稿源：长沙晚报 2月24日，长沙市持续用力打造"三个高地"加快推进高质量发展会议召开。新的一年，长沙的区县、园 区、企业如何"拿出跃马扬鞭的勇气、激发万马奔腾的活力、保持马不停蹄的干劲"，锚定目标任务，坚 定信心、乘势而上？让我们听听"新春第一会"上的精彩发言。 2026-02-25 07:36 浏阳将全面落实此次会议精神，聚焦争当全国县域经济领头羊，深入践行正确政绩观，着力拼经济、促 发展、惠民生、保稳定，为长沙打造"三个高地"、加快推进高质量发展勇挑大梁。 长沙市委常委、浏阳市委书记肖正波： 勇挑大梁 争当全国县域经济领头羊 2025年，浏阳锚定"三高四新"美好蓝图，纵深推进"五市"战略，攻坚克难、砥砺奋进，高质量发展迈出 坚实步伐。 在纵深推进"产业强市"战略中，浏阳抓住"产业链"这一关键，推深做实产业链"链长制"，全年新引进项 目166个、总投资425亿元，其中百亿级2个、10亿元以上9个，重点产业链产值增长11%；用好"科创 城"这一抓手，举全市之力建设金阳科创城，落地多个院士领衔科创平台，人形机器人等产品交付规模 稳居行业第一梯队，微烟无硫技术实现多品类烟花产品应用。纵深推进"开放兴市"战略，浏阳 ...

长沙晚报掌上长沙2月24日讯（全媒体记者 曹开阳）2025年，全球新能源汽车产业迎来历史性转折—— 长期在新能源汽车总销量上保持第一的比亚迪，以全年225.7万辆的纯电动汽车销量首次登上全球榜 首。 2026年是"十五五"开局之年，中国汽车将进入技术迭代、智电融合和全球化发展的新阶段。立足新起 点，比亚迪将继续秉持"敢想、敢干、敢坚持"的工程师精神，把企业的技术、产业和制造等优势，与长 沙的创新、人才、资源等优势紧密结合起来，持续不断做精技术、做优产品、做强服务，加快推进全球 化布局，全力打造世界级中国品牌。易珑在"2026年长沙市持续用力打造三个高地 加快推进高质量发展 会议"上表示，成绩的取得离不开市委、市政府和各部门的高度重视，离不开长沙各界的关心支持。长 沙比亚迪将倾尽全力，助推长沙汽车产业加速进位争先，在"十五五"新征程上一马当先，为加快打造国 家重要先进制造业高地贡献更强劲的"比亚迪力量"。 这一喜人成绩的背后有着"长沙智造"的贡献。比亚迪股份有限公司湖南省总经理易珑介绍，2009年长沙 比亚迪落户以来持续深耕，不断加码，从雨花区的整车制造到宁乡市的动力电池，从望城区的智能终端 到长沙县的新能源汽 ...

Core Viewpoint - The article discusses the launch and market positioning of the BYD Sea Lion 05, highlighting its competitive pricing and features, particularly the 210 km range version, while also addressing market challenges and customer perceptions [1][4][20]. Group 1: Product Launch and Pricing - The Sea Lion 05 was launched on January 18, with two models priced at 89,800 yuan and 99,800 yuan, respectively, and no current discounts available [2][4]. - The new model primarily features an extended range of 210 km, with no significant changes to other specifications, and lacks a formal launch event [8][15]. - The sales strategy is closely tied to the popularity of the Qin model, with customers expressing concerns about potential price drops in the future [10][19]. Group 2: Customer Insights and Market Competition - Customers often compare the Sea Lion 05 with the Qin and models from Geely, with Geely being a significant competitor due to its quality and design [10][12]. - There is a perception among customers that the current economic climate may lead to further price reductions, impacting their purchasing decisions [8][10]. - A customer shared that using the Sea Lion 05 for ride-hailing could provide a better work-life balance, indicating a shift in consumer behavior towards flexibility in work [12][13]. Group 3: Financing and Purchase Timing - Financing options include a two-year interest-free loan from Agricultural Bank, which is appealing to customers given the vehicle's lower price point [17][18]. - The article suggests that now is a good time for customers in need of a vehicle to make a purchase, especially considering the current market conditions [19]. - The sales team believes that the Sea Lion 05 offers strong value for daily commuting and ride-hailing, despite challenges in the broader market [20].

乘用车 | 评级: 买入 | | --- | | 维持 | 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | | 总股本(百万股) | 9,117.20 | | --- | --- | | 流通股本(百万股) | 7,170.64 | | 市价(元) | 87.37 | | 市值(百万元) | 796,569.55 | | 流通市值(百万元) | 626,498.98 | 股价与行业-市场走势对比 1、《比亚迪 2025 年中报点评：》 2025-08-30 评：》2025-08-04 2025-04-26 比亚迪 2026 年 1 月销量点评： 行业政策过渡短期承压，仍需关注后续新车周期及出口 比亚迪（002594.SZ） 证券研究报告/公司点评 ...

乘用车 | 评级: 买入 | | --- | | 维持 | 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | | 总股本(百万股) | 9,117.20 | | --- | --- | | 流通股本(百万股) | 7,170.64 | | 市价(元) | 87.37 | | 市值(百万元) | 796,569.55 | | 流通市值(百万元) | 626,498.98 | 股价与行业-市场走势对比 2025-04-26 1、《比亚迪 2025 年中报点评：》 2025-08-30 评：》2025-08-04 比亚迪 2026 年 1 月销量点评： 行业政策过渡短期承压，仍需关注后续新车周期及出口 比亚迪（002594.SZ） 证券研究报告/公司点评 ...

机构：华泰证券 研究员：宋亭亭/王立献 2）供给端，我们预测公司1 月主动去库5 万辆左右，预计26 年将陆续上市长续航、带低温快充功能新 车（例如1 月发布26 款秦L，纯电续航由128km提至210km），降库为后续经销商端的新车铺货预留空 间。我们认为，公司1 月销量下滑较大，是淡季主动调结构，为春节后新车和新技术发布蓄力。 出口：1 月出口高增，全年目标剑指 130 万辆 1 月出口10 万辆（同比+51%），延续高增势头，海外市场是公司26 年销量增长的核心引擎。从产能 看，公司海外工厂加速落地，泰国工厂（年产能15 万辆）已稳定投产，巴西工厂（初期15 万辆/年）25 年7 月投产后快速爬坡，匈牙利工厂（预计26Q2 正式投产，可规避欧盟最高35.3%的反补贴税）。我们 预计，公司全年海外规划总产能或达80 万辆以上。渠道端同步发力，公司计划26 年底前将欧洲零售网 络扩至2000 家，覆盖90%以上市场。我们认为随着东南亚、欧洲等区域产能释放及交付提速，单月出 口量有望恢复至13 万辆以上，全年出口或超130 万辆。 技术：升级续航超充拓北方渗透，智驾数据优势或提升用户体验 智驾方面，截至25 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 130.63 [1][5]. Core Views - The company experienced a significant decline in January sales, with total passenger car sales of 210,000 units, down 30% year-on-year and 50% month-on-month. However, export sales exceeded 100,000 units, marking a 51% increase year-on-year [1][2]. - The decline in domestic sales is attributed to demand front-loading and proactive inventory reduction, which is seen as a strategic move to prepare for new car and technology launches post-Spring Festival [2]. - The company aims for an export target of over 1.3 million units in 2026, driven by the expansion of overseas production capacity and retail networks [3]. Summary by Sections Domestic Sales - January sales saw a significant drop due to supply and demand pressures, with the Dynasty and Ocean series, as well as other brands, showing varied performance. The company proactively reduced inventory by approximately 50,000 units in January [2]. Export Performance - The company exported 100,000 units in January, continuing a strong growth trend. The overseas market is expected to be a key driver for sales growth in 2026, with plans to expand production capacity to over 800,000 units [3]. Technological Advancements - The company is focusing on enhancing battery range and fast charging capabilities, particularly in northern regions, to improve user experience and increase penetration of new energy vehicles [4]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are adjusted to RMB 820 billion, RMB 955 billion, and RMB 1,110 billion respectively. Net profit estimates are RMB 350 billion, RMB 466 billion, and RMB 567 billion for the same years [5][10]. - The estimated EPS for the automotive business in 2026 is projected at RMB 4.24, with a target PE of 24 times, reflecting a premium over comparable companies [5][11].

Core Viewpoint - BYD is rapidly transforming the public service vehicle market in China, becoming a trusted partner for law enforcement agencies with its innovative technology and reliable quality [2][4]. Group 1: Market Presence - BYD vehicles have become a frequent presence in police fleets across various regions in China, including cities like Hefei, Jinzhou, Xi'an, and Xiaogan, showcasing models such as Qin PLUS, Song Pro, and Song PLUS for various law enforcement scenarios [3]. - The appearance of BYD models in government procurement announcements indicates a growing acceptance and trust in domestic electric vehicles for public safety [3]. Group 2: Product Features - BYD's vehicles meet the stringent demands of police work, offering exceptional safety, reliability, and adaptability for different operational environments [4]. - The hybrid systems in BYD vehicles provide both fuel efficiency for urban patrols and powerful performance for rural responses, effectively addressing the operational needs of law enforcement [4]. Group 3: Industry Impact - The widespread adoption of BYD police vehicles reflects not only the success of the brand but also the rise of Chinese manufacturing in high-end sectors, demonstrating a clear trajectory of innovation benefiting public service [4]. - This shift signifies that domestic automotive manufacturers are fully capable of taking on the critical role of ensuring public safety, positioning themselves as reliable "mobile shields" in modern law enforcement [4].

Core Insights - The rapid growth of the new energy vehicle market in China has led to a significant division in the automotive market, with distinct trends emerging in the price segments below and above 200,000 yuan [1][2][5] Market Trends - In November, vehicles priced above 200,000 yuan occupied four spots in the sales rankings, with the Model Y selling over 47,000 units and the AITO M7 selling over 25,000 units [1] - Conversely, vehicles priced below 100,000 yuan also claimed four spots, with the Hongguang MINIEV selling over 56,000 units and the BYD Seagull selling over 21,000 units [2] - The market has bifurcated into segments below 100,000 yuan and above 200,000 yuan, leaving the 100,000-200,000 yuan segment relatively quiet [2][5] Sales Performance - The top-selling models in the overall automotive market for November included the Hongguang MINIEV, Model Y, and others, with significant sales figures indicating a preference for lower-priced vehicles [4] - The sales figures for electric vehicles showed a notable increase, with pure electric vehicles selling 7,155 units and plug-in hybrids 28,213 units [4] Consumer Behavior - The shift in consumer behavior reflects a change from purchasing vehicles out of necessity to buying based on emotional appeal, particularly in the above 200,000 yuan market [7] - The lower-priced market is seeing a mix of consumption downgrade and upgrade, with traditional brands like Geely and BYD dominating this segment, while new entrants struggle to penetrate [7][8] Competitive Landscape - New energy vehicle brands such as Xiaomi and Hongmeng Zhixing are gaining traction, with Xiaomi achieving over 40,000 units sold in November, marking its entry into the top three for the first time [9][10] - Traditional automakers are facing challenges in the above 200,000 yuan market, where they need to enhance their overall offerings to regain competitive advantage [19][20] Industry Evolution - The automotive industry is undergoing a "second entrepreneurship," with traditional manufacturers transitioning from fuel vehicles to smart new energy vehicles, while new entrants are establishing themselves in the market [20]

Group 1 - The core point of the news is that China's new energy vehicle (NEV) purchase tax policy will shift from "exemption" to "50% reduction" starting January 1, 2026, with the maximum reduction amount decreasing from 30,000 yuan in 2025 to 15,000 yuan [2] - The adjustment is seen as a critical step to transition the NEV industry from price competition to value competition, encouraging companies to focus on quality and technology rather than low-cost strategies [2][7] - The price war in the automotive market has led to significant financial losses, with the new car market experiencing a cumulative loss of 138 billion yuan from January to August 2024 [3] Group 2 - BYD, a leading player in the NEV sector, held a market share of 31.7% in 2022, but has faced challenges due to the ongoing price war, resulting in a 32.6% year-on-year decline in net profit for Q3 2025 [3][5] - The company's strategy of lowering prices to maintain market dominance has severely impacted its profitability, with single-vehicle profit dropping to 5,000 yuan and gross margin reaching historical lows [5] - Future growth opportunities in the NEV industry are expected to arise from advancements in smart electric vehicles, artificial intelligence, connected vehicle technology, cloud computing, and digital car-sharing platforms [5]