Core Insights - The "Youliang 30 Used Car Wholesale Index" recorded a significant increase of 19.7% month-on-month in January 2026, reaching 85 points, driven by strong demand in the automotive consumption market before the Spring Festival, marking the largest monthly increase since its inception [1] - The index now includes a complete list of 30 benchmark models, enhancing its transparency and market reference value, providing a clearer and more credible quantitative framework for observing the dynamics of the Chinese used car market [1][2] Index Composition - The 30 benchmark models represent high liquidity and typical market indicators across various segments, covering brands from China, the US, Germany, and Japan, aimed at reflecting the overall trends in the Chinese used car market [2] - Notable models include Chinese brands like Great Wall Haval H6 and BYD Song, German brands like Volkswagen Golf and BMW 3 Series, Japanese brands like Honda CR-V and Toyota RAV4, and American brands like Tesla Model Y and Buick GL8 [2] Market Trends - The index data for January 2026 reveals a profound structural adjustment beneath the overall market prosperity, with mid-to-large vehicles experiencing a price increase of 27.1% year-on-year, significantly higher than the average market increase of 11.1% for compact cars [4] - Chinese brands led the market with a year-on-year price increase of 36.9%, reflecting advancements in technology, product strength, and market recognition, while German brands maintained a robust 34.6% increase [7] - In contrast, Korean and French brands faced declines of 9.0% and 13.8% respectively, indicating challenges in market share and brand influence [7] Vehicle Type Dynamics - The market has seen a notable shift in demand, with MPV prices soaring by 35.7%, becoming the fastest-growing category, while traditional SUV prices saw a modest increase of 3.2% and sedans increased by 18.6% [10] Circulation and Transactions - The liquidity of used car sources in China continues to rise, with total used car transactions in 2026 surpassing 20 million units, reaching 20.108 million, a year-on-year increase of 2.52%, and an increasing proportion of interprovincial transactions [13] - The "Youliang 30 Index" provides innovative analysis on interprovincial circulation, with Sichuan province entering the top 5 in interprovincial procurement in January 2026 [13] Index Value and Macro Significance - The "Youliang 30 Index" serves as a quantifiable and traceable "data dashboard" for industry governance and market fluctuation assessment, helping relevant departments gauge the true structure of the current consumption market and consumer confidence levels [22] - The index's monthly data series creates a dynamic price map, allowing for scientific measurement and analysis of the impact of policies like "trade-in" on the circulation segment [22] - The transparency and standardization of the "Youliang 30 Index" respond to national requirements for market data element commercialization and the establishment of a high-standard market system, facilitating the transition of the used car industry from a traditional "experience-driven" model to a "data-driven" modernized development phase [22]

2月5日，长安汽车在内蒙古牙克石举行"天枢智能新安全成果发布暨钠电战略全球发布会"，正式宣布其 钠离子电池（以下简称"钠电"）发展战略，并首次公开亮相全球首款搭载钠离子电池的量产乘用车。 据发布会披露，该车型已通过牙克石地区冬季标定测试，在低温性能、续航表现、安全性和放电能力等 方面达到可量产标准。车辆所搭载的钠离子电池由宁德时代提供，采用其第三代CTP（CelltoPack）成 组技术，系统能量密度最高达175Wh/kg。在实际测试中，该车型纯电续航里程超过400公里；官方表 示，随着产业链成熟与技术迭代，未来有望实现500–600公里的纯电续航，并支持增程式混动系统实现 300–400公里的综合续航。 据发布会披露，该车型已通过牙克石地区冬季标定测试，在低温性能、续航表现、安全性和放电能力等 方面达到可量产标准。车辆所搭载的钠离子电池由宁德时代提供，采用其第三代CTP（CelltoPack）成 组技术，系统能量密度最高达175Wh/kg。在实际测试中，该车型纯电续航里程超过400公里；官方表 示，随着产业链成熟与技术迭代，未来有望实现500–600公里的纯电续航，并支持增程式混动系统实现 300–400公 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant decline in January sales, with total wholesale sales down 51.14% year-on-year and 47.14% month-on-month, while its own brand sales fell 58.46% year-on-year [1] - The company aims to achieve a total sales target of 3.3 million units by 2026, with 1.4 million units from new energy vehicles and 750,000 units from overseas markets [7] - The company is enhancing its technological capabilities, achieving key breakthroughs in autonomous driving and launching new models to accelerate its electric transformation and global expansion [7] - Strategic partnerships with major companies like Midea Group and CATL are being deepened to explore advanced fields such as battery swapping and flying cars [7] - The company has established a global presence in 117 countries, with local production in Thailand and plans to double its capacity while increasing localization rates in Europe [7] Financial Forecasts - Projected revenue for 2024 is 159.73 billion yuan, with a growth rate of 5.6%, and expected to reach 233.54 billion yuan by 2027 [2][8] - The net profit attributable to shareholders is forecasted to decline to 6.31 billion yuan in 2025, before recovering to 10.94 billion yuan by 2027, reflecting a growth rate of 34.1% [2][8] - Earnings per share (EPS) are expected to be 0.64 yuan in 2025 and increase to 1.10 yuan by 2027 [2][8]

创业板50ETF（159949）跟踪创业板50指数，该指数从创业板市场中选取规模大、流动性好、符合科技 成长特征的50只股票组成，反映创业板核心资产的价格走势。该产品近三年回报率为35.02%，跑赢业 绩比较基准，在1634只同类产品中排名第447位。投资者可通过股票账户直接交易该ETF，也可通过联 接基金（A类：160422；C类：160424；I类：022654；Y类：022976）进行配置。建议采取定投或分批 建仓方式以平滑短期波动风险，并密切关注成分股业绩兑现进展及相关政策推进情况。 2月6日早盘，市场呈现探底回升走势，三大指数午间集体收涨，其中创业板指上涨0.65%。在此带动 下，创业板50ETF（159949）涨0.59%，报1.539元，换手率3.20%，成交额7.48亿元，居同类标的ETF首 位。 风险提示：基金投资有风险，投资须谨慎。创业板50ETF属于较高风险、较高预期收益的基金产品，其 净值表现与创业板市场密切相关。投资者应当认真阅读基金法律文件，判断风险承受能力，审慎做出投 资决策。 | 得完美 | 名称 | 现价 | 涨跌幅 IOPV 溢折率 | | | 换手率 成交金额 ▼ 5日涨 ...

Core Viewpoint - Changan Automobile and CATL jointly launched the global sodium battery strategy and unveiled the world's first mass-produced passenger vehicle equipped with CATL's sodium battery technology at a conference held in Inner Mongolia [1]. Group 1: Product Launch and Features - The first mass-produced sodium battery vehicle has completed rigorous winter validation tests in Yakeshi, achieving over 400 kilometers of pure electric range with precise battery display [5]. - The sodium battery exhibits exceptional low-temperature performance, with discharge power nearly tripling compared to lithium iron phosphate battery models at -30°C, and maintaining over 90% capacity at -40°C, even functioning at -50°C [5]. - The energy density of the sodium battery cell has reached the industry's highest level of 175Wh/kg [5]. Group 2: Safety and Testing - The sodium battery demonstrated extreme safety features, remaining smoke-free, flame-free, and non-explosive after undergoing severe abuse tests, including crushing and drilling [5]. - Even after being sawed through, the battery pack continued to discharge normally, significantly exceeding national safety standards [5]. Group 3: Future Plans and Investments - CATL plans to build over 3,000 "chocolate" battery swap stations across more than 140 cities by 2026, prioritizing northern regions with severe winter conditions [6]. - The company has invested nearly 10 billion yuan in sodium-ion battery research since 2016, conducting tests on nearly 300,000 battery cells with over 300 R&D personnel involved [6]. - Future advancements in sodium battery technology are expected to enhance pure electric range capabilities to 500-600 kilometers, covering over 50% of the market's range demands [6].

全球锂电池智能装备市场持续扩容，弗若斯特沙利文预计规模将由2024年的498亿元增至2029年的1372 亿元，CAGR达22.5%；固态电池智能装备市场更将以58.0%的CAGR增长至2029年156亿元。国证国际 指出，作为全球最大的锂电池智能装备供应商，先导智能深度绑定宁德时代、特斯拉、LG Energy等头 部客户，其跨行业布局能力与平台化战略正有效对冲单一行业周期波动，2025年前9个月归母净利同比 大增94.97%，反映下游扩产需求回暖与订单执行节奏加快。 中信证券表示，固态电池板块走强并非单纯的主题炒作，而是由产业链相关公司基本面改善与产业发展 提速这两重因素形成的坚实支撑，具备较强的合理性与可持续性。受益于锂电产业链价格、订单与盈利 全面反转，叠加固态电池国标征求意见、多家企业装车测试成功等多重催化，行业正从概念期迈向产业 化兑现周期，设备、材料、电池等环节将依次受益于产业发展，板块中长期结构性投资价值凸显。 电池ETF南方(159147)紧密跟踪中证电池主题指数，中证电池主题指数选取业务涉及动力电池、储能电 池、消费电子电池以及相关产业链上下游的上市公司证券作为指数样本，以反映电池主题上市公 ...

Core Viewpoint - The A-share market shows signs of recovery, particularly in the battery sector, with significant inflows into the ETF Huatai (159796), indicating strong investor interest [1][3]. Group 1: Battery Sector Performance - The battery ETF Huatai (159796) saw a rise of over 2%, with a net subscription of 23 million shares during the day and over 170 million yuan in the past five days, reflecting strong capital inflow [1]. - Major component stocks of the ETF performed well, with Tianqi Lithium rising over 6%, and other companies like Sanhua Intelligent, Yiwei Lithium Energy, and CATL also showing gains of over 2% [3]. Group 2: Global Battery Market Trends - According to SNE Research, the global power battery installation volume is expected to reach 1187 GWh by 2025, marking a year-on-year increase of 31.7%, with Chinese companies holding six of the top ten spots and capturing 70.4% of the global market share, an increase of 3.3 percentage points from the previous year [4]. - The global sodium battery market is projected to see a shipment volume of 9 GWh by 2025, representing a 150% year-on-year growth, with the market size for energy storage sodium batteries expected to reach 580 GWh by 2030 [4]. Group 3: Domestic and International Storage Demand - Nomura Orient expresses optimism about domestic storage demand exceeding expectations by 2026, driven by new pricing mechanisms for capacity and diverse revenue sources for independent storage projects [5]. - In Europe, the storage market is expected to see a 45% increase in new installations to 27.1 GWh by 2025, with a projected 50% growth in 2026, primarily due to increased renewable energy penetration [6]. - The U.S. market is also anticipated to experience significant storage demand growth, particularly from data centers seeking reliable power sources, with new installations expected to exceed 40 GW and corresponding capacity surpassing 120 GWh by 2026-2027 [6]. Group 4: Solid-State Battery Developments - Recent developments in the solid-state battery sector are accelerating, with significant policy support and advancements from major manufacturers like FAW Hongqi and GAC Group, which are moving towards mass production of solid-state batteries by 2027 [7]. Group 5: Export Tax Policy Impact - The recent reduction in export tax rates for battery products is expected to increase export costs and compress profit margins, leading to a "rush to export" before the policy takes effect [8]. - Long-term, the tax reduction may drive industry transformation and innovation, reducing reliance on price competition and enhancing the global competitiveness of China's lithium battery industry [8]. Group 6: Investment Opportunities in Battery Sector - The battery ETF Huatai (159796) has a significant focus on the storage sector, with 18.7% of its index dedicated to storage, and 45% to solid-state batteries, positioning it well to benefit from emerging technologies and market trends [9][11]. - The ETF's management fee is among the lowest in its category at 0.15% per year, making it an attractive option for investors looking to capitalize on the battery sector's growth [14].

Domestic News - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of key standards for driving automation, collision safety, and control components to enhance automotive safety and quality performance, laying a solid foundation for sustainable high-quality development in the industry [2] - The State Administration for Market Regulation has released 32 national measurement technical specifications, including the first professional measurement testing specification for automatic parking performance in intelligent connected vehicles [3] - Guangdong Province aims to expand the testing and demonstration application scope of intelligent connected vehicles, encouraging digital transportation service platforms to provide integrated smart traffic services [4] International News - Volkswagen has reached a preliminary labor agreement with the United Auto Workers (UAW) for its Tennessee plant, covering approximately 3,000 employees, which includes a 20% wage increase and improved medical benefits and job security [5] - Volvo Cars reported a significant decline in 2025, with global sales down 7% to 710,000 units, revenue down 11%, and operating profit plummeting 99% to 300 million Swedish Krona (approximately 230 million RMB) [6] - Canada plans to abolish mandatory electric vehicle sales regulations, replacing them with a new fuel efficiency standard system that aims for all new light vehicles sold in Canada to be electric by 2035 [8] Company News - Leap Motor's COO announced a sales target of 1.05 million units by 2026, emphasizing stability and consistent performance in their product offerings [9] - Ford is in talks with Geely for potential collaboration, focusing on utilizing Geely's production capacity in Europe and sharing vehicle technologies, including autonomous driving [10] - NIO expects to achieve adjusted operating profit of approximately 700 million to 1.2 billion RMB in Q4 2025, marking the company's first quarterly adjusted operating profit in its 11-year history [11] - XPeng Motors announced its first flagship six-seat SUV, the XPeng GX, built on the new SEPA 3.0 physical AI vehicle architecture [12] - Tesla's Shanghai Gigafactory is projected to account for over half of Tesla's global deliveries by 2025, with the energy storage factory also beginning to supply multiple markets [13] - Changan Automobile, in collaboration with CATL, launched the world's first sodium-ion battery production passenger vehicle, marking a significant step in their sodium battery strategy [14]

"锂电池是我们的第一个孩子，钠电池是我们的另一个孩子。"宁德时代（300750）首席技术官高焕表 示，宁德时代钠离子电池技术研发从2016年启动，截至2025年累计投入近百亿元，研发测试电芯近30万 颗，完成超3万次材料层级分析，最终实现多元快离子脱嵌、复合抗冻电解液、高安全电解液等关键技 术突破，为"钠锂双星时代"筑牢根基。 作为动力电池龙头企业，宁德时代终坚持多技术路线并进的研发策略，在锂电池领域拥有三元锂的麒麟 电池和磷酸铁锂的神行电池，获得市场高度认可。根据SNE最新数据，2025年全球动力电池使用量达到 1187GWh，同比增长31.7%；其中宁德时代动力电池装车量464.7GWh，全球市占率达39.2%，连续九年 稳居全球第一。 与此同时，宁德时代十年磨一"钠"，实现了从0到1的技术突破。自2016年启动钠电自主研发，宁德时代 在过去3000多个日夜中踩过无数荆棘，如正极材料的选择，要在能量、安全、寿命三者间反复权衡，稍 有不慎便全盘重来；又比如低温电解液的研发，团队在溶剂、钠盐、添加剂的配比中，经历了成千上万 次电芯验证。 据高焕介绍，根据实测数据，宁德时代钠电池搭配其第三代CTP系统成组技术， ...

Core Viewpoint - Changan Automobile is initiating a significant share buyback plan shortly after receiving approval for a private placement, aiming to enhance its capital structure and shareholder value through a total buyback fund of no less than 1 billion yuan and no more than 2 billion yuan [1][3]. Group 1: Share Buyback and Capital Structure - Changan Automobile plans to repurchase shares for a total fund of between 1 billion yuan and 2 billion yuan, marking its first simultaneous buyback of A and B shares [1][3]. - This buyback is the first market-based repurchase in 14 years, with the last being a B-share buyback in 2012 [3]. - The buyback will utilize the company's own funds, with a cash balance of 55.241 billion yuan, making the maximum buyback amount only about 3.6% of its cash reserves [3]. Group 2: Sales Performance and Future Targets - In January 2026, Changan's sales were reported at 134,700 units, a year-on-year decrease of 51.14%, while the company aims for an annual sales target of 3.3 million units for 2026, representing a 13.3% increase [2][6]. - Changan's sales have shown consistent growth over the past six years, with 2025 sales reaching 2.913 million units, a year-on-year increase of 8.54%, and nearly 1.11 million units of that being electric vehicles, up 51.1% [5][6]. - The company has set ambitious targets for 2026, including 1.4 million units of electric vehicle sales, a 26.2% increase, and 750,000 units in overseas sales, a 17.7% increase [6].