投资要点 本周智能汽车行情复盘： 未经许可，不得转载或者引用。 B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平线机器人+小马智行/文远知行+曹操/黑 芝麻智能】；A股优选【千里科技+德赛西威+经纬恒润】 下游应用维度相关标的 ： #Robotaxi视角： 1）一体化模式：特斯拉/小鹏汽车； 我们编撰的智能汽车指数-3.3%，智能汽车指数（除特斯拉）+0.2%，智能汽车指数（除整 车）-0.1%。 截至2026年2月6日， 智能汽车指数PS(TTM）为14.5x，该估值位于2023年初以来 98%分位数；智能汽车指数（除特斯拉）PS(TTM）为5.7x，该估值位于2023年初以来81%分 位数；智能汽车指数（除整车）PS(TTM）为9.7x，该估值位于2023年初以来79%分位数。 智 能汽车指数标的 禾赛、理想汽车、星宇股份、开勒股份、小马智行 涨幅前五。 本周行业核心变化： 1）工信部等八部门印发《汽车数据出境安全指引(2026版)》，要求汽车数据处理者应当通过境 内法人主体申报数据出境安全评估； 2）Uber公布计划今年内在香港推出Robotaxi无人驾驶出租车服务，合作伙伴包括百度和文远知 行； ...

本周SW汽零指数+0.34%（2026年初至今+3.20%），在SW汽车中排名第4；以2010年-2026.2.6 数据为基准，最新交易日SW汽零PE(TTM)处于历史的83.10%分位；PB(LF)处于历史的77.55% 分位。 未经许可，不得转载或者引用。 投资要点 零部件本周复盘总结： 机器人本周复盘总结： 本周万得机器人指数-0.21%（2026年初至今+0.27%），较SW汽零超额收益为-0.55%；最新交 易日万得机器人PE(TTM)处于近一年的67.47%分位，PB(LF)处于近一年的77.11%分位。 核心覆盖标的周度变化： 本周涨幅前五名为： 【银轮股份】+17.13%、【星宇股份】+8.65%、【岱美股份】+6.67%、【亚普股份】+3.71%、【瑞玛 精密】+2.74%。 本周大事： 2月4日，马斯克再次公开对Optimus发表高度评价；2月8日，智元将举办全球首个大型机器人 晚会。 1）新泉对拜仁新泉增资1亿美元，并设立马来西亚新泉与开封新泉； 2）精锻科技设立德国精锻。 投资建议： 1）零部件—寻找结构性机会 ：优选产品型公司+内生外延切入高价值赛道提高ASP的公司+优 先布局欧洲/ ...

未经许可，不得转载或者引用。 投资要点 1月智能化边际变化总结： L4商业化北美或松绑，L3第三方智驾供应商跟进。 美国L4举行听证会，讨论将无需传统控制 的车辆年部署上限从 2500 辆提高到 90000 辆，还讨论了当前自动驾驶领域分裂的监管环境， 推动联邦规则凌驾于州禁令之上，特斯拉在奥斯汀推出无安全员Robotaxi，后续将取消FSD买 断制。L2-L3方面，英伟达发布开源自动驾驶模型Alpamayo，文远知行、千里科技等公司推出 或升级端到端方案。 2月智能化催化： 关注海外L4政策落地，持续跟踪国内L2-L3智能化上车体验。 持续关注美国听证会结果公布情 况，联邦与州监管规则可能统一；特斯拉已于1月在奥斯汀推出无安全员服务，2月是验证其初 期运营安全性与可靠性的关键观察期，核心观察异常接管率。关注主机厂基于英伟达Alpamayo 开源模型的具体研发规划或车型落地时间表，跟踪文远知行、千里科技等第三方智驾供应商端 到端方案实际体验效果。 投资建议： 继续坚定看好2026年L4 RoboX主线！B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平 线机器人+小马智行/文远知行+曹操/黑芝麻智能】；A股 ...

Key Points - The core viewpoint of the article emphasizes Chery Automobile's transformation into a global technology-driven automotive enterprise, focusing on both globalization and smart technology [2][14][15]. Group 1: Basic Information - Chery Automobile was established in 1997 and has transitioned from reverse engineering to a technology-driven enterprise, initially entering the mainstream and entry-level passenger car market with models like Fengyun and QQ [14]. - The company has a clear shareholding structure involving state-owned capital, strategic investors, and management, ensuring no direct interference in operations from state capital [14][15]. - Financial data shows improvement driven by the growth of new energy vehicles and exports, with significant revenue increases expected from 2022 to 2024 [19][21]. Group 2: Brand System - Chery has developed a five-brand system to meet diverse market demands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer segments [38]. - The main brand, Chery, focuses on the mainstream market with high cost-performance and various powertrain options, while Jetour emphasizes family-oriented SUVs [41][46]. - Exeed targets the high-end market, iCAR is aimed at younger consumers with personalized electric vehicles, and Zhijie collaborates with Huawei to offer smart electric vehicles [41][57]. Group 3: Export Strategy - Chery's export strategy has evolved from focusing on developing markets to expanding into key markets like Russia and Europe, with a significant presence in Russia as of 2023 [62][66]. - The Tiggo series is central to Chery's product strategy, offering a range of energy types and configurations to adapt to different regional markets [70]. - The company has rapidly expanded its overseas dealer network, increasing from 252 to 1092 dealers between 2022 and 2025, supporting its global sales strategy [78]. Group 4: Technological Foundation - Chery is consolidating its smart technology development by integrating its subsidiaries into a centralized "Chery Intelligent Center" to enhance its R&D capabilities [82][83]. - The company employs a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon to advance its smart driving technologies [83]. - Chery's vehicle platform structure includes traditional fuel platforms and new energy platforms, allowing for a layered approach based on price and technology paths [84]. Group 5: Profit Forecast and Investment Recommendations - Chery is projected to achieve net profits of 184 billion, 211 billion, and 254 billion yuan from 2025 to 2027, with a strong growth trajectory in new energy and export markets [6][88]. - The company is expected to maintain a higher valuation compared to its peers due to its robust growth in new energy vehicles and stable export position, receiving a "buy" rating for its stock [6][90].

未经许可，不得转载或者引用。 投资要点 乘用车观点更新： 短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘用 车板块。全年维度来看：国内选抗波动+出口选确定性。 国内关注高端电动化赛道中对政策扰 动不敏感的个股江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想 等；出口主线优先配置海外体系成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇 瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 重卡观点更新： 回顾2025： 2025年，25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出口 34.1万，同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69 万辆，估算25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求 回升共振。 展望2026： 我们预计26年重卡内销有望兑现乐观情形的80-85万，同比+3%。 继续 推荐中国重汽A/H+潍柴动力+福田汽车+一汽解放+中集车辆等重卡头部车企！ 客车观点更新： 2026年以旧换新政策落地，客车政策略超预期。我们 ...

B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平线机器人+小马智行/文远知行+曹操/黑 芝麻智能】；A股优选【千里科技+德赛西威+经纬恒润】 未经许可，不得转载或者引用。 投资要点 本周智能汽车行情复盘： 我们编撰的智能汽车指数-1.3%，智能汽车指数（除特斯拉）+1.9%，智能汽车指数（除整 车）-7.1%。 截至2026年1月30日， 智能汽车指数PS(TTM）为15.2x ，该估值位于2023年初以 来99%分位数；智能汽车指数（除特斯拉）PS(TTM）为5.9x，该估值位于2023年初以来83% 分位数；智能汽车指数（除整车）PS(TTM）为9.9x，该估值位于2023年初以来81%分位数。 智能汽车指数标的池中 星宇股份、如祺出行、经纬恒润、福耀玻璃、理想汽车 涨幅前五。 本周行业核心变化： 1）截至2025Q4，特斯拉FSD订阅量达到110万；1）千里科技印奇出任阶跃星辰董事长；2）小 马智行与爱特博达成业务合作；3）文远知行发布通用仿真模型WeRideGENESIS；4）黑芝麻 智能与百度旗下萝卜快跑正式签署战略合作协议，双方将共同打造无人驾驶生态圈；5）北美 Robotaxi最新跟踪：截至 ...

Investment Highlights - The SW auto parts index decreased by 5.74% this week, ranking 4th in the SW auto sector, with a year-to-date increase of 2.85% [3][14] - The Wande robot index fell by 6.16% this week, with a year-to-date increase of 0.48%, underperforming the SW auto parts index by 0.42% [4][14] Core Coverage Changes - Jifeng Co. is expected to turn profitable in 2025 [5] - Xingyu Co. has submitted an application for listing on the Hong Kong Stock Exchange [5] - Landai Technology, Fuda Co., and Guangyang Co. announced performance increases for 2025 [5] - New Spring Co. and Kaidi Co. have reached a strategic cooperation agreement [5] Weekly Performance of Core Coverage Stocks - Xingyu Co. +11.19% - Beite Technology +3.75% - Feilong Co. +1.57% - Fuyao Glass +0.73% [6][55] Major Events This Week - Tesla will cease production of Model S/X in Q2 2026, switching the production line to Optimus [7][47] - Li Auto is entering the humanoid robot market [7][47] Investment Recommendations 1. Auto Parts - Seek structural opportunities: prioritize product-oriented companies and those entering high-value sectors to increase ASP, and focus on potential leading companies with production capacity in Europe, North America, and Southeast Asia [8] 2. Robotics - Seek certainty: Musk stated that Optimus V3 is expected to be released in Q1 2026, with the sector entering a spring rally period; attention should be paid to the order landing timeline for V3 and application deployment by domestic companies like Xiaopeng, Yushu, and Zhiyuan [8] 3. Recommended stocks based on EPS: Fuyao Glass, Xingyu Co., Minshi Group, Junsheng Electronics, and Xingyuan Zhuomei, with a focus on New Spring Co. [8] 4. Recommended stocks based on PE: Top Group, Junsheng Electronics, Shuanghuan Transmission, Minshi Group, Yinlun Co., and Feilong Co., with a focus on Yap Co. and Daimi Co. [8]

Group 1: Electric Vehicle Market Insights - In December 2025, the retail penetration rate of new energy vehicles (NEVs) reached 58.7%, with a year-on-year increase of 10.9% but a month-on-month decrease of 2.5 percentage points [2][6][14] - The retail sales of passenger vehicles in December 2025 were 2.27 million units, showing a year-on-year decline of 16% and a month-on-month increase of 14.7% [11][14] - BYD maintained a market share of 25% in the NEV sector, while Geely's market share decreased to 11% [22][6] Group 2: Global Market Performance - In December 2025, Southeast Asia's NEV penetration rate exceeded expectations, with a significant contribution from VinFast, leading to a month-on-month increase [3][35] - Chinese automakers exported 641,000 passenger vehicles in December 2025, with 245,000 being NEVs, resulting in a NEV penetration rate of 38.2% [3][7] - The market share of Chinese brands in Southeast Asia reached 14.7%, with a month-on-month increase of 0.8 percentage points [51][62] Group 3: Policy and Market Outlook - The old-for-new vehicle replacement policy is set to be implemented in January 2026, which is expected to stimulate demand in the passenger vehicle market [2][6] - The industry anticipates a recovery in passenger vehicle demand in Q1 2026, driven by the new policy and a shift in consumer sentiment [4][6] - The focus for domestic investments is on companies less sensitive to policy fluctuations, such as JAC Motors, and those expected to see growth in the high-end electric vehicle segment, including Geely and Great Wall Motors [4][6]

Core Viewpoint - The bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to recreate a market equivalent to China in the next 3-5 years [4][12]. Group 1: Driving Factors for the Bus Industry - **Timing**: Aligns with the national strategy of "China's Special Valuation," with buses being a strong practitioner of the "Belt and Road" initiative, leveraging over a decade of overseas experience [4][12]. - **Geographical Advantage**: The technology and products of Chinese buses are at a world-class level, leading in new energy buses and competitive in traditional buses regarding cost-effectiveness and service [4][12]. - **Human Factors**: The end of the price war in the domestic market is expected to resonate positively, with demand recovering due to tourism and public transport renewal needs, potentially returning to 2019 levels [4][12]. Group 2: Profitability Outlook - The bus industry is expected to achieve new high profitability due to the absence of price wars, an oligopolistic market structure, better net profit margins in overseas markets, and declining lithium carbonate costs [5][16]. Group 3: Market Capitalization Potential - The short-term goal is to challenge the market capitalization peak from the last industry boom (2015-2017), while the long-term goal is to establish a new ceiling, witnessing the emergence of a true global bus leader [6][16]. Group 4: Investment Recommendations - **Yutong Bus**: Identified as a "model student" with high growth and dividend attributes, with projected net profits of 4.94 billion, 5.92 billion, and 7.03 billion yuan for 2025-2027, reflecting year-on-year growth of 20%, 20%, and 19% respectively, maintaining a "buy" rating [7][14]. - **King Long Automobile**: Considered the "fastest improving student," with significant profit elasticity, projected net profits of 440 million, 640 million, and 830 million yuan for 2025-2027, with year-on-year growth of 182%, 45%, and 28%, also maintaining a "buy" rating [8][14]. Group 5: Industry Data Summary - In December 2025, the overall production of the bus industry in China was 59,000 units, with year-on-year and month-on-month increases of 3.94% and 8.56% respectively [19][20]. - The wholesale volume for December 2025 was 64,000 units, with year-on-year and month-on-month increases of 5.49% and 20.11% respectively [19][20]. - The terminal sales volume for December 2025 was 62,400 units, with year-on-year and month-on-month increases of 5.93% and 28.10% respectively [22].

| 冀細菌 | 首页后 | | --- | --- | | 刘力宇 | | | 孟璐 | | | 郭雨蒙 | | | 孙仁昊 | ספר ס | | 赖思旭 | סוגים סוגים | | 童明祺 | Disto | | | | | 投资要点 | | --- | 事件： 2026年1月28日，公司公告拟配售不多于1200万股配售股份，占扩大后已发行股份总数的约 2.06%，配售价每股32.46港元，筹资净额3.83亿港元，较1月27日收市价35.66港元折让约 8.97%，所得款项净额将主要用于Robotaxi业务。 整体资金运用旨在强化公司Robotaxi与企业服务领域的战略布局。 约67.7%将投入国内外Robotaxi业务的发展，重点用于采购定制化的Robotaxi车辆、构建与之匹 配的运营体系，以及持续进行核心技术研发，以加速其商业化与市场布局；约22.3%将用于扩 展企业服务，通过运营投入、平台升级及近期完成或推进中的收购，如蔚星科技与浙江吉利商 务服务，完善从通勤、接待到差旅的全场景企业出行解决方案；其余约10%将作为营运资金及 一般企业用途。 公司将Robotaxi置于其长期发展的核心战略地 ...