尽管外部环境逆风导致生产交付规模均有明显下滑，但与大众合资企业的车辆电气架构和软件开发业务为 Rivian 在 2025 年的业绩注入了一剂强心针。这与 汽车平均售价提升而成本降低一道带动 Rivian 在 2025 年实现了正的毛利润，相较 2024 年改善超过 13 亿美元。 IT之家 2 月 13 日消息，美国"造车新势力"Rivian 当地时间 12 日发布了其 2025 年第四季度及全年财务业绩。Rivian 去年的营业收入为 53.87 亿美元（IT之家 注：现汇率约合 372.22 亿元人民币），同比增长 8%，其中汽车收入 38.30 亿美元、软件与服务收入为 15.57 亿美元。 Rivian 表示该企业新款车型 Rivian R2 的量产启动工作进展顺利，今年 1 月完成了量产验证车型的制造，预计将于 2026 年第 2 季度开始交付首批客户。 Rivian 预计 2026 全年的所有车型合计交付量可达 64500 辆左右。 ...

Core Insights - Global electric vehicle (EV) sales experienced a significant decline in January 2026, primarily driven by a downturn in the Chinese market due to new taxes and reduced incentives [1][2][4] Global EV Sales Overview - Global EV sales reached 1.2 million units in January 2026, reflecting a 3% decrease year-over-year and a 44% drop from December 2025 [2] - The expiration of federal EV tax credits in the U.S. has also contributed to declining sales [7] Regional Performance - North America faced a challenging start to 2026, with EV sales dropping 33% year-over-year [3] - In China, the world's largest EV market, sales fell 20% year-over-year and 55% from December 2025, influenced by a new 5% purchase tax and changes in trade-in schemes [4] - Europe showed resilience with over 320,000 EVs sold in January, marking a 24% increase year-over-year despite a 33% decline from December [6] - Outside major regions, EV sales nearly doubled in countries like South Korea, Brazil, and Thailand, indicating growth potential in emerging markets [6]

Core Viewpoint - Tesla's reliance on unproven products for future growth raises concerns about its investment strategy, especially as the stock has seen a decline of over 5% this year [1]. Financial Performance - Tesla's fourth-quarter and full-year 2025 results showed a year-over-year decrease in both revenue and profitability, despite beating analyst estimates [2]. - Total deliveries fell by 16% to 495,570, indicating challenges in maintaining its position as a leading automobile manufacturer [4]. Capital Expenditure and Strategic Focus - The company plans to significantly increase capital expenditures, expecting to exceed $20 billion this year, more than double the level of 2025 [5]. - Investments will focus on various projects, including proprietary battery technology, the CyberCab autonomous taxi, and artificial intelligence initiatives [5]. Product Strategy - Tesla will begin winding down production of the high-end Model S and Model X, shifting focus to the more affordable Models 3 and Y, along with the upcoming Cybertruck [6]. - The production space for Model S/X will be repurposed for the development of Optimus, an autonomous robot, with a target of producing 1 million units annually [7]. Market Position and Valuation - Tesla's stock is considered expensive, trading at a forward P/E ratio of nearly 205 and a five-year PEG ratio of 6.8 [10]. - The success of new ventures like CyberCab and Optimus is critical, as they need to be highly successful to justify current valuations [11]. Consumer Behavior and Subscription Model - The transition to a fully subscription-based model for the Full Self-Driving (FSD) platform may face challenges, as many consumers already manage multiple subscriptions [9].

Waymo is enlisting DoorDash drivers in Atlanta to close robotaxi doors that have been left open, letting the driverless vehicles continue on their way https://t.co/00HChyHwqr ...

Core Viewpoint - Lantu Automotive is set to officially list on the Hong Kong Stock Exchange on March 19, 2024, marking it as the first high-end new energy vehicle company from a central state-owned enterprise to go public in Hong Kong [2] Group 1: Sales and Revenue Growth - Lantu Automotive is projected to achieve sales of 50,285 vehicles in 2023, 80,116 vehicles in 2024, and 150,169 vehicles in 2025, resulting in a compound annual growth rate (CAGR) of 72.8% from 2023 to 2025 [2] - The company's revenue is expected to reach RMB 12.749 billion in 2023, RMB 19.361 billion in 2024, and RMB 34.865 billion in 2025, with a CAGR of 65.4% during the same period [2] Group 2: Profitability and Financial Health - Lantu Automotive's gross margin is projected to increase from 14.2% in 2023 to 20.9% in 2025, positioning it among the top in the industry [2] - The company is expected to achieve a net profit of RMB 1.02 billion in 2025, making it one of the few companies in the industry to be profitable before going public [2] Group 3: Technological Development - Lantu Automotive has established five major technological foundations, including platform architecture and intelligent driving, and holds 1,874 granted patents and 5,405 pending patents in China as of December 31, 2025 [3] - The company has formed strategic partnerships with leading global firms, including a deep collaboration with Huawei and a ten-year agreement with CATL to enhance battery technology and supply chain security [3] Group 4: Product Strategy - In 2026, Lantu Automotive plans to launch four new models, including the Lantu Taishan Ultra, which is designed with L3-level autonomous driving architecture, and the Lantu Taishan X8, a large five-seat SUV [4] - The Lantu Taishan Ultra is noted as the first commercially produced vehicle designed with L3-level architecture from a central state-owned enterprise, set to launch in March [4] Group 5: Corporate Governance and Market Position - Lantu Automotive's stock code reflects its connection to its parent company, Dongfeng Group, symbolizing the heritage and competitive advantage derived from its state-owned enterprise background [5] - The upcoming listing is expected to provide long-term capital support, enhance corporate governance, and improve international visibility and brand image, thereby strengthening market competitiveness [5]

A股三大指数早盘集体下跌，截至午盘，沪指跌0.7%，深成指跌0.67%， 创业板指跌0.96%， 北证50指 数涨0.87%，沪深京三市半日成交额12137亿元，较上日缩量1264亿元。全市场超2600只个股下跌。 板 块题材上， 军工装备、 造纸、无人驾驶、 半导体设备、 养殖业、电池、旅游及酒店板块涨幅居前；油 气开采及服务、小金属、 港口 航运、 钢铁、 光伏设备、短剧 游戏板块跌幅居前。盘面上，国际局势 动荡，军工板块集体走高， 安达维尔收获20cm涨停。AI 算力基础设施建设浪潮如火如荼，半导体设备 方向持续活跃， 微导纳米、 富创精密均有10%以上涨幅。无人驾驶、 智能座舱板块同步走高， 浙江世 宝、 兴民智通、 千里科技封涨停板，此前工信部就自动驾驶安全标准征求意见。此外， 机器人、造 纸、 房地产等板块局部走高。另一方面，光伏板块热门股 双良节能盘中跌停，此前公司称间接参与相 关 商业航天项目，未直接与SpaceX合作。隔夜国际金价、油价较大下跌， 有色金属、 油气资源股等多 数走低， 中国海油、锡业股份等股录得下跌。 ...

欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 1.【多家车企明确2027年计划开展全固态电池装车示范工作】记者获悉，吉利汽车、奇瑞汽车等多家 车企近日披露各自全固态电池产业规划方案。吉利控股高级副总裁兼CTO沈源表示，公司在全固态电 池领域布局了三大技术路线，在应用规划方面，短期目标是2026年完成样车首发；2027年全固态电 池实现小批量产业化；长期目标是2030年完成全固态电池的产业化布局，并在高端车型上批量上 市。奇瑞汽车副总裁古春山表示，公司计划2026年实现0.5GWh中试线投产、PACK样包下线，完成 60Ah级全固态电芯的连续化生产；2027年正式启动全固态电池装车示范工作，推动技术从产线走向 实车验证，逐步实现规模化应用落地。（财联社） 2.【MinerU完成10余家国产AI芯片算力适配】2月12日消息，目前上海人工智能实验室 OpenDataLab团队、DeepLink团队及国产芯片厂家合作，已完成昇腾、平头哥、沐曦、海光、燧 原、摩尔线程、天数智芯、寒武纪、昆仑芯、太初元碁、壁仞等10余家主流国产算力的适配。 MinerU为上海人工智能实验室研发 ...

Summary of Xiaomi Group Conference Call Company Overview - **Company**: Xiaomi Group - **Industry**: Automotive and Consumer Electronics Key Points Sales Performance - In January 2026, Xiaomi delivered over 39,000 vehicles, a decrease from over 50,000 in December 2025 [1] - The decline in deliveries is attributed to: 1. The discontinuation of the first-generation SU7, with production lines being reconfigured for the new generation SU7 set to launch in April 2026 [1] 2. January had 21 working days, two fewer than December [1] - Future outlook suggests further decline in deliveries due to the impact of the Chinese New Year in February [1] Vehicle Pipeline - At least two key models are expected to launch in 2026: 1. The new generation SU7, which will officially launch in April 2026 [2] 2. The YU9 model, part of the range-extended platform, is undergoing road tests and is expected to launch in the second half of 2026 [2] - The YU7GT model has completed the necessary regulatory filings and is anticipated to be released within the year [2] - Xiaomi's target for 2026 is to deliver 550,000 vehicles, which is considered conservative compared to the previous year's performance of over 410,000 vehicles [2] - With the introduction of new models and potential capacity releases, the forecast for 2026 deliveries is adjusted to 660,000 electric vehicles [2] Cost Pressures - **Storage Costs**: The proportion of storage costs in the Bill of Materials (BOM) for Xiaomi smartphones is expected to rise from 10-15% to 20-30% by Q4 2025, impacting the gross margin to approximately 9% [3] - **Battery Costs**: The cost of lithium batteries is increasing, with a projected rise in battery costs by approximately 5,640 RMB per vehicle due to significant price increases in lithium carbonate and lithium hexafluorophosphate [4] - Overall, the smartphone industry is facing challenges from declining shipments and increased competition in the white goods market, leading to a downward revision of revenue forecasts for 2025-2027 [4] Financial Projections - Revenue expectations for 2025-2027 have been adjusted to 461.2 billion, 541.8 billion, and 600.5 billion RMB respectively, down from previous estimates [4] - Non-IFRS net profit projections have also been revised to 40 billion, 36.2 billion, and 50.2 billion RMB for the same period [4] Valuation and Target Price - The company is valued using a 30x PE ratio, resulting in a total market capitalization of approximately 1.31 trillion HKD [5] - A target price of 47 HKD is set, maintaining a "Buy" rating for the stock [5]

从业绩表现来看，2023年至2025年，岚图汽车销量从50285辆增至150169辆。营收从127.5亿元增长至 348.6亿元。2025年实现净利润10.2亿元，实现年度盈利。 岚图汽车本次上市不发行新股，系东风汽车集团股份有限公司分派所致，每持1股东风汽车集团股份有 限公司内资股或H股可获0.3552608股岚图汽车H股。 新京报贝壳财经讯(记者王琳琳)2月13日，岚图汽车在港交所发布公告称，公司已向联交所申请批准约 8.8538亿股H股于联交所上市及买卖。岚图汽车H股以介绍方式于联交所主板上市，且并无就上市发行H 股。预计2026年3月19日上午9时于联交所开始买卖，股份代号7489。 2025年8月22日，东风集团股份公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份同 步完成私有化退市。本次交易采用"股权分派+吸收合并"的组合模式，两大核心环节互为前提、同步推 进。2025年10月岚图汽车递交上市申请，2026年1月29日通过香港联交所聆讯，2026年2月11日获香港联 交所原则性同意。 ...

Core Insights - Xiaomi's electric car venture has overtaken Tesla in China for January sales, with the YU7 SUV selling 37,869 units compared to Tesla's 16,845 Model Y vehicles [1] - The Model Y, previously the best-selling model in December, dropped to 20th place in January, and among new energy vehicles, it fell from first to seventh [1] Group 1: Sales Performance - The Xiaomi YU7 SUV ranked first in China by sales in January, achieving sales of 37,869 units [1] - Tesla's Model Y saw a significant decline in sales, with only 16,845 units sold, marking a drop from its previous top position [1] Group 2: Market Positioning - Xiaomi launched the YU7 at a starting price 10,000 yuan ($1,450) lower than the Model Y in China, indicating a competitive pricing strategy [3] - The company claims that the YU7 outperforms Tesla's Model Y in key metrics, such as driving range on a single battery charge [3] Group 3: Product Launch Timeline - The YU7, Xiaomi's second electric car model, was introduced approximately six months ago in the summer of 2025 [2]