Core Viewpoint - The article discusses the significant changes in lithium demand and pricing driven by the large-scale deployment of energy storage systems since mid-2025, suggesting that the current rise in lithium prices may be excessive and could face downward pressure in the future, with Morgan Stanley predicting a drop to $15,000 per ton by the second half of 2026 [1][4][32]. Group 1: Energy Storage System Demand - The transition from a feed-in tariff model to market-based pricing in China's renewable energy sector has led to a substantial increase in energy storage system demand, with global shipments expected to rise by 76% to 612 GWh in 2025, and lithium demand from this sector reaching 25% of total lithium consumption [3][10]. - The gradual removal of export tax rebates for battery products in China may support current demand but casts uncertainty on future prospects, potentially leading to a pre-release of some demand [3][11]. Group 2: Electric Vehicle Industry Trends - The growth momentum in the global electric vehicle (EV) market is slowing, with a 20% year-on-year decline in EV sales in China and a forecasted 10.4% growth in the U.S. market for 2026, down from 28% in 2025 [19][20]. - The EV sector remains the largest source of lithium demand, accounting for 56% of total lithium consumption in 2025, and the slowdown in this sector could directly suppress lithium prices [18][19]. Group 3: Lithium Supply Response - In response to falling lithium prices, many mining companies announced production halts and project delays from 2023 to 2025, but recent price increases have prompted some companies, particularly in Australia, to consider restarting production [4][25]. - The expected resumption of production at key lithium mines, such as CATL's Jianxiawo mine, could lead to a more balanced supply-demand situation in the lithium market [26][30]. Group 4: Market Outlook and Risks - Morgan Stanley's outlook indicates that while the growth logic for energy storage systems remains valid, the current high lithium prices are unsustainable without a strong recovery in EV sales, leading to an increased probability of price corrections [4][32]. - The potential for a shift from lithium market shortages to oversupply is heightened by the slowing EV market and the anticipated increase in energy storage system installations, which could lower internal project returns [11][32].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - In January 2026, the new energy vehicle market operated smoothly, with production and sales of 1.041 million and 0.945 million vehicles respectively, and exports of 0.302 million vehicles, a year-on-year increase of 100%. In February, affected by the Spring Festival, both supply and demand decreased, and it is expected that both supply and demand will increase in March. In the short term, the pre - holiday stocking demand of downstream enterprises is basically completed, and the pre - holiday market may be dull, fluctuating in the range of 130,000 - 150,000. It is recommended to control risks before the festival due to the battery rush - export demand at the end of the quarter [3] Group 3: Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 143,750 yuan, up 1,250 yuan; the average price of SMM industrial - grade lithium carbonate is 140,250 yuan, up 1,250 yuan [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 2,000 yuan; the price of lithium mica (Li20: 1.5% - 2.0%) is 3,125 yuan, up 60 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 4,640 yuan, up 65 yuan; the price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 13,340 yuan, up 90 yuan; the price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 14,300 yuan, up 100 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 52,015 yuan, up 305 yuan; the average price of ternary material 811 (polycrystalline/power type) is 200,850 yuan, up 400 yuan; the average price of ternary material 523 (single - crystal/power type) is 176,400 yuan, up 400 yuan; the average price of ternary material 613 (single - crystal/power type) is 177,900 yuan, up 500 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 3,500 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 8,890 yuan, down 1,970 yuan; the price spread between the near - month and the first - continuous contract is - 1,740 yuan, down 160 yuan; the price spread between the near - month and the second - continuous contract is - 2,140 yuan, down 720 yuan [2] Inventory - The total inventory (weekly, tons) is 102,932 tons, down 2,531 tons; the inventory of smelters (weekly, tons) is 16,920 tons, down 1,436 tons; the inventory of downstream enterprises (weekly, tons) is 44,492 tons, up 835 tons; the inventory of others (weekly, tons) is 41,520 tons, down 1,930 tons; the registered warehouse receipts (daily, tons) is 38,759 tons, up 1,477 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 145,499 yuan, and the profit is - 3,706 yuan; the cash cost of purchasing lithium mica concentrate externally is 142,147 yuan, and the profit is - 3,742 yuan [3]

Core Viewpoint - The new energy vehicle market in China is experiencing stable operations, with domestic sales declining while exports are growing rapidly [1]. Group 1: Production and Sales Data - In January 2026, the production and sales of new energy vehicles reached 1.041 million and 945,000 units respectively, representing year-on-year growth of 2.5% and 0.1% [2]. - The domestic sales of new energy vehicles in January 2026 were 643,000 units, showing a year-on-year decline of 18.9% and a month-on-month decline of 54.4% [3]. Group 2: Export Performance - In January 2026, new energy vehicle exports totaled 302,000 units, marking a year-on-year increase of 100% and a month-on-month increase of 0.5% [6].

Group 1 - Xiaomi Group's chairman Lei Jun announced that as of April 3, 2024, the cumulative delivery of Xiaomi cars has exceeded 600,000 units [1] - The new generation Xiaomi SU7 display vehicles have arrived at stores [1] - In January 2024, Xiaomi YU7 achieved sales of 37,869 units, ranking first in retail sales among passenger cars [4] Group 2 - In terms of wholesale sales, Xiaomi YU7 ranked fifth, with January wholesale sales figures showing BYD Song at 42,227 units, Geely Xingyuan at 41,676 units, and Tesla Model Y at 38,916 units [6] - The overall retail sales of passenger cars in January reached 1.544 million units, a year-on-year decline of 13.9% [6] - The retail penetration rate of new energy vehicles in the domestic passenger car market was 38.6%, a year-on-year decrease of 3 percentage points [6] Group 3 - In January, the retail share of new energy vehicles from domestic brands was 60.1%, a year-on-year decrease of 12 percentage points [7] - The market is expected to experience fluctuations in short-term orders and delivery volumes in February due to the upcoming launch of multiple flagship models [8] - The China Passenger Car Association calls for a rational and inclusive automotive market discourse to ensure healthy market operations [8]

Group 1 - In January, Chinese automotive exports to Brazil reached 16,800 units, surpassing Argentina's 13,400 units, marking the first time Argentina's long-standing dominance in exports to Brazil has been broken [3] - The export value of Chinese automobiles to Brazil skyrocketed to $375 million in January, over ten times the amount from the same period last year, accounting for approximately 65% of Brazil's total automotive imports for the month [3] - Chinese automakers are expanding in Brazil by investing in local production facilities, exemplified by BYD's investment of 5.5 billion reais (approximately $1.06 billion) to upgrade a Ford plant, and Geely's joint venture with Renault to invest 3.8 billion reais in developing electric vehicles [3] Group 2 - The Brazilian automotive market is experiencing a dual scenario, with rising local interest rates and credit tightening leading to declines in both production and sales in January [4] - Despite the challenges, electric vehicle sales in Brazil reached a record share of 16.8%, indicating a rapid increase in consumer acceptance of new energy vehicles [4] - While Brazil ranks fifth globally for Chinese automotive exports, behind Mexico, Russia, the UK, and the UAE, its market growth is a crucial part of China's global expansion strategy [6]

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may be in a stage of stable supply and slightly improved demand. The raw - material end has strong price - holding sentiment, and the supply is relatively stable. The demand is affected by price fluctuations, with stronger downstream inquiry and restocking willingness at low prices. The overall industry inventory is slightly reduced, and spot transactions have improved compared to the previous period. In terms of options, the market sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows that the double - line is below the 0 - axis with a shrinking green bar. It is recommended to conduct short - term long trades on dips with light positions and pay attention to trading rhythm to control risks [2] 3. Summary of Each Section 3.1 Futures Market - The closing price of the main contract is 148,100 yuan/ton, up 15,660 yuan; the net position of the top 20 is - 141,369 hands, up 9,954 hands; the position of the main contract is 355,770 hands, up 8,072 hands; the spread between near - and far - month contracts is 900 yuan/ton, down 3,520 yuan; the Guangzhou Futures Exchange warehouse receipt is 33,084 hands/ton, up 843 hands [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 153,500 yuan/ton, down 2,000 yuan; the average price of industrial - grade lithium carbonate is 150,000 yuan/ton, down 2,000 yuan; the basis of the Li₂CO₃ main contract is 5,400 yuan/ton, down 17,660 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,020 US dollars/ton, down 25 US dollars; the average price of amblygonite is 15,650 yuan/ton, down 400 yuan; the price of lithium mica (2 - 2.5%) is 6,350 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 56,820 tons, up 2,840 tons; the monthly import volume is 23,988.66 tons, up 1,933.47 tons; the monthly export volume is 911.90 tons, up 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 49%, up 2 percentage points; the monthly output of power batteries is 201,700 MWh, up 25,400 MWh; the price of manganese - acid lithium is 47,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 132,500 yuan/ton, unchanged; the price of cobalt - acid lithium is 400,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 206,500 yuan/ton, down 1,000 yuan; the price of ternary material (622 power type): China is 186,500 yuan/ton, down 2,000 yuan [2] 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 201,500 yuan/ton, down 2,000 yuan; the monthly operating rate of ternary cathode materials is 50%, down 1 percentage point; the price of lithium iron phosphate is 52,400 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 60%, down 3 percentage points; the monthly output of new energy vehicles (CAAM) is 1,718,000 vehicles, down 162,000 vehicles; the monthly sales volume of new energy vehicles (CAAM) is 1,710,000 vehicles, down 113,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CAAM) is 47.94%, up 0.45 percentage points; the cumulative sales volume of new energy vehicles is 16,490,000 vehicles, up 3,624,000 vehicles or 133.10%; the monthly export volume of new energy vehicles is 300,000 vehicles, unchanged; the cumulative export volume of new energy vehicles is 2.615 million vehicles [2] 3.6 Option Situation - The total call position is 186,905 contracts, up 15,190 contracts; the total put position is 153,334 contracts, down 11,313 contracts; the put - to - call ratio of the total position is 82.04%, down 13.8454 percentage points; the at - the - money IV implied volatility is 0.80%, up 0.0604 percentage points [2] 3.7 Industry News - The US ISM manufacturing PMI index in January 2026 rose to 52.6, much higher than the expected 48.5. The "Happy Shopping Spring Festival" special event from February 15 to 23, 2026, was launched by nine units including the Ministry of Commerce. Tesla's sales slump in Europe continued in 2026, with sales in France down 42% in January and new car registrations in Norway down 88%. The mandatory national standard "Safety Technical Requirements for Automobile Door Handles" will be implemented next year, which will bring major changes to the popular hidden door handle design [2]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - The copper market has experienced a short - term adjustment. The dollar index has strengthened recently, cooling the sentiment in the non - ferrous metals market, and the copper futures market has also corrected. The market's expectation of a copper supply shortage outside the US has eased, and the demand forecast has been significantly revised downwards, resulting in a temporary lack of growth momentum for copper. However, the copper fundamentals remain tight. Short - term weak demand does not represent the overall strong demand, and there is a downward trend in the mining and smelting sectors. With the continuous implementation of domestic growth - stabilizing policies, copper is mainly in a phased correction [2]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro - aspect**: In December, the US CPI rose 0.3% month - on - month as expected, and the core CPI rose 0.2% month - on - month, lower than expected, increasing the market's expectation of an interest rate cut in April. The Fed is expected to keep interest rates unchanged in the short term, and the dollar has strengthened recently. The domestic central bank has lowered the re - lending rate for supporting agriculture and small businesses by 0.25 percentage points since January 19. The annual RMB loans increased by 16.27 trillion yuan, and M2 increased by 8.5% year - on - year [2]. - **Supply - aspect**: Trump decided not to impose tariffs on rare earths, lithium, and other key minerals. Since 2026, the sulfuric acid price has slightly corrected, narrowing smelter profits and weakening spot processing fees. Smelters plan to cut production this year. The production of refined copper is expected to decline in January, with 5 smelters planning to stop production and 1 planned smelter delaying its commissioning. Due to the shortage of copper concentrates and increased losses of smelters, scrap copper has gradually become the main source of smelting copper, but both upstream and downstream are cautious, and raw material procurement volume is poor [2]. - **Demand - aspect**: Downstream copper buyers have low enthusiasm, leading to a significant increase in copper inventory. The terminal new - energy market performs poorly, with retail sales of new - energy vehicles from January 1 to 11 being 117,000 units, a 38% year - on - year decrease compared to the same period in 2025 and a 67% decline compared to the same period in December 2025. However, short - term decline does not mean a long - term trend. Policy subsidies and the upcoming New Year small peak season are expected to improve production and sales. As the Spring Festival approaches, downstream enterprises are on holiday, and copper product buyers are cautious [2]. 3.2 Shanghai Copper Price Trend - This week, Shanghai copper fluctuated weakly. The weekly high was 105,650 yuan/ton, the low was 100,060 yuan/ton, the weekly amplitude was 5.51%, and the range increase/decrease was - 0.63% [4]. 3.3 Shanghai Copper Spot Market - As of January 19, the average spot premium/discount in East China was - 100 yuan/ton, and in South China it was - 85 yuan/ton. Domestic copper inventory continues to accumulate, and the spot remains at a discount. With downstream enterprises about to enter the holiday period, procurement demand slows down, and it is expected to continue trading at a discount [9]. 3.4 London Copper Spread Structure - As of January 16, LME copper fell 0.5% during the week, closing at $12,925/ton, with a spot premium of $75/ton [14]. 3.5 Copper Concentrate Supply - In November 2025, China imported 2.526 million tons of copper ore and concentrates; from January to November, the import volume was 27.614 million tons, a year - on - year increase of 8.0%. It is expected that in December 2025, China will import 2.6 million physical tons of copper ore and concentrates, with an annual import volume of 30.26 million physical tons, a year - on - year increase of 7.43% and an expected increase of 2.094 million physical tons. The new collective - agreement negotiation at the Mantoverde copper - gold mine in Chile is at a standstill, and the strike continues to affect copper production [19]. 3.6 Scrap Copper Supply - In November 2025, the scrap - copper import volume was 208,100 tons, a year - on - year increase of 19.92%; from January to November, the cumulative scrap - copper import volume was 2.104 million tons, a cumulative year - on - year increase of 3.51%. According to SMM data, the operating rate of recycled copper rods this week was 13.52%, an increase of 0.53% from last week. After the Shanghai copper price corrected last week, recycled - copper enterprises made low - price purchases to fulfill historical orders. With the shortage of copper concentrates and increased losses of smelters, scrap copper has gradually become the main source of smelting copper, but both upstream and downstream are cautious, and raw material procurement volume is poor [24]. 3.7 Smelter Fees - As of January 16, the domestic spot rough - smelting fee (TC) was - 46.6 dollars/dry ton, and the RC fee was - 4.84 cents/pound, with TC/RC fees remaining weakly stable. Since 2026, the sulfuric acid price has slightly corrected, narrowing smelter profits. The China Smelters Purchase Team (CSPT) announced that its members will jointly cut production by more than 10% in 2026. On December 19, Chinese copper - smelter representatives and international mining giant Antofagasta finalized the 2026 copper - concentrate long - term processing fee (Benchmark) at $0/ton and $0 cents/pound, a historic "zero" compared to $21.25/ton and 2.125 cents/pound in 2025 [28]. 3.8 Refined Copper Supply - In December, SMM's Chinese electrolytic - copper production increased by 75,000 tons month - on - month, an increase of 6.8% and a year - on - year increase of 7.54%. From January to December, the cumulative production increased by 1.372 million tons year - on - year, an increase of 11.38%. After some smelters stopped production earlier, they gradually resumed production this month. The production of refined copper is expected to decline in January, with 5 smelters planning to stop production and 1 planned smelter delaying its commissioning. According to customs data, in November 2025, China imported 427,000 tons of unwrought copper and copper products; from January to November, the import volume was 4.883 million tons, a year - on - year decrease of 4.7% [32]. 3.9 Apparent Demand - As of November 2025, the apparent copper consumption was 1.2681 million tons, a 4.06% decrease from the previous month [36]. 3.10 Sub - industry Production Forecast - Mysteel predicts that in January 2026, the开工 rate of sample copper - tube enterprises will slightly increase, with a production of about 147,500 tons and a capacity utilization rate of 63.66%, a month - on - month increase of 2.07%. The expected production of domestic electrolytic copper foil is 108,000 tons, a month - on - month decrease of 0.83%. The expected copper - rod 开工 rate will drop to 51.31%, a month - on - month decrease of 1.43 percentage points and a year - on - year increase of 9.62 percentage points [40]. 3.11 Power Grid Project Data - As of the end of November 2025, the national cumulative power - generation installed capacity was 3.79 billion kilowatts, a year - on - year increase of 17.1%. Among them, the solar - power installed capacity was 1.16 billion kilowatts, a year - on - year increase of 41.9%; the wind - power installed capacity was 600 million kilowatts, a year - on - year increase of 22.4%; the hydropower installed capacity was 440 million kilowatts, a year - on - year increase of 3%; and the nuclear - power installed capacity was 60 million kilowatts, a year - on - year increase of 7.6% [44]. 3.12 Real - Estate and Infrastructure Data - According to National Bureau of Statistics data, in December, the sales area of newly built commercial housing was 93.99 million square meters, a month - on - month increase of 39.87% and a year - on - year decrease of 16.58%; the sales volume of newly built commercial housing was 880.7 billion yuan, a month - on - month increase of 44.07% and a year - on - year decrease of 24.24% [50]. 3.13 Automobile/New - Energy Automobile Industry Data - In the new - energy passenger - vehicle sector, from January 1 to 11, retail sales were 117,000 units, a 38% year - on - year decrease compared to the same period in 2025 and a significant 67% decline compared to the same period in December 2025. However, short - term decline does not mean a long - term trend. Policy subsidies and the upcoming New Year small peak season are expected to improve production and sales. Since January 1, 2026, the vehicle purchase tax has changed from exemption to half - collection. On December 30, the "Notice on Implementing the Policy of Large - Scale Equipment Upgrades and Consumer Goods Trade - ins in 2026" was issued, stating that the "trade - in" subsidies for heavy trucks and buses will continue, with the subsidy scope and standards remaining the same as in 2025. The subsidy for passenger cars has changed from a fixed - amount subsidy to a proportional subsidy, with the subsidy ceiling unchanged, and the subsidy amount for low - price cars has decreased, which will offset part of the decline caused by the increase in purchase tax [56]. 3.14 Global Copper Inventories in Major Exchanges - As of January 16, LME copper inventory increased by 4,600 tons to 143,600 tons, a week - on - week increase of 3.31% and a year - on - year decrease of 44.83%. COMEX copper inventory was 542,900 tons, a week - on - week increase of 0.78% and a year - on - year increase of 465.67%. Trump's statement last week that he will temporarily not impose tariffs on other key minerals has postponed the collection of refined - copper tariffs, weakening the siphon effect on US copper, but COMEX copper inventory still increased. On January 15, the cumulative spot copper inventory in the bonded areas of Shanghai and Guangdong was 117,500 tons, and the bonded - area inventory decreased as some warehouse goods left the port for export and a few enterprises imported through processing manuals. As of January 16, the Shanghai Futures copper inventory was 160,400 tons, a week - on - week decrease of 1.41%; the cathode - copper inventory was 213,500 tons, a week - on - week increase of 18.26%, showing a significant inventory - accumulation trend [61][66].

Core Viewpoint - Tianji Co., Ltd. (SZ002759) is expected to turn a profit in 2025, forecasting a net profit of 70 million to 105 million yuan, a significant recovery from a loss of approximately 1.36 billion yuan in the previous year [2][3] Financial Performance - The company anticipates a net profit attributable to shareholders of 70 million to 105 million yuan for 2025, compared to a loss of 1.36 billion yuan in the same period last year [3] - The expected net profit after deducting non-recurring gains and losses is projected to be between 60 million and 90 million yuan, up from a loss of approximately 1.37 billion yuan in the previous year [3] - Basic earnings per share are forecasted to be between 0.14 yuan and 0.21 yuan, recovering from a loss of 2.71 yuan per share in the previous year [3] Market Dynamics - The recovery in profitability is attributed to the rapid growth in demand for new energy vehicles and energy storage markets, leading to an increase in sales prices of lithium hexafluorophosphate, a key product for lithium-ion batteries [6] - The lithium hexafluorophosphate index saw a significant increase of 167.2% from early April to mid-November 2025, indicating a strong market trend [7] Regulatory Issues - The company has received administrative regulatory measures from the Guangdong Securities Regulatory Commission and a regulatory letter from the Shenzhen Stock Exchange due to issues related to goodwill impairment testing, inaccurate financial accounting, and non-compliance with information disclosure [5][9] - Specific violations include inadequate forecasting in goodwill impairment testing and failure to properly account for employee compensation, leading to inaccuracies in financial reports [9]

Core Viewpoint - Lithium carbonate futures prices have surged, reaching a high of 174,060 yuan/ton, indicating strong market demand and potential implications for electric vehicle pricing [1][3]. Group 1: Price Trends - As of January 12, the average price of lithium carbonate has increased from 90,000 yuan/ton in November to 153,400 yuan/ton [3]. - The closing price for lithium carbonate futures was reported at 166,980 yuan/ton, reflecting a 7.44% increase [1]. - The trading volume for lithium carbonate futures was 60,820 contracts, with a total turnover of 493 million yuan [1]. Group 2: Market Implications - Analysts suggest that the rising prices of lithium carbonate may not lead to immediate increases in electric vehicle prices, as manufacturers are likely to absorb cost pressures to maintain market share [3]. - The retail sales forecast for new energy vehicles in 2025 is projected at 12.809 million units, a 17.6% increase year-on-year [5]. - The overall passenger vehicle market is expected to stabilize in 2026, with a predicted 1% increase in wholesale sales [5]. Group 3: Future Demand and Regulation - Multiple institutions predict that global demand for lithium carbonate will continue to grow, providing long-term support for prices [6]. - Regulatory measures have been introduced to manage market volatility, including restrictions on certain trading activities [8]. - The government is focusing on regulating the lithium battery industry to prevent issues such as overcapacity and price wars, which are crucial for the stability of the energy transition [8].

Core Viewpoint - The Chinese passenger car market is expected to see retail sales of 23.74 million units in 2025, a year-on-year increase of 3.8%, with wholesale volume reaching 29.55 million units, up 8.8%, driven significantly by the growth of new energy vehicles (NEVs) [1] Group 1: Market Growth and Projections - In 2025, the wholesale volume of new energy passenger vehicles is projected to be 15.32 million units, reflecting a year-on-year growth of 25.2%, while retail sales are expected to reach 12.81 million units, up 17.6%, achieving a retail penetration rate of 54% [1] - The new energy segment is identified as the most reliable source of growth in the passenger car market, with December 2025 showing a wholesale volume of 1.563 million units, a 3.3% increase year-on-year [1] Group 2: Market Dynamics and Segmentation - The penetration rate of new energy vehicles is nearing 60%, indicating a shift towards a "new energy-dominated" market phase, with new energy vehicles growing at a rate 32.6 percentage points higher than traditional fuel vehicles [2] - In December 2025, retail sales of pure electric vehicles reached 782,000 units, maintaining positive growth, while range-extended models saw a higher growth rate of 15.4% year-on-year [2] - The market share of new energy vehicles from new force brands increased, with pure electric and range-extended models' share shifting from 59%:41% in 2024 to 71%:29% in 2025 [2] Group 3: Brand Performance and Export Trends - New force brands captured a retail market share of 23.5% in December 2025, an increase of 4.9 percentage points year-on-year, with traditional independent brands performing strongly [3] - The export of passenger vehicles reached 588,000 units in December 2025, a 46.2% increase, with new energy vehicles accounting for 46.4% of total exports, marking a 15.6 percentage point increase [3] - Pure electric vehicles constituted 57.9% of new energy vehicle exports, with A00 and A0 class models making up 68% of pure electric vehicle exports [3] Group 4: Future Outlook - The overall growth rate for China's new energy vehicle market is projected to be around 10% in 2026 [4]