【DT新材料】 获 悉 ， 2月1日， 比亚迪 以及造车新势力零跑、理想、蔚来和小鹏先后发布1月交付量。主要的原因可能是年初是传统的市场淡季， 再叠加去年底免征车辆购置税政策的截止，提前透支了一部分需求，导致今年市场大盘下滑幅度整体比较大。当然也有逆势上涨的企业。 比亚迪 ，1月份新能源汽车销量210051辆，乘用车销量205518辆，1月出口新能源汽车合计100482辆。 | | | | 产量 | | | | | 销量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 232, 358 | 327,864 | 232, 358 | 327.864 | -29. 13% | 210, 051 | 300, 538 | 210, 051 | 300, 538 | -30. 11% | | -乘用车 | 227.835 | 323,811 | 227 ...

多家造车新势力首月同比增长 根据理想汽车2月1日公告，公司1月交付新车27668辆，同比增长7.55%，环比下降37.47%。理想汽车此前表示，受限于电池供应，纯电SUV i6与i8等车型 产能爬坡进度不及预期。理想汽车近日公布2026年公司战略目标为全年销量55万辆，同比增长约40%，并"重回新能源增程产品领先地位"。 根据小鹏汽车2月1日公告，公司1月交付新车20011辆，同比下降34.07%，环比下降46.65%。据接近小鹏汽车的人士介绍，公司2026年全年销量目标为55 万至60万辆，较2025年实际交付的42.94万辆增长约28%至40%。小鹏汽车董事长何小鹏日前表示，从2026年开始，公司会全力推进全球化，海外生产制造 布局的节奏还会进一步加快。 2月1日，中国主流 新能源 汽车上市公司交出了一份喜忧参半的2026年1月新车销量"成绩单"。 综合 最新数据显示，造车新势力阵营的 零跑汽车 、蔚来、 理想汽车等主要车企销量实现同比增长，但相较于2025年12月交付表现出现较明显下滑。作为行业龙头的 比亚迪 1月新能源汽车销量突破21万辆，同比下 降30.11%。 华为鸿蒙 智行则迎来"开门红"，1月 ...

Core Insights - In January 2026, several new energy vehicle companies reported their sales data, with only three brands—Wenjie, Xiaomi, and Leap Motor—surpassing 30,000 units in sales [2][3] - Wenjie led the sales with 40,016 units, marking the only brand to exceed 40,000 units in a month [2][3] - The overall market performance showed a significant decline in sales compared to the previous month, with many companies experiencing year-on-year negative growth [2][3] Sales Performance - Wenjie delivered 40,016 vehicles, achieving a year-on-year growth of 83.26% [5] - Xiaomi reported over 39,000 units sold, following a previous month where it exceeded 50,000 units, indicating a decline but still ranking second among new forces [3][5] - Leap Motor sold 32,059 units, reflecting a year-on-year growth of 27.37% [5] - Among the "new force" companies, XPeng delivered only 20,011 units, a significant drop of 34.07% year-on-year, while Li Auto's sales fell by 7.55% to 27,668 units [3][5] - NIO experienced a year-on-year increase of 96.1%, delivering 27,182 units, largely supported by the new ES8 model [3][5] Market Trends - Over 70% of the 23 major listed passenger car companies reported a decline in stock prices, indicating a challenging market environment [4] - The competition among car manufacturers is intensifying, with a shift towards more subtle pricing strategies, including fixed pricing and low-interest financing options [4] - Following Tesla's introduction of a 7-year low-interest financing plan, several brands, including Xiaomi, Li Auto, and NIO, have adopted similar strategies [4]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [2][8]. Core Insights - The release of Optimus Gen3 is anticipated in Q1 2026, with mass production expected to begin by the end of 2026, aiming for an annual capacity of 1 million units. This development positions Tesla favorably in the humanoid robot market, potentially outperforming existing competitors in China [4]. - The humanoid robot sector is seen as entering a new growth phase, with significant investment opportunities arising from the performance of Optimus Gen3 exceeding expectations [5]. - SpaceX plans to deploy up to 1 million satellites to create a "orbital data center" network, enhancing capabilities for advanced AI models and applications [6]. Summary by Sections Humanoid Robot Sector - The Huaxin humanoid robot index fell by 7.97% this week, with a cumulative return of 111.5% since 2025. The trading volume of the humanoid robot sector accounted for 22.9% of the CSI 2000 index, indicating a high level of market activity [17]. - Among the sub-sectors, sensors performed relatively well, while components like actuators and dexterous hands saw declines of 9.0% and 8.9% respectively [21]. - Notable stocks in the humanoid robot sector include Tianqi Co., which rose by 19.5%, and Sanxiang New Materials, which increased by 9.0% [25]. Automotive Sector - The CITIC automotive index decreased by 5.1%, underperforming the broader market by 5.2 percentage points [33]. - Within the automotive sub-sectors, commercial vehicles showed better performance, with passenger vehicles down by 3.6% and automotive parts down by 6.7% [36]. - Key companies in the automotive sector that performed well include Xishanghai, which rose by 13.3%, and Shangchai Co., which increased by 13.0% [41]. Company Performance and Forecasts - The report highlights several companies with strong earnings forecasts, including: - Modu Technology, with an EPS forecast of 0.68 for 2024 and a "Buy" rating [10]. - Shuanglin Co., with an EPS forecast of 1.24 for 2024 and a "Buy" rating [10]. - New Spring Co., with an EPS forecast of 2.00 for 2024 and a "Buy" rating [12]. - The automotive sector's PE ratio is at 32.7, placing it in the 41.3% percentile over the past four years, indicating a relatively favorable valuation [50].

每经记者｜孙桐桐 每经编辑｜陈柯名 裴健如 2月1日，多家主流车企陆续披露了2026年1月的销量数据。作为2026年首个完整销售月，头部新能源车品牌多数实现了销量的同比正增长。 从各汽车品牌官方公布的数据来看，2026年1月，车企销量呈现明显的阵营分化特征，新能源车成为各车企销量增长的核心驱动力。 小米汽车官方宣布，1月交付量超3.9万辆，较2025年12月超5万辆的交付量下降22%。 对此，小米集团创始人、董事长兼CEO雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型为YU7，新 一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。 雷军发布微博称："SU7马上改款，目前主要交付的是YU7。" 值得一提的是，如今，小米汽车不仅是2026年1月的造车新势力销冠，而且拉开了与第二名零跑汽车的差距。 图片来源：每经记者 段思瑶 摄（资料图） 据比亚迪股份公告披露的数据，2026年1月，比亚迪新能源汽车销量约21万辆。 鸿蒙智行官方数据显示，其1月交付量达5.79万辆，同比增长65.6%，环比下滑35.3%。其中，问界车型是其绝对主力，1月交付超4万辆，同比增长 ...

Investment Rating - The report suggests focusing on themes of intelligence and overseas expansion, highlighting potential investment opportunities in companies like BYD and Geely Automobile, as well as in the intelligent and robotics sectors such as Li Auto-W and Xpeng Motors-W [3][16]. Core Insights - Tesla is shifting its focus from traditional vehicle production to AI and robotics, planning to stop the production of Model S and Model X to allocate resources for the Optimus humanoid robot, with a target production capacity of 1 million units annually by 2026 [1][13]. - Li Auto is restructuring its R&D department to enhance its humanoid robot development, indicating a strong commitment to AI competition and innovation in robotics [2][14]. - The passenger car market has shown weak sales performance in early 2026, but there is optimism for recovery in Q1 2026 due to anticipated policy support and seasonal demand [2][15]. Industry Data Tracking - The Shanghai Composite Index increased by 0.08%, while the automotive index decreased by 5.08%, ranking 29th among 31 sectors [4][17]. - In the second week of January 2026, wholesale passenger car sales were 359,000 units, down 28% year-on-year, with a significant increase in new energy vehicle penetration to 50% [5][26]. - In December 2025, the total wholesale passenger car sales were 2.787 million units, a year-on-year decrease of 9.3%, while new energy vehicle sales increased by 3.4% [6][34]. Industry Dynamics - Tesla's transition to focus on AI and robotics is part of a broader trend in the automotive industry, with companies like Xpeng and Li Auto also investing heavily in intelligent driving and robotics [1][3][66]. - The report highlights the importance of new energy vehicle exports, which have shown a consistent growth rate of over 20% year-on-year, indicating a long-term trend towards international markets [3][15]. - The introduction of mandatory standards for advanced driver assistance systems in China marks a significant regulatory shift that will impact the automotive landscape [68].

Core Viewpoint - The new energy vehicle market experienced a significant decline in January 2026, attributed to seasonal factors and the expiration of the vehicle purchase tax exemption policy, which led to a demand pull-forward in late 2025 [1]. Group 1: Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37%, but a month-on-month decrease of 46.94% [2]. - Li Auto's January deliveries were 27,668 vehicles, reflecting a year-on-year decrease of 7.55% and a month-on-month decrease of 37.47% [3]. - NIO delivered 27,182 vehicles in January, marking a year-on-year increase of 96.08% but a month-on-month decline of 43.53% [3]. - Xpeng Motors reported 20,011 vehicles delivered in January, showing a year-on-year decrease of 34.07% and a month-on-month decline of 46.65% [5]. Group 2: Market Strategies and Innovations - Leap Motor is accelerating its channel development, adding 85 new stores to reach a total of 1,068 nationwide, aiming to enhance customer experience [2]. - Li Auto is addressing supply chain issues by offering compensation to customers affected by delivery delays and promoting battery version alternatives [3]. - NIO is launching low-interest financing options for its new models to stimulate market demand [4]. - Both Li Auto and NIO are enhancing their smart technology offerings, indicating increased competition in the intelligent vehicle sector [4]. Group 3: Market Outlook - The automotive retail market is expected to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [6].

格隆汇2月1日｜比亚迪：1月新能源汽车销量210051辆，同比下降30.11%。 鸿蒙智行：1月交付57915台，同比增长65.6%。 问界汽车：1月交付40016辆，同比增长83%。 理想汽车：1月交付27668辆。 蔚来汽车：1月交付27182台，同比增长96.1% 小米汽车：1月交付超39000台。 零跑汽车：1月交付32059台，同比增长27%。 小鹏汽车：1月交付20011台。 岚图汽车：1月交付10515辆，同比增长31%。 极氪：1月交付23852台，同比增长99.7%。 ...

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

本文架构： 核心观点就是标题，李想对AI进步速度预期与 Anthropic CEO Dario Amodei很类似。 李想认为现在的人形机器人很像2025年2月的Manus，机器人速度可能比软件发展慢一点，但会超所有人预期。 Dario认为最快 1-2 年内就会有超强AI到 来，尽管也可能显著更久。 据TOP2观察，言语上倾向说理想首先应该把车造好的人，普遍对AI进步速度没有这个预期。李想现在重心完全放在具身智能上了，对造好具身智能的汽 车非常上心。 花长篇幅介绍为什么 Dario Amodei的观点值得深度参考，核心锚点主要是 Anthropic近期取得的成果水准，以及 Dario比Ilya早三年发现应该解除 Sam Altman的CEO职务。 TOP2并不是想表达，因为李想与 Dario 是这么想，他们的观点就一定是对的。TOP2认为不应该盲从李想/ Dario或任何人的观点，应该从第一性上充分批 判性思考，但他们的观点本身 值得深入参考。他们的观点是什么，为什么这么想都值得深入求证。 本文核心是指出李想的想法是什么，李想在AI进步速度的预期与AI核心领袖之一大方向很接近。这种接近不是轻飘飘的一句话，往小 ...