有目共睹的是，随着补贴缩水，2026年车市开年首月没有炸出一份符合预期的成绩单。 洗牌之下，1月SUV车型排行榜仍有值得玩味的现象：小米YU7夺冠，博越L强势空降，一堆神车排名暴跌，换来的是油车集体回春... 新能源补贴逐渐退坡后，最重要的SUV市场将何去何从？ 新旧交替 2026年1月是个特殊的月份，补贴退坡正式落地，乱局让旧的"神车"落幕，迎来新的"神车"接替。 小米YU7以37869辆的成绩夺得1月SUV排行榜的榜首，更是无定语销量第一，堪称"传奇耐黑王"，网上越黑，消费者越买。 博越L以34176辆的月销量紧随其后，去年仍在前十以外的博越L，今年空降第二。 其原因很可能是吉利在2025年已经超额完成了全年销量目标，为了让2026年开年就有一个漂亮的"开门红"，有计划地将部分12月的订单和交付量延迟到了 1月，排在第四的星越L也有着相似的命运。 问界M7以26454辆排到了第三，问界的品牌力、华为的智能方案、合理的定位和价格让M7的销量抵御住了冲击。 这样看跻身前十的油车好像多了，去年12月油车还只有卡罗拉锐放、途观L、锋兰达三台，今年却又多了三台，传统油车纷纷回春，坐稳六强。 整体来看，补贴退坡首月， ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

红星资本局2月13日消息，小米集团（01810.HK）董事长雷军宣布，自2024年4月3日以来，小米汽车累 计交付量已超过60万台。他同时表示，新一代小米SU7的展车已经到店。 2月12日，雷军发文称，小米YU7今年1月的销量达37869台。按照第三方平台的排行榜，小米YU7为1月 乘用车零售销量冠军。他表示："这个排名含金量很高，不带任何定义，不论能源形式，不论价钱，不 论SUV/轿车。" 红星资本局注意到，如果以批发销量为统计口径，小米YU7排名第五。 乘联分会2月12日公布的《2026年1月份全国乘用车市场分析》显示，1月乘用车批发销量超2万辆的车型 有17个（上月27个），比亚迪宋为42227辆、吉利星愿为41676辆、博越为41296辆、特斯拉Model Y为 38916辆、小米YU7为37869辆。 1月全国乘用车市场零售154.4万辆，同比下降13.9%。其中自主品牌零售89万辆，同比下降18%；主流 合资品牌零售47万辆，同比下降4%；豪华车零售18万辆，同比下降15%。 1月新能源乘用车市场零售59.6万辆，同比下降20.0%；1月常规燃油乘用车零售94.8万辆，同比下降 10%。1月新能源 ...

同日，雷军表示，自2024年4月3日以来，小米汽车累计交付量已超过60万台。他同时表示，新一代小米 SU7的展车已经到店。 此前，2月12日，雷军在其个人微博援引汽车之家数据称，小米YU7今年1月份销量为37869台。这一数 字环比去年12月的销量有所下滑，但仍跃升两位，登顶全国乘用车零售销量排行榜。 汽车之家的数据显示，在1月的全国乘用车零售销量排行榜中，小米YU7以显著优势位居榜首。排在第 二位的吉利博越L销量为34176台；第三则是吉利星愿，销量29007辆。值得注意的是，特斯拉Model Y 在1月销量仅为16845台，排名第20位。 记者丨王泽坤 编辑丨叶映橙 2月13日，小米集团创始人、董事长兼CEO雷军宣布：第一代SU7停产，仍然跟以往一样提供全部维修 及保养服务。小米已为第一代SU7准备了充足了配件和供应商生产能力，至少能够满足10年以上的备件 保障能力。春节期间，小米汽车服务不打烊，大家可以到小米汽车服务门店对车辆进行维修和保养。 1月全国乘用车市场零售154.4万辆，同比下降13.9%。其中自主品牌零售89万辆，同比下降18%；主流 合资品牌零售47万辆，同比下降4%；豪华车零售18万辆， ...

记者丨王泽坤 此前，2月12日，雷军在其个人微博援引汽车之家数据称，小米YU7今年1月份销量为37869 台。这一数字环比去年12月的销量有所下滑，但仍跃升两位，登顶全国乘用车零售销量排行 榜。 汽车之家的数据显示，在1月的全国乘用车零售销量排行榜中，小米YU7以显著优势位居榜 首。排在第二位的吉利博越L销量为34176台；第三则是吉利星愿，销量29007辆。值得注意的 是，特斯拉Model Y在1月销量仅为16845台，排名第20位。 编辑丨叶映橙 2月13日，小米集团创始人、董事长兼CEO雷军宣布：第一代SU7停产，仍然跟以往一样提供 全部维修及保养服务。小米已为第一代SU7准备了充足了配件和供应商生产能力，至少能够满 足10年以上的备件保障能力。春节期间，小米汽车服务不打烊，大家可以到小米汽车服务门店 对车辆进行维修和保养。 同日，雷军表示，自2024年4月3日以来，小米汽车累计交付量已超过60万台。他同时表示， 新一代小米SU7的展车已经到店。 如果以批发销量为统计口径，根据乘联分会2月12日公布的《2026年1月份全国乘用车市场分 析》显示，1月乘用车批发销量超2万辆的车型有17个（上月27个），比 ...

Overall Market - In January 2026, the retail sales of passenger cars reached 1.544 million units, a year-on-year decrease of 13.9% [14] - The decline in retail sales is attributed to complex market factors and a historical pattern of fluctuating sales in January [14] - The end of the new energy vehicle purchase tax exemption in December 2025 has led to a recovery period for the new energy vehicle market, with some consumers having made purchases in December to take advantage of the policy [14] - January 2026 saw a significant increase in exports, with passenger car exports reaching 576,000 units, a year-on-year increase of 52.0% [16] - The production of passenger cars in January 2026 was 2.003 million units, a year-on-year decrease of 4.4% [16] - The wholesale volume for January 2026 was 1.973 million units, a year-on-year decrease of 6.2% [17] New Energy Market - In January 2026, retail sales of new energy vehicles (NEVs) totaled 596,000 units, down 20.0% year-on-year [18] - The penetration rate of NEVs in the domestic market was 38.6%, while the export penetration rate was 49.6% [15] - The production of NEVs reached 938,000 units, a slight decrease of 0.6% year-on-year [18] - The wholesale volume of NEVs was 864,000 units, down 3.3% year-on-year [18] - The export of NEVs reached 286,000 units, a significant increase of 103.6% year-on-year, accounting for 49.6% of total passenger car exports [22] Company Performance - BYD, Geely, and Chery are leading in the new energy vehicle market, with BYD's sales reaching 205,518 units in January 2026 [24] - The market share of domestic brands in the new energy sector is increasing, with a notable rise in the export of new energy vehicles to Europe and Southeast Asia [15][22] - The new energy vehicle market is characterized by a shift towards higher quality products, with an increase in the proportion of high-end NEVs [15] Market Outlook - February 2026 is expected to see lower sales due to the shorter working days caused by the extended Spring Festival holiday [27] - The market is anticipated to stabilize post-holiday, with potential recovery in the entry-level electric vehicle segment [28] - The overall sentiment in the consumer market remains cautious, influenced by high costs and economic factors [28]

Core Insights - The "Youliang 30 Used Car Wholesale Index" recorded a significant increase of 19.7% month-on-month in January 2026, reaching 85 points, driven by strong demand in the automotive consumption market before the Spring Festival, marking the largest monthly increase since its inception [1] - The index now includes a complete list of 30 benchmark models, enhancing its transparency and market reference value, providing a clearer and more credible quantitative framework for observing the dynamics of the Chinese used car market [1][2] Index Composition - The 30 benchmark models represent high liquidity and typical market indicators across various segments, covering brands from China, the US, Germany, and Japan, aimed at reflecting the overall trends in the Chinese used car market [2] - Notable models include Chinese brands like Great Wall Haval H6 and BYD Song, German brands like Volkswagen Golf and BMW 3 Series, Japanese brands like Honda CR-V and Toyota RAV4, and American brands like Tesla Model Y and Buick GL8 [2] Market Trends - The index data for January 2026 reveals a profound structural adjustment beneath the overall market prosperity, with mid-to-large vehicles experiencing a price increase of 27.1% year-on-year, significantly higher than the average market increase of 11.1% for compact cars [4] - Chinese brands led the market with a year-on-year price increase of 36.9%, reflecting advancements in technology, product strength, and market recognition, while German brands maintained a robust 34.6% increase [7] - In contrast, Korean and French brands faced declines of 9.0% and 13.8% respectively, indicating challenges in market share and brand influence [7] Vehicle Type Dynamics - The market has seen a notable shift in demand, with MPV prices soaring by 35.7%, becoming the fastest-growing category, while traditional SUV prices saw a modest increase of 3.2% and sedans increased by 18.6% [10] Circulation and Transactions - The liquidity of used car sources in China continues to rise, with total used car transactions in 2026 surpassing 20 million units, reaching 20.108 million, a year-on-year increase of 2.52%, and an increasing proportion of interprovincial transactions [13] - The "Youliang 30 Index" provides innovative analysis on interprovincial circulation, with Sichuan province entering the top 5 in interprovincial procurement in January 2026 [13] Index Value and Macro Significance - The "Youliang 30 Index" serves as a quantifiable and traceable "data dashboard" for industry governance and market fluctuation assessment, helping relevant departments gauge the true structure of the current consumption market and consumer confidence levels [22] - The index's monthly data series creates a dynamic price map, allowing for scientific measurement and analysis of the impact of policies like "trade-in" on the circulation segment [22] - The transparency and standardization of the "Youliang 30 Index" respond to national requirements for market data element commercialization and the establishment of a high-standard market system, facilitating the transition of the used car industry from a traditional "experience-driven" model to a "data-driven" modernized development phase [22]

Core Viewpoint - The "Guangdong Goods Going Global" spring campaign has successfully boosted sales and showcased the evolution of Guangdong's manufacturing, emphasizing the importance of adapting to new market demands and technological advancements [2][3][7]. Group 1: Campaign Overview - The "Guangdong Goods Going Global" spring campaign features nearly 30 key events, engaging over 10 major commercial platforms and more than 6,000 enterprises, highlighting Guangdong's strengths in various sectors including smart home appliances and high-end mobile phones [2][11]. - On January 15, the campaign's launch event in Foshan saw participating companies achieve a sales increase of 110% compared to the previous day, with some products experiencing sales growth exceeding 200% [2][3]. Group 2: Sales Performance - During the campaign, companies like Mofei Technology reported a fivefold increase in sales for certain products, with their seasoning machine sales up by 159% compared to the previous day [4][6]. - The event demonstrated significant online sales, with one company reporting over 100,000 yuan in sales within just three hours of live streaming [3][6]. Group 3: Product Innovation and Market Adaptation - Guangdong's products have evolved from being perceived as merely functional to embodying advanced technology and design, with a focus on meeting specific consumer needs through innovative solutions [7][8]. - The integration of new materials and technologies has allowed Guangdong manufacturers to create products that cater to specific scenarios, leading to impressive sales figures during the campaign [6][9]. Group 4: Broader Implications for Guangdong Manufacturing - The success of the campaign reflects a broader trend of Guangdong's manufacturing sector transitioning from a focus on production to creating value through innovation and brand enhancement [8][10]. - The campaign is part of a larger strategy to expand Guangdong's market reach, including plans for numerous promotional activities across various sectors such as agriculture and tourism [11].

Core Insights - The overall retail sales of passenger cars in December 2025 reached 2.261 million units, a year-on-year decrease of 14.0% but a month-on-month increase of 1.6% [1] - Cumulative retail sales for the year amounted to 23.744 million units, reflecting a year-on-year growth of 3.8% [1] - The wholesale growth rate for passenger cars in 2025 is projected at 8.8%, with new energy vehicles (NEVs) expected to grow at 25.2%, meeting the growth expectations set for the "14th Five-Year Plan" [1] Market Performance - December's passenger car retail sales showed a significant decline in fuel vehicles, down 30% year-on-year, while pure electric vehicle sales increased by 2.5% [2] - The penetration rate of new energy vehicles in December reached 59.1%, indicating a shift towards a "new energy-dominated" market [2][11] - The retail share of domestic brands in December was 64.3%, a year-on-year increase of 2.2 percentage points [3] Production and Wholesale - Passenger car production in December was 2.791 million units, a year-on-year decrease of 4.6% [4] - December's wholesale volume for passenger cars was 2.789 million units, down 9.0% year-on-year [5] - The production of new energy vehicles in December reached 1.560 million units, a year-on-year increase of 7.6% [7] Export Trends - In December, the export of passenger cars (including complete vehicles and CKD) was 588,000 units, a year-on-year increase of 46.2% [4] - New energy vehicles accounted for 46.4% of total exports in December, up 15.6 percentage points from the previous year [4][13] - Cumulative exports of new energy vehicles for the year reached 2.422 million units, a growth of 86.2% [7] Inventory and Market Dynamics - The overall inventory in December decreased by 60,000 units, indicating proactive inventory reduction by manufacturers [6] - The market is experiencing a significant adjustment in consumer sentiment due to changes in trade-in policies and the expiration of tax exemptions for new energy vehicles [1][2] - The competitive landscape is shifting, with traditional manufacturers like Geely, Changan, and Great Wall showing improved market shares [3] Future Outlook - The January 2026 market is expected to benefit from a favorable production and sales environment, with a focus on the upcoming Spring Festival driving consumer demand [18] - The implementation of new policies aimed at promoting vehicle upgrades and trade-ins is anticipated to support market stability and growth in early 2026 [20] - The overall passenger car market is projected to maintain a stable trajectory, with a forecasted wholesale growth of 1% for 2026 [20]