每经编辑｜胡玲 张喜威 V 2026脑机接国开发者大会将于2月 办" 2国内成品油将开启新一 -轮调价窗口 (3)东鹏饮料: H股预计2月3日上市 1 隔夜市场 美股三大指数集体收涨，道指涨1.05%，标普500指数涨0.54%，纳指涨0.56%，大型科技股涨跌不一，苹果涨超4%，谷歌、亚马逊涨超1%，英伟达跌超 2%，微软、Meta跌超1%。美国基建股、存储概念股涨幅居前，闪迪涨超15%，西部数据涨近8%，卡特彼勒涨超5%。加密货币、贵金属、能源股普跌， Robinhood跌超9%，Circle跌近8%，美洲白银公司跌超5%，Coinbase跌超3%。纳斯达克中国金龙指数收跌0.65%，热门中概股多数下跌。小鹏汽车跌超 8%，好未来跌逾4%，爱奇艺跌超4%，蔚来跌近4%，小马智行跌近4%，世纪互联涨近4%，金山云涨超3%，新东方涨近3%，满帮集团涨超2%，百胜中国 涨逾2%。 美国劳工统计局表示，由于联邦政府部分"停摆"，原定于6日发布的美1月就业报告将不会按时公布。 周二，美元指数上涨0.67%，在汇市尾市收于97.635。在岸人民币兑美元（CNY）北京时间03:00收报6.9448元，较上周五夜盘收盘涨 ...

Group 1 - The core viewpoint of the article highlights that Mercedes-Benz has adjusted the manufacturer's suggested retail prices (MSRPs) for certain models by approximately 10%, which is a step towards optimizing the dealer business policy despite still falling short of overall dealer demands [1][2]. - The specific models affected by the price adjustment include the C-Class, GLC, and GLB, with notable price reductions such as around 33,000 yuan for the C 200 L, approximately 38,000 yuan for certain GLB 200 models, and about 68,000 yuan for the GLC 300 coupe [2]. - The article indicates that the luxury car market in China is facing pressure, with market shares for vehicles priced over 400,000 yuan declining from 6.3% to 5.2%, and those priced between 300,000 and 400,000 yuan dropping from 9.0% to 8.4% in 2025 [3]. Group 2 - The China Automobile Dealers Association has received feedback from various dealers regarding unreasonable business practices, including high inventory levels, severe price discrepancies, and restrictive conditions on rebates and annual bonuses [2]. - The association is conducting verification research on brands with significant issues and will communicate with relevant authorities and brand representatives based on the findings [2]. - The overall trend in the domestic car market shows a contraction in the high-end segment while the low-end market is expanding, indicating a shift in consumer preferences [3].

汽车经销商以指导价为基础从车企提车，指导价下调可以直接降低其提车资金占用，释放流动资金，同 时也减少了库存减值风险。同时，规范价格体系可以稳定消费者预期，也能加速库存周转，在一定程度 上缓解此前库存高、价格倒挂的经营压力。此前宝马中国也基于上述原因对部分车型调整了售价。 此外，全国工商联汽车经销商商会还再次呼吁各主机厂积极倾听经销商的意见建议，主动对现行的商务 政策进行认真梳理，对一些不合规、不合理、不合情的商务政策，特别是经销商反映比较集中、比较强 烈的商务政策尽快主动作出优化调整。 针对奔驰方面，全国工商联汽车经销商商会也建议奔驰品牌方尽快继续推出务实举措。特别是对一些经 销商反映强烈、与其他品牌相比存在较大差距的商务政策，如返利兑现问题（返利兑现账期过长，部分 返利兑现账期超过180天，在所有主流品牌中最长；国产奔驰返利不能提现、只能用来进车）等尽快作 出调整。 2025年，奔驰在中国市场共交付57.5万辆新车（含乘用车及轻型商务车），较2024年的71.4万辆下滑约 19%，这一销量仅高于2016年的48.1万辆，较2020年77.4万辆的峰值差距颇为明显。其中乘用车板块在 中国市场交付55.19万辆 ...

Core Insights - The signing of the free trade agreement between India and the EU marks a significant shift in global trade dynamics, creating a super trade zone that encompasses a population of 2 billion and accounts for a quarter of global GDP and a third of global trade volume [2][3]. Trade Dynamics - The agreement results in the elimination or substantial reduction of tariffs on over 90% of EU export goods, with India committing to phase out tariffs on more than 90% of EU goods within seven years [4]. - Notably, India's import tariff on European cars will be reduced from a high of 110% to 40%, with potential further reductions to 10%, facilitating access for major European automotive brands to the Indian market [4]. Labor Mobility - The agreement includes provisions for labor mobility, allowing EU member states to issue up to 100,000 multi-year work permits and at least 35,000 graduate residence permits to Indian citizens over the next five years [5][8]. Historical Context - The negotiation process for the free trade agreement spanned nearly 20 years, beginning in 2007, and faced significant challenges, particularly in areas such as automobiles and agriculture, leading to a nine-year stalemate [9][10]. - The negotiations were revitalized in 2022, influenced by external pressures, particularly from U.S. trade policies under the Trump administration, which prompted both India and the EU to seek closer cooperation [12]. Strategic Considerations - The cooperation between India and the EU extends beyond trade and labor mobility, encompassing security and defense partnerships aimed at enhancing strategic autonomy and balancing regional influences, particularly concerning China [13][16]. - The agreement is viewed as a strategic choice for both parties, driven by mutual interests and geopolitical considerations, potentially reshaping the global trade landscape and fostering new opportunities for both populations [15].

需要指出的是，本次官方指导价的下调其实主要是为了缓解经销商的生存压力。 汽车经销商以指导价为基础从车企提车，指导价下调可以直接降低其提车资金占用，释放流动资金，同 时也减少了库存减值风险。同时，规范价格体系可以稳定消费者预期，也能加速库存周转，在一定程度 上缓解此前库存高、价格倒挂的经营压力。此前宝马中国也基于上述原因对部分车型调整了售价。 此外，全国工商联汽车经销商商会还再次呼吁各主机厂积极倾听经销商的意见建议，主动对现行的商务 政策进行认真梳理，对一些不合规、不合理、不合情的商务政策，特别是经销商反映比较集中、比较强 烈的商务政策尽快主动作出优化调整。 针对奔驰方面，全国工商联汽车经销商商会也建议奔驰品牌方尽快继续推出务实举措。特别是对一些经 销商反映强烈、与其他品牌相比存在较大差距的商务政策，如返利兑现问题（返利兑现账期过长，部分 返利兑现账期超过180天，在所有主流品牌中最长；国产奔驰返利不能提现、只能用来进车）等尽快作 出调整。 2025年，奔驰在中国市场共交付57.5万辆新车（含乘用车及轻型商务车），较2024年的71.4万辆下滑约 19%，这一销量仅高于2016年的48.1万辆，较2020年77 ...

就在咱们还沉浸在1月9日中国海军与南非、俄罗斯在印度洋海域举行的"和平意志-2026"海上联合军演 的宏大场面中时，南非那边突然传出一个看似"非常不讲武德"的消息。 南非国家贸易专员卡维（Carsten）在国会上直接摊牌了：计划对从中国和印度进口的汽车，加征高达 50%的关税。 这消息一出，很多老铁在后台私信我："老王，这南非是不是吃错药了？咱们军舰刚走，还没开远呢， 他们这就翻脸？金砖伙伴的友谊小船说翻就翻？" 大家先别急着上火。作为在这个圈子里摸爬滚打十年的观察者，我得跟大伙儿交个底：这事儿，还真不 是南非要跟咱们决裂，甚至可以说，这已经是南非在规则范围内，对咱们最大的"手下留情"了。 今天，咱们就剥开那些情绪化的外壳，站在2026年1月的当下，好好聊聊这背后的门道。 这一刀，为何砍得如此突然？ 首先，咱们得看看南非为什么要动这个手。 说实话，南非这两年的日子过得挺纠结。一方面，他们是金砖国家的重要成员，跟咱们中国的关系那 是"铁哥们"级别的；但另一方面，他们自家的汽车工业快被卷没了。 大家可能不知道，南非是非洲大陆上汽车工业底子最厚的国家。早些年，像宝马、奔驰这些德系大厂， 都在南非有生产线。汽车产业是 ...

此前，商会已三次致函奔驰希望改善商务政策。 此次商务政策调整虽然与经销商的总体诉求还有很大差距，但也可在一定程度上为奔驰经销商释放部分 流动资金，标志着奔驰品牌方向全面优化调整经销商商务政策迈出了务实一步。 2月2日，全国工商联汽车经销商商会发文表示，经向多家奔驰品牌经销商核实，奔驰品牌方已于2月1日 对部分车型的厂商建议零售价格作出了调整，涉及车型的调整幅度为10%左右。 ...

Core Viewpoint - Hongjing Optoelectronics has established comprehensive product solutions in the smart automotive sector, covering various applications in intelligent driving and smart cockpits, and maintains optimistic growth expectations for its smart automotive business by 2026 [1] Group 1: Company Partnerships - The company has formed long-term stable partnerships with numerous well-known automotive manufacturers such as Mercedes-Benz, Chery, Great Wall, and Xpeng, as well as Tier 1 suppliers [1] Group 2: Market Trends - The trend of "equal access to intelligent driving" is accelerating the penetration of advanced intelligent driving features into mid- to low-end vehicle models [1]

Domestic News - Guangdong Province Development and Reform Commission issued the "Guangdong Province 2026 Optimization of Market-oriented First-class Business Environment Work Plan," supporting smart connected vehicle road testing and demonstration applications in cities like Guangzhou and Shenzhen [8] - Shanghai announced a vehicle replacement subsidy policy, providing up to 15,000 yuan for replacing vehicles with new energy cars and up to 13,000 yuan for fuel vehicles with a displacement of 2.0 liters or less [9] - Beijing Economic and Technological Development Zone is implementing the "Smart Connected Navigation Action," focusing on building a national AI automotive manufacturing pilot base and enhancing data-driven technology in smart connected vehicles [10] - China's manufacturing purchasing managers' index (PMI) for January 2026 is reported at 49.3%, indicating a slight contraction in market demand but continued production expansion [12] - The National Energy Administration announced plans to establish 28 million charging facilities by the end of 2027, supporting over 80 million electric vehicles [13] - Xiaomi Automotive opened 9 new stores in January and plans to add 6 more in February, expanding its service network across 159 cities [14] - Dongfeng Motor's Munich Design Center has officially opened, enhancing its global design and R&D capabilities [15] - Great Wall Motors' WEY brand 80 has been renamed WEY G9 for its entry into the Malaysian market, targeting competition with Toyota's Alphard and Vellfire [17] International News - California is advancing new emission regulations and plans to introduce a $200 million electric vehicle incentive program to fill the gap left by the previous federal tax credit cancellation [18] - Stellantis plans to increase production in Italy by adding shifts and launching new models to meet production targets starting in 2026 [19] - Toyota's Indonesian factory has begun local production of hybrid vehicle batteries to meet growing market demand [20] - India is set to launch subsidy policies to support the construction of lithium and nickel processing plants, aiming to enhance local production capacity for electric vehicle components [21][22] Commercial Vehicles - Windrose Electric's pure electric heavy truck has officially registered in Belgium, marking the first legal operation of a Chinese electric heavy truck in Europe [23] - Nanyang's transportation department is accelerating the construction of charging and swapping stations for heavy trucks to support the transition to electric heavy-duty vehicles [24] - Mercedes-Benz has launched the NextGenH2 hydrogen fuel cell heavy truck, with small-scale production set to begin at the end of 2026 [25] - Successful Automotive has signed a strategic cooperation agreement with Electric Vehicle Resources to enhance brand upgrading and channel transformation in the new energy commercial vehicle sector [27]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Insights - The company is a leading provider of precision manufacturing solutions across the entire supply chain for smart terminals, leveraging its strong technological foundation in various materials to achieve vertical integration from raw material production to final assembly [6][11] - The financial performance shows steady growth in revenue and profit, with a projected increase in revenue from 544.91 billion yuan in 2023 to 1,395.99 billion yuan by 2027, and net profit expected to rise from 30.21 billion yuan to 83.81 billion yuan in the same period [4][6] - The company is expanding its business into emerging markets such as smart automotive, humanoid robots, AI/XR glasses, and smart retail, which are expected to drive future growth [6][7] Summary by Sections Company Overview - The company has a solid business foundation and high-quality customer resources, being a strategic partner to many global brands like Apple, Samsung, and Tesla [12][11] - It has a diversified business structure covering multiple sectors including consumer electronics and smart automotive [21][11] Financial Performance - Revenue is projected to grow from 466.99 billion yuan in 2022 to 698.97 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.34% [29] - The net profit is expected to increase from 24.48 billion yuan to 36.24 billion yuan in the same period, with a CAGR of 21.67% [29] Consumer Electronics - The company is positioned to benefit from the AI upgrade and innovation in the consumer electronics sector, with a focus on high-value products like foldable screens and 3D glass [6][48] - The revenue from the smartphone and computer segments is expected to grow significantly, driven by increased demand and product upgrades [30][34] Smart Automotive - The company is expanding into the automotive electronics sector, with innovative products like ultra-thin laminated glass and smart cockpit components, which are expected to enhance the value per vehicle [6][33] - The automotive segment's revenue is projected to grow significantly as the penetration of electric vehicles increases [6][33] Emerging Fields - The company is strategically positioning itself in emerging markets such as humanoid robots and AI data centers, with a focus on vertical integration and technological innovation [7][6] - Collaborations with leading companies in these fields are expected to foster growth and enhance market presence [7][6]