责任编辑：李昂 1月6日，蔚来创始人、董事长、CEO李斌宣布，蔚来公司第100万台量产车正式下线。 李斌表示，将第100万台量产车全新ES8捐赠给安徽墨子量子科技基金会，为量子科技领域的科学家们 提供出行保障。"感谢100万份用户的认可和信任，我们继续努力，将更好的产品和服务带给大家，一起 加电！" 1月6日，蔚来创始人、董事长、CEO李斌宣布，蔚来公司第100万台量产车正式下线。 李斌表示，将第100万台量产车全新ES8捐赠给安徽墨子量子科技基金会，为量子科技领域的科学家们 提供出行保障。"感谢100万份用户的认可和信任，我们继续努力，将更好的产品和服务带给大家，一起 加电！" 自2014年成立以来，十余年间，蔚来形成了集汽车研发、设计、生产销售、服务等全方位的体系能力。 从2018年第一台蔚来创始版ES8下线，到今天蔚来、乐道、firefly萤火虫三品牌协同发力，跨越百万， 跑出了中国智能电动汽车产业持续向上的速度与活力。 责任编辑：李昂 自2014年成立以来，十余年间，蔚来形成了集汽车研发、设计、生产销售、服务等全方位的体系能力。 从2018年第一台蔚来创始版ES8下线，到今天蔚来、乐道、firefly ...

行业点评报告·消费行业 元旦客流引领复苏，空调提价打响反内卷 2026 年 1 月 4 日 核心观点 ⚫ 事件：2026 年，大力提振消费是重要政策方向。我们看好服务消费活力释放， 以及国补对商品消费的刺激作用。体验型服务消费是重要的增长点，元旦假期 游客度假选择愈发多元，如冰雪运动、避寒休闲、文化体验、亲子游乐等场景。 2026 年将有元旦、春节、中秋节与国庆节四大加强版假期，更有利于服务消 费。其中元旦假期长达 3 天；春节假期 9 天是史上最长；中秋不再"占用"国 庆假期，多出 2 天独立中秋假。 ⚫ 服务消费，元旦出行数据高增长： 交通运输数据，元旦假期期间，预计全社会跨区域人员流动量累计 5.9 亿人 次，日均 1.98 亿人次，同比（2025 年 1 日至 3 日，1 天假期，下同）增长 19.5%。其中，铁路客运量预计 4822.3 万人次，同比增长 53.1%。公路人员 流动量预计 5.4 亿人次，同比增长 15.5%。水路客运量预计 229.0 万人次，同 比增长 35.3%。民航客运量预计 588.1 万人次，同比增长 10.49%。客流的恢 复，带动文旅、酒店与餐饮恢复，使服务消费成为假 ...

Core Viewpoint - The article discusses the annual sales performance of new energy vehicle companies in 2025, highlighting the competitive landscape and the challenges faced by key players in the industry, particularly the "Wei Xiaoli" trio: NIO, Li Auto, and Xpeng [3][4][7]. Group 1: Sales Performance of Key Players - Among the "Wei Xiaoli" trio, Xpeng is the only company that exceeded its sales target, while NIO achieved a nearly 50% year-on-year growth but fell short of its annual goal. Li Auto lagged behind, completing only 58% of its target and experiencing an 18.8% decline in year-on-year sales, making it the only company in the top 15 to report a decrease [4][6][8]. - Xiaomi's automotive division achieved approximately 410,000 units in sales, surpassing its target by 17% [5]. - Of the 15 new energy vehicle companies analyzed, 8 failed to meet their annual targets, representing about 67% of the group [6]. Group 2: Individual Company Insights - NIO aimed for a sales target of 440,000 units but only sold 326,000 units, despite a year-on-year growth of 46.88%. The founder emphasized the need for strategic focus and resilience in a competitive environment [7][8]. - Li Auto's sales for the year were 406,300 units, significantly below its target of 700,000 units, marking a year-on-year decline of 18.81% [8]. - Leap Motor achieved a record annual sales of 596,600 units, with a year-on-year growth of 103.1%, and aims for a million sales in 2026 [9]. Group 3: Challenges Faced by Other Companies - Changan's brands, including Avita and Deep Blue, did not meet their sales targets, with Deep Blue's sales falling short despite a revised target [11]. - Dongfeng's brand, Lantu, also failed to meet its goal, selling 150,200 units, achieving a completion rate of 75.1% [11]. - The overall market environment is characterized by overcapacity, intense competition, and price wars, making it difficult for companies to achieve their sales targets [11].

Core Viewpoint - NIO plans to add 1,000 battery swap stations in 2026, aiming for a total of over 4,600 stations by year-end, while highlighting the importance of technological innovation and infrastructure investment in the competitive electric vehicle market [3][4]. Summary by Sections Delivery Performance - In December 2025, NIO delivered 48,135 vehicles, a year-on-year increase of 54.6%, with a total of 124,807 vehicles delivered in Q4, marking a 71.7% increase [5]. - For the entire year of 2025, NIO's three brands delivered a total of 326,028 vehicles, a 46.9% increase compared to the previous year [6]. Technological Innovation - NIO has made significant advancements in core technologies, including the world's first automotive-grade 5nm high-level driving chip and a comprehensive vehicle operating system, which have enhanced product performance and reduced costs [7]. - The company has established a strong technological foundation that supports long-term competitiveness [7]. Battery Swap Infrastructure - NIO has built 3,737 battery swap stations globally, providing over 96 million battery swap services, with 1,010 high-speed swap stations established [7][8]. - The company is committed to expanding its battery swap network, with plans to construct over 1,000 new stations in 2026 [10]. Market Strategy - NIO aims to strengthen its sales and service network, targeting over 210 cities in China while also pursuing global expansion into 40 countries and regions [4][12]. - The company emphasizes the importance of maintaining a user-centric approach and operational efficiency to thrive in a competitive market [12]. Organizational Changes - NIO has undergone necessary organizational changes to enhance operational efficiency and cost control, establishing a framework focused on user value creation [8][12]. - The company is committed to continuous improvement in its operational capabilities to maintain a competitive edge in the automotive industry [12].

客户端 蔚来-SW（09866）发布公告，公司于2025年12月交付4.81万辆汽车，创下月度新高，同比增长54.6%。 有关交付包括公司旗下蔚来品牌的高端智能电动汽车3.19万辆，公司旗下乐道品牌的家庭智能电动汽车 9154辆，以及公司旗下萤火虫品牌的智能电动高端小车7084辆。公司于2025年第四季度交付12.48万辆 汽车，创下季度新高，同比增长71.7%。于2025年全年，总交付量达到32.6万辆汽车，同比增长46.9%。 截至2025年12月31日，公司累计汽车交付量达99.76万辆。 2025年12月，该公司的全场景科技旗舰SUV，蔚来全新ES8累计交付量突破4万辆，创下中国人民币40 万元以上纯电汽车的最快交付纪录。凭借行业领先的智能电动汽车技术，以及可充、可换、可升级的全 场景补能网络的支持，全新ES8巩固了其在大三排SUV细分市场的领先地位，充分展现出卓越的产品竞 争力及广泛的用户认可。 责任编辑：卢昱君 蔚来-SW（09866）发布公告，公司于2025年12月交付4.81万辆汽车，创下月度新高，同比增长54.6%。 有关交付包括公司旗下蔚来品牌的高端智能电动汽车3.19万辆，公司旗下乐道品 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 2025年，小鵬汽車加速擴張其自營充電網絡。新增超過1,100座充電站后，充電網絡的 充電站數量達到了3,000座，此舉標誌著公司在基礎設施建設方面的一個重要里程碑。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 XPeng Inc. 董事長 何小鵬 香港，2026年1月1日（星期四） 自願公告 2025 年 12 月及第四季度智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年12月及第四季度 車輛交付數據。 2025年12月，小鵬汽車共交付智能電動汽車37,508輛，同比增長2%。2025年全年總交 付量達到429,445輛，較前一年增長126%。 2025年全年，小鵬汽車在海外市場共交付智能電動汽車45,008輛，同比增長96%，並在 年底將其全球布局擴張至60個國家和地區。 值得注意的是，小鵬汽車在2025年交付的所有汽車預計能減少超過 ...

Core Viewpoint - Xiaomi has announced a New Year promotion for its YU7 model, offering a three-year interest-free financing option, which has been well-received by consumers [1][6]. Promotion Details - Consumers who place an order for the YU7 by February 28, 2026, can enjoy a three-year interest-free benefit, with a down payment of ¥74,900 and monthly payments as low as ¥4,961 [4][5]. - Customers who ordered before December 2025 are also eligible for the three-year interest-free offer [4]. - Additional benefits include a maximum of ¥48,000 in purchase rights, which can include features like Nappa leather seats and advanced air purification systems [4]. Financial Implications - The three-year interest-free financing is estimated to provide a subsidy equivalent to ¥19,125 for the YU7 Max model, enhancing the perceived value for customers [5][6]. - The effective purchase price after considering the perceived subsidy is significantly lower than the original price, making the offer attractive [6]. Market Performance - Xiaomi's YU7 has been the best-selling model in the mid-to-large SUV category for four consecutive months as of November 2025 [9]. - The company reported a revenue of ¥113.12 billion for Q3 2025, with a year-on-year growth of 22.3%, and the smart electric vehicle segment saw a revenue increase of over 199% [11]. Store Expansion - As of December 2025, Xiaomi has expanded its retail presence with 477 stores across 138 cities, and plans to add more locations in January 2026 [11].

Group 1 - Xiaomi announced a New Year promotion for its YU7 model, offering a 3-year interest-free financing option with a down payment of ¥74,900 and monthly payments starting at ¥4,961 [1][3] - Customers who place an order by February 28, 2026, can enjoy up to ¥48,000 in purchase benefits, including features like Nappa leather seats and advanced air purification systems [3] - The interest-free financing is equivalent to a subsidy of approximately ¥19,125 for the YU7 Max model, enhancing the perceived value for customers [4] Group 2 - Xiaomi's YU7 model has achieved significant sales milestones, ranking first in the SUV category for four consecutive months as of November 2025 [9] - In the third quarter of 2025, Xiaomi reported a revenue of ¥1,131.2 billion, a year-on-year increase of 22.3%, with the smart electric vehicle segment generating ¥283 billion [9] - The company has expanded its retail presence, with 477 stores across 138 cities by the end of December 2025, and plans to open additional locations in January 2026 [10]

Core Viewpoint - Xiaomi's founder and CEO Lei Jun announced a delay in the New Year's live stream due to illness, while also expressing plans to give away 15 Xiaomi 17 Ultra devices during the event [1][4]. Group 1: Company Announcements - Lei Jun planned a New Year's live stream on December 31, which was later postponed to January 3 due to a severe cold [1][4]. - The live stream was intended to feature a live disassembly of the YU7 vehicle, following a popular disassembly video of the SU7 [4]. Group 2: Product Launches - Xiaomi held a product launch for the 17 Ultra on December 25, where Lei Jun did not make an appearance, indicating a shift in his focus towards the automotive sector [7]. - Lei Jun announced plans to step back from public events to concentrate on the development of Xiaomi's electric vehicles, specifically the SU7 [7]. Group 3: Financial Performance - For Q3 2025, Xiaomi reported revenues of 113.1 billion RMB, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion RMB, up 80.9%, marking the highest quarterly profit in the company's history [8]. - The smart electric vehicle and AI innovation segment generated 29 billion RMB in revenue, with electric vehicle sales contributing 28.3 billion RMB, reflecting a year-on-year growth of over 199% [8][9]. - This segment achieved its first quarterly operating profit of 700 million RMB [9].

雷军曾表示："这次直播，我请工程师现场拆车，一边拆车一边聊"。 12月31日，小米创办人、董事长兼CEO雷军发文：实在抱歉，我感冒有点严重，原定跨年的直播只能推 迟到1月3日晚7点。 全文共607字，阅读大约需要2分钟 12月3日10点，小米汽车App现车选购功能开启，12月26日24点前锁单用户，预计年底前可提车。现车 包括全新现车、官方展车、准新车。12月22日，媒体记者查阅小米汽车App发现，"官方展车"已销售完 毕。App显示，不同车型锁定订单后，最短交付周期为12周至15周，最长为35周至38周。 此前，雷军曾宣布将于12月31日晚8点做一场跨年直播。他表示，"前几天我在网上看过一个拆SU7视 频，很多人建议拆拆YU7。这次直播，我请工程师现场拆车，一边拆车一边聊。" 据悉，XIAOMI SU7（小米苏7）是小米汽车旗下的纯电动轿车。2024年3月28日，小米集团召开 XIAOMI SU7上市发布会，同年4月3日，XIAOMI SU7正式交付。10月29日，小米SU7 Ultra量产版亮 相。 XIAOMI YU7（小米御7）是小米汽车首款SUV，属中大型SUV车型，为纯电动多用途乘用车，于2025 ...