格隆汇1月4日丨长安汽车(000625.SZ)公布，2025年1-12月，长安汽车销量2,913,042辆，其中：海外 销量637,280辆。 ...

智通财经APP讯，长安汽车(000625.SZ)发布公告，2025年长安汽车销量2,913,042辆，同比增长8.54%。 其中：新能源汽车销量1,109,979辆，同比增长51.10%。 ...

证券研究报告·策略报告·策略周评 策略周评 20260104 节后 A 股行情推演 2026 年 01 月 04 日 [Table_Summary] ◼ 港股大涨原因分析及节后 A 股行情推演 元旦港股大涨，主要原因有三：一是港股相对 A 股有补涨逻辑；二是人民 币升值催动港股走强；三是强劲科技产业趋势是行情上涨的引擎。 港股与 A 股的联动性历来较强，此次港股上涨亦强化了节后 A 股走强的 预期。春节前后，市场环境通常对多方更为有利，A 股总体机会大于风险， 看好节后科技行情。宏观层面，内外环境均呈现积极变化，外部弱美元催 化叠加内部政策靠前发力。微观层面，资金面同样可能迎来改善，人民币 汇率回升、港股率先大涨有望提振市场情绪，险资、公募等机构亦在新年 伊始进行资产布局。 配置方向上，建议以景气成长为主。成长风格在春季行情中历来表现突出， 叠加今年作为"十五五"规划开局之年，新质生产力相关板块有望成为资 金配置重心。但需注意，1 月进入业绩预告密集期，注重景气度与业绩支 撑。建议重点关注三大方向：1）AI 产业链；2）"十五五"规划提名细分； 3）周期涨价。 ◼ 元旦期间全球要闻 ➢ 假期全球市场综述 元旦 ...

Group 1 - The core announcement is that Yueda Kia has introduced a nationwide fixed price for the Kia K3 and the 2026 Kia Yipao, with the Yipao priced at 55,900 yuan and the K3 at 69,900 yuan [1] - The 2026 Kia Yipao 1.4L IVT model offers three vibrant color options and features such as leather seats, smart key with one-button start, electric mirror adjustment, reversing camera, and BWS reversing radar [1] - The K3 has sold over one million units since its launch in China in 2012, and the 1.5L Comfort Edition includes features like leather seats, electric sunroof, one-button start with smart key, front and rear parking radar, and heated electric folding mirrors [3] Group 2 - The nationwide fixed price model simplifies the car purchasing process for consumers and provides a transparent and standardized service system, reducing uncertainties caused by price fluctuations and offering more secure purchasing assurance [5]

编辑 王进雨 新京报贝壳财经讯 1月4日，上汽集团公布数据显示，2025年上汽集团销售整车450.7万辆，同比增长 12.3%；新能源汽车销售164.3万辆，同比增长33.1%。 ...

Group 1: CES 2026 Overview - The CES 2026 will focus on the automotive sector, showcasing advancements in new energy and intelligent connected technologies, with significant participation from global automakers and supply chain giants [2] - Chinese automakers are expected to collectively impact the global automotive industry's competitive landscape through their innovations and AI technology integration [2] Group 2: Great Wall Motors - Great Wall Motors will present its full product line and core technology matrix under the theme "GO With More Life," aiming to enhance global brand recognition [4] - The company will showcase key technologies including Hi4-Z architecture, semi-solid batteries, and hydrogen fuel cell engines, along with the ASL 2.0 intelligent agent and VLA large model [4] - Challenges include the current lack of hydrogen refueling infrastructure and the cost control of semi-solid battery mass production [4] Group 3: Geely Automotive - Geely will display its comprehensive AI technology achievements, focusing on breakthroughs in its "smart car full-domain AI" technology system, particularly the Raytheon AI hybrid 2.0 [6] - The Raytheon AI hybrid 2.0 improves engine thermal efficiency to 47.26% and achieves a low fuel consumption of 2.67L [6] - The company aims to address market concerns regarding the transition from laboratory efficiency to stable mass production experiences during the exhibition [6] Group 4: Hyundai Motor Group - Hyundai will highlight its "technology crossover" theme, featuring the new generation Atlas humanoid robot and its AI interaction capabilities [8] - This marks Hyundai's shift from a traditional automaker to a "mobility solutions provider," although specific collaboration plans between robots and automotive ecosystems remain unclear [8] Group 5: Faraday Future - Faraday Future will hold a special shareholder meeting at CES 2026 to announce the complete production, sales, delivery, and service plans for the FX Super One [10] - The FX Super One has already received over 13,000 orders, marking a critical transition for the brand [10] - Financial data indicates continued negative net profits from 2020 to 2024, making the announcement of a profitable path crucial for market confidence [10] Group 6: Kosmera - The new Chinese automaker Kosmera will make its global debut at CES 2026, introducing two high-performance models, including a 1903 horsepower electric supercar [11] - The supercar features aerospace-grade composite materials and a 3D-printed chassis, aiming for a 1:1 power-to-weight ratio [11] Group 7: Sony Honda - Sony Honda will present a new concept car, continuing the integration of Sony's technology with Honda's manufacturing capabilities [13] - The previous AFEELA 1 model has established a market presence, and the new concept aims to enhance user experience through advanced audio and AI interaction [13] Group 8: Honda - Honda will preview the Honda 0 series production models at CES 2026, focusing on L3-level autonomous driving features and a new self-developed operating system [15] - The rear-wheel-drive model will have a maximum power of 241Ps, while the all-wheel-drive version will reach 308Ps, with an EPA-rated electric range of approximately 482km [15] Group 9: Automotive Supply Chain Innovations - The competition among automotive suppliers will intensify, with laser radar and intelligent chassis technologies being key highlights at CES 2026 [22] - Hesai Technology will showcase its upgraded ATX laser radar, achieving significant performance improvements and securing over 400,000 orders [17] - ZF will introduce a new active noise cancellation feature for automotive chassis, while LG will present an AI cockpit platform based on Qualcomm's Snapdragon [19][21] Group 10: Industry Trends - The automotive sector at CES 2026 will serve as a showcase for global automotive technology achievements and a clear indicator of future industry directions [22] - The deep integration of AI and new energy is reshaping automotive product logic and the competitive landscape, with Chinese automakers leading the charge [22]

法规与标准层面的滞后性同样制约着行业发展。尽管京渝等地已出台地方性法规，明确L3级系统 激活期间由车企承担主要责任，驾驶员未及时接管则需自行担责，但全国性的事故认定标准仍未统一。 跨城市行驶时，不同地区对数据存证、责任划分的要求差异较大，给车企规模化推广带来合规挑战。数 据治理方面，自动驾驶系统每秒产生的海量数据涉及隐私保护与跨境存储，目前缺乏全国性统一规范， 既影响数据共享效率，也增加了企业合规成本。保险机制衔接也存在空白，尽管北京要求车企购买每车 不低于500万元的交通事故责任险，但针对L3级的专属保险产品仍处于探索阶段，EDR数据追溯机制与 理赔流程的衔接也仍需完善。 生态协同与用户认知的偏差则构成了落地的第三重障碍。L3 级自动驾驶的商业化绝非单一企业能 单打独斗完成，需要车企、通信企业、基建运营商、保险机构等多方协同。但目前路侧单元与车联网基 础设施存在区域割裂，跨区域路侧感知网络建设投入巨大，商业模式尚不清晰，导致车企配合度不足。 用户层面，认知偏差可能引发安全风险与信任危机。部分消费者对L3级"系统主导、按需接管"的规则存 在误读，过度追求"脱手脱眼"的使用体验，忽视了驾驶员的接管义务。 面对机 ...

Core Insights - SAIC-GM-Wuling announced that the Wuling Hongguang MINIEV is projected to achieve annual sales of 435,598 units in 2025, with cumulative sales surpassing 1.85 million units [1] Company Summary - The Wuling Hongguang MINIEV is expected to maintain strong sales momentum, indicating robust demand in the electric vehicle market [1] - Cumulative sales reaching over 1.85 million units reflect the model's popularity and significant market penetration [1]

Core Insights - The report from the Korea Institute for Industrial Economics and Technology indicates that South Korea has fallen behind China in key industries such as smart vehicles (including electric vehicles, batteries, and autonomous driving), robotics, and semiconductors [2][3] Automotive Industry - China is the world's largest producer and consumer of new energy vehicles, achieving a market share of 24.4% in 2022 [4] - China has established the largest and most complete automotive industry chain globally, particularly in the new energy vehicle sector, which enhances production efficiency and supports technological innovation [6] - By 2025, China's share of the global new energy passenger vehicle market is projected to reach 67.6%, maintaining a high share of 68.7% in July-August [8] Robotics Industry - China has developed a robust ecosystem in the robotics sector, holding a 63% share of the global humanoid robot industry chain [9] - Investment in China's humanoid robot industry has surged, with 30 financing events in 2023, a 200% increase year-on-year, totaling 5.41 billion yuan [9] - The Ministry of Industry and Information Technology forecasts that by 2027, the humanoid robot industry will achieve large-scale development and become a significant economic growth driver [11] Semiconductor Industry - In the semiconductor value chain, China leads in four out of eight core areas, including chip design and domestic market demand, while South Korea retains advantages in supply chain stability and overseas market demand [3] Future Outlook - The competitive gap between South Korea and China in key industries is expected to widen, as China has completed over 90% of its "Made in China 2025" goals and is advancing the "China Standards 2035" initiative [13]

北汽蓝谷（600733）(600733.SH)发布产销快报，子公司北京新能源汽车股份有限公司2025年累计销量 20.96万辆，同比增长84.06%。 ...