Core Viewpoint - The January 2026 performance of the new energy vehicle market was relatively flat, but new forces in the industry showed better year-on-year performance compared to the overall market [3]. Group 1: January Delivery Data - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.4% but a month-on-month decrease of 31.9% [2]. - Li Auto delivered 27,668 vehicles, down 7.5% year-on-year and down 37.5% month-on-month [7]. - NIO delivered 27,182 vehicles, marking a significant year-on-year increase of 96.1% but a month-on-month decrease of 14.2% [6]. - Zeekr delivered 23,852 vehicles, with a year-on-year increase of 99.7% and a month-on-month decrease of 9.3% [8]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and down 38.0% month-on-month [5]. - Xiaomi delivered over 39,000 vehicles in January [8]. Group 2: Market Performance Analysis - The total retail market for narrow passenger cars in January was approximately 1.8 million units, a month-on-month decrease of 20.4% but a slight year-on-year increase [3]. - The new energy vehicle retail market is expected to reach 800,000 units, with a penetration rate of 44.4% [3]. - The five sample new force car companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles, a year-on-year increase of 17.5% but a month-on-month decrease of 28.0% [3]. Group 3: Company-Specific Insights - Leap Motor's growth is attributed to strong product offerings like the C10 and B01, with plans to launch new models in 2026 [4]. - Xpeng's delivery decline is noted, but the company plans to launch multiple new models in 2026 [5]. - NIO's delivery increase is supported by strong sales of the ES8 and new software updates enhancing user experience [6]. - Li Auto's stable sales are backed by the L series, with ongoing expansion in the charging infrastructure [7]. - Zeekr's growth is driven by the success of the 7X model and plans for new model launches [8]. Group 4: Industry Trends - The smart driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting intelligent driving features [9]. - The industry is expected to see a shift towards more affordable smart driving solutions, enhancing competitiveness against joint venture brands [9]. - The rise of intelligent capabilities is becoming a critical factor in competition among automakers, with a focus on autonomous driving and user acceptance [10].

Investment Rating - The report maintains a positive investment rating for the new energy vehicle sector, indicating a favorable outlook for the industry [7]. Core Insights - The performance of the new energy vehicle market in January 2026 was relatively flat, with a total retail market size of approximately 1.8 million vehicles, a month-on-month decrease of 20.4%, but a slight year-on-year increase. The penetration rate for new energy vehicles reached 44.4% [4]. - Five key new energy vehicle companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles in January, representing a year-on-year increase of 17.5% but a month-on-month decrease of 28.0%, outperforming the industry average [4]. - The report anticipates a stabilization and recovery in automotive demand post-Chinese New Year, driven by the rollout of local government subsidies and the introduction of new models [4]. Summary by Relevant Sections Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.4% but a month-on-month decrease of 31.9%. The strong performance is attributed to the competitive pricing of models C10 and B01 [5]. - Ideal Auto reported 27,668 vehicles delivered, a year-on-year decrease of 7.5% and a month-on-month decrease of 37.5%. The company is focusing on enhancing user experience through software updates and expanding its service network [9]. - NIO delivered 27,182 vehicles, marking a significant year-on-year increase of 96.1% but a month-on-month decrease of 14.2%. The ES8 model was the top performer [6]. - Zeekr delivered 23,852 vehicles, with a year-on-year increase of 99.7% and a month-on-month decrease of 9.3% [10]. - Xpeng delivered 20,011 vehicles, reflecting a year-on-year decrease of 34.1% and a month-on-month decrease of 38.0% [6]. Market Trends - The report highlights the ongoing trend of intelligent driving technology adoption, with companies like Xpeng and Huawei leading the charge. The expectation is that advancements in intelligent driving will lower hardware costs and expand market access [12]. - The report suggests that the intelligent driving capabilities will become a key competitive factor for automakers, with a focus on companies that are leading in this area [12]. Investment Recommendations - The report recommends focusing on companies with strong intelligent driving capabilities and those that are well-positioned in the new energy vehicle supply chain. Specific companies highlighted include Geely, Xpeng, and BYD [12].

1 月新能源车表现疲软 智通财经APP获悉，光大证券发布研报称，关注车企AI转型、以及上游原材料涨价压力消化。该行判 断，1)当前新势力车企积极向AI转型(尤其人形机器人)：特斯拉(TSLA.US)规划将当前Model S/X 生产线 逐步改造为专门用于人形机器人的产线、小鹏汽车-W(09868)宣布将于2026 年启动人形机器人规模量 产、理想汽车-W(02015)新设人形机器人团队;2)2025年底至今，铜/铝/碳酸锂等新能源车上游原材料陆 续涨价，预计整车毛利率将承压，关注后续产业链消化涨价压力进度。 光大证券主要观点如下： 新势力：1)理想：L6 交付周期维持1-3 周，MEGA 交付周期维持1-4 周，i8/L7交付周期维持2-4 周，L9 交付周期缩短至1-3 周(vs. 1 月为1-5 周)，L8 交付周期缩短至1-3 周(vs. 1 月为1-4 周)，i6 宁德时代电池 版本交付周期维持19-22周、欣旺达电池版本交付周期缩短至4-7 周;1 月理想L7/L8/L9 Pro 版本正式停 产，2 月理想全系购车补贴延续。 2)蔚来：EC7/ET9 交付周期维持4-6 周，全新ES8 交付周期缩短 ...

光大证券发布研报称，关注车企AI转型、以及上游原材料涨价压力消化。该行判断，当前新势力车企 积极向AI转型(尤其人形机器人)：特斯拉规划将当前Model S/X生产线逐步改造为专门用于人形机器人 的产线、小鹏宣布将于2026年启动人形机器人规模量产、理想新设人形机器人团队。2025年底至今， 铜/铝/碳酸锂等新能源车上游原材料陆续涨价，预计整车毛利率将承压，关注后续产业链消化涨价压力 进度。 光大证券主要观点如下： 特斯拉：国产Model3全系交付周期为2-4周，Model Y长续航版本交付周期为4-6周、后轮驱动版本交付 周期为1-3周，Model YL交付周期为2-4周;Model3全系可享8,000元限时保险补贴+7年超低息金融政策， Model Y全系享7年超低息金融政策，Model YL享5年0息金融政策。 新势力：1)理想：L6交付周期维持1-3周，MEGA交付周期维持1-4周，i8/L7交付周期维持2-4周，L9交 付周期缩短至1-3周(vs.1月为1-5周)，L8交付周期缩短至1-3周(vs.1月为1-4周)，i6宁德时代（300750）电 池版本交付周期维持19-22周、欣旺达（300207 ...

"尽管有7年低息政策，但如果买i6的话，我更推荐选择5年的购车方案。"1月26日，《每日经济新闻》记者走访车市时，北京地区一位理想汽车销售人员 这样说。 上述销售人员提及的"7年低息政策"，自2026年开年以来已成为新能源汽车市场竞争的焦点之一。进入1月后，特斯拉、小米汽车、理想汽车、小鹏汽车等 品牌纷纷推出或进一步强化了长达7年的低息购车金融方案，这一举措将传统汽车贷款周期普遍延长了2至3年。 得益于更长的贷款周期，消费者每月的还款额度得以大幅降低：小米汽车YU7月供低至2593元起；小鹏汽车全系月供低至1355元起；理想汽车月供低至 2578元起；特斯拉Model 3/Y/Y L月供低至1918元起。 有分析认为，在消费者仍持观望态度的市场环境下，车企面临着库存积压的压力。为刺激市场需求、提前锁定订单，车企纷纷采用贴息手段，这一举措旨 在抢占市场先机。然而，超长期低息方案的实际让利范围、成本分摊机制及对行业竞争秩序的潜在影响，仍需市场进一步验证。 "其实不用关注首付比例，因为每款车的售价不同，所要求的首付比例也不同，只要关注首付金额就行。"特斯拉的一位销售人员告诉《每日经济新闻》记 者，"比如选择A方案（ ...

导语：2026年，注定是理想汽车的关键一年。 "我们今天就放假了。" 1月15日傍晚时分，理想汽车常州基地二区门口，两位正在等出租车的生产线工人说出这句话时，声音不大，脸上也没什么表情。 "像这样清闲的日子有段时间了，上三休四。" 其中一个说着，另一个接上话茬，"刚开始觉着挺好，可计算工分的时候，就笑不出来了。老这么放，谁还笑得出来？" 他们口中的"上三休四"，在随后与二区多位一线工人的交谈中，成了高频词。而这种"清闲"却并非理想生产一线正式员工的专属待遇。 就在一天前，三个坐了二十多个小时火车从兰州来的大二学生，也体会到了相似的境遇。他们是来打寒假工的外包，满心想着多劳多得，结果上岗 第一天就被告知，常州理想基地二区的产线早就不是满负荷运行状态了，甚至还得经常"被放假"。 劳保服和劳保鞋的钱已经交了95元，路费也花了，可活却不多。三个年轻人蹲在厂区外头一合计，"干完今天，就跑路。" 一边是正式员工在为"工分"发愁，一边是外包工刚来就想"跑路"，理想汽车常州工厂的这番景象，显然是理想当下所面临的现实压力最直观的体 现。 i8要搬家，L7、L8产能闲置 刚下早班的王远（化名）在汽车制造行业干了整整十年，现在是三 ...

Core Insights - The article discusses Li Auto's ambitious growth plans for 2026, targeting a 40% increase in sales, which translates to approximately 550,000 units sold [1] - The upgraded L9 model features a battery capacity exceeding 70 kWh, a range of over 400 kilometers, and significant enhancements in size and chassis design [1] - Industry insiders predict that the L9 could achieve sales of over 100,000 units [1] Group 1 - Li Auto is focusing resources on the next-generation L9 model while streamlining its range of extended-range vehicles [1] - A new all-electric SUV is set to launch in 2026, with a product focus returning to extended-range vehicles [1] - The company anticipates that its market share in the 200,000+ price segment will not return to the 40%+ levels seen in 2022 and 2023, but aims to regain a leading position in market share by 2026 [1] Group 2 - The i6 model is expected to have a production capacity of 3,000 units per month [1] - Li Auto is undergoing a systematic review of its offline sales network, with plans to close underperforming retail locations and not renew contracts [1]

Core Viewpoint - The current market is experiencing a significant decline in customer traffic and orders compared to the previous month, primarily due to the reduction of purchase tax subsidies and the lack of new government funding for 2026, leading to a cautious market sentiment [1][10]. Group 1: Market Conditions - Customer traffic and orders have sharply decreased, with many stores reporting single-digit order numbers and a general lack of high-intent customers [1][12]. - The New Year's holiday saw minimal customer engagement, with many potential buyers still in the consideration phase and not making decisive purchases [5][17]. - The introduction of new policies, such as a 12,000 yuan purchase tax subsidy, has not significantly improved the situation, as actual costs remain higher than last year [2][10]. Group 2: Consumer Behavior - Customers are exhibiting a strong wait-and-see attitude, largely influenced by the anticipation of new models and subsidy policies [4][19]. - Many customers who considered purchasing at the end of last year are now hesitant due to increased costs and the uncertainty surrounding new government incentives [8][10]. - The majority of customers are not in a hurry to buy, with many expressing a desire to wait for better deals or new model releases [9][15]. Group 3: Competitive Landscape - The market is seeing increased competition among electric vehicle brands, with some customers considering switching back to traditional fuel vehicles due to the new purchase tax on electric cars [10][19]. - Brands like Xiaopeng and Zeekr are gaining attention for their new models, but overall customer interest remains subdued [8][14]. - The introduction of new models and policies by competitors is expected to influence customer decisions, with many waiting for clearer signals from manufacturers [15][22].

Core Viewpoint - The restructuring of Li Auto's product lines aims to enhance decision-making efficiency and product consistency by shifting from a matrix organization to a more streamlined approach, with clear accountability for product lines [1][2]. Group 1: Product Line Adjustments - Li Auto will reorganize its product lines into two main categories: one led by "Old Tang" for MEGA, L9, L8, and L7, and another led by Li Xinyang for the i series and L6 [1]. - The transition from Huawei's IPD model to Toyota's CE model is intended to address issues of resource allocation and decision-making speed within the automotive industry [1][2]. - The i8 series will continue to be iterated upon and will not be discontinued, with a focus on adjusting models priced between 300,000 to 400,000 and potentially introducing a model above 500,000 [1]. Group 2: Leadership and Responsibility - There has been a significant imbalance in the responsibilities and powers of product line leaders, with the expectation that they will now have more authority to influence their respective product lines [2]. - The current restructuring does not appear to designate a single individual as the overall responsible party for value delivery across the brand, sales, and product departments [2]. - The division of responsibilities between Old Tang and Li Xinyang is seen as a move towards balancing their roles, with Old Tang focusing on higher-priced models and Li Xinyang on lower-priced models [5][7]. Group 3: Market Positioning and Strategy - The new product line structure reflects a strategic alignment with market demographics, where Old Tang is perceived to better understand older consumers and Li Xinyang is more attuned to younger buyers [4][6]. - The division aims to minimize internal competition while ensuring that both leaders have overlapping responsibilities that foster collaboration rather than conflict [7].

Core Insights - Zhang Xiao, the president of the second product line at Li Auto, is set to leave the company, raising concerns about the future planning of the mid-to-high-end product line [2][1] - Zhang has been with Li Auto since May 2016 and played a significant role in the product definition of key models such as Li ONE and L9 [1][2] - The company has structured its product lines based on price ranges, with Zhang responsible for the second product line covering models priced between 300,000 to 400,000 yuan [1] Company Structure - Li Auto has three main product lines: - The first product line, overseen by Tang Jing, targets models priced above 400,000 yuan (MEGA, L9) [1] - The second product line, managed by Zhang Xiao, includes key models like L8 and L7, and the upcoming i8 [1] - The third product line, led by Li Xinyang, focuses on models priced below 300,000 yuan (L6, i6) [1] Impact of Departure - Zhang's departure may impact the operational pace of the second product line, which is crucial for the company's mid-to-high-end offerings [2][1]