来源：中国基金报 万亿外资巨头又调仓了！ 根据美国证券交易委员会（SEC）披露，近日资管巨头贝莱德递交了截至2025年12月31日的第四季度持 仓报告（13F）。 根据13F，贝莱德第四季度持仓总市值为5.92万亿美元，环比增长3.67%。去年第四季度，贝莱德投资组 合中新增了247只个股，清仓165只个股。其中，前十大重仓股占总市值30.41%。 具体来看，前五大买入标的为谷歌-A、谷歌-C、礼来、美光（MU.US）、苹果。前五大卖出标的为标 普500ETF-SPDR CALL（SPY.US.CALL）、ServiceNow（NOW.US）、Strategy（MSTR.US）、AT&T （T.US）、Kellanova （K，现已退市）。 "前十大"科技含量较高 增持英伟达、苹果、微软等 根据13F，贝莱德持有的前十大重仓股科技含量较高，具体包括：英伟达（NVDA.US）、苹果 （AAPL.US）、微软（MSFT.US）、亚马逊（AMZN.US）、谷歌-A（GOOGL.US）、博通 （AVGO.US）、谷歌-C（GOOG.US）、META（META.US）、特斯拉（TSLA.US）、礼来 （LLY.US）等 ...

NIO Inc. (NYSE:NIO) is among the Goldman Sachs EV and Battery Stocks. On February 9, 2026, JPMorgan analyst Nick Lai cut NIO Inc. (NYSE:NIO)’s price objective from $8 to $7 and retained an Overweight rating. The corporation predicted that China’s auto industry would underperform in 2026, noting falling passenger vehicle growth. JPMorgan also reduced Li Auto’s profitability prediction to a loss this year due to lower sales volumes and margins. On February 1, 2026, the company delivered 27,182 vehicles in ...

Core Insights - NIO achieved a record high of 165,898 battery swap transactions on February 19, 2026, marking the third time in five days that it has set a new historical record [1] Company Performance - The total number of battery swap transactions indicates strong operational performance and growing adoption of NIO's battery swap technology [1] - The recent surge in transactions reflects increasing consumer demand and confidence in NIO's services [1] Industry Trends - The achievement highlights a positive trend in the electric vehicle (EV) sector, particularly in battery swapping solutions, which may influence competitors and the overall market dynamics [1] - The frequency of record-breaking transactions suggests a potential shift in consumer behavior towards more convenient EV charging solutions [1]

Company News - SOTON Juchuang announced on February 19 that it expects a significant reduction in net losses for the full year of 2025, with a projected profit of no less than 60 million RMB in the fourth quarter of 2025, marking its first quarterly profit [4] - NIO reported on February 19 that on February 18, the total number of battery swaps reached 158,300 times in a single day, setting a new historical high. Currently, over 8,600 NIO charging and battery swap stations have been established nationwide, including more than 3,700 battery swap stations and over 1,000 highway battery swap stations, connecting 550 cities across 9 vertical and 11 horizontal city clusters [4] - Zhongke Shuguang announced on February 19 that its SothisAI has recently upgraded to fully integrate the Zhiyu GLM-5 and Alibaba Qwen 3.5 large models, further simplifying and optimizing the construction and operation processes of enterprise AI platforms [4] Industry News - Chinese scientists have developed a new type of organic cathode material that overcomes traditional organic lithium battery limitations such as low energy capacity and practical usability. This new organic soft-pack battery has an energy density exceeding 250 watt-hours per kilogram, surpassing the widely used lithium iron phosphate batteries. The battery operates effectively in temperatures ranging from -70°C to 80°C, showcasing excellent flexibility and safety [1] - In the field of optical communication and 6G, Chinese scientists have achieved a breakthrough by realizing the cross-network integration of fiber optic and wireless communication systems, setting a new record for data transmission rates. The new system developed can transmit fiber optic communication signals at 512 Gbps and wireless communication signals at 400 Gbps [2] - The China Geological Survey has revealed a new mechanism for the cycling and enrichment of rare earth elements in the deep sea, which has significant scientific implications for understanding the formation of deep-sea rare earth resources. The study indicates that shallow sea sediments release a large amount of rare earth elements back into the seawater, while deep-sea sediments retain most of the rare earth elements [2] Box Office News - The total box office for the 2026 Spring Festival (February 15-23) has exceeded 3 billion RMB, reaching 3.174 billion RMB as of February 20 at 7:22 AM [3]

Core Insights - NIO achieved a record of 158,290 battery swaps in a single day on February 18, 2026, marking a significant milestone in its battery swap operations [1] - The company reached a total of 100 million battery swaps on February 6, 2026, indicating strong market validation and user acceptance of the battery swap model [1] Company Developments - NIO has established over 8,600 charging and battery swap stations across China, with more than 3,700 dedicated battery swap stations [1] - The network includes over 1,000 battery swap stations located along highways, enhancing the convenience for users [1] Industry Trends - The battery swap model has become a mainstream solution for electric vehicle charging in China, demonstrating its scalability and effectiveness in the market [1] - NIO's infrastructure connects 550 cities across 9 vertical and 11 horizontal city clusters, indicating extensive coverage and accessibility for users [1]

关注 「电动车公社」 和我们一起重新思考汽车 2025 年，国内新能源乘用车渗透率首次突破 50% ，创下了史无前例的里程碑。 多数人愿意认可并身体力行的购买新能源车，其背后必定是技术进步推动产品力提升，所带来的结果。 那么，在过去 1 年时间里，究竟哪些技术正在成为新的风向标？ 01. 半固态电池 代表品牌： 蔚来、智己、MG等 众所周知，全固态电池是动力电池界公认的"终极答案"。 但就目前来看，受制于生产工艺、可靠性、充电倍率、原材料成本等诸多因素，距离全固态电池真正落地量产上车，还有着相当长的距离。 相比之下，作为从液到固 "中间态"的 混合固液电池（半固态电池） ，落地难度就要简单不少了。 2025 年，不仅有诸如蔚来 ET7 、名爵 MG4 等车型真正实现了混合固液电池的量产上车。 同时在国家标准层面，也开始区分液态电池、混合固液电池、全固态电池的判定标准，避免厂家借固态电池为由，在宣传上打擦边球的情况。 相比全固态电池，混合固液电池的电解质可以是类似"果冻状"的凝胶，也可以是"水泥状"的悬浊膏体。 由于固液电解质可塑性强，可以大大缓解最令全固态电池头疼的"界面问题"，同时因为有电解液的存在，使电解 ...

Group 1 - The article highlights the significant success of NIO's ES8 in 2025, achieving a record delivery of 48,134 units in December and marking a profitable quarter [5][6] - The ES8's success is attributed to three main factors: cost reduction leading to a competitive price of 406,800 RMB, the benefits of NIO's battery swapping technology, and the refined product quality of the ES8 [8][9][11] - The article anticipates the performance of NIO's upcoming flagship model, the ES9, with high expectations [12] Group 2 - Xiaomi's YU7 is described as a phenomenon in the automotive market, with 152,357 units registered in 2025 and a remarkable sales performance in January 2026 [15][16] - The success of YU7 is linked to Xiaomi's strong supply chain management, marketing prowess, and the efforts of its design and engineering teams [16][17] - YU7 is positioned as a major competitor to Tesla's Model Y, indicating its significant impact on the market [18] Group 3 - Leap Motor is recognized for its steady growth, aiming for a sales target of one million units in 2025, with models like the C10 and C11 driving its success [21][22][24] - The company has demonstrated resilience by enhancing existing products and optimizing design and configuration [23][25] Group 4 - Nissan's N7 is highlighted as a key example of a joint venture brand successfully developing a fully electric vehicle independently, achieving significant sales milestones [31][32] - The N7's development showcases the collaboration between Nissan and local partners, emphasizing the shift towards localized electric vehicle production [30][32] Group 5 - Geely's Star Wish has maintained strong sales, achieving over 40,000 units per month and becoming the best-selling model in its category [37][38] - The article attributes its success to effective marketing strategies and strong product features that appeal to a wide audience [38] Group 6 - The Lantu Dreamer has undergone significant upgrades, enhancing its electric range and luxury features, resulting in a notable increase in sales [42][45] - The model's versatility as both a family and business vehicle is emphasized, contributing to its market position [44] Group 7 - The BYD Yangwang U9 Xtreme has set records for speed, showcasing BYD's engineering capabilities and technological advancements in the electric vehicle sector [48][50] - The U9 Xtreme's performance highlights BYD's commitment to breaking foreign monopolies in the high-performance electric vehicle market [50] Group 8 - Volvo's XC70 is noted for its successful transition to hybrid technology, becoming the first luxury hybrid model to exceed 5,000 units in monthly sales [57][58] - The article suggests that this model could represent a new direction for luxury brands in their electric vehicle strategies [58] Group 9 - Tesla's Model Y remains a strong contender in the market despite a 20% decline in new registrations, ranking third in sales among electric vehicles [63][64] - The introduction of the extended Model Y L variant aims to enhance its appeal and maintain its competitive edge [66][68] Group 10 - The ZunJie S800 has achieved remarkable sales in the luxury segment, delivering over 4,000 units in December 2025, setting a record for Chinese brands in the million-level market [73] - The model's design and luxury features are highlighted as key factors in its success, challenging traditional luxury car perceptions [73]

Core Insights - Tesla is facing intensified competition and a decline in market share, with an aging model lineup and CEO Elon Musk's political involvement impacting sales [1][5] - In contrast, NIO is focusing on EV growth in its domestic market and global expansion, showing strong delivery momentum [3][10] Tesla's Position - Tesla's deliveries fell more than 8% in 2025, marking the second consecutive year of decline, raising concerns about demand and pricing power [5] - The energy generation and storage segment achieved record deployments of 14.2 GWh in Q4 and 46.7 GWh for the year, a 49% year-over-year increase [6] - Tesla plans to significantly increase capital expenditures to over $20 billion in 2026, supporting major facilities and AI infrastructure [7][9] - Robotaxi services are expected to expand to seven new U.S. cities, with Musk suggesting autonomous Teslas could reach half of the U.S. population by year-end, pending regulatory approvals [8] NIO's Growth Strategy - NIO delivered 326,028 vehicles in 2025, a nearly 47% increase, and has crossed 1 million cumulative deliveries [10][12] - Vehicle margins improved to 14.7% in Q3 2025 from 13.1% a year earlier, with management targeting a 20% vehicle margin over time [13] - NIO's battery swap technology remains a key differentiator, with over 100 million swaps completed and plans for 1,000 additional swap stations by 2026 [14] - The company is expanding into Central Asia, Australia, New Zealand, and Europe, enhancing user engagement through software upgrades [15] Valuation and Investment Outlook - NIO appears more attractive from a valuation perspective, trading at a lower price-to-sales multiple compared to Tesla, which is above its historical average [16][18] - NIO is positioned for improving fundamentals and valuation comfort, while Tesla faces declining deliveries and heavy capital spending commitments [19]

Group 1 - NIO achieved a record high of 146,649 battery swaps on February 15, 2023, and has built over 8,600 charging and swapping stations nationwide, with more than 3,700 dedicated battery swap stations [2] - BYD's new mid-size SUV, the Song Ultra EV, is expected to be priced around 180,000 yuan and has completed the Ministry of Industry and Information Technology's approval process [2] - The Fangcheng Leopard Ti7 has launched a new OTA upgrade featuring over twenty new and optimized functions, powered by an advanced AI model, with a price range of 179,800 to 219,800 yuan [2]

Core Insights - NIO achieved a record high of 146,649 battery swaps in a single day on February 15, 2026, indicating strong user adoption and market validation of its battery swap model [1] - The milestone of 100 million battery swaps was reached on February 6, 2026, further solidifying the battery swap model as a mainstream solution for electric vehicle charging in China [1] - NIO has established over 8,600 charging and battery swap stations nationwide, with more than 3,700 dedicated battery swap stations [1]