中国汽车：市场反馈及行业预期下调 -1 月季节性表现弱于往常，且物料成本通胀加剧-China Automobiles_ Marketing feedback & lowering estimates for the sector on weaker-than-usual Jan seasonality with BOM cost inflation

12 February 2026 | 12:19PM CST Equity Research CHINA AUTOMOBILES Marketing feedback & lowering estimates for the sector on weaker-than-usual Jan seasonality with BOM cost inflation We recently conducted marketing meetings in Hong Kong and Singapore. Overall investor positioning of the Auto space has been quite underweight into the start of 2026. Investors' main questions centered around: (1) industry volume trajectory; (2) raw material and memory cost inflation; and (3) potential further policy stimulus. Se ...