蔚来-SW（09866）今日盘中股价大幅下挫7.14%，引发了市场关注。
消息面上，尽管蔚来在2025年第四季度实现了成立以来的首次季度盈利，但全年仍录得亏损，且行业竞争环境日趋严峻。近期财报显示，蔚来2025年全年亏损149.43亿元，同比收窄33.3%。与此同时，华为鸿蒙智行与小米汽车等新玩家的强势崛起，正在改写市场格局，加剧了市场竞争的烈度。
分析指出，造车新势力的盈利“临界点”虽已显现，但拐点尚未确立。未来行业将加速优胜劣汰，价格竞争预计不会实质性缓和，智驾能力将成为新的市场准入门槛。这些因素叠加，可能引发了投资者对蔚来未来盈利可持续性及市场竞争地位的担忧，从而导致股价在盘中承压下行。
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