中经记者 郭阳琛 石英婧 上海报道 "精灵#1马年开运版上市近一个月，我们门店卖出二三十辆，但目前还有现车。主要原因在于这款车型 未进入2026年减免车辆购置税的新能源汽车车型目录，同时无法享受上海市以旧换新补贴政策。"1月28 日，smart上海闵行全功能体验店工作人员李维（化名）表示。 《中国经营报》记者注意到，smart精灵#1马年开运版于2026年元旦推出，限量1000辆，售价13.99万 元，是该车型的历史最低价。 "这个限量版反响不错，只是为了回馈smart车友，并非参与'价格战'。"1月30日，smart品牌方面向记者 回应，当前情绪价值备受用户关注，通过马年开运版这种特别个性化的版本，可以吸引更多用户，增强 用户黏性。 smart品牌过去以"两座微型车"著称，但在电动化转型过程中开始转向更主流的紧凑型和中型SUV市 场，接连推出精灵#3和精灵#5两款大车。已在工信部备案、即将在2026年上市的精灵#6，车长甚至超过 了特斯拉Model Y。 但smart品牌已经连续两年销量下滑。相关数据显示，2025年，smart品牌在中国市场零售销量为30799 辆，同比下降超7%。2023年，smart品 ...

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。 同时，"两新"政策优化实施，带来的产品补贴结构性变化也不容忽视。相较去年，今年"以旧换新"政策 将"定额补贴"改为"按车价比例补贴"。虽然补贴上限保持不变，但明显降低了低价车型的现金补贴额 度。补贴政策的结构性调整，导致低价车型的销售数据大幅下滑，直接拖累整体销量。 此外，去年购置税政策退坡前透支了部分消费需求，叠加今年地方补贴"断档"，进一步影响了市场需 ...

此外，去年购置税政策退坡前透支了部分消费需求，叠加今年地方补贴"断档"，进一步影响了市场需 求。过去2年，除了享受报废更新或置换更新国家级补贴外，多数省市还能额外提供现金奖励或消费券 补贴，这些"政策叠加包"催化了消费者的购车热情。但因为时间关系，今年部分省市的补贴细则还未来 得及发布，消费者持观望态度，销售端自然承压。 汽车月度产销数据是反映行业和企业生产运营与市场表现的核心指标，对于企业把握经营决策、洞察行 业走势具有重要作用，对于管理部门观察市场动向、评估政策效果也有参考价值。不过，月度产销数据 并不是衡量行业发展健康度的唯一指标。这一数据受企业新品投放节奏、行业政策调整、节假日及季节 变化等多种因素影响，难免会有波动，尚需理性看待。 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 ...

有企业缩减渠道，也有企业在"逆势"扩张。例如，零跑汽车在近两个月内新增开业门店85家；小米汽车持续增加门店数量，1月新增9家，2月计划再增6家； 鸿蒙智行更是不得不进行渠道扩张，随着销量增长和车型增加，现有门店难以满足展示需求。有消息称，目前智界和尚界正在加速构建独立的销售网络，两 个品牌已召开了面向经销商的招商大会，且享界也在筹划单独建网。 传统车企大量关店 近日，理想汽车对销售渠道进行调整，计划在2026年上半年关闭约100家效益较低的零售门店，部分一二线城市商超核心地段的门店也在其中。尽管理想汽 车回应称，仅会调整关闭少量低效门店，"关闭100家门店"系不实信息，但新势力车企调整缩减销售渠道已成为一个显著的行业现象。 除了理想汽车，特斯拉、小鹏及蔚来等企业也有类似的渠道收缩举动。2025年，蔚来整合旗下三个品牌的渠道和服务，乐道和萤火虫的车辆在蔚来 NIOHouse展示销售，并关闭了部分商超门店；广汽融合旗下埃安和昊铂两个新能源品牌的渠道；特斯拉减少了一线城市商超体验店数量，在传统汽车商圈 增设更多传统4S店形态的销售网点；小鹏早在2023年就推进"木星计划"，关闭经营不善、效率低下的直营门店，扩大授权 ...

Company News - Beijing Capital International Airport Co., Ltd. (00694.HK) expects a net loss of approximately RMB 6.0 billion to RMB 7.6 billion in 2025, a year-on-year reduction of about 45.3% to 56.8%, benefiting from the recovery in aviation market demand and enhanced cost control [1] - Times Electric (03898.HK) anticipates total operating revenue of approximately RMB 28.761 billion in 2025, a year-on-year increase of 15.46%, with a net profit of about RMB 4.105 billion, up 10.88% year-on-year [1] - Hong Kong Tong Holdings (00032.HK) issued a profit warning, expecting a year-on-year increase in profit attributable to shareholders to approximately HKD 660 million for the fiscal year 2025 [1] - Datang Environment Industry Group (01272.HK) issued a profit warning, expecting pre-tax profit to rise to approximately RMB 700 million to RMB 710 million in 2025 [1] Power Generation - Datang New Energy (01798.HK) completed power generation of 3.272 million MWh in January, a year-on-year increase of 6.69% [2] - Longyuan Power (00916.HK) achieved power generation of 7.1627 million MWh in January, a year-on-year growth of 12.05%, with wind power generation increasing by 8.11% and solar power generation rising by 42.25% [2] - Jiangshan Holdings (00295.HK) reported total power generation of approximately 18.3 thousand MWh in January, a year-on-year decrease of 22.13% [4] Real Estate - Yuexiu Property (00123.HK) reported contract sales of approximately RMB 4.201 billion in January, a year-on-year decline of about 36.4% [2] - Poly Real Estate (01238.HK) recorded total contract sales of approximately RMB 470 million in January, a year-on-year decrease of 31.98% [2] - Greenland Hong Kong (00337.HK) reported contract sales of approximately RMB 508 million in January, a year-on-year increase of about 287.79% [3] Other Developments - CloudTop New Drug (01952) received approval for the new drug application of Vedolizumab for treating moderate to severe ulcerative colitis in adults in China [4] - Zhonghang Science and Technology (02357.HK) plans to invest RMB 58 million to acquire a 10% stake in Zhonghang Jierui [4] - Kelun-Biotech (06990.HK) received approval for the fourth indication of its core product TROP2ADC for treating 2L+ HR+/HER2- breast cancer [4] Financing and Buyback Activities - Kingsoft Corporation (03888.HK) repurchased approximately 1.1142 million shares for about HKD 29.9994 million, with repurchase prices ranging from HKD 26.8 to HKD 27 [7] - Geely Automobile (00175.HK) repurchased approximately 1.665 million shares for about HKD 27.1612 million, with repurchase prices between HKD 15.94 and HKD 16.44 [7] - October Rice Field (09676.HK) repurchased 780,000 shares for approximately HKD 7.3357 million, with repurchase prices between HKD 9.3 and HKD 9.46 [7] - China Galaxy (06881.HK) completed the issuance of corporate bonds totaling RMB 6 billion [7]

2026.02. 06 本文字数：1277，阅读时长大约3分钟 作者 | 第一财经 肖逸思 历时一个多月的一起罕见诉讼案宣告终结。 这起车企和电池厂商之间的诉讼案，索赔金额巨大，在业内的关注度很高。 据悉，吉利和欣旺达动力的合作源于2021年，当年4月欣旺达动力收到了威睿动力关于PMA平台项目动力电池电芯的开发意向书，为其PMA平台项目 供应动力电池电芯产品。其中，极氪001是搭载欣旺达电芯的重要产品，但随着极氪001的放量，部分极氪001车主反馈，车辆存在充电速度变慢、感 知电量不准等问题。2024年12月开始，极氪为部分用户免费更换了全新电池包。 第一财经记者从知情人士处获悉，极氪汽车已经正式向国家市场监督管理总局提交相关车辆的召回申请，涉及汽车召回数量超1万辆。 根据欣旺达动力和威睿动力签订的和解协议，双方同意对于更换动力电池包相关的费用按照实际成本进行认定，根据实际发生金额经双方核对后确认， 双方商定按比例分担该实际发生金额，同时，事件处理后的相关电池包全部归欣旺达所有。 对于截至2025年12月31日（涵盖了威睿动力起诉前的全部实际发生金额）已经实际发生的成本费用金额，综合考虑各种因素及双方核算的结 ...

2025年末，吉利汽车旗下一公司曾以欣旺达子公司交付的电芯存在质量问题，并造成损失为由，向后者 提起诉讼并索赔23亿元，此事近期迎来新进展。2月6日，欣旺达及涉事子公司欣旺达动力同步发布公告 称双方已达成和解。 2月6日盘后，欣旺达动力在公众号发布的《关于欣旺达动力与威睿达成和解的声明》显示，此前，威睿 电动汽车技术（宁波）有限公司（以下简称"威睿公司"）与欣旺达动力科技股份有限公司（以下简 称"欣旺达动力"）因合同执行纠纷引发诉讼，双方经充分沟通与友好协商已达成和解，欣旺达同步发布 的公告《关于子公司重大诉讼进展暨签订的公告》显示，双方在一审阶段达成和解，原告将在《和解协 议》生效后撤回起诉，预计对上市公司2025年归母净利润的影响为5亿元至8亿元。 公告披露的和解内容显示，双方同意对于更换动力电池包相关的费用按照实际成本进行认定，根据实际 发生金额经双方核对后确认，双方商定按比例分担该实际发生金额，同时，事件处理后的相关电池包全 部归欣旺达动力所有。 具体而言，对于截至2025年12月31日已经实际发生的成本费用金额，综合考虑各种因素及双方核算的结 果，扣除欣旺达动力已实际承担的金额后，欣旺达动力应向威睿 ...

Core Viewpoint - Xiwanda Electronics Co., Ltd. announced that its wholly-owned subsidiary, Xiwanda Power Technology Co., Ltd., reached a settlement agreement with Weir Electric Vehicle Technology (Ningbo) Co., Ltd. regarding a significant sales contract dispute, leading to the withdrawal of the lawsuit by Weir Electric [1][3]. Group 1: Settlement Agreement Details - The agreement stipulates that all costs related to the replacement of power battery packs will be calculated based on actual costs and shared according to an agreed ratio, with all related battery packs belonging to Xiwanda Power after the resolution [3]. - Xiwanda Power is required to pay Weir Electric a remaining amount of 608 million yuan after deducting the costs already borne by Xiwanda Power, with a payment schedule extending over five years [3]. - The payment plan includes specific percentages to be paid in each year from 2026 to 2030, with 60% due in 2026 and the remaining balance to be settled by 2030 [3]. Group 2: Background and Industry Context - The dispute originated from a lawsuit filed by Weir Electric in December 2025, claiming damages of 2.314 billion yuan due to quality issues with battery cells delivered between June 2021 and December 2023 [4]. - Geely Electric, a subsidiary of Geely Holding Group, is a key player in the new energy vehicle sector, focusing on the development and manufacturing of core components such as power batteries and electric drive systems [4]. - Geely has adopted a multi-faceted strategy in the new energy sector, with plans to launch its self-developed all-solid-state battery by 2026 [5]. - In 2025, Geely's total sales reached 4.116 million units, a 26% increase year-on-year, with new energy vehicle sales growing by 58%, achieving a penetration rate of 56% [6].

Global New Energy Vehicle Trends - In 2025, China's share of the global new energy passenger vehicle market is projected to be 68.4%, with a peak of 71.9% in Q4 [1][31] - The global automotive sales for 2025 are expected to reach 96.47 million units, with new energy vehicles accounting for 22.71 million units, representing 30% of total sales, an increase of 4 percentage points from 2024 [1][3] - The contribution of new energy vehicle sales in 2025 is primarily from China (66%), followed by Germany (6%) and India (4%) [1][29] Market Performance - In 2025, the sales of new energy vehicles in the world are expected to reach 22.71 million units, with pure electric vehicles making up 15.6% and plug-in hybrids 7.9% [1][6] - The U.S. new energy vehicle sales for 2023 are projected at 1.63 million units, with a growth rate of 1%, while December sales dropped by 31% year-on-year due to high tariffs and the removal of subsidies [1][23] - European new energy vehicle sales for 2023 are expected to reach 3.83 million units, a 32% increase from the previous year, with December sales showing a 35% year-on-year growth [1][24] Autonomous New Energy Vehicle Export - The overseas market share of autonomous new energy passenger vehicles is expected to reach 20.8% by December 2025, up from 15.3% in 2024 [2][17] - The significant increase in export performance of autonomous new energy vehicles is attributed to changes in the U.S. market [2][17] Regional Market Dynamics - The global new energy vehicle penetration rate is expected to reach 26.3% by Q4 2025, with China leading at 49.3%, followed by Germany at 30% and the U.S. at only 7% [26][27] - The European new energy vehicle market is projected to maintain a stable growth trajectory, with a share of 17% in the global market by 2025 [30][31] Sales Growth and Trends - The sales of new energy passenger vehicles in 2025 are expected to grow by 27% year-on-year, with December sales reaching 230,000 units, a 10% increase from the previous year [11][12] - The overall trend indicates that while China continues to strengthen its position in the new energy vehicle market, Europe and the U.S. are experiencing a slowdown in growth [27][31]

作者 | 周智宇 去年底，吉利控股旗下的威睿电动一纸诉状将欣旺达告上法庭，因电芯质量纠纷索赔高达23亿元。这一 数额打破了国内电池供应链索赔的纪录。 这场博弈终于在近期迎来了转机。华尔街见闻2月6日获悉，欣旺达子公司欣旺达动力已与吉利旗下的威 睿电动达成和解，这场标价23亿元的赔偿起诉书将正式进入撤诉程序。欣旺达需要支付的金额从23亿变 成了约6.08亿元。 去年底，吉利旗下的威睿电动指控欣旺达动力，认为其供应的电芯存在严重质量缺陷。 如果官司打到底，对于双方都无益。23亿元的赔偿额相当于欣旺达两年的净利润，华尔街见闻也从产业 链人士处了解到，在威睿电动索赔后，部分采购欣旺达产品的主机厂，也处于观望状态。对于吉利而 言，旷日持久的法庭辩论对品牌形象并无益处。 这也就有了此次和解。根据最新的和解协议，双方同意对更换电池包产生的开支按实际金额认定，并按 约定比例承担。针对2025年底前已发生的成本，欣旺达在扣除已付金额后，需支付剩余的6.08亿元。这 部分资金也不是一次付清，而是分5年结算。2026年支付60%，随后逐年支付10%，直到2030年结清。 替换下来的旧电池包资产全部归欣旺达所有，为其后续的梯次利用或 ...