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]

Summary of Conference Call Notes on the Automotive Industry Industry Overview - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and new energy vehicles (NEVs) in China - **Current Market Sentiment**: Investor positioning in the automotive sector is underweight as of early 2026, with concerns about demand and cost inflation impacting outlooks [1][2] Key Points 1. Industry Volume Trajectory - **January 2026 Performance**: Domestic passenger vehicle retail volume decreased by 20% month-over-month (mom), compared to a 14% decrease in January 2024 [3] - **Market Expectations**: Anticipation of continued volume decline into February 2026, attributed to the Chinese New Year holiday and reduced stimulus effects [3] - **Future Outlook**: Expected recovery in consumer demand starting March 2026, coinciding with new product launches from BYD and the Beijing Auto Show [3] 2. Raw Material and Memory Cost Inflation - **Cost Increases**: Year-to-date increases in commodity prices (lithium, copper, aluminum) range from 27% to 85% year-over-year [4][18] - **Impact on BOM Costs**: Estimated average increase in Bill of Materials (BOM) costs for EVs is approximately Rmb4,000, leading to a gross margin decline of 2.0% and a net margin decline of 1.7% [4][11] - **OEM Negotiations**: OEMs are negotiating cost-sharing with suppliers, but are expected to absorb 100% of memory cost increases [4] 3. Potential Policy Stimulus - **Government Support Expectations**: Investors anticipate additional government support if demand remains weak, including subsidies for Level 3 vehicles and domestic chip usage [7] - **Economic Contribution**: Passenger vehicles accounted for about 5% of GDP in 2025, indicating the sector's significance to the economy [7] 4. Sensitivity Analysis on Costs - **Margin Concerns**: Rising raw material and memory costs are raising concerns about potential margin impacts for OEMs [8] - **Cost Pass-Through Assumptions**: Analysis assumes a 50/50 cost pass-through ratio for battery and metals, while memory costs are fully absorbed by OEMs [9][12] 5. Target Price Adjustments - **Price Target Reductions**: Target prices for covered OEMs and suppliers have been cut by up to 12% due to weaker demand and higher costs, with average estimates lowered by approximately 16% [2][24] - **Specific Company Adjustments**: - **BYD**: Target price reduced from Rmb144 to Rmb137 due to weaker delivery volumes and higher BOM costs [25] - **Li Auto**: Target price reduced from US$27 to US$24, reflecting lower sales and higher costs [25] - **XPeng**: Target price reduced from US$25 to US$22, driven by weaker sales and pricing pressures [25] - **NIO**: Target price reduced from US$7.0 to US$6.6, impacted by BOM cost inflation [25] 6. Long-term Projections - **Revenue and Net Income Changes**: Projections for revenue and net income have been adjusted downward for several companies, reflecting anticipated market conditions through 2030 [24][30] Additional Insights - **Investor Concerns**: There is a growing concern among investors regarding the sustainability of margins in light of rising costs and competitive pressures [8] - **Market Dynamics**: The automotive sector is facing significant challenges from both internal cost pressures and external market conditions, necessitating close monitoring of policy developments and consumer demand trends [7][8] This summary encapsulates the critical insights from the conference call, highlighting the automotive industry's current challenges and future outlook.

Summary of the Conference Call on China Auto Manufacturers Industry Overview - The conference call focused on the **China Auto Manufacturers** industry, particularly the performance of **New Energy Vehicles (NEVs)** and **Internal Combustion Engine (ICE)** vehicles in January 2026. Key Points and Arguments NEV Market Performance - **NEV Sales Decline**: In January 2026, domestically produced NEV passenger vehicle (PV) sales decreased by **58% month-over-month (MoM)** and **20% year-over-year (YoY)**, slightly missing the previous expectation of **-55% MoM** [1][6] - **Market Share Gains**: Companies like **Xiaomi, Seres, Nio, and Li Auto** gained NEV market shares MoM, while traditional brands like **BYD** saw significant declines [1][2] ICE Vehicle Trends - **ICE Sales Surge**: The penetration of ICE vehicles increased to **62.6%**, a rise of **21.3 percentage points (ppt) MoM**, attributed to seasonal sales before the Chinese New Year [2][6] - **Market Share Changes**: Chinese brands' ICE market share rose by **1.4ppt MoM** to **35.7%**, while foreign brands showed mixed results [4][6] Brand-Specific Insights - **Tesla's Performance**: Tesla's domestic insurance retail sales fell by **78% MoM** and **41% YoY**, with wholesales at **69,129 units** (down **29% MoM**, up **9% YoY**) [5][22] - **BYD's Decline**: BYD's NEV sales were **104,623 units**, down **49% YoY** and **68% MoM**, resulting in a market share drop of **10.4ppt** [9][22] - **Gains by Competitors**: **Xiaomi** and **Nio** reported increases in market share, with Xiaomi gaining **4.9ppt** and Nio **2.9ppt** MoM in the BEV segment [2][3] Inventory Levels - **Inventory Increase**: The inventory of PVs increased by **1.0 month MoM** to **3.1 months**, while NEV inventory rose by **2.0 months MoM** to **3.4 months** [6][23] Market Share by Segment - **BEV Market Share**: Local Chinese brands maintained a high NEV market share of **87.1%**, while US brands dropped to **8.2%** [6][10] - **PHEV Market Dynamics**: BYD lost PHEV market share by **5.1ppt** to **43.3%**, while local competitors gained [3][6] Additional Important Insights - **Sales Recovery Expectations**: There are expectations for a sales recovery starting in March 2026, as the market adjusts post-holiday season [1][6] - **Overall Market Trends**: The data suggests a challenging environment for NEV manufacturers, with significant month-over-month declines indicating potential volatility in the market [1][6] This summary encapsulates the critical insights from the conference call regarding the current state and trends within the China auto manufacturing industry, particularly focusing on NEVs and ICE vehicles.

Core Insights - Waymo is piloting a program in Atlanta to compensate DoorDash drivers for closing doors left ajar on its autonomous vehicles, highlighting the need for human intervention in certain basic operations despite advanced technology [2][4]. - The company is also collaborating with Honk, an independent roadside assistance service, to pay users for similar tasks, with reports indicating payments of up to $24 in Los Angeles for closing a Waymo door [5]. - Waymo's valuation stands at $126 billion following a recent financing round, and it is a key component of Alphabet's Other Bets segment, which aims to leverage technology to address significant industry challenges [4]. Financial Performance - Alphabet's Other Bets segment, which includes Waymo, reported an operating loss of $7.5 billion last year, which encompassed a $2.1 billion stock-based compensation charge attributed to Waymo [5]. - Waymo's operational costs are impacted by the need to employ gig workers for tasks that could eventually be automated, indicating a reliance on human labor in the short term [4]. Market Expansion - Waymo has begun deploying its next-generation robotaxi and currently operates its fully autonomous service in six U.S. markets, with plans for further expansion within the year [6].

国海汽车｜1月乘用车上险数解读及后续展望 – 畅谈汽车第49期 1、1月乘用车市场结构与车企表现 ·2月乘用车销量预测分析：国内购车补贴政策于2026年1月1日实施，但因细则及渠道等方面较2025年1月有变化， 存在落地时间窗口或延迟，导致1月销量处于低位。 2月起各地政策加速落地，北京、上海2月上旬已启动，其他省市预计2月全面推进。 ·1月上险数据结构特征分析：1月国内乘用车上险和零售总量约155万辆，同环比均呈两位数下滑。 不同级别车型走势分化显著：2025年1月A00级小车销量约6万辆，2026年1月降至1.6万辆，同比下降超70%，主要 因新能源车购置税政策切换（2026年起加征5%购置税，2028年恢复至10%）导致2025年 国海汽车｜1月乘用车上险数解读及后续展望 – 畅谈汽车第49期 1、1月乘用车市场结构与车企表现 ·1月上险数据结构特征分析：1月国内乘用车上险和零售总量约155万辆，同环比均呈两位数下滑。 不同级别车型走势分化显著：2025年1月A00级小车销量约6万辆，2026年1月降至1.6万辆，同比下降超70%，主要 因新能源车购置税政策切换（2026年起加征5%购置税，2028年恢 ...

Core Viewpoint - Magna International Inc. is experiencing a positive shift in analyst sentiment, reflected in the rising consensus price target, indicating expectations of growth or stability in its stock price [2][4][6] Group 1: Analyst Sentiment and Price Targets - The average price target for Magna has increased from $50 a year ago to $61 last month, showing significant growth in analyst confidence [4][6] - Three months ago, the average price target was $58.29, indicating a gradual increase in confidence regarding Magna's performance [3][6] - Citigroup analyst Itay Michaeli has set a price target of $81, suggesting potential for substantial stock price growth [2][6] Group 2: Earnings Expectations - Analysts anticipate that Magna will exceed quarterly earnings estimates, supported by the Zacks Earnings ESP tool [5] - The upcoming earnings report is expected to reflect positive growth, reinforcing the bullish outlook among analysts [4][5] Group 3: Competitive Position - Magna competes with major players like Continental AG and Bosch, offering a wide range of products and services in the automotive industry [1]