据小鹏汽车官方微博消息，小鹏X9荣获泰国2025年下半年纯电MPV销量第一。小鹏X9在国内也持续热 销，2026年1月，成为最快交付量破5万台的新势力MPV。 据悉，该车型定位为高端旗舰大七座MPV，专为"全球大家庭"设计。小鹏X9累计交付51897台，成为最 快交付破5万台的新势力MPV车型。同时，2026年1月交付量突破4219台，同比增长413.9%。 责任编辑：王翔 据小鹏汽车官方微博消息，小鹏X9荣获泰国2025年下半年纯电MPV销量第一。小鹏X9在国内也持续热 销，2026年1月，成为最快交付量破5万台的新势力MPV。 据悉，该车型定位为高端旗舰大七座MPV，专为"全球大家庭"设计。小鹏X9累计交付51897台，成为最 快交付破5万台的新势力MPV车型。同时，2026年1月交付量突破4219台，同比增长413.9%。 责任编辑：王翔 ...

2月10日，雷军发文： 前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场? 我回答一下： 我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的对标车。 - 小新福利 - 2. 点击"发消息" "蔡依林" 获取链接参与抽奖 2026年2月27日12:00前 完成上述操作的用户 据此前报道，2026年1月，小米汽车交付量超过39000台。而此前的2025年12月，小米汽车交付量超过5万台。2025年全年，小米汽车交付总数超41万辆。 在今年1月的直播中，小米创办人、董事长兼CEO 雷军宣布小米汽车2026年全年交付目标为55万辆。 进入对话框 在对话框回复关键词 即有机会获得 蔡依林深圳演唱会门票一张 02 在对话框回复关键词 01 "孙燕姿" 获取链接参与抽奖 2026年3月6日12:00前 完成上述操作的用户 即有机会获得 孙燕姿香港演唱会门票一张 03 在对话框回复关键词 "恒星之城" 获取链接参与抽奖 2026年3月6日12:00前 完成上述操作的用户 深圳站门票一张 04 在对话框回复关键词 "徐良" 获取链接参与抽 ...

Investment Rating - The report indicates a long position on Main Street and a short position on Wall Street until there is a policy pivot to address affordability, as reflected in the performance of Bro Billionaires compared to small caps [1][3]. Core Insights - The report highlights peak positioning, peak liquidity, and peak inequality, suggesting a cautious outlook on high-flying assets like big tech and cryptocurrencies, while favoring small-cap and emerging market investments [1][2][16]. - A significant loss in the crypto market, amounting to $2 trillion, is noted, which represents 10% of US consumer spending, indicating a shift in Wall Street's focus from AI spenders to beneficiaries in manufacturing and services [3][10]. - The report anticipates key price levels for frothy assets to hold, with specific targets for big tech (XLK at $133), bitcoin (at $58,000), and gold (at $4,550 per ounce), contingent on the US dollar not surging [2][15]. Summary by Sections Market Flows - Weekly flows show $87.2 billion to cash, $34.6 billion to stocks, and $23.0 billion to bonds, with notable outflows from gold and crypto [10][46]. - Cumulative inflows for the decade to date are reported as $5.0 trillion to cash, $3.0 trillion to stocks, and $2.4 trillion to bonds, with gold and crypto receiving $128 billion and $98 billion respectively [12][34]. Positioning and Sentiment - The BofA Bull & Bear Indicator rose to 9.6, indicating a contrarian "sell signal" for risk assets, with strong inflows to tech and high-yield bond funds, while cash levels remain low [13][14]. - Positioning metrics suggest that a reversal in the Bull & Bear Indicator sell signal could occur with increased cash levels and significant outflows from stocks [14]. Sector Performance - The report notes inflows into tech ($6.0 billion), energy ($4.0 billion), and materials ($0.7 billion), while outflows were observed in consumer, utilities, healthcare, and real estate sectors [47]. - The report emphasizes a shift towards small and mid-cap stocks as favorable investments in the lead-up to the US midterms, driven by political interventions aimed at reducing costs in energy, healthcare, and housing [16][24].

Portfolio Strategy Research 6 February 2026 | 5:01AM GMT Strategy Espresso: Tech wreck: Sharp rotations and what is now priced Sharon Bell +44(20)7552-1341 | sharon.bell@gs.com Goldman Sachs International Guillaume Jaisson +44(20)7552-3000 | guillaume.jaisson@gs.com Goldman Sachs International Peter Oppenheimer +44(20)7552-5782 | peter.oppenheimer@gs.com Goldman Sachs International Giovanni Ferrannini +44(20)7051-2589 | giovanni.ferrannini@gs.com Goldman Sachs International Investors should consider this re ...

Summary of NIO Inc. (NIO) Conference Call Company Overview - **Company**: NIO Inc. (NIO) - **Industry**: Electric Vehicles (EV) Key Financial Highlights - **4Q25 Profit Alert**: NIO announced a non-GAAP operating profit between Rmb700 million and Rmb1,200 million, marking the first positive quarterly non-GAAP operating profit in the company's history [1] - **Sales Volume Growth**: Achieved 124,000 units sold in 4Q25, representing a 71% year-over-year increase [1] - **Product Mix Improvement**: The ES8 model contributed 32% to total sales in 4Q25, a significant increase from 2%-5% in the previous three quarters [1] - **Cost Reduction Efforts**: Ongoing initiatives have contributed to the positive operating profit [1] Future Outlook - **2026 Expectations**: Anticipated launches of ES9 and ONVO L80, along with a facelift of ES7, are expected to drive 46% volume growth and 48% revenue growth [2] - **Vehicle Margin Projection**: Expected to increase to 16.7% in 2026 from 14.5% in 2025 due to scale economics and cost optimization [2] - **Raw Material Price Concerns**: Recent increases in raw material prices (Lithium, Aluminum, Copper, and DRAM) may pressure margins, depending on cost-sharing with suppliers and the ability to pass costs to consumers [2] Investment Rating and Price Target - **Current Rating**: Neutral with a 12-month price target of $7.0 for ADR and HK$55.0 for H-share [3][6] - **Market Capitalization**: Approximately $10.8 billion [8] - **Revenue Forecast**: Projected revenues for 2026 are Rmb127.87 billion, with a gradual increase in subsequent years [8] Competitive Landscape - **Market Share Decline**: NIO's NEV market share has decreased from 3.9% in 2020 to 2.0% in 2024 due to intensified competition [4] - **Model Competitiveness**: Improved competitiveness expected with new model launches, similar to the success of L90 and ES8 [4] Risks and Considerations - **Key Risks**: Potential for stronger government support for the auto industry and better order momentum on the upside; conversely, risks include lower-than-expected sales volume and higher-than-expected price cuts on the downside [6][7] Additional Insights - **Cost Control Measures**: Management has focused on cost reduction since March 2025, contributing to the first positive operating profit in 4Q25 [4] - **Premium Valuation**: NIO is trading at a premium EV/Sales compared to peers, justified by its free cash flow turnaround and near-term product momentum [6] This summary encapsulates the critical financial metrics, future outlook, competitive positioning, and associated risks for NIO Inc. as discussed in the conference call.

Summary of NIO Inc. Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: China Autos & Shared Mobility - **Date of Call**: February 5, 2026 Key Financial Highlights - NIO expects a GAAP net profit of **Rmb200-700 million** in 4Q, a significant improvement from a GAAP net loss of **Rmb3.7 billion** in 3Q25, exceeding market expectations and the company's target of non-GAAP profit breakeven in 4Q [2][3] - Non-GAAP net profit is projected to be between **Rmb0.7-1.2 billion** [2] - Vehicle margin is estimated to have grown by **4-6 percentage points** quarter-over-quarter (QoQ) to nearly **20%** [2] - R&D and SG&A expenses are expected to remain largely steady QoQ [2] Factors Contributing to Profit Turnaround 1. **Record Deliveries**: NIO achieved a record delivery of **125,000 units**, representing a **43% QoQ increase** [3] 2. **Sales Mix**: A strong sales mix with the ES8 model accounting for approximately **32%** of 4Q deliveries, which has a gross margin exceeding **20%** [3] 3. **Operational Efficiency**: Improved operational efficiency following restructuring efforts [3] Market Sentiment and Stock Performance - NIO's share price has decreased by **35%** over the past three months, contrasting with the Hang Seng Index's **4%** increase [4] - The potential for a share price recovery is linked to broader electric vehicle (EV) demand recovery in China [4] - Investors are advised to monitor announcements regarding new models (ES9, ES7, Onvo L80) post-Chinese New Year [4] Valuation and Price Target - **Rating**: Overweight (OW) - **Current Share Price**: **US$4.44** (as of February 4, 2026) - **Price Target**: **US$7.00**, indicating a potential upside of **58%** [4] Financial Projections - **Market Capitalization**: **Rmb148.9 billion** (estimated for 12/25) [4] - **Revenue Projections**: Expected to grow from **Rmb65.732 billion** in 2024 to **Rmb154.873 billion** by 2027 [4] - **EBITDA**: Projected to improve from a loss of **Rmb15.999 billion** in 2024 to a profit of **Rmb1.947 billion** in 2027 [4] Risks and Considerations - **Upside Risks**: Introduction of new models, stronger-than-expected sales volume, and better operational efficiency [10] - **Downside Risks**: Weaker-than-expected sales volume, lack of efficiency improvements, and moderating auto sales growth impacting industry valuations [10] Conclusion NIO Inc. is showing signs of recovery with a positive profit outlook for 4Q, driven by strong delivery numbers and improved operational efficiency. However, the stock has faced significant downward pressure, and future performance will depend on broader market conditions and the successful launch of new models. Investors should remain cautious but optimistic about potential growth in the EV sector in China.

7 February 2026 | 1:40AM HKT Equity Research Xiaomi Corp. (1810.HK): New YU7 GT model filed with MIIT; Expect official launch around mid-2026 to further enrich product lineup; Buy On Feb 6, Xiaomi filed its new YU7 GT model with the Ministry of Industry and Information Technology (MIIT), which is a premium, high-speed performance variant as part of its YU7 product lineup. According to the filing, the YU7 GT model features a lower, longer, and wider stance (dimensions 5015/2007/1597mm) compared to the existi ...

WeRide Inc. and Uber Strategic Robotaxi Expansion Summary Company and Industry Overview - **Company**: WeRide Inc. (Ticker: WRD.O, WRD US) - **Industry**: China Autos & Shared Mobility - **Focus**: Expansion of robotaxi services in collaboration with Uber, particularly in the Middle East and beyond Key Takeaways Strategic Expansion - WeRide plans to deploy over **1,200 Level 4 (L4) robotaxis** across three major cities in the Middle East by **2027**, increasing from approximately **200** currently in operation [2][8] - The collaboration will extend to an additional **12 cities** across Asia and Europe [2][8] Financial Projections - The deal is expected to contribute an additional **RMB 500-600 million** in vehicle revenue during **2026-2027** [3] - Each robotaxi is projected to generate over **US$50,000** (~RMB 350,000) in recurring service revenue annually through technology fees and revenue sharing [3][8] - Revenue visibility is expected to improve under an asset-light business model, supporting sustainable global scaling [3] Market Dynamics - The global competition in the robotaxi sector is intensifying, with the Middle East's **120,000+** cab/ride-hailing fleet presenting a significant opportunity [4] - The adoption of L4+ technology in Europe and ASEAN markets could yield substantial returns [4] - Chinese robotaxi solutions are estimated to reduce time to market by **40%** and costs by **30%** for global players [4] Financial Metrics - **Current Stock Price**: **US$7.81** (as of February 6, 2026) - **Price Target**: **US$14.70**, indicating an **88% upside potential** [6] - **Market Capitalization**: Approximately **RMB 18,542.1 million** [6] - **Projected Revenue Growth**: From **RMB 361 million** in 2024 to **RMB 4,634 million** by 2027 [6] Risks and Considerations Upside Risks - Faster-than-expected commercialization of robotaxis and robovans [11] - Earlier net profit achievement than projected [11] Downside Risks - Potential delays or cancellations of orders for robotaxis and related vehicles [11] - Regulatory challenges in China regarding driverless vehicles [11] - Difficulties in obtaining necessary licenses for overseas operations [11] Conclusion WeRide Inc.'s strategic partnership with Uber marks a significant step in the expansion of robotaxi services, with promising financial projections and a strong market opportunity. However, potential regulatory and operational risks must be carefully monitored as the company scales its operations globally.

Group 1: Incident Overview - A Ford worker, TJ Sabula, confronted President Trump during his visit to the Ford River Rouge complex, calling him a "pedophile protector" [1][5] - The incident occurred while Trump was touring the plant, and he responded by mouthing expletives and giving the middle finger [1][12] - The United Auto Workers (UAW) union confirmed that Sabula was not disciplined and retains his job, emphasizing support for his right to free speech [6][8] Group 2: Reactions and Statements - UAW Vice President Laura Dickerson remarked that Trump's response was inappropriate and not reflective of how a president should treat working people [5][6] - Ford's executive chairman, Bill Ford, expressed embarrassment over the incident, calling it unfortunate [6] - The White House defended Trump's reaction, labeling Sabula as a "lunatic" and asserting that the president's response was appropriate [12] Group 3: Sabula's Perspective - Sabula stated he has "no regrets whatsoever" about his confrontation with Trump, believing he seized an important opportunity [8] - He expressed concerns about potential political retribution for embarrassing Trump in front of his associates [8][11] - Sabula identified himself as a political independent who had not voted for Trump but had supported other Republican candidates [11]

黑猫大数据中心根据国家市场监督管理总局于2026年2月份发布的国内乘用车召回公告相关数据，带消 费者整体回顾2026年1月份汽车召回情况。 黑猫大数据中心依托消费投诉 【下载黑猫投诉客户端】数据，从分布、趋势、行业热点问题等多个角 度全面梳理、盘点消费者投诉情况及关注热点，全面客观地反映消费行业发展动态、热点舆情事件、企 业服务质量。 1月召回17174辆汽车 1月份共发布乘用车召回公告6则，涉及召回乘用车总量共计17174辆，环比2025年12月份减少了 91.38%。 日系品牌占召回总量超九成 1月乘用车召回涉及进口、合资、自主等品牌类型。国别类型具体分布如下： 日系品牌：丰田召回15978辆，占本月召回总量的93.04%； 宾利因"动力电池内部故障，可能导致部分电芯内的隔膜损坏并短路。极端情况下，可能造成动力电池 过热，引发起火事故"召回部分2023-2024年款进口宾利添越混合动力系列汽车，共计64辆。厂商将委托 授权经销商，免费为召回范围内的车辆升级控制单元软件，通过软件监控电池内部潜在的异常情况并向 用户发出预警提示。出现预警提示的车辆将被限制充电量最高至50%，需尽快回店接受检查。经销商将 通过 ...