Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

消息面上，近日，据36氪报道，经历2025年销量下滑的理想汽车-W，将于2026年发起绝地反击，计划 实现40%的销量增长，冲击约55万辆的销售目标。围绕全新的销量目标，理想正在重新聚焦其最具确定 性的业务基础，整体战略方向是"2026年重回增程产品领先地位"。 理想汽车-W(02015)涨超4%，截至发稿，涨3.65%，报65.2港元，成交额4.39亿港元。 报道称，理想汽车-W首先将重头资源押在了新一代L9车型上。不少业内人士认为，"打赢了L9的仗，下 面的产品自然就活了。"其2026款L9车型在尺寸上将进一步放大，在底盘上会有全新升级。而在智能化 层面，理想自研智驾芯片M100即将首次上车L9。 ...

报道称，理想汽车-W首先将重头资源押在了新一代L9车型上。不少业内人士认为，"打赢了L9的仗，下 面的产品自然就活了。"其2026款L9车型在尺寸上将进一步放大，在底盘上会有全新升级。而在智能化 层面，理想自研智驾芯片M100即将首次上车L9。 智通财经APP获悉，理想汽车-W(02015)涨超4%，截至发稿，涨3.65%，报65.2港元，成交额4.39亿港 元。 消息面上，近日，据36氪报道，经历2025年销量下滑的理想汽车-W，将于2026年发起绝地反击，计划 实现40%的销量增长，冲击约55万辆的销售目标。围绕全新的销量目标，理想正在重新聚焦其最具确定 性的业务基础，整体战略方向是"2026年重回增程产品领先地位"。 ...

此外，HUD窄路影像上线，人驾通过狭窄路段触发小窗视图时，HUD同步显示轮毂视角，画面组合随 导航、路况切换，联动的全景影像小窗视图支持手动或任务大师设置触发。 凤凰网科技讯 1月21日，理想汽车OTA 8.2已开启推送，新增VLA司机大模型行为强化学习能力、VLA 充电功能、宠物模式、艺术相框、充电预热（增程车型等40项新功能。 据官方介绍，VLA司机大模型行为强化学习能力可深度学习毫秒级方向盘和电门动作数据，刹车不点 头、转弯够自然，车辆行驶更拟人，带来更加丝滑、平顺、舒适的VLA行车体验。 ...

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Core Insights - The report from the third-party automotive quality complaint platform Chezhizhong indicates a significant decrease in quality complaints for domestic SUVs in Q4 2025, with a total of 11,984 complaints received, reflecting a quality complaint-to-sales ratio of 24.8 per ten thousand units, a notable improvement from Q3 [1][4]. Group 1: Quality Performance - The average quality complaint-to-sales ratio for domestic SUVs in Q4 2025 is 24.8 per ten thousand units, which shows a substantial recovery in overall quality performance compared to Q3 [1][4]. - Among the 358 models analyzed, 71 models performed better than the average complaint ratio of 24.8 per ten thousand units [1][4]. Group 2: Top Performing Models - The top-performing SUV in terms of quality is the Xiaomi YU7, with a complaint ratio of 0.9 per ten thousand units [1][4]. - The second and third positions are held by the Zeekr 9X and the Shangjie H5, with complaint ratios of 1.4 and 1.7 per ten thousand units, respectively [1][4]. - Other notable models in the top eight include the Toyota Platinum 3X, Changan X5 Plus, NIO ES8, Hongqi HS3 PHEV, and the Fangcheng Bao Titanium, with complaint ratios ranging from 2.0 to 3.0 per ten thousand units [1][4].

Group 1 - The core focus of the news is the official rollout of OTA 8.2 upgrade by Li Auto on January 21, which includes the launch of the enhanced VLA version of the AD Max platform [1] - The upgrade emphasizes model reinforcement training, significantly reducing mechanical sensations during driving, leading to a smoother experience [1] - Li Auto's Senior Vice President of Autonomous Driving R&D, Lang Xianpeng, stated that extensive testing has shown the performance of the upgrade to reach industry-leading levels [1] Group 2 - The VLA driver model now incorporates behavior reinforcement learning capabilities, enhancing deep learning with millisecond-level data on steering and throttle actions [4] - The improvements result in more natural braking and turning, providing a more human-like driving experience, which contributes to a smoother and more comfortable ride [4] - The upgrade is applicable to all Li Auto AD Max models, including the Li MEGA, Li i series, and Li L series [6]

Core Viewpoint - Li Auto is preparing for a challenging "defensive battle" as it aims to regain its leading position in the extended-range electric vehicle (EREV) market by 2026, focusing on strengthening its high-end market base and EREV product line [4][5][12]. Group 1: Sales Strategy and Goals - Li Auto has set a preliminary growth target of approximately 40% for 2026, aiming for around 550,000 vehicle sales, compared to about 410,000 in the previous year [6]. - The company plans to streamline its product strategy by reducing the number of vehicle variants and ensuring core configurations are standard across models, with a significant focus on the new L9 model [7][8]. - The new L9 model is expected to feature a larger size, upgraded chassis, and an extended-range battery capacity exceeding 70 kWh, supporting over 400 km of pure electric range [9]. Group 2: Market Position and Competition - Li Auto's market share in the EREV segment has declined significantly, with monthly deliveries dropping by more than half from peak levels [13]. - The competitive landscape is intensifying, with other automakers like Xpeng and Xiaomi entering the EREV market with their own models, which may challenge Li Auto's market position [15][18]. - The company acknowledges the need for more competitive offerings, with plans for aggressive upgrades in the new L series models, including advancements in chassis and vehicle control systems [17]. Group 3: Product Focus and Adjustments - Li Auto's product focus has shifted back towards EREV models, with expectations of only one new pure electric SUV in 2026, as the company reassesses its strategy following disappointing sales in the pure electric segment [10][20]. - Organizational changes have occurred, including the departure of key personnel and restructuring of product lines to enhance competitiveness [21]. - The sales system is undergoing a comprehensive review, with a focus on improving the efficiency of physical stores and enhancing the capabilities of sales staff [25]. Group 4: Future Outlook - 2026 is anticipated to be a critical year for Li Auto as it seeks to recover from recent setbacks and rebuild its market position [26].

凤凰网科技讯1月21日，理想汽车向用户推送了OTA8.2软件升级。此次更新核心是引入了"VLA司机大 模型行为强化学习"能力。据官方介绍，该系统通过毫秒级学习方向盘和电门动作数据，旨在优化车辆 的刹车、转弯等动态表现，使行驶过程更平顺、拟人化。 除了核心的驾驶模型升级，本次更新还包含HUD窄路影像等40项新增与优化功能。HUD窄路影像可在 通过狭窄路段时，在抬头显示系统中同步显示轮毂视角。更新的全景影像小窗视图支持通过手动或"任 务大师"设置触发。 此外，OTA8.2版本还新增了宠物模式、艺术相框，并为增程车型提供了充电预热等功能。 理想汽车表示，此次升级继续践行其"移动的家，常开常新"的理念。 ...

Core Viewpoint - The China Insurance Automotive Safety Index evaluates four vehicle models based on principles of professionalism, impartiality, scientific rigor, independence, and public welfare, with results to be officially released on January 21, 2026 [1] Group 1: Vehicle Models Evaluated - The evaluation includes four models: Tengshi N9, Audi A5L Sportback, Volkswagen Taos L, and Li Auto i8, comprising three SUVs (Tengshi N9, Volkswagen Taos L, Li Auto i8) and one sedan (Audi A5L Sportback), with two models being electric vehicles (Tengshi N9, Li Auto i8) [1] Group 2: Safety Ratings - In terms of crashworthiness and repair economy, two models received an excellent+ (G+) rating, one model received an excellent (G) rating, and one model received a mediocre (M) rating [2] - For structural crashworthiness, Tengshi N9 and Volkswagen Taos L received excellent ratings, while for repairability, Audi A5L Sportback, Volkswagen Taos L, and Li Auto i8 received excellent ratings [2] - Volkswagen Taos L received an excellent rating for repair economy, and three models (Tengshi N9, Volkswagen Taos L, Li Auto i8) received excellent ratings for collision compatibility [2] Group 3: Passenger Safety Ratings - All four models received excellent or above ratings for passenger safety, with three models achieving excellent+ (G+) ratings [3] - In various collision scenarios, all four models received excellent ratings, and 100% of the models received excellent ratings for roof strength and seat/headrest performance [3] Group 4: Pedestrian and Auxiliary Safety Ratings - All four models received excellent+ (G+) ratings for pedestrian safety [4] - In terms of auxiliary safety, all models received excellent (G) or above ratings, with two models achieving excellent+ (G+) ratings [4] - All four models are equipped with AEB (Automatic Emergency Braking) and emergency rescue service (E-call) features, with a 100% installation rate [4] Group 5: New Energy Vehicle Index - The two electric vehicle models received excellent (G) ratings in the New Energy Vehicle Index [5] - The China Insurance Automotive Safety Index aims to promote the development of safer and more competitive new models for consumers, continuing to expand the range of tested vehicles [5]