风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月6日，新能源车ETF（159806）涨超1.5%，车企盈利能力有望改善 国金证券指出，2026年新能源车行业将呈现全球化、智能化加速发展的趋势。政策与优质供给推动 海外新能源加速渗透，预计2026年新能源出口总量有望达303万台，同比增长34%，渗透率提升至 45%。智能化方面，AI Agent上车重塑座舱体验，成为差异化竞争手段；智驾领域新一代架构及大算力 芯片加速落地， ...

Investment Rating - The report does not explicitly state an investment rating for the automotive industry but indicates a challenging outlook for the market moving into 2026 due to increasing volatility and structural changes [7]. Core Insights - Major automakers reported December and full-year sales results, with a notable decline in the typical year-end "pull-forward" effect, leading to double-digit month-on-month declines for most OEMs [7][8]. - The fading demand driven by subsidies is expected to put sustained pressure on the automotive market in China, with a forecast of increased volatility and market restructuring [7][8]. - The divergence in target fulfillment among automakers reflects the alignment of corporate strategies with actual market demand, with some companies exceeding targets through effective segmentation and cost efficiency [16]. Summary by Relevant Sections December Sales Performance - BYD sold 420,000 units in December, an 18% year-on-year increase but a 13% month-on-month decline, achieving a full-year target of 4.602 million units [8][9]. - Geely's December sales reached 240,000 units, a 13% year-on-year increase but a 24% month-on-month decline, with a full-year target of 3.025 million units achieved [9]. - Leapmotor delivered 60,000 units in December, a 42% year-on-year increase, surpassing its annual target of 500,000 units ahead of schedule [10]. Strategic Positioning and Market Demand - Companies that effectively matched their strategic positioning with market demand were able to meet or exceed their sales targets, while others that relied heavily on specific products or technologies underperformed [16]. - NIO achieved a record 48,000 units in December, with a full-year delivery total of 326,000 units, reflecting a 74% target achievement rate [15]. - Xiaomi Auto exceeded 50,000 units in December for the first time, achieving over 400,000 units for the full year, aligning with its revised guidance [12]. Future Outlook - The report anticipates intensified competition in the electric vehicle segment, particularly for companies like Li Auto, which aims to maintain its leading position while facing uncertainties in its battery electric vehicle strategy [13]. - The overall market dynamics suggest that companies will need to adapt to changing consumer preferences and competitive pressures as they move into 2026 [16].