Everbright Securities has released a research report highlighting the need to focus on automakers' transition to AI and their ability to absorb cost pressures from rising upstream raw materials. The firm judges that new automakers are actively pivoting towards AI, particularly humanoid robots: Tesla plans to gradually convert its current Model S/X production line into one dedicated to humanoid robots, XPeng announced it will commence mass production of humanoid robots in 2026, and Li Auto has newly established a humanoid robotics team. Since the end of 2025, upstream raw materials for new energy vehicles, such as copper, aluminum, and lithium carbonate, have seen successive price increases, which are expected to put pressure on vehicle gross margins. The progress of the supply chain in digesting these cost increases warrants close attention. The main views of Everbright Securities are as follows:

New energy vehicle performance was weak in January. 1) Li Auto's deliveries fell 7.5% year-on-year and dropped 37.5% month-on-month to 27,668 units. 2) NIO's deliveries increased 96.1% year-on-year but decreased 43.5% month-on-month to 27,182 units (NIO brand deliveries rose 162.8% year-on-year and fell 34.0% month-on-month to 20,894 units, while Ledao brand deliveries fell 41.1% year-on-year and dropped 61.4% month-on-month to 3,481 units). 3) XPeng's deliveries declined 34.1% year-on-year and fell 46.6% month-on-month to 20,011 units.

New energy vehicle manufacturers successively launched refreshed models in January. On January 7, BYD announced the addition of a 210km large-battery long-range version for the Qin PLUS DM-i, Qin L DM-i, Sealion 05 DM-i, and Sealion 06 DM-i. On January 8, XPeng officially launched the 2026 P7+ (pure electric + super extended-range), G7 Super Extended-Range, 2026 G6, and 2026 G9, with the new models featuring enhanced cost-performance ratios and intelligent capabilities. On January 13, the AITO M7 Extended-Range Long-Range version officially launched. On January 16, the Ledao L60 "Instant Success" version officially hit the market. The firm judges that automakers are introducing these refreshed models primarily to meet upgraded purchase tax technical requirements and to strengthen product competitiveness.

Automakers are intensifying their purchase incentives. Tesla: Delivery lead times for the domestically produced Model 3 full series are 2-4 weeks; for the Model Y Long Range version, it's 4-6 weeks, and for the Rear-Wheel Drive version, it's 1-3 weeks; the Model Y L delivery lead time is 2-4 weeks. The full Model 3 series is eligible for a limited-time 8,000 yuan insurance subsidy and an ultra-low-interest 7-year financial policy. The full Model Y series enjoys the 7-year ultra-low-interest financial policy, while the Model Y L has a 5-year zero-interest financial policy. New Automakers: 1) Li Auto: Delivery lead times for the L6 remain at 1-3 weeks, MEGA stays at 1-4 weeks, i8/L7 hold at 2-4 weeks, while the L9 lead time shortened to 1-3 weeks (vs. 1-5 weeks in January), and the L8 lead time shortened to 1-3 weeks (vs. 1-4 weeks in January). The lead time for the i6 CATL battery version remains at 19-22 weeks, while the Sunwoda battery version shortened to 4-7 weeks. In January, Li Auto officially discontinued production of the L7/L8/L9 Pro versions, and the full-series purchase subsidies were extended into February. 2) NIO: Delivery lead times for the EC7/ET9 remain at 4-6 weeks. The lead time for the new ES8 shortened to 11-12 weeks (vs. 20-21 weeks in January), while lead times for the ES6/EC6/ET7 extended to 4-6 weeks (vs. 2-4 weeks in January), and for the ET5/ET5T extended to 2-6 weeks (vs. 2-4 weeks in January). The Firefly lead time extended to 4-6 weeks (vs. 2-3 weeks in January). NIO/Ledao/Firefly full series introduced 7-year low-interest financial schemes. 3) XPeng: Delivery lead times for the P7+/G7/2025 G9 remain at 1-3 weeks. Lead times for the G6/G7/G9/P7 hold at 1-3 weeks, Mona M03 stays at 1-4 weeks, while the X9 Super Extended-Range version lead time shortened to 4-6 weeks (vs. 7-9 weeks in January). The P7+ pure electric version lead time remains 1-3 weeks, and the super extended-range version is 1-5 weeks. 4) Xiaomi: January deliveries exceeded 39,000 units. Delivery lead times for the YU7 and SU7 Ultra remain at 14-38 weeks and 6-9 weeks, respectively. On January 7, the new-generation SU7 began pre-sales and is scheduled for launch in April. Orders placed in February for the Xiaomi YU7 are eligible for a limited-time 7-year low-interest offer. 5) Huawei: Harmony Intelligence Driving (Hongmeng Zhixing) January deliveries increased 65.5% year-on-year but fell 35.4% month-on-month to 58,000 units.

Risk warnings: Policy fluctuations; supply chain performance falling short of expectations; industry demand falling short of expectations; production ramp-up falling short of expectations.