3月2日午后，比亚迪成交额达100亿元，现涨7.27%。 这一成绩不仅印证了比亚迪在新能源领域的技术优势，也为中国汽车品牌出海提供了新的范本。推动中国汽车产业从产品输出向品牌输出升级。 从细分数据来看，2月乘用车销售187782辆，王朝与海洋系列贡献165013辆，方程豹、腾势、仰望分别交付17036辆、5501辆、232辆。 2026年1-2月，集团累计销售400241辆，海外累计销量突破20万辆，新能源累计销量超1550万辆。 海外销量反超国内，是比亚迪全球化战略的重要成果。在东南亚、拉美、欧洲等核心市场，比亚迪凭借丰富的产品矩阵和本地化运营，持续提升品牌影响 力。 消息面上，比亚迪昨日公布2月销量数据，单月销量达190190辆，其中海外销量首次超越国内，达到100151辆，同比增长41.4%。 ...

Core Viewpoint - The article discusses the evolving nature of celebrating the Chinese New Year, highlighting a shift from traditional family reunions to more personalized and diverse ways of celebrating, including travel and self-driving trips [30][32]. Group 1: Personal Experiences and Changes in Celebration - The author, a well-known automotive camping blogger, shares his decision not to return to his hometown for the New Year, opting instead for warmer destinations like Zhuhai and Macau [4][6]. - The author reflects on childhood memories of the New Year, emphasizing the strong sense of family and community during celebrations in his hometown [9][10]. - The experience of returning home has transformed from a simple journey to a complex decision influenced by personal circumstances and societal changes [12][30]. Group 2: Travel and Transportation Trends - The article notes that self-driving is becoming the dominant mode of transportation during the Spring Festival, accounting for over 60% of travel methods [18]. - The author advises against using electric vehicles for long-distance travel during the holiday due to potential charging issues and recommends fuel or hybrid vehicles instead [28]. - The shift from concentrated travel to more dispersed travel patterns reflects changes in family structures and individual preferences, allowing for more flexibility in how people choose to celebrate [30][32]. Group 3: Societal Reflections - The author discusses the impact of China's family planning policies on the current generation's ability to choose not to return home for the New Year, highlighting a shift in family dynamics [30]. - The article suggests that the traditional concept of "reunion" during the New Year is being redefined, with individuals feeling more empowered to create their own celebrations [32].

"很多客户甚至一买就是20台。"李柯透露。比亚迪不仅提供大量新能源车辆，也建设了完善的充电网 络，并计划在阿联酋持续加大投资。她强调，比亚迪能够跻身2025年全球汽车销量初步排名的第五名， 靠的并非低价策略，而是自主研发的技术创新，展现了中国企业的实力与技术魅力。 （文章来源：21世纪经济报道） 在速度与未来感并存的迪拜，豪车和超跑似乎是人们脑海中的第一印象。然而，真正走上街头，却会发 现新能源汽车正悄然融入城市日常，尤其是来自中国广东的品牌——比亚迪、广汽等随处可见。比亚迪 执行副总裁李柯表示，公司在迪拜表现非常出色，旗下方程豹与仰望车型深受欢迎。 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2026 年 1 月销量点评：海外表现优异国 内持续去库，蓄势待发迎接新周期 报告要点 [Table_Summary] 比亚迪发布 1 月产销。公司 1 月整体销量 21.0 万辆，同比-30.1%，环比-50.0%，乘用车销量 20.6 万辆，同比-30.7%，环比-50.5%。分品牌来看，1 月海洋王朝/方程豹/腾势销量分别为 17.8/2.2/0.6 万辆，同比分别-36.2%/+247.0%/-48.8%，环比分别-48.4%/-57.6%/-66.9%。出海 销量维持高位，1 月出口销量 10.0 万辆，同比+43.3%。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 事件评论 丨证券研究报告丨 2026-02-10 公司研究丨点评报告 research.95579.com 1 [Table_sco ...

Core Insights - In 2025, China's automotive industry achieved a historic milestone with production and sales exceeding 34 million units, marking the 17th consecutive year as the global leader, while domestic sales of new energy vehicles surpassed 50% [1] - BYD maintained its position as the global leader in new energy vehicle sales for the fourth consecutive year, with total sales exceeding 4.6 million units in 2025, and continued strong performance into 2026 with January sales reaching 210,000 units [1] Group 1: Growth Drivers - The growth logic behind these achievements is shifting, characterized by accelerated globalization, a solidified technological framework, and rapid advancements in high-end offerings [3] - In 2025, overseas markets became a significant growth engine for BYD, with overseas sales reaching 1.0496 million units, a 145% increase year-on-year [4] - BYD emphasizes long-term strategies over short-term gains, focusing on building a comprehensive system of dealerships, local factories, and logistics networks to support its global expansion [4] Group 2: R&D and Technological Advancements - BYD's sustained global expansion is underpinned by significant long-term investments in R&D, with expenditures reaching 43.75 billion yuan in the first three quarters of 2025, a 31% increase year-on-year [6] - The company has consistently invested more in R&D than its annual net profit for 13 out of the last 14 years, translating these investments into marketable technologies [6] - New technologies such as the "Tian Shen Zhi Yan" driver assistance system and the Super e-platform have been launched, pushing the boundaries of industry technology [6] Group 3: High-End Market Strategy - BYD's approach to high-end market penetration differs from traditional Chinese brands, focusing on technological capabilities rather than brand premium to drive high-end development [8] - The company has segmented its high-end strategy through three sub-brands: Yangwang, Tengshi, and Fangchengbao, targeting various market segments from personalized luxury to ultra-high-end offerings [8] - In 2025, Fangchengbao achieved sales of 234,600 units, a 316.1% increase, while Tengshi D9 sold 103,500 units, breaking the dominance of foreign brands in the luxury MPV market [8][9] Group 4: Industry Impact - BYD's significance extends beyond its corporate success, representing a shift in the Chinese automotive industry from merely "chasing parameters" to "building systems" [10] - The ability of technology to support global expansion and further enhance high-end breakthroughs signifies a new phase of high-quality development for the Chinese automotive industry [10]

证券日报网讯2月4日，比亚迪（002594）在互动平台回答投资者提问时表示，公司1月份销售超21万 辆，蝉联中国新能源汽车销量冠军，乘用车及皮卡海外销售超10万辆，其中比亚迪汽车销售17.75万 辆、方程豹销售21581辆，腾势销售6002辆，仰望品牌销售413辆。截至2026年1月份，公司新能源汽车 累计销售超1530万辆。 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不 是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 公司发布2025年1月销量快报： 1月批发销量大幅调整，海外销量维持高位。1月批发总销量21.0万辆，同比-30%、环比-50%。分品牌看，王朝+海洋系列17.8万辆、方程豹2.2万辆、腾势 0.6万辆、仰望413辆。海外销量约10.0万辆，同比+51%（快报口径）、环比-25%（季节性），仍然维持同比高速增长状态。 批发节奏调整主要为控制终端库存与生产节奏。以旧换新政策以及新能源购置税政策落地后，并未拉动消费情绪，1月终端需求较低迷。公司2026年新品 周期有望在2月春节后逐步开启，新品上市前需要清理旧车库存，当下公司批发节奏调整主要为终端清库留足时间和空间。此外，上游碳酸锂、铝、铜等 基本原材料近期波动幅度加剧，对生产节奏或有影响。 市场担心需求及成本负面影响，看好行业龙头公司的应变能力。政策退坡后，终端需求表现较差，叠加上游 ...

证券研究报告·公司点评报告·乘用车 比亚迪（002594） 2026 年 1 月销量点评：销量同环比降低，持 续推进高端化和出口 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602,315 | 777,102 | 839,362 | 887,061 | 990,587 | | 同比（%） | 42.04 | 29.02 | 8.01 | 5.68 | 11.67 | | 归母净利润（百万元） | 30,041 | 40,254 | 35,011 | 45,040 | 56,317 | | 同比（%） | 80.72 | 34.00 | (13.03) | 28.65 | 25.04 | | EPS-最新摊薄（元/股） | 3.29 | 4.42 | 3.84 | 4.94 | 6.18 | | P/E（现价&最新摊薄） | 26.72 | 19.94 | 22.92 | 17.82 | 14.25 | [Ta ...

证券研究报告·公司点评报告·乘用车 比亚迪（002594） 2026 年 1 月销量点评：销量同环比降低，持 续推进高端化和出口 买入（维持） 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602,315 | 777,102 | 839,362 | 887,061 | 990,587 | | 同比（%） | 42.04 | 29.02 | 8.01 | 5.68 | 11.67 | | 归母净利润（百万元） | 30,041 | 40,254 | 35,011 | 45,040 | 56,317 | | 同比（%） | 80.72 | 34.00 | (13.03) | 28.65 | 25.04 | | EPS-最新摊薄（元/股） | 3.29 | 4.42 | 3.84 | 4.94 | 6.18 | | P/E（现价&最新摊薄） | 26.72 | 19.94 | 22.92 | 17.82 | 14.25 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]