2月首日，多家造车新势力陆续公布2026年首月销量情况。 通常12月为汽车销售的传统旺季，各厂商销量会达到全年最高点，转年1至2月则面临较大下行压力。今年叠加新 能源购置税从全免改减半等因素影响，造车新势力销量环比普遍下滑，这一走势基本符合市场普遍预期。 数据从侧面佐证这一趋势。乘联分会数据显示，1月1日至11日，全国乘用车市场零售32.8万辆，同比下降32%； 当期，全国乘用车厂商批发38.1万辆，同比下降40%。 相较同环比表现而言，更值得关注的是头部排名迎来洗牌。根据截至发稿前数据统计，去年稳坐新势力月销冠军 并获得新势力全年销量冠军的零跑汽车，1月被鸿蒙智行 和小米汽车反超，新势力冠军宝座或许要易主。 | | 1月造车新势力销量排名 | | | --- | --- | --- | | 车企 | 销量(台) 同比(%) | | | 鸿蒙智行 | 57915 | 65. 6 | | 小米 | 39000 | | | 零跑 | 32059 | 27 | | 理想 | 27668 | -7.5 | | 蔚来 | 27182 | 96. 1 | | 广汽传祺 | 26937 | 2. 06 | | 吴铂埃安 | ...

来源|凤凰网财经《公司研究院》 2月首日，多家造车新势力陆续公布2026年首月销量情况。 通常 12月为汽车销售的传统旺季，各厂商销量会达到全年最高点，转年1至2月则面临较大下行压力。今年叠加 新能源购置税从全免改减半等因素影 响，造车新势力销量环比普遍下滑 ，这一走势基本符合市场普遍预期。 数据从侧面佐证这一趋势。 乘联分会数据显示， 1月1 日至 11日，全国乘用车市场零售32.8万辆，同比下降32%； 当期 ，全国乘用车厂商批发 38.1万辆，同比下降40%。 相较同环比表现而言，更值得关注的是头部排名迎来洗牌。根据截至发稿前数据统计，去年稳坐新势力月销冠军并获得新势力全年销量冠军的零跑汽 车， 1月被鸿蒙智行和小米汽车反超，新势力冠军宝座或许要易主。 | | 1月造车新势力销量排名 | | | --- | --- | --- | | 车企 | 销量(台) 同比(%) | | | 鸿蒙智行 | 57915 | 65. 6 | | 小米 | 39000 | | | 零跑 | 32059 | 27 | | 理想 | 27668 | -7.5 | | 蔚来 | 27182 | 96. 1 | | 广汽传祺 | ...

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

行业研究 证 券 研 究 报 告 汽车 2026 年 02 月 01 日 汽车行业周报（20260126-20260201） 有色波动影响中上游短期议价，继续看好新产 推荐（维持） 业方向 1 月下旬行业折扣环比下降（油车为主）。折扣率 9.5%，同比+0.6PP（1/25），环比-0.1PP （1/10）。折扣金额 21,541 元，同比+1,294 元（1/25），环比-718 元（1/10）。折扣率变 动环比较大的主流品牌：WEY+1.6PP、北京奔驰-1.5PP、上汽通用别克-1.3PP、长安启源 +1.2PP、长安马自达-0.8PP。 12 月乘用车批发、零售销量同比下滑。12 月乘用车批发 285 万辆，同比-8.7%，环比- 6.3%，狭义乘用车批发 283 万辆，同比-8.4%，环比-6.1%；国产乘用车零售 228 万辆， 同比-16.8%，环比+13.7%；乘用车出口销量 64 万辆，同比+50.5%，环比+2.8%；估算库 存变动-7.4 万辆，同比-4 万辆，环比-48 万辆。 截至 2026 年 1 月 30 日， 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）121 ...

Core Viewpoint - The MPV market in China is undergoing significant transformation, with at least six new models set to launch by 2026, driven by evolving family vehicle demands and advancements in new energy technology [1] Group 1: Market Dynamics - The MPV segment has shifted from a niche market to a competitive battleground, influenced by the increasing demand for family-oriented vehicles and the rise of new energy technologies [1] - The emergence of large six-seat SUVs is diverting demand away from MPVs, necessitating a focus on enhancing space comfort and accelerating the transition to family-oriented designs [6][8] - The MPV market is experiencing a structural explosion in demand, with family usage surpassing business use, as evidenced by 58% of MPV sales being for family purposes in 2025 [6] Group 2: New Model Launches - Multiple new MPV models are set to enter the market, including the Leap Motor D99, which features an 80.3 kWh battery for extended range, and the Galaxy V900, which offers a spacious trunk [3] - High-end models are also being introduced, such as the Lantu flagship MPV with L3-level autonomous driving capabilities and the Huawei-powered Zhijie V9, which is expected to launch in spring 2026 [3] Group 3: Sales Performance - In December 2025, 70% of the top ten MPV sales were from new energy vehicles, with the Wey brand's Gaoshan leading at 10,558 units sold [4] - Traditional brands like Toyota and Buick continue to dominate, with the Toyota Granvia and Sienna ranking second and third in sales, while Honda's models are experiencing a decline [5] Group 4: Competitive Strategies - Companies are focusing on differentiated features to enhance their competitive edge, such as the Zhijie V9's rotating second-row seats and the D99's advanced driving assistance systems [7] - The trend towards multifunctional MPVs is emerging, with some models designed for camping and outdoor activities, showcasing the versatility of MPVs [7] Group 5: Future Outlook - The MPV market is expected to see increased concentration, with the top ten manufacturers accounting for 78.3% of total sales in 2025, indicating a trend towards market consolidation [8] - The competition in the MPV sector is anticipated to intensify, with a focus on smart technology and electric upgrades as key differentiators for companies aiming to capture market share [8]

Group 1 - The core viewpoint of the article highlights the performance of various automotive companies in January, with significant delivery numbers and growth rates reported for several brands [2][3]. Group 2 - Xiaomi's automotive deliveries exceeded 39,000 units in January 2026 [3]. - Li Auto delivered 27,668 vehicles in January 2026 [3]. - Leap Motor achieved total deliveries of 32,059 units in January, marking a 27% year-on-year increase [3]. - Aito's deliveries reached 40,016 units in January, reflecting an 83% year-on-year growth [3]. - Lantu delivered 10,515 units in January 2026, showing a 31% increase [3]. - GAC Toyota's sales in January amounted to 63,648 units [3]. - GAC Trumpchi's terminal sales in January were 26,937 units, with a year-on-year growth of 2.06% [3]. - Great Wall Motors reported total sales of 90,312 units in January 2026, a year-on-year increase of 11.59% [3]. - Geely's brand, Extreme Stone, achieved cumulative deliveries of 1,028 units in January, nearly doubling year-on-year [3].

Group 1 - Xiaomi Auto delivered over 39,000 vehicles in January 2026 [1] - Li Auto delivered 27,668 vehicles in January 2026 [1] - Leap Motor achieved total deliveries of 32,059 vehicles in January, a year-on-year increase of 27% [1] Group 2 - AITO delivered 40,016 vehicles in January, marking a year-on-year growth of 83% [1] - Lantu delivered 10,515 vehicles in January, with a year-on-year increase of 31% [1] - GAC Toyota sold 63,648 vehicles in January [1] Group 3 - GAC Trumpchi's terminal sales in January reached 26,937 vehicles, a year-on-year increase of 2.06% [1] - Great Wall Motors achieved total sales of 90,312 vehicles in January, reflecting a year-on-year growth of 11.59% [1] - Geely's brand cumulative deliveries reached 1,028 vehicles in January, with an almost 100% year-on-year increase [1]

记者丨朱芷葵 编辑丨曾静娇 2月1日，多家车企陆续公布1月新能源汽车交付数据，绝大多数实现销量同比增长。其中鸿蒙 智行以近5.8万辆的交付量目前暂居榜首，零跑、小米等也交出超过3万辆的成绩。 详情如下： 鸿蒙智行：1月累计交付57915台，同比增长65.6%。其中，问界汽车1月交付40016辆，同比增 长83%。 小米汽车：1月交付量超过39000台。 昊铂埃安：1月销量23591辆，同比增长63.9%。 奕派科技：1月销量21269辆，同比增长145%。 岚图汽车：1月交付10515辆，同比增长31%。 SFC 出品丨21财经客户端 21世纪经济报道 21君荐读 官方明确个人每次挣钱低于1000元不用交增值税 腾讯元宝开撒10亿红包，网友：一大早就被刷屏了 深圳首个安居房项目开盘当天售罄 零跑汽车：1月全系交付达32059台，同比增长27%。 理想汽车：1月交付新车27668辆。 广汽传祺：1月份全系销量达到26937辆，环比增长25.07%，同比增长2.06%。 ...

零跑汽车本次获得的"AA"评级，在全球汽车制造行业中位列前29%，持续领跑中国新能源汽车企业可 持续发展实践。此项成就主要得益于零跑汽车在企业治理体系建设、清洁技术创新发展潜力、产品全生 命周期碳足迹管控等行业关键议题上的卓越表现与持续突破。 中国证券报记者注意到，2025年零跑汽车实现全年销量近60万辆，稳居中国造车新势力首位，并创新势 力年销量新纪录。全球渠道网点超过1800家，其中海外超800家，已进入全球35个国家和地区。更关键 的是，零跑已实现连续季度盈利，企业经营步入高质量、可持续发展轨道。 转自：中国证券报·中证网 中证报中证网讯（记者 龚梦泽）近日，国际权威评级机构摩根士丹利资本国际公司（MSCI）公布最新 ESG评级结果。零跑汽车凭借在环境、社会及公司治理（ESG）领域的扎实实践与长期投入，再度获 评"AA"级。这也是零跑汽车连续第三年获此评级，标志着公司在可持续发展领域的领先地位与长期承 诺持续获得国际认可。 ...

Group 1 - The core viewpoint of the article is that the establishment of the joint venture between Leap Motor and Stellantis, named Leap International, represents a promising overseas expansion model through a light asset operation strategy [1][2] - Leap International has received a significant investment of €1.5 billion from Stellantis, which enhances its operational capabilities and market entry potential [1] - The joint venture aims to leverage Stellantis's global strength and local market knowledge to mitigate legal and cultural risks associated with entering foreign markets [1] Group 2 - The management team for Leap International has been established with an international perspective, focusing on developing products and services that cater to local consumer preferences [2] - The light asset operation model adopted by Leap International is expected to reduce costs and time, allowing for a quicker market entry compared to traditional methods of establishing local manufacturing and direct sales [1] - The collaboration with Stellantis is seen as a strategic advantage that can help Leap Motor navigate the complexities of international markets more effectively [1][2]