Core Insights - In January 2026, the Chinese automotive market entered a traditional off-season, with new energy vehicle (NEV) companies facing significant sales pressure and a reshuffling of the sales rankings [1][2] New Energy Vehicle Sales Dynamics - Hongmeng Zhixing topped the new energy vehicle sales in January with 57,915 units delivered, marking a 65.6% year-on-year increase [2] - Xiaomi Auto delivered over 39,000 units, with a focus on the YU7 model as the initial SU7 model has been phased out [2] - Leap Motor delivered 32,059 units, a 27% year-on-year increase, but showed a notable month-on-month decline [2] - Li Auto's deliveries were 27,668 units, experiencing both year-on-year and month-on-month declines due to delays in the i6 model's delivery [3] - NIO delivered 27,182 units, a 96.1% year-on-year increase, with the new ES8 model performing exceptionally well [3] - XPeng Motors delivered 20,011 units, facing declines as it is in a product iteration phase [3] Traditional Automakers' Performance - BYD achieved total NEV sales of 210,051 units in January, with exports reaching 100,482 units, a 51.47% year-on-year increase [4] - Chery Group exported 119,605 vehicles, a 48.1% year-on-year increase, maintaining its position as a leading exporter [4] - SAIC Group sold 327,413 vehicles, a 23.9% year-on-year increase, with a significant rise in overseas sales [4] - Geely's total sales reached 270,167 units, with a notable increase in exports, achieving a doubling in export numbers [4] - Great Wall Motors sold 90,312 vehicles, with overseas sales growing by 43.77% [5] Market Trends and Future Outlook - The decline in market demand is attributed to changes in the new energy vehicle purchase tax policy and the release of pent-up demand from 2025 [5] - Analysts suggest that the domestic passenger car market's growth momentum will shift towards overseas markets, with companies focusing on international expansion as a core growth strategy [5]

Report Industry Investment Rating - The report gives an investment rating of "Oscillating operation" for the industry [2] Core Viewpoints - The steel market is expected to oscillate. The positive news from the coking coal sector has not spread to other black - series products. Steel is operating in a context of weak supply and demand. With the approaching Spring Festival, the spot market is gradually on holiday, and the futures price is likely to oscillate [1][2] Summary by Related Information Macroeconomic Information - The People's Bank of China held the 2026 credit market work conference, aiming to build a multi - level financial service system and support key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises [1] - In January 2026, the US ADP added 22,000 jobs, far lower than the market expectation of 48,000, and the previous value was revised down from 41,000 to 37,000, indicating a continuous slowdown in the US labor market at the beginning of 2026 [1] - The Eurozone's CPI in January 2026 increased by only 1.7% year - on - year, the lowest level since September 2024. The core CPI dropped to 2.2%, the lowest since October 2021 [1] Industry Data - In January 2026, China's heavy - truck market sold about 1 million vehicles (wholesale, including exports and new - energy vehicles), which was basically flat compared with December 2025 and increased by about 39% compared with 722,000 vehicles in the same period of the previous year [1]

凤凰网科技讯 2月5日，小鹏汽车董事长何小鹏发微博表示，小鹏即将迎来第一款旗舰级大六座SUV， 命名为：小鹏GX。 何小鹏介绍，它的研发代号是G01。这个"1"，代表我们从 "第一性原理"出发，用完整的AI思维，重新 设计一台全尺寸家用旗舰SUV。 据悉，小鹏GX基于划时代SEPA 3.0"物理AI"整车架构打造，宣称能终结六座SUV长期存在的"不可能三 角"。 对于小鹏为什么还要造一台大六座SUV，何小鹏表示，当前市场上三排座SUV的不可能三角，舒适、空 间、操控不可兼得，这迫使许多家庭，在每一次出行前，都要做出妥协。"我们不希望重复和妥协，所 以，今天我们带来了全新的科技旗舰。"他说。 ...

Core Viewpoint - The report from CITIC Securities highlights the challenges faced by automotive manufacturers due to unexpected price increases in upstream storage, power batteries, and copper-aluminum resources, alongside a pressured domestic automotive consumption environment. The average cost per vehicle is projected to rise by approximately 3,000 yuan due to lithium carbonate price increases, while copper and aluminum price hikes are expected to add around 2,000 yuan per vehicle. The report suggests focusing on automakers with strong cost transfer capabilities and optimized product structures to navigate these challenges [1][2][3]. Storage - The automotive industry is entering an AI supercycle driven by surging demand for AI data centers, leading to a structural shortage in storage. Price increases for mainstream storage modules are expected to range from 53% to 340% by the end of 2025, with the price per Gb reaching historical highs. Despite the significant price increases, storage costs currently account for less than 1% of total vehicle costs, resulting in a manageable impact of approximately 200 to 3,000 yuan per vehicle [1]. Battery - The global demand for lithium batteries is projected to grow by over 45% year-on-year in 2025. The prices of lithium carbonate and lithium hexafluorophosphate have surged, with increases of 61.3% and 195% respectively by the end of Q4 2025. The average battery cost per vehicle is expected to rise by about 3,434 yuan, corresponding to a 14% increase. However, the impact is not rigid due to the buffering effect of price transmission and the ability of manufacturers to adjust battery configurations [2]. Resource Prices - Copper and aluminum prices are anticipated to rise significantly starting in 2025, with aluminum prices expected to increase by 22.3% and copper prices by 36.3% by January 2026. The average cost increase for electric vehicles is estimated at 2,624 yuan, while non-electric vehicles will see an increase of 1,717 yuan. Manufacturers may partially hedge against these cost pressures through hedging strategies [3].

Core Viewpoint - The delivery of the 20,000th T-shift transmission marks a significant milestone for FAW Jiefang, showcasing its transition from technology leadership to market leadership in the intelligent transmission sector [1][3]. Group 1: Product Overview - The T-shift series transmission is a new generation product developed by FAW Jiefang, designed to meet the specific needs of Chinese road conditions and drivers [2]. - Since its launch on June 8, the T-shift 12-speed AMT has seen steady sales growth and has become a reliable partner for many users [2]. Group 2: Performance and Features - The T-shift transmission boasts three core advantages: "super intelligence," "super stability," and "super economy" [6]. - It features eight core technologies for predictive shifting and power domain coordination, ensuring smoother gear changes [7]. - The B10 lifespan is 2 million kilometers, and it has successfully undergone extreme testing conditions, including high altitudes and temperature variations [7]. - The transmission achieves a transmission efficiency of 99.8%, the highest in the industry, and can save 0.5-1L of fuel per 100 kilometers, translating to annual savings of thousands of yuan [7]. Group 3: Market Impact - The T-shift transmission has experienced a doubling of sales for six consecutive months, with monthly sales surpassing 5,000 units and total operating mileage exceeding 1.5 billion kilometers [7]. - It is widely applicable across various operational scenarios, including express delivery, freight, and hazardous materials transport, with over 90% coverage of national trunk logistics routes [7]. Group 4: Customer Engagement - The event included an expert salon where technical experts interacted with users to address core issues related to power selection and driving considerations [9]. - Recognition was given to outstanding dealers in the T-shift transmission market promotion, highlighting the importance of collaboration with channel partners and loyal users [9].

本文源自：金融界AI电报 港股智能驾驶板块盘初走强，百度(09888.HK)涨超2%，浙江世宝(01057.HK)、中国联通(00762.HK)、广 汽集团(02238.HK)等个股跟涨。《广东省加快数字社会高质量建设实施意见》提出，拓展无人驾驶公共 交通运营区域，扩大智能网联汽车道路测试与示范应用范围，鼓励导航、网约车、智慧停车等数字交通 服务平台提供智慧融合交通服务。 ...

Core Viewpoint - The luxury car market in China is experiencing dramatic changes in 2026, with Mercedes-Benz facing pressure to lower prices despite its long-standing commitment to avoiding price wars, leading to a complex situation between maintaining brand value and responding to market realities [1][6]. Group 1: Market Dynamics - Mercedes-Benz has historically positioned itself against price wars, emphasizing the importance of brand value and customer interests, as stated by the CEO during a media communication event [3]. - In 2025, the company faced a challenging market environment, resulting in a 19% year-on-year decline in sales to 575,000 units, highlighting the increasing difficulties faced by its dealer network [4][5]. Group 2: Dealer Network Challenges - Dealers reported significant operational challenges, including high inventory levels, severe price discrepancies, long rebate cycles, and excessive business assessment pressures, prompting the dealer association to communicate these issues to Mercedes-Benz [5]. - Following three letters from the dealer association, Mercedes-Benz agreed to reduce the suggested retail prices of key models by 10% starting February 1, 2026, with some models seeing price cuts exceeding 60,000 yuan [5][6]. Group 3: Strategic Implications - The decision to lower prices poses a risk to Mercedes-Benz's brand perception, potentially leading to consumer concerns about asset depreciation and affecting the resale value in the second-hand market [6]. - The year 2026 marks significant anniversaries for Mercedes-Benz, including the 140th anniversary of the invention of the automobile and the 40th anniversary of its entry into the Chinese market, making the price reduction a critical balancing act for the company [6].

2月5日消息，小鹏汽车董事长何小鹏发微博表示，小鹏即将迎来第一款旗舰级大六座SUV，命名为：小 鹏GX。 对于小鹏为什么还要造一台大六座SUV，何小鹏表示，当前市场上三排座SUV的不可能三角，舒适、空 间、操控不可兼得，这迫使许多家庭，在每一次出行前，都要做出妥协。 "我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。"他说。 以下为微博原文： 小鹏即将迎来第一款旗舰级大六座SUV，我们把它命名为：小鹏GX。 有人问我：小鹏为什么还要造一台大六座SUV？ 我们调研很多真实用户，他们说，第三排坐久了不舒服；一家人坐满时，行李却塞不下；开起来既笨重 又不好开。这是当前市场上三排座SUV的不可能三角，舒适、空间、操控不可兼得，这迫使许多家庭， 在每一次出行前，都要做出妥协。 我们不希望重复和妥协，所以，今天我们带来了全新的科技旗舰。 它的研发代号是G01。这个"1"，代表我们从 "第一性原理"出发，用完整的AI思维，重新设计一台全尺 寸家用旗舰SUV。当它即将走向千家万户时，全新名字：小鹏GX。 "X"，代表着对出行美好未知的探索（eXploration），更代表着小鹏骨子里的科技基因（X-tech）—— ...

Core Viewpoint - Mercedes-Benz (China) and Beijing Benz have initiated a recall of vehicles due to safety concerns related to communication modules that may fail to send GPS location information during emergencies, potentially delaying rescue efforts [1] Group 1: Recall Details - Recall number S2026M0010V involves one imported B 200 vehicle produced on November 16, 2020 [1] - Recall number S2026M0011V includes 53 domestic A-Class, GLA, and GLB vehicles produced between April 22, 2020, and October 29, 2021 [1] - The issue arises from the installation of mismatched communication modules during after-sales service [1] Group 2: Remedial Actions - Mercedes-Benz (China) and Beijing Benz will replace the faulty communication modules for the affected vehicles free of charge through authorized dealers [1] - Owners will be notified of the recall via registered mail and can contact customer service for inquiries [2] - Additional information can be accessed through the State Administration for Market Regulation's recall center website and their WeChat public account [2]

召回编号S2026M0012V：自即日起，召回2025年8月27日至2025年8月29日期间生产的部分进口2025款 路虎揽胜、揽胜运动版汽车，共计16辆。 捷豹路虎（中国）投资有限公司将通过电话、短信等方式通知有关用户此次召回事宜。相关用户可拨打 路虎品牌客户服务热线：400-820-0187进行咨询。此外，也可登录市场监管总局召回中心网站 www.samrdprc.org.cn，关注微信公众号（SAMRDPRC），了解更多信息，反映缺陷线索。 本次召回范围内的车辆，由于生产装配问题，变速箱换挡控制模块内的挡位指示灯可能无法正常点亮， 造成驾驶员无法识别车辆挡位状态，增加事故风险，存在安全隐患。 经济观察网 据市场监管总局网站消息，日前，捷豹路虎（中国）投资有限公司根据《缺陷汽车产品召 回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，向国家市场监督管理总局备案了召回 计划。 捷豹路虎（中国）投资有限公司将为召回范围内车辆免费更换变速箱换挡控制模块，以消除安全隐患。 ...