Group 1 - BMW plans to launch nearly 20 new or updated models in the Chinese market by 2026, including the new generation BMW iX3 long-wheelbase version, which will be officially unveiled at the Beijing Auto Show in 2026 and is expected to be launched in the second half of this year [2] - Leap Motor's COO Xu Junbo stated that the company's target for 2026 is to sell 1.05 million vehicles, emphasizing a focus on efficiency and stability rather than chasing explosive growth [2] - IM Motors' co-CEO Liu Tao publicly apologized to Tesla for previous comments regarding a traffic accident, clarifying that the accident was not caused by Tesla's brake failure, thus correcting his earlier statements [2] - Xiaomi's founder Lei Jun announced that the new generation SU7 is expected to launch in April 2026, with pre-orders already open, highlighting significant upgrades in driving experience and control systems [2] - Xiaopeng Motors officially unveiled its first six-seat SUV, the Xiaopeng GX, which is built on the SEPA 3.0 architecture, claiming to resolve long-standing issues in six-seat SUVs [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙江零跑科技股份有限公司 呈交日期: 2026年2月5日 備註： 第 1 頁 共 11 頁 v 1.2.0 由于本公司系在中華人民共和國註册成立，"法定股本"的概念幷不適用。上文第I節所示"法定/註册股本"的信息系指本公司的"註册资本"。 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 290,765,512 RMB | | | 1 RMB | | 290,765,512 | | 增加 / 減少 (-) | | ...

源及高端装备制造产业园。 金华开发区 供图 这是一个缩影。"五分钟"，不仅是园区的生产节拍，更彰显着金华开发区强劲的产业脉搏。近年来，金 华开发区以新能源汽车产业为突破口，跑出了一条聚焦特色产业、链式发展的道路，成功培育出强劲的 增长极。 2025年，金华开发区规模以上工业总产值突破千亿元大关，达1019亿元，成为金华市本级首个迈入工 业"千亿俱乐部"的县(市、区)；规上工业增加值160.81亿元，同比增长12%，增速位列该市第一。 在零跑汽车金华智能制造基地的总装车间，AGV智能搬运机器人沿着轨道无声穿梭，将电池包、座椅 等大型模块精准配送；空中，全自动输送链平稳移送车身骨架；机械臂挥舞着，完成一系列高精度作 业。从这里出发，一台台新能源汽车驶下生产线。 距离总装车间不到五分钟车程，金华零跑佛吉亚汽车零部件有限公司的生产线上，工人们正加紧组装最 新下线的智能座椅；与总装车间仅一街之隔，金华达亚汽车零部件有限公司的生产线24小时运作着...... 从电池、电驱到座椅、车灯，金华开发区围绕新能源汽车链主企业，绘制产业链图谱精准招商，集聚起 30余家配套企业，覆盖动力电池、驱动电机等关键领域，形成了高效协同的"五 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report discusses the impact of rising raw material costs on passenger car manufacturers, particularly focusing on the effects of copper, aluminum, and lithium prices on vehicle production costs [5][8][11][14] - It highlights that the cost increase for electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) is significantly influenced by the prices of copper and lithium, with estimated cost increases of approximately 2,300 RMB for EVs and 1,600 RMB for PHEVs due to copper price hikes, and 3,200 RMB for EVs and 1,500 RMB for PHEVs due to lithium price increases [5][11] - The report quantifies the cost impact on various manufacturers, indicating that companies like Chery, Geely, and Great Wall Motors experience relatively smaller increases in average vehicle costs due to their sales structure and the types of vehicles they produce [15][17] - It outlines five strategies that manufacturers can employ to mitigate the impact of rising raw material costs, including cost reductions through enhanced features, annual cost reductions, technological advancements, scale effects, and structural adjustments [22][23] Summary by Sections Section 1: Impact of Raw Material Price Increases - The report estimates that the increase in copper prices will raise the production costs of fuel vehicles, EVs, and PHEVs by approximately 800 RMB, 2,300 RMB, and 1,600 RMB respectively, while aluminum price increases will add about 700 RMB, 900 RMB, and 900 RMB to the respective vehicle types [5][8] - Lithium price increases are projected to raise costs by 3,200 RMB for EVs and 1,500 RMB for PHEVs, assuming a price of 160,000 RMB per ton [11][14] Section 2: Cost Pressure by Manufacturer - The report analyzes the cost pressure on manufacturers based on their sales structure, concluding that companies like Chery, Geely, and Great Wall Motors face smaller increases in average vehicle costs due to their diverse product lines and sales strategies [15][17] Section 3: Strategies to Mitigate Cost Increases - Manufacturers are expected to implement various strategies to counteract the impact of rising raw material costs, including: 1. Enhancing features while maintaining competitive pricing 2. Achieving annual cost reductions of around 2% 3. Utilizing technological advancements to lower costs 4. Leveraging scale effects to dilute fixed costs 5. Adjusting product structures to focus on higher-end models and exports [22][23] Section 4: Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending attention to various companies within the passenger vehicle chain, including Geely, BYD, Chery, and others for potential investment opportunities [25]

作为欧洲汽车工业的"心脏地带"，德国正面临着电动化转型与产业复苏的双重考验。近日，德国政府正式官宣重启电动汽车购车补贴政策，计划在2029 年前拨款30亿欧元（1欧元约合人民币8.3327元），用于支持中低收入家庭购买零排放汽车。这一新政旨在推动德国电动汽车进一步普及，刺激消费需求以 及提振汽车产业。 根据2024年德国联邦经济与气候行动部发布的评估报告，2016至2023年期间，德国联邦政府累计发放补贴逾100亿欧元，共为217万辆电动汽车提供了补贴， 其中140万辆为纯电动车，77万辆为插电式混合动力车。 在补贴政策提前终止后，德国纯电动车市场需求急剧萎缩。欧洲汽车制造商协会（ACEA）数据显示，2024年，德国乘用车销量为281.7万辆，同比略降 1％。其中，因关键补贴退场与经济疲软的双重冲击，纯电动车销量同比大跌27.4％至38万辆；插电式混合动力车销量则同比增长9.2％至19.2万辆。有分析 师表示，2024年对德国电动汽车产业而言堪称"失去的一年"。 汽车产业低迷，亟需提振 电动汽车补贴政策重启的背后，是德国汽车业亟待破解的发展困局。当前，德国汽车业关厂裁员危机愈演愈烈。2025年11月，德国联邦 ...

Core Insights - The COO of Leap Motor, Xu Jun, shared a message emphasizing the company's strategy for 2026, focusing on efficiency and stability in operations [1][3][4] - The company aims to maintain a steady production pace while reducing inventory and simplifying policies, with a target of achieving a profit increase [6][7] Group 1 - The company plans to adjust its operational focus to a "protective eye mode," aiming for high efficiency while slowing down the pace of operations [1][3] - Leap Motor intends to reduce inventory by 10 units and simplify policies by two lines, while also increasing profits by a measurable amount [6][7] - The COO highlighted the importance of not relying on hit products but ensuring that every model performs well and remains stable in the market [4][6] Group 2 - The message included a motivational tone, encouraging employees to take necessary breaks and express their concerns openly [7] - The company emphasizes innovation and integrity as key components to outperform competitors, suggesting a long-term vision for sustainable growth [6][7] - Leap Motor sets a specific sales target of 1.05 million units, indicating a commitment to disciplined growth and accountability [4][6]

凤凰网科技讯2月5日，零跑COO徐军在写给营销服的新年家书中提到，"2026年，我们要用高效，让节 奏慢半拍，让库存轻十斤，让政策少两行，让利润厚一寸。用创新，让'对手睡不着觉'的办法，不再是 陪熬，而是陪跑——我们气定种闲，他们气需吁吁。我们不要太多，105万，多一台算我输。" 徐军还对员工表示："累了就请假，别把'调休'当摆设；委屈了就说，来推我办公室的门；想飞了就去 试，别把'创新'锁在PPT，失败算家里的，成续算你自己的。" 此前，零跑汽车官方宣布1月零跑汽车交付量达32059台，同比增长27%。 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

一场让员工直呼"冻得脚都发麻"的年会，最终以企业创始人发布致歉全员信收尾。近日，"多名员工吐 槽零跑年会"成为行业热点话题，很冷没空调、中午不管饭自备干粮、厕所数量严重不足、热水供应跟 不上等问题均成为员工吐槽重点。对此，零跑汽车创始人、董事长朱江明深夜发布全员信，承认年会存 在不足，公司已启动这次年会的全面复盘，"从筹备到执行全流程优化"。 朱江明坦言，这次年会让部分员工"体验不佳、受了委屈"，暴露了公司组织能力的短板，必须正视。朱 江明表示，零跑仍在成长前行的路上，难免有不足。他提到这次年会的筹办团队想到用工厂仓库开年 会，有成本意识是好事，但前提是把事情做好，让员工满意、让用户满意。"希望大家共同督促，我们 发现问题解决问题，一定做得更好"。 ...

Core Viewpoint - The Chinese automotive market in 2026 is experiencing a significant divide, with mainstream automakers setting ambitious sales targets despite a harsh start to the year, indicating a period of adjustment and competition [4][5][10]. Group 1: Market Performance and Predictions - The retail sales of narrow passenger cars are projected to be approximately 1.8 million units in January, reflecting a month-on-month decline of 20.4% and a year-on-year increase of only 0.3% [4]. - The penetration rate of new energy vehicles has decreased to 44.4%, down from previous highs [4]. - Major automakers have set a collective sales target of 23.8 million units for 2026, representing a year-on-year increase of 19% compared to 20 million units in 2025 [7]. Group 2: Strategic Goals and Market Dynamics - Automakers are setting high growth targets to maintain valuations and secure financing, with companies like Leap Motor aiming for a 67.5% increase to 1 million units, and Xiaomi targeting 550,000 units, a 34% increase [8][9]. - The competitive landscape is intensifying, with a clear divide emerging between leading, mid-tier, and struggling automakers, as highlighted by the predictions of accelerated industry consolidation [17]. Group 3: Company-Specific Insights - Geely topped the sales chart in January with 270,000 units, a 1% year-on-year increase, while BYD faced a strategic adjustment with a 30% decline in sales to 210,000 units [12][13]. - Chery's sales were bolstered by exports, with nearly 60% of its 200,000 units sold overseas, highlighting a reliance on international markets amid domestic challenges [13]. - New entrants like Huawei and Xiaomi are gaining traction, with Huawei's AITO brand delivering 57,900 units in January, a 65.6% increase, while Xiaomi delivered over 39,000 units [15]. Group 4: Future Outlook and Industry Trends - The automotive market is expected to see intensified competition, with new vehicle launches and innovative marketing strategies aimed at stimulating demand [16]. - The ongoing consolidation will likely favor companies with strong product capabilities and clear strategies, while those with lower sales volumes may struggle to survive [17]. - The performance of automakers in 2026 will be assessed not just by sales targets but also by their strategic resilience and operational efficiency in navigating market cycles [17].