1月22日，小鹏汽车宣布推出全系7年低息分期购车方案：首付15%起，月供低至1355元，活动有效期至2026年1月31日。 1月20日，理想汽车也发文称，2026年1月20日起购车，可享7年超低月供购车方案：首付3.25万元起，月供低至2578元。 1月15日，小米汽车宣布YU7「7年低息」购车方案： 首付4.99万元起，月供低至2593元起，1月16日0点开始，截至2月28日24点前。另 有「3年0息」政策可选，首付7.49万元起，月供低至4961元起。 而 在此前， 小米汽车、 特斯拉也推出7年低 息购车政策，进一步降低购车门槛。 此外，Model 3/Y/Y L还可选择"5年0息"；其中Model Y L是首次推出"5年0息"方案，首付9.99万起，月供可低至3985元。 1月2日晚间，特斯拉公布了最新的交付数据，2025年第四季度的交付量为41.82万辆，同比下滑15.6%，环比下滑15.9%；全年交付量 163.61万辆，同比下降8.6%，创最大年度降幅，也是连续第二年年度交付量下滑。 来源：红星新闻 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 机器人将再度登上央视春晚！ 马斯克， ...

Macro Strategy - The core viewpoint discusses the recent "28-point" ceasefire agreement proposed by Trump, which requires Ukraine to abandon territorial claims over Crimea, Luhansk, and Donetsk, crossing Ukraine's "strategic red line" [1][5][6] - The existing political system in Ukraine makes it difficult for many terms of the agreement to be implemented, and the neglect of Europe's strategic position creates uncertainty in future geopolitical situations [5][6] - The report suggests that the path to peace in the Russia-Ukraine conflict remains long and complicated, with limited room for further declines in oil prices driven by news in the short term [5][6] Fixed Income Strategy - The credit bond market is expected to see both opportunities and risks in supply and demand, with three main strategies focusing on liquidity, the pace of economic recovery, and regulatory policy changes [2][7] - The report recommends a defensive strategy centered on short- to medium-term credit bonds, while selectively engaging in long-term bonds for potential trading opportunities [2][7] - The supply side of the city investment bond sector is expected to maintain a "zero tolerance" regulatory stance, with financing remaining tight but gradually improving as platforms transition to industrial entities [7][9] Company Analysis: Li Auto-W (02015.HK) - The company reported Q3 2025 revenue of 27.36 billion yuan, with a year-on-year decline of 36.2%, and a net profit loss of 620 million yuan, indicating short-term pressure on performance [12][14] - The gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year, primarily due to increased manufacturing costs from a recall [12][14] - The company is restructuring its management model to focus on user value and efficiency, aiming to build a complete AI system for its vehicles, with expectations for significant performance improvements in future chip designs [12][14]