本报记者 王增益 比亚迪此次加推的大电池插混车型，旨在树立10万元级插混市场的价值新标杆。对于2026年有购车计划 的用户而言，这4款将于1月初正式上市的新车值得大家重点关注和期待。 1月7日，比亚迪宣布为秦PLUS DM-i、秦L DM-i、海豹05 DM-i及海豹06 DM-i这4款热销车型加推长续 航版，其CLTC纯电续航均突破210km，相比同级混动车型的纯电续航翻一倍，真正实现"一周一充"的 纯电通勤体验。超2110km的综合续航，再配上只需20分钟就能从30%到80%的充电速度，比亚迪大电池 插混车型全面覆盖日常通勤与长途出行全场景，消除里程焦虑，续航无忧让车主安心放心。 ...

——2025年港股IPO市场回顾暨2026年展望 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | | 朱敏 | A0230524050004 | | | 任奕璇 | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A0230125080001 | | 2026.01.09 | | | 摘要 证券研究报告 风起潮未落 www.swsresearch.com 2 ◼ 2025年港股IPO融资规模领跑全球，新股上市表现强劲，破发率降至历史低位。供给端，港股上市制度持续优化，叠加外地公司赴港进程加 速，使港股成为企业融资及二次上市的重要选择；定价端，二级市场估值上行拓宽了新股上涨空间，一二级价差走阔为新股首日表现创造了 条件。在此背景下，2025年港股打新收益显著回暖，稳获一手（500-2000万港元）对应的表观收益率回升至0.57%～1.04%，明显高于 2021-2024年水平，基石投资者平均解禁收益率64%，约89%项目录得正收益。展望2026年，预期港股IPO投融资两 ...

Group 1 - The core message highlights the dual breakthroughs in scale and brand for China's new energy vehicle (NEV) industry, marked by the production of the one-millionth vehicle by companies like NIO, Leap Motor, and Xpeng [1][3] - The NIO ES8, as the one-millionth vehicle, symbolizes the significant progress made in the NEV sector, showcasing a shift from traditional fuel vehicles to electric and intelligent models [3] - The collaboration between Huawei and JAC Motors to produce the high-end S800 model, priced over 1 million yuan, signifies a breakthrough in the luxury electric vehicle market, indicating a trend towards high-end positioning in the NEV industry [1][5] Group 2 - The data from the China Association of Automobile Manufacturers shows strong performance in NEV production and sales, with 14.907 million units produced and 14.78 million units sold from January to November 2025, reflecting year-on-year growth of 31.4% and 31.2% respectively [5] - The emergence of new players like NIO, Li Auto, and Xpeng is seen as a transformative force in the automotive industry, redefining business models and user relationships through a focus on experience and data [3] - The S800's launch represents a new collaborative model in the automotive industry, where technology companies provide the technical foundation, allowing traditional manufacturers to focus on production and integration [5]

Core Viewpoint - Xiaopeng Motors is positioning 2026 as a significant year for product launches, introducing four new models and expanding its business into diverse areas such as Robotaxi operations and humanoid robots [1] Group 1: New Product Launches - Xiaopeng Motors unveiled four new vehicles at the 2026 Global New Product Launch, including the 2026 P7+, G7, G6, and G9, with the first two models available in both pure electric and range-extended versions [1] - The company plans to launch four new SUVs in 2026, emphasizing its commitment to a diverse product lineup [1] Group 2: Business Strategy - The company is accelerating its "pure electric + range-extended" strategy, having introduced its first range-extended vehicle in November 2025 [1] - Xiaopeng Motors aims to enhance its autonomous driving capabilities by upgrading driver assistance to achieve Level 4 (L4) autonomy [1][3] Group 3: Technology Development - The latest models will feature the second-generation Visual Language Action (VLA) model, which is designed to enable L4 capabilities and improve the understanding of real-world scenarios [1][2] - The second-generation VLA eliminates the "language translation" step, allowing for direct generation of action commands from visual signals, enhancing the vehicle's operational capabilities [2]

12月份，扩内需促消费政策措施继续显效，叠加元旦临近，居民消费需求增加，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.8%，扣除食品和能源价格的核心CPI同比上涨1.2%。受国际大宗商 品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，工业生产者出厂价格指数 （PPI）环比上涨0.2%，同比下降1.9%。 一、CPI环比由降转涨，同比涨幅继续扩大，核心CPI上涨1.2% CPI环比由上月下降0.1%转为上涨0.2%，环比上涨主要受除能源外的工业消费品价格上涨影响。扣除能 源的工业消费品价格上涨0.6%，影响CPI环比上涨约0.16个百分点。 其中，提振消费政策效果持续显现，叠加元旦临近，居民购物娱乐需求增加，通信工具、母婴用品、文 娱耐用消费品、家用器具价格均有上涨，涨幅在1.4%-3.0%之间；受国际金价上行影响，国内金饰品价 格上涨5.6%。能源价格下降0.5%，其中受国际油价变动影响，国内汽油价格下降1.2%，影响CPI环比下 降约0.04个百分点。食品价格上涨0.3%，影响CPI环比上涨约0.05个百分点。其中，节前消费需求增 加，鲜果和虾蟹类价格分别上涨2.6%和2.5% ...

Core Insights - BYD has officially launched the 2026 models of the Qin family, including the Qin L DM-i and the Qin PLUS DM-i 210KM long-range versions, with prices ranging from 89,800 to 122,800 yuan [3] Group 1: Product Launch Details - The Qin PLUS DM-i 210KM long-range version is priced between 89,800 and 99,800 yuan, while the Qin L DM-i 210KM long-range version has a promotional price of 112,800 to 122,800 yuan [3] - Both models feature large-capacity batteries, offering a pure electric range of 210 km and a combined range of 2,110 km when fully fueled and charged, with a low NEDC fuel consumption of 2.79L per 100 km [5] Group 2: Upgrades and Features - The 2026 Qin L DM-i has upgrades in four key areas: range, comfort, safety, and intelligence, with six color options available [7] - High-end models include advanced features such as the Yun Nian-C intelligent damping body control system, multi-link independent suspension, and integrated luxury electronic gear shift [7] - Safety enhancements include new front-row side airbags and a W-HUD head-up display system, while smart features create a "smart ecosystem" that connects with various devices [7] Group 3: Target Audience and Marketing - The 2026 Qin PLUS DM-i targets practical young families, offering three major upgrades and seven color options, including new colors like墨竹青 and松烟绿 [9] - The model includes the Tian Shen Zhi Yan C-Driver Assistance System and advanced smart cockpit features, enhancing practical usability [9] Group 4: Purchase Incentives - The Qin PLUS DM-i 210KM long-range version offers up to 11,000 yuan in purchase incentives, including up to 4,000 yuan for trade-in subsidies and 3,000 yuan for free color choices [11] - The Qin L DM-i 210KM long-range version provides incentives valued at up to 15,000 yuan, including a 4,000 yuan limited-time purchase tax subsidy and up to 5,000 yuan in financial discounts [11] - These incentives are available for orders placed before January 31, further enriching the Qin family product matrix and targeting both quality-focused families and practical consumers [11]

Core Viewpoint - Tesla has lost its title as the global electric vehicle sales leader to BYD, with significant declines in vehicle deliveries and production in 2025, marking the second consecutive year of year-over-year sales shrinkage [2][4][9]. Summary by Sections Tesla's Delivery and Production Data - In Q4 2025, Tesla delivered 418,227 vehicles, a 16% decrease year-over-year. For the entire year, Tesla's deliveries totaled 1.636 million vehicles, down from 1.789 million in 2024, representing an 8.6% decline [2][4]. - The Model 3 and Model Y accounted for 96.8% of Tesla's total deliveries, with 1.585 million units delivered, reflecting a 7% decrease [5][20]. BYD's Performance - BYD sold 4.6 million vehicles in 2025, with pure electric vehicle sales reaching 2.2567 million, a 28% increase year-over-year, surpassing Tesla by approximately 620,000 units [5][9]. - In key European markets, BYD's sales surged, with a 706.2% increase in Germany and a significant presence in the UK, further solidifying its lead over Tesla [9][20]. Market Challenges for Tesla - Tesla's CEO Elon Musk's political comments have negatively impacted sales in Europe and the US, contributing to a 39% drop in European registrations and a 10% decline in US deliveries [8][9]. - The expiration of federal electric vehicle tax credits in the US has diminished Tesla's price competitiveness against traditional vehicles, leading to a decline in demand [10][15]. Strategic Adjustments - To boost sales, Tesla introduced lower-priced versions of the Model Y and Model 3 in Q4 2025, with prices reduced by approximately $5,000 to $5,500 [10][12]. - However, the reduction in features and quality has raised concerns about the overall value proposition of these new models, leading to a drop in stock prices following the announcement [13][22]. Competitive Landscape - Tesla faces increasing competition from both established automakers like Volkswagen, which saw an 89% increase in electric vehicle sales, and new entrants in the Chinese market, such as Li Auto and Aito [8][20]. - The lack of new model launches has intensified sales pressure in China, Tesla's largest market, where sales fell by 7.37% year-over-year [20]. Stock Market Reaction - Following the announcement of declining sales, Tesla's stock experienced significant volatility, with a notable drop of 4.14% shortly after the news, reflecting market skepticism about its valuation and future growth prospects [22].

Group 1 - Xiaopeng Motors plans to achieve mass production of humanoid robots in 2026, alongside the launch of Robotaxi and flying cars [3][5] - The company showcased its latest humanoid robot, IRON, at a previous event, which sparked skepticism about its authenticity [5] - The 2026 global product launch introduced several new electric and range-extended models, including the P7+ and G7, featuring advanced AI chips and various configurations [5][6][7] Group 2 - Google’s parent company, Alphabet, has surpassed Apple in market capitalization for the first time in seven years, reaching $3.89 trillion [17] - This achievement is attributed to Google's AI strategy, which includes technology development, resource integration, and commercial application [17] - The Gemini AI application has gained significant traction, outperforming ChatGPT in various metrics and achieving a 20% market share in global web traffic [18] Group 3 - Faraday Future's founder, Jia Yueting, unveiled the FX Super One MPV at CES 2026, with plans for mass production this year [20] - The vehicle emphasizes space, AI, and comfort, targeting the luxury market [20] - The company aims to leverage its identity as a U.S. automaker to assemble vehicles using parts from Chinese manufacturers [20] Group 4 - Alibaba Cloud launched a multimodal interaction development suite at the CES 2026, integrating various AI models and tools for hardware developers [26][31] - The suite aims to provide a low barrier to entry for developers, enhancing the speed and richness of AI applications across multiple sectors [31] Group 5 - Donut Lab introduced what it claims to be the world's first mass-producible solid-state battery at CES 2026, featuring high energy density and rapid charging capabilities [28][29] - However, the company faces skepticism due to a lack of independent verification of its claims and the novelty of its technology [28][29] Group 6 - MiniMax, an AI company, is set to break records for institutional subscriptions in its upcoming IPO, with over 460 institutions participating and a subscription rate exceeding 70 times [33] - The company’s revenue is primarily derived from AI-native products, which accounted for over 70% of its income by mid-2025 [34] Group 7 - Zhiyuan Technology, a company focused on AGI, has recently gone public, marking a significant milestone in the AI sector [41] - The CEO emphasized the importance of pursuing AGI and not solely focusing on commercial applications, highlighting the high costs and risks involved in this exploration [41][44]

Core Viewpoint - The rapid development of China's new energy vehicle (NEV) industry has positioned it as a global leader in production and sales for ten consecutive years, with Leap Motor emerging as a significant player in this sector [1]. Group 1: Industry Challenges and Strategies - Entering the automotive industry posed significant challenges due to intense market competition, high capital requirements, and the need for advanced technology [2]. - The NEV sector faced a downturn in 2019, prompting companies to reassess their strategies and focus on cost reduction and mass-market positioning to overcome difficulties [3]. - Competing in a crowded market requires companies to enhance their internal capabilities and focus on product quality and pricing [4]. Group 2: Pricing and Profitability - Companies must avoid selling vehicles at a loss and should maintain a profit margin to ensure sustainability [5]. - A market-driven approach is essential for fostering competition and improving product quality while benefiting consumers [5]. Group 3: Technological Development - Leap Motor emphasizes the importance of self-research and development (R&D) to gain a competitive edge, particularly in core components [7][8]. - The company has focused on building a solid technological foundation over its first five years, which has enabled it to scale production and enhance its competitive position [9]. Group 4: Future Market Trends - The market share of NEVs in China is expected to rise to 80% to 90% within the next 3 to 5 years, driven by economic advantages and technological advancements [10]. - The industry is transitioning from policy-driven growth to market-driven dynamics, with a strong emphasis on electric and intelligent vehicles [10]. Group 5: Safety and Quality Assurance - Safety remains a top priority, with advancements in battery technology leading to improved safety standards comparable to traditional vehicles [11]. - Continuous monitoring and improvement of safety measures are essential for maintaining consumer trust [11]. Group 6: Talent and Workforce Development - Leap Motor maintains a high proportion of engineers, focusing on efficiency and stability within teams to drive innovation [12]. - The company employs an "end-to-end" management approach to enhance productivity and streamline processes [13]. Group 7: Global Expansion Strategy - Collaborating with multinational automotive manufacturers is a strategic move to establish a presence in overseas markets and leverage existing distribution channels [16]. - The company aims to balance the benefits of partnerships with maintaining brand autonomy as it expands internationally [17]. - Leap Motor plans to localize its production and design to cater to global markets while solidifying its position in China [18].

开盘阶段，上证指数小幅高开，开盘报4086.76点，较前收盘价4082.98点上涨约0.09%。商业航天、军 工装备、军工等热门板块表现活跃，相关标的华菱线缆涨停，带动板块内情绪升温，短线资金对这类板 块的参与意愿较强。 1月9日，沪深京三市连板股开盘情况一览: ① 晋级：锋龙股份（10天10板，长安 汽车概念、新能源汽车概念）涨停晋级11连板、鲁信创投（10天8板，创投、代糖概念）涨停晋级11天9 板、志特新材（4天4板，量子科技、人工智能概念）涨停晋级5连板、远东股份（3天3板，铜缆高速连 接、超导概念）涨停晋级4连板、弘讯科技（2天2板，可控核聚变、核电概念）涨停晋级3连板、中国一 重（2天2板，核电、高端装备概念）涨停晋级3连板、东方明珠（2天2板，云游戏、网络游戏概念）涨 停晋级3连板。 ② 高开：邵阳液压（2天2板，商业航天、海工装备概念）高开14.92%、银河电子（4天 4板，军工信息化、军民融合概念）高开10.02%、金风科技（9天5板，商业航天、海工装备概念）高开 9.99%、展鹏科技（2天2板）高开9.93%、国机重装（2天2板，可控核聚变、核电概念）高开8.91%、普 利特（10天5板， ...