Group 1 - U.S. stock index futures show mixed performance, with Nasdaq futures up 0.63% and S&P 500 futures up 0.25%, while Dow futures are down 0.44% [1] - Major European indices also display mixed results, with Germany's DAX down 0.09%, UK's FTSE 100 up 0.35%, France's CAC up 0.37%, and the Euro Stoxx 50 up 0.28% [1] - The Federal Reserve officials expect to pause interest rate cuts this week, with an unclear path for future cuts [1] Group 2 - Samsung Electronics and SK Hynix are negotiating with Apple to significantly increase the price of LPDDR memory used in iPhones, with a potential increase of up to 100% [2] Group 3 - The European Union has initiated two compliance procedures to ensure Google meets its obligations under the Digital Markets Act [3] Group 4 - Microsoft has received approval to build 15 additional data centers in Wisconsin, USA [4] Group 5 - Micron Technology is investing $24 billion to expand production in Singapore to address AI chip shortages [5] - Synopsys CEO anticipates that the price increase and shortage of memory chips will persist until 2027 [5] Group 6 - Nike is reportedly planning to lay off 775 employees to enhance profitability and accelerate automation [6] Group 7 - Alibaba has officially launched its flagship reasoning model Qwen3-Max-Thinking, which is noted for its stronger initiative and proficiency in logical reasoning [7] Group 8 - XPeng Motors' CEO expects "very strong" growth this year, with overseas sales growth potentially surpassing that of the domestic market [8] Group 9 - VinFast is collaborating with AI company Autobrains to develop autonomous driving technology [9] Group 10 - The U.S. Treasury has terminated its contract with consulting firm Booz Allen, related to the leak of tax records for Trump and Musk [10] Group 11 - UnitedHealth reported Q4 revenue of $113.215 billion, with adjusted EPS down 69.02% year-over-year to $2.11 [11] - General Motors reported Q4 revenue of $45.29 billion, with a loss of $3.31 billion; the company approved a $6 billion stock buyback plan [12] - American Airlines reported Q4 adjusted EPS of $0.16, which was below expectations, and anticipates a revenue decrease of $150 million to $200 million due to winter storms [13] - Raytheon Technologies reported a 12% year-over-year increase in Q4 sales to $24.24 billion, with adjusted EPS of $1.55, exceeding expectations [14]

Group 1 - VinFast collaborates with Autobrains to develop autonomous driving technology, focusing on enhancing the L2 level autonomous driving capabilities of its upcoming electric vehicles [2] - Tesla's sales in Europe declined significantly, with a 20% year-on-year drop in December, totaling 35,280 units, and an annual decline of 27% to 238,656 units, while BYD's sales surged over twofold to 27,678 units in December, with an annual total of 187,657 units [2] - BYD plans to launch at least three new models in South Korea this year, aiming for sales exceeding 10,000 units [3] - Xiaopeng Motors anticipates "very strong" growth this year, with overseas sales growth potentially outpacing domestic sales [2] - The 2026 Beijing Off-road BJ40 family has been launched, with prices starting from 132,900 yuan, featuring various upgrades including a new drone storage system in one model [2][3]

Group 1 - The core viewpoint of the article highlights that Lianchuang Electronics is actively involved in the autonomous driving sector, offering products such as vehicle-mounted cameras, imaging modules, vehicle lighting, and vehicle radar [2] - The company emphasizes its strong research and development capabilities, as well as its mass production abilities, which enable it to deeply empower customer products [2] - Specific details regarding the R&D projects are not disclosed due to confidentiality [2]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2] Core Insights - In January 2026, the penetration rate of new energy vehicles (NEVs) is expected to experience a temporary decline due to a transitional policy period. The retail sales of narrow-sense passenger cars in China are projected to be around 1.8 million units, reflecting a month-on-month decrease of 20.4% but a slight year-on-year increase of 0.3%. The new round of trade-in subsidies has been initiated, and the continuation and optimization of policies are expected to provide stable support for the automotive market throughout the year. NEV retail sales are anticipated to be approximately 800,000 units, showing a year-on-year decline of 40.2% but a month-on-month increase of 7.5% [5][15][16]. Summary by Sections Industry Dynamics - Key industry news includes Geely Holding's announcement of its 2030 strategic goal to achieve global sales of over 6.5 million vehicles and revenue exceeding 1 trillion yuan. Additionally, Germany's electric vehicle subsidies will now cover range-extended and plug-in hybrid models [17][19][24]. Market Performance - The automotive sector outperformed the CSI 300 index by 3.13 percentage points, with the automotive sector index rising by 2.51% from January 19 to January 23, 2026. The passenger vehicle segment saw a decline of 1.60%, while the commercial vehicle segment increased by 3.69% [27][28]. Data Tracking - In December 2025, the retail sales of passenger vehicles reached 2.261 million units, a year-on-year decrease of 14.15%. The retail penetration rate for NEVs was 59.1%, with a year-on-year increase of 9.69 percentage points. The sales of NEVs in December were 1.337 million units, reflecting a year-on-year increase of 2.68% [36][45][52]. Investment Recommendations - The report suggests focusing on high-end manufacturers with differentiated products that are less affected by subsidy changes and tax reductions. Additionally, companies expanding into overseas markets are expected to benefit from high growth and margins, leading to performance recovery [5][16].

Core Insights - The traditional car rental experience is often burdensome for users, involving multiple tasks such as driving, parking, and returning the vehicle. The advent of autonomous driving technology is expected to fundamentally change this experience, making it more user-friendly and efficient [1] Group 1: User Experience Transformation - The introduction of autonomous vehicles will allow users to purchase transportation services rather than just the right to drive a car, eliminating the need for a driver's license and reducing concerns about driving skills and accident risks [2] - Users will be able to summon a vehicle, input their destination, and enjoy the ride without worrying about parking or returning the car, significantly enhancing the overall travel experience [3] Group 2: Cost Reduction for Rental Companies - Autonomous vehicles will lower operational costs for rental companies by expanding service coverage without the need for expensive rental locations, as vehicles can autonomously deliver and pick up customers [4] - The ability to provide in-car services during rides opens up new revenue streams for rental companies, including entertainment and local products [4] Group 3: Opportunities in Shared Mobility - The proliferation of autonomous vehicles will facilitate the integration of private cars into rental platforms, allowing car owners to monetize their vehicles during idle times, thus enhancing the sharing economy [6] - Autonomous vehicles will address safety concerns associated with renting local cars, making it easier for tourists to access vehicles that are better suited to local conditions [6] Group 4: Industry Convergence and Market Dynamics - The boundaries between car rental and ride-hailing services are expected to blur, as both sectors will focus on providing vehicle transportation services, leading to potential mergers and collaborations [7] - The convenience and cost-effectiveness of renting autonomous vehicles may reduce the desire for personal car ownership, shifting consumer preferences towards shared mobility solutions [7] - A decrease in private car ownership could lead to significant changes in the automotive industry, potentially reducing the number of car manufacturers and fostering competition between automotive and aerial vehicle companies [8]

近日，DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重卡赛道历史最 大单笔融资。本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长 兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主 要用于集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 DeepWay深向是全球首家通过正向定义打造智能新能源重卡解决方案,并实现批量交付的企业。公司坚 持正向定义理念，采用"自有车辆+自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体系之 外重新定义产品与研发架构，使车辆硬件与智能驾驶软件在底层实现深度适配，以货运领域完全无人驾 驶为终极目标。截至2025年6月，公司已累计交付约6400台新能源重卡，在全球正向定义新能源重卡市 场排名第一。 围绕无人驾驶这一长期目标，DeepWay深向选择了务实、渐进的发展路径，将有限的资源优先配置到可 最先实现商业化落地的方向。公司成立初期，先通过正向定义打造车辆，实现三电核心零部件自研，完 成了新能源重卡的电动化革新；在此基础上推动组合辅助驾驶系 ...

Core Viewpoint - VinFast, a Vietnamese electric vehicle manufacturer, has announced a partnership with AI company Autobrains to develop advanced autonomous driving technology, including a low-cost "Robo-car" system. This collaboration aims to reduce costs and accelerate the deployment of autonomous driving technology, addressing the slow progress the company has faced despite significant investments in this area [1]. Group 1 - VinFast is collaborating with Autobrains to develop advanced autonomous driving technology [1] - The partnership includes the creation of a low-cost "Robo-car" system [1] - VinFast aims to lower costs and speed up the deployment of autonomous driving technology [1]

近日，"重卡新势力"DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重 卡赛道历史最大单笔融资。 据悉，本轮融资由普华资本领投，ABC Impact、欣旺达（300207）、前海淏天、瀚棠置业、临沂国 科、长兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资，融资资金 主要用于公司主营业务运营和发展，进一步夯实在智能新能源重卡领域的领先地位。 目前，DeepWay深向已率先在全系最新车型中实现组合辅助驾驶系统标配，智驾付费订阅率持续提升。 在应用场景选择上，DeepWay深向重点聚焦中国物流体系中体量庞大的固定线路短途大宗运输市场，该 市场运力需求约占公路货运总量的40%至50%。围绕这一场景，公司正在加速推进智能编队的应用，目 前在新疆、内蒙古、四川等客户场景进行编队测试验证和载货运营，并实现了编队车型的首批客户交 付。 伴随着数据积累与运营经验的不断深化，DeepWay深向有望率先实现智能编队的大规模部署，并逐步向 短途及中长途场景的单车智能无人驾驶演进，持续向"工业机器人"这一长期目标迈进。 普华资本基金合伙人杨洁表示："DeepWay深向 ...

Consumption - Dongpeng Beverage has launched its H-share offering with a price not exceeding 248 HKD per share, expecting to end on January 29, and reported revenue exceeding 16.8 billion CNY for the first three quarters [2] - Xibei's founder, Jia Guolong, announced a return to core business focus, abandoning personal branding efforts, as the company faces losses exceeding 600 million CNY [2] - Yanghe Distillery anticipates a net profit decline of over 60% for 2025, primarily due to deep adjustments in the liquor industry and reduced market demand [2] - KFC has slightly raised prices on some delivery items by an average of 0.8 CNY starting January 26, while in-store prices remain unchanged [2] Technology - Jieyue Star has appointed Yin Qi as chairman, responsible for overall strategic direction and technology, and has reportedly completed a multi-billion B+ round of financing [2] - Samsung has raised NAND flash supply prices by 100% in Q1, indicating severe supply-demand imbalance in the semiconductor market [3] - AI chip supplier Aixin Yuanzhi has passed the Hong Kong Stock Exchange hearing [3] Health - Yiling Pharmaceutical expects a net profit of 1.2 to 1.3 billion CNY for 2025, driven by stable market performance in its cardiovascular and respiratory product lines [3] Mobility - Wuxi Xian Dao Intelligent Equipment has passed the Hong Kong Stock Exchange main board listing hearing, with CITIC Securities and JPMorgan as joint sponsors [4] - GAC Group has received nearly 2,000 orders for its GOVY AirCab by the end of 2025 [4] - Ideal Auto plans to close approximately 100 underperforming retail stores in a channel transformation effort [7] Health (Continued) - The first version of the commercial health insurance innovative drug directory took effect on January 1, 2026, aimed at providing more access to innovative drugs through commercial insurance [11] - Nine departments have issued a document encouraging innovative drugs to enter retail pharmacies, aiming to enhance the quality of the pharmaceutical retail industry [13]