Industry Information - By 2028, Yunnan aims for its non-ferrous metal industry output to exceed 600 billion yuan, with new energy battery and phosphorus industries becoming new trillion-level industries [13] - As of January 2025, the number of new energy vehicles in China reached 43.97 million, accounting for 12.01% of total vehicles, with pure electric vehicles making up 68.74% of new energy vehicles [7] - Global production of lithium manganese phosphate is expected to reach 70,000 tons by 2026, up from 28,500 tons last year, reflecting a growth of 206.5% [8] - The global sales of pure electric vehicles are projected to exceed 12.1 million units by 2025, with BYD expected to surpass Tesla in sales [10] - The total number of electric vehicle charging facilities in China reached 20.09 million by the end of 2025, marking a 49.7% year-on-year increase [18] Policy Information - The Ministry of Transport announced that over 10,000 charging guns will be added in service areas in 2026, enhancing the convenience of charging for new energy vehicles [15] - A new mandatory national standard for automotive steering systems will be implemented starting July 1, 2026, which will clarify safety boundaries for new technologies [24] - Jiangsu Nanjing has launched a plan to build smart energy application scenarios, focusing on energy integration and digital transformation [25] Company Information - Li Auto's MEGA has achieved 30,000 deliveries [39] - Xiaopeng Motors has launched 1,000 mobile charging stations to assist with vehicle-to-vehicle charging during the Spring Festival [40] - NIO has opened its first national dealership in Hungary, marking a significant milestone in its European expansion [41] - BYD has signed an agreement to build an electric vehicle battery factory in Vietnam with a total investment of 130 million USD [41]

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [8]. Core Insights - The automotive market in January 2026 experienced a seasonal downturn, with a notable decline in demand due to the impact of subsidy policies and adjustments in purchase tax. Most new energy vehicle manufacturers saw a significant month-on-month sales drop of 43.9% [3][4]. - Despite the overall weak performance in the first quarter of 2026, the continuation of the vehicle replacement policy is expected to support market recovery as local subsidy details are finalized [4]. - Companies to watch include: - Xpeng Motors (9868 HK/XPEV US) with new models launching and increasing overseas production [4]. - Geely Automobile (175 HK) focusing on internal resource integration post-privatization of Zeekr [4]. - BYD (1211 HK) benefiting from increased overseas production capacity and high growth in international sales [4]. Summary by Relevant Sections Sales Performance - BYD's January sales were 205,518 units, down 30.7% year-on-year and 50.4% month-on-month. However, exports surged by 43.3% to 100,009 units, with overseas sales accounting for 47.6% of total sales [6][7]. - NIO delivered 27,182 vehicles in January, a 96.1% year-on-year increase but a 43.5% month-on-month decline. The introduction of new financing options is expected to ease purchasing barriers [6][7]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and 46.6% month-on-month, with the new X9 model showing significant growth [6][7]. - Li Auto's deliveries were 27,668 units, reflecting a slight decline due to product cycle impacts [6][7]. - Xiaomi's deliveries exceeded 39,000 units, marking a 95% year-on-year increase [6][7]. Company Ratings and Price Targets - The report includes various companies with their respective ratings and target prices, indicating potential upside: - BYD (1211 HK) with a target price of 133.00, representing a 36.06% upside [8]. - NIO (9866 HK) with a target price of 62.75, indicating a 62.48% upside [8]. - Xpeng (9868 HK) with a target price of 134.69, suggesting an 87.98% upside [8].

Core Insights - The delivery performance of new car manufacturers in January 2026 showed a significant decline in month-on-month figures, with some brands experiencing drops exceeding 40%, while year-on-year results displayed a stark divergence among companies [2][3] - The competition in the automotive industry is shifting towards technology and ecosystem advantages, necessitating adjustments in product offerings and marketing strategies to meet changing consumer demands [2][8] Delivery Performance - In January 2026, the overall delivery volume for new car manufacturers decreased, with three companies reporting a month-on-month decline of over 40% and three others over 30% [3] - Hongmeng Zhixing led the market with nearly 58,000 deliveries, marking a year-on-year increase of 65.6%, despite a month-on-month drop of 35.4% [3][4] - Xiaomi and Leap Motor also reported strong growth, while NIO and Zeekr saw near doubling in year-on-year figures; however, Li Auto and Xpeng faced year-on-year declines [2][3] Market Trends - The automotive market is experiencing a "financial war" as companies introduce low-interest financing options to stimulate sales, with Tesla and Xiaomi leading the charge with attractive financing plans [5][6] - The long-term growth trajectory for the electric vehicle market remains positive, with projections indicating that sales in China could reach 19 million units in 2026, representing a year-on-year growth of 15.2% [7] Competitive Landscape - The competitive focus is shifting from price competition to value competition, driven by changes in government policies that encourage technological upgrades and quality consumption [7][8] - Key trends identified for 2026 include a shift towards value competition, accelerated market differentiation, and a focus on intelligent driving, smart cabins, and new battery technologies as critical areas for differentiation [7][8]

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

Core Viewpoint - NIO-SW (09866.HK) announced a significant increase in vehicle deliveries, achieving a total of 27,182 vehicles in January 2026, representing a year-on-year growth of 96.1% [1] Delivery Performance - The January 2026 deliveries included 20,894 high-end smart electric vehicles under the NIO brand, 3,481 family smart electric vehicles under the Ladao brand, and 2,807 high-end smart electric microcars under the Firefly brand [1] - As of January 31, 2026, the cumulative vehicle delivery reached 1,024,774 units, marking a significant milestone for the company [1] Technological Advancements - On January 28, 2026, the new version of the "NIO World Model (NWM)" was officially launched, gradually being pushed to over 460,000 vehicles equipped with the "Banyan" system, with plans to extend to "Cedar" and "CedarS" models [1] - The new version incorporates complete closed-loop reinforcement learning for smart assisted driving, enhancing the driving experience in both urban and highway scenarios [1] - Improvements were also made in smart parking assistance and active safety, enhancing both technical capabilities and user experience [1] Future Outlook - The company aims to continue its focus on the research and development of core smart electric vehicle technologies and further improve its charging and battery swapping network [1] - The goal is to provide a better smart electric vehicle experience for a broader user base, contributing to a sustainable and improved future [1]

Core Viewpoint - NIO-SW (09866) reported a significant increase in vehicle deliveries, achieving a total of 27,182 vehicles delivered in January 2026, representing a year-on-year growth of 96.1% [1] Delivery Performance - The deliveries included 20,894 high-end smart electric vehicles under the NIO brand, 3,481 family smart electric vehicles under the Lada brand, and 2,807 high-end smart small cars under the Firefly brand [1] - As of January 31, 2026, the cumulative vehicle delivery reached 1,024,800 units, marking a significant milestone in the company's development [1] Technological Advancements - On January 28, 2026, the new version of the "NIO World Model (NWM)" was officially launched, gradually being pushed to over 460,000 vehicles equipped with the "Banyan" system, with plans to extend to "Cedar" and "Cedar S" models [1] - The new version incorporates complete closed-loop reinforcement learning for smart assisted driving, enhancing the driving experience in both urban and highway scenarios [1] - Improvements were also made in smart parking assistance and active safety, enhancing both technical capabilities and user experience [1] Future Outlook - The company aims to continue its focus on the research and development of core smart electric vehicle technologies and further improve the charging and battery swapping network layout [1] - The goal is to provide a better smart electric vehicle experience for a broader user base, contributing to a sustainable and improved future [1]

Core Insights - NIO-SW (09866) announced the delivery of 27,182 vehicles in January 2026, representing a year-on-year increase of 96.1% [1] - The deliveries included 20,894 high-end smart electric vehicles under the NIO brand, 3,481 family smart electric vehicles under the Lada brand, and 2,807 high-end smart small cars under the Firefly brand [1] - As of January 31, 2026, the cumulative vehicle delivery reached 1,024,800 units, marking a significant milestone in the company's development [1] Product and Technology Updates - On January 28, 2026, the new version of "NIO World Model (NWM)" was officially launched, gradually being pushed to over 460,000 vehicles equipped with the "Banyan" system [1] - The new version applies complete closed-loop reinforcement learning to smart assisted driving, enhancing the driving experience in urban and highway scenarios [1] - Improvements were also made in smart parking assistance and active safety, both in technical capabilities and user experience [1] Future Outlook - The company aims to continue its focus on the research and development of core smart electric vehicle technologies [1] - There are plans to further enhance the charging and battery swapping network layout to provide a better smart electric vehicle experience for a broader user base [1] - The company is committed to creating a sustainable and better future [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 NIO Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 2026年1月交付更新資料 承董事會命 蔚來集團 本公司於2026年1月交付27,182輛汽車，同比增長96.1%。有關交付包括本公司 旗下蔚來品牌的高端智能電動汽車20,894輛，本公司旗下樂道品牌的家庭智能電 動汽車3,481輛，以及本公司旗下螢火蟲品牌的智能電動高端小車2,807輛。截至 202 ...

Core Viewpoint - NIO Inc. has announced the launch of a new version of its "NIO World Model" (NWM), which will enhance its smart driving capabilities and support over 46,000 "Banyan" models, indicating a focus on high-quality growth and technological advancement in the electric vehicle sector [1] Group 1: Product Development - The new version of NWM will implement complete closed-loop reinforcement learning for smart driving development, modeling both urban and highway navigation assistance [1] - The update will introduce urban navigation battery swap functionality, supporting over 2,000 second-generation and above battery swap stations nationwide [1] Group 2: Company Strategy - NIO's founder and CEO, Li Bin, stated that the company is entering a third development phase focused on high-quality growth, aiming for a 40%-50% annual growth rate [1] - The company plans to deepen collaboration among its three brands and continue investing in infrastructure, with a target of over 10,000 battery swap stations by 2030 [1] Group 3: Market Performance - NIO's stock closed up 3.92% at $4.77 and continued to rise by 2.52% in pre-market trading, reaching $4.89 [1] - The company's total market capitalization is approximately $11.798 billion, with a trading volume of 74.34 million shares [1]

Domestic News - The first mandatory national standard for automotive driving assistance systems has been officially released, set to be implemented on January 1, 2028. This standard mandates that automatic emergency braking systems (AEB) become standard equipment in light vehicles, with a projected AEB system installation rate exceeding 60% for new passenger cars by 2025 [3] - During the "14th Five-Year Plan" period, the manufacturing and sales revenue of new energy vehicles is expected to grow at an annual rate of 49.5%. In 2025, the manufacturing of new energy vehicles is projected to increase by 14.3%, while the clean energy power generation sector is expected to see a 17.3% revenue growth, accounting for 38.5% of total electricity production revenue, an increase of 6.9 percentage points from 2021 [4] - Xi'an has opened applications for a vehicle replacement subsidy for 2026, offering a maximum subsidy of 15,000 yuan for eligible consumers replacing old vehicles with new energy or fuel vehicles. The subsidy is set at 8% of the new vehicle sales price for new energy vehicles and 6% for fuel vehicles, with a cap of 15,000 yuan and 13,000 yuan respectively [5] - Lantu has announced its product plan for 2026, which includes four new models, all equipped with L3 autonomous driving capabilities. The first model, Lantu Taishan Ultra, is expected to be delivered in March 2026 [6][7] - BYD has launched the 5.0 version of its "Tianshen Eye" driving assistance system, featuring advanced reinforcement learning capabilities. By the end of last year, BYD had over 2.56 million vehicles equipped with this system, generating over 160 million kilometers of data daily [8] - Dongfeng's overseas version of the Nano 06 has been launched in Costa Rica, with 270 orders received during the launch event [9] - NIO has officially pushed the new version of its World Model (NWM), which includes a new urban navigation battery swap feature, supporting over 2,000 battery swap stations nationwide [10] - Alipay has partnered with Xiaomi to introduce a smart parking payment feature in Xiaomi's smart glasses, allowing users to pay for parking with voice commands or by scanning a parking code [11][12] International News - Malaysia has announced a vehicle scrappage subsidy program for cars older than 20 years, allowing owners to receive up to 8,000 ringgit in total for purchasing new vehicles after scrapping their old ones [13] - Thailand's automotive sales reached a two-year high in 2025, with total sales of 621,166 vehicles, an 8.5% increase from 2024. Electric vehicle sales accounted for 276,697 units, representing 45% of total sales [14] - Uber has established the AVLabs team to leverage its extensive real-world data from ride-hailing services to support the development of autonomous driving technology [15] - Volvo Financial Services has extended its partnership with Bank of America until 2030 to continue providing financing and leasing services to Volvo customers and dealers in the U.S. [16] Commercial Vehicles - The largest new energy heavy truck supercharging station in Hainan has been put into operation, with a total installed capacity of 8,000 kilowatts, enhancing the reliability and efficiency of the new energy heavy truck charging network in the province [18] - DAF has launched the XG Electric and XG+ Electric models, targeting the high-end transport market with spacious cabins designed for long-haul operations [19] - SANY Heavy Truck has partnered with Longxin Technology to create a comprehensive energy ecosystem for heavy trucks, aiming to alleviate long-distance charging anxiety [20] - BYD's T4 electric truck has surpassed 1,000 units in cumulative sales, gaining popularity in various urban distribution markets due to its low energy consumption and high reliability [21]