（来源：经济日报） 转自：经济日报 随着各大车企陆续发布1月份产销数据，车市开年遇冷已成事实。"这是我从业以来市场表现最差的一个月""知道会遇冷，但没想到是冰冷""中国车市是 否会就此掉头向下"等论调甚嚣尘上，为全年车市走向增加了不确定性。 车市开年遇冷，并非单一因素所致，而是政策换挡、需求透支与消费者观望情绪等多重因素叠加的结果。其中，政策调整是主因。自2026年起，延续10 多年的新能源汽车车辆购置税从全额免征调整为减半征收，单车最高减税额上限从3万元降至1.5万元。一辆开票价10万元的新能源车，2026年需交5000 元购置税；20万元车型，购车成本则增加1万元。目前，车市消费主要集中在10万至20万元价格区间的车型上，消费者对成本变化敏感。显然，这直接 影响了消费者的购车决策。 看月度产销数据，既要看当前，也要看趋势。1月份本来就是传统淡季，考虑到2月份还有9天春节假期，短期内市场销量或仍将处于"寒冬"中，但这并 不意味着中国汽车市场就此掉头向下。目前，我国千人汽车保有量仅260辆，不足欧美发达国家一半。即使考虑到资源、环境及空间承载能力制约，未 来我国汽车普及率仍有一定提升潜力。按照中汽协预计，20 ...

于2026年2月6日注销6743.1万股。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 吉利汽车（00175）发布公告，于2026年2月6日斥资2716.12万港元回购166.5万股。 于2026年2月6日注销6743.1万股。 责任编辑：卢昱君 吉利汽车（00175）发布公告，于2026年2月6日斥资2716.12万港元回购166.5万股。 ...

以往自主整车企业之间的合作鲜有成功的先例，此次广汽与吉 利抱团新能源商用车，能否打破这一魔咒？ 作者： 濮振宇 封图：图虫创意 1月28日，广汽领程新能源商用车有限公司（下称"广汽领程"）与吉利旗下浙江远程新能源商用车 集团有限公司（下称"吉利远程"）在广州签署战略合作协议，双方计划围绕客车、VAN类产品推 广以及甲醇电动动力应用、能源加注等生态建设方面开展深度合作。 对于这一合作，吉利远程方面对经济观察报表示，吉利远程与广汽领程的合作还处于初步阶段，暂 时无法透露更多其他具体信息。 从行业来看，广汽领程与吉利远程的合作，是又一起自主整车企业合作的案例。对于已在新能源商 用车领域实现销量领先的吉利远程来说，这是打破区域市场壁垒、寻求新增量的重要一步。对于刚 完成品牌焕新的广汽领程而言，此举是战略性补短，也是其"轻资产"策略的又一个支点。 不过，以往自主整车企业之间的合作鲜有成功的先例，此次广汽与吉利抱团新能源商用车，能否打 破这一魔咒？ 领程转型 广汽领程的前身是广汽日野，作为一家中日合资商用车企业，广汽日野在燃油车时代曾凭借日野技 术占据高端市场，但在新能源转型中因决策迟缓而错失先机。2024年的股权重组， ...

Core Viewpoint - GAC Lingcheng and Geely Remote have signed a strategic cooperation agreement to collaborate on electric commercial vehicles, methanol electric power applications, and energy refueling infrastructure, marking a significant step for both companies in the competitive new energy commercial vehicle market [2][6]. Company Overview - GAC Lingcheng, formerly GAC Hino, has undergone a brand transformation to accelerate its shift towards new energy commercial vehicles, following a restructuring that increased GAC Group's stake to nearly 90% [2][3]. - Geely Remote, established in 2016, has achieved a compound annual growth rate of over 120% in sales over the past five years, with monthly sales reaching nearly 25,000 units as of 2025 [5]. Market Context - The collaboration between GAC Lingcheng and Geely Remote is seen as a strategic move to break regional market barriers and seek new growth opportunities in the competitive landscape dominated by players like BYD and Yutong in the Guangdong market [2][3][5]. - The commercial vehicle market in China is experiencing structural adjustments, with a shift towards low-speed growth and increasing competition in the new energy sector [8][9]. Strategic Implications - GAC Lingcheng's "light asset" strategy aims to minimize research and development costs by leveraging partnerships rather than solely relying on internal development, which is crucial given its limited R&D budget [4][6]. - The partnership is expected to enhance GAC Lingcheng's product offerings in the VAN and bus segments, where it currently lacks a strong foundation [3][4]. Technological Collaboration - The cooperation includes the development of methanol electric power applications, with Geely Remote being one of the few companies in China to focus on this technology, which has the potential to address energy infrastructure challenges in the region [6][8]. - The collaboration is positioned to utilize GAC's local resources to reduce market entry costs for Geely Remote in key cities like Guangzhou, enhancing their competitive edge [6][8]. Industry Trends - The trend of collaboration among commercial vehicle manufacturers to share the costs and risks associated with new energy transitions is becoming more common, as seen in recent partnerships across the industry [9].

Core Viewpoint - Chery Automobile is undergoing a dual transformation towards globalization and intelligence, with a clear equity structure and strategic partnerships driving its growth in the new energy and export markets [1][2]. Group 1: Company Overview - Chery Automobile, established in 1997, initially entered the mainstream and entry-level passenger car market with models like Fengyun and QQ, and is now focusing on global and intelligent development [1]. - The company operates under a governance structure that balances state-owned capital, strategic investors, and management equity, ensuring no direct interference from state capital in operations [1]. - Chery's financial performance is improving due to the scaling delivery of its new energy brands, including Fengyun, Shanhai, Xingjiyuan, iCAR, and Zhijie, alongside continuous growth in overseas revenue [1]. Group 2: Export Strategy - Chery's export strategy has evolved from focusing on developing markets to key single markets like Russia, and now expanding into Europe [2]. - The Tiggo series is central to Chery's export products, with a parallel offering of internal combustion engine (ICE) and plug-in hybrid electric vehicle (PHEV) models to cater to different regional markets [2]. - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and establishing local subsidiaries in certain countries, while adopting a multi-regional KD assembly model for manufacturing [2]. Group 3: Technological Development - Chery plans to integrate its subsidiaries, including Lion Technology and Dazhuo Intelligence, by 2025 to streamline its R&D efforts [3]. - The company is pursuing a "self-research + cooperation" dual-track strategy, leveraging its own R&D capabilities alongside partnerships with leading technology firms like Huawei and Horizon [3]. - Chery's vehicle platform system consists of both traditional fuel and new energy platforms, structured by price range and technology path [3]. Group 4: Financial Projections - Chery's projected net profits for 2025, 2026, and 2027 are expected to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively [3]. - The company is compared to other publicly listed automotive firms, with expected price-to-earnings (PE) ratios of 14, 11, and 8 for the years 2025 to 2027 [3]. - Given the strong momentum in new energy development and stable export positioning, Chery is anticipated to command a higher valuation, with an initial "buy" rating assigned [3].

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhejiang Geely Holding Group Co., Ltd. and Geely Automobile Research Institute (Ningbo) Co., Ltd. for a method and device related to battery throwing, with the patent number CN119682543B and application date of February 2025 [1] - Zhejiang Geely Holding Group Co., Ltd. was established in 2003 and is primarily engaged in the automotive manufacturing industry, with a registered capital of 1.03 billion RMB. The company has invested in 39 enterprises and participated in 524 bidding projects, holding 5,000 trademark records and 5,000 patent records, along with 275 administrative licenses [1] - Geely Automobile Research Institute (Ningbo) Co., Ltd. was founded in 2016 and focuses on specialized equipment manufacturing, with a registered capital of 30 million RMB. The institute has invested in 9 enterprises, participated in 321 bidding projects, holds 5,000 patent records, and has 19 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights a significant decline in China's automotive market sales in January 2026 compared to December 2025, with a year-on-year decrease of 34.2% and a month-on-month decrease of 66.4% [1] - The overall retail sales in January 2026 are estimated to be around 1.8 million vehicles, reflecting a month-on-month decline of 20.4% but a slight year-on-year increase of 0.3% [1] - The sales targets set by domestic automakers for 2026 have become more rational, with companies like Geely aiming for a 14% increase, Changan at 13.3%, and Chery at approximately 14% [2] Group 2 - The automotive industry in China is transitioning from high-speed growth to stable growth, prompting companies to adopt more pragmatic sales targets [2] - The rapid development of new energy vehicles is driving innovation and restructuring within the industry, leading to intensified competition and pressure on profit margins for both automakers and suppliers [2] - Companies are encouraged to shift their focus from merely increasing sales volume to ensuring sustainable profitability and healthy cash flow, moving away from the "burning money for market share" strategy [3] Group 3 - The article emphasizes the importance of respecting industry regulations and avoiding excessive product iteration, which can lead to high costs and low profits [3] - Companies should prioritize cash flow stability and set achievable, profitable, and sustainable sales plans, rather than relying on price wars for short-term advantages [3] - Strategic planning regarding production capacity and innovation pace is essential for building core competitiveness in the long-term automotive market [3]

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting the role of Jin Qilin analysts in providing timely and comprehensive insights to uncover potential investment opportunities [1][1][1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，中国汽车流通协会发布的数据显示，1月上半月，车市销量较2025年12月同期下降34.2%，较 2025年12月下半月下降66.4%。与此同时，国内车企陆续公布的2026年销量目标相较于过去几年动辄翻 倍的激进态势，已趋于理性。 1月车市销量同比上升主要受去年同期低基数影响，而环比出现下滑，则主要源于2025年底新能源汽车 购置税免征政策即将结束，车企去年年底集中促销导致部分需求提前释放。中国汽车流通协会预计，1 月车市整体零售销量约为180万辆，环比下降20.4%，同比微增0.3%。乘用车市场信息联席分会预计， 2026年国内乘用车零售销量将与2025年基本持平，出口仍将保持10%以上的中高速增长。 面对市场正从高速增长转向平稳增长的新阶段，车企年度销售目标也普遍趋于务实。从已公布的目标 看，吉利汽车2026年销量目标定为345万辆，同比增长约14%；长安汽车目标增幅为13.3%；奇瑞汽车目 其次，汽车产业应尊重产业规律。我国新能源汽车行业创新活跃，尤其是一些新势力品牌通过快速推出 新产品、新功能吸引消费者，形成了一种以"产品快速 ...

Group 1 - The Chinese automotive market experienced a significant decline in sales, with January sales down 34.2% year-on-year compared to December 2025, and a 66.4% drop compared to the second half of December 2025. The overall retail sales for January are estimated to be around 1.8 million vehicles, reflecting a month-on-month decrease of 20.4% but a slight year-on-year increase of 0.3% [1] - Domestic automakers are setting more realistic sales targets for 2026, moving away from aggressive growth strategies seen in previous years. For instance, Geely aims for a 14% increase to 3.45 million units, while Changan and Chery target growth rates of 13.3% and 14%, respectively [2] - The automotive industry is undergoing a critical transformation, with rapid development in new energy vehicles (NEVs) leading to innovation, structural changes, and intensified competition. This has resulted in a challenging environment where some companies are generating revenue without profit, impacting the profitability of suppliers and dealers [2] Group 2 - Companies should shift their focus from sales volume and scale to sustainable profitability and healthy cash flow. The previous strategy of prioritizing sales as a key performance indicator is becoming unsustainable, especially as the market transitions from high growth [3] - The automotive industry must respect market dynamics, as rapid product iterations can lead to increased costs and shorter product lifecycles. This could result in companies facing high costs and low profits over time, while consumers may become fatigued by frequent updates [3] - In a stabilizing market, companies should avoid relying solely on sales volume and price wars for short-term advantages. Instead, they should focus on maintaining robust cash flow, setting achievable and sustainable sales plans, and optimizing supply chain efficiency and cost management to build long-term competitive advantages [3]