2月24日春节后复工首日，吉利汽车集团CEO淦家阅、长安汽车总裁赵非、上汽通用五菱总经理吕俊成以及小鹏汽车董事长何小鹏陆续发布新春开工信，为 马年征程定下基调。 在"内卷"与"淘汰赛"的双重压力下，各家车企的战略重点既有共性，又各具特色。 吉利汽车：坚定"反内卷"，聚焦五大战役 面对白热化的市场竞争，吉利汽车集团提出"反内卷"，拒绝恶性消耗，转而聚焦技术、品质与品牌的长期主义。淦家阅在信中表示，面对激烈市场竞争，吉 利将摒弃内卷式恶性竞争，坚定走内涵式、可持续发展道路，聚焦技术、品质、品牌、服务与企业道德五大战役。 首先是AI科技化加速，吉利表示2026年将继续快速迭代千里浩瀚 G-ASD，G-ASD H7 方案也将搭载到领克和吉利银河的多款车型上，同时，在智能座舱方 面，超拟人智能体 Eva 将具备更强的交互能力，并能实现国内领先的舱驾联动体验。 第二是能源多元化。2026年，吉利全新一代甲醇混动车型量产上市，每公里使用成本约0.2元，同时加快加注网络建设，覆盖率提升至60%。此外，吉利将 把长续航、超快充的800V平台引入吉利银河品牌，全系电混车型纯电续航突破200公里；今年上半年正式发布i - HEV智 ...

Core Insights - The Robotaxi industry is experiencing accelerated commercialization and safety controversies since 2025, with 2026 anticipated as a pivotal year for large-scale deployment [2] - Major automotive companies and tech firms are expanding their Robotaxi operations, while safety incidents raise public concerns about the reliability of these services [2][8] Industry Developments - Tesla plans to remove safety drivers in Austin by 2025 and aims for mass production of its CyberCab by Q1 2026 [3] - Xiaopeng Motors will launch three Robotaxi models in 2026 and has partnered with Gaode for a global ecosystem collaboration [3] - Baidu's Robotaxi service, "Luo Bo Kuaipao," operates in 22 cities with over 250,000 fully autonomous orders weekly, serving more than 17 million users [3] - Waymo's total order volume reached 15 million in 2025, doubling from previous figures, with plans for global expansion following a $16 billion funding round [3] Collaborations and Strategies - GAC Toyota's Robotaxi, the Platinum Smart 4X, has been launched, with plans for 1,000 units by 2026 in collaboration with Pony.ai [4] - Geely's strategy aims to expand Robotaxi services to 100 cities, with a target of 1 billion yuan in revenue by 2026 [5] - Didi and GAC Aion have launched their first Robotaxi, R2, set to operate in major cities starting Q2 2026 [5] - Pony.ai has achieved profitability for its Robotaxi in Guangzhou, indicating a shift towards sustainable operations [7] Safety and Regulatory Challenges - Safety incidents involving Robotaxis have raised significant concerns, including a fire in Beijing and accidents in Chongqing and Hunan [8][9] - The industry faces challenges in technology adaptation, regulatory frameworks, and operational practices, with calls for improved safety standards and accountability [9][10] - The lack of unified safety regulations and the rapid expansion of services without adequate safety measures have been highlighted as critical issues [9][10] Future Outlook - The Robotaxi sector is expected to reach a tipping point in 2026, driven by technological advancements, supportive policies, and increased capital investment [6][10] - The industry must balance rapid growth with safety considerations to gain public trust and ensure sustainable development [10]

Group 1 - The automotive market is experiencing a new round of price competition, initiated by joint venture car manufacturers, with the Honda Accord significantly reducing its price to celebrate its 50th anniversary, offering the e:PHEV model at 138,800 yuan, a reduction of 100,000 yuan from the official price, marking the highest discount since its launch [1] - In January 2026, the retail sales of the Accord were approximately 13,800 units, a month-on-month decrease of 27%, ranking 6th in the mid-size car segment, with most sales coming from the fuel version [1] - The Accord and similar models like the Camry have historically been popular among middle-aged consumers due to their reliability and low maintenance costs, but the rise of electric vehicles has forced these once highly sought-after models to lower their prices [1] Group 2 - In January, the Honda Fit, marketed as a car for young people, also adopted a limited purchase strategy, pricing the new generation at 60,000 yuan, a reduction of 20,000 yuan from the previous generation, with a limited availability of 3,000 units [2] - The automotive market remains competitive in the 100,000 to 150,000 yuan price range, with the automotive consumption index in January at a historical low of 31.1 [2] - New energy vehicles are seeing a shift towards mid-to-high-end models, with sales of A00 and A0 class vehicles at 88,000 units, A-class at 141,000 units, and B-class and above at 399,000 units, accounting for 14%, 22.5%, and 63.4% of total sales respectively [2] Group 3 - The competition in the automotive market continues, with GAC Toyota launching the new fuel vehicle Vellfire AIR version, offering a cash subsidy of 22,000 yuan and additional trade-in subsidies [3] - Dongfeng Nissan has introduced four new models, including a new version of the Sylphy with a limited-time discount of 10,000 yuan, and the new version of the Teana with a discount of 21,000 yuan [3] - Premium brands like BMW, Mercedes-Benz, and Audi are also offering significant discounts, often exceeding 100,000 yuan, to capture market share [3]

据中国汽车工业协会统计分析，2026年1月，销量排名前十位的MPV生产企业共销售6.3万辆，占MPV销售总量的 85.4%。在上述十家企业中，与去年同期相比，上汽通用五菱、上汽通用、长城汽车（601633）(601633.SH)、小 鹏汽车(09868)和东风公司销量呈不同程度增长，其他企业销量呈不同程度下降。 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

Core Viewpoint - BYD has launched a 7-year low-interest financing policy for its Ocean Network models and some models from the Fangcheng Leopard brand, aiming to lower the financial burden on consumers and stimulate demand in the automotive market [1][4][7]. Group 1: Financing Policy Details - The financing options include a 7-year low-interest plan, a 3-year interest-free option, and a zero down payment choice, with daily payments starting as low as 29 yuan [1][4]. - The policy is applicable to various models, including the 2026 Sea Leopard series and the Fangcheng Leopard brand, with the financing terms varying based on model configuration and loan duration [3][4]. Group 2: Market Context and Implications - The trend of 7-year low-interest loans is being adopted by nearly 20 automotive companies, including Tesla, Xiaomi, and Geely, indicating a shift from traditional 1 to 5-year loan terms [7]. - The introduction of this financing strategy is seen as a response to rising consumer costs due to the reduction of tax incentives for electric vehicles, allowing manufacturers to stabilize pricing through financial subsidies [7]. - Analysts suggest that BYD's move signals a shift in the competitive landscape of the automotive market from price wars to financial service competition, with the potential for 7-year low-interest loans to become a standard offering in 2026 [7].

本报讯 （记者矫月）近日，神州租车有限公司（以下简称"神州租车"）发布2026马年春节租车自驾出 行大数据显示，租车市场爆发早、持续力强，呈现出极高的活跃度与集中的需求爆发。假期期间，平台 订单量与用户规模较2025年春节均实现超50%增长，创下历年春节新高，租车正成为越来越多家庭春节 出行的重要选择和生活方式。 从订单分日走势来看，租车市场出行出现双高峰。在2月19日，神州租车全国平均出租率攀升至顶峰， 每10台车即有9台陪伴用户春节在途，全国超过360座城市出现不同程度的"满租"状态，热门车型"一车 难求"。 值得关注的是，春节出行热度并未随假期结束而回落。神州租车数据显示，春节期间订单中仍有近30% 尚未还车，意味着大量用户选择错峰返程、延长旅途，"过完年再出发"成为新选择。 超长的马年春节假期显著拉长了用户的出行半径与用车周期。神州租车数据显示，租期9天以上、行驶 公里数在800公里以上的租车订单均实现了两位数增长。9天假期让"往返式过年"转向"分段式出行"，回 家团圆与跨城旅游被纳入同一段行程安排，租车自驾成为春节期间探索多个目的地的高效选择。 在此趋势带动下，跨城出行需求显著提升，异地还车订单量同 ...

Group 1 - Multiple automotive brands have launched "seven-year low-interest loan" financial policies since the beginning of the Year of the Rabbit, with BYD offering daily payments as low as 29 yuan [1] - Nearly ten automotive brands have introduced "seven-year low-interest loan" policies in February alone, including brands like Chery, Jietu, and NIO, with the total exceeding twenty brands when considering January and February [1] - Tesla was the first to introduce a limited-time ultra-long-term car purchase plan in China, offering annual interest rates below 1% for Model 3 and Model Y, reflecting banks' confidence in Tesla's product reliability [1] Group 2 - Following Tesla, companies like Geely, Xiaomi, and Li Auto quickly adopted similar financial strategies, with Dongfeng Nissan even offering an "eight-year ultra-long-term low-interest" plan [2] - In addition to financial policies, various promotional activities have emerged in the automotive market, such as GAC Honda's significant discount on the Accord, showcasing a trend of aggressive marketing strategies [2] - The introduction of seven-year low-interest loans has become a favored promotional tool among mainstream automakers, helping to stimulate orders and capture market share while maintaining a respectable pricing strategy [2]

据悉，2026款小鹏X9纯电版将于3月2日正式上市，新款X9全系标配750km超长续航、5C超充+800V、 三排电动三折叠、图灵AI芯片，产品力全面对齐超级增程。 小鹏汽车官方微博今日宣布，小鹏X9荣获2026年1月新能源MPV排行榜第一。 小鹏汽车官方微博今日宣布，小鹏X9荣获2026年1月新能源MPV排行榜第一。 据悉，2026款小鹏X9纯电版将于3月2日正式上市，新款X9全系标配750km超长续航、5C超充+800V、 三排电动三折叠、图灵AI芯片，产品力全面对齐超级增程。 责任编辑：王翔 责任编辑：王翔 ...

Summary of the Conference Call on Robot Taxi and Autonomous Driving Policies Industry Overview - The conference focused on the developments in the autonomous driving industry, particularly in the context of Robot Taxi services in the United States and China [1][29]. Key Points from the Conference U.S. Autonomous Driving Policies 1. **Historical Context and Current Status**: - The U.S. government is divided into federal and state levels, both of which participate in autonomous driving legislation [2]. - Prior to 2016, the U.S. lacked a systematic framework for autonomous driving, leading to a fragmented approach [2][3]. - Post-2016, significant progress was made with the release of the AV 1.0 policy, establishing a foundational framework for future regulations [3][4]. 2. **Legislative Developments**: - The U.S. Department of Transportation (DOT) and the National Highway Traffic Safety Administration (NHTSA) have been pivotal in shaping the regulatory landscape since 2016 [4]. - The introduction of the Self Drive Act of 2026 aims to ensure the U.S. maintains its leadership in the autonomous driving sector by establishing a national safety data repository and clarifying federal priorities [7][8]. 3. **Key Legislative Proposals**: - The proposed Motor Vehicle Modernization Act increases the exemption limit for manufacturers from 2,500 to 90,000 vehicles and extends the exemption period to five years [9]. - The legislative process involves multiple steps, including committee reviews and votes, before becoming law [14][18]. 4. **Impact of Upcoming Regulations**: - The anticipated regulations are expected to facilitate the deployment of Robot Taxi services and enhance operational transparency for autonomous vehicles [6][19]. Chinese Autonomous Driving Regulations 1. **Regulatory Framework**: - China's autonomous driving vehicles (L3 and above) must undergo a two-phase process: application for access and pilot testing on public roads [21][22]. - Recent policies have clarified the requirements for these phases, with significant developments occurring in 2023 [21][23]. 2. **Approval Process**: - The Ministry of Industry and Information Technology (MIIT) has approved L3 vehicle models from Changan and BAIC for pilot testing, marking a significant step towards commercialization [24][25]. 3. **Standards and Compliance**: - Two key standards are being developed: Strong Standard A focuses on safety requirements for autonomous driving systems, while Strong Standard B addresses compliance testing for road usage [26][27]. - These standards are crucial for ensuring that vehicles meet safety and operational criteria before being allowed on public roads [28]. Market Implications - The advancements in both U.S. and Chinese regulations are expected to accelerate the development and deployment of Robot Taxi services, with companies like Tesla, Waymo, and various Chinese manufacturers being highlighted as key players [29]. - The overall trend in the Robot Taxi industry is positive, with ongoing monitoring and analysis of regulatory changes being essential for stakeholders [29]. Additional Insights - The conference emphasized the importance of continuous tracking of both policy changes and technological advancements in the autonomous driving sector to identify investment opportunities and risks [29]. - The potential for significant market growth in the Robot Taxi industry is underscored by the increasing regulatory support and technological readiness [29].