格隆汇1月2日｜特斯拉去年的汽车销量下降8.6%，使这家马斯克领导的公司在全球电动汽车生产商排 名中远远落后于比亚迪。特斯拉周五在一份声明中表示，其第四季度的交付量下降了16%，降至418227 辆，低于分析师的预期。相比之下，比亚迪的电动汽车销量在本季度和全年都有所增长，全年交付了近 226万辆电动汽车，而特斯拉的电动汽车销量为164万辆。华尔街现对特斯拉2026年的销售前景越来越怀 疑。两年前的这个时候，分析师预测特斯拉将交付超过300万辆汽车，如今平均预期值已骤降至约180万 辆。 ...

Core Viewpoint - The article discusses the expansion of Li Auto's supercharging stations, highlighting significant growth in the number of stations and their strategic placement along highways, which is expected to enhance the charging infrastructure for electric vehicles in China. Group 1: Expansion Plans - As of December 31, 2024, Li Auto has 1,727 supercharging stations, with an increase of 345 stations in the last week of December and 136 stations added on December 31 alone [1] - By December 31, 2025, the number of supercharging stations is projected to reach 3,907, with 194 stations added in the last week of December and 72 on December 31 [1] - Li Auto plans to have a total of 4,800 supercharging stations by the end of 2026, with over 35% of these located on highways, equating to approximately 1,680 stations [1] Group 2: Charging Infrastructure Statistics - Currently, about 20% of highway service areas have Li Auto supercharging stations, with an average of one station every 318 kilometers on all highways in China [1] - By the end of 2026, it is expected that around 28% of highway service areas will feature Li Auto supercharging stations, reducing the average distance between stations to approximately 227 kilometers [1] - During the period from October 1 to 8, 2025, Li Auto's supercharging stations accounted for 12% of the total charging volume on national highways, with a total charging volume of 14.7 million kWh [4] Group 3: National Charging Station Growth - As of December 27, 2024, over 5,800 out of 6,000 highway service areas in China have installed charging piles, achieving a coverage rate of 97% [4] - The total number of charging piles in highway service areas has reached 33,000, with an increase of 12,000 compared to 2023 [4] - The number of charging sessions for new energy vehicles on highways reached 5.169 million, with a total charging volume of 1.23 trillion kWh during the same period, reflecting a 23.61% increase in daily average charging volume compared to the May Day holiday and a 47.3% increase compared to the previous year's National Day holiday [4]

特斯拉以欧洲多国新车销量大幅下降的惨淡光景，为其在欧洲低迷的一年表现画上句号。 据法国汽车协会数据，这家美国企业上月在法国仅注册1942辆汽车，同比下滑66%。瑞典市场方面，特 斯拉12月销量暴跌71%，全年销量降幅达67%。 挪威仍是逆势而上的例外，该公司12月在该市场注册了5，679辆汽车，同比增长近90%。特斯拉在该市 场的受欢迎程度依然不减，去年售出的新车中96%为纯电动汽车。 分析师预计特斯拉将于周五晚些时候公布第四季度全球汽车交付量下滑约11%。本周早些时候，特斯拉 罕见地发布了一份分析师对汽车交付量的平均预期，该数据更为悲观，显示交付量下降15%。 责任编辑：陈钰嘉 特斯拉以欧洲多国新车销量大幅下降的惨淡光景，为其在欧洲低迷的一年表现画上句号。 据法国汽车协会数据，这家美国企业上月在法国仅注册1942辆汽车，同比下滑66%。瑞典市场方面，特 斯拉12月销量暴跌71%，全年销量降幅达67%。 挪威仍是逆势而上的例外，该公司12月在该市场注册了5，679辆汽车，同比增长近90%。特斯拉在该市 场的受欢迎程度依然不减，去年售出的新车中96%为纯电动汽车。 分析师预计特斯拉将于周五晚些时候公布第四季度全 ...

新的一年刚刚开始，然而关税战已然打响。墨西哥率先采取行动，对未与其签署自贸协定的国家统一加税，税率高达35%。这一举措看似不大，但其背后的 政治意义非常深远。这不仅仅是一次简单的关税调整，而是一次带有明显政治目的的交换，结果谁来承担代价，目的指向何方，已经显而易见。 墨西哥为何在这个敏感时刻出手？这一时间点极具象征意义。墨西哥立法机构已经通过了一项方案，明确规定自2026年1月1日起执行。涉及的国家不少，其 中包括中国。表面上看，规则对所有国家一视同仁，实际上，这一决定的影响并不对等。原因很简单，中墨两国的贸易额巨大，受影响最大的无疑是中国。 虽然墨西哥方面表示这不是针对任何特定国家，但实际上这一政策的政治目的非常明确。明年7月，美国与墨西哥的自贸协定将迎来关键时刻，是否续签， 取决于美国的评估。特朗普曾多次警告，如果墨西哥不配合美国的关税立场，美国随时可能对墨西哥商品加税。在这种背景下，墨西哥必须提前表态，采取 具体行动。对中国等未签署自贸协定的国家加税，实际上是向美国示好的一种方式。换句话说，墨西哥正试图通过牺牲他国利益来换取美国的善意。 墨西哥的行动不仅仅是单一国家的决策，更带来了示范效应。其他与中国有 ...

Group 1 - Major stock indices futures are up, with Dow futures rising by 0.33%, S&P 500 futures increasing by 0.63%, and Nasdaq futures gaining 1.07% [1] - Chinese concept stocks are mostly up, with Baidu rising by 12%, NIO by 4%, and Bilibili, Alibaba, JD.com, Futu Holdings, and Pony.ai all increasing by 2% [1] - Star technology stocks are also seeing gains, with Micron Technology up over 3%, Tesla rising nearly 2.5%, and Nvidia and AMD both increasing by nearly 2% [1] Group 2 - Precious metals are experiencing significant increases, with spot silver rising by 4% to $74.34 per ounce and spot gold increasing by 1.54% to $4,385.35 per ounce [2] - NIO's founder and CEO Li Bin announced in a company-wide letter that the company is about to reach the milestone of producing its 1 millionth vehicle and plans to enhance its sales and service network by 2026 to better compete in the market [2] - Stellantis shares are up over 3% as the company resumes production of the V8-powered Ram TRX pickup truck, with plans to launch the 2027 model by the end of 2026 at a price of approximately $100,000 [2] Group 3 - According to CME's "FedWatch," there is an 85.1% probability that the Federal Reserve will maintain interest rates in January, with a 14.9% chance of a 25 basis point cut [3] - SpaceX's Starlink program plans to lower the orbital altitude of its satellites from 550 kilometers to 480 kilometers in 2026 to enhance space operation safety, with over 9,300 satellites currently in orbit and expected to exceed 10,000 by March 2026 [3]

"十五五"规划即将实施。规划强调科技创新是"十五五"的核心动力，旨在 解决"卡脖子"技术问题，培育新质生产力，重点方向包括人工智能、量子 信息、生命科学等。2 026 年我国资本市场有望延续慢牛、长牛行情，其 中科技创新领域将受到关注。 2025年我国经济、科技基本情况及政策前景 文/ 前海开 源基金 首席经济学家 杨德龙 在货币政策方面，美联储预计将继续降息。美联储降息往往会引发其他央行跟随降息，而我国央行此前已经通过降准、降息提供了较为宽松的货币环境。 预计 2026年美联储可能降息两次。我国利率水平本身已经处于较低位置，降息空间相对有限，但仍可通过下调 LPR 利率、MLF 利率等方式降低资金成 本。这将为推动 A 股和港股进一步走强奠定基础。 在美元指数逐步回落的背景下，人民币汇率有望继续回升。人民币升值将吸引更多外资流入中国资产，这对于推动中国资产估值回升具有积极意义。 2025年前十一个月，我国货物贸易顺差突破 1万亿美元，创造了历史记录。在中美签署贸易协定之后，我国出口贸易有望保持平稳增长态势，并在这一基 础上实现进一步提升。当前我国出口"新三样"，即新能源汽车、锂电池和光伏产品，具备较强的国际 ...

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].

华尔街日报1月1日写道："马斯克曾对特斯拉上海工厂赞不绝口，他感叹：'中国就是未来。'如今，特 斯拉正经历摩托罗拉、苹果早领教过的教训：中国产业链崛起，这里的未来，未必有你一席之地。" 回想几年前，马斯克在上海拿地建厂的时候，那可是意气风发。特斯拉上海超级工厂不仅跑出了惊人 的"中国速度"，还一度成了马斯克的印钞机。 那时候他反复夸中国团队效率高、供应链完善，甚至直接说出"中国就是未来"这样的话。之所以会有这 种感叹，是因为那时候特斯拉需要中国的产能、需要中国的零部件配套，更需要中国这个巨大的新能源 汽车市场来支撑它的万亿市值。 事情的变化往往就在不知不觉中发生。当初特斯拉进来的时候，我们确实欢迎，因为它能带动整个产业 链的成熟。这几年下来，效果很明显。 中国本土的供应链企业给特斯拉做配套，跟着一起成长，工艺水平上去了，成本控制下来了，质量也做 稳了。 这些供应商一旦掌握了核心技术，就不会再满足于只给马斯克打工，他们开始主动寻找新的合作伙伴， 而这个新的合作伙伴，正是雨后春笋般冒出来的中国本土造车新势力。 一旦这些技术实现了国产化替代，成本就会大幅下降，体验还会根据中国用户的使用习惯进行优化。这 种本土化的创 ...

Group 1 - In 2025, BAIC New Energy's total sales exceeded 200,000 units, reaching 209,576 units, representing an 84% year-on-year growth [2] - December 2025 saw a monthly sales figure of 35,205 units, marking a 115% increase year-on-year, with three consecutive months surpassing 30,000 units [2] - The "Xiangjie" brand achieved its first monthly sales exceeding 10,000 units in December, becoming the top seller in the luxury new energy sedan segment priced above 300,000 yuan [2] Group 2 - The "Extreme Fox" brand's annual sales surpassed 160,000 units, doubling its sales for three consecutive years, with December sales exceeding 24,000 units, a 103% year-on-year increase [2] - The dual-brand strategy of "Extreme Fox + Xiangjie" significantly propelled BAIC New Energy's performance, leading industry growth [2] - The approval of the Extreme Fox Alpha S (L3 version) by the Ministry of Industry and Information Technology and the issuance of a special license plate for autonomous driving in Beijing validate the company's technological capabilities [2] Group 3 - BAIC New Energy, established in 2009, is a high-tech listed company under BAIC Group and a pioneer in the independent operation of new energy vehicles in China [3] - The company went public in 2018, becoming the "first stock of Chinese new energy vehicles" (stock name: BAIC Blue Valley, stock code: 600733) [3] - The company is focused on developing two main vehicle brands: "Extreme Fox," which targets the mid-to-high-end new energy vehicle market, and "Xiangjie," a luxury flagship brand co-developed with Huawei [3]

Group 1 - The core focus of the Central Economic Work Conference is to ensure a strong start for the 14th Five-Year Plan and to address five key areas for economic work in 2026 [1] - Domestic demand is expected to remain robust, contributing 71% to economic growth in the first three quarters of 2025, with retail sales projected to exceed 50 trillion yuan [4][3] - Key tasks for economic work include promoting consumption, implementing income growth plans for urban and rural residents, and expanding the supply of quality goods and services [4][5][8] Group 2 - The government aims to enhance investment in public welfare sectors such as elderly care, childcare, and healthcare [8] - There is a focus on optimizing government investment through various financial instruments, including special bonds and budget allocations [9][10] - The integration of investment in physical infrastructure and human capital is emphasized to support consumption [10] Group 3 - The manufacturing sector, particularly high-tech industries, is showing growth, with a 9.2% increase in value added from January to November 2025 [12] - The production of electric vehicle batteries and digital products has seen significant increases, with growth rates of 26.5% and 42.2% respectively [14] - The development of new productive forces is crucial for creating new demands and markets, fostering innovation and value creation [14] Group 4 - The establishment of a unified national market is progressing, with significant improvements in logistics and trade facilitation [16] - The Hainan Free Trade Port has officially started operations, indicating a new phase in trade and investment [17] - Plans are in place to enhance the regulatory framework for the unified market and deepen state-owned enterprise reforms [19] Group 5 - Employment stability is a priority, with over 12 million new urban jobs expected annually [21] - The income disparity between urban and rural residents has decreased to a historic low of 2.34:1 [22] - High participation rates in basic social insurance programs reflect improvements in social welfare [23]