图片来源：中国一汽官微 这一数据背后，中国一汽新能源汽车销量与零跑汽车销量已实现并表。"自2026年1月起，中国一汽本期、同期数据包含零跑汽车数据。"中汽协在发布的1月 汽车产销数据中表示。 不过，中国一汽仅持有零跑汽车5%的股份，就将零跑汽车销量纳入自身销量统计，这一举动的合理性引发外界关注。 2月13日，一位汽车行业证券分析师告诉《每日经济新闻》记者："51%控股或被认为是具有充分话语权的相对控股，才可以进行销量并表。" 2025年12月28日，中国一汽全资子公司一汽股权投资（天津）有限公司（以下简称一汽股权）以37.44亿元获得零跑汽车约5%股权。零跑汽车股权结构显 示，在上述内资股认购事项完成后，一汽股权持有零跑汽车5%的股权；Stellantis集团持股18.99%，为其单一最大股东；朱江明等创始人团队通过直接和间 接持股合计控制约22.56%的股权，仍掌握实际控制权。 "我们还是希望我们的创始团队是实控人。"零跑汽车董事长朱江明曾多次公开表示，中国一汽或者别的车企投资零跑，更多是作为投资人的角色，"这是零 跑必须要坚守的，也一定会实现"。 对于中国一汽新能源汽车销量与零跑汽车销量并表是否将延续，记 ...

因为在2025年，中国出口汽车832万辆，早已坐稳世界冠军宝座。不好意思，连续第三年超越的，也是日本（421万辆）。 还没来及为2025年庆祝，就已经有9家车企发布了2026年的海外销量目标： | | 2026年海外 目标销量 | | --- | --- | | ग्रहना | 2026年海外目标销量 (万辆) | | 奇瑞集团 | 150~160 | | 上汽集团 | 150 | | 比亚迪 | 130 | | 长安汽车 | 75 | | 吉利汽车 | 64 | | 东风汽车 | 60 | | 长城汽车 | 60 | | 广汽集团 | 25 | | 零跑汽车 | 10~15 | 2025年，中国车企全球总销量达到2700万辆，首次击败统治这一榜单长达20多年的日本选手，拿下又一个世界冠军！ 为什么是"又"？ 最多的是奇瑞和上汽，都要冲150万辆；比亚迪也不遑多让，130万辆；长安目标75万辆，吉利64万辆，东风和长城都是60万辆，广汽则是25万辆。 零跑是唯一敢发出口目标的新势力，目标干到10～15万辆。 再加上2025年出口50万+辆的北汽、出口4万+辆的小鹏等没公布目标的车企，怎么感觉，2026年，中 ...

业务进展情况 经济观察网 零跑汽车在2026年销量目标上调，并计划推出多款新车型以覆盖全品类，同时渠道建设加 速。公司已完成战略融资，资金将用于研发、运营及销售网络扩张，以支持销量目标。此外，与 Stellantis集团的合作深化，全球化进程加速，已进入多个国际市场并设定了海外销量目标。 业绩经营情况 公司于2026年2月1日公布1月交付量为3.2万台，同比增长27.4%，并宣布将全年销量目标从100万辆上调 至105万辆。 公司状况 公司与Stellantis集团合作持续深化，截至2026年1月已进入超35个国际市场，全球销售网点超1800个。 新车型A10于2026年1月在布鲁塞尔车展亮相，瞄准欧洲市场，未来海外销量目标为10万-15万辆。 以上内容基于公开资料整理，不构成投资建议。 2026年计划推出多款新车型，包括旗舰SUV D19、MPV D99和全球车型A10，以覆盖轿车、SUV和 MPV全品类。渠道建设同步加速，截至2026年1月5日全国门店达1068家。 资金动向 2026年1月，零跑汽车通过向一汽股权和金义高新发行内资股完成两笔溢价融资，总金额约67.4亿元， 认购价较H股当时市价溢价约9. ...

Core Viewpoint - In January, the retail sales of passenger cars in China reached 1.544 million units, representing a year-on-year decline of 13.9% [1][7]. Group 1: Market Performance - The January retail sales decline is part of a historical trend where January sales have shown significant fluctuations, with previous years experiencing similar declines [3][9]. - The penetration rate of new energy vehicles (NEVs) in the overall passenger car market was 38.6%, down 3 percentage points from the previous year [3][9]. - Among domestic retail sales, the penetration rate of NEVs for independent brands was 61.7%, while luxury brands had a penetration rate of 16.1%, and mainstream joint venture brands only reached 4.3% [3][9]. Group 2: New Energy Vehicle Sales - In January, the retail share of NEVs for independent brands was 60.1%, a decrease of 12 percentage points year-on-year, while the share for mainstream joint venture brands increased to 3.9%, up 2 percentage points [3][9]. - The new forces in the market, including brands like Xpeng, Leap Motor, and Xiaomi, saw their share increase by 10 percentage points year-on-year, reaching 31.2% [3][9]. - Tesla's market share fell to 3.1%, a decrease of 1.5 percentage points compared to the previous year [3][9]. Group 3: Export Performance - In January, NEV exports reached 286,000 units, marking a year-on-year increase of 103.6%, accounting for 49.6% of total passenger car exports, up 12.5 percentage points from the previous year [4][10]. - Pure electric vehicles constituted 65% of NEV exports, while A00 and A0 class pure electric vehicles made up 50% of pure electric exports [4][10]. - The growth of NEV exports is attributed to the increasing recognition of Chinese brands in international markets, despite some external challenges [4][10]. Group 4: Manufacturer Performance - Leading manufacturers in NEV exports for January included BYD (96,859 units), Tesla China (50,644 units), and Geely (32,117 units) [5][11]. - The overall performance of NEV manufacturers remained strong, with 16 companies achieving monthly wholesale sales exceeding 10,000 units, accounting for 90.3% of total NEV sales [6][12]. - BYD led the market with 205,518 units sold, followed by Geely (124,252 units) and Tesla China (69,129 units) [6][12]. Group 5: Market Outlook - The outlook for February indicates a potential decline in sales due to the shorter effective production and sales time caused by the extended Spring Festival holiday [7][13]. - The rising costs of raw materials, driven by increased demand for electric power storage, are putting pressure on manufacturers [7][13]. - The anticipated decrease in promotional capabilities for NEV manufacturers may lead to a cautious consumer sentiment, potentially suppressing normal car purchase demand in the short term [7][13].

Core Insights - The overall retail sales of passenger cars in January decreased by 13.9% year-on-year, with a total of 1.544 million units sold. The retail sales of new energy vehicles (NEVs) reached 596,000 units, representing a penetration rate of 38.6%, down 3 percentage points from the previous year [1][11]. Retail Market Overview - In January, the retail sales of self-owned fuel passenger cars were 250,000 units, up 17% year-on-year, while self-owned NEVs sold 226,000 units, marking a significant increase of 115%. NEVs accounted for 47.5% of self-owned exports, indicating growing international influence [2]. - The retail sales of self-owned brands totaled 890,000 units, down 18% year-on-year, with a domestic market share of 57.5%, a decrease of 3.5 percentage points [2]. - Mainstream joint venture brands sold 470,000 units, down 4% year-on-year, with German brands increasing their market share to 19.8%, up 1.4 percentage points [2]. Production and Wholesale Analysis - In January, the production of passenger cars was 2.003 million units, down 4.4% year-on-year. The wholesale volume was 1.973 million units, a decrease of 6.2% year-on-year [4]. - The wholesale of self-owned brands was 1.326 million units, down 8%, while luxury car wholesale increased by 4% to 228,000 units [4]. - The overall wholesale landscape is changing, with some mid-tier companies showing strong performance, such as SAIC-GM-Wuling and NIO [4]. New Energy Vehicle Insights - The production of NEVs reached 938,000 units, a slight decrease of 0.6% year-on-year, while wholesale sales were 864,000 units, down 3.3% [5][6]. - NEV retail sales were 596,000 units, down 20% year-on-year, with conventional fuel vehicles selling 948,000 units, down 10% [7]. - NEV exports reached 286,000 units, a remarkable increase of 103.6%, accounting for 49.6% of total passenger car exports [11][12]. Market Trends and Future Outlook - The new energy vehicle market is expected to face challenges in February due to the impact of the Spring Festival, which may lead to lower sales volumes [16]. - The transition from merely selling cars to exporting entire industrial chains is anticipated, indicating a shift towards quality growth in the automotive export sector [17].

祝零跑汽车好运！ 按照车型销量爬坡期一般半年左右达到销量常态的规律，加之今年新能源汽车购车购置税政策减半征收，我估计零跑C10、C11、C16、T03和C01这五款 车型，今年要在去年41.8万辆的基础上再进一步提升销量的压力比较大，毕竟新能源汽车购置税优惠政策力度退坡，零跑汽车的主力消费群体又是价格敏 感型群休。比较谨慎的情况是，上述车型今年合计销量约40万辆；最为乐观的情况，上述车型今年合计销量约45万-50万辆。 零跑B10和B01的上市时间分别为2025年4月和7月，销量也已经达到常态，今年这两款车的销量要在去年16万辆的基础上再进一步提升销量也面临较大挑 战。比较谨慎的情况是，上述车型今年合计销量约15万辆；最为乐观的情况，这两款车型今年合计销量约20万辆。 图文：周磊 编辑：梅梅 零跑汽车创始人朱江明去年12月28日曾表示，零跑汽车今年将冲击100万辆销量目标。到了今年2月5日，零跑汽车首席运营官徐军通过内部信，明确提出 零跑汽车2026年的销量目标是105万辆，较2025年的59.7万辆，要实现同比增长75.9%，比朱江明提出的还多5万辆，这应该是最终确认的官方销量目标。 零跑汽车今年能完成销量 ...

Core Insights - Leap Motor has achieved significant growth in both scale and efficiency, with a monthly delivery volume of 32,059 units in January 2026, marking a 27% year-on-year increase despite a market downturn [1] - The company aims to sell 1 million vehicles annually by 2026, with a long-term goal of becoming a world-class smart electric vehicle manufacturer [6] Group 1: Market Performance - In 2023, Leap Motor delivered 144,000 vehicles, and this number is expected to double to nearly 300,000 in 2024 [2] - The company set an ambitious target of 500,000 units for 2025, ultimately achieving close to 600,000 units, representing a 103% year-on-year growth and a target achievement rate of 119.3% [2] - Leap Motor maintained its position as the top seller among new forces in the automotive sector for ten consecutive months from March to December 2025, with overseas exports exceeding 67,000 units [2] Group 2: Product Development - Leap Motor has established a diverse product lineup, including four major series and the Lafa 5, covering various vehicle types from A0 to D levels, and offering both pure electric and range-extended options [4] - The C series, particularly the C10 model, has achieved a monthly sales record of 20,000 units, while the upcoming A series aims to target the 100,000 yuan market with features like a 500 km range and advanced smart driving capabilities [4] - The Lafa 5 Ultra is set to launch in the second quarter of 2026, featuring enhanced power and new design elements [4] Group 3: Strategic Goals and Investments - Leap Motor has received over 9 billion yuan in investments from various local governments and strategic partnerships, including a significant investment from Stellantis [6] - The company has achieved profitability ahead of schedule in Q4 2024, becoming the second new force to do so, and has been included in the Fortune China 500 and China Private Enterprises 500 lists [6] - Leap Motor's global strategy includes plans to establish over 800 sales outlets in 35 countries by 2026, with a target of exceeding 100,000 units in overseas sales [6][7] Group 4: Industry Recognition - Leap Motor has been recognized by major media outlets as a leading player in the new energy vehicle sector, with its founder emphasizing the importance of mastering core technologies for future success [8]

每经AI快讯，2月11日，港股汽车板块活跃，零跑汽车涨近3%，理想汽车、小米集团、比亚迪 （002594）股份、吉利汽车跟涨。 ...

中新网2月10日电国家市场监督管理总局质量发展局网站显示，日前，上海蔚来汽车有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管 理条例实施办法》的要求，受委托向国家市场监督管理总局备案了召回计划。 自即日起，召回2018年3月16日至2023年1月16日期间生产的ES8、ES6和EC6纯电动汽车，共计246229辆。 图自国家市场监督管理总局质量发展局网站 本次召回范围内的部分车辆，由于软件问题，可能在特定条件下出现短时间的仪表及中控屏黑屏，期间无法为驾驶员提供必要的车辆信息及功能(如车速信 息、故障报警提示、除霜除雾功能等)，存在安全隐患。 上海蔚来汽车有限公司将通过远程升级(OTA)技术，免费为召回范围内的车辆升级软件至Aspen 3.5.6、Alder 2.1.0或更高版本，对于无法通过OTA技术升级的 车辆，将通过蔚来服务中心联系相关用户实施召回，以消除安全隐患。因部分车辆之前已升级优化后的软件，本次召回此部分车辆无需再次升级。 日前，浙江极氪智能科技有限公司也根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，受浙江吉利汽车有限公司委托 向国家市场监督管理总局备 ...

综合考虑上述因素，该行的首选标的为吉利汽车(00175)与中国重汽(03808)；同时，该行认为比亚迪股 份(01211)、零跑汽车(09863)、小鹏汽车-W(09868)及蔚来(09866,NIO.US)可能在今年3月或第二季度出现 值得关注的布局机会。反之，该行将理想汽车-W(02015)评级下调至"减持"。 摩根大通发布研报称，今年中国汽车市场的表现将呈现2018年与2025年的混合态势：1)由于整体乘用车 市场增速滑落至负区间(类似2018年)，行业全年表现可能相对疲弱；2)然而，受新车型发布、季节性趋 势波动及盈利预期变化(与2025年类似)驱动，全年市场波动或将加剧。最终能否实现绝对或相对收益， 取决于企业盈利能否超预期，而在成本上涨的背景下，这将更具挑战性。 ...