这并非一次偶然的位次更迭，而是多重行业变量交织下，车企战略选择、技术布局与资源整合能力的集中校验。透过单月销量的数字博弈，我们能清晰看 到中国汽车产业正在经历从规模扩张向质量竞争、从单一市场向全球布局、从技术跟随向生态引领的深刻重构。 据智通财经2月2日报道，2026年1月车市销量数据出炉，吉利汽车以27.02万辆的成绩实现同环比双增长，成功反超比亚迪登顶销冠，打破了此前新能源赛 道的固有竞争格局。 吉利的登顶，本质是"多品牌协同+技术深耕+全球化布局"三维战略的阶段性胜利。 在传统品牌新能源转型普遍面临阵痛的背景下，极氪品牌以同比翻倍的增速成为绝对增长引擎，其成功并非单纯依赖产品力，更源于吉利在纯电赛道的长 期投入：从SEA浩瀚架构的技术沉淀，到用户生态的持续运营，极氪用差异化定位切中了中高端纯电市场的需求痛点。 与此同时，吉利新能源板块形成了"极氪（中高端纯电）+银河（主流新能源）+领克（混动转型）"的梯度布局，既避免了内部同质化竞争，又实现了对 不同细分市场的全覆盖，吉利汽车1月新能源销量（含吉利银河、领克、极氪三大品牌）达12.4万辆，同比增长2.63%，印证了这一产品矩阵的有效性。 海外市场方面，吉 ...

2026年1月，在政策切换与年终促销透支的双重作用下，国内车市经历深度调整。 据乘联分会初步推算，1月狭义乘用车零售市场规模约为180万辆，环比下降20.4%，同比微增0.3%。多家传统车 企和造车新品牌发布的销量数据也显示，今年1月汽车市场整体呈现销量环比下滑、同比上扬的局面。 上汽集团1月销量达32.74万辆，同比增长23.94%，为当月销量规模最高的车企。 吉利汽车集团1月乘用车销量达27.02万辆，同比增长1.29%，环比增长14.08%，成为目前唯一实现同环比正增长的 企业。 比亚迪1月销量国内下滑、海外增长。当月总销量约21万辆，其中海外市场销量超10万辆，同比增长51.47%。海 外市场的快速拓展正成为比亚迪重要的增长引擎。比亚迪品牌及公关部门总经理李云飞年初透露，公司计划在 2026年向中国以外地区销售130万辆汽车。 （文章来源：新京报） 新势力车企中，小米汽车1月交付量超3.9万辆，首次超越零跑汽车。赛力斯、极氪、蔚来1月销量同比分别增长 104.85%、99.7%和96.08%，成为当月表现亮眼的高增长梯队。 吉利汽车集团 14.08% 270167 1% 比亚迪 210051 -30. ...

2026年1月，在政策切换与年终促销透支的双重作用下，国内车市经历深度调整。 据乘联分会初步推算，1月狭义乘用车零售市场规模约为180万辆，环比下降20.4%，同比微增0.3%。多家传统车企和造车新品牌发布的销量数据也显示，今 年1月汽车市场整体呈现销量环比下滑、同比上扬的局面。 上汽集团1月销量达32.74万辆，同比增长23.94%，为当月销量规模最高的车企。 吉利汽车集团1月乘用车销量达27.02万辆，同比增长1.29%，环比增长14.08%，成为目前唯一实现同环比正增长的企业。 比亚迪1月销量国内下滑、海外增长。当月总销量约21万辆，其中海外市场销量超10万辆，同比增长51.47%。海外市场的快速拓展正成为比亚迪重要的增长 引擎。比亚迪品牌及公关部门总经理李云飞年初透露，公司计划在2026年向中国以外地区销售130万辆汽车。 新京报 业 贝壳财经 统筹 廖爱玲 6家自主车企2026年1月销量(辆) 0 O 上汽集团 SAIC 吉利汽车集团 比亚迪 奇瑞集团 *汽集团 长城汽车 部分新势力车企2026年1月销量(辆) ● O 赛力斯 小米 0 零跑 理想 (含乐道、萤火虫品牌) 蔚来 极氪 小鹏 岚图 . ...

Group 1: Overall Market Performance - In January 2026, major domestic automotive groups reported strong sales performance, with several companies achieving year-on-year growth in sales [2][5][19] - SAIC Motor Corporation sold 327,413 vehicles in January, marking a 23.9% increase year-on-year [5] - Geely Automobile's sales reached 270,167 units, a 1% increase year-on-year, with a 14% month-on-month growth [8] Group 2: Brand-Specific Performance - SAIC's self-owned brands accounted for 65.3% of total sales, with a 39.6% increase in sales of self-owned brands [5] - Geely's new energy vehicle sales reached 124,252 units, representing 46% of total sales, with a year-on-year growth of approximately 3% [8][9] - BYD's total new energy vehicle sales were 210,051 units, a decline of 30.11% year-on-year, but overseas sales surged by 51.47% [12] Group 3: Export and Overseas Market Growth - Chery Group maintained its position as the top exporter of Chinese automobiles, with exports reaching 119,605 units, a year-on-year increase of 48.1% [15] - SAIC's overseas sales reached 105,000 units, a 51.7% increase year-on-year, highlighting the growing importance of international markets [6] - BYD's overseas market expansion is becoming a significant growth driver, with nearly half of its total sales coming from exports [12] Group 4: Future Outlook and Strategies - Geely plans to launch 1-2 new products each quarter in 2026, aiming for an annual sales target of 3.45 million units [9] - GAC Group has set ambitious overseas sales targets for 2026, aiming for 250,000 units, with a goal of reaching 100,000 units in the Asia-Pacific market by 2027 [19] - Dongfeng Motor plans to introduce five new models in 2026 to support its growth in the new energy sector [24]

证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com 联系人 板块表现： 主机厂原材料涨价后续影响分析 ——汽车行业周报（20260126-20260201） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 2025Q4 以来碳酸锂、六氟磷酸锂等电池原材料及铜、铝等价格均出现上涨。2020 年以来汽车原材料价格的明显上涨主要分为两轮：第一轮为 2020 年（尤其 2020Q3 开始）~2022 年（主要截至 2022Q1），彼时汽车主要原材料价格出现普涨，其中碳 酸锂涨幅居前，电池级碳酸锂价格由 2020Q3 的平均 4 万元/吨涨至 2022Q4 的平均 55 万元/吨；第二轮则为 2025Q4 以来的碳酸锂、六氟磷酸锂等电池原材料及铜、铝 等价格的上涨，2026 年 1 月 28 日电池级碳酸锂、六氟磷酸锂、LME 铜现货结算价、 中国铜 ...

Core Insights - The automotive industry faced a significant downturn at the beginning of 2026, with many companies reporting disappointing sales figures compared to December 2025, despite some year-on-year growth due to low bases from the previous year [1][4][6] - The market is experiencing a reshuffling, with new entrants like AITO and Xiaomi gaining traction while established players like Li Auto and Xpeng are struggling [3][12][20] Group 1: Market Performance - January 2026 saw a 28% year-on-year decline in retail sales of passenger vehicles, with a 37% drop compared to December 2025 [6] - The new energy vehicle (NEV) market specifically experienced a 16% year-on-year decline and a 52% month-on-month decline [6] - AITO led the new energy vehicle segment with a delivery of 40,016 units, marking a significant year-on-year increase of 83% [13] Group 2: Company-Specific Performance - Xiaomi and AITO both reported over 39,000 units delivered in January, while Li Auto and Xpeng fell below the 30,000 mark [3][15] - Li Auto's deliveries were 27,668 units, showing a 37% month-on-month decline and an 8% year-on-year decline due to battery supply issues [20][22] - NIO delivered 27,182 units, a 96.1% year-on-year increase but a 43% month-on-month decline, with the new ES8 model being a key contributor [22][23] Group 3: Competitive Strategies - Companies are responding to market pressures by adjusting pricing strategies, with BMW reducing prices on 31 models and some brands offering zero-interest loans [6][7] - AITO and Xiaomi are launching new financial purchase plans to stimulate sales, including low-interest financing options [11][23] - The competitive landscape is intensifying, with companies like Geely and BYD also adjusting their strategies to maintain market share [26][28] Group 4: Traditional Automakers - Geely emerged as the top-selling automaker in January 2026 with 270,000 units sold, surpassing BYD's 210,000 units [26][28] - BYD's sales dropped by 30.11% year-on-year, with a significant 50.04% decline from December 2025 [28][30] - Chery and Great Wall Motors also reported declines, with Chery's sales at 200,269 units and Great Wall's at 90,312 units, reflecting broader market challenges [33][35]

Geely-owned Polestar has announced a USD400 million equity investment by Feathertop Funding Limited, a special purpose vehicle consolidated to Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Hong Kong) Limited – at USD 200 million each. Concurrent with the purchase, the two financial institutions have each entered into a put option arrangement with a wholly-owned subsidiary of Geely Sweden Holdings AB, which provides the financial institutions with an exit path, if needed, in three years ...

Group 1 - The core strategy of automakers has shifted to offering 7-year ultra-low interest loans, marking a new phase in market competition [2][4] - Tesla initiated this trend with a unique 7-year loan plan, offering monthly payments as low as 1,800 yuan for the Model 3 and 2,200 yuan for the Model Y, significantly easing the financial burden on families [3][4] - Other automakers like Xiaomi, Li Auto, and Xpeng quickly followed suit, introducing similar financing options, which has intensified the competition in the market [4][5] Group 2 - Traditional brands are also participating in this financial strategy, with companies like Dongfeng and Geely launching their own 7-year low-interest plans to attract consumers [5][8] - The aggressive reduction of monthly payments aims to stimulate sales, although the effectiveness of this approach remains uncertain [5][8] - The financial strategies employed by leading automakers leverage their strong cash reserves and profitability, allowing them to offer such low-interest loans [7][8] Group 3 - The competitive landscape is shifting, with larger companies able to absorb the costs of low-interest loans, while smaller firms may struggle to keep up without incurring losses [8][9] - The financial tactics being used are seen as a response to market pressures and technological advancements, with a potential shift from price competition to a focus on technology [9][10] - The long-term implications of these financing strategies could lead to market saturation and affect the second-hand car market, as consumers perceive new cars as more affordable [8][9]

Investment Highlights - The article emphasizes a positive outlook for the passenger car sector, anticipating a recovery in demand in Q1 2026 due to the implementation of industry subsidy policies [3][8] - For the entire year, the focus is on domestic companies that are resilient to policy fluctuations and those with strong export capabilities, recommending companies like JAC Motors and Geely [3][8] Commercial Vehicle Insights - In 2025, the wholesale volume of heavy trucks reached 1.144 million units, a year-on-year increase of 26.8%, with domestic sales at 799,000 units, up 32.8% [4][26] - The article forecasts that heavy truck domestic sales in 2026 could reach 800,000 to 850,000 units, a 3% increase year-on-year, and continues to recommend leading companies in the sector [4][26] Bus Sector Update - The article notes that the 2026 vehicle replacement policy exceeded expectations, with a projected bus sales volume of 40,000 units in 2026, reflecting a 40% year-on-year increase [5][25] - It highlights the importance of focusing on leading bus manufacturers such as Yutong and King Long [5][25] Motorcycle Market Outlook - The motorcycle industry is expected to see total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles projected to reach 1.26 million units, up 31% [5][23] - The article recommends leading motorcycle manufacturers like Chunfeng Power and Longxin General [5][23] Performance Metrics - The article provides insights into the performance of various vehicle segments, noting that the passenger car index decreased by 4.8% this week, while the commercial vehicle index increased by 2.2% [12][18] - Key individual stock performances are highlighted, with NIO showing a 3.2% increase and Seres experiencing an 11.8% decline [12][18]

导读：理性看待2026年开年车市，既不必恐慌于单月下滑，也不应盲目乐观于个别高增长。 （文 / 观察者网 周盛明 编辑 / 高莘） 随着春节假期的临近，车企在春节前最后一个完整交付月的销量成绩陆续出炉。从整体来看，2026年1 月的销量呈现出"环比大幅回落，同比稳健上升的特征"。 值得注意的是，由于车企往往选择在年底刺激销量，所以大部分车企2025年12月的销量基数较高。此 外，由于1月为传统汽车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等 政策换挡影响，所以大部分车企出现了"环比下滑"的趋势符合规律。 与此同时，车企同比增长的势头反映出汽车市场基本面依旧稳固，需求虽然放缓但并未衰退。从长期来 看，2026年车企可能会通过金融政策来刺激国内销量，而出海孕育的巨大潜力也正在成为车企获得增量 的重要来源。 传统车企获得出海先机 在出海方面，吉利1月海外销量为6.05万辆，同比大增121%。据悉，吉利汽车预计2026年的海外销量为 64万辆。 2026年1月，上汽集团的销量为32.74万辆，同比增长23.94%，环比下降约18.03%。 在出海领域，上汽表现也较为亮眼：公司1月海外销量为10 ...