<p>吉利汽车控股（GELYF）在中国电动车市场的势头发生了变化，连续第二个月领先比亚迪（BYDDF）。公司文件显示，在 2026 年前两个月，吉利交付的车辆比比亚迪多出约 76,000 辆，而比亚迪在同期的出货量下降了 36%。这是自 2022 年以来，吉利首次在至少连续两个月内超越比亚迪。尽管吉利年初的销量持平，但与几家领先的国内品牌相比，这一表现显得相对稳健，因为包括比亚迪和小鹏在内的多家品牌在购车激励政策撤回和春节假期影响下，出现了两位数的月度下降。</p>
<p>这种差异可能表明吉利在简化品牌组合方面的重组努力开始见效。该公司凭借如星源紧凑型掀背车等车型吸引了买家，该车型去年成为中国最畅销的汽车。比亚迪在 2025 年超越特斯拉成为全球最大的电动车制造商，但面临着日益加大的国内压力。首席执行官王传福在 12 月承认，随着竞争对手的追赶，公司在技术上的领先优势已经缩小，这一动态可能对销量产生了影响。在这种背景下，本周新电动车技术的发布显得尤为重要，投资者期待充电系统和驾驶辅助功能的潜在升级，这可能有助于刺激等待新产品的消费者需求。</p>
<p>国际市场仍然是比亚迪的相对亮点，可能支持其盈利能力。今年前两个月，海外交付量增长超过 50%，达到 201,082 辆，而吉利在同一时期的海外销量为 181,891 辆。同时，行业内的竞争压力正在加剧。包括特斯拉、比亚迪、蔚来和小米在内的汽车制造商推出了最长可达七到八年的超长期融资计划，通常伴随低或零利率，以吸引买家，而不必采取可能引起监管审查的明显降价措施。尽管这些措施可能会提升短期销量，但也有可能压缩已经很薄的利润率，并可能将资本从研发和海外扩张中转移，因为行业正在应对一些人所描述的电动车寒冬。</p>

华宝智能电动汽车ETF

GELHY

平安中证汽车零部件主题ETF

<p>吉利汽车控股在销售方面连续第二个月超过比亚迪，2026 年初交付了 76,000 辆更多的汽车。这是自 2022 年以来，吉利首次在两个月内超越比亚迪。尽管吉利的销售保持稳定，但比亚迪却面临 36% 的下降。吉利的重组努力以及像星越掀背车这样的热门车型为其成功做出了贡献。与此同时，比亚迪的国际销售增长超过 50%，但随着汽车制造商推出融资计划以吸引买家，竞争压力正在上升，尤其是在电动车市场放缓的情况下</p>

<p>Geely Automobile Holdings (GELYF) has extended its lead over BYD Co. (BYDDF) for a second consecutive month, underscoring a shift in momentum inside China's electric-vehicle market. Company filings show that in the first two months of 2026, Geely delivered roughly 76,000 more vehicles than BYD, whose shipments declined 36% over the same period. It is the first time since 2022 that Geely has outperformed BYD for at least two straight months. While Geely's sales were flat to start the year, that performance appears comparatively resilient as several leading domestic brands, including BYD and Xpeng, posted double-digit monthly declines amid the rollback of purchase incentives and the impact of a longer-than-usual Lunar New Year holiday.</p>
<div class="lb-trans"><p>吉利汽车控股（GELYF）在中国电动车市场的势头发生了变化，连续第二个月领先比亚迪（BYDDF）。公司文件显示，在 2026 年前两个月，吉利交付的车辆比比亚迪多出约 76,000 辆，而比亚迪在同期的出货量下降了 36%。这是自 2022 年以来，吉利首次在至少连续两个月内超越比亚迪。尽管吉利年初的销量持平，但与几家领先的国内品牌相比，这一表现显得相对稳健，因为包括比亚迪和小鹏在内的多家品牌在购车激励政策撤回和春节假期影响下，出现了两位数的月度下降。</p>
</div><p>The divergence could suggest that Geely's restructuring efforts to streamline its brand portfolio are beginning to gain traction. The company has attracted buyers with models such as the Xingyuan compact hatchback, which became China's best-selling car last year. BYD, which overtook Tesla  in 2025 to become the world's largest EV maker, is contending with mounting domestic pressure. In December, Chief Executive Officer Wang Chuanfu acknowledged that the company's technological lead had narrowed as competitors caught up, a dynamic that may have weighed on sales. Against that backdrop, this week's launch of new EV technologies takes on added importance, with investors anticipating potential upgrades to charging systems and driver-assistance features that could help stimulate demand among consumers who have been waiting for refreshed products.</p>
<div class="lb-trans"><p>这种差异可能表明吉利在简化品牌组合方面的重组努力开始见效。该公司凭借如星源紧凑型掀背车等车型吸引了买家，该车型去年成为中国最畅销的汽车。比亚迪在 2025 年超越特斯拉成为全球最大的电动车制造商，但面临着日益加大的国内压力。首席执行官王传福在 12 月承认，随着竞争对手的追赶，公司在技术上的领先优势已经缩小，这一动态可能对销量产生了影响。在这种背景下，本周新电动车技术的发布显得尤为重要，投资者期待充电系统和驾驶辅助功能的潜在升级，这可能有助于刺激等待新产品的消费者需求。</p>
</div><p>International markets remain a relative bright spot for BYD and could support its earnings profile. Overseas deliveries climbed more than 50% to 201,082 vehicles in the first two months of the year, while Geely recorded 181,891 units abroad over the same span. At the same time, competitive pressures are intensifying across the sector. Automakers including Tesla, BYD, Nio and Xiaomi are rolling out ultra-long-term financing programs stretching up to seven or eight years, often with low or zero interest rates, as a way to entice buyers without resorting to overt price cuts that may attract regulatory scrutiny. Although such measures could bolster near-term volumes, they also risk compressing already thin margins and potentially diverting capital from research, development and overseas expansion as the industry navigates what some have described as an EV winter.</p>
<div class="lb-trans"><p>国际市场仍然是比亚迪的相对亮点，可能支持其盈利能力。今年前两个月，海外交付量增长超过 50%，达到 201,082 辆，而吉利在同一时期的海外销量为 181,891 辆。同时，行业内的竞争压力正在加剧。包括特斯拉、比亚迪、蔚来和小米在内的汽车制造商推出了最长可达七到八年的超长期融资计划，通常伴随低或零利率，以吸引买家，而不必采取可能引起监管审查的明显降价措施。尽管这些措施可能会提升短期销量，但也有可能压缩已经很薄的利润率，并可能将资本从研发和海外扩张中转移，因为行业正在应对一些人所描述的电动车寒冬。</p>
</div>

Geely Tops BYD for Second Month as Sales Gap Hits 76,000

- 吉利汽车在 2026 年前两个月交付车辆比比亚迪多出约 76,000 辆。  
- 比亚迪在同一时期的出货量下降了 36%。  
- 吉利的市场表现可能因品牌重组而改善，未来新技术发布也至关重要。

吉利连续第二个月在销量上超过比亚迪，差距达到 76,000 辆