光大证券研究·2026-03-03 23:03Core Viewpoint - The article discusses the impact of the Spring Festival holiday on February's new energy vehicle (NEV) sales, highlighting the performance of various manufacturers and the upcoming product launches in the industry [4][5][7]. Group 1: February NEV Sales Performance - Li Auto's delivery volume increased by 0.6% year-on-year but decreased by 4.5% month-on-month to 26,421 units [4] - NIO's delivery volume rose by 57.6% year-on-year but fell by 23.5% month-on-month to 20,797 units, with the NIO brand up by 65.8% year-on-year and down by 27.5% month-on-month to 15,159 units, while the Lada brand decreased by 26.4% year-on-year and 14.3% month-on-month to 2,981 units [4] - Xpeng's delivery volume dropped by 49.9% year-on-year and 23.8% month-on-month to 15,256 units [4] Group 2: New Flagship Models Launch - On February 6, Li Auto officially launched the L9 Livis, a flagship SUV featuring an 800V fully active suspension and a self-developed high-performance driving platform [5] - On February 8, Xpeng announced the core parameters of the GX, an AI luxury six-seat flagship SUV, equipped with an 800V high-voltage platform and L4-level autonomous driving capabilities [5] - The flagship models from Li Auto and Xpeng aim to enhance product strength through chassis architecture and intelligent driving features to capture high-end NEV market share [5] Group 3: Financing and Delivery Updates - Tesla's domestic Model 3 delivery cycle has been shortened to 1-3 weeks, with various financing policies extended, including an 8,000 yuan limited-time insurance subsidy [6] - Li Auto maintains delivery cycles for L6/L9 at 1-3 weeks, while the delivery cycle for L8 has been extended to 2-4 weeks [6] - NIO's delivery cycles for several models remain stable, with the new ES8's cycle shortened to 4-5 weeks [6] - Xpeng's delivery cycles for several models have been adjusted, with the G9's cycle extended to 1-5 weeks [6] - Xiaomi's delivery volume exceeded 20,000 units in February, with financing offers continuing [6] - Huawei's Hongmeng Zhixing saw a year-on-year delivery increase of 31.1% but a month-on-month decrease of 51.3% to 28,000 units [6] Group 4: Upcoming Product Launches and Financial Performance - The industry anticipates a surge of new vehicle launches from multiple manufacturers in March and April, with a focus on financial performance amid rising costs [7][8] - Tesla is expected to launch the third-generation Optimus humanoid robot in Q1 2026, presenting potential investment opportunities in components related to domestic and international robot mass production [8]