Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6] Core Insights - The overall sales of passenger vehicles met expectations with a year-on-year growth of 9%, while new energy passenger vehicles saw a growth of 25% [1][2] - In December 2025, the retail sales of passenger vehicles were 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 23.779 million units, a year-on-year increase of 4% [1][20] - The report highlights the rapid advancements in intelligent driving technologies, with multiple automakers updating their systems and competing in the autonomous driving sector [3][4] Summary by Sections Sales Performance - In December 2025, wholesale sales of passenger vehicles were 2.759 million units, a year-on-year decrease of 10%, with cumulative wholesale sales for the year reaching 29.524 million units, a year-on-year increase of 9% [1][20] - For new energy vehicles, December retail sales were 1.387 million units, a year-on-year increase of 7%, with cumulative retail sales for the year at 12.859 million units, a year-on-year increase of 18% [1][20] Industry Developments - Several automakers, including Zeekr and Geely, are enhancing their intelligent driving systems, indicating a shift towards integrated decision-making models in vehicle technology [3][4][32] - The report emphasizes the importance of continued policy support for the automotive industry and the potential investment opportunities arising from advancements in autonomous driving technology [4] Market Trends - The automotive sector saw a 2.53% increase in the week of January 3-9, 2026, with most related sub-sectors also experiencing growth [12] - The report notes that the intelligent driving technology is becoming a key competitive area among automakers, with significant investments and innovations being made [3][4][39]

Core Viewpoint - The article discusses the competitive landscape of intelligent driving in China, highlighting the potential for latecomers to succeed by leveraging advanced technology and strategic partnerships, as exemplified by Geely and Qianli's collaboration on the G-ASD system [3][6][11]. Group 1: G-ASD System Overview - The G-ASD system, developed by Geely and Qianli, utilizes a state-of-the-art end-to-end model architecture, enabling full-range intelligent driving capabilities without relying on high-precision maps [4][10]. - The system is powered by 23.5 EFLOPS of computing power and vast amounts of real driving data, allowing for rapid iteration and self-evolution through a "world behavior model" [4][10]. Group 2: Strategic Insights - Geely's CEO emphasizes the integration of new energy and intelligence as a unified goal, aiming to establish Geely's intelligent driving as a benchmark in China and compete globally [6][11]. - Qianli's competitive edge lies in its lack of historical technical burdens and a composite team with expertise from various sectors, enhancing its ability to innovate and execute [7][8]. Group 3: Market Positioning and Future Outlook - The article predicts that only three to four leading intelligent driving suppliers will emerge globally, with Qianli and Geely's collaboration positioned to capitalize on economies of scale and technological advancements [11][24]. - Qianli aims to focus on a "big customer strategy," seeking deep partnerships with a select few major automotive clients to build a robust competitive barrier [24][25].

【环球时报记者 杨沙沙 王冬 环球时报驻美国特约记者 卓然】 编者的话： 1月6日至9日，位于世界科技舞台"C位"的2026年国际消费电子展（CES）在美国拉 斯维加斯举行，本届CES以"Smarter AI for All"为主题，汇聚4500余家国际科技企业，展示全球最具未来感的科技革命与商业创新。各种人工智能（AI）终 端、人形机器人、无人出租车令人目不暇接……今年的CES将有哪些令人兴奋的杰出创新与巧妙升级？中国企业在其中扮演什么角色？《环球时报》记者采 访了多位参展方代表及业内人士。 " 中企占据了机器人展区 " 一位"机械舞者"头顶牛仔帽，身穿西服马甲，舞步丝滑流畅——1月6日，在近一年前将人形机器人"搬上春晚"的宇树科技在CES现场不仅开起了"机器人舞 会"，还办起格斗擂台赛，外国观众纷纷拿起手机驻足拍照。中国人形机器人企业加速进化公司带来机器人足球赛冠军——Booster K1机器人矩阵，数十台 机器人通过集体扭头、挥手、齐舞乃至演绎非遗舞狮，以流畅动作与观众互动。今年参展的中国企业展现出人工智能（AI）与硬件的深度融合，以及在具 身智能、AI眼镜等前沿领域的集群式技术突破。 展会上，包括宇树 ...

金元证券指出，消费电子板块周涨幅达0.93%，其中消费电子零部件及组装子板块上涨1.04%，显示出 产业链部分环节景气度回升。随着AI硬件、智能穿戴设备和折叠屏手机等新品持续推出，整机厂及其 核心供应商有望迎来结构性增长机遇。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 截至2026年1月8日 09:39，中证消费电子主题指数(931494)下跌0.22%。成分股方面涨跌互现，芯原股份 (688521)领涨3.34%，沪硅产业(688126)上涨3.20%，生益科技(600183)上涨2.36%；立讯精密(002475)领 跌3.81%，蓝思科技(300433)下跌2.82%，澜起科技(688008)下跌2.56%。消费电子ETF(561600)下跌 0.16%，最新报价1.26元。 消息面上，1月7日，吉利汽车集团在美国拉斯维加斯举行的2026年消费电子展（CES）上发布全域AI 2.0技术体系，并宣布基于自研WAM世界行为模型完成整车跨域融合，同步推 ...

Core Insights - The 2026 Consumer Electronics Show (CES) highlights the automotive electronics sector, showcasing advancements in AI applications across various automotive domains, including smart driving assistance and intelligent cockpit experiences [1][2] - AI remains a central theme at CES 2026, driving breakthroughs in autonomous driving and industrial automation, reshaping lifestyles and work environments [1] Automotive Technology Showcase - Automakers focus on demonstrating technological roadmaps and electronic architectures rather than just vehicle models at CES [2] - Geely introduced its AI 2.0 technology system, which integrates various domains such as intelligent driving and cockpit systems, enhancing collaboration among different AI agents [3] - BMW showcased its AI-driven personal assistant integrated with Amazon's "Alexa+", allowing intuitive interaction between passengers and vehicles [3] Advanced Driver Assistance Systems (ADAS) - The popularity of advanced driver assistance systems remains strong, with many exhibitors presenting the latest developments in this field [7] - Nvidia's CEO unveiled the Alpamayo series of open-source AI models, which include advanced reasoning and simulation capabilities [7] - Geely and Qianli Technology launched the G-ASD brand, a high-capacity driving assistance solution covering levels from L2 to L4 [8] Robotics Integration - Human-like robots are transitioning from novelty to practical applications, with companies like Hyundai showcasing production versions of robots capable of performing real tasks [10][11] - Hyundai plans to integrate its Atlas robot into its global production network, starting with simple tasks and expanding to more complex operations by 2030 [11] - Companies are increasingly investing in robotics, with a focus on enhancing capabilities in various sectors, including automotive and smart devices [10][11]