Core Viewpoint - Xiaopeng Motors aims to expand its core product lines, including smart cars, Robotaxi, robots, and low-altitude flying cars, into global markets from 2026 to 2030, emphasizing local R&D and manufacturing [1] Global Expansion Strategy - By 2025, Xiaopeng Motors plans to enter 60 countries and regions, with further expansion into more markets in 2026 [1] - The company intends to deepen local R&D and manufacturing efforts to introduce more globalized models suitable for both left-hand and right-hand drive markets [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The nickel price showed a pattern of rising and then falling this week, but still remained in an upward trend overall. Short - term spot supply was tight. In the industrial chain, nickel ore prices rose slightly, and mines were bullish. Nickel iron prices increased significantly, and the cost line went up. Stainless steel inventory declined. Refined nickel inventory remained at a high level, and the oversupply situation remained unchanged. Although the production and sales data of new energy vehicles were good, the overall boost to nickel demand was limited [8]. - The nickel price of the main Shanghai nickel contract was strong. Short - sellers were advised to wait and see, while long - sellers could hold a small amount of positions. The main stainless steel contract was expected to run with a slightly upward trend, and short - sellers should wait for the moment [9][10]. Group 3: Summary by Directory 1. Viewpoints and Strategies - **Shanghai Nickel View**: The nickel price rose and then fell this week, still in an upward trend. Short - term spot was in short supply. Nickel ore prices rose slightly, mines were bullish, nickel iron prices increased sharply, cost line rose, stainless steel inventory decreased, refined nickel inventory was high, and the new energy vehicle sector had limited impact on nickel demand [8]. - **Operation Strategy**: For the main Shanghai nickel contract, short - sellers should wait and see, and long - sellers hold a small number of positions; for the main stainless steel contract, it would run with a slightly upward trend, and short - sellers should wait [9][10]. 2. Fundamental Analysis - **Industry Chain Weekly Price Changes**: Some nickel ore prices rose slightly, battery - grade and electroplating - grade nickel sulfate prices increased by 20.40% and 5.69% respectively, low - nickel iron price remained unchanged, high - nickel iron price rose by 4.86%, electrolytic nickel prices increased, and the 304 stainless steel price rose by 5.63% [13][14]. - **Nickel Ore Market Situation**: Some nickel ore prices rose 1 cent/wet ton, and freight decreased 1 cent/wet ton. On January 8, 2026, the total nickel ore inventory at 14 ports in China was 13.1977 million wet tons, a decrease of 0.92%. In November 2025, nickel ore imports decreased by 28.69% month - on - month and increased by 2.92% year - on - year. Mines were firm on prices [18]. - **Electrolytic Nickel Market Situation**: The nickel price rose and then fell with large fluctuations and average trading volume. Spot supply was tight. Globally, the nickel market was expected to remain oversupplied. In December 2025, China's refined nickel production increased by 2.35% month - on - month and decreased by 16.39% year - on - year. In November 2025, imports increased by 30.07% month - on - month and 40.86% year - on - year, and exports decreased by 20.06% month - on - month and increased by 0.80% year - on - year. LME and SHFE inventories increased [26][27][39]. - **Nickel Iron Market Situation**: Low - nickel iron price remained stable, and high - nickel iron price rose. In December 2025, China's nickel pig iron production decreased by 3.1% month - on - month. In November 2025, imports decreased by 1.1% month - on - month and increased by 1.4% year - on - year. The December inventory was 217,200 physical tons, equivalent to 22,400 nickel tons [46][48][54]. - **Stainless Steel Market Situation**: The 304 stainless steel price rose by 5.63%. In December, stainless steel production was 3.2605 million tons. Imports were 112,100 tons, and exports were 405,300 tons. On January 9, the national inventory was 948,300 tons, a decrease of 2.91 million tons [59][65][72]. - **New Energy Vehicle Production and Sales Situation**: From January to November, new energy vehicle production and sales increased by 31.4% and 31.2% year - on - year respectively. In November, production and sales were 1.88 million and 1.823 million respectively. In November 2025, the production of power + energy - storage batteries was 193GWh, and the total production of power + energy - storage + consumer batteries increased by 12.4% month - on - month and 64.6% year - on - year [77][80]. 3. Technical Analysis - From the daily K - line, the price continued to rise significantly and deviated from the moving average. There was some competition among long - sellers at high positions. MACD and other indicators were in an upward trend. The price should be followed, but risks should also be noted. A small number of long positions could be held, and short - sellers should wait and see [83]. 4. Industrial Chain Summary - **Fundamental View**: The impact of the nickel ore link on the nickel price was neutral to strong, with stable prices and bullish mines; the nickel iron link was also neutral to strong, with rising prices and an upward - moving cost line; the refined nickel link was neutral, with short - term supply shortages and long - term oversupply; the stainless steel link was neutral, with falling inventory and rising costs; the new energy link was neutral, with good production data but the continued replacement of ternary batteries [86]. - **Trading Strategy**: For the main Shanghai nickel contract, short - sellers should wait and see, and long - sellers hold a small number of positions; for the main stainless steel contract, it would run with a slightly upward trend, and short - sellers should wait [88][89].

Group 1 - The new round of automobile consumption subsidy policy will be implemented in 2026, allowing consumers to save up to 35,000 yuan when purchasing new energy vehicles through various subsidies and tax reductions [1][2]. - Consumers can receive a subsidy of 12% of the new car sales price (up to 20,000 yuan) for scrapping old cars, or 8% (up to 15,000 yuan) for replacing old cars with new energy vehicles [1]. - The full vehicle purchase tax is calculated as the car price divided by 1.13 multiplied by 10%, with a maximum reduction of 15,000 yuan due to the halving of the purchase tax this year [1]. Group 2 - Not all new energy vehicles are eligible for subsidies; only those listed in the Ministry of Industry and Information Technology's directory can enjoy both the national subsidy and purchase tax reduction [2]. - Starting in 2026, the technical standards for eligible models will change, with the pure electric range requirement for plug-in hybrid vehicles increasing from 43 kilometers to 100 kilometers, potentially disqualifying some entry-level models [2]. Group 3 - The application process for the national subsidy and vehicle purchase tax reduction differs; consumers can apply for both simultaneously [3]. - To apply for the national subsidy, consumers must submit materials through the "National Automobile Circulation Information Management System" or the "Car Trade-in" WeChat mini-program, while the vehicle purchase tax reduction is automatically processed through the local electronic tax bureau [3].

中银国际发布研报称，预计2026年全球新能源汽车销量保持较高景气度，销量有望创历史新高，带动产 业链需求高增长。"反内卷"共识下叠加需求高增，材料环节盈利有望迎来量利齐升。以固态电池为代表 的新技术产业化落地加速，有望带动产业链技术升级，维持行业强于大市评级。 中银国际主要观点如下： 新能源汽车 预计2026年全球新能源汽车需求将保持较高增长：2025年1-9月全球新能源汽车销量基本呈现稳步上升 态势，渗透率持续提升，市场空间不断扩大。2026年随着需求复苏、新车型持续推出、智能化、网联化 以及快充等新技术带来的产品力提升，我们预计销量仍将保持增长，国内新能源汽车销量有望再创新 高。碳中和背景下全球汽车电动化大趋势不改，海外新能源汽车销量持续增长。预计2026年全球新能源 汽车销量有望达到约2,600万辆，同比增长约15%。 在"动储双轮"驱动下需求高增叠加材料端扩产谨慎，供需错配首先在景气度最高的六氟磷酸锂环节体 现，价格修复有望带动龙头企业量利齐升，建议关注铁锂正极、隔膜、负极、铜箔等供需趋紧环节的龙 头企业。 固态电池产业化加速，有望带动产业链升级 固态电池进入中试与小批量装车验证窗口期，设备有望率先受 ...

设计方面，通过肩线、车顶线和裙线三条特征线构建整体造型。车辆还配备了具有较高辨识度的环宇光翼贯穿式灯带。 近日，上汽大众ID. ERA 9X申报图曝光，作为上汽大众全新新能源序列ID. ERA的首款车型，同时也是大众集团全球首款9系旗舰，其研发融合了德系 造车工艺与中国市场的前沿智能科技。 根据工信部数据显示，ID. ERA 9X车身长宽高分别为5207mm、1997mm和1810mm，轴距为3070mm。车辆采用短前后悬布局和"2+2+2"六座座椅配置， 兼顾空间实用性与乘坐舒适性。 在动力方面，新车搭载上汽大众最新的黄金超混系统，配备EA211发动机作为增程器。同时，作为迈入增程3.0阶段的另一核心支撑，得益于宁德时代 高达65.2kWh的电池容量，新车CLTC纯电续航超过400km。 在智能化方面，新车将搭载组合驾驶辅助系统，为用户提供轻松、便捷的驾驶支持。 ID. ERA 9X严格遵循德国大众的品控标准，在车身结构强度、电池安全防护等方面均符合全球安全规范，确保产品全生命周期的安全可靠。 ID. ERA 9X作为上汽大众推出的旗舰新能源SUV，融合了品牌制造经验与电动智能技术，将为用户提供优质的出行体 ...

Group 1: AI Developments - Elon Musk announced the open-sourcing of the X platform's content recommendation algorithm, which will cover all code used to recommend natural and advertising content, with updates every four weeks [2] - Indonesia has temporarily banned Musk's AI chatbot "Grok" due to concerns over potential generation of inappropriate content, marking the first country to restrict access to this AI tool [2] - DeepSeek is set to release its next-generation AI model, DeepSeek V4, in February, which is reported to outperform existing models in code generation capabilities [3] Group 2: Investments and Financing - OpenAI and SoftBank have jointly invested $1 billion in SB Energy to support the construction of AI data centers in the U.S., with each contributing $500 million [3] - Forvia Hydrogen has completed a strategic financing round of 300 million yuan, backed by Sinopec Capital, focusing on hydrogen storage solutions [4] - Turing Quantum has secured several hundred million yuan in strategic financing, aimed at advancing research and commercialization in optical quantum computing [5] - The industrial intelligence company Zhi You Wu Jie has completed a seed round financing of several million yuan, with plans to enhance product development and team expansion [6] Group 3: Mergers and Acquisitions - Mobileye has announced the acquisition of humanoid robotics company Mentee Robotics for approximately $900 million, which includes cash and stock components [7] Group 4: Technological Innovations - The "Tianma-1000" unmanned transport aircraft successfully completed its first flight test, designed for logistics, emergency rescue, and material delivery [8] - The upcoming Xiaomi 17 Max smartphone is expected to be released in March, featuring a large battery and screen, alongside other new models from various brands [8] - The Zhijie V9, a new luxury MPV from Huawei, is set to launch in Spring 2026, targeting the high-end market with advanced features and a long range [8]

并非所有新能源汽车都能享受优惠。只有纳入工信部发布的《减免车辆购置税的新能源汽车车型目 录》的车型，才能同时享受"国补"和购置税减免。 2026年起，享受优惠的车型技术标准有所变化。例如，插电式（含增程式）混合动力汽车的纯电续 航里程要求从43公里提高到了100公里。这意味着，一些纯电续航较短的入门级混动车型在2026年将无 法享受购置税减免。 "国补"和购置税减免申请方式不同 问：2026年，新一轮汽车消费补贴政策正式实施，买新能源车能省多少钱？ 答：如果是领取报废补贴，对报废旧车并购买符合条件的新能源乘用车，可以按新车销售价格的 12%给予补贴，补贴金额最高2万元；如果是领取置换补贴，换购符合条件的新能源乘用车新车，按新 车销售价格的8%给予补贴，补贴金额最高1.5万元。 今年购置税减半征收，最高减免1.5万元。全额购置税为车价除以1.13乘以百分之十，减免部分为全 额购置税的一半。 "国补"和车辆购置税减半可同时享受，两项叠加，最高可省下3.5万元。 以一辆售价10万元、不含增值税的新能源汽车为例，如果报废旧车，一共省1.6425万元，如果置换 旧车，一共省1.2425万元。 部分车型不享受优惠 "国补 ...

【卫星互联网】 国家级战略：我国向国际电联申请超20万颗卫星频轨资源，专家解读此举标志卫星资源申请上升至国家 战略层面。 国内外进展：美FCC批准SpaceX部署7500颗二代星；上海、海南等地推进商业火箭及回收技术；国内多 款新火箭计划近期首飞。 应用与畅想：SpaceX在伊朗开通星链；NASA载人绕月任务计划2月发射；《人民日报》文章提及"南天 门计划"概念。 相关ETF： 卫星产业ETF(场内：159218) 【人工智能】 模型进展：DeepSeek V4或于春节发布，聚焦编程能力；行业领袖热议AI范式演进与模型"品味"竞争。 相关ETF： 云计算ETF(场内：159890，场外：021716)、软件龙头ETF(场内：159899，场外：018385)、 半导体设备ETF(场内：561980，场外：020464)、TMT50ETF(场内：159909，场外：004409) 产业生态：马斯克宣布一周内开源X平台推荐算法；沃尔玛将商品购物集成至Gemini；Meta成为全球最 大核能买家。 硬件与供应：闪迪要求客户预付全款锁定未来1-3年存储芯片配额；卖方提示部分光模块上游物料面临 硅光替代带来的过剩压力。 ...

小鹏汽车 20260109 摘要 小鹏汽车 2026 年产品策略重大调整，一改往年发布会仅推一款新车的 惯例，计划自 4 月起陆续推出四款全新 SUV 车型，预示其在 SUV 市场 的大力投入。 小鹏汽车全面替换英伟达芯片，转而使用自研图灵芯片，并在一季度推 送第二代 VLA 大模型，二季度逐步覆盖所有车型，旨在通过技术手段降 低成本，提升产品竞争力。 面对国内终端市场补贴减少导致购车成本上涨的挑战，小鹏汽车通过自 研芯片降低硬件成本，并注重提升产品配置，而非单纯依赖价格竞争。 小鹏汽车 2026 年销量目标为 60 万辆，一季度目标为月均销量 3 万辆， 下半年重心转向 Robotaxi 和机器人量产，预计三季度在广州试运营 Robotaxi 服务，海外出口成为重要增长点。 小鹏汽车 SKU 增加源于芯片替换，油电同价策略旨在推广增程版车型， 提升用户体验。定价策略较为克制，终端反馈有待观察。 市场环境收紧，补贴减少，小鹏汽车能否在未来三个月内实现月均 3 万 辆的销量目标，取决于新车型在终端市场的反馈。 Robotaxi 领域的发展趋势将成为影响小鹏汽车股价的关键因素。预计 2026 年下半年，小鹏汽车股 ...

Group 1 - The core viewpoint of Huaxi Securities highlights strong demand in the new energy vehicle (NEV) sector, with significant growth in energy storage and power battery needs, as well as a robust demand for core components in humanoid robots and solar photovoltaic applications driven by low-orbit satellite deployment [1][2] - The report emphasizes the expected acceleration in humanoid robot mass production, driven by domestic and international collaborations, and a strong domestic demand for core components such as precision transmission parts and electronic skin [2] - The outlook for NEV sales remains positive, with expectations of stable growth driven by new policies and increasing electrification rates in commercial vehicles, alongside a high demand for power batteries [3] Group 2 - The deployment of low-orbit satellite constellations is anticipated to significantly boost the demand for solar wings, which are essential for satellite energy supply, as the global competition in this area intensifies [4] - The first 30MW pure hydrogen gas turbine project has achieved breakthroughs in pure hydrogen power generation, indicating broad application potential across various energy supply scenarios [5] - The H200 supply chain is expected to restart, with domestic AI models rapidly evolving, suggesting that suppliers closely tied to major players may benefit significantly from upcoming opportunities [6]