Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The 2026 new energy vehicle (NEV) purchase tax subsidy policy has shifted from a flat-rate model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands will be less affected [2][3]. - The adjustment in subsidy policy is expected to reshape the sales structure of NEVs in 2026, with a decline in demand for low-end models and a relative advantage for mid-to-high-end models [2]. Summary by Relevant Sections Subsidy Policy Analysis - The new subsidy policy will lead to a 19% reduction for Geely and a 14% reduction for BYD, while companies like Xiaopeng, Great Wall, and Leap Motor will see a smaller impact of around 10% due to their higher proportion of mid-to-high-end models [2]. - The demand for A0 and A00 level low-end models, which previously relied heavily on subsidies, is expected to decrease significantly [2]. Sales Analysis of Key Companies - Xiaopeng Motors delivered nearly 430,000 vehicles in 2025, a 126% year-on-year increase. However, the average selling price (ASP) dropped from approximately 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025 due to changes in product mix [3]. - Leap Motor achieved a delivery volume of 597,000 vehicles in 2025, doubling from 290,000 in 2024. The company plans to launch two high-end models in 2026 and aims for a sales target of 1 million vehicles [4]. - Great Wall Motors sold 1.32 million vehicles in 2025, with a 7% year-on-year growth. The company has set a sales target of 1.8 million vehicles for 2026, reflecting a 40% increase [5]. Investment Recommendations - The report suggests focusing on new energy vehicle companies with advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as component manufacturers like Yinchuan, Fuda, and Shuanghuan, which are expected to benefit from the new subsidy policies [6].

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款车型加推长续航 版，其CLTC纯电续航均超210km，相比同级混动车型的纯电续航翻一倍。这4款车型搭载大容量插混专 用刀片电池，将于1月初正式上市。 ...

摘要 让充电行为更加确定。 充电桩竞速已从硬件维度向软件维度迈进，实现软硬一体更极致的闭环。 近日，华为超充联盟的超充场站正式入驻高德地图，这意味着车主能更及时查找充电桩位置及空闲 情况。 去年 5 月，华为超充生态便与高德车服签订合作，以期实现数字化充电地图互联互通、充电站地图 差异化展示，让更多的新能源车主享受高效便捷的充电服务。 事实上， 华为与高德的合作一定程度上打通了充电业务最后一公里，直指充电"信息差"。 此前，新能源车主除了使用家用桩较为确定，普遍面临着公共桩位置、状态、价格不透明等难题， 造成了充电资源的隐形浪费。 此次华为与高德的合作正式落地，进一步从消费端、用户端实现了充电桩"软件化"、"智能化"，有 望打通新型充电生态。 不仅如此，华为与高德的合作更是将充电资源"黄页化" ，让充电行为更加"确定"，使其从一件需 要多方查询、反复确认的机动行为，变成一气呵成的流畅体验，有效避免了到桩排队、坏桩白跑的 情况。 从充电桩企业的角度来看，过去大量且零散的优质充电桩，因缺乏数字化能力和曝光渠道，成了 " 信息孤岛 " 与"孤儿桩"，对于运营商而言，充电地图的整合有效盘活了充电资源，降低了经济损 失 ...

1月7日，蔚来宣布值此蔚来第100万台量产车下线之际，正式推出ET9百万纪念限量版车型，售价81.8万元起，采 用BaaS电池租用方式购买售价71万元起，全球限量9台。 即刻开启大定和锁单，尊享10年免费换电等五大用车场景专属权益。 619 i 4 4 NİÖ ELİ 9 0月车 蔚来ET9百万纪念限量版整体设计延续在售车型，不过该车提供了天空之镜、拂晓黎明、日照金山三种主题，每 款主题限量3台。 此外，新车在翼子板、迎宾踏板、座椅靠背、中控台面板等多处细节加入了1000000专属标识融，以彰显特殊身 份。 动力方面新车与在售车型保持一致，采用全域900伏高压架构，搭载最大功率180千瓦的前电机和340千瓦的后电 机，综合最大功率520千瓦，综合扭矩700牛·米。CLTC工况续航里程650公里。 1月7日，蔚来宣布值此蔚来第100万台量产车下线之际，正式推出ET9百万纪念限量版车型，售价81.8万元起，采 用BaaS电池租用方式购买售价71万元起，全球限量9台。 即刻开启大定和锁单，尊享10年免费换电等五大用车场景专属权益。 ET9百万纪念限量版 「天空之镜」「拂晓黎明」「日照金山」 全球限量9台 (每款主题 ...

比亚迪作为行业的领军企业，一方面积极投入研发资金提升技术能力，应对国内日趋激烈市场竞争，另一方面则加大力度拓展海外市场，双线发力。 一、比亚迪稳居新能源榜首，市场份额28.7% 极光月狐根据公开数据梳理，目前比亚迪以绝对优势占据新能源汽车榜首。 二、三季度财务数据分析：比亚迪继续扩展市场，整体 从今年前三季度来看，比亚迪营收达5662.7亿元，同比增长13%；净利润233.33亿元，同比下降7.55%；研发费用437.5亿元，同比增长31%。 当前，国内新能源汽车市场正经历着深刻的变革，渗透率已超过35%，这标志着市场逐渐从增量竞争阶段步入存量竞争阶段。 在这一背景下，市场竞争愈发激烈，价格战成为各大车企争夺市场份额的重要手段。吉利、长城等自主品牌以及特斯拉、大众等外资品牌纷纷加入价格战 的行列，持续推出降价措施，覆盖了从10万元到30万元的核心价格带，部分车型的降幅甚至达到了3万至5万元。 从完成目标来看，2025年比亚迪 1-9 月累计销量326 万辆，完成全年 460 万辆目标的71%； 海外市场表现强劲，1-9 月累计出口超 70 万辆，占集团总销量的22%。 比亚迪作为行业的领军企业，一方面积极投入 ...

导读：中国车企对于全球多元市场的洞察更加深刻，出海战略也从"销售产品"迈向"生态融合"。 在全球新能源浪潮中，巴西稍显特殊——电动化并未缺席，但能源结构却和其他国家差异较大。 比亚迪选择在这里推出"柔性燃料插混车型"，正是观察中国车企出海阶段的新窗口。 可使用"甘蔗燃料"的插混 从上世纪70年带开始，巴西政府一直在推动乙醇燃料的运用，这也让巴西的甘蔗乙醇产量迅速提升。 进入2020年代，巴西继续推进生物燃料立法。2025年8月1日，巴西全国范围内开始执行将汽油中乙醇掺 混比例从约27.5%提高至30%的新规定（即E30标准）。 《日经亚洲》援引知情人士的话表示，在两年前到访巴西期间，比亚迪董事长兼总裁王传福便意识到为 巴西市场开发柔性燃料车型的重要性。 《日经亚洲》表示，从概念立项到正式推出全球首款"柔性燃料插混车型"，比亚迪仅用时两年。 据悉，这款为巴西市场开发的新车型基于比亚迪的DM-i插混技术，但系统可以在任何汽油—乙醇混合 比例下实现高效运行，贴合巴西消费者的用车场景。 （文 / 观察者网 周盛明 编辑 / 高莘） 日前，比亚迪宣布将在巴西推出"柔性燃料插混车型"——和传统的DM-i插混技术相比，该车 ...

人民财讯1月7日电，1月7日，信宸资本宣布，旗下新能源电动车充电产品企业Intramco与零跑汽车（股 票代码: 9863.HK）达成业务合作。Intramco的充电产品将被应用于零跑汽车欧洲工厂未来生产的新能源 汽车。作为零跑汽车欧洲本地生产战略的重要合作伙伴，Intramco将助力其拓展欧洲市场。信宸资本自 2021年战略性投资Intramco以来，作为控股股东持续不断推进Intramco的产业链优化与产品更新迭代， 主导建成欧洲本土的生产基地，形成"中欧双核"制造体系。 转自：证券时报 ...

Group 1 - The film "Nezha 2" achieved a record-breaking box office of 15.4 billion, ranking among the top five globally, showcasing the high industrial standards of Chinese animation and promoting Chinese culture [1][4] - The rapid adoption of artificial intelligence (AI) throughout the year has transformed various industries, with significant advancements in AI applications such as healthcare, education, e-commerce, and finance [3][4] - China has become the world's largest exporter of new energy vehicles, with domestic brands increasing their market share in Europe and Southeast Asia [5][6] Group 2 - The competitive landscape in the food delivery sector intensified as major internet companies engaged in aggressive subsidy wars, leading to significant price reductions for consumers [6][8] - The tea beverage industry saw a surge in IPOs, with brands like Mixue Ice City and others expanding internationally, indicating a strong growth trend in the sector [6][8] - The financial sector experienced a slight increase in average salaries among listed banks, while the total number of employees in major state-owned banks decreased [9] Group 3 - The A-share market saw an 18% increase, reaching a ten-year high with total market capitalization surpassing 100 trillion [9] - The micro-short drama industry surpassed the film industry, achieving a scale of 50 billion, indicating a shift in consumer entertainment preferences [9][11] - Predictions for 2026 include continued growth in AI integration across industries, increased exports of new energy vehicles, and the emergence of new popular IPs in the cultural sector [11][12]

尽管挪威的短期增长为特斯拉提供了一丝亮色，但外媒认为这一势头难以持续。随着政策红利退坡， 2026年该市场或将面临需求回落。 外媒称，英国仍是特斯拉在欧洲销量最高的单一国家，但同比亦出现明显下滑。（青云） 曾经作为特斯拉欧洲增长引擎的德国市场，2025年注册量暴跌48.4%，从逾37500辆锐减至约19000辆。 法国市场同样承压，因新实施的"生态奖励"政策取消了中国制造Model 3 Highland的补贴资格，导致该 车型销量同比下降37.5%。此外，瑞典和比利时的跌幅更为剧烈，分别达66.9%和53.1%。 值得注意的是，挪威成为2025年欧洲唯一实现增长的市场。数据显示，特斯拉在该国的销量主要集中在 第四季度，这与挪威即将于2026年调整电动汽车税收优惠政策密切相关——届时价格较高的电动车（包 括特斯拉主力车型）将不再享受部分免税优惠，促使消费者提前购车。 来源：环球网 【环球网科技综合报道】1月7日消息，据electrek报道称，特斯拉在2025年欧洲市场的整体表现显著疲 软。全年销量从2024年的约32.6万辆下降至略高于23.5万辆，同比降幅达27.8%。这一下滑趋势覆盖几 乎所有主要市场，凸显 ...

Core Viewpoint - The adjustment of the purchase tax policy for new energy vehicles in China from full exemption to a 50% reduction will impact consumer behavior and the automotive market from January 1, 2026, to December 31, 2027 [1][4]. Group 1: Consumer Reactions - Consumers are aware of the new tax policy and are adjusting their purchasing decisions accordingly, with some expressing a wait-and-see attitude due to the increased costs [1][2]. - Some consumers still plan to purchase new energy vehicles despite the tax changes, citing the overall cost-effectiveness of electric vehicles [3][4]. - The psychological impact of the tax change is significant, especially for those who began considering purchases in late 2025, leading to a concentration of demand before the policy shift [3][4]. Group 2: Market Dynamics - The new tax policy coincides with government subsidies for vehicle trade-ins, which can offset the increased costs from the tax adjustment, with trade-in subsidies reaching up to 20,000 yuan [4][5]. - Many automotive companies are introducing various promotional offers to stimulate market demand, including zero-interest financing options [5][6]. - The overall price of new energy vehicles has decreased due to cost control measures by manufacturers, which may help mitigate the impact of the tax changes on consumers [5][6]. Group 3: Industry Trends - The adjustment in tax policy is expected to shift the focus of the new energy vehicle industry from price competition to technological innovation, as stricter technical requirements for tax exemptions are introduced [6][7]. - The average range of pure electric vehicles has improved significantly, with advancements in charging speed and the integration of smart driving features becoming more prevalent [7][8]. - The long-term outlook for the automotive industry suggests a transition towards market-driven growth, with an emphasis on technological advancements and supply chain optimization [7][8].