Core Insights - New energy vehicle companies in China reported mixed delivery results for January, with some experiencing significant growth while others faced declines in both year-over-year and month-over-month metrics [1][4]. Delivery Data Summary - Hongmeng Zhixing led the delivery rankings with 57,915 units, a year-over-year increase of 65.6% [5]. - Xiaomi delivered over 39,000 units, marking a 95% increase compared to January 2025 [5]. - Leap Motor delivered 32,059 units, a year-over-year increase of 27% but a month-over-month decline of 47% [5][6]. - Li Auto delivered 27,668 units, down 7.6% year-over-year and 37.5% month-over-month [7]. - NIO delivered 27,182 units, showing a 96.1% year-over-year increase but a 43.5% month-over-month decline [8]. - XPeng delivered 20,011 units, down 34.1% year-over-year and 46.7% month-over-month [10]. - Lantu delivered 10,515 units, a year-over-year increase of 31% [11]. Market Trends and Insights - The overall retail sales of passenger vehicles in China dropped by 28% year-over-year and 37% month-over-month, with new energy vehicles experiencing a notable decline [4]. - The penetration rate of new energy vehicles fell from 59.1% in December to 45.9% in January [4]. - A new energy vehicle company executive attributed the market downturn to the traditional off-peak season and the expiration of tax exemption policies, which led to demand being pulled forward [4][11].

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [8]. Core Insights - The automotive market in January 2026 experienced a seasonal downturn, with a notable decline in demand due to the impact of subsidy policies and adjustments in purchase tax. Most new energy vehicle manufacturers saw a significant month-on-month sales drop of 43.9% [3][4]. - Despite the overall weak performance in the first quarter of 2026, the continuation of the vehicle replacement policy is expected to support market recovery as local subsidy details are finalized [4]. - Companies to watch include: - Xpeng Motors (9868 HK/XPEV US) with new models launching and increasing overseas production [4]. - Geely Automobile (175 HK) focusing on internal resource integration post-privatization of Zeekr [4]. - BYD (1211 HK) benefiting from increased overseas production capacity and high growth in international sales [4]. Summary by Relevant Sections Sales Performance - BYD's January sales were 205,518 units, down 30.7% year-on-year and 50.4% month-on-month. However, exports surged by 43.3% to 100,009 units, with overseas sales accounting for 47.6% of total sales [6][7]. - NIO delivered 27,182 vehicles in January, a 96.1% year-on-year increase but a 43.5% month-on-month decline. The introduction of new financing options is expected to ease purchasing barriers [6][7]. - Xpeng delivered 20,011 vehicles, down 34.1% year-on-year and 46.6% month-on-month, with the new X9 model showing significant growth [6][7]. - Li Auto's deliveries were 27,668 units, reflecting a slight decline due to product cycle impacts [6][7]. - Xiaomi's deliveries exceeded 39,000 units, marking a 95% year-on-year increase [6][7]. Company Ratings and Price Targets - The report includes various companies with their respective ratings and target prices, indicating potential upside: - BYD (1211 HK) with a target price of 133.00, representing a 36.06% upside [8]. - NIO (9866 HK) with a target price of 62.75, indicating a 62.48% upside [8]. - Xpeng (9868 HK) with a target price of 134.69, suggesting an 87.98% upside [8].

Core Viewpoint - The automotive market in January 2026 showed a slight year-on-year increase but a significant month-on-month decline, primarily due to policy changes and demand exhaustion, with exports becoming a crucial growth driver for companies [1][22]. Group 1: Market Performance - The overall automotive market experienced a year-on-year increase but a month-on-month decline, with some companies facing drastic reductions in sales [1]. - The core reasons for the market's sluggish start include the reduction of the new energy vehicle purchase tax and a mismatch in demand due to the timing of the Spring Festival [1]. - Exports have emerged as a vital growth area for automotive companies, helping to offset domestic market fluctuations [1][6]. Group 2: Company Sales Data - BYD sold 210,100 vehicles in January, a year-on-year decline of 30.11% and a month-on-month decline of 50.04%, heavily impacted by the new energy vehicle tax policy [3][5]. - Geely's sales reached 270,200 units, showing a year-on-year increase of 1.29% and a month-on-month increase of 14.08%, with significant export growth [5][6]. - SAIC Group reported sales of 327,000 units, a year-on-year increase of 23.9%, with a notable increase in overseas sales [8]. Group 3: New Energy Vehicle Trends - The new energy vehicle market is facing challenges due to policy changes, leading to a cautious consumer sentiment [1][3]. - Companies are increasingly relying on exports to sustain growth in the new energy vehicle segment, as domestic competition intensifies [6][22]. Group 4: Competitive Strategies - Companies are engaging in aggressive promotional strategies, including long-term financing options and price reductions, to stimulate sales amid a cooling market [15][17]. - The automotive industry is shifting towards a more competitive landscape, focusing on comprehensive service offerings beyond just product pricing [17][22]. - Traditional luxury brands are facing pressure from the rise of domestic electric vehicle manufacturers, leading to significant price reductions to maintain market share [20][22].

消息面上，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%。交银国际认为，1Q26车市受季节性淡季与前期消费透支的双重影响，整体表现平淡。尽管以 旧换新政策的延续对年初预期形成支撑，但受限于15万元以内车型补贴力度退坡，消费者观望情绪加 剧，倾向于等待地方补贴细则落地，致使年初部分购车需求延后释放。 小鹏汽车-W(09868)续跌超3%，截至发稿，跌3.07%，报64.75港元，成交额5.28亿港元。 ...

消息面上，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%。交银国际认为，1Q26车市受季节性淡季与前期消费透支的双重影响，整体表现平淡。尽管以 旧换新政策的延续对年初预期形成支撑，但受限于15万元以内车型补贴力度退坡，消费者观望情绪加 剧，倾向于等待地方补贴细则落地，致使年初部分购车需求延后释放。 智通财经APP获悉，小鹏汽车-W(09868)续跌超3%，截至发稿，跌3.07%，报64.75港元，成交额5.28亿 港元。 ...

Group 1 - The core point of the article is that XPeng Motors is undergoing significant organizational restructuring by merging its Autonomous Driving Center and Smart Cockpit Center into a new General Intelligence Center, led by Liu Xianming, which will report directly to CEO He Xiaopeng [2] - This restructuring aligns with XPeng's strategic shift towards becoming a "physical AI company," emphasizing the integration of AI capabilities into its product offerings [2] - XPeng launched four new models at the 2026 Global New Product Launch on January 8, with the Ultra and Ultra SE versions featuring the company's self-developed second-generation VLA, which is touted as the industry's first cross-domain model achieving L4 initial capabilities [2] Group 2 - The company is actively preparing for street tests of its autonomous ride-hailing service and plans to initiate mass production of humanoid robots later this year, indicating a focus on both automotive and robotic applications as core vehicles of "physical AI" [3] - On February 1, XPeng announced the delivery of 20,011 new vehicles in January 2026, with an internal sales target set between 550,000 to 600,000 units for the entire year, amidst increasing competition and ongoing price wars in the Chinese automotive market [3] - The emphasis on the self-developed "Turing" AI chip is seen as a key factor for the company to gain market competitiveness by combining AI capabilities with its existing advantages [2]

Core Viewpoint - Xiaopeng Motors has merged its two intelligent departments, the Autonomous Driving Center and the Intelligent Cockpit Center, into a new entity called the General Intelligence Center, aimed at enhancing AI capabilities across automotive and robotics applications [1] Group 1: Organizational Changes - The General Intelligence Center will be led by Liu Xianming, the former head of the Autonomous Driving Center, and will report directly to CEO He Xiaopeng [1] - The new department will establish secondary organizations focused on foundational models, infrastructure, platform delivery, and product quality [1] Group 2: AI and Technology Integration - The AI and large model research capabilities of the two original teams have already been integrated prior to the establishment of the new department [2] - Xiaopeng Motors launched four new vehicles on January 8, with the top model, Ultra, equipped with three Turing chips—two for intelligent driving and one for the intelligent cockpit [2] - The self-developed second-generation VLA vision-action large model for intelligent driving is set to be pushed to users starting in March, capable of operating across vehicles, Robotaxis, robots, and flying cars [2]

2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车企1月销量同比取得正增长，但这一同比增长是由于2025年春 节在1月，去年同期的新车销售基数较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税全额减免政策，同时车企为年底冲量，在12月出台了许多其 他优惠政策。进入2026年1月后，新能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴细则尚未全部出台，导 致消费者存在观望情绪，影响了车市终端销售情况。 具体来看，问界汽车1月交付约4万辆，同比增长83%，环比下滑30.74%；小米汽车1月交付超3.9万辆，去年同期为超2万辆，去年12月为超5万辆；零跑汽车 1月全系交付达3.21万辆，同比增长27%，环比下滑46.94%。 比亚迪1月销售21.01万辆，其中海外销量表现亮眼，乘用车及皮卡海外销售10万辆，同比增长43.3%。分品牌来看，比亚迪品牌销售17.75万辆；方程豹品牌 销售2.16万辆；腾势品牌销售6002辆；仰望品牌销售413辆。 长城汽车1月销售新车9.03万辆，同比增长11. ...

原自动驾驶一号位刘先明担任整合后的负责人。 文 丨 李安琪 编辑 丨 龚方毅 对 AI 的无限憧憬正在改变汽车公司的组织方式。定位 "面向全球的具身智能公司" 的小鹏汽 车，是最新一例。 我们独家获悉，近日小鹏汽车将两个智能化一级部门 —— 自动驾驶中心、智能座舱中心 —— 合并为通用智能中心。新部门由原自动驾驶负责人刘先明主导，直接向董事长、CEO 何小鹏汇 报。 有接近小鹏的知情人士告诉我们，通用智能中心是一个面向汽车 + 机器人的全新 AI 组织，将 围绕基座模型、Infra 底座、平台化交付、产品和项目质量等圈层结构设立相关二级组织。新部 门的 AI 技术中台底座，后续将同时为智能驾驶、智能座舱、机器人等应用层提供支撑。 调 整 前 ， 刘 先 明 与 智 能 座 舱 中 心 负 责 人 魏 斌 均 直 接 向 何 小 鹏 汇 报 。 刘 先 明 曾 在 Facebook （ 现 Meta）、通用汽车旗下的自动驾驶公司 Cruise 任职，从事机器学习与计算机视觉领域的前沿研究工 作。魏斌加入小鹏前，曾任高德地图产品总监，据了解目前魏斌已休假一段时间。 今年 1 月 8 日，小鹏汽车发布了 4 款新车 ...

Domestic News - The Ministry of Commerce and nine other departments encourage local governments to increase the number of subsidies for replacing old consumer goods during the Spring Festival, aiming to boost offline retail support and promote various product exhibitions [2] - The China Automobile Dealers Association reports that the automotive consumption index for January 2026 is 31.1, indicating a phase of adjustment in the automotive market due to multiple factors including the Spring Festival holiday and tax changes for new energy vehicles [4] - Guangdong province supports the testing and demonstration of intelligent connected vehicles in cities like Guangzhou and Shenzhen, promoting applications in areas such as logistics and smart sanitation [5] International News - Tesla confirms the mass production of its 4680 battery using dry electrode technology for both the anode and cathode, as disclosed in its fiscal year 2025 fourth quarter update [6] - Hyundai officially abandons the option to repurchase its vehicle manufacturing plant in St. Petersburg, Russia, indicating a permanent exit from local production [8] - Toyota's joint venture in Indonesia, PT Toyota-Astra Motor, has begun preparations for local production of hybrid vehicle batteries, establishing a dedicated production line [9] Corporate News - BYD announces the launch of a new automotive brand, Linghui, which will focus on B2B markets such as ride-hailing and corporate transportation, differentiating itself from the personal passenger vehicle market [10] - XPeng Motors officially starts large-scale overseas shipments of its 2026 model P7+, marking its entry into 18 countries [11] - Xiaomi's CEO Lei Jun responds to claims of a price collapse in the second-hand car market, highlighting that the SU7 electric model has a one-year resale value retention rate of 86.05%, ranking first according to a report [12] - Cao Cao Mobility announces that its Robotaxi 2.0 fleet is equipped with low-orbit satellite communication technology, which will enable new SOS features [13] - SAIC-GM-Wuling reports global sales of over 105,000 vehicles in January, with a significant year-on-year growth of over 40% in overseas markets [14] - Huawei's executive Yu Chengdong announces the upcoming launch of the new model Aito M6, indicating a strong product lineup for the spring [15]