日本2025年进口车销量（不含日本厂商）同比增长7%，达24万3129辆。其中EV的销量增长26%，达到 30513辆，创历史最高。比亚迪在日销量增长62%…… 日本汽车进口商协会（JAIA）1月8日公布的数据显示，2025年进口车销量（不含日本厂商车）同比增 长7%，达24万3129辆。这是两年来首次转为正增长。其中纯电动汽车（EV）的销量增长26%，达到 30513辆，创历史最高纪录。美国特斯拉等纯电动汽车厂商的销量增加推高了整体水平。 特斯拉"Model Y" 按乘用车价位来看，1000万日元（约合人民币44.6万元）以上增加3%，增至40602辆，400万日元（约 合17.8万元）以上、1000万日元以下增加9%，增至15万1273辆，400万日元以下增加7%，增至42789 辆。 日本2025年12月进口车销量同比增长0.3%，增至23551辆，纯电动汽车销量减少14%，降至2549辆。日 本政府2026年1月1日起将购买纯电动汽车时的补贴金额上限增加40万日元，最高达到130万日元（约合 5.8万元）。补贴金额的调整导致消费者暂缓购买，影响了销量。 日本的EV销量连续7年增长。2025年EV占整体 ...

Group 1 - Xiaomi Auto addresses malicious behavior labeling it as "accident-prone" and "green belt warrior," stating that this is a clear attempt to mislead and create confusion [1][4] - The company has partnered with its legal department to assist car owners in defending their rights and will take legal action against malicious online groups [1][4] - Xiaomi clarifies that its legal department does not have 7,000 employees, calling this a rumor, and emphasizes a preference for investing resources in R&D rather than legal matters [1][28] Group 2 - The design philosophy of Xiaomi Auto emphasizes a "long hood" for aesthetic appeal, which is a recognized standard in automotive design [2][39] - The "long hood" design contributes to better aerodynamics, helping to reduce wind resistance [3][40] - Xiaomi Auto has committed to abandoning "small print marketing," acknowledging past oversights in user experience and promising to improve clarity in communications [7][44] Group 3 - The "2200MPa Xiaomi super steel" is highlighted as a significant advancement in automotive safety, with a tensile strength 40% higher and yield strength 24% higher than the industry standard [8][46] - This material is used in critical components like the door beams of the Xiaomi YU7, enhancing crash safety [8][46] - The company is also researching a 2400MPa super steel, indicating ongoing innovation in material strength [8][47] Group 4 - The Xiaomi YU7 features a three-stage air purification system, with HEPA filters that outperform N95 masks in filtering efficiency [8][54] - The vehicle has received a "five-star healthy car" rating, reflecting its commitment to air quality and user safety [8][55] - The YU7's design includes over 120 soundproofing materials to minimize noise intrusion, enhancing the driving experience [8][49] Group 5 - The Xiaomi YU7 is designed with high safety standards, including a cage structure to protect occupants during collisions [8][56] - It employs advanced safety features such as energy-absorbing zones and high-strength materials to mitigate injury risks in various crash scenarios [8][57][58] - The vehicle includes a comprehensive safety system that addresses the protection of all passengers, including specific considerations for female occupants [8][59]

以雷诺为例，将在2026年初推出全新纯电Twingo。新车借鉴了20世纪90年代经典款Twingo的部分元 素，售价将低于2万欧元。据报道，为实现更低的定价，雷诺在零部件采购上依赖中国市场，按价值计 算，该车型约40%的零部件产自中国。 跨国车企的危机感并非空穴来风。2025年，尽管面临关税增加的不利影响，中国品牌在欧洲市场却依旧 来势汹汹。 随着中国品牌电动车在欧洲市场的"攻城略地"，跨国车企也在谋划一场反攻，且不约而同地将目光投向 了更"平价"的电动车，试图用同样的策略进行反击。 近日，起亚方面确认，其全新的入门级车型EV2将于2026年1月9日在布鲁塞尔车展上正式亮相。这款车 定位纯电小型SUV，是起亚迄今为止最小、最便宜的电动车。据悉，该车专供欧洲市场，预计售价在3 万欧元级别，亮相后将很快在斯洛伐克工厂投产，并在年内逐步提升产量。 同样，大众的经典小车Polo也将以纯电方式回归，新命名ID. Polo。这款纯电小车并非"油改电"产品， 而是基于大众全新MEB+平台打造。ID. Polo计划于2026年春季在欧洲上市，起售价2.5万欧元。 有分析人士表示，跨国车企将在未来几个月密集推出价格更低的纯电小 ...

晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

随着智能化浪潮席卷汽车行业，越来越多车企选择在CES这盏科技聚光灯下，集中释放技术野心与创新成果，也使得CES被戏称为"美国第二 大车展"。 记者注意到，英伟达、LG 电子、博世等科技企业纷纷在CES展示了汽车大模型和AI座舱等平台。其中，英伟达推出思考与推理模型 Alpamayo，2025年款梅赛德斯奔驰CLA将首发使用。宝马则宣布进军新一代汽车平台，聚焦智能个人助理与升级版第六代 eDrive 技术。 搭载了阶跃星辰Step-Audio2端到端语音大模型能力的吉利银河M9，在CES亮相。座舱内的英语AI助手，是行业内首个搭载端到端语音大模型 的交互系统，吸引了现场观众排队体验。 吉利展台，观众排队体验吉利银河M9 阶跃星辰副总裁李璟告诉《科创板日报》记者，如果说2025年是大模型"上车"的元年，那么2026年将有望看到更多智能座舱整体解决方案落 地，甚至可能迎来入口级Agent（智能体）在汽车座舱中的规模化量产与应用。 端到端语音大模型上车，智能座舱拐点将至 理想汽车创始人李想曾公开表示，"AI意味着理想未来的全部"。时至今日，汽车市场的竞争已经全面转向智能化。2026年的汽车科技将聚焦 于"第三空间"的 ...

2025年，吉利控股集团全球总销量4,116,321辆，同比增长26%，实现连续五年快速增长，年销首次突破 400万大关，创历史新高；其中新能源销量2,293,099辆，同比增长58%，新能源渗透率56%，成为集团 市场增长的主要驱动力，在全球车企中处于领先地位。 面对中国汽车产业格局调整与价值链重构的多重挑战，吉利始终坚定技术创新驱动电动智能化转型，构 建了涵盖纯电、超级混动、醇氢电动的多元立体新能源矩阵，为用户提供丰富选择。同时在汽车安全、 绿色发展、人机交互、辅助驾驶、低轨卫星等关键技术领域持续突破，推动汽车产业向高端化、智能化 与绿色化转型，形成聚力向上的全球发展势能。 量质齐升，新能源智能化转型纵深突破 吉利汽车控股有限公司2025年总销量3,024,567辆，超额完成年中上调后的300万辆年度销量目标，同比 增长39%，创历史新高。新能源增长迅猛，全年总销量1,687,767辆，同比增长90%。吉利银河品牌全年 销量124万辆，同比增长150%，超额完成"百万银河"销量目标；领克品牌全年销量35万辆，同比增长 23%，创历史新高；极氪品牌全年销量22.4万辆，12月单月交付突破3万辆，极氪9X成为 ...

西部证券（002673）发布研报称，首次覆盖，给予奇瑞汽车(09973)"买入"评级，奇瑞汽车在海外先发 优势显著，预计随着新能源车加速出海以及新市场不断拓展，海外销量收入有望保持增长;国内在风 云、iCAR等新车型推动下，新能源转型有望步入快车道。 西部证券主要观点如下： 五大品牌各有亮点，新能源转型实现突破/高端化有进展 自成立以来，奇瑞坚持自主研发，目前核心技术包括鲲鹏动力、猎鹰智驾、火星架构、雄狮智舱等，并 于2025年4月完成首批墨甲人形机器人220台的全球交付。 目前奇瑞汽车旗下涵盖奇瑞、捷途、星途、iCAR及智界五大品牌体系，每个品牌都有独特的定位、出 行风格和审美认知，覆盖各具显著增长潜力的细分赛道。其中新能源化方面，2025年奇瑞品牌旗下风云 序列跃升为独立品牌运营，未来3年计划推出16款新车;iCARV27预计26Q1全球上市，助力Icar品牌成 为"特色新能源车全球第一品牌"。高端化方面，捷途发布纵横序列，切入豪华越野市场并进军国际化， 有望带来销量盈利的双突破。 坚持自主研发，核心技术全覆盖 奇瑞汽车在海外布局二十余年，具有显著的先发优势：1)海外经销商网络广泛，2025年海外经销商超 ...

坚持自主研发，核心技术全覆盖 智通财经APP获悉，西部证券发布研报称，首次覆盖，给予奇瑞汽车(09973)"买入"评级，奇瑞汽车在海 外先发优势显著，预计随着新能源车加速出海以及新市场不断拓展，海外销量收入有望保持增长;国内 在风云、iCAR等新车型推动下，新能源转型有望步入快车道。 西部证券主要观点如下： 五大品牌各有亮点，新能源转型实现突破/高端化有进展 目前奇瑞汽车旗下涵盖奇瑞、捷途、星途、iCAR及智界五大品牌体系，每个品牌都有独特的定位、出 行风格和审美认知，覆盖各具显著增长潜力的细分赛道。其中新能源化方面，2025年奇瑞品牌旗下风云 序列跃升为独立品牌运营，未来3年计划推出16款新车;iCARV27预计26Q1全球上市，助力Icar品牌成 为"特色新能源车全球第一品牌"。高端化方面，捷途发布纵横序列，切入豪华越野市场并进军国际化， 有望带来销量盈利的双突破。 自成立以来，奇瑞坚持自主研发，目前核心技术包括鲲鹏动力、猎鹰智驾、火星架构、雄狮智舱等，并 于2025年4月完成首批墨甲人形机器人220台的全球交付。 海外市场空间广阔，奇瑞具有先发优势，出海销量有望持续增长 奇瑞汽车在海外布局二十余年，具有 ...

Group 1 - In 2025, General Motors (GM) sold nearly 1 million new energy vehicles (NEVs) in the Chinese market, accounting for over half of its total sales, marking a historic high in both sales and penetration rate of NEVs, reflecting the company's accelerated electrification process [2] - GM achieved year-on-year growth in both retail sales and market share in China, with total deliveries from the company and its joint ventures reaching nearly 1.9 million units, a 2.3% increase from 2024, driven by a 22.6% increase in NEV sales [2] - GM's Vice President and President of GM China, John Roth, attributed these positive results to the company's relentless pursuit of product excellence and disciplined measures in production and inventory management, expressing optimism for introducing more globally favored products in the coming year [2] Group 2 - Buick's high-end NEV sub-brand "Zhijing" launched its first models, the Zhijing L7 smart luxury sedan and Zhijing flagship MPV, which received positive market feedback after their release in Q4, built on the locally developed "Xiaoyao" super fusion architecture and equipped with the "Xiaoyao Intelligent Driving" system co-developed with Chinese tech company Momenta [3] - Buick has maintained its leading position in the high-end MPV market in China for over 20 years, with MPV sales exceeding 120,000 units last year, a 23% year-on-year increase, and plans to launch new models in 2025 to enhance its market presence [3] Group 3 - The Buick Envision and Buick LaCrosse reached significant production milestones in Q2, with the 1.8 millionth and 1.3 millionth vehicles rolling off the production line, respectively, with annual sales increasing by 76.4% and over 100% year-on-year [4] Group 4 - Cadillac continued to strengthen its influence in the luxury SUV market in 2025, with deliveries of the Lyriq and XT5 models increasing by 90% and 32.4% year-on-year, respectively [5] - The Cadillac F1 team announced that Chinese driver Zhou Guanyu will join as a reserve driver, supporting the team in its debut season in F1 in 2026, with participation in the F1 Shanghai race scheduled for March [5] Group 5 - The Wuling Hongguang MINIEV family, as GM's best-selling NEV in China, achieved annual sales of over 435,000 units, with approximately two-thirds of sales coming from the newly launched four-door version in Q1, and the newly launched Bingo S model contributing to the continued popularity of the Wuling Bingo series, with total sales surpassing 210,000 units in 2025 [6] - Baojun brand sales increased by 12.3%, with strong growth in the Yueye PLUS and Yunhai models, with Yueye PLUS sales exceeding 26,000 units and Yunhai deliveries rising by 60% year-on-year, surpassing 11,000 units [7]

Group 1: Battery Industry - A joint meeting was held by four government departments to discuss the regulation of the power and energy storage battery industry, involving 16 companies including major players like CATL and BYD [2] Group 2: Automotive Industry - The Ministry of Industry and Information Technology is soliciting public opinions on seven proposed mandatory national standards for intelligent connected vehicles, including safety requirements for automatic parking systems [3] - Geely has obtained a Level 3 autonomous driving road test license for its Zeekr 9X model in Hangzhou [9] - Xpeng Motors' CEO predicts that 2026 will mark the true beginning of autonomous driving in China and the U.S., with the company's second-generation VLA achieving Level 4 autonomous driving capabilities [11] - Dongfeng Motor is in discussions to produce passenger vehicles in Turkey, with plans to start production within the year [12] Group 3: Strategic Partnerships and Investments - GAC International has formed a strategic partnership with Grab to collaborate on delivering 20,000 high-performance electric vehicles in Southeast Asia over the next two years [10] - Intramco, a company under Xincheng Capital, has partnered with Leap Motor to supply charging products for its future electric vehicles produced in Europe [14] - Faraday Future aims to achieve positive cash flow and a gross margin of 20% within three years, as announced during its shareholder day event [15] Group 4: Technology and Innovation - Hyundai's stock price surged following the announcement of increased investments in robotics and artificial intelligence, alongside a meeting between its chairman and NVIDIA's CEO [6] - Elon Musk's AI startup xAI completed a $20 billion funding round, exceeding its initial target of $15 billion, with investors including NVIDIA and Cisco [7] Group 5: Economic Cooperation - The Ministry of Commerce is accelerating negotiations for the second phase of the China-South Korea Free Trade Agreement, focusing on enhancing economic cooperation and exploring new areas such as high-end manufacturing and green industries [4] - Guangzhou's government has released a plan to cultivate strategic industries, including artificial intelligence and new energy storage, as part of its advanced manufacturing strategy [5]