● 本报记者 龚梦泽 在2025年国内汽车产销量双双突破3400万辆、创下历史新高的背景下，2026年1月销量数据成为全年行 业走势的重要风向标。中国汽车工业协会最新发布的数据显示，2026年1月国内汽车销售总量达234.6万 辆，其中销量排名前十位的企业（集团）合计销售196.2万辆，占汽车销售总量的83.6%，创下近年同期 头部集中度新高，"强者恒强"的马太效应持续凸显。 中汽协常务副会长付炳锋表示，2026年1月车市呈现"平稳开局、结构分化"的特征，行业集中度进一步 提升。从具体表现看，前十车企内部"五增五降"的格局清晰，反映出市场竞争的加剧。随着各家车企密 集推进新品投放与技术落地，2026年汽车产业的竞争将更趋激烈。 1月车市销量披露后，国内十余家主流车企陆续公布2026年销量目标，结合自身发展基础形成层次清晰 的竞争布局。不同于往年单纯设定增速，今年所有车企均以产品投放与技术兑现为核心，以期抢占全年 市场先机。 传统车企集团作为车市中坚，以稳健增长与新能源转型为核心，目标设定贴合自身节奏。中国一汽明确 全年销量目标为354.6万辆（同比增长7.39%），将今年定为转型首战之年，聚焦科技研发与电动化 ...

Group 1 - Automotive stocks are under pressure, with notable declines in companies such as Li Auto (-3.97%), Xpeng (-3.52%), Leap Motor (-3.34%), BYD (-2.73%), Great Wall Motors (-2.76%), Seres (-2.64%), and Chery (-2.35%) [1][2] - Since the beginning of the Year of the Horse, multiple car manufacturers have launched "seven-year low-interest loan" financial policies, indicating a growing trend in the automotive sector [1][2] - In February alone, nearly ten automotive brands have introduced the "seven-year low-interest loan" policy, with the total exceeding twenty brands when considering January and February combined [2]

最近，全球混动市场格外热闹。先是丰田汽车计划到2028年将混合动力汽车（HEV）及插电式混 合动力汽车（PHEV）产量提升至约670万辆，较其2026年的计划增产约3成，更是占到公司总产量的 近6成；随后，吉利汽车又宣布2026年将陆续推出4~5款搭载吉利i-HEV智能双擎技术的全新混动车 型。 在中国，混动市场主要以插混为主，且增速明显不及纯电动汽车。数据显示，2025年我国纯电动 汽车销售1062万辆，同比增长37.6%；插电式混动车型销售586万辆，同比增长14%。依照丰田的规 划，其混合动力车型产量增长不仅聚焦于HEV车型，同样强调了PHEV车型。这恰恰说明，丰田一面 以HEV为存量燃油车找好退路，一面把PHEV当作电动化转型的突破口。针对前者，丰田有着成熟的 技术护城河；对于后者，其对充电网络的较低要求则能够迅速在全球不同市场推广开来。可见，这并 非一次逆势的任性之举，反倒是经过深思的"两手抓"战略。 研究机构Dataforce的数据显示，2025年11月，中国品牌在欧洲混合动力车领域的市场份额突破 13%。在2025年欧洲最畅销插混车型前十榜单上，比亚迪Seal U更是击败大众、沃尔沃等跃升榜首， ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

消息面上，据中汽协发布，1月中国汽车销量同比下降3.2%，新能源汽车销量同比增长0.1%。另据乘联 分会，1月新能源乘用车批发销量同比下降3.3%，零售销量同比下降20.0%。群益证券(香港)表示，1月 汽车销量同环比回落，主要是因为需求在去年底提前释放，随着春节后各家车企陆续发布新车、新一轮 购车补贴资金下发，汽车市场景气度有望回升。 此外，2月26日，特斯拉中国官宣新一轮购车金融优惠政策，在3月31日前下单，全系车型均可享受7年 超低息贷款。其中Model 3、Model Y及Model Y L三款主力车型，可额外选择5年0息方案，贷款购车无 需支付任何利息，此举被业内普遍解读为又一轮"变相降价"，旨在进一步提振终端销量。 智通财经APP获悉，汽车股集体走低，截至发稿，理想汽车-W(02015)跌4.11%，报68.9港元；小鹏汽车- W(09868)跌3.59%，报68.55港元；长城汽车(02333)跌2.68%，报13.05港元；广汽集团(02238)跌2.11%， 报3.72港元。 ...

汽车股集体走低，截至发稿，理想汽车-W(02015)跌4.11%，报68.9港元；小鹏汽车-W(09868)跌3.59%， 报68.55港元；长城汽车（601633）(02333)跌2.68%，报13.05港元；广汽集团（601238）(02238)跌 2.11%，报3.72港元。 此外，2月26日，特斯拉中国官宣新一轮购车金融优惠政策，在3月31日前下单，全系车型均可享受7年 超低息贷款。其中Model3、Model Y及Model Y L三款主力车型，可额外选择5年0息方案，贷款购车无 需支付任何利息，此举被业内普遍解读为又一轮"变相降价"，旨在进一步提振终端销量。 消息面上，据中汽协发布，1月中国汽车销量同比下降3.2%，新能源汽车销量同比增长0.1%。另据乘联 分会，1月新能源乘用车批发销量同比下降3.3%，零售销量同比下降20.0%。群益证券(香港)表示，1月 汽车销量同环比回落，主要是因为需求在去年底提前释放，随着春节后各家车企陆续发布新车、新一轮 购车补贴资金下发，汽车市场景气度有望回升。 ...

"新势力"的整体销量目标设置较为激进。理想汽车制定了约40%的增长计划，新年销量目标为55万辆。 据悉，理想汽车将在春节假期结束后推行"门店合伙人"计划，以提升门店运营效率和市场响应速度。蔚 来汽车表示，希望维持每年40%～50%的销售增长，照此计算，2026年销售目标为45.6万～48.9万辆。 小鹏汽车在2025年超额完成销量目标，2026年目标增长约28%~39.7%，销量目标设定为55万~60万辆。 向上的势头给了零跑汽车十足的底气，其首席运营官徐军2月5日在微博透露销量目标为105万辆。小米 汽车2026年的销量目标为55万辆，增长率34%。鸿蒙智行2025年全年销量58.9万辆，2026年直接定下 100万辆以上的销量目标，增幅超70%，是全行业已公布的增长规划中最激进的。 广汽集团和比亚迪汽车均未公布具体的销量目标。据悉，2025年第四季度，广汽集团整体销量达53.78 万辆，环比大增25.56%，连续3个季度实现环比正增长，且增速持续扩大，"番禺行动"一系列改革对经 营的提振作用初步显现。2025年，比亚迪实现全球新能源汽车销量四连冠；纯电销量超特斯拉，成为全 球纯电销量冠军；跻身全球车企销量 ...

同心致远、协同奋进。十余载深耕不辍，京津冀协同发展从蓝图落地为实景，从重点突破迈 向全域融合，世界级城市群主干构架已然成型，高质量发展增长极势能强劲。 当前，京津冀协同发展迈入深度融合、提质增效的新阶段，"十五五" 开局起步，每一步前 行都更需战略定力与系统思维，更彰显使命担当与时代作为。 风好正是扬帆时，策马扬鞭再登峰。值此 "十五五" 开局之年，长安街知事（微信ID： Capitalnews）联手三地党报再次推出系列报道 "京津冀一把手访谈录"，邀请三地市区党委 政府 "一把手"，共话协同成效、共商发展大计、共绘现代化首都都市圈美好新篇。 河北保定市市长 闫继红 京津冀协同发展进入新阶段，保定作为区域性中心城市，如何把握机遇、乘势而上？近日，记者就京津 冀协同发展亮点成效、"十五五"重点规划等话题，专访了保定市市长闫继红。 在服务首都、对接京津、联动雄安中加快发展自己 记者：今年是京津冀协同发展战略实施12周年，目前已进入全方位、高质量深入推进的阶段。保定作为 京津冀世界级城市群中的区域性中心城市，怎样理解和把握自己担负的职责和使命？ 闫继红：京津冀协同发展是习近平总书记亲自谋划、亲自部署、亲自推动的重大 ...

Core Insights - The automotive industry in China has launched an extensive marketing campaign during the 2026 Spring Festival, utilizing various platforms such as the Spring Festival Gala, movie placements, and self-produced short films to enhance brand visibility and engage consumers [1][40]. Group 1: Spring Festival Gala Marketing - Homong Zhixing's brand, Zun Jie S800, has been named the "Flagship Partner of the Smart Travel Era" for the Spring Festival Gala, marking its second consecutive year of collaboration [3][6]. - Multiple brands under Homong Zhixing, including Aito, have also participated in the Gala, showcasing their vehicles and promoting a festive message [10]. - Great Wall Motors' Wey brand was featured as the designated vehicle for new media during the Gala, increasing its visibility [12]. Group 2: Movie Marketing - The 2026 Spring Festival movie market has become a significant platform for automotive marketing, with nearly ten car companies participating in film placements, particularly in the movie "Fast and Furious 3" [18][20]. - Various models, including Lynk & Co Z20 and BYD's full range, were integrated into the film's narrative, enhancing their appeal through contextual relevance [23][26]. - Tank brand from Great Wall Motors took a unique approach by participating as a behind-the-scenes vehicle in the filming of "Fast and Furious 3" [20]. Group 3: Self-produced Short Films - Several car companies opted to create their own promotional videos, leveraging the Year of the Horse theme and the ongoing Winter Olympics to connect with audiences [29][33]. - BMW released a themed short film titled "Happy Year of the Horse," creatively linking its brand with New Year wishes [29]. - Volvo produced a creative video related to the Winter Olympics, emphasizing safety features in their vehicles [33]. Group 4: Marketing Strategy Insights - The three marketing strategies—Spring Festival Gala, movie placements, and self-produced short films—each offer unique advantages, such as broad reach, contextual integration, and creative flexibility [35][38]. - The Spring Festival Gala achieved a total media reach of 23.063 billion times, a 37.3% increase year-on-year, with a peak viewership of over 400 million [35]. - The focus has shifted from mere exposure to integrating brand value and product functionality with the emotional core of the Spring Festival, aiming for a combination of brand awareness, reputation, and conversion [40].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.63%, S&P 500 up 0.81%, and Nasdaq up 1.26%, driven by Nvidia's strong earnings report [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector showed mixed results, with the Hang Seng Technology Index slightly down by 0.19% [1] - In the US, major tech stocks like Microsoft and Facebook saw gains, while the Nasdaq China Golden Dragon Index fell by 0.47% [2] Investment Opportunities - The report emphasizes the importance of "self-reliance in technology" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see long-term development opportunities [3] - The recent policies from the Ministry of Industry and Information Technology regarding national computing power and communication infrastructure are expected to boost domestic computing and communication sectors [3] - Investors are advised to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services, as well as undervalued central state-owned enterprises with high dividends [3] Key Company Highlights - Haidilao (6862.HK) led the Hang Seng Index component stocks with a gain of 6.2%, while HSBC Holdings (0005.HK) and Longfor Group (0960.HK) rose by 5.5% and 4.6%, respectively [1] - The report notes that the recent adjustments in Shanghai's real estate policies are expected to release pent-up demand, benefiting core area property companies and their supply chains, such as Longfor Group and China Resources Land [10] - The Hong Kong government announced plans to issue licenses for stablecoin issuers and establish a committee focused on AI and industry development, which could benefit sectors related to digital assets and fintech [11]