Core Insights - The automotive industry is experiencing a promotional wave centered around "7-year low-interest" financing options, initiated by Tesla and followed by at least 10 other companies, including Xiaomi, Li Auto, and Xpeng [1][3][4] - The promotional strategies focus on low down payments and monthly payments, with many plans keeping monthly payments around 2000 yuan [1][3] - Different automakers are collaborating with various financial institutions, with Tesla and NIO partnering with banks, while others rely on automotive financing leasing companies or third-party financial institutions [1][7] Group 1: Promotional Strategies - The "7-year low-interest" financing has become a key term in the current promotional measures, with low down payment amounts and monthly payments generally around 2000 yuan [3] - Tesla's Model 3 offers a down payment of 79,900 yuan and a monthly payment of 1,918 yuan over 84 months, with a total interest of approximately 5,512 yuan [4] - Li Auto offers a 7-year financing option across all models, with a minimum down payment of 15% and a monthly payment of 3,846 yuan for the i8 model [6] Group 2: Financial Institutions and Models - The financing options are primarily provided by automotive financing leasing companies or third-party financial institutions, rather than banks [7][10] - The differences in ownership and cost structures between bank loans and leasing models are significant, with leasing companies retaining ownership during the lease period [9][10] - Consumers are advised to understand the differences between loan and leasing models, including ownership rights and potential hidden costs associated with long-term financing [10][11]

Core Viewpoint - The article emphasizes the potential for L4 autonomous driving commercialization in North America, with regulatory changes allowing for a significant increase in vehicle deployment limits from 2,500 to 90,000 units. It highlights Tesla's launch of a no-safety-driver Robotaxi service in Austin and the advancements in L2-L3 autonomous driving technologies by various companies [3][10]. Investment Highlights - January's summary indicates that L4 commercialization in North America may be relaxed, with discussions on increasing the annual deployment cap for vehicles without traditional controls. Tesla has launched a no-safety-driver Robotaxi in Austin and plans to eliminate the FSD buyout model. In the L2-L3 segment, Nvidia has released an open-source autonomous driving model, Alpamayo, while companies like WeRide and Qianli Technology are launching or upgrading end-to-end solutions [3][10]. - February's focus is on monitoring the implementation of overseas L4 policies and the user experience of domestic L2-L3 intelligent vehicles. The results of the U.S. hearings are crucial, as they may lead to unified federal and state regulations. Tesla's no-safety-driver service will be closely observed for safety and reliability during this critical period [4][10]. Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme by 2026, favoring B-end software companies over C-end hardware firms. Preferred H-shares include Xpeng Motors, Horizon Robotics, WeRide, Cao Cao Mobility, and Black Sesame Intelligence, while A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [5][10]. - Downstream application-related stocks are categorized into three perspectives: - Robotaxi perspective includes integrated models like Tesla and Xpeng Motors, and technology providers with revenue-sharing models such as Horizon Robotics and Baidu [5][10]. - Robovan perspective includes Desay SV and other emerging companies [6][10]. - Other autonomous vehicle perspectives cover mining trucks, ports, sanitation vehicles, and buses [6][10]. Supply Chain Insights - The upstream supply chain includes B-end autonomous vehicle OEMs like BAIC BluePark, GAC Group, and Jiangling Motors, as well as core suppliers for testing services, chips, domain controllers, sensors, and other components [6][10]. - Key suppliers for chips include Horizon Robotics and Black Sesame Intelligence, while domain controllers involve Desay SV and other companies [6][10]. Key Events Summary - Significant events in January include Nvidia's release of the open-source autonomous driving model Alpamayo and discussions in the U.S. regarding regulatory changes for autonomous vehicles. Tesla's FSD v14.2 achieved a milestone of 2 days and 20 hours of zero intervention driving across the U.S. [46][10].

2月5日，小鹏汽车董事长、CEO何小鹏官宣小鹏即将迎来第一款旗舰级大六座SUV，命名为小鹏GX。 目前，大六座SUV的赛道布满竞争对手。谈及为何还要造一台大六座SUV，何小鹏基于用户调研数据指出，第三排舒服性、满载后的空间表现和驾驶操纵 性，是当前市场上三排座SUV的不可能三角，这迫使许多家庭，在每一次出行前，都要做出妥协。 但小鹏汽车不希望重复和妥协，所以带来了全新的科技旗舰。该车的研发代号是G01，将从 "第一性原理"出发，用完整的AI思维，重新设计一台全尺寸家用 旗舰SUV。 据介绍，小鹏GX基于全新的SEPA 3.0物理AI整车架构打造，通过全域系统创新，在集成度、智能化、操控性和安全理念上，全面领先一代。同时，小鹏也 把X9上备受好评的 "舒适大空间"和"灵活好开" 的基因，完整注入到了GX。 这让小鹏GX终结了三排座SUV空间与舒适的矛盾，做到"座座皆C位，排排可躺平"。同时，在坐满6人时，依然提供一个真正实用的超大后备箱。 操作性上，小鹏GX也打破了"大车难开"的固有印象，依托搭载了线控转向和后轮转向的AI底盘，灵活度和稳定感远远超越传统大车。 目前，官方暂未公布小鹏GX的发布时间。 （文章来源 ...

Group 1 - BMW plans to launch nearly 20 new or updated models in the Chinese market by 2026, including the new generation BMW iX3 long-wheelbase version, which will be officially unveiled at the Beijing Auto Show in 2026 and is expected to be launched in the second half of this year [2] - Leap Motor's COO Xu Junbo stated that the company's target for 2026 is to sell 1.05 million vehicles, emphasizing a focus on efficiency and stability rather than chasing explosive growth [2] - IM Motors' co-CEO Liu Tao publicly apologized to Tesla for previous comments regarding a traffic accident, clarifying that the accident was not caused by Tesla's brake failure, thus correcting his earlier statements [2] - Xiaomi's founder Lei Jun announced that the new generation SU7 is expected to launch in April 2026, with pre-orders already open, highlighting significant upgrades in driving experience and control systems [2] - Xiaopeng Motors officially unveiled its first six-seat SUV, the Xiaopeng GX, which is built on the SEPA 3.0 architecture, claiming to resolve long-standing issues in six-seat SUVs [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小鵬汽車有限公司（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09868 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,250,000,000 | USD | | 0.00001 | USD | | 92,500 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 9,250,000,000 | USD | | 0. ...

Group 1 - The core point of the news is the significant drop in precious metal prices, with gold experiencing its largest single-day decline in 40 years and silver hitting a historic intraday drop of 36% [1][2][4] - On January 31, spot gold prices fell over 12%, reaching a low of $4682 per ounce, while closing down 9.25% at $4880 per ounce [2][4] - Spot silver prices dropped to a low of $74.28 per ounce, closing down 26.42% at $85.259 per ounce [4][8] Group 2 - The sell-off in precious metals was triggered by the strengthening of the US dollar, following the announcement of Kevin Walsh as the new Federal Reserve Chairman, which raised concerns about the Fed's independence [4][6][7] - The dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [4][5] - The market was already experiencing a demand for a correction, and the combination of factors, including the Fed chair nomination and broader capital flow dynamics, acted as a catalyst for profit-taking [4][6] Group 3 - The broader US stock market also faced declines, with major indices closing lower due to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5] - The gold sector saw substantial losses, with major companies like Barrick Gold and AngloGold experiencing declines of over 10% [5] - The sell-off in precious metals was characterized by panic selling and profit-taking, particularly among leveraged positions, which exacerbated market volatility [8][12]

银河证券认为，港股科技板块仍是中长期投资主线，在产业链涨价、国产化替代、AI应用加速推 进等多重利好共振下，有望震荡上行。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 恒生科技ETF南方(520570)及场外联接(A类：020988；C类：020989)跟涨恒生科技指数，该指数覆 盖了中国科技产业中最核心的方向：互联网平台、AI与算力、半导体、新能源汽车、智能硬件、生物 医药等，囊括了当前全球最具成长性的科技赛道。其成份股既包括腾讯、阿里、京东、快手等平台型公 司，也涵盖中芯国际、小米、小鹏等硬科技与制造端代表，形成了较为完整的科技产业链结构。 从最新市盈率看，截至2月4日，恒生科技指数的市盈率（PE-TTM）为22.38倍，位于指数成立以来 的25.69%历史分位数，处于历史估值相对低位。 港股主要指数调整，截至发稿，恒生科技ETF南方(520570)成交额超1.1亿元，交投活 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

Core Viewpoint - XPeng Motors has launched the OTA update for its AIOS 6.0, introducing various enhancements and features for its vehicles, including the new X9 Super Range, the new P7, and the 2025 G7 models [1][11]. Group 1: New Features and Upgrades - The AIOS 6.0 update includes a new immersive desktop interface, SR scene modes for camping, resting, and car washing, and a fully integrated lane-level navigation system [1][7][9]. - The update introduces a ViVO smart car interconnection system that allows seamless notification transfer from mobile devices to the car, supporting voice announcements for messages [12][13]. - A new control center has been added, consolidating frequently used functions such as vehicle settings, air conditioning, and seat adjustments for easier access [16]. - A game center application has been launched, featuring a variety of games that can be played using touch controls or Bluetooth gamepads, transforming the vehicle into an entertainment hub [18]. - The update also includes a new application store with the addition of the Soda Music app and the Zebra Encyclopedia app, enhancing in-car entertainment options [22][34]. Group 2: User Experience Enhancements - The AI assistant, Xiao P, has been upgraded to provide proactive services based on user habits and preferences, enhancing the overall user experience [26][29]. - The facial recognition ID management system has been introduced to offer personalized services for each passenger, requiring the installation of a specific chip [24][15]. - The vehicle health management and driving data report application has been integrated, allowing users to monitor vehicle conditions in real-time [32]. - The update optimizes the overall driving experience, including improved parking and navigation functionalities, and enhances energy efficiency, increasing the WLTP range by 15 kilometers [35].

曾几何时，德国工艺、意大利设计、英国血统等，是欧洲汽车工业引以为傲的标签，更是其构筑行业壁垒的护城河。在燃油车时代，这些由百年积淀形成 的专有技术与品牌光环，确实让欧洲车企稳坐全球汽车产业的高端王座。 然而，当汽车的灵魂从发动机与底盘悄然转向芯片与算力，一场深刻的危机早已降临。固执于一切自研的欧洲巨头们，在软件定义汽车的浪潮中频频触 礁，比如项目延期、成本失控、系统失灵成为常态。 直到如今，他们终于放下身段，将目光投向东方，尤其是那些在智能电动车赛道上疾驰的中国企业，才恍然发觉，闭门造车的时代已经终结，开放与合作 才是通向未来的钥匙。 从大众携手小鹏、到Stellantis寻求外部技术输血，一场由痛苦教训催生的觉醒正在欧洲汽车业蔓延。他们终于明白，在软件这场高投入、快迭代的竞赛 中，单打独斗不仅无法赢得优势，反而可能拖垮整个帝国。 欧洲车企的挫折、醒悟 欧洲汽车制造商曾深信，竞争优势源自对核心技术的绝对掌控。这种根植于工业时代的信念，驱使它们在面对软件定义汽车的变革时，第一反应是建立庞 大的内部软件部门，试图将软件能力完全内化。 比如大众集团于2020年高调成立的Cariad软件公司，便是这一思维的典型代表。 ...