China

Intelligence for Better Decision Making

Chinese Electric Vehicle Makers Surpass Tesla With Global and Portuguese Market Gains

Jan. 5, 2026 | Firms

Chinese electric vehicle manufacturers are overtaking established brands with record global deliveries and growing market share in Portugal.

**In 2025, BYD delivered approximately 2.26 million electric vehicles worldwide, surpassing Tesla’s roughly 1.63 million deliveries and achieving a near 28 percent year-on-year increase.**
BYD’s total new energy vehicle sales, including battery-electric and plug-in hybrids, reached about 4.6 million units. By contrast, Tesla’s annual deliveries fell by around 8 percent—its second consecutive decline—with fourth-quarter shipments approximately 16 percent lower than in Q4 2024.

**BYD strengthened its presence both domestically and internationally by selling over 1.04 million units across more than 110 countries and regions.**
In 2025, the company opened a new factory in Brazil to boost local production capacity. BYD has maintained price competitiveness through scaled production and has tailored its sales strategies to local markets—introducing ethanol-hybrid models in Brazil, extended-range variants for Europe, and affordable right-hand-drive models in Thailand.

**In Portugal, Chinese EV brands have rapidly gained ground, led by BYD.**
In November 2025 BYD registered 645 electric vehicles, a 119.4 percent increase year-on-year, making it the top-selling brand for the month. From January through November, BYD posted 4,477 registrations, up 90.5 percent from the same period in 2024. During November, Tesla’s registrations fell by 46.9 percent to 425 units, reflecting intensified competition and pricing volatility.

**Portuguese automotive distributors report that Chinese marques now compete on technology, design, value, vehicle availability, ownership costs, and model update frequency rather than price alone.**
Consumers cite balanced pricing, equipment levels, warranty coverage, driving range, and overall driving experience as factors favoring Chinese EVs. Other entrants such as Leapmotor, Xpeng, and Polestar have also posted significant gains, with Xpeng achieving over 1,500 percent year-on-year growth in registrations through November 2025.

**Data from the Portuguese Automobile Association show fully electric vehicles accounted for 22.9 percent of new-car registrations in the first 11 months of 2025, nearly matching petrol’s 25 percent share and far exceeding diesel’s 5.7 percent.**
While Tesla maintains a lead in cumulative yearly registrations, the accelerating market share of Chinese brands demonstrates their emergence as prominent players in Portugal’s rapidly evolving automotive landscape.

China’s 2026 New Year Holiday Sees Record Surge in Travel and Consumer Spending

Jan. 5, 2026 | Households

China’s domestic travel and consumption surged during the 2026 New Year’s Day holiday, reflecting robust tourism demand and evolving consumer preferences.

**Travelers took approximately 590 million person-trips over the three-day holiday, averaging 198 million trips per day and marking a strong start to domestic tourism.**
Hotel bookings, air ticket sales, and ride-hailing demand climbed sharply, with ride-hailing up 31 percent year-on-year. Beijing welcomed about 8.808 million visitors, generating 10.97 billion yuan in tourism income, while Shanghai’s average daily online consumption rose 5.5 percent to 5.71 billion yuan amid stable physical store sales of 6.49 billion yuan.

**China expanded its high-speed rail network, including the Xi’an–Yan’an extension, which cut travel times and increased visits to Hukou Waterfall by 165 percent.**
Authorities added charging stations for new energy vehicles, and ride-hailing services enhanced convenience and safety. In Wuhan, State Grid teams monitored charging infrastructure in real time and resolved faults within minutes. Road administrations in snow-prone regions cleared highways swiftly, while railway authorities scheduled charter trains to ease overcrowding on routes to Harbin, Shenyang, and Changchun. Combined transport services now smooth transfers between high-speed rail, air, and rental vehicles.

**Ice-and-snow tourism emerged as a leading growth driver, accounting for about 40 percent of top domestic flight routes.**
Harbin Ice and Snow World saw one-day tour bookings rise more than 45 percent month-on-month, and ski resorts in Zhangjiakou, Changbai Mountain, Altay, and Aba reported year-on-year visitor gains of 12–50 percent. Online searches for ice-and-snow destinations jumped 125 percent over the previous year, and ticket sales for theme parks, cultural performances, and mountain scenic spots such as Huangshan and Zhangjiajie climbed by over 150 percent.

**Consumers demonstrated a strong willingness to travel and spend.**
Major travel platforms reported year-on-year increases of more than 20 percent in items purchased per traveler and over 30 percent in average spending. Hotel bookings surged—Fliggy noted a 280 percent jump on January 1—and scenic-spot ticket bookings quadrupled. Visa-free travel policies and optimized duty-refund procedures further boosted inbound and outbound shopping, driving “China travel” and “China shopping” consumption among foreign visitors and overseas buyers.

**Self-driving travel expanded rapidly, with private cars accounting for roughly 440 million cross-regional person-trips.**
Rural and scenic routes in Shuangfeng County, Hunan, and Guizhou’s Huajiang Canyon saw orderly traffic flows and lively local businesses. The “train + rental car” model gained traction as rental companies partnered with airlines and railways on combined ticketing and packaged travel deals that integrate vehicle rental with accommodations and attractions.

**Young travelers born after 2000 formed the largest tourist cohort, favoring experiential activities such as theme park events, temple visits, and concerts.**
Family travel also rose significantly, with parents selecting high-star hotels and resorts. Tourism providers catered to these groups through immersive New Year celebrations, temple fairs, and pop-up markets offering hands-on experiences with intangible cultural heritage.

**Inbound tourism and duty-free shopping further energized the market, especially in Hainan, where flight bookings climbed 76 percent month-on-month and duty-free sales rose 93.8 percent year-on-year.**
Shanghai saw a 132.6 percent surge in tax-refund related sales, while Beijing’s cultural performances and thematic itineraries attracted both domestic and foreign tourists. Government pro-consumption policies, enhanced infrastructure, and diverse leisure offerings combined to create a vibrant and diversified travel and tourism landscape at the start of 2026.

Monitored Intelligence for China - Jan. 5, 2026

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Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.

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18家券商斩获银行间债市“金门票”，固收业务竞争白热化

18 Securities Firms Win Interbank Bond Market Gold Tickets as Fixed Income Business Competition Heats Up

Sina Finance | Local Language | News | Jan. 5, 2026 | UndeterminedBizdev-Partnering

The China Interbank Market Dealers Association has approved 18 securities firms for underwriting business qualifications in non-financial enterprise debt financing instruments, signaling a significant development in the bond market. This expansion is expected to enhance securities firms' bond business systems, improve market service quality, and increase direct financing, supporting the capital market’s high-quality growth. The approved firms fall into three tiers: six obtained general lead underwriter qualifications, one (BOC Securities) received a special lead underwriter qualification for science and technology innovation bonds, and 11 secured syndicate distribution qualifications.

Previously dominated by large banks and a few top securities firms, the interbank bond underwriting market had securities firms accounting for less than 30% of main underwriter roles. The new qualifications enable securities firms to independently lead underwriting, reducing reliance on banks and allowing greater profit retention and operational autonomy. This marks a shift from a primarily exchange-focused fixed-income business to coordinated development across both interbank and exchange bond markets. It is anticipated to lower overall corporate financing costs by integrating these markets and promoting healthy competition.

With more securities firms entering the interbank market, client coverage and project reserves will expand, especially for financing instruments used by central SOEs, local SOEs, and private enterprises. The qualified securities firms can now build comprehensive service chains covering issuance, trading, and market making, offering investors low-volatility returns and aligning with asset allocation trends. Even smaller firms with syndicate distribution qualifications gain market entry, building experience for future lead underwriting roles. The broader product coverage complements existing bond services in the exchange market, facilitating integrated equity-and-debt financing solutions for corporate clients.

The entry of these 18 firms is set to intensify competition, breaking the previous market concentration and likely leading to more reasonable underwriting fees and greater options for bond issuers. Leading firms with strong capital and risk control will retain advantages in high-quality projects, while smaller firms may need differentiated strategies. The qualification approval is only a first step; the Dealers Association will enforce continuous supervision and inspection to ensure firms improve risk control, credit assessment, pricing, and roadshow capabilities to capitalize on the new opportunities.

布局2026，机构核心投资思路曝光

Planning for 2026: Key Investment Strategies of Institutions Revealed

Sina Finance | Local Language | News | Jan. 5, 2026 | UndeterminedInvestor Sentiment

Professional institutions entering 2026 are maintaining strong confidence in technology, with key investment themes centered on AI innovation, domestic substitution in the semiconductor industry, and recovery in industry cycles. Technological breakthroughs within the AI-related industrial chain and semiconductor advancements, including equipment, materials, wafer foundry, and IC design, are expected to drive growth. Memory semiconductors show signs of recovery following demand and inventory adjustments.

Harvest Fund highlights five major industrial directions for 2026: intelligent manufacturing, information technology (including next-gen mobile communication, satellite internet, and quantum information), advanced materials (such as high-performance carbon fiber and superconducting materials), energy sectors focused on nuclear and renewable forms, and the space industry with emphasis on deep earth and deep sea exploration and high-end equipment development.

Renewable new energy and strategic resource products saw valuation corrections in 2025 but remain favored. Wanjia Fund plans to focus on strategic resources like gold, silver, copper, rare earths, and minor metals, benefiting from overseas fiscal expansion and inflation. Industries such as service consumption, building materials, chemicals, and coal are expected to improve due to supportive industrial policies and economic recovery.

Zhongjia Fund prioritizes technology and AI for offense in 2026, while also targeting high-dividend, stable stocks in sectors including Hong Kong shares, financials, agriculture, and precious metals. Lithium battery materials are at an early inflection point signaling a cycle rebound, with energy storage booming and future opportunities in electrolyte segments anticipated.

In commercial aerospace, despite some short-term overheating risks, the sector is viewed as sustainable with state support and strong market liquidity. After potential volatility and pullbacks, commercial aerospace is expected to retain allocation value aligned with clear development timelines for domestic spaceflight projects.

Samsung Electronics says customers praised competitiveness of HBM4 chip

Times of News | English | News | Jan. 5, 2026 | UndeterminedTech Development/Adoption

Samsung Electronics reported strong customer praise for its next-generation high-bandwidth memory chip, HBM4, with some customers remarking that "Samsung is back." Co-CEO and chip chief Jun Young-hyun acknowledged the company still needs to enhance competitiveness further. The company is in advanced talks to supply HBM4 chips to Nvidia, a leading U.S. AI firm, as Samsung seeks to catch up with rivals such as SK Hynix in the AI chip market.

SK Hynix CEO Kwak Noh-Jung noted that demand for AI chips has accelerated faster than anticipated, creating favorable conditions but also intensifying competition. For 2026, he predicted a tougher business environment requiring bold investment and preparation. Market data from the third quarter of 2025 showed SK Hynix leading the HBM market with a 53% share, followed by Samsung at 35% and Micron at 11%.

Samsung’s share price rose 7.2% on the first trading day of 2026, outperforming the broader KOSPI index, along with SK Hynix, which gained 4%. In the foundry sector, Samsung’s Jun highlighted recent supply deals with major customers, including a $16.5 billion contract with Tesla, positioning the foundry business for significant growth.

Samsung co-CEO TM Roh, overseeing mobile phones, TVs, and appliances, warned of increased risks in 2026 due to rising component costs and global tariff barriers. To maintain competitiveness, the company plans to focus on supply chain diversification and optimizing global operations to mitigate sourcing, pricing, and tariff challenges.

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