消息面上，开源证券发布研报称，2026年1月，国内乘用车市场同比持平但环比下滑，其中新能源汽车 销量承压明显，渗透率降至约44.4%。市场呈现结构性分化：问界、小米等凭借爆款车型实现高增长； 燃油车为部分品牌提供短期支撑；比亚迪股份等纯新能源品牌销量承压。展望2026年，行业重点看好高 端化发展与海外市场拓展两大方向。 该机构表示，1月为春节前最后一个完整销售月，工作日数量明显多于2025年同期，但受购置税减免退 坡产生透支效应、以旧换新政策退坡各省逐步落实等影响，乘用车零售销量有望实现180万辆、日均5.8 万辆，同比基本持平、环比下滑明显。具体来看，根据乘联会数据，1月首周车市疲软，日均零售3.0万 辆；第2周需求略有恢复，日均零售5.0万辆；1月第3周，随着以旧换新补贴陆续落地，车市热度缓慢回 升，日均零售有望达5.7万辆；1月第4周，在补贴政策基本落实与年前首购需求增强的双重推动下，车 市日均零售量有望有望冲高至12.0万辆。分能源形式看，1月燃油车销量预计相对有支撑，主要系冬季 为传统燃油车销售旺季、购置税减免退坡缩小油电价差；反观新能源车，受政策及季节性因素影响明 显，预计1月零售销量约80万辆， ...

Group 1 - The automotive industry is reflecting on its challenges and opportunities as leaders like Li Shufu of Geely emphasize the importance of core values and technological innovation in navigating critical moments [9][10] - Oliver Blume, former CEO of Porsche, admits to significant strategic errors, particularly regarding the decision to fully electrify the Macan model, which has led to a product gap and financial losses for shareholders [14][15] - Xiaomi's CEO Lei Jun acknowledges the industry's issues with marketing practices and emphasizes the need for transparency and accountability in communications with consumers [17][19] Group 2 - NIO's founder Li Bin celebrates the production of the company's one millionth electric vehicle and outlines ambitious plans for expanding battery swap stations, while maintaining a focus on long-term growth and profitability [22][24] - Elon Musk expresses confidence in China's rapid advancements in AI and energy infrastructure, predicting that China will surpass the U.S. in power generation by three times by 2026 [26][27] - Zhu Hao, founder of Zhi Mi Technology, boldly claims that his company will create the world's first trillion-dollar ecosystem, aiming for a significant increase in market valuation over the next two decades [30][31] Group 3 - Renault's CEO François Provost advocates for a shift from volume-driven strategies to value-driven approaches in the Chinese automotive market, criticizing the detrimental effects of price wars [41] - Li Xiang of Li Auto announces a strategic pivot towards humanoid robotics and AI, emphasizing the need for innovation in product development and collaboration within the industry [44][46] - Huawei's executive Yu Chengdong expresses dissatisfaction with the current capabilities of the HarmonyOS cockpit, calling for improvements to meet user expectations [36][37]

理想汽车董事长兼CEO李想表示："1月，我们向用户推送了OTA 8.2版本系统更新，带来40项新增功能和25项体验优化，辅助驾驶、智能空间 和智能电动体验全面升级。强化版VLA司机大模型对物理世界的思考和理解能力迎来质变，城区复杂路况的应对更接近真人驾驶。新上线的 宠物模式和AI艺术相框功能广受用户喜爱，非常多的用户创作和分享AI宠物屏保，回忆和爱宠的治愈时刻。我始终相信AI带来的生产力变 革，将极大地加速智能电动车向具身智能产品进化，为理想汽车创造更大的机遇。感谢用户和伙伴长期以来的信任和支持，我们会不负期 待，把握机遇、主动积极迎接挑战，持续为用户提供更主动、更聪明、更有温度的服务。" 在销售与服务网络方面，截至2026年1月31日，理想汽车在全国范围内已有547家零售中心，覆盖159个城市；售后维修中心及授权服务中心共 计547家，覆盖221个城市。充电网络建设同步推进，全国已投入使用3966座理想超充站，拥有21,945个充电桩。 2月1日，理想汽车公布了2026年1月的交付数据。2026年1月，理想汽车交付新车27,668辆。截至2026年1月31日，理想汽车历史累计交付量已 达1,567,883辆 ...

根据2026年2月1-2日各大车企发布的最新数据，2026年1月中国汽车市场销量排行如下： 车企集团销量排行（TOP 5） | 排名 | 车企集团 | 1月销量 | 同比变化 | 主要亮点 | | --- | --- | --- | --- | --- | | 1 | 吉利汽车集团 | 270,167辆 | +1% | 海外出口60,506辆，同比翻倍；新能源124,252辆 | | 2 | 比亚迪 | 210,051辆 | -30.11% | 出口100,482辆，同比+51.47%，蝉联新能源冠军 | | 3 | 奇瑞集团 | 200,269辆 | -10.72% | 出口11.96万辆，同比+48.1%，出口占比近60% | | 4 | 广汽集团 | 116,622辆 | +18.47% | 自主品牌超4.9万辆，同比+87.58% | | 5 | 长城汽车 | 90,312辆 | +11.59% | 海外销量40,278辆，同比+43.77% | | | 🚀 造车新势力销量排行（TOP 10） | | | | 排名 品牌 1月销量 同比变化 备注 1 问界（AITO） 40,016辆 +83% 鸿蒙智 ...

Group 1 - The Hong Kong stock market saw a collective decline in automotive stocks, with Xpeng Motors dropping over 8%, NIO down over 6%, and Li Auto, Great Wall Motors, and others also experiencing declines [1] - Major Chinese automakers reported January vehicle delivery data, with BYD's January new energy vehicle sales at 210,051 units, a year-on-year decrease of 30.11%, while Li Auto delivered 27,668 units, down 7.55%, and Xpeng delivered 20,011 units, a decline of 34.07% [1] Group 2 - Specific stock performance included Xpeng Motors at -8.58% with a latest price of 65.500 and a market cap of 125.09 billion, NIO at -6.53% with a price of 36.100 and a market cap of 88.96 billion, and BYD at -4.60% with a price of 93.250 and a market cap of 850.18 billion [2] - Other notable declines included Li Auto at -3.03%, Great Wall Motors at -3.09%, and Geely Auto at -2.11%, with respective market caps of 129.09 billion, 109.88 billion, and 171.66 billion [2]

乘联分会方面分析称，2026年春节时间较晚，1月为春节前最后一个完整销售月，工作日数量多于去年 同期，随着首购需求随返乡潮开始释放，全月市场预计可实现同比微增。目前，国家报废补贴已经落 实，但购置税补贴退坡产生了一定的透支效应，各省份以旧换新补贴仍在逐步落实中，导致消费者观望 情绪较为浓重，终端市场仍存不确定性。 汽车股普遍下挫，截至发稿，小鹏汽车-W(09868)跌9.14%，报65.1港元；长城汽车（601633）(02333)跌 3.47%，报12.79港元；理想汽车-W(02015)跌3.26%，报63.8港元；赛力斯（601127）(09927)逆势涨 1.2%，报96.95港元。 消息面上，2月1日，多家车企公布了2026年1月份的销量情况，绝大多数实现销量同比增长，不过分化 特征明显。小鹏汽车1月交付新车20011辆，同比下降34.07%，环比下降46.65%；理想汽车1月交付新车 27668辆，同比增长7.55%，环比下降37.47%；蔚来方面，其1月交付量为2.72万辆，同比增长96.1%；赛 力斯1月汽车销量合计4.59万辆，同比增长104.85%。 ...

Core Viewpoint - The automotive industry is shifting from direct price competition to financial incentives as companies respond to regulatory pressures against price wars, raising questions about the sustainability and risks of this strategy [2][6]. Group 1: Financial Promotions - Tesla initiated a financial promotion with a "7-year low-interest" plan, offering a minimum down payment of 79,900 yuan and monthly payments of 1,918 yuan for the Model 3 [2]. - Xiaomi, Li Auto, and other companies quickly followed suit with similar financing options, highlighting a trend towards extended loan terms and lower monthly payments to attract consumers [3]. - The trend of "7-year low-interest" financing has become a standard offering among major automakers, with various companies providing competitive down payment and monthly payment options [3]. Group 2: Consumer Behavior and Market Dynamics - There is a growing consumer demand for flexible payment options, particularly among younger buyers, which can lead to an "equivalent price reduction" effect [4]. - The automotive market is facing significant pressure, with retail sales of passenger vehicles dropping by 28% year-on-year in early January 2026, prompting companies to adopt financial promotions to stimulate demand [6]. - The impending reduction of tax incentives for electric vehicles is expected to increase consumer costs, further motivating companies to offer attractive financing solutions [6]. Group 3: Regulatory and Policy Environment - Recent policies from financial regulators have allowed for the extension of personal consumption loans to 7 years, making low-interest financing a compliant option for automakers [7]. - The government has introduced fiscal subsidies for qualifying personal consumption loans, which can help offset the costs of low-interest financing for consumers [8]. - The inclusion of the automotive sector in key fiscal subsidy areas indicates a supportive regulatory environment for financial promotions in the industry [7]. Group 4: Financing and Leasing Controversies - Many automakers are incorporating financing leasing services into their promotional strategies, which can create confusion among consumers regarding ownership and contractual obligations [9]. - The financing leasing model, while innovative, has faced criticism for potentially misleading consumers about ownership rights and responsibilities [10]. - The automotive financing leasing sector is undergoing regulatory improvements to enhance transparency and protect consumer interests [10][11].

Core Viewpoint - Li Auto reported a year-on-year decline of 7.5% in new vehicle deliveries for January 2026, with a total of 27,668 units delivered [1]. Group 1: Delivery Performance - As of January 31, 2026, Li Auto's cumulative delivery volume reached 1.5679 million vehicles [1]. - The January 2026 delivery figures represent a decrease compared to the same month in the previous year [1]. Group 2: Product and Technology Updates - In January, Li Auto rolled out the OTA 8.2 system update, introducing 40 new features and 25 experience optimizations [1]. - The enhanced VLA driver model shows significant improvement in understanding and responding to complex urban driving conditions, approaching human driving capabilities [1]. Group 3: Infrastructure Expansion - Li Auto has established 547 retail centers across 159 cities and 547 after-sales service and authorized service centers covering 221 cities [1]. - The company has deployed 3,966 Li Auto supercharging stations, equipped with 21,945 charging piles nationwide [1].

Core Viewpoint - The automotive stocks have generally declined, with significant drops in companies like Xpeng Motors and Li Auto, while Seres has shown a slight increase in stock price [1] Company Performance - Xpeng Motors reported a January delivery of 20,011 vehicles, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65% [1] - Li Auto delivered 27,668 vehicles in January, reflecting a year-on-year increase of 7.55% but a month-on-month decrease of 37.47% [1] - NIO's January delivery reached 27,200 vehicles, marking a substantial year-on-year increase of 96.1% [1] - Seres achieved a total vehicle sales of 45,900 units in January, showing a remarkable year-on-year growth of 104.85% [1] Market Analysis - The China Passenger Car Association noted that the later timing of the Spring Festival in 2026 resulted in January being the last complete sales month before the holiday, with more working days compared to the same period last year [1] - The market is expected to see a slight year-on-year increase in sales due to the release of pent-up demand as consumers return home for the holiday [1] - Current government policies, including the implementation of scrapping subsidies, have created a mixed market sentiment, with consumers exhibiting a cautious attitude due to the tapering of purchase tax subsidies and the gradual rollout of trade-in incentives [1]

Core Insights - The retail sales of new energy vehicles in China for January 1-18 reached 312,000 units, representing a year-on-year decline of 16% and a month-on-month decline of 52% due to the expiration of the new energy vehicle purchase tax exemption policy and a weak market trend during the New Year holiday [1][27]. Company Performance - BYD sold 210,051 vehicles in January, with overseas sales of passenger cars and pickups reaching 100,009 units, and cumulative sales exceeding 15.3 million units [2][28]. - Xiaomi delivered over 39,000 vehicles in January, with a target of 550,000 electric vehicles for 2026, reflecting a year-on-year growth of over 34% [4][30]. - Leap Motor achieved 32,059 deliveries in January, marking a year-on-year increase of 27% [6][32]. - Li Auto delivered 27,668 new vehicles in January, with a cumulative delivery of 1,567,883 vehicles as of January 31 [8][34]. - NIO delivered 27,182 vehicles in January, showing a significant year-on-year growth of 96.1%, and became the fourth Chinese "new force" car manufacturer to reach cumulative deliveries of 1 million vehicles [11][37]. - Zeekr achieved 23,852 deliveries in January, with a year-on-year growth of 99.7% [14][40]. - Xpeng delivered 20,011 vehicles in January, with the X9 model achieving a remarkable year-on-year growth of 413.9% [17][43]. - Lantu delivered 10,515 vehicles in January, marking a year-on-year increase of 31%, and announced plans to launch four new models in 2026 [19][45]. - IM delivered 5,017 vehicles in January, with the LS6 model surpassing 100,000 cumulative deliveries [20][46]. - Extreme Stone delivered 1,028 vehicles in January, with a nearly 100% year-on-year increase and a significant growth in order volume [23][49]. - Hongmeng Zhixing reported a year-on-year growth of over 65% in January [25][51].