Core Viewpoint - Chinese automotive companies are reevaluating their reliance on Nvidia's smart driving chips, with companies like XPeng and Li Auto shifting towards self-developed chips, indicating a significant change in the industry landscape [1][4]. Group 1: Shift to Self-Developed Chips - XPeng Motors launched four new models equipped with its self-developed Turing AI chip, marking a departure from previous models that used Nvidia chips [1]. - Li Auto plans to use its self-developed M100 chip in the major redesign of its L9 model, which is expected to enter mass production in Q1 2025, offering performance that surpasses Nvidia's Thor-U chip [1]. - NIO has calculated that its reliance on Nvidia's Orin chips will cost over $300 million in 2024, prompting a shift to its self-developed Shenji chips to reduce costs by approximately 10,000 yuan per vehicle [2]. Group 2: Market Dynamics and Competition - The trend of "de-Nvidia" among new automotive forces is gaining momentum, with NIO, XPeng, and Li Auto accelerating their transition away from Nvidia [4]. - By 2025, the combined sales of NIO, XPeng, and Li Auto are projected to exceed 1.16 million units, driven by partnerships with Huawei and the expansion of smart driving technologies into entry-level models [4][9]. - Nvidia's market share in China is expected to decline from 39% in 2024 to 25% in 2025, as its Orin architecture is considered outdated and its Thor chip faces performance issues [5]. Group 3: Future Trends in the Automotive Industry - The Chinese automotive market is anticipated to see a significant increase in L2-level assisted driving vehicles, with a projected 21.2% year-on-year growth in new car sales featuring these capabilities by 2025 [5]. - The competition in the high-end market is intensifying, with local brands increasingly adopting self-developed chips, reducing their dependency on Nvidia [9]. - The automotive industry's shift from "regulatory control" to "end-to-end" smart driving technology is expected to reshape the landscape by 2025 [4].

Core Insights - Li Auto is planning to close a number of underperforming retail stores, primarily those opened during its rapid expansion phase, although the exact number of closures is still under evaluation [2] - The company has not yet made an official response to this news [2] Delivery Performance - In 2021, Li Auto delivered 90,500 vehicles, a year-on-year increase of 177.4% - In 2022, the total delivery volume reached 133,200 units, growing by 47.2% - In 2023, deliveries surged to 376,000 units, marking a 182.2% year-on-year growth - For 2024, the expected delivery volume is projected to grow by 33.1% to 500,500 units - However, in 2025, the retail volumes for the Li L7 and L8 models are expected to drop significantly, with year-on-year declines of 66% and 79% respectively, leading to an overall delivery volume of 406,000 units, a decrease of approximately 19% from the previous year [2] Retail Expansion - Li Auto has rapidly expanded its retail channels, adding 179 new retail centers in 2023 alone, reaching a peak expansion rate - By the end of 2025, the company plans to have over 540 retail centers across nearly 160 cities in China [2] Strategic Initiatives - In mid-2025, Li Auto will launch the "Hundred Cities Star Plan," aimed at penetrating lower-tier markets through a light-asset model by recruiting partners [3] - Founded in 2015, Li Auto is recognized as a new force in China's new energy vehicle market, having been listed on NASDAQ and the Hong Kong Stock Exchange in 2010 and 2021 respectively [3] - The company focuses on range-extended electric vehicle technology, targeting the mid-to-large family vehicle segment with the brand philosophy of "creating a mobile home, creating a happy home" [3]

理想汽车财报显示，截至2025年12月31日，理想汽车在全国已有548家零售中心，覆盖159个城市。理想 汽车2025年的交付量为40.6万辆，未达成全年销量目标。 新浪科技讯 1月23日下午消息，针对网传的闭店、裁员等传闻，理想汽车方面回应称，最近网络上出现 关于理想汽车批量闭店、裁员的舆情，均为不实信息。今年公司会针对少量能效较低的商超门店关停， 但不涉及批量关闭情况。 理想汽车财报显示，截至2025年12月31日，理想汽车在全国已有548家零售中心，覆盖159个城市。理想 汽车2025年的交付量为40.6万辆，未达成全年销量目标。 责任编辑：刘万里 SF014 责任编辑：刘万里 SF014 新浪科技讯 1月23日下午消息，针对网传的闭店、裁员等传闻，理想汽车方面回应称，最近网络上出现 关于理想汽车批量闭店、裁员的舆情，均为不实信息。今年公司会针对少量能效较低的商超门店关停， 但不涉及批量关闭情况。 ...

据中新经纬，一理想汽车内部人士23日表示，理想汽车后续将关闭一些能效低、扩张期铺开的门店，包 括不赚钱的商超门店。"目前处于评估阶段，门店关闭数量不详。"这位内部人士说。这里的门店是指零 售中心，不包括售后维修中心及授权钣喷中心。 ...

据中新经纬，一 理想汽车内部人士23日表示，理想汽车后续将关闭一些能效低、扩张期铺开的门店， 包括不赚钱的商超门店。"目前处于评估阶段，门店关闭数量不详。"这位内部人士说。这里的门店是指 零售中心，不包括售后维修中心及授权钣喷中心。 ...

值得一提的是，在岗位要求的信息中，理想汽车提到"要有机器人关节模组嵌入式软件开发经验、伺服 系统控制软件开发经验优先""有3年以上嵌入式电机驱动开发经验，有多轴机械臂、灵巧手、外骨骼或 机器人关节驱动开发经验者优先"，而这些信息均提到了机器人。 "人形机器人会是未来的重要趋势之一" 事实上，理想汽车进行机器人相关人才的招聘并不令人意外。早在2024年底，理想汽车董事长李想就在 一档播客栏目中表示，"理想汽车100%会做人形机器人，但节奏不是现在"。 2025年，李想再次谈到对机器人的看法。他认为机器人可以分为两种类型：一种是在常见工具的基础 上，为其配备"眼睛""大脑"和"心脏"，使其在原有形态上实现更高层次的智能化，最终发展成为机器 人；另一种是人形机器人，李想承认人形机器人是未来发展的关键方向之一。 理想汽车正在加速招聘机器人方面的人才。 近日，《每日经济新闻》记者查阅理想汽车官网发现，理想汽车在其官网发布了多个招聘岗位，其中包 括嵌入式软件工程师、机械设计工程师，这些岗位涉及灵巧手、双足、关节模组等方向，且岗位名称后 均标注了"急"字。 "工业场景是人形机器人商用化量产的核心突破口" 对于理想汽车此次机 ...

Core Insights - The company is preparing to launch a significantly updated version of its flagship model, the new L9, which will feature self-developed AI driving chip M100 and a new cockpit design with a large front display [2][3] - The new L9 aims to address previous shortcomings and is seen as a critical step in the company's strategy to regain market position after a challenging year [3][4] - The company faced disappointing sales and setbacks in its pure electric strategy, leading to a strategic pivot back to its strengths in the extended-range vehicle market [4][7] Product Strategy - The new L9 will be equipped with a 70 kWh battery, offering over 400 km of pure electric range, and will upgrade to an 800V high-voltage platform with 5C fast charging technology [2][5] - The company is focusing on a streamlined product strategy for 2026, moving from a volume-driven approach to a focus on high-quality offerings, with plans to simplify its product line [6][8] - The company aims to ensure that all core configurations, such as 5C fast charging, will be standard across the lineup to reduce consumer decision-making costs and maintain profit margins [6][7] Organizational Changes - The internal structure has been redefined into two main product lines: one focusing on high-end flagship models and the other on volume models, reflecting a strategic intent to separate brand elevation from market expansion [8][9] - This organizational adjustment aims to address past issues of unclear product definitions and improve market competitiveness [9] - The company is entering a critical phase in 2026, focusing on survival and dignity, with success dependent on the execution of its strategic intentions [9]

Core Viewpoint - The luxury SUV market in China is experiencing a significant shift, with traditional brands like BBA (BMW, Benz, Audi) facing declining sales due to the rise of domestic new energy vehicle manufacturers [1][17]. Group 1: Sales Performance - BBA's combined sales in China have dropped significantly, with Mercedes-Benz's sales falling to 551,900 units, marking a 12% decrease [2][1]. - In the high-end SUV segment, traditional models like Audi Q5L, Mercedes-Benz GLC, and BMW X3/X5 have seen substantial declines, while new entrants like Xiaomi YU7 and AITO M8 are gaining traction [2][1]. Group 2: Competitive Landscape - The competition in the high-end SUV market has intensified, with new players leveraging technology and consumer insights to capture market share from BBA [18][21]. - The market dynamics are shifting towards a focus on practical luxury and value, as consumers are less willing to pay for brand prestige alone [17][21]. Group 3: Product Innovations - New models such as the Ideal L9 and AITO M9 are set to challenge BBA's dominance, with significant upgrades in technology and features aimed at enhancing user experience [5][9]. - Upcoming models like the Zeekr 8X and Lido L80 are expected to offer competitive pricing and features, appealing to a broader consumer base [10][13]. Group 4: Market Trends - The high-end SUV market is witnessing a transformation where the focus is shifting from brand loyalty to practical benefits and technological advancements [17][20]. - Future competition will likely center around the ability to deliver practical technology and user-friendly features rather than just high specifications [22][21].

Core Viewpoint - Li Auto is restarting its humanoid robot development project, indicating a strategic shift towards integrating robotics into its automotive offerings, aiming to redefine vehicles as "embodied intelligent" products rather than mere transportation tools [5][8]. Group 1: Humanoid Robot Development - Li Auto has opened several humanoid robot R&D positions, signaling a renewed focus on developing humanoid robots for specific industrial applications within its manufacturing processes [5]. - The company previously paused its humanoid robot project due to technological limitations and an immature supply chain but is now moving forward with a comprehensive recruitment strategy covering all aspects of humanoid robot development [5][6]. - The recruitment includes roles for embedded software engineers, algorithm developers, and mechanical design engineers, indicating a robust approach to building a skilled team for this initiative [5]. Group 2: Industry Context and Competition - Li Auto's humanoid robot development aligns with trends seen in other companies like Tesla and XPeng, which are also pursuing highly anthropomorphic robots based on the assumption that robots must closely resemble humans to effectively interact with human tools and skills [7]. - The company faces significant competition in terms of talent acquisition, as other firms like Seres and Tesla have large R&D teams dedicated to humanoid robots, highlighting the need for Li Auto to build a capable team quickly to remain competitive [8]. Group 3: Strategic Implications - Li Auto's CEO, Li Xiang, has articulated a vision where vehicles are seen as robots with sensory and cognitive capabilities, suggesting that the integration of humanoid robotics could enhance the company's technological ecosystem [8]. - The decision to restart the humanoid robot project is seen as a strategic move to explore another product form of embodied intelligence, potentially allowing for technology sharing and complementary advantages between vehicles and humanoid robots [8]. Group 4: Market Reaction - Following the announcement of the humanoid robot project, Li Auto's stock experienced a notable increase, reflecting positive market sentiment towards the company's strategic direction in robotics [11].

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]