【文/观察者网 熊超然】前不久的世界经济论坛年会上，加拿大总理卡尼高呼"旧世界秩序已死"，振聋 发聩。他此前还强调，中国如今已成为比美国"更可预测"的贸易伙伴。 上个月，卡尼刚刚访问了中国，期间加中两国就深化经贸合作达成广泛共识，签署了《中国—加拿大经 贸合作路线图》，形成了关于处理双边经贸问题的初步联合安排。 在中国期间，卡尼于1月16日在新闻发布会上表示，中加关系开始进入新的发展阶段，"中国比美国更稳 定且可预测"。同时，他也宣布，加拿大将取消此前对进口中国电动汽车加征的100%额外关税。《纽约 时报》将之称为"重大政策转变"。 彭博社的最新报道提到，对于中国电动汽车行业，此前加方曾炒作所谓"不公平补贴"，同时也有人渲染 对这些车辆技术安全性的所谓"担忧"。 如今，代表加拿大政府发言的乔利明确表示："我们可以找到一种方法，在汽车中安装能够解决安全问 题的软件。我们认为，我们可以确保劳工标准符合加拿大接受和期望的规范，并且可以通过这些投资在 加拿大建立本地供应链。" 乔利补充称，在上个月的中国之行中，乔利接触了全球最大的电动汽车生产商比亚迪，以及奇瑞汽车。 "我已经向许多中国公司强调，QNX是一家拥有尖端技 ...

Core Insights - NextStar Energy, a joint venture established in 2022 in Ontario, Canada, is transitioning from electric vehicle (EV) battery production to becoming a key production hub for energy storage systems (ESS) batteries due to stagnation in the global EV market [1][3] - Major automakers like Ford and Stellantis are adjusting their strategies, slowing down or canceling some pure electric vehicle development plans, leading Stellantis to exit its equity management in the joint venture to reduce fixed asset investments and operational risks [1][3] Production Status - The ESS production line at the NextStar Energy facility officially commenced operations in November 2025, with LG Energy Solution's CEO stating that full ownership will enable quicker responses to ESS market demands and strengthen its position in the North American battery supply chain [1][2] Capacity Goals - By 2026, the production capacity at the NextStar facility is expected to more than double, achieving a utilization rate of 70%, which will significantly lower unit production costs [2][4] Strategic Shift - LG Energy Solution is shifting its focus from power batteries to the energy storage sector, enhancing its financial stability and competitive differentiation in the North American market [3][4] Financial Benefits - As a wholly-owned subsidiary, LG Energy Solution will directly benefit from Canadian government investment subsidies and production tax incentives similar to the U.S. Inflation Reduction Act (AMPC), improving capital efficiency [4] Ongoing Collaboration - Despite the change in equity structure, LG Energy Solution will maintain a long-term business partnership with Stellantis, continuing to supply EV batteries produced at the facility to Stellantis brands as originally planned [4]

美东时间2月6日，因宣布大规模收缩电动车业务并计提高达222亿欧元的资产减记，全球第四大汽车制 造商Stellantis集团（STLA.US）美股开盘后股价大幅下挫，当日收盘跌23.79%。此前，该公司在法国市 场的股价（STLAP.PA）一度暴跌近30%，当日收跌25.24%。 2026.02.07 本文字数：953，阅读时长大约2分钟 作者 |第一财经 葛慧 第四大汽车集团，Stellantis在2024年营收达2049.1亿美元，位列《财富》世界500强第28位。 微信编辑| 格蕾丝 业务重整导致Stellantis在2025年下半年计提约222亿欧元的费用，其中包括约65亿欧元的现金支付，预 计将在未来四年内完成。受资产减记影响，Stellantis预计2025年下半年净亏损190亿至210亿欧元。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 222亿欧元的组成主要分为三部分：其中147亿欧元用于根据客户偏好重新调整产品计划及美国新排放法 规，主要反映了对纯电动车产品的预期大幅降低。21亿欧元与电动汽车供应链 ...

Core Viewpoint - Stellantis Group announced a significant restructuring of its electric vehicle (EV) business, leading to a substantial asset write-down of €22.2 billion, resulting in a sharp decline in its stock price [3][4]. Group 1: Financial Impact - Stellantis is expected to incur a net loss of €19 billion to €21 billion in the second half of 2025 due to the asset write-down [3]. - The €22.2 billion write-down consists of three main components: €14.7 billion for product plan adjustments and new emission regulations, €2.1 billion related to EV supply chain adjustments, and €5.4 billion for other operational changes [3]. - The company plans to issue hybrid bonds to raise up to €5 billion to maintain financial stability and has decided to suspend dividend payments for 2026 [4]. Group 2: Strategic Changes - Stellantis is shifting its strategy to prioritize consumer preferences over previous aggressive transformation goals, reflecting a recognition of the slower-than-expected pace of energy transition [4][5]. - The company has canceled unprofitable products, including the planned Ram 1500 electric pickup, to better align with customer demand and regulatory changes in the U.S. [4]. - Stellantis will sell its 49% stake in the Canadian battery company NextStar Energy, fully exiting the project as part of its strategic contraction [4]. Group 3: Market Position - Stellantis is the fourth largest automotive manufacturer globally, with projected revenues of $204.91 billion in 2024, ranking 28th on the Fortune Global 500 list [5].

Group 1 - The core point of the article highlights that in December, the sales of pure electric vehicles in the EU surpassed those of gasoline cars for the first time, indicating a significant shift in consumer preference towards electric vehicles [1][3] - The European automotive market has seen continuous growth for six months, with a projected highest registration level in five years by 2025, although still below pre-pandemic levels [2] - The automotive industry in Europe faces challenges such as competition from China, U.S. import tariffs, and the difficulty of meeting domestic electric vehicle regulations profitably [3] Group 2 - In December, total car sales in the EU increased by 5.8%, approaching 1 million units, with an annual growth of 1.8%, reaching 10.8 million units [3] - Volkswagen and Stellantis saw registration increases of 10.2% and 4.5%, respectively, while Tesla's registrations fell by 20.2%, and BYD's registrations surged by 229.7% [3] - The registrations of pure electric vehicles, plug-in hybrid vehicles, and hybrid vehicles grew by 51%, 36.7%, and 5.8%, respectively, collectively accounting for 67% of total car registrations in the EU, up from 57.8% in December 2024 [3]

美东时间2月6日，因宣布大规模收缩电动车业务并计提高达222亿欧元的资产减记，全球第四大汽车制 造商Stellantis集团（STLA.US）美股开盘后股价大幅下挫，当日收盘跌23.79%。此前，该公司在法国市 场的股价（STLAP.PA）一度暴跌近30%，当日收跌25.24%。 业务重整导致Stellantis在2025年下半年计提约222亿欧元的费用，其中包括约65亿欧元的现金支付，预 计将在未来四年内完成。受资产减记影响，Stellantis预计2025年下半年净亏损190亿至210亿欧元。 （文章来源：第一财经） Stellantis取消了那些无法实现盈利规模的产品，包括此前计划中的Ram 1500纯电皮卡。公司称，这既是 为满足客户需求，也是由于美国监管框架的变化。 此外，Stellantis还宣布了另一项战略收缩的举措，公司将出售与韩国LG新能源合资的加拿大电池公司 NextStar Energy 49%的股权，完全退出该项目。 安东尼奥·菲洛萨表示，未来电动化将 "由市场需求而非主观规划主导"，放弃了此前激进的转型目标。 公开资料显示，Stellantis集团是由法国标致雪铁龙集团（PSA）与意 ...

欧洲当地时间2月6日，Stellantis表示，由于电动汽车需求疲软，该公司将在调整电动汽车战略的过程中 计提约220亿欧元的费用。Stellantis表示，大部分减记源于其产品路线图的变更，反映了对电动汽车销 售的预期大幅下调。 ...

Market Overview - The Dow Jones Industrial Average surged above 50,000 points for the first time, closing at 50,115.67, up more than 1,200 points or 2.5 percent, reflecting a broadening market and confidence in growth stories [2][13] - The index has shown steady growth over the past two and a half years, with notable exceptions during specific political events [8][13] Company News - Amazon was the biggest loser on the Dow, falling 5.6 percent after announcing a $200 billion capital spending plan for AI capabilities in 2026, raising concerns about potential returns on such massive investments [5][13] - Other companies like Caterpillar, 3M, JPMorgan Chase, Goldman Sachs, Amgen, and Nvidia saw gains of at least four percent, indicating positive market sentiment towards their performance [5][13] - Stellantis shares plunged over 24 percent after announcing a €22 billion ($26 billion) write-down due to misjudging the shift to electric vehicles, with shares down around 80 percent over the past two years [9][13] - Rio Tinto's shares finished flat after dropping merger talks with Glencore, which would have created a $260 billion mining firm, while Glencore's stock climbed 1.5 percent [10][13] - Toyota's shares increased by two percent after raising profit and sales forecasts for the current fiscal year despite US tariffs [11][13] Investment Insights - Analysts suggest that the massive investments in AI by companies like Amazon will benefit infrastructure, banking, and other sectors, indicating a ripple effect across the market [5][6] - Confidence in earnings growth is noted, with expectations that equity investors will be rewarded, although volatility is anticipated [6][13]

Group 1 - In 2026, the automotive trade-in sales are expected to exceed 50 billion yuan, driven by government policies to enhance consumer spending and resource recycling [1] - As of February 5, 2026, there were 335,000 applications for automotive trade-in subsidies, leading to new car sales of 53.77 billion yuan, significantly boosting the automotive market [1] - The average price of new cars participating in the trade-in program exceeded 160,000 yuan, showing a notable increase compared to the previous year [1] Group 2 - By 2025, China's share of the global new energy vehicle market is projected to reach 68.4%, with a quarterly share of 71.9% in Q4 [1] - In 2025, China's share of the global pure electric vehicle market is expected to be 64.3%, a slight increase of 1 percentage point from 2024 [1] - The overseas market share of domestic new energy passenger vehicles increased from 9.5% in 2024 to 15.3% in 2025, reflecting strong export performance [1] Group 3 - The global penetration rate of new energy vehicles is rapidly increasing, reaching 13% in 2022 and projected to reach 19.5% in 2024 [2] - By Q4 2025, China's new energy vehicle penetration rate is expected to be 49.3%, significantly higher than the U.S. at 7% and Japan at 2.1% [2] - The disparity in global new energy vehicle development is becoming more pronounced as China strengthens its policies while Europe and the U.S. reduce incentives [2] Group 4 - Xiaomi Auto announced a 24-hour free roadside assistance service during the Spring Festival, along with other travel support measures [3] - XPeng's new SUV, the GX, is undergoing L4 autonomous driving testing, equipped with advanced computing capabilities [4] - Tesla has launched an AI training center in China to enhance its local AI capabilities for driver assistance and applications [5] Group 5 - FAW-Volkswagen is recalling 206,012 Audi Q2L vehicles due to potential safety hazards related to structural adhesive degradation [6][7] - Dongfeng Group reported a 89.7% year-on-year increase in new energy vehicle sales in January 2026 [7] - Pony.ai and Moole Technology have formed a strategic partnership to advance L4 autonomous driving technology [7] Group 6 - Toyota announced the promotion of CFO Koji Sato to President and CEO, effective April 1 [8] - Toyota's third-quarter net profit was 1.26 trillion yen, a 43% decrease year-on-year, while sales revenue increased by 8.6% [8] - LG Energy is terminating its joint venture with Stellantis and will acquire a 49% stake in NextStar Energy [9]

Market Overview - U.S. equity markets experienced a rebound, with stocks rising approximately 1.7%, while small-cap stocks surged by 3.4% [1][3] - Bitcoin saw a significant increase of nearly 12%, reaching $70,000 per coin, after being about $10,000 lower the previous day [2] Sector Performance - The rotation in the market is shifting focus from large-cap tech stocks to sectors such as biotech, electronic components, airlines, trucking, and banks [3][8] - The S&P 500 and NASDAQ indices rose by almost 2%, while the Russell 2000 small-cap index outperformed with over 3% gains [3][4] Earnings Reports - 78.5% of S&P 500 companies that reported earnings exceeded expectations, although this is a decline from previous quarters [5][6] - The mixed reactions to big tech earnings indicate ongoing market focus on these companies despite the broader market rotation [6][8] Investment Strategies - There is a growing interest in diversifying investments beyond large-cap tech stocks into small-cap and cyclical value stocks [16][78] - The market is seeing a shift towards non-U.S. equities, which have gained 7.25% year-to-date, contrasting with a 4.5% decline in concentrated tech names [78][80] Demographic Trends in Real Estate - The senior housing market is experiencing growth due to demographic trends, with a significant increase in the aging population, particularly as baby boomers turn 80 [20][24] - Ventas, a real estate trust, is focusing on acquiring senior housing properties, targeting $2.5 billion in investments, driven by strong demand and limited new construction [24][28] Prediction Markets - The rise of prediction markets is impacting traditional sports betting, with estimates suggesting they could account for about 5% of total wagers [38][42] - Interactive Brokers is positioning itself in the prediction market space, focusing on economic and environmental contracts rather than sports [50][55]