost domestic demand. The market may experience a "first decline, then rise" trend throughout the year [4] - The AI sector is entering a verification phase of prosperity, with a focus on Tesla's leadership and marginal catalysts. The recent disclosures regarding Tesla's humanoid robots and Robotaxi services, along with positive signals from North American cloud vendors and strong orders for overseas electric equipment, indicate a favorable outlook for domestic leaders [4] - Long-term focus on stable growth is recommended, with significant potential for overseas business expansion. It is projected that China's automobile export volume will reach 6.34 million units in 2026, a year-on-year increase of approximately 13%, potentially exceeding 20% of total production [4]