目录 整车主线周报： 本周SW乘用车表现较好，原材料及汇兑压力依然明显 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年3月9日 请务必阅读正文之后的免责声明部分 板块最新观点 2 证券研究报告 （ ◼ 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2025：25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 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [37]. Core Insights - The report highlights the upcoming launch of seven significant new models in March 2026, including the Chery iCAR V27, Zhijie V9, and Zeekr 8X, which are expected to have a substantial impact on the market and related stock prices [6][8]. - The focus for March is on the Chery Zhijie V9 and Zeekr 8X, both of which are anticipated to achieve monthly sales of 5,000 to 8,000 units [10][19]. - Investment opportunities are identified in the automotive sector, particularly in companies like Geely, JAC Motors, and Leap Motor, which are expected to exceed market expectations in terms of sales and profitability [6][8]. Summary by Sections Industry Basic Data - The automotive industry comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion yuan and a circulating market capitalization of about 23,623.17 billion yuan [3]. Relative Index Performance - The absolute performance of the automotive sector has seen declines of -3.5% over the past month, -4.3% over six months, and -9.1% over the past year, while relative performance shows a slight outperformance of 1.3% over six months and 3.2% over twelve months [4]. Upcoming New Models - The report outlines seven key new models expected to launch in March 2026, including: 1. Chery iCAR V27: C-class hard-core extended-range SUV 2. Zhijie V9: C-class extended-range MPV 3. Zeekr 8X: C-class high-performance plug-in hybrid SUV 4. Other models from various manufacturers [8][9]. Investment Recommendations - The report suggests focusing on the new product launches in March as potential catalysts for investment in the automotive sector, particularly recommending Geely (Zeekr 8X) and Chery (Zhijie V9) [6][8]. - Specific recommendations include: 1. Geely: Positioned as a top choice for rebound due to low valuation 2. JAC Motors: Expected to benefit from a favorable competitive landscape 3. Leap Motor: Potential investment opportunity if sales expectations improve [6][8].

国内头部车企的竞争由此进入比亚迪"守擂"、上汽与吉利"攻 擂"的"三国杀"阶段。全年车市"一哥"宝座将花落谁家，有了 悬念。 作者：周菊 封图：图虫创意 2026年伊始，中国车市头部格局就出现变数。1—2月，上汽集团和吉利汽车的月销量双双超越比 亚迪，打破了过去两年"比亚迪领跑，上汽集团紧随，吉利汽车第三"的格局。国内头部车企的竞 争由此进入比亚迪"守擂"、上汽与吉利"攻擂"的"三国杀"阶段。全年车市"一哥"宝座将花落谁 家，有了悬念。 实际上，上汽集团的"逆袭"早有迹象。2025年下半年，上汽集团曾连续数月销量超比亚迪，成为 年度销量冠军的有力竞争者。但最终上汽集团以438.7万辆的销量，惜败于比亚迪的460.2万辆。 进入2026年，上汽集团延续了增长势头，持续与比亚迪展开较量。与此同时，昔日的自主品牌销 量霸主吉利汽车也在2026年展现出较强的增长势头，大有重夺冠军的架势。 上汽不再"跪着做人" 纵观历史，中国车企销量冠军的宝座始终处于动态变化之中。今年的赛程仅过两月，未来走向仍充 满未知。目前可见的是，在上汽集团和吉利的持续施压下，比亚迪展开了反击，其在3月5日发布 了第二代刀片电池和闪充技术，有望刺 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The automotive sector is experiencing a transformation driven by AI and technological advancements, which are expected to create new investment opportunities and potentially restructure valuations in the sector [5][14] - The report highlights significant sales growth for several automotive companies, particularly in exports, despite a challenging market environment due to the Spring Festival [4][12] - BYD's new generation blade battery technology and fast-charging capabilities are expected to enhance its competitive edge in the market [13][34] Summary by Sections Weekly Dynamics - In February, Geely's sales reached 206,200 units, a slight increase of 1% year-on-year, with exports up 138% to 60,879 units. BYD sold 190,200 units, with overseas sales of 100,115 units, a 41.4% increase year-on-year. Other notable performances include Chery and Great Wall Motors, with significant export growth [4][12][33] Sector Performance and Valuation - The automotive sector underperformed the broader market during the week of February 28 to March 6, with a decline of 2.8%. The sector's PE-TTM (unadjusted) stands at 32.8, with historical valuation percentiles indicating varying levels of valuation across sub-sectors [3][15][21] Important News and Announcements - The report includes announcements from companies like Desay SV, which reported a revenue increase of 17.9% year-on-year, and YINLUNTDI, which received a significant project order expected to generate approximately $13.1 million in annual sales [28][29]

Core Viewpoint - Geely Automobile (00175) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company will repurchase 735,000 shares at a total cost of HKD 11.2901 million [1] - The buyback price ranges from HKD 15.26 to HKD 15.60 per share [1]

呈交日期： 2026年3月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出 ...

[Table_Main] 产业研究 证券研究报告 产业研究双周报 2026 年 3 月 9 日 [Table_Title] 两会牵引新产业，全球科技与实体布局深化 ——产业研究双周报 [Table_Summary] 报告要点： "两会"定调未来发展，产业思路进一步明确 3月4日、5日，全国政协、全国人大十四届四次会议分别在北京开幕。 "两会"聚焦未来发展，进一步明确发展思路。从2026年重点任务看， 首要任务仍是着力建设强大国内市场。加紧培育壮大新动能排第二位， 指引未来产业发展思路。对传统产业要求强化提升，2026年将安排 2000亿元超长期特别国债资金支持大规模设备更新。在新型产业和未 来产业层面，两会报告提出，培育壮大新兴产业和未来产业。实施产 业创新工程,鼓励央企国企带头开放应用场景,打造集成电路、航空航 天、生物医药、低空经济等新兴支柱产业。建立未来产业投入增长和 风险分担机制,培育发展未来能源、量子科技、具身智能、脑机接口、 ６G等未来产业。与"十五五"规划建议的"聚量新生，智脑通天"1 的表述相比，本次对新兴产业的表述首次提出了新兴支柱产业的概念， 体现对集成电路等四大产业未来发展为产业支柱的培 ...

全国两会期间，能源转型与绿色发展成为行业关注的焦点。 全国政协委员、吉利控 股集团董事长李书福 在接受采访时表示，甲醇是消纳风光电的最佳载体，可有效破 解当前风光电产能过剩、消纳不足的瓶颈，同时为交通运输领域绿色转型提供全新路 径，助力"双碳"目标落地见效。 为推动甲醇电动货车推广应用，李书福建议，交通运输部门应优先推广甲醇电动营运 货车，提升其应用比例，在保障物流效率与运营经济性的同时，实现降碳减排目标； 同时，在高速公路服务区、省道干线等重点物流通道布局甲醇加注设施，打造绿色低 碳货运示范走廊，完善配套支撑体系。据悉，目前全国重点区域已建成900多座甲醇 加注站，预计到2 0 2 7年底将达到4000座。 作为常温常压的液体燃料，甲醇具有绿色低碳、燃烧高效、排放清洁、使用方便、可 再生等特点，是全球公认的理想新型清洁可再生能源，更是风光电的最佳载体。李书 福进一步建议，要加快建立符合中国国情的绿色甲醇国家标准，出台产业政策支持工 业捕集二氧化碳和氢气制取甲醇产业规模化发展，充分释放绿色甲醇的生态价值；同 时，依据能源法明确甲醇作为燃料的能源属性，加快制定甲醇加注站建设国家标准， 明确行业主管部门及审批流程 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - Passenger car demand is expected to marginally improve, with a focus on quality complete vehicles and auto parts companies [2][11] - The government emphasizes expanding domestic demand and promoting consumption, with specific measures to support the automotive sector, including a special bond of 250 billion yuan for consumer upgrades and a 100 billion yuan fund to stimulate demand [8][11] - The North American power shortage continues to validate the need for gas-fired power generation, with a growing demand for gas turbine and generator companies [12] - Recent financing trends indicate market confidence in the robotics industry, with the upcoming release of Tesla's Optimus V3 expected to catalyze growth in the robotics supply chain [13] Summary by Sections Investment Suggestions and Targets - Strong alpha auto parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include gas power generation, humanoid robotics, liquid cooling, and advanced driving technology [3][13] - Recommended stocks in the gas power generation sector include Silver Wheel Co., Ltd. and Weichai Power; in the liquid cooling sector, recommended stocks include Invec, Silver Wheel Co., Ltd., Top Group, and others; in the robotics sector, recommended stocks include New Spring Co., Ltd., Top Group, and others; in the advanced driving sector, recommended stocks include Jingwei Hirain Technologies and others; for complete vehicles, recommended stocks include BYD, SAIC Motor, and others [3][13] Sales Tracking - In February, brands such as Hongmeng Zhixing, Leap Motor, and NIO showed significant year-on-year sales growth, with Hongmeng Zhixing delivering 28,200 vehicles, a 31.1% increase year-on-year [14][40] - The overall passenger car market was weak in January-February due to policy transitions, but demand is expected to gradually release starting in March as subsidy details are announced [11][12] Market Trends - The automotive sector overall is under pressure, with the automotive index down 2.6%, underperforming the broader market [24] - Key companies showed mixed performance, with BYD up 4.81% while others like Silver Wheel Co., Ltd. saw an increase of 11.41% [25]

[Table_Page] 跟踪分析|汽车 证券研究报告 [Table_Title] 汽车行业：乘用车海外（出口）系列六 如何建立中国品牌海外库存跟踪体系？ [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-06 [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 03/25 05/25 07/25 10/25 12/25 02/26 汽车 沪深300 | [分析师： Table_Author]罗英 | | | --- | --- | | | SAC 执证号：S0260525110001 | | | 0755-82557403 | | | shluoying@gf.com.cn | | 分析师： | 陈飞彤 | | | SAC 执证号：S0260524040002 | | | SFC CE No. BWZ819 | | | 021-38003726 | | | gfchenfeitong@gf.com.cn | | 分析师： | 闫俊刚 | | | SAC 执证号：S026051601000 ...