| 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 | 03 日│中国内地 | 乘用车 | 目标价(人民币): | 130.63 | 2 月 1 日，比亚迪发布产销快报，1 月乘用车总销量 21 万辆，同比-30%、 环比-50%；其中出口销量突破 10 万辆，同比+51%、环比-25%。我们认为 公司受需求前置和主动去库影响，1 月销量同环比大幅下滑，系淡季主动调 结构，为春节后新车和新技术发布蓄力。我们看好公司 26 年出口销量超 130 万辆，期待公司超充、智驾等领域的新技术进展，维持"买入"评级。 国内：受需求前置和主动去库影响，1 月销量同环比大幅下滑 分品牌看，1 月王朝+海洋系列/方程豹/腾势/仰望销量 17.8/2.2/0.6/0.04 万 辆，同比-36%/+247%/-49%/+44%。1 月内销同环比大幅下滑，源于供需两 端压力。1）需求端，26 年新能源购置税增加 5%，导致需求于 25 年底提 前释放，叠加地方置换补贴申请窗口 1 月底才全面铺开，消费者持币 ...

Core Insights - The article highlights the competitive landscape of the electric vehicle (EV) market in China, focusing on the performance of various brands and their strategies to capture market share [1][2][3] Brand Performance - BYD continues to dominate the sub-200,000 yuan EV market with over 380,000 units sold in the latest month, reflecting a 12% year-on-year growth, driven by its cost-effective models [1] - In the above-200,000 yuan segment, brands like Tesla, Li Auto, and Xiaomi are intensifying competition, with Xiaomi's new SUV model YU7 achieving over 280,000 pre-orders within an hour of its launch [2] Market Trends - The Chinese automotive market is transitioning into a phase characterized by "stock competition" and "replacement-driven" sales, necessitating precise brand positioning and consumer segmentation [3] - Local brands such as Changan and Chery are leveraging high-cost performance electric vehicles and strong export performance to penetrate third- and fourth-tier cities [3] Technological Advancements - Tesla is advancing its autonomous driving capabilities with the introduction of Robotaxi services overseas and localizing its Full Self-Driving (FSD) technology for the Chinese market [2] - Nissan's N7 electric sedan topped the sales chart for joint venture electric vehicles in June, indicating a shift towards electric product lines amid transformation pressures [3]