立春伊始，万物萌新；产业协同，启势前行。2026年2月4 日，中国汽车技术研究中心有限公司（以下简称"中汽中心"）与中国一汽汽车检测专业化 整合合作签约仪式在长春举行，为汽车产业高质量发展注入春日新动能。 中国一汽党委书记、董事长邱现东表示，此次签约是中国一汽与中汽中心深入贯彻习近平总书记对中央企业工作作出的重要指示精神、聚焦主责主业 持续优化国有经济布局的务实举措，也是坚定落实国务院国资委专业化整合要求的具体实践。中国一汽将与中汽中心共同探索"汽车研发制造+检测认证"的 发展新路径，充分发挥自身在整车研发制造、产业链协同与市场资源的综合优势，并依托中汽中心在标准引领、全球网络与前沿技术研发的领先优势，聚焦 新能源、智能网联、海外认证等战略领域，持续提升核心技术能力与市场竞争优势，共同打造国内领先、国际一流的一体化检测认证服务平台。 长春市委常委、常务副市长吴波代表长春市委市政府对双方合作签约表示热烈祝贺。他表示，长春市将努力为中国一汽和中汽中心合作项目的顺利实 施保驾护航。希望双方以此次签约为新的起点，秉持开放、协同、创新的理念，加快推动合作项目落地见效、结出硕果，共同打造央地合作、产学研用协同 的典范，为 ...

智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从沪深市场中选取涉及智能汽车硬 件软件提供商、整车厂商等业务，覆盖终端感知和平台应用两大领域的上市公司证券作为指数样本，注 重体现智能汽车产业链的全面性和成长性。 （文章来源：每日经济新闻） 2月2日，智能汽车ETF（159889）回调超3%显布局机会，把握汽车产业升级机遇。 兴业证券指出，智"形"合一，看好本轮以AI为代表的科技浪潮下的汽车产业升级机遇。展望2026年，整 车板块的高阶辅助驾驶加速与机器人进展，或为整车板块打开新的估值锚，迎来估值重构；机器人板块 正迈向大规模量产，产业投资机会从发散走向收敛；零部件板块在加速全球化产能布局以及拓展第二曲 线；两轮车板块的出海趋势持续，海外成长空间依然广阔。 ...

智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从沪深市场中选取涉及终端感知、 平台应用等智能汽车相关业务的上市公司证券作为指数样本，成分股主要覆盖电子、计算机、汽车等行 业，以反映智能汽车产业上市公司证券的整体表现，并侧重于高成长性与技术创新领域。 （文章来源：每日经济新闻） 兴业证券指出，看好本轮以AI为代表的科技浪潮下的汽车产业升级机遇。展望2026年，整车板块高阶 辅助驾驶加速与机器人进展，或为整车板块打开新估值锚，迎来估值重构；机器人板块迈向大规模量 产，产业投资机会从发散走向收敛；零部件板块加速全球化产能布局以及第二曲线拓展；两轮车板块出 海趋势持续，海外成长空间依然广阔。行业层面，三部门召开座谈会要求坚决抵制无序"价格战"，推动 构建优质优价、公平竞争的市场秩序，促进高质量发展。工信部亦强调2026年要加快突破全固态电池、 高级别辅助驾驶等技术。 1月21日，智能汽车ETF（159889）盘中涨超1.4%，市场聚焦产业升级与政策动向。 ...

Core Insights - The latest data for the Chinese automotive industry in 2025 shows record production and sales, maintaining its position as the world's largest market for 17 consecutive years, with continuous structural upgrades towards better quality [1] - Chinese off-road vehicle brands are leveraging technological innovations to enhance their value, transitioning from merely selling vehicles to operating a lifestyle ecosystem, which is crucial for brand value enhancement and building competitive barriers [1] - Domestic brands have overtaken foreign brands in the off-road segment, with Beijing Off-road's BJ40 achieving significant sales milestones, including 66,942 units sold in total for the year, and consistently exceeding 10,000 monthly sales since April 2025 [1] Market Performance - The BJ40 series has surpassed cumulative sales of 300,000 units, indicating strong market performance amidst increasing competition in the off-road vehicle sector [4] - The BJ40 extended version has been recognized as the top in user satisfaction within the hard-core SUV segment according to the 2025 NEV-CACSI evaluation by the China Quality Association [2] Product Innovations - The BJ40 Explorer model features advanced capabilities such as electric control four-wheel drive, a classic three differential lock, and options for 2.0T gasoline and 2.0D diesel engines, enhancing its off-road performance [5] - The BJ40 Explorer is designed as a customizable platform, allowing for unique modifications and catering to diverse lifestyles, with a campaign launched for user-generated modification ideas [5] Future Outlook - The company plans to continue innovating with robust technology to meet user expectations and protect every journey, aiming to create more classic models in the future [6]

Core Viewpoint - The automotive industry is expected to undergo significant upgrades driven by the current wave of technology represented by AI, with opportunities for investment emerging in various segments of the industry by 2026 [1] Group 1: Automotive Sector Insights - The complete vehicle segment is anticipated to see accelerated advancements in high-level assisted driving and robotics, potentially leading to a new valuation anchor and a valuation reconstruction [1] - The robotics sector is moving towards large-scale production, with investment opportunities in the industry shifting from a dispersed to a concentrated approach [1] - The components sector is accelerating its global capacity layout and expanding its second growth curve [1] - The two-wheeler segment continues to trend towards international markets, with significant growth potential overseas [1] Group 2: Policy and Market Dynamics - Nine departments have issued a notice to promote green consumption, which includes supporting consumers in purchasing new energy vehicles and strengthening the automotive supply chain, while exploring the potential of the "aftermarket" such as used cars and car rentals [1] - GAC Group has signed a comprehensive cooperation framework agreement with Huawei, aiming to deepen collaboration on HarmonyOS cockpit and other projects [1] Group 3: Investment Products - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies in the smart automotive sector from the Shanghai and Shenzhen markets, reflecting the overall performance of these companies [1] - The index includes companies from various industries such as electronics, computers, and automotive, with a focus on information technology and discretionary consumer sectors, showcasing the comprehensive characteristics of the smart automotive supply chain [1]

当雷军搬起小米YU7的前舱盖，意味着小米YU7的底盘结构、电池包、内饰用料等，将在千万观众面前被逐层分解，小米在做的不仅是一场"透明化"展示， 更是在重新定义这个行业的游戏规则。 但在这场技术秀的背后，有两个看似"题外"的消息，或许更能揭示小米汽车真正的战略意图。 第一个消息是数据，是沉默但震撼的数据。 2025年12月，小米汽车单月交付量突破5万台，这场直播雷军也确认了全年累计交付量，超过了41万台。 如果数字会说话，那么它讲述的是一个仅凭两款车型就跻身新势力头部阵营的故事。 更值得注意的是，在达成这一成绩的大多数时间里，小米汽车几乎没有任何金融优惠政策。 当同行们纷纷推出低息、贴息、租赁方案以降低购买门槛时，小米选择了一条更"硬"的路，完全只靠产品说话。 第二个消息是变化，是一个迟来却关键的转变。 近期，小米官方正式对小米YU7开启了"3年0息"金融政策，同时其它车型也享受金融政策。 对于一直观望的潜在用户而言，这不仅仅是一道数学题，更是一个强烈的信号，那个曾经在金融条件上"高冷"的小米，开始调整姿势，主动降低用户的决策 门槛。 如果把造车比作一场牌局，那么小米在前半场几乎是在"让子"的情况下入局的。 竞 ...

这两天黄金价格冲爆热搜，破1000元/克的实体金和各大金企1400元/克以上的首饰金，都让贵金属投资 重回大众视野。 纵观金价年初至今，66%的综合涨幅已经很多，但有两样东西年内涨幅直接超110%，比黄金猛多了。 黄金光环下的逆势黑马：铂钯年内涨幅碾压全场 当下贵金属市场，黄金就像自带流量的明星，赚足了眼球。但只要扒一扒数据就知道，真正的狠角色是 铂和钯这对"隐形大佬"，堪称藏在身后的赚钱王牌。 国内市场早已掀起热潮，广期所铂期货、钯期货主力合约频频上演涨停好戏，近期再度双双封板，涨幅 均超6.99%，创下11月27日上市以来的新高，这已是上市不到一个月内的第三次涨停，涨势堪比"坐火 箭"。 从价格来看更震撼，截至目前国内铂现货价已飙至599元/克，钯现货价达480.5元/克，年内涨幅分别高 达163.9%、92.6%。要知道，上一次铂金有这般强势表现，还是2008年的事，时隔17年，这位昔日贵金 属"老大哥"总算追上了市场节奏。 有人觉得这波上涨是短期炒作？数据不会说谎。铂、钯的爆发不局限于期货市场，A股相关概念股也同 步起舞，形成完整行情链条。比起被资本过度追捧的黄金，它们的上涨背后是扎实的产业需求和供需 ...

Core Viewpoint - The recent notification from multiple government departments aims to regulate the export of second-hand cars, particularly addressing the issue of "0-kilometer" second-hand cars, which pose a threat to the healthy development of the industry [1][3]. Group 1: Market Dynamics - The export of second-hand cars in China has seen explosive growth, increasing from 4,300 units in 2020 to 436,000 units projected for 2024, indicating strong international demand [1]. - The rise of "0-kilometer" second-hand cars, defined as those registered for less than 3 months and with mileage under 50 kilometers, has become a significant concern, as they are essentially new or nearly new cars [1][2]. - Some companies are misrepresenting new cars as second-hand to boost sales, creating unfair competition and disrupting the market order [2]. Group 2: Regulatory Measures - The notification introduces a 180-day registration requirement to clearly distinguish between new and second-hand cars, ensuring the authenticity and compliance of second-hand car exports [3]. - Enhanced enterprise supervision will be implemented, including a dynamic management and exit mechanism to monitor dishonest practices, such as exporting prohibited vehicles or falsifying documents [3]. Group 3: Long-term Benefits - The crackdown on "0-kilometer" second-hand car exports is expected to benefit the second-hand car market, new car market, and overseas market by promoting standardization and improving service quality [4]. - Maintaining a reasonable pricing structure for new car exports will allow manufacturers to invest more in research and brand development, ultimately benefiting domestic consumers [4]. - The shift towards high-quality products, including electric vehicles, will support the global transition to sustainable transportation and create a more orderly competitive environment [5].

Core Viewpoint - The recent notification from multiple government departments aims to regulate the export of second-hand cars, particularly addressing the issue of "0-kilometer" second-hand cars, which pose a threat to the healthy development of the industry [1][3]. Group 1: Market Dynamics - The export of second-hand cars in China has seen explosive growth, increasing from 4,300 units in 2020 to 436,000 units projected for 2024, indicating strong international demand [1]. - The rise of "0-kilometer" second-hand cars, defined as those registered for less than 3 months and with mileage under 50 kilometers, has become a significant concern, as they are essentially new or nearly new cars [1][2]. - Some companies are misrepresenting new cars as second-hand to boost sales, creating unfair competition and disrupting the market order [2]. Group 2: Regulatory Measures - The notification introduces a 180-day registration period to clearly distinguish between new and second-hand cars, ensuring the authenticity and compliance of second-hand car exports [3]. - It emphasizes the need for companies to enhance after-sales service commitments, which is expected to improve the reputation and competitiveness of Chinese second-hand cars in international markets [3]. - A dynamic management and exit mechanism will be established to monitor companies' compliance with regulations, preventing dishonest practices such as falsifying documents [3]. Group 3: Long-term Benefits - The crackdown on "0-kilometer" second-hand car exports is expected to accelerate standardization in the second-hand car industry, prompting companies to reassess their business models and service quality [4]. - It will help maintain a reasonable pricing structure for new car exports, ensuring that manufacturers can achieve necessary profits for research and brand development [4]. - The regulation is anticipated to facilitate the export of high-end products like electric vehicles, contributing to the global transition towards sustainable transportation and fostering a competitive environment focused on quality and service [4].

Core Insights - Chongqing is promoting the automotive industry to achieve upward growth in products, brands, and industrial chains [1] Production Data - From January to August this year, Chongqing's automotive production reached 1.659 million units, representing a year-on-year increase of 7.6% [1] - Among this, the production of new energy vehicles reached 690,000 units, with a year-on-year growth exceeding 31% [1] Economic Contribution - The added value growth rate of the automotive industry in Chongqing reached 11% [1]