港股新能源汽车板块普遍走弱，小鹏汽车跌超8%，其余多家车企个股同步下探。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 年初本属传统销售淡季，叠加2025年底新能源汽车购置税减免政策到期，年末购车需求提前集中释放， 对2026年1月形成明显透支效应，导致市场短期承压，政策退坡带来的需求真空成为销量波动的核心诱 因之一。 乘联会进一步表示，2026年春节时点偏晚，1月工作日数量多于去年同期，理论上利于延长销售窗口， 叠加返乡潮带动首购需求释放，全月乘用车市场本有望实现同比微增。但购置税优惠退坡的滞后影响仍 在发酵，各省份"以旧换新"补贴细则推进节奏不一，消费者观望情绪浓厚，终端市场修复仍存不确定 性。 当前市场处于政策过渡与季节性调整的交汇期，随着地方补贴细则加速落地、春节后消费旺季开启，叠 加车企新品周期推进，行业需求有望逐步回暖。行业长期向好根基未变，技术迭代、产品力提升与全球 化布局仍是核心驱动力。 此轮调整与前一日车企集中披露的2026年1月交付数据直接相关。当月主流新能源车企交付成绩分化显 著：小鹏汽车交付新车20011辆，同比 ...

芯片股跌幅居前，华虹半导体跌超10%。周一，三星、SK海力士下跌。据媒体报道，三星、SK 海力士 与美光三大原厂已纷纷收紧订单审核，对客户进行更严格的尽职调查——包括核实终端用户身份、确认 实际需求数量，甚至质疑订单真实性，以应对因部分客户超额下单或囤货而可能引发的后续市场波动。 新浪合作大平台期货开户 安全快捷有保障 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：郝欣煜 2月2日消息，港股三大指数低开低走。截至午间收盘，恒生指数跌2.4%，报26730.78点，恒生科技指数 跌3.68%，国企指数跌2.71%。盘面上，科网股普跌，哔哩哔哩跌超4%，百度、网易、快手、阿里巴巴 跌超3%，小米、美团跌超2%；黄金股继续下跌，山东黄金跌超10%；汽车股走弱，小鹏汽车跌9%；芯 片股跌幅居前，华虹半导体跌超10%。 | 名称 | | 昌新价 | 涨跌额 | 涨跌幅 へ | | --- | --- | --- | --- | --- | | 恒生科技指数 | Wh | 5507.77 | -210.41 | -3.68% | | 800700 | | | | | | 国企指数 | | 9 ...

来源：参考消息 据香港《南华早报》网站1月29日报道，随着广东省统计局1月30日公布去年全省经济运行情况，中国排 名靠前的经济大省的"年报"已全部发布。 报道称，从结构数据看，经济大省普遍较高的增长速度已非传统动能的延续，而越来越显著地体现为新 兴动能的汇聚。 上海第三产业增加值占GDP的比重已逼近八成，信息服务业继续领跑。去年，上海第三产业增加值同比 增长6.0%，其中，信息传输、软件和信息技术服务业增加值同比增长15.3%，金融业增加值同比增长 9.7%。 河南去年的经济增速亮眼，其中制造业增加值同比增长7.6%，拉动GDP增长2.0个百分点。近年来，河 南抢抓新能源汽车、人工智能等行业发展机遇，引进比亚迪、中州时代、超聚变等龙头企业落户投产， 工业新质生产力加快形成。 四川加快建设世界级优质清洁能源基地，去年水电装机容量突破1亿千瓦，占中国全国20%以上。四川 挖掘水、风、光、气等清洁能源潜力，去年规上工业清洁能源发电量占全省规上工业发电量的81%，规 上工业天然气产量稳居全国第一。 坚持内需主导，深入实施提振消费专项行动，推动投资止跌回稳，是当前中国各地经济工作的重点任 务。 据报道，2025年，北京 ...

Core Insights - The domestic new energy vehicle market experienced a significant decline in January 2026, with all nine major manufacturers reporting a month-on-month drop in deliveries averaging 38%, with the highest decline exceeding 47% [1][2] - However, year-on-year performance showed a stark contrast, with leading brands like Zeekr and NIO nearly doubling their deliveries, while brands like Xpeng and Li Auto faced declines of 34.1% and 7.6% respectively, highlighting a widening gap between top and smaller brands [1][2] Group 1: Market Performance - The nine major manufacturers saw month-on-month delivery declines ranging from 21.2% to 47.0%, indicating market volatility due to policy adjustments and changes in consumer behavior [2][5] - Leading brand Homologous Intelligence maintained the highest delivery volume at 57,915 units, despite a 35.4% month-on-month decline, showcasing a year-on-year growth of 65.6% [2][3] - Xiaomi's deliveries exceeded 39,000 units, with a month-on-month drop of 22.3% but a year-on-year surge of 70%, indicating strong market acceptance [2][3] Group 2: Brand-Specific Insights - NIO and Zeekr emerged as the "dual engines" of year-on-year growth, both exceeding 95% growth, with NIO delivering 27,182 units (up 96.1% year-on-year) and Zeekr delivering 23,852 units (up 99.7% year-on-year) [3][4] - Li Auto and Xpeng faced challenges with year-on-year declines, with Li Auto delivering 27,668 units (down 7.6%) and Xpeng delivering 20,011 units (down 34.1%) [4][5] - Leap Motor and Lantu maintained steady growth, with Leap Motor delivering 23,591 units (up 63.9% year-on-year) and Lantu delivering 10,515 units (up 31.3% year-on-year) [4][5] Group 3: Market Dynamics and Future Outlook - The decline in January sales is attributed to short-term factors such as policy changes, seasonal demand fluctuations, and inventory management by dealers, with a forecasted 40% month-on-month drop in national retail sales of new energy vehicles [5][6] - Despite short-term pressures, the long-term growth trajectory for the new energy vehicle industry remains intact, with projections of 19 million units sold in 2026, representing a 15.2% year-on-year increase [6] - The market is expected to stabilize post-policy transition, with new product launches and supportive measures from local governments anticipated to drive recovery in February and March [6]

Core Insights - Xiaopeng Motors reported a total delivery of 20,011 vehicles in January 2026, which is expected to reduce carbon emissions by approximately 300,000 tons compared to traditional fuel vehicles, equivalent to the carbon absorption of 4.94 million medium-sized trees over ten years [2] Group 1: Sales Performance - The Xiaopeng X9 model continues to perform strongly, with 4,219 units delivered in January, representing a year-on-year increase of 413.9%. Cumulatively, the X9 has delivered 51,897 units, making it the fastest MPV among new domestic brands to surpass 50,000 units [3] Group 2: New Product Launches and Technology Upgrades - On January 8, Xiaopeng Motors launched the 2026 models including the P7+, G7 Super Range, G6, and G9, all featuring the second-generation VLA, which is the industry's first physical world model capable of L4-level autonomy, set to be pushed to users in the first quarter [4] Group 3: Global Expansion - The Xiaopeng P7+ was launched simultaneously in 36 countries, including China, and made its European debut at the Brussels Auto Show, with a starting price of €43,990. Deliveries are planned to begin in April across 25 European markets. By the end of 2025, Xiaopeng aims to be present in 60 countries with over 1,000 sales outlets [5] Group 4: Government Support and Financial Backing - Xiaopeng Motors received attention from the Guangzhou municipal government, with a visit from key officials to understand the company's technological innovations. Additionally, a strategic cooperation agreement was signed with the Industrial and Commercial Bank of China, providing a credit line of 10 billion yuan to support various business operations [6] Group 5: Public Engagement and Experience - The "Xiaopeng AI Technology Manufacturing Journey" was opened to the public, allowing individuals to book visits to the company's global headquarters and manufacturing bases, showcasing advancements in AI automotive technology and robotics [7]

理想汽车董事长兼CEO李想表示："1月，我们向用户推送了OTA 8.2版本系统更新，带来40项新增功能和25项体验优化，辅助驾驶、智能空间 和智能电动体验全面升级。强化版VLA司机大模型对物理世界的思考和理解能力迎来质变，城区复杂路况的应对更接近真人驾驶。新上线的 宠物模式和AI艺术相框功能广受用户喜爱，非常多的用户创作和分享AI宠物屏保，回忆和爱宠的治愈时刻。我始终相信AI带来的生产力变 革，将极大地加速智能电动车向具身智能产品进化，为理想汽车创造更大的机遇。感谢用户和伙伴长期以来的信任和支持，我们会不负期 待，把握机遇、主动积极迎接挑战，持续为用户提供更主动、更聪明、更有温度的服务。" 在销售与服务网络方面，截至2026年1月31日，理想汽车在全国范围内已有547家零售中心，覆盖159个城市；售后维修中心及授权服务中心共 计547家，覆盖221个城市。充电网络建设同步推进，全国已投入使用3966座理想超充站，拥有21,945个充电桩。 2月1日，理想汽车公布了2026年1月的交付数据。2026年1月，理想汽车交付新车27,668辆。截至2026年1月31日，理想汽车历史累计交付量已 达1,567,883辆 ...

Core Insights - NIO reported a strong sales performance with 27,182 vehicles delivered in January 2026, marking a year-on-year growth of 96.1% [2] - The total cumulative deliveries have surpassed 1 million units, reaching 1,024,774 vehicles, solidifying NIO's position in the high-end electric vehicle market [2] - The new ES8 model celebrated its 60,000th owner within just 134 days of launch, indicating robust demand for large electric SUVs [2] Group 1: Sales Performance - NIO delivered 27,182 vehicles in January 2026, achieving a remarkable year-on-year growth of 96.1% [2] - The cumulative delivery milestone of 1,024,774 vehicles has been reached, officially crossing the 1 million mark [2] - The new ES8 model reached 60,000 deliveries in only 134 days, showcasing strong market demand [2] Group 2: Product and Technology - NIO continues to lead in technology upgrades with the rollout of the latest 1.4.0 version of its intelligent system across multiple models [2] - The new features include enhanced world model-assisted driving capabilities, promising a smarter and safer driving experience [2] Group 3: Financial and Service Initiatives - NIO introduced attractive financing options with a 7-year low-interest purchase plan, offering rates as low as 0.49% [3] - The company announced that its global battery swap network has surpassed 99 million swaps, expected to reach 100 million soon, reflecting user acceptance of the battery swap model [3]

Core Insights - In January 2026, the company delivered a total of 20,011 new vehicles, which is expected to reduce carbon emissions by approximately 300,000 tons over their lifecycle compared to traditional fuel vehicles, equivalent to the carbon absorption of 4.94 million medium-sized trees over 10 years [1][4] Group 1: Vehicle Deliveries and Sales Performance - The Xiaopeng X9 model continued to perform strongly, with 4,219 units delivered in January, representing a year-on-year increase of 413.9% [1][4] - As of the end of January, the cumulative delivery of the Xiaopeng X9 reached 51,897 units, making it the fastest model among domestic new energy MPVs to surpass the 50,000 mark [1][4] Group 2: New Product Launches - The 2026 version of the Xiaopeng X9 pure electric model has begun pre-orders, marketed as the "longest-range 5C pure electric large seven-seater" [1][4] Group 3: Technological Advancements - The company is set to launch its self-developed second-generation VLA, which is the industry's first physical world model to achieve L4 initial capabilities, in the first quarter [1][4] Group 4: International Expansion - By the end of 2025, the company plans to enter 60 countries and regions globally, with over 380 overseas stores and a charging network covering 31 countries and regions, connecting to over 2.66 million charging piles [1][4] - The company has established nine major R&D centers worldwide to further enhance its international brand presence [1][4]

Group 1: Overview of Uruguay - Uruguay is often recognized for its football heritage but is also known for its rich culture and natural resources, earning it the nickname "Switzerland of South America" due to its stable political environment and developed financial sector [2][3] - The country has a population of approximately 3.5 million, with a significant portion being of European descent, and is a major exporter and consumer of beef, with cattle numbers exceeding 12 million [4] Group 2: Cultural Significance - Uruguay hosted the first FIFA World Cup in 1930 and won the championship, further solidifying its football legacy with multiple titles in international competitions [5] - The national spirit, known as "Garra Charrúa," reflects the resilience and determination of the Uruguayan people, transcending beyond football to embody the national character [6] Group 3: Traditional Practices - Mate tea is a cultural symbol in Uruguay, with the highest per capita consumption globally, representing social sharing and trust among people [7][8] - The national anthem, one of the longest in the world, embodies the spirit of freedom and is often sung with great respect during public events [9][10] Group 4: Economic Relations with China - Uruguay's capital, Montevideo, is geographically distant from Beijing, yet the two countries have developed strong trade relations since establishing diplomatic ties in 1988, with China being Uruguay's largest trading partner [11] - The Uruguayan government is focusing on renewable energy, with over 97% of its electricity generated from renewable sources, and is keen on expanding its solar energy sector, particularly with Chinese investments in electric vehicles and solar panels [11][12] Group 5: Diplomatic Engagement - President Luis Lacalle Pou's visit to China aims to strengthen bilateral relations, emphasizing mutual respect and cooperation as foundational elements for future collaboration [12]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][3] Core Insights - The global sales of new energy vehicles are expected to continue growing rapidly in 2026, driving demand for batteries and materials [2] - The solid-state battery technology is entering a critical phase of engineering validation, with a focus on related materials and equipment companies [2] - The photovoltaic sector is seeing investment driven by "anti-involution" and "space photovoltaics," with significant projects like Musk's plan for a 100GW photovoltaic supply chain [2] - The wind power sector is projected to grow continuously, with government support for new projects [2] - The energy storage sector remains in high demand, with recommendations to focus on energy cell and large storage integration manufacturers [2] - Hydrogen energy is expected to see increased demand, particularly in green hydrogen applications, with a focus on equipment and operational segments [2] - Nuclear fusion is highlighted as a long-term energy development direction, with recommendations to monitor core suppliers in this area [2] Industry Dynamics - The report notes a 5.10% decline in the electric power equipment and new energy sector this week, which is higher than the Shanghai Composite Index [11] - Key information includes the introduction of subsidies for new energy vehicles in Shanghai, and significant growth in installed capacity for solar and wind energy in 2025 [24] - The report highlights the commercial viability of silicon anode solid-state batteries proposed by SK On [24] - The National Energy Administration projects that by the end of 2025, China's renewable energy hydrogen production capacity will exceed 250,000 tons per year, doubling from the previous year [24] Company Insights - Enjie Co., Ltd. expects a net profit of 109-164 million yuan in 2025, turning profitable [25] - Tianqi Lithium Industries anticipates a net profit of 369-553 million yuan in 2025, also turning profitable [25] - Longpan Technology expects a net loss of 148-180 million yuan in 2025, but a reduction in losses compared to previous years [25] - Greeenme expects a net profit of 1.429-1.735 billion yuan in 2025, representing a year-on-year growth of 40%-70% [25] - Mingyang Smart Energy anticipates a net profit of 800-1,000 million yuan in 2025, with a significant year-on-year growth of 131%-189% [25]