2月5日，在牙克石举办的"长安汽车天枢智能新安全成果发布暨钠电战略全球发布会"上，长安汽车携手宁德时代推出的全球首款钠电量产乘用车正式亮 相，实车预计年中上市。同时，长安汽车正式发布全球钠电战略，全球首款钠电量产乘用车也正式亮相。同时，长安汽车旗下阿维塔、深蓝、启源、引力等 多品牌，未来都将搭载宁德时代钠新电池。 "全球首款钠电量产乘用车"的发布，标志着中国新能源汽车产业在钠离子电池应用上的重大突破。此次宁德时代与长安汽车在钠电战略上的合作，不仅 是一次产品发布，更是双方深耕钠电、共拓市场的全新起点，共同推动新能源汽车动力电池行业迈入"钠锂双星"闪耀的新时代。 钠电不是平替，而是另一条确定性路线 据透露，即将上市的全球首款钠电量产乘用车实现了纯电续航400km以上、能量密度最高可达175Wh/kg、-50℃的极寒中稳定放电等行业顶峰性能。目 前，该车已经在牙克石通过冬季标定，其续航、低温性、安全性、放电性能等均已完全满足用户使用需求。 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，纯电续航可达400km以上，再通过宁德时代BMS智能管理策略的精准控制，可以实 现"表显即所得"，而电芯的最高能量密 ...

Core Viewpoint - Changan Automobile has officially launched the world's first sodium-ion battery in collaboration with CATL, marking a significant transition from laboratory technology to practical application in vehicles [1][6]. Group 1: Sodium-Ion Battery Development - The sodium-ion battery is designed to operate safely in extreme conditions, including stable discharge at -40°C, addressing the common issue of reduced range in electric vehicles during winter [8]. - The commercial breakthrough of sodium batteries is not merely a material technology iteration but relies on the systematic safety capabilities of automakers, which transform the material advantages into tangible user value [10]. Group 2: Changan's Intelligent Safety System - Changan's "Tianshu Intelligent" system is a key enabler for the commercialization of sodium batteries, providing a comprehensive safety framework that enhances the safety of the vehicle system [10][11]. - The intelligent driving assistance system within Tianshu acts as a proactive risk predictor, utilizing multi-source sensor fusion and centimeter-level positioning technology to enhance driving safety [13]. - The Tianshu intelligent cockpit extends safety and comfort, balancing economic and experiential factors, thus improving the competitiveness of sodium battery vehicles [14]. Group 3: Performance in Extreme Conditions - The Tianshu intelligent chassis employs a "three-way six-domain" control strategy, allowing for independent control of all four wheels, which is crucial for maintaining stability in extreme driving conditions [15]. Group 4: Market Implications - The integration of sodium batteries with Changan's intelligent systems not only alleviates the reliance on lithium resources but also redefines the competitive landscape of the electric vehicle market, shifting from price competition to value competition [16].

Group 1 - The company plans to repurchase shares using 1 to 2 billion yuan of its own funds, with a minimum of 700 million yuan and a maximum of 1.4 billion yuan for A-shares, and a minimum of 300 million yuan and a maximum of 600 million yuan for B-shares [1][2] - The repurchase is part of the company's strategic layout, aiming to achieve cumulative sales of 40 million vehicles by 2028 and an annual production and sales target of 5 million vehicles by 2030, positioning itself among the top ten global automotive brands [1] - The company expects its new energy vehicle sales to reach 1.109 million units by 2025, representing a year-on-year growth of 51.1%, and plans to launch 26 new products over the next three years, covering over 140 countries and regions [1] Group 2 - The repurchase reflects the company's confidence in its strategic outlook and intrinsic value, aiming to protect company value and shareholder rights, while addressing long-standing concerns about B-share liquidity [2] - In January, the company delivered 170,831 vehicles globally, with notable sales from the CS75 series and the Eado series, and significant contributions from its new energy segment [2] - The repurchase is expected to enhance earnings per share (EPS) and return on equity (ROE) by reducing share capital [2]

安全是长安汽车的核心价值观与战略基石。从国内首次公开多场景碰撞试验，到率先取得全国首块L3级自动驾驶专用正式号牌，长安汽车在安全技术领域 的探索从未停歇。2025年9月，长安汽车发布"天枢智能"智能化品牌，将安全提升为企业核心战略，构建起覆盖多领域的全场景安全技术体系，致力于提 供"全周期、全场景、全方位"的安全出行解决方案。 2月5日，中国北部极寒之地牙克石气温降至零下30℃，这片被誉为"新能源汽车极寒试炼场"的冰雪试验场上，长安汽车天枢智能新安全成果发布暨钠电战略 全球发布会启幕，2026全球炼车季首站同步开启。活动中，全球首款钠电池量产乘用车正式落地长安，标志着中国汽车品牌在智能安全技术与新能源电池领 域实现双重突破，为全球新能源汽车行业发展提供"中国方案"，正式开启钠锂"双星闪耀"的全新产业格局。 当前，全球新能源汽车市场加速迈向高质量发展，冬季续航打折、冰雪路况失控、电池安全隐患等行业痛点亟待破解。作为中国汽车产业领军企业，长安汽 车深耕技术创新二十余载，此次在极寒环境中集中发布的天枢智能新安全成果与钠电战略，正是针对行业痛点的系统性解决方案，彰显中国品牌技术自信， 推动全球新能源汽车产业向更安全、 ...

根据最新披露的转型计划，长安汽车明确提出，到2028年实现中国品牌累计销量4000万辆、2030年年产 销目标500万辆，其中新能源占比60%，海外占比35%，并跻身全球汽车品牌TOP10。这一战略蓝图背 后，是其新能源持续突破，2025年销量达110.9万辆，同比增长51.1%；全球化布局提速，未来三年将投 放26款新品，覆盖140余个国家和地区。这种"技术+市场"双轮驱动的模式，为回购行动提供了坚实的业 绩支撑。 本报讯(记者冯雨瑶)2026年2月4日晚间，重庆长安汽车（000625）股份有限公司(以下简称"长安汽车") 正式发布公告，宣布拟以10亿元至20亿元自有资金回购公司股份，其中，A股回购金额不低于7亿元且 不超过14亿元，B股回购金额不低于3亿元且不超过6亿元。此次回购股份将全部用于减少公司注册资 本，彰显了管理层对战略前景的坚定信心与对股东权益的深度守护。 战略底气：新能源转型与全球化布局双轮驱动 市场信号：价值回归与股东利益深度绑定 本次回购发生于全球汽车产业向智能电动化深度转型的关键时期。长安汽车在公告中明确指出，此举是 基于对公司战略发展前景及内在价值的坚定信心，积极维护公司价值及股东权 ...

Industry Updates - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced a policy allowing residents of Hainan Free Trade Port to purchase imported goods at "zero tariffs," with a tax exemption limit of 10,000 RMB per person per year and no limit on purchase frequency [1] - The State Administration for Market Regulation is intensifying efforts to combat issues in live-streaming e-commerce, focusing on counterfeit goods and false marketing, and has initiated a special rectification campaign [1] - The Ministry of Industry and Information Technology has prioritized addressing the internal competition in the photovoltaic industry, aiming to achieve a dynamic balance between supply and demand through enhanced departmental collaboration [1] - Anhui Province has set a regional GDP growth target of 5% to 5.5% for 2026 [1] - The Internationally first and largest single-unit power compressed air energy storage compressor, developed by the Institute of Engineering Thermophysics of the Chinese Academy of Sciences and China Storage Energy (Beijing) Technology Co., has passed third-party testing with CNAS accreditation, reaching an internationally leading level [1] Company Updates - Kweichow Moutai responded to issues with the iMoutai App, stating that recent high demand and a surge in orders have led to difficulties in app loading and customer service line congestion [1] - Tesla's energy super factory has begun supplying capacity to multiple domestic and international markets [1] - Foxconn's new energy vehicle R&D center officially commenced operations on February 4 in Zhengzhou Airport, focusing on next-generation electronic and electrical architecture and smart driving technologies [1] - NewEase has announced that its 1.6T optical module products have achieved mass delivery and are in the process of continuous capacity enhancement [1] - Lei Jun announced via Weibo that the next-generation SU7 is expected to launch in April 2026, with pre-orders now open [1] - Yunding Xinyao signed an exclusive commercialization licensing agreement with Macao Teo, obtaining exclusive commercialization rights for MT1013 in China and the Asia-Pacific region (excluding Japan) [1] - Changan Automobile, in collaboration with CATL, is introducing sodium-ion batteries, planning to implement them in multiple models by 2026 [1]

36氪获悉，2月5日，长安汽车携手宁德时代在牙克石举办"长安汽车天枢智能新安全成果发布暨钠电战 略全球发布会"，长安汽车正式发布全球钠电战略，全球首款钠电量产乘用车也正式亮相。同时，长安 汽车旗下阿维塔、深蓝、启源、引力等多品牌，未来都将搭载宁德时代钠新电池。 ...

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]

编者按：乘势而上，阔步向前。2026年是"十五五"开局之年，是全面建设社会主义现代化国家新征程的关键起步期。开局即发力，各地动能澎湃，锐意进 取。央广网特别策划推出《行稳致远开新局》，讲述过去五年来各地迎难而上、砥砺奋进的万千气象，呈现经济实力、科技实力、综合国力跃上新台阶背后 的发展肌理，以走在前、作示范、挑大梁的责任担当和发展韧性，为"十五五"开好局、起好步凝心聚力，不断开创中国式现代化建设新局面。 清晨，重庆果园港，这一长江上游最大枢纽港，集装箱班列汽笛接续鸣响，与两江新区智能制造工厂里机械臂的运转声律动交织；午时，城市"智慧大脑"正 实时优化着交通流线，让超大型城市的运行井然有序；傍晚，市民在经过生态修复的崖线公园漫步，看长江与嘉陵江碧波相汇。 "十四五"期间，重庆的每一天，都上演着高质量发展的鲜活故事，一个个鲜活故事串联起重庆奋进新时代的动人篇章。2025年，重庆全市实现地区生产总值 33757.93亿元，同比增长5.3%，成为中西部首个经济总量超过3万亿元的城市，常住人口城镇化率达到72.14%、稳居中西部第一，研发经费投入强度、人均 预期寿命等13项指标超过预期……一项项扎实数据，勾勒出重庆行稳 ...

Core Viewpoint - Changan Automobile, in collaboration with CATL, has unveiled the world's first sodium battery mass-produced passenger vehicle, expected to launch in mid-2026 [2][4]. Group 1: Sodium Battery Characteristics - Sodium batteries are gaining attention as an alternative to lithium batteries, with CATL's chairman highlighting the resource advantages of sodium, which is 421 times more abundant in the earth's crust compared to lithium [5]. - The sodium battery's low-temperature performance and safety features address concerns regarding electric vehicles, with the first sodium battery vehicle demonstrating nearly three times the discharge power at -30°C compared to conventional lithium iron phosphate models [5][7]. - The sodium battery's energy density reaches 175Wh/kg, positioning it among the highest in the industry, and future advancements could increase electric range to 500-600 km [7]. Group 2: Market Potential and Growth - The sodium battery industry is entering a critical growth phase, with global shipments expected to reach 9GWh by 2025, marking a 150% year-on-year increase [8]. - By 2030, the global market for sodium batteries in energy storage is projected to reach 580GWh, while the automotive sector is expected to exceed 410GWh [8]. - CATL's sodium battery development began in 2016, with nearly 10 billion yuan invested by 2025, and the company plans to establish over 3,000 battery swap stations across more than 140 cities by 2026 [8].