Investment Rating - The report maintains an "In-Line" investment rating for the China Autos & Shared Mobility industry [4]. Core Insights - The report indicates a "wait and see" strategy among automakers as they navigate a challenging market environment, with many companies preparing for significant product launches post-Chinese New Year (CNY) while monitoring demand trends closely [54]. - Weekly order trends from January 26 to February 1 show a decline in demand for major electric vehicle (EV) manufacturers, with notable decreases in order volumes compared to previous weeks [2][3]. - The anticipated pre-CNY buying rush is expected to be less impactful this year, as original equipment manufacturers (OEMs) adopt a cautious approach until demand shows signs of recovery [54]. - Approximately 25 localities began accepting applications for trade-in subsidies in January, but the effectiveness of these subsidies is expected to be clearer only after the CNY break [54]. Summary by Relevant Sections Order Trends - BYD: 41-42k orders (down 8% week-over-week, down 41% month-over-month) [2] - NIO: 3.9-4.1k orders (down 5% week-over-week, down 49% month-over-month) [2] - XPeng: 7.5-7.7k orders (down 9% week-over-week, down 15% month-over-month) [2] - Tesla China: 9.5-9.7k orders (down 3% week-over-week, down 4% month-over-month) [2] - Aito: 5.2-5.4k orders (down 7% week-over-week, down 32% month-over-month) [3] - Geely Galaxy: 15-15.2k orders (down 6% week-over-week, down 32% month-over-month) [3] Market Environment - The report highlights that despite some seasonal promotions, the overall market remains tough, leading to a cautious outlook from manufacturers [54]. - The report suggests that the industry is in a transitional phase, with companies waiting for clearer signals of demand recovery before making significant moves [54].

2026年开年1月的中国车市，用"冰火两重天"形容再贴切不过。 过去三天，不少车企都发布了1月份的销量业绩，可以说绝大多数车企都挂上了负增长的标签，特别是一些头部新能源车企，其1月销量波动更 为严峻。 乘联会数据显示，全月乘用车零售预计180万辆，环比下滑20.4%，同比仅微增；新能源零售销量可能达80万辆左右，渗透率降至44.4%，较 2025年底的峰值跌落近10个百分点。 在这场开年"寒流"中，车企阵营分化彻底拉满，拥有庞大燃油车基盘的大多数车企稳如泰山，而绝大多数单押新能源的品牌集体承压，新势力 内部更是有人狂欢有人落寞。 透过这份成绩单，我们似乎可以发现中国市场越来越明显的竞争逻辑，那就是即便新能源是未来发展的大趋势，但"双腿走路才稳"的路径愈加 清晰。 燃油车托底者稳，单押新能源者惨，出口是重要支撑 1月的销量数据，像一面放大镜，照出了不同车企战略选择的最终结果。核心分化点清晰明了，即是否拥有燃油车基本盘，直接决定了企业在市 场波动中的抗风险能力。 以吉利、上汽、广汽丰田为代表的传统车企，凭借"燃油+新能源"双线布局，在1月交出了最稳健的答卷。 上汽集团1月销量32.74万辆，同比增长23.94%， ...

Core Viewpoint - The automotive market in China experienced a significant month-on-month decline in January 2026, influenced by changes in tax policies and early consumer demand, while year-on-year sales remained relatively stable [1]. Group 1: Market Performance - In January 2026, the retail sales of narrow passenger vehicles in China were approximately 1.8 million units, representing a month-on-month decrease of 20.4% and a slight year-on-year increase of 0.3% [1]. - The retail sales of new energy vehicles (NEVs) in January were around 800,000 units, showing a year-on-year decline of 40.2%, but a month-on-month growth of 7.5% [1]. - Major traditional automakers like SAIC and Geely surpassed BYD in sales, with SAIC selling 327,000 units (up 23.9% year-on-year) and Geely selling 270,200 units (up 1.3% year-on-year) [2]. Group 2: New Energy Vehicle Segment - In the new energy vehicle sector, brands like Xiaomi, Hongmeng Zhixing, and NIO saw significant year-on-year growth, with Xiaomi's sales increasing by 95% to over 39,000 units [3][4]. - NIO delivered 27,200 units in January, marking a 96% year-on-year increase, driven by the new ES8 model [4]. - Conversely, companies like XPeng and Li Auto experienced declines, with XPeng's deliveries down 47% month-on-month and 34% year-on-year [4]. Group 3: Cost Pressures - The automotive industry is facing rising costs, with single-vehicle costs increasing by 4,000 to 7,000 yuan due to surging prices of key materials like lithium, aluminum, and DRAM [5][6]. - The price of battery-grade lithium carbonate rose from 75,700 yuan per ton at the beginning of 2025 to 146,600 yuan per ton by February 3, 2026, a nearly 94% increase [5]. - UBS reported that the cost increases in metals and chips could compress profit margins significantly, with potential reductions of 33% to 93% for vehicles priced at 150,000 yuan [6]. Group 4: Strategic Directions - To counteract rising costs and stagnant market demand, automakers are focusing on international expansion, with Chery exporting 119,600 units in January, accounting for nearly 60% of its total sales [7]. - BYD's overseas sales exceeded 100,000 units, a year-on-year increase of 43.3%, while Geely's exports grew by over 120% [7]. - Companies are also targeting the high-end market, with Great Wall Motors launching the WEY brand's flagship V9X, indicating a competitive push in the premium segment [9]. Group 5: Market Outlook - The automotive consumption index for January 2026 was reported at 31.1, reflecting a cautious consumer sentiment influenced by various factors, including the upcoming Spring Festival and changes in tax policies [10]. - Industry experts suggest that the market may not see a clear recovery until March or the end of the first quarter [10].

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.34%, the Nasdaq down 1.43%, and the S&P 500 down 0.83% [1] - Popular technology stocks experienced declines, with Broadcom falling over 3%, and Microsoft, Nvidia, and Meta each dropping over 2% [1] Sector Performance - The rare earth, non-ferrous metals, and precious metals sectors saw significant gains, with gold resources rising over 20%, Southern Copper up over 11%, Americas Silver up over 8%, and Pan American Silver up over 5% [1] - Conversely, application software, cryptocurrency, and weight loss drug stocks faced notable declines, with Novo Nordisk down over 14%, Coinbase and Circle each down over 4%, and Eli Lilly and Pfizer each down over 3% [1] Notable Company Movements - Walmart's stock increased by 2.94%, marking its market capitalization surpassing the $1 trillion milestone for the first time [1] - The Nasdaq Golden Dragon China Index fell by 0.94%, with significant declines in popular Chinese stocks such as Daqo New Energy down 5.6%, Bilibili down 4%, and Kingsoft Cloud down 3.5% [1] - Alibaba dropped 2.9%, while NIO rose 0.8%, Pony.ai increased by 2%, Huazhu up 2.2%, New Oriental up 2.3%, Li Auto up 2.7%, Canadian Solar up 4.1%, and Xpeng up 4.3% [1]

Core Viewpoint - The performance of new energy vehicles (NEVs) in January was weak, with varying delivery numbers among major manufacturers, indicating potential challenges in the market [4]. Group 1: January NEV Performance - Li Auto's delivery volume decreased by 7.5% year-on-year and 37.5% month-on-month to 27,668 units [4] - NIO's delivery volume increased by 96.1% year-on-year but decreased by 43.5% month-on-month to 27,182 units, with the NIO brand up by 162.8% year-on-year [4] - Xpeng's delivery volume fell by 34.1% year-on-year and 46.6% month-on-month to 20,011 units [4] Group 2: New Model Launches - BYD announced new long-range versions of its models on January 7, 2026, to enhance product competitiveness [5] - Xpeng officially launched several new models on January 8, 2026, focusing on cost-effectiveness and intelligence [5] - Aito's M7 extended-range version was launched on January 13, 2026, and Leado's L60 model was launched on January 16, 2026 [5] Group 3: Purchase Incentives - Tesla is offering various financial incentives and reduced delivery times for its Model 3 and Model Y vehicles [6] - Li Auto has shortened delivery times for several models and extended purchase subsidies into February [6] - NIO and Xpeng have also adjusted delivery times and introduced low-interest financing options across their vehicle ranges [6][7] Group 4: AI Transformation and Material Cost Pressures - New energy vehicle companies are actively transitioning towards AI, with plans for humanoid robot production lines [8] - The prices of upstream materials such as copper, aluminum, and lithium carbonate have been rising since the end of 2025, which may pressure vehicle gross margins [8]

Group 1 - The electric vehicle (EV) industry is highly competitive but offers significant growth potential for companies with the right products [1] - Cash Flow Club focuses on businesses with strong cash generation, emphasizing the importance of timing in investment for maximizing rewards [1] Group 2 - The article highlights the performance of major EV companies in January, indicating a need for analysis of their market positions and product offerings [1]

据经济观察报-经济观察网 2026年1月，新势力车企销量格局发生显著变化。问界汽车、小米汽车和零 跑汽车以3万辆至4万辆的交付量，形成了新的"第一梯队"。具体来看，问界汽车1月交付约4万辆，同比 增长83%；小米汽车1月交付超3.9万辆，去年同期为超2万辆；零跑汽车1月全系交付达3.21万辆，同比 增长27%。与此同时，理想汽车、蔚来汽车和小鹏汽车1月销量在2万辆到3万辆之间，变为"第二梯 队"。蔚来1月交付新车2.72万辆，同比增长96.1%；理想汽车交付2.77万辆，同比下滑7.55%；小鹏汽车 交付2万辆，同比下滑34.07%。问界、小米与蔚来同比增幅显著。 ...

进入2026年1月后，新能源汽车购置税开始减半征收，车企购 置税兜底政策也随之结束。另外，1月各地具体的购车补贴细 则尚未全部出台，导致消费者存在观望情绪，影响了车市终端 销售情况。 作者：王帅国 封图：图虫创意 2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车 企1月销量同比取得正增长，但这一同比增长是由于2025年春节在1月，去年同期的新车销售基数 较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税 全额减免政策，同时车企为年底冲量，在12月出台了许多其他优惠政策。进入2026年1月后，新 能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴 细则尚未全部出台，导致消费者存在观望情绪，影响了车市终端销售情况。 广汽集团1月销量为11.66万辆，同比增长18.47%，环比下滑37.79%。其中自主品牌销量超4.9 万辆，同比增长87.58%；海外销量同比增长68.59%。分品牌来看，昊铂+埃安销量2.16万辆， 同比大增171.63%；传祺品牌销量2.77万辆，同比增长51.06%； ...

VANCOUVER, British Columbia, Feb. 03, 2026 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | OTCQX:AMLIF | Frankfurt:5LA1) is pleased to announce that Mr. Alex Tsakumis has been appointed Chief Executive Officer (“CEO”) effective January 29, 2026. Mr. Tsakumis was the Interim CEO of the Company since September 1, 2024, and a member of the board of directors (the “Board”) since 2021. Mr. Tsakumis is a public markets specialist with over 30 years of experience in the ...

Industry Information - By 2028, Yunnan aims for its non-ferrous metal industry output to exceed 600 billion yuan, with new energy battery and phosphorus industries becoming new trillion-level industries [13] - As of January 2025, the number of new energy vehicles in China reached 43.97 million, accounting for 12.01% of total vehicles, with pure electric vehicles making up 68.74% of new energy vehicles [7] - Global production of lithium manganese phosphate is expected to reach 70,000 tons by 2026, up from 28,500 tons last year, reflecting a growth of 206.5% [8] - The global sales of pure electric vehicles are projected to exceed 12.1 million units by 2025, with BYD expected to surpass Tesla in sales [10] - The total number of electric vehicle charging facilities in China reached 20.09 million by the end of 2025, marking a 49.7% year-on-year increase [18] Policy Information - The Ministry of Transport announced that over 10,000 charging guns will be added in service areas in 2026, enhancing the convenience of charging for new energy vehicles [15] - A new mandatory national standard for automotive steering systems will be implemented starting July 1, 2026, which will clarify safety boundaries for new technologies [24] - Jiangsu Nanjing has launched a plan to build smart energy application scenarios, focusing on energy integration and digital transformation [25] Company Information - Li Auto's MEGA has achieved 30,000 deliveries [39] - Xiaopeng Motors has launched 1,000 mobile charging stations to assist with vehicle-to-vehicle charging during the Spring Festival [40] - NIO has opened its first national dealership in Hungary, marking a significant milestone in its European expansion [41] - BYD has signed an agreement to build an electric vehicle battery factory in Vietnam with a total investment of 130 million USD [41]