2月11日，中国汽车工业协会发布2026年1月汽车产销数据及经济运行情况。作为"十五五"开局之年的首 份成绩单，1月车市呈现出鲜明的内外冷热不均：乘用车市场环比、同比双双下降，新能源汽车国内销 量罕见出现近两成同比下滑，但与此同时，商用车延续复苏态势，汽车出口总量同比增长44.9%，其中 新能源汽车出口同比倍增，成为开年车市最大亮点。 外国品牌阵营中，与去年12月相比，五大主要品牌销量均呈两位数下降；与去年同期相比，仅美系品牌 实现两位数增长，德系、日系、韩系、法系品牌均呈不同程度下降。 中国汽车工业协会陈士华在发布会上表示，1月市场下行主要受三方面因素影响：一是新能源汽车购置 税政策切换调整；二是多地购车补贴政策处于年度交替窗口期；三是部分消费需求已在2025年提前释 放。他认为，2026年开年首月，国家已密集推出一系列惠民惠企政策，其中"两新"政策平稳有序衔接， 各地正在陆续跟进发布实施细则；《加快培育服务消费新增长点工作方案》聚焦汽车后市场服务等重点 领域。随着相关政策的细化落实，有助于推动车市需求企稳回升。"'十五五'时期是我国汽车产业向高 质量转型的关键窗口期，需要行业在保持市场稳健运行的同时，着力 ...

江淮汽车今年以来股价涨13.27%，近5个交易日涨2.67%，近20日涨9.94%，近60日涨16.18%。 资料显示，安徽江淮汽车集团股份有限公司位于安徽省合肥市东流路176号，成立日期1999年9月30日， 上市日期2001年8月24日，公司主营业务涉及商用车、乘用车、汽车底盘及汽车核心零配件等的研发、 生产、销售与服务。主营业务收入构成为：商用车54.97%，乘用车25.10%，其他11.82%，客车7.67%， 底盘0.44%。 2月25日，江淮汽车盘中下跌2.01%，截至10:25，报56.07元/股，成交9.89亿元，换手率0.80%，总市值 1263.92亿元。 资金流向方面，主力资金净流出9505.72万元，特大单买入1.83亿元，占比18.53%，卖出2.81亿元，占比 28.45%；大单买入2.91亿元，占比29.43%，卖出2.88亿元，占比29.12%。 分红方面，江淮汽车A股上市后累计派现29.00亿元。近三年，累计派现4586.42万元。 机构持仓方面，截止2025年9月30日，江淮汽车十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股5548.50万股，相比上期减少4 ...

Core Insights - The automotive export market in China continues to grow, with significant increases in both passenger and commercial vehicle exports, as well as a notable rise in new energy vehicle exports [1]. Group 1: Overall Export Performance - In January 2026, total automotive exports reached 681,000 units, representing a year-on-year increase of 44.9% but a month-on-month decrease of 9.5% [4]. - Passenger car exports amounted to 589,000 units, showing a year-on-year growth of 48.9% and a month-on-month decline of 8.2% [3]. - Commercial vehicle exports totaled 93,000 units, with a year-on-year increase of 23.6% and a month-on-month drop of 17.1% [6]. Group 2: Traditional vs. New Energy Vehicles - Traditional fuel vehicle exports were recorded at 380,000 units, reflecting a year-on-year growth of 18.8% but a month-on-month decrease of 16.1% [5]. - New energy vehicle exports reached 302,000 units, marking a year-on-year increase of 100% and a slight month-on-month growth of 0.5% [9].

Core Viewpoint - The commercial vehicle market in China has shown a continuous growth trend, achieving an "8 consecutive increases" from June 2025 to January 2026, with January 2026 sales reaching 358,700 units, a year-on-year increase of 23% [2][15]. Market Performance - In January 2026, the commercial vehicle market sold 358,700 units, which is a 16% decrease from December 2025 but a 23% increase year-on-year, marking an expansion in growth rate compared to the previous month [2][5]. - The sales figure for January 2026 is the highest in the past five years, significantly surpassing January 2023 by nearly 180,000 units and ranking second in the last decade, only behind January 2021 [4][15]. Company Rankings - In January 2026, 12 companies sold over 10,000 units, with Foton leading the market with 55,000 units sold, followed by China National Heavy Duty Truck with 40,600 units, and Dongfeng with 34,800 units [6][8]. - The top ten companies accounted for 78.6% of the market share, with the top five companies holding over 50% of the total market share [11][13]. Year-on-Year Growth - The majority of leading companies experienced significant year-on-year growth, with SAIC-GM-Wuling showing a remarkable increase of 487%, while China National Heavy Duty Truck and Dongfeng grew by 35% and 57%, respectively [9][11]. - Foton and Jiefang also saw year-on-year increases of 10% and 19%, respectively, while Jianghuai's growth was lower than the market average at 9% [9][11]. Competitive Landscape - The competition among companies is intensifying, with notable changes in rankings compared to the previous month. For instance, SAIC-GM-Wuling and Jiefang improved their positions significantly, while some companies dropped out of the top ten [13][15]. - The market dynamics indicate a highly competitive environment, with small differences in sales figures among several companies, highlighting the fierce competition in the commercial vehicle sector [13].

（原标题：中汽协：1月商用车产销分别完成38.8万辆和35.9万辆 同比分别增长29.9%和23.5%） 智通财经APP获悉，据中国汽车工业协会统计分析，2026年1月，在商用车主要品种中，与上月相比， 货车和客车产销均呈不同程度下降；与去年同期相比，货车产销快速增长，客车产量小幅增长、销量小 幅下降。 2026年1月，客车产销分别完成3.8万辆和3.5万辆，产量同比增长2.7%，销量同比下降6.3%，环比分别 下降36.7%和44.9%。在客车细分品种中，与上月相比，三大类客车品种产销均呈明显下降；与去年同 期相比，中型客车产销快速增长，大型客车产量两位数增长、销量小幅下降，轻型客车产销呈不同程度 下降。 2026年1月，货车产销分别完成35万辆和32.3万辆，同比分别增长33.7%和27.9%，环比分别下降1.8%和 10.4%。在货车细分品种中，与上月相比，重型货车和中型货车产量呈不同程度下降、销量小幅增长， 轻型货车产销呈不同程度下降，微型货车产量快速增长、销量小幅下降；与去年同期相比，四大类货车 品种产销均呈不同程度增长。 2026年1月，商用车产销分别完成38.8万辆和35.9万辆，同比分别增长2 ...

Core Viewpoint - In January 2026, the commercial vehicle market experienced a mixed performance with significant year-on-year growth in truck sales, while bus production and sales showed a decline compared to the previous month. Group 1: Overall Commercial Vehicle Performance - In January 2026, commercial vehicle production and sales reached 388,000 units and 359,000 units, representing year-on-year increases of 29.9% and 23.5%, respectively, but month-on-month declines of 6.8% and 15.6% [3]. Group 2: Bus Market Analysis - Bus production and sales totaled 38,000 units and 35,000 units in January 2026, with production increasing by 2.7% year-on-year, while sales decreased by 6.3%. Month-on-month, production and sales fell by 36.7% and 44.9%, respectively [4]. - Within the bus segment, all three major categories saw significant month-on-month declines, while medium-sized buses experienced rapid year-on-year growth, large buses had double-digit production growth but slight sales decline, and light buses showed varying degrees of decline [4]. Group 3: Truck Market Analysis - Truck production and sales reached 350,000 units and 323,000 units in January 2026, with year-on-year growth of 33.7% and 27.9%, respectively, but month-on-month declines of 1.8% and 10.4% [7]. - In the truck segment, heavy and medium trucks saw varying degrees of production decline and slight sales growth, while light trucks experienced different levels of decline. Micro trucks had rapid production growth but slight sales decline. All four major truck categories showed varying degrees of year-on-year growth [7].

面对业绩困境，福特宣布停止部分纯电车型生产，将资源向混合动力、增程式车型倾斜，同时开发更贴合市场需求的小型纯电产品。在 业务布局上，福特持续巩固传统优势板块，燃油及混动业务、商用车业务2025年保持盈利，成为公司业绩的重要支撑，其中混动车型销 量同比增长超20%，商用车板块利润率达10.3%。 对于未来发展，福特管理层明确了盈利优先的核心方向，预计电动汽车业务仍将面临短期亏损，但亏损规模将逐步收窄，2026年调整后 息税前利润有望回升至80亿至100亿美元。同时，公司正开拓电池储能等新盈利赛道，改造原有电动车电池工厂布局储能业务，推动企业 从规模扩张向质量增长转型。 （校对/黄仁贵） 当地时间2月10日，福特汽车发布2025年第四季度及全年财报，数据显示公司全年营收实现1873亿美元，同比微增1.23%，连续五年保持 营收增长态势，但净利润由盈转亏，全年净亏损达81.82亿美元，第四季度单季净亏损更是达到111亿美元。 此次业绩大幅亏损核心原因源于电动化业务的持续承压与战略调整成本。福特电动化部门2025年亏损48亿美元，累计亏损已超百亿美 元，为缩减电动化业务规模，公司计提195亿美元特殊项目费用，且大部分 ...

中汽协将下滑归因于三方面因素叠加：新能源汽车购置税政策技术指标调整、多地购车补贴进入年度交 替空窗期，以及2025年末消费需求提前释放。商务部此前披露，2025年,我国汽车以旧换新超1150万 辆，新能源汽车占比近60%。这一轮需求集中释放，直接稀释了今年1月的订单量。 值得一提的是，自主与合资呈现此消彼长态势。1月中国品牌乘用车销量132.9万辆，环比下降32.1%， 同比下降8.9%，占乘用车销售总量的66.9%，较去年同期下滑1.5个百分点。同期，主要外国品牌中，美 系品牌零售销量录得两位数增幅，德系、日系、韩系、法系品牌销量同比均呈不同程度下降。具体到企 业，广汽丰田销量同比增长近10%，日产中国单月销量守住5万辆关口。一汽-大众、上汽大众同比降幅 收窄，环比降幅低于自主品牌平均水平。 与合资品牌止跌回稳相比，新能源乘用车国内市场的降温幅度更为明显。1月国内销量58.3万辆，同比 下降22.9%，环比下降54.8%。分动力类型看，纯电动汽车国内销量同比下降，插电式混合动力汽车销 量微降，燃料电池汽车降幅较为明显。 作为对比，同期新能源汽车出口30.2万辆，同比增长100%，环比增长0.5%。其中新能源 ...

Core Viewpoint - In January 2026, China's automotive industry experienced a stable overall operation, with a slight increase in production but a decline in sales, influenced by policy changes and consumer demand shifts [1][2][3]. Group 1: Production and Sales Data - In January, China's automotive production reached 2.45 million units, a year-on-year increase of 0.01%, while sales totaled 2.346 million units, reflecting a year-on-year decrease of 3.2% [1]. - Domestic sales of automobiles were 1.665 million units in January, down 14.8% year-on-year and 33.9% month-on-month [2]. - Passenger car sales were 1.988 million units, a year-on-year decline of 6.8% and a month-on-month decline of 30.2% [2]. Group 2: Market Segmentation - The passenger car market saw a decrease in sales, with Chinese brand passenger cars selling 1.329 million units, down 8.9% year-on-year [2]. - Commercial vehicles showed positive growth, with sales of 359,000 units in January, a year-on-year increase of 23.5% [2]. - New energy vehicle (NEV) sales remained stable, with 945,000 units sold, a slight year-on-year increase of 0.1% [3]. Group 3: Export Performance - In January, automobile exports reached 681,000 units, a year-on-year increase of 44.9%, with passenger car exports at 589,000 units, up 48.9% [4]. - NEV exports were particularly strong, with 302,000 units exported, reflecting a year-on-year growth of 100.5% [4]. - The top ten exporting companies showed positive growth, with Chery and Geely leading in export volumes [4][5]. Group 4: Future Outlook - The automotive industry is expected to stabilize as new policies are implemented, enhancing market vitality [5]. - The transition to high-quality development during the 14th Five-Year Plan period is crucial for the automotive sector [3].

Core Insights - The overall automotive industry in January 2026 is operating steadily, with a decline in the passenger car market, a positive trend in the commercial vehicle market, stable performance in the new energy vehicle market, and continued growth in automotive exports [1] Group 1: Passenger Vehicle Market - In January 2026, passenger vehicle production and sales reached 2.062 million and 1.988 million units, representing year-on-year declines of 4.1% and 6.8%, and month-on-month declines of 28.4% and 30.2% [2] - Domestic sales of passenger vehicles in January 2026 totaled 1.665 million units, down 14.8% year-on-year and down 33.9% month-on-month [10] Group 2: Overall Automotive Production and Sales - In January 2026, total automotive production and sales were 2.45 million and 2.346 million units, with production increasing by 0.01% year-on-year and sales decreasing by 3.2% year-on-year, along with month-on-month declines of 25.7% and 28.3% respectively [3] Group 3: New Energy Vehicle Market - In January 2026, new energy vehicle production and sales reached 1.041 million and 945,000 units, showing year-on-year growth of 2.5% and 0.1% [6] Group 4: Commercial Vehicle Market - In January 2026, commercial vehicle production and sales were 388,000 and 359,000 units, with year-on-year increases of 29.9% and 23.5%, and month-on-month declines of 6.8% and 15.6% [7] Group 5: Automotive Exports - In January 2026, automotive exports reached 681,000 units, marking a year-on-year increase of 44.9% but a month-on-month decrease of 9.5% [9]