Core Viewpoint - The performance of the AITO M9 at the 2026 Spring Festival Gala highlights the vibrant growth and new developments in China's new energy vehicle industry [1][3][6]. Group 1: Brand Presentation - The interactive "Turn Fortune" gesture during the performance engaged the audience and created a festive atmosphere, showcasing the theme of reunion [3]. - The visual spectacle of "Fortune" and "AITO Mountains and Rivers" illuminated the night sky, making it one of the most memorable highlights of the gala [3]. Group 2: Industry Impact - The event successfully embedded the brand image of Seres in the hearts of millions, demonstrating the remarkable achievements of China's new energy vehicle sector to the world [6]. - Seres aims to continue leveraging new productive forces as an engine for development, focusing on high-end and intelligent growth to lead the industry onto a broader stage [6]. Group 3: Technological Advancements - Seres adheres to the "software-defined vehicle" technology route and "user-defined vehicle" market orientation, fostering new productive forces and deepening core technologies in electrification and intelligence [7]. - Over the past five years, Seres has implemented a series of innovative technological achievements, including the Seres Cube Technology Platform 2.0 and Seres Super Range Extender, establishing a differentiated competitive advantage [7].

Core Viewpoint - Chongqing Silis Phoenix Intelligent Technology Co., Ltd. has applied for a patent related to vehicle control technology, specifically a method and system for vehicle visual blind spot compensation, which aims to enhance vehicle perception in complex road conditions [1][2]. Group 1: Patent Application - The patent titled "Vehicle Visual Blind Spot Compensation Control Method, System and Vehicle" was published with the application number CN121545129A, and the application date is December 2025 [1]. - The method involves obtaining visual compensation data for target vehicles in blind spots through a preset network, analyzing this data to determine real-time data streams and positioning information [1]. - The system allows for 3D reconstruction of the environment around the target vehicle, effectively covering blind spots and improving vehicle reliability and perception in complex scenarios [1]. Group 2: Company Overview - Chongqing Silis Phoenix Intelligent Technology Co., Ltd. was established in 2023 and is located in Chongqing, primarily engaged in software and information technology services [2]. - The company has a registered capital of 122.225 million RMB and has participated in two bidding projects, holding 2,840 patent records and two administrative licenses [2].

Group 1 - The core point of the article is that Chongqing Silis Phoenix Intelligent Technology Co., Ltd. has applied for a patent for a method, device, and electronic equipment for handling vehicle abnormal events, which aims to improve the efficiency and real-time detection of vehicle issues [1] - The patent application, published as CN121530818A, was filed on December 2025 and focuses on processing vehicle status data to identify and manage abnormal events without the need for local diagnostic tools [1] - The company was established in 2023 and is primarily engaged in software and information technology services, with a registered capital of 122.225 million RMB [1] Group 2 - The method described in the patent allows for real-time data processing and enhances the efficiency of abnormal event detection, particularly for issues related to vehicle network communication [1] - Chongqing Silis Phoenix Intelligent Technology Co., Ltd. has participated in two bidding projects and holds 2,840 patent information records, along with two administrative licenses [1]

Core Viewpoint - The article discusses the paradox where a company, AITO Wenjie, achieves significant sales milestones while its stock price declines, highlighting the disconnect between strong fundamentals and market performance [1][3][5]. Group 1: Company Performance - AITO Wenjie reached its 1 millionth vehicle production milestone in just 46 months, setting a record for luxury brands and new forces in the automotive industry [3]. - The M9 model has dominated the luxury SUV market for 21 consecutive months, with over 270,000 units delivered, while the M7 and M8 models have also seen substantial sales [3]. - Despite these impressive sales figures, the stock price of Seres has dropped over 30% from a peak of 174.33 yuan, leading to significant losses for investors [3][4]. Group 2: Market Dynamics - The market's expectations were overly optimistic, leading to a situation where the stock price had already factored in future growth, resulting in a sell-off once positive news was released [4]. - Investors are more focused on future growth potential rather than current performance, causing concerns about increased competition and profit growth slowing down, which can lead to premature selling [4]. - Retail investors often attempt to buy at perceived lows, while institutional investors may use positive news to offload shares, creating a disconnect that results in further declines in stock prices [4][5]. Group 3: Investor Sentiment - The article illustrates the emotional turmoil faced by investors who bought shares expecting a rise in stock price due to strong sales, only to experience significant losses instead [4][5]. - It emphasizes the lesson that good sales do not guarantee stock price increases, and that the stock market operates on expectations, valuations, and capital dynamics rather than straightforward sales performance [5].

Group 1 - The core point of the article is that Seres Automotive Co., Ltd. has obtained a patent for a method, device, and medium for determining vehicle wheel-side torque, with the patent announcement number CN116086826B and an application date of February 2023 [1] - Seres Automotive Co., Ltd. was established in 2012 and is located in Chongqing, primarily engaged in the automotive manufacturing industry [1] - The registered capital of Seres Automotive Co., Ltd. is approximately 1,063.73 million RMB [1] Group 2 - According to data analysis from Tianyancha, Seres Automotive Co., Ltd. has invested in 10 companies and participated in 26 bidding projects [1] - The company has a total of 538 trademark information entries and 4,771 patent information entries, along with 142 administrative licenses [1]

Group 1 - The core viewpoint of the articles highlights the successful marketing and technological advancements of the AITO Wenjie M9, which has become a prominent feature in major events like the CCTV Spring Festival Gala [1][2]. - The AITO Wenjie M9 has achieved cumulative deliveries exceeding 270,000 units and has maintained its position as the sales champion in the 500,000 yuan vehicle segment for 21 consecutive months [2]. - In January 2026, the entire AITO model lineup delivered 40,016 units, representing a year-on-year growth of 83% [2]. Group 2 - The AITO brand has shown strong overall growth, with total sales surpassing 420,000 units in 2025 and an average transaction price of 386,000 yuan per vehicle [2]. - AITO Wenjie M9 was the only electric vehicle featured alongside major Chinese manufacturing achievements at the "China Manufacturing '14th Five-Year' Achievement Exhibition" [2]. - Securities firms have recognized AITO's strategic positioning in the high-end market, benefiting from Huawei's support, and have recommended the company as a key player in the high-end passenger vehicle sector [2].

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [2] Core Insights - In January 2026, China's new energy vehicle (NEV) exports doubled year-on-year, reaching a historical high for the month, with a growth rate of 103.6%. NEVs accounted for 49.6% of total exports, an increase of 12.5 percentage points year-on-year. BYD led the exports with nearly 100,000 units, while traditional automakers like Geely, Chery, and SAIC also saw over 200% growth in NEV exports [3][25][22]. Summary by Sections New Energy Vehicle Exports - In 2025, China's NEV exports grew by 70%, with plug-in hybrid vehicles (PHEVs) being the core growth driver. The growth rate for PHEVs was 127.5%, significantly higher than the 32.5% for pure electric vehicles (EVs) [14][15]. - January 2026 saw NEV exports reach 28.6 million units, with a year-on-year increase of 103.6%. BYD's exports approached 100,000 units, while Geely, Chery, and others also reported significant growth [25][27]. Industry News - The retail market for passenger vehicles in January 2026 was 1.544 million units, a decline of 13.9% year-on-year. February is expected to see the lowest sales of the year due to the impact of the Spring Festival [31]. - The Ministry of Industry and Information Technology is seeking public opinion on five mandatory national standards related to intelligent connected vehicles and autonomous driving systems [35]. Market Performance - The automotive sector outperformed the market, with the Shanghai and Shenzhen 300 index rising by 0.36% and the automotive sector increasing by 1.74%, ranking 9th among A-share industries [5][40]. - The passenger vehicle index rose by 1.21%, while the commercial vehicle index saw a significant increase of 6.28% [5]. Investment Recommendations - For passenger vehicles, the demand for high-end domestic luxury cars is exceeding expectations, with recommendations for companies like JAC Motors and Seres. Beneficiaries include Geely [6]. - In the auto parts sector, profitability is expected to improve, with recommendations for companies such as Desay SV and Zhejiang Xiantong, while beneficiaries include Weichai Power and Fuyao Glass [6].

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline of 13.9% year-on-year in January 2026, with sales reaching 1.544 million units, attributed to the end of the 12-year new energy vehicle purchase tax exemption policy, leading to a temporary dip in demand [2][4]. Sales Data Summary Wholesale Sales Rankings (January 2026) - Geely Automobile led with 270,167 units sold, a 1.3% increase, capturing 13.7% market share - BYD Automobile followed with 205,518 units, down 30.7%, holding 10.4% market share - Chery Automobile sold 193,969 units, down 12.0%, with a 9.8% market share - Volkswagen sold 128,001 units, down 1.7%, with a 6.5% market share - SAIC Passenger Vehicle sales increased by 53.6% to 77,421 units, capturing 3.9% market share [6]. Retail Sales Rankings (January 2026) - Geely Automobile again led with 209,661 units sold, down 12.6%, holding 13.6% market share - Volkswagen sold 132,300 units, down 3.5%, with an 8.6% market share - BYD's retail sales dropped significantly by 53.0% to 94,176 units, capturing 6.1% market share - SAIC Volkswagen sold 89,600 units, down 9.3%, with a 5.8% market share - Changan Automobile's sales decreased by 33.5% to 81,074 units, holding 5.2% market share [7]. New Energy Vehicle (NEV) Wholesale Sales Rankings (January 2026) - BYD led NEV sales with 205,518 units, down 30.7%, capturing 23.8% market share - Geely followed with 124,252 units, up 2.6%, holding 14.4% market share - Tesla China sold 69,129 units, up 9.3%, with an 8.0% market share - Chery sold 46,802 units, down 14.9%, with a 5.4% market share - SAIC Passenger Vehicle saw a significant increase of 576.9% to 28,179 units, capturing 3.3% market share [9]. New Energy Vehicle (NEV) Retail Sales Rankings (January 2026) - BYD again led with 94,176 units sold, down 53.0%, holding 15.8% market share - Geely sold 92,135 units, down 21.6%, with a 15.5% market share - Hongmeng Zhixing saw a significant increase of 65.5% to 57,915 units, capturing 9.7% market share - SAIC's sales increased by 83.3% to 40,016 units, holding 6.7% market share - Xiaomi Automobile sold 39,002 units, up 70.3%, with a 6.5% market share [10].

Core Viewpoint - The company, Seres, is undergoing a significant asset restructuring by divesting its Blue Electric brand to focus resources on its flagship brand, AITO, amid increasing competition in the electric vehicle market [1][3]. Group 1: Asset Restructuring - Seres has signed a cooperation agreement with the Chongqing Shapingba District People's Government to establish a new company by divesting its Blue Electric assets, with the government becoming the largest shareholder at approximately 33.5% [1]. - Following the transaction, Seres' ownership will decrease to 32%, losing control over the new entity, which is seen as a strategic retreat rather than an optimization of asset structure [1]. Group 2: Sales Performance and Market Position - In the first three quarters of the previous year, Seres reported revenue exceeding 110.53 billion yuan, a year-on-year increase of 3.67%, while net profit rose by 31.56% to 5.31 billion yuan [1]. - However, total sales dropped by 7.79% to 340,700 units, with electric vehicle sales declining by 3.82% to 304,600 units, indicating a troubling trend in overall sales despite revenue growth [1][2]. Group 3: Strategic Challenges - Seres is facing a growth paradox where it sells fewer vehicles at higher prices, leading to increased margins but overall declining sales volume [2]. - The flagship models, AITO M9 and M8, have become bestsellers in their price segments, but the absence of lower-priced models has resulted in a significant drop in overall sales [2]. Group 4: Competitive Landscape - The upcoming AITO M6 is set to enter the competitive 250,000-300,000 yuan market, directly challenging Tesla's Model Y and Xiaomi's YU7, which are expected to launch new models in 2025-2026 [3]. - The competitive pressure is heightened as Huawei's autonomous driving technology becomes more widely available, diluting the unique selling proposition that AITO once held [3]. Group 5: Financial Dependencies - Seres is heavily reliant on high procurement costs from Huawei, which accounted for 20 billion yuan in the first half of 2025, approximately one-third of its total revenue, leading to high per-vehicle costs [4]. - The chairman of Seres has set an ambitious target for AITO to achieve another 1 million units sold within two years, following the first million in five years, emphasizing the need for differentiated products to mitigate risks after the divestiture of Blue Electric [4].

Core Insights - Major automotive companies, including Tesla, Chery, Hyundai, Xpeng, and Seres, are increasingly investing in the robotics sector, with Tesla even halting production of several key models to repurpose its production lines for robot manufacturing [1][5] - The automotive industry is redefining its value through the development of embodied intelligence, moving beyond traditional automotive definitions and integrating "vehicles, people, and machines" [1] Domestic Automotive Companies' Progress - Chery's humanoid robot, "Wuyou" Zhiqing R001, is set to host a segment at the 2026 Wuhu Spring Festival, marking a significant milestone for domestic automotive companies in the robotics field [2] - The "Wuyou" Zhiqing R001 has begun operations in Wuhu, assisting traffic police and showcasing the integration of robotics into smart policing [2] - Chery has received investments from companies like Zhiyuan Robotics and Bertley, indicating that embodied intelligence is seen as a new growth curve for the company [3] International Automotive Companies' Developments - Tesla plans to launch its third-generation humanoid robot in 2026, with an expected annual production capacity of 1 million units, repurposing its Fremont factory's Model S/X production line for this purpose [5][6] - Hyundai aims to deploy over 30,000 humanoid robots in its U.S. factories starting in 2026 to reduce production costs and enhance competitiveness [6][7] Upstream Industry Chain Actions - Companies in the automotive parts sector, such as Top Group and Ningbo Huaxiang, are actively expanding into the embodied intelligence business [8] - Junsen Electronics has launched a series of products related to humanoid robots and is conducting training for these robots in its factories [8] - CATL has initiated a strategic partnership with Horizon Robotics to focus on intelligent upgrades for new energy vehicles, aiming to enhance the smart travel experience [9]