2026.02. 02 本文字数：3255，阅读时长大约5分钟 作者 | 第一财经 武子晔 记者了解到，按现行的《汽车贷款管理办法》，个人汽车贷款的贷款期限（含展期）不得超过5年。但2025年3月，国家金融监督管理总局发布通知， 明确允许商业银行用于个人消费的贷款期限，可阶段性由不超过5年延长至不超过7年。特斯拉及蔚来此次推出的七年低息贷款被看作是这一政策的落 地。 2026年开年，特斯拉将低息贷款周期延长至7年，率先打响开年金融促销的第一枪。随后，小鹏、理想、小米、吉利等多家车企推出了超长期低息金融 购车方案。 近日，第一财经记者走访市场时发现，多家车企虽然推出超长期低息方案，但主要为补充性金融产品，且不同的车型政策有所不同。此外，多名主机厂 销售人员在向消费者推销汽车时仍以此前推出的1～5年金融政策为主，而超长期低息贷款方案推出是为扩大消费群体进行的促销策略。 "7年低息"花式促销 从车企推出的七年低息金融方案来看，其首付款和月供金额较低，其中月供普遍在2000元上下。以率先推出此类金融方案的特斯拉为例，其售价23.55 万元的Model3后轮驱动版，若选择7年期的"限时低息贷款方案A"，首付最低7.99 ...

Core Insights - The January 2026 sales data for new energy vehicles indicates a significant reshuffling in the market, with some brands experiencing substantial growth while others face declines [1][2][25] - The overall market is characterized by a cautious outlook due to factors such as the reduction of purchase tax incentives and the impact of seasonal demand fluctuations [2][25][47] Sales Performance - Hongmeng Zhixing led the sales with 57,915 units, showing a year-on-year increase of 65.6% but a month-on-month decline of 35.4% [4][24] - Aiqi (问界) achieved sales of 40,016 units, marking an 83% year-on-year growth despite a 29.82% month-on-month drop [4][30] - Xiaomi's sales reached over 39,000 units, reflecting a 70% increase year-on-year but a 22% decrease from the previous month [4][30] - Li Auto (理想) sold approximately 27,668 units, down 7.55% year-on-year and 37.5% month-on-month [4][32] - NIO (蔚来) reported 27,182 units sold, a 96.1% year-on-year increase but a 43.5% decline from December [4][33] - Xpeng (小鹏) saw a significant drop with 20,011 units sold, down 34.07% year-on-year and 46.65% month-on-month [4][36] Market Dynamics - The total retail market for narrow passenger vehicles in January is estimated at around 1.8 million units, reflecting a 20.4% month-on-month decline but a slight 0.3% year-on-year increase [2][26] - The automotive market is experiencing a clear division, with some brands thriving while others struggle, indicating a competitive reshuffle [2][25][47] Strategic Responses - Companies are launching financial incentives to stimulate sales, such as long-term low-interest financing options, as a response to market pressures [21][47] - The industry is expected to face intensified competition as companies adapt to changing market conditions and consumer preferences [47] International Market Performance - Geely (吉利) achieved sales of 270,167 units in January, a 1% year-on-year increase and a 14% month-on-month rise, positioning it as the top domestic automaker [37][39] - BYD (比亚迪) sold 210,051 vehicles, with a notable 43.3% year-on-year growth in overseas sales, despite a 30.11% decline in domestic sales [40][41] - Chery (奇瑞) reported sales of 200,269 units, with significant contributions from its export market [41][42] Future Outlook - Geely plans to launch 1-2 new models each quarter in 2026, aiming for a total annual sales target of 3.45 million units [39] - The overall sentiment in the industry remains cautious, with expectations of continued volatility and competition in the coming months [47]

2.【比亚迪股份暴跌近8%】2月2日，比亚迪股份（1211.HIK）开盘即下跌，截至午间收盘，报 90.10港元，跌幅逼近8%。同日，港股汽车股集体下挫，小鹏汽车一度跌近10%，蔚来盘中跌近 7%，零跑汽车 跌超5%，长城汽车跌超4%，理想汽车、广汽集团跌超3%，吉利汽车、小米集团跌 超2%。 去年6月，比亚迪港股股价曾触达157.82港元/股，此后一路波动下行。截至发稿，比亚迪 港股股价自2025年6月高点的157.82港元/股，已累计下跌约42.69%，市值距高点缩水约2481亿港 元。 比亚迪2月1日发布公告称，2026年1月实现新能源汽车销量约21万辆，同比下降30%。其中， 乘用车销量约为20.55万辆，同比下降30.67%；纯电动汽车销量约为8.32万辆，同比下降33.60%； 插电式混合动力汽车销量约为12.23万辆，同比下降28.53%。（第一财经） 3.【曹操出行Robotaxi 2.0搭载低轨卫星通信】2月2日，曹操出行宣布，Robotaxi2.0车队已搭载时 空道宇卫星物联通信技术及终端产品，后续将上线基于低轨卫星网络的SOS功能。此举将完善"天地 一体"的安全保障体系，提升自动驾驶出行 ...

在英国首相斯塔默访华的一众随行企业名单中，一家名为章鱼能源（Octopus Energy）的企业颇受业内 关注。 2026年1月30日举行的中英商务论坛上，这家英国最大的电力交易公司与一家中国新兴能源企业达成了 合作——章鱼能源与碧澄能源将在华合资设立一家聚焦电力交易业务的公司，此举被视作近些年来中英 能源领域又一项标志性的进展。 事实上，上述合作的主角双方，都是各国能源领域的后起之秀。 碧澄能源的前身是保碧新能源，成立于2022年，早年因其是房地产龙头企业保利和碧桂园联合孵化跨界 新能源，受到业内关注。2025年，保碧新能源更名"碧澄能源"，其最新股东包括普洛斯、淡马锡、蔚来 等旗下资本。 章鱼能源于2015年成立，这家公司仅用十年时间就迅速成长为英国本土最大电力供应商，并且与中国多 家能源企业互动频繁。 "章鱼"为何盯上中国的电力交易市场？它能否为中国智慧能源领域的发展带来"鲶鱼效应"呢？ 合作仅用半年就谈妥 章鱼能源与碧澄能源计划设立的合资公司，将聚焦共建电力数字交易平台。 碧澄能源董事长兼首席执行官李文轩在接受媒体采访时透露，鉴于两家公司之间在业务层面形成天然互 补——碧澄能源所处的中国市场和应用范围 ...

Core Insights - The introduction of Tesla's limited-time financing options, including "5 years at 0% interest" and "7 years at ultra-low interest," has significantly impacted the second-hand car market, prompting other brands to follow suit with similar financing plans [1][2][5] - The price adjustments in the second-hand market are a direct response to the competitive financing offers from new car manufacturers, leading to a shift in consumer purchasing behavior [2][6] Group 1: Impact on Second-Hand Car Prices - Tesla's financing policies have led to a noticeable decrease in the asking prices for second-hand Tesla models, with a specific example showing a drop from 146,000 yuan to 137,000 yuan for a 2022 Model 3 [1] - Some second-hand car dealers have responded by lowering prices on their inventory, with reports of price reductions of at least 5,000 yuan for certain Tesla models [4] - The competitive financing options have created a price imbalance, where consumers are more inclined to purchase new cars due to lower upfront costs, even if second-hand cars are cheaper [2][6] Group 2: Market Dynamics and Consumer Behavior - The introduction of low-interest financing has led to a significant drop in inquiries for second-hand Tesla vehicles, with one dealer reporting only two sales in January 2026 compared to seven in the same month the previous year [1] - Second-hand car dealers are adjusting their sales strategies to include low-interest or interest-free financing options to remain competitive [2][4] - The pressure to adjust prices is not limited to Tesla; other brands are also feeling the impact, as consumers compare prices across different models, leading to a broader price adjustment in the second-hand market [6] Group 3: Valuation and Depreciation Trends - The average depreciation rate for new energy vehicles is reported to be lower than that of traditional fuel vehicles, with a three-year average depreciation rate of 43% for new energy cars compared to 62% for fuel cars [7][9] - Despite the depreciation challenges, the new energy second-hand car market is still seen as a growth area, with a projected transaction volume of 1.6 million units in 2025, representing a 2.2 percentage point increase from the previous year [9] - The rapid technological advancements in new energy vehicles contribute to the depreciation of older models, as newer models offer significantly improved features [9]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 98,580.00 | -5100.00↓ LME3个月铜(日,美元/吨) | 12,710.00 | -447.50↓ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 300.00 | +520.00↑ 主力合约持仓量:沪铜(日,手) | 194,809.00 | -28125.00↓ | | | 期货前20名持仓:沪铜(日,手) | -70,006.00 | -2533.00↓ LME铜:库存(日,吨) | 174,975.00 | -1100.00↓ | | | 上期所库存:阴极铜(周,吨) | 233,004.00 | +7067.00↑ LME铜:注销仓单(日,吨) | 41,800.00 | -1800.00↓ | | | 上期所仓单:阴极铜(日,吨) | 158,527.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 100,460.00 | ...

Core Insights - The article highlights the completion of a $200 million Series B financing round by LimX Dynamics, with participation from various renowned domestic and international investors, including Stone Venture, Dongfang Fuhai, and others [2] - LimX Dynamics aims to enhance research and market investment in embodied intelligence technologies, focusing on breakthroughs in core technologies for humanoid robots and modular base robots [5] Group 1: Financing and Investment - LimX Dynamics has successfully raised $200 million in its Series B financing round, attracting investments from multiple well-known institutions and strategic industry investors [2] - The company is backed by both new and existing shareholders, including major players like SAIC Group and JD.com, indicating strong confidence in its growth potential [2] Group 2: Technological Innovations - LimX Dynamics has introduced two key innovative products: the TRON 2 multi-form embodied robot and the LimX COSA embodied Agentic OS, which have gained global attention [5] - TRON 2 features a modular design that allows for flexible combinations, enabling developers to quickly construct suitable robot forms for various applications without the need for repeated hardware customization [6] - The LimX COSA system integrates high-level cognitive and decision-making capabilities with full-body motion control, allowing humanoid robots to understand tasks, perceive environments, and adjust decisions in real-time [7] Group 3: Market Strategy - The company is committed to original innovation and aims to advance the practical application of embodied intelligence robots in real-world scenarios, emphasizing product strength and user demand [9] - LimX Dynamics plans to expand its market presence both in China and globally through product engineering and supply chain ecosystem development [5]

Market Overview - The Hong Kong stock market experienced a significant decline on February 2, with the Hang Seng Index closing at 26,775.57 points, down 611.54 points, representing a drop of 2.23% [1][2] - The Hang Seng Tech Index also fell, closing at 5,526.31 points, down 191.87 points, a decrease of 3.36% [2] Sector Performance - Precious metals stocks were heavily impacted, with Shandong Gold (HK01787) and Chifeng Jilong Gold (HK06693) both dropping over 12%. Other companies like Lingbao Gold and Jiangxi Copper fell more than 9%, while Zijing Mining dropped over 5% [4] - In the automotive sector, shares of Xpeng Motors (HK09868) fell by 6%, and NIO (HK09866) dropped over 4% [5] - Semiconductor stocks also faced declines, with Hua Hong Semiconductor falling over 11% [6] - Technology stocks generally declined, with Bilibili dropping over 4%, and major companies like Baidu, NetEase, Kuaishou, and Alibaba falling over 3% [7] Investment Insights - Citigroup's recent commodity report indicated that current gold prices have significantly priced in future uncertainties, suggesting that while there may be short-term price increases, valuations are at "extreme levels" [5] - Despite the downturn, southbound capital saw a small inflow, with net purchases of Hong Kong stocks exceeding 1.9 billion HKD by the end of the trading day [7] Future Outlook - Huatai Securities believes the current market correction is a technical pullback due to rapid previous gains and hawkish signals from the Federal Reserve. They suggest focusing on sectors with clearer benefits, such as AI and semiconductor manufacturing [10] - Morgan Stanley notes that the recent bull market has led to profit-taking ahead of the Lunar New Year, but geopolitical uncertainties may enhance the attractiveness of Chinese assets, predicting that the Hong Kong market could outperform the A-share market in the short term [10]

2月2日， 恒生指数收跌2.23%，恒生科技指数跌3.36%。 | 恒生指数 | 恒生科技 | 恒生生物科技 | | --- | --- | --- | | 26775.57 | 5526.31 | 14849.89 | | -611.54 -2.23% | -191.87 -3.36% | -570.18 -3.70% | | 港股通消费 | 港股红利 | 港股现金流 | | 1617.94 | 2178.40 | 2535.51 | | -10.81 -0.66% | -39.10 -1.76% | -81.49 -3.11% | | 恒生综合指数 | 恒指期货 | 恒生科指期货 | | 4093.87 | 26799 | 5535 | | -102.18 -2.44% | -701 -2.55% | -204 -3.55% | 贵金属板块大跌，山东黄金、赤峰黄金跌超12%，灵宝黄金、潼关黄金等多股跌超8%，中国黄金国 际、紫金黄金国际跌超7%。 科网股集体下挫，华虹半导体跌超11%，比亚迪跌近7%，小鹏汽车跌超6%，中芯国际、蔚来、哔哩哔 哩跌超4%，百度集团、快手跌超3%。 | 名称 | 现价 | 涨 ...

Market Overview - The Hong Kong stock market experienced a significant decline on February 2, with the Hang Seng Index closing at 26,775.57 points, down 611.54 points, representing a drop of 2.23% [1] - The Hang Seng Tech Index also fell, closing at 5,526.31 points, down 191.87 points, a decrease of 3.36% [2] Sector Performance - Precious metals stocks were notably affected, with Shandong Gold (HK01787) and Chifeng Jilong Gold Mining (HK06693) both dropping over 12%. Other companies like Lingbao Gold, Jiangxi Copper, and Zijing Mining also saw declines exceeding 9% [3] - In the automotive sector, Xpeng Motors (HK09868) fell by 6%, while NIO (HK09866) dropped over 4% [5] - Semiconductor stocks faced pressure, with Hua Hong Semiconductor declining by over 11% [7] Company Deliveries - In January 2026, major new energy vehicle manufacturers showed significant delivery disparities: Xpeng delivered 20,011 units, down 34.07% year-on-year and 46.65% month-on-month; Li Auto delivered 27,668 units, up 7.55% year-on-year but down 37.47% month-on-month; NIO delivered 27,200 units, a substantial increase of 96.1% year-on-year; and Seres saw a remarkable growth of 104.85% year-on-year with 45,900 units delivered [7] Investment Insights - Citigroup's latest commodity report indicated that current gold prices have significantly priced in future uncertainties, with expectations of short-term price increases but valuations reaching "extreme levels" [5] - Huatai Securities suggested that the current market pullback is a technical correction following rapid increases, with a focus on AI supply chains and semiconductor sectors for potential gains [11] - Morgan Stanley noted that the recent bull market has led to profit-taking ahead of the Lunar New Year, but geopolitical uncertainties may enhance the attractiveness of Chinese assets, predicting that the Hong Kong market could outperform A-shares in the short term [11]