凤凰网科技讯2月2日，港股低开低走，截至发稿，恒生科技指数跌幅扩大至2.2%，小鹏汽车跌超9%， 蔚来跌超6%，零跑汽车、比亚迪（002594）股份跌超5%。 2月1日，蔚来公司宣布1月交付新车27,182台，同比增长96.1%。截至目前，蔚来公司已累计交付新车 1,024,774台。蔚来全新ES8在广州完成第60,000台新车交付，历时134天。 2月1日，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%。 2月1日，公布了2026年1月汽车销量数据。比亚迪新能源汽车1月总销量达到210,051辆，不过和去年同 期相比，出现了30.11%的下滑。 消息方面，多家造车新势力先后发布1月交付量，其中四家车企均实现同比增长，但相较于去年12月， 交付表现出现明显下滑。 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The overall trend of the domestic commodity futures market is mostly downward, with significant drops in precious metals and base metals, while some energy - chemical products show slight increases. In the financial market, the A - share market has different performance trends in various sectors, and the real estate market shows signs of stabilization. The global economic and political situation is complex, with potential impacts on the financial and commodity markets [4][41][42] 3. Summary by Directory Overnight Night - Market Trends - In the domestic commodity futures market on the 30th, most products closed lower. Shanghai silver hit the daily limit down with a 17% drop, Shanghai gold fell over 9%, and other metals like Shanghai tin, copper, and nickel also had significant declines. However, caustic soda rose nearly 3% and PVC rose over 2%. In the London base metals market, all metals declined. In the oil market, the US oil and Brent oil main contracts rose slightly, and the increase in net long positions in Brent crude reflected a bullish sentiment [4] Important Information Macroeconomic Information - Israel and the US are collaborating on potential military actions against Iran. China's National Development and Reform Commission and National Energy Administration issued a notice to improve the capacity price mechanism on the power generation side. In 2025, China's national general public budget revenue was 21.6 trillion yuan, a 1.7% decrease from 2024. Shipping indices declined, while the prices of polysilicon and silicon wafers increased at the end of 2025, and the price of thermal coal also rose. The China Securities Regulatory Commission solicited opinions on regulatory changes, and Trump nominated Kevin Warsh as the Fed Chair. The Fed's Bostic suggested no need for interest rate cuts. The manufacturing PMI in January was 49.3%, a 0.8 - percentage - point drop from the previous month [7][8][9][11][12] Energy - Chemical Futures - The output and capacity utilization of Chinese styrene factories decreased slightly in the week ending January 29. The US relaxed sanctions on Venezuela's downstream oil production. OPEC+ decided to suspend production increase in March 2026 due to seasonal factors [14][15][16] Metal Futures - The Thai Futures Exchange temporarily suspended trading of online gold futures. Chinese banks issued risk warnings and adjusted business rules for precious metal investments. The price of Indonesian nickel ore increased, and the Shanghai Futures Exchange will conduct a simulation trading of nickel futures and options. The lithium ore sector declined, but companies reported normal operations. A lead refinery in East China planned to suspend production, and the Osaka Exchange triggered a "circuit - breaker" for platinum futures. The production and sales of lithium concentrate by Pilbara had different trends, and the margin requirements for gold and silver futures were increased [18][21][23][26][27] Black - Series Futures - China adjusted the lower limit of the medium - and long - term coal - power market trading price. In 2025, China's steel exports increased in volume but decreased in price. The purchase prices of coke by steel mills in Shandong and Hebei increased. A coal mine in Inner Mongolia passed the resumption inspection. The inventory and daily throughput of imported iron ore in ports changed, and the situation of steel mills' production and profitability also had corresponding changes. The Indonesian coal industry faced production quota cuts [29][31][33] Agricultural Product Futures - Indonesia raised the reference price of crude palm oil in February. The actual soybean crushing volume of domestic oil mills increased in the 5th week of 2026. The inventory of imported cotton at ports increased, and the pig - breeding profits changed. The soybean sowing in Argentina was almost completed, and the global sugar supply balance and Brazilian sugar production forecasts were adjusted [35][37][38] Financial Market Finance - From a resource boom to a cycle boom, the price - increase clues may run through the first quarter in the A - share market. The performance forecasts of A - share listed companies in 2025 showed different results in various industries. The performance of 29 securities firms in 2025 was mostly positive. The February gold - stock lists of securities firms were concentrated in certain industries, and the semiconductor and real estate sectors had different performance trends. The telecom service VAT rate of Chinese telecom companies was adjusted, and a fund had a trading suspension [40][41][42][43] Industry - In 2025, the "trade - in" policy boosted the sales revenue of household appliances and communication equipment retail industries, and rural consumption increased. China's shipbuilding industry maintained its leading position globally. Most domestic car companies had year - on - year sales growth in January. The price of second - hand housing in 100 cities decreased, while the new - house price had a structural increase. The global AI computing power construction drove the upgrade of power - equipment transformers. The scale of "fixed - income +" funds reached a record high [45][46][47] Overseas - Trump hoped the Fed Chair nominee Warsh could lower interest rates. A new round of tripartite talks between Ukraine, the US, and Russia was scheduled. The Indian government's borrowing in the 2026 - 27 fiscal year would reach a record high, and the deficit and debt - to - GDP ratios were expected to change. South Korea's semiconductor exports in January increased significantly, driving up the total export volume [48] International Stock Markets - The Indian and Saudi stock markets tumbled on February 1. India's proposed increase in securities trading taxes on stock index futures and options led to a sharp decline in the Indian stock market, and the Saudi stock market also had a significant drop [49] Commodity - The international gold price had the largest single - day decline in 40 years on January 30, and experts advised caution. The price of pure benzene rebounded strongly in January [50] Bond - Convertible bond funds became the focus in the context of the overall underperformance of bond funds, with some funds having high yields [51] Foreign Exchange - New regulations on RMB cash payment came into effect on February 1, and the Bulgarian lev withdrew from circulation on the same day [52][54] Upcoming Events - The Bank of Japan will release the summary of the January monetary policy meeting, the People's Bank of China will have 150.5 billion yuan of reverse repurchases due, the Deputy Governor of the Bank of England will give a speech, the Asia Virtual Reality XR Industry Exhibition will be held, there will be new stock subscriptions, and the Atlanta Fed President will speak [56]

Group 1 - The domestic passenger car market is expected to remain flat year-on-year in January 2026, but show a significant month-on-month decline, with new energy vehicle (NEV) sales under pressure, leading to a penetration rate of approximately 44.4% [1] - January is the last complete sales month before the Spring Festival, with retail sales expected to reach 1.8 million units, averaging 58,000 units per day, which is flat year-on-year but shows a notable month-on-month decline [1] - The sales performance varies significantly among brands, with some achieving high growth due to popular models, while others face challenges, particularly in the pure NEV segment [2] Group 2 - Brands with popular models, such as AITO and Xiaomi, have seen significant year-on-year sales growth, with AITO's sales reaching 58,000 units (+65.6%) and Xiaomi's at 39,000 units (+70%) [2] - Traditional fuel vehicles provide short-term support for some brands, with GAC Group, Great Wall Motors, and SAIC GM showing year-on-year sales growth of 18.5%, 11.6%, and 8.2% respectively [2] - The industry outlook for 2026 is optimistic regarding high-end development and overseas market expansion, with key players setting ambitious overseas sales targets [3]

Core Insights - The retail sales of new energy vehicles in China for January 1-18 reached 312,000 units, representing a year-on-year decline of 16% and a month-on-month decline of 52% due to the expiration of the new energy vehicle purchase tax exemption policy and a weak market trend during the New Year holiday [1][27]. Company Performance - BYD sold 210,051 vehicles in January, with overseas sales of passenger cars and pickups reaching 100,009 units, and cumulative sales exceeding 15.3 million units [2][28]. - Xiaomi delivered over 39,000 vehicles in January, with a target of 550,000 electric vehicles for 2026, reflecting a year-on-year growth of over 34% [4][30]. - Leap Motor achieved 32,059 deliveries in January, marking a year-on-year increase of 27% [6][32]. - Li Auto delivered 27,668 new vehicles in January, with a cumulative delivery of 1,567,883 vehicles as of January 31 [8][34]. - NIO delivered 27,182 vehicles in January, showing a significant year-on-year growth of 96.1%, and became the fourth Chinese "new force" car manufacturer to reach cumulative deliveries of 1 million vehicles [11][37]. - Zeekr achieved 23,852 deliveries in January, with a year-on-year growth of 99.7% [14][40]. - Xpeng delivered 20,011 vehicles in January, with the X9 model achieving a remarkable year-on-year growth of 413.9% [17][43]. - Lantu delivered 10,515 vehicles in January, marking a year-on-year increase of 31%, and announced plans to launch four new models in 2026 [19][45]. - IM delivered 5,017 vehicles in January, with the LS6 model surpassing 100,000 cumulative deliveries [20][46]. - Extreme Stone delivered 1,028 vehicles in January, with a nearly 100% year-on-year increase and a significant growth in order volume [23][49]. - Hongmeng Zhixing reported a year-on-year growth of over 65% in January [25][51].

2月2日，香港恒生指数低开1.06%，恒生科技指数跌1.29%。 | 代码 - | 名称 现价 涨跌 涨跌幅 | | --- | --- | | HSI | 恒生指数 27097.34 - -289.77 - -1.06% | | HSTECH 恒生科技 | 5644.38 | | HSBIO | 恒生生物科技 15378.64 | | HSCEI | 恒生中国企业指数 9191.35 -125.74 -1.35% | | HSCI | 恒生综合指数 4147.82 | | 三大通信运营商集体下跌，中国联通跌逾7%，中国电信跌逾6%，中国移动跌超2%。 | | --- | 科网股多数走低，小鹏汽车跌逾5%，阿里巴巴、华虹半导体、哔哩哔哩、网易跌逾2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ~ | | --- | --- | --- | --- | | 小鹏汽车-W | 68.000 | -3.650 | -5.09% | | 阿里巴巴-W | 164.700 | -4.500 | -2.66% | | 哔哩哔哩-W | 266.000 | -7.000 | -2.56% | | 网易-S | 200.0 ...

Group 1 - Nvidia's CEO Jensen Huang stated that OpenAI invited Nvidia for an investment of up to $100 billion, but this investment is "not a commitment," and Nvidia will invest in OpenAI gradually [1] - Tencent launched a 10 billion yuan red envelope campaign and announced the public testing of Yuanbao, which quickly rose to the top of the free app rankings in the Apple Store [1] - From January 1, 2026, the value-added tax rate for telecommunications services will increase from 6% to 9%, impacting the revenue and profits of China Mobile, China Unicom, and China Telecom [1] Group 2 - BYD's new energy vehicle sales in January were 210,000 units, a year-on-year decrease of 30.11%, attributed to intensified market competition and consumer hesitation before the Spring Festival [3] - Xiaomi delivered over 39,000 vehicles in January, continuing to capture market share with cost-effective models; NIO delivered 27,182 new cars, a year-on-year increase of 96.1% [3] - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27%, while Li Auto's deliveries fell by over 7% [3] Group 3 - Oracle is facing severe funding difficulties due to challenges in financing for AI data center expansion, considering large-scale layoffs of 20,000 to 30,000 employees to release $8 billion to $10 billion in cash flow [5] - Blue Origin will pause space tourism flights for at least two years to focus resources on accelerating the development of its lunar lander and other lunar technologies [6] - GameStop's CEO Ryan Cohen announced plans to acquire a large publicly traded consumer retail company to support a target of $35 billion in annual revenue by the end of fiscal year 2026 [6] Group 4 - Samsung Electronics expects an operating profit of 20 trillion won in Q4 2026, a year-on-year increase of 208%, with memory business operating profit projected at 35 trillion won in Q1 [7] - Toyota's sales in China have rebounded after four years, with January sales in India reaching 33,880 units, a year-on-year increase of 15.4% [7] - SK Hynix reported a 102.7% year-on-year increase in semiconductor exports from South Korea in January, reaching $20.5 billion [7] Group 5 - BMW Group announced a personnel adjustment in Greater China, with a new president taking over on April 1, 2026, responsible for strategic planning and operations [8] - ASML launched a new lithography machine XT:260 for advanced packaging, achieving production efficiency four times that of previous equipment [8] - LVMH invested 1 billion euros to increase its stake in Italian luxury brand Loro Piana to 94%, raising the brand's valuation to 11 billion euros [8]

Group 1: Automotive Industry Performance - Xiaomi's automotive deliveries exceeded 39,000 units in January 2026 [2] - Li Auto delivered 27,668 vehicles in January 2026 [2] - Leap Motor achieved total deliveries of 32,059 units in January, a year-on-year increase of 27% [2] - AITO (问界) delivered 40,016 vehicles in January, marking an 83% year-on-year growth [2] - Lantu delivered 10,515 vehicles in January, up 31% year-on-year [2] - GAC Toyota's sales reached 63,648 units in January [2] - GAC Trumpchi's terminal sales were 26,937 units in January, a slight increase of 2.06% [2] - Great Wall Motors reported total sales of 90,312 units in January, a year-on-year increase of 11.59% [2] - Extreme Stone (极石) delivered 1,028 vehicles in January, nearly doubling year-on-year [2] Group 2: Company Developments and Innovations - Xiaomi denied reports of discussions with Ford to establish a joint venture for electric vehicles in the U.S. [7] - Xiaomi's founder Lei Jun announced that the development of the new generation Xiaomi SU7 has been completed, with production set to begin soon [7] - The AI robot YuTree G1 successfully walked 13,000 steps in extreme cold conditions of -47.4°C, marking a global first [7] - NIO launched a limited-time financial purchase plan with a low interest rate of 0.49% for vehicle purchases [9] - ByteDance's Hongguo short drama app surpassed 100 million daily active users within three years of its launch [9] - Tencent's AI assistant Yuanbao officially launched its public beta, exploring the AI social networking space [9] - Beijing Economic Development Zone issued the first national virtual idol identity certification [9] - Toyota recalled over 161,000 Tundra vehicles in the U.S. due to rearview camera issues [9] Group 3: Financing and Market Trends - Zhongke Qingneng completed nearly 500 million yuan in PreA++ financing, led by Dinghui Baifu [11] - Xuqing Intelligent secured seed round financing in the millions, focusing on technology development [11] - The global semiconductor industry saw a significant increase in exports from South Korea, reaching $20.5 billion in January, a year-on-year increase of over 102% [13]

Group 1 - Nvidia's CEO Jensen Huang stated that OpenAI invited Nvidia for an investment of up to $100 billion, but this investment is "not a commitment," and Nvidia will invest in OpenAI gradually [2] - Tencent launched a 10 billion red envelope campaign and announced the public beta of Yuanbao, which quickly rose to the top of the free app rankings in the Apple Store [2] - From January 1, 2026, the value-added tax rate for telecommunications services will increase from 6% to 9%, impacting the revenue and profits of China Mobile, China Unicom, and China Telecom [2] Group 2 - BYD's new energy vehicle sales in January were 210,000 units, a year-on-year decrease of 30.11%, attributed to intensified market competition and consumer hesitation before the Spring Festival [5] - Xiaomi delivered over 39,000 vehicles in January, continuing to capture market share with cost-effective models; NIO delivered 27,182 vehicles, a year-on-year increase of 96.1% [6] - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27%, while Li Auto's deliveries fell by over 7% [6] Group 3 - Oracle is facing severe funding difficulties due to challenges in financing for AI data center expansion, considering large-scale layoffs of 20,000 to 30,000 employees to release $8 billion to $10 billion in cash flow [8] - Blue Origin will pause space tourism flights for at least two years to focus resources on accelerating the development of its lunar lander and other lunar technologies [8] - GameStop's CEO Ryan Cohen announced plans to acquire a large publicly listed consumer retail company to support a target of $35 billion in annual revenue by the end of fiscal 2026 [9] Group 4 - Samsung Electronics expects an operating profit of 20 trillion KRW in Q4 2026, a year-on-year increase of 208%, with memory business operating profit projected at 35 trillion KRW in Q1 [11] - Toyota is accelerating its smart electric transformation in China, with January sales in India reaching 33,880 units, a year-on-year increase of 15.4% [12] - SK Hynix is benefiting from soaring prices of memory and flash storage, contributing to a 102.7% year-on-year increase in South Korea's semiconductor exports in January, reaching $20.5 billion [12]

来源：光大证券微资讯 热点聚焦 HOT 1、沙特股市2月1日大幅下挫，沙特全指跌幅一度达到2.6%，创2025年6月中旬以来最大盘中跌幅。此 前，伊朗军方警告称，德黑兰可能对以色列发动打击。伊朗其他官员也称正在采取措施，为可能的袭击 做准备。2月1日，以军称对黎巴嫩南部发动打击。以美军方高层被曝周末密集会谈，讨论对伊朗打击行 动。另据报道，白宫下令美海军舰艇前往中东，市场对美国可能发动打击的担忧加剧。 2、2月2日7:20，现货白银延续跌势，日内跌幅扩大至10%，报76.89美元/盎司。现货黄金跌破4700美 元，日内跌3.33%。此前，白宫提名前美联储理事凯文·沃什担任下任美联储主席。美东时间上周五，因 担忧沃什的鹰派立场，贵金属获利抛压激增，金、银出现崩盘式跳水，现货白银盘中一度暴跌36%，现 货黄金最高跌超12%。现货铂金重挫17.59%。现货钯金重挫14.89%。 3、1月31日，美股三大指数集体收跌。道指1月累涨1.73%；纳指1月累涨0.95%；标普500指数1月累涨 1.37%。黄金、白银股大幅下挫，全球最大白银ETF--iShares Silver Trust跌28%。纳斯达克中国金龙指数 1 ...

证券研究报告 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 板块最新观点 整车主线周报： 本周商用载货车表现较好，长城发布业绩预告 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出 口34.1万，同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算 25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。展望2026： ...