未经许可，不得转载或者引用。 投资要点 2026年汽车行业总投资策略：如何【破旧立新】？ 我们认为2026年汽车或应该参考2011年或2018年（底线思维），汽车行业又重新站到了一个新 的十字路口。电动化行业红利接近尾声，智能化行业红利正在努力衔接，商用车/两轮车等子 板块成为好的投资补充领域。我们选择两条思路：1）寻找穿越周期α品种！2）拥抱下一轮产 业趋势（智能化+机器人/AIDC）。 2026年汽车板块最新景气度预测： 1）乘用车板块： 26年行业受新能源购置税征收5%影响，内需整体预期-3.5%。2026年总内需 销量2200万辆（同比-3.5%）,新能源内需销量1320万辆，同比+6.4%；2026年总外需销量641万 辆（同比+12.0%），新能源外需352万辆（同比+43.9%）。 2）重卡板块： 中性预测下，2026 年批发销量116万辆（同比+1.5%）,其中内需销量77万辆（同比-5.5%），外需销量39-40万辆 （同比+18.8%）。 3）客车板块： 预计26年内外需共振延续，其中出口增速有望维持30%以 上，新能源出口增速预计更快。2026年内需销量8.10万辆，同比+3%，出口7. ...

证券研究报告 2026年汽车行业总投资策略： ——坚定"破旧立新" 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年12月19日 核心结论 2 ◼ 2026年汽车行业总投资策略：如何【破旧立新】？我们认为2026年汽车或应该参考2011年或2018年（底线 思维），汽车行业又重新站到了一个新的十字路口。电动化行业红利接近尾声，智能化行业红利正在努力衔接， 商用车/两轮车等子板块成为好的投资补充领域。我们选择两条思路：1）寻找穿越周期α品种！2）拥抱下一轮 产业趋势（智能化+机器人/AIDC）。 ◼ 2026年汽车板块最新景气度预测：1）乘用车板块：26年行业受新能源购置税征收5%影响，内需整体预期- 3.5%。2026年总内需销量2200万辆（同比-3.5%）,新能源内需销量1320万辆，同比+6.4%；2026年总外需 销量641万辆（同比+12.0%），新能源外需352万辆（同比+43.9%）。2）重卡板块：中性预测下，2026年 批发销量116万辆（同比+1.5%）,其中内需销量77万辆（同 ...

Core Insights - November automotive sales reached 3.429 million units, a year-on-year increase of 3.4%. Cumulative sales from January to November totaled 31.127 million units, reflecting an 11.4% year-on-year growth [1][2] - The comprehensive inventory coefficient for automotive dealers in November was 1.6, up 41.4% year-on-year and 34.2% month-on-month. The inventory warning index stood at 55.6%, an increase of 3.8 percentage points year-on-year and 3 percentage points month-on-month [2] Sales Performance - In November, the sales of new energy vehicles (NEVs) reached 1.823 million units, marking a 20.6% year-on-year increase, with a penetration rate of 53.2%. From January to November, NEV sales totaled 14.78 million units, up 31.2% year-on-year, with a penetration rate of 47.5% [2] Investment Strategy - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include: - Domestic car manufacturers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable performance low-valuation leading parts manufacturers like Huayu Automotive and Fuyao Glass [3] - Core players in the electrification and intelligentization sectors, including Desay SV, Ruikeda, Kobot, and Bertley [3] - Opportunities arising from domestic circulation and local replacements, such as Lingdian Electric Control, Sanhua Intelligent Control, Xingyu Co., and Shangsheng Electronics [3] - Strong vehicle manufacturers driving demand for core components, including Top Group, Wencan Co., and Xusheng Group [3] Market Overview - The automotive sector experienced a weekly change of 0.16%, ranking 9th among 31 sectors. The automotive industry outperformed the CSI 300 index during the week [5] - The weekly performance of major indices was as follows: Shanghai Composite Index -0.34%, CSI 300 -0.08%, Shenzhen Component Index 0.84%, and ChiNext Index 2.74% [5] - In sub-sectors, the weekly performance was: automotive services -5.23%, automotive parts 0.11%, passenger vehicles 0.23%, commercial vehicles 0.25%, and motorcycles and others 1.70% [5] Top Performing Stocks - The top five performing stocks in the automotive sector for the week were: Chaojie Co., Huamao Technology, Yueling Co., Huapei Power, and Zhenghe Industrial [6] Underperforming Stocks - The bottom five performing stocks in the automotive sector for the week were: Xiamen Xinda, Rongtai Co., Longji Machinery, Kailong High-Tech, and Disengli [7]

福耀玻璃 20251217 摘要 福耀玻璃预计 2026 年北美市场将在较低基数上实现复苏性增长，同时 受益于欧洲和美国市场份额的持续增长，有助于对冲国内潜在下滑风险， 总体运营预期稳定，收入将保持稳定增长。 2025 年第四季度，福耀玻璃原有产能利用率预计提升约两个百分点至 88%左右，为近五年来单季度最高水平，主要由于订单饱满，新建产能 尚未完全释放。 美国电价上涨对福耀玻璃成本端有一定影响，电价占美国工厂生产成本 约 4%，但公司正在评估后续电价走势，并考虑与客户沟通成本转移， 总体而言，即使美国电价持续上涨，对整体盈利能力影响有限。 预计 2026 年福耀玻璃的 ASP 复合增长率将保持在 6-7%左右，中国市 场调光玻璃产品的大幅应用和上量，欧洲市场新车型搭载高附加值产品 进入量产交付阶段，将推动 ASP 进一步加速增长。 由于关税问题，福耀玻璃预计明年美国市场涨价是大概率事件，预计涨 幅在 6-7 个百分点，公司自身承担的关税影响不大。 Q&A 对于 2026 年国内及全球汽车玻璃行业的销量增速有何展望？ 2026 年，全球汽车玻璃行业预计将有 2-3%的增量。具体来看，国内市场在出 口保持增长的 ...

Group 1 - The article highlights the top three and bottom three AH premium rates for various companies, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -10.13% [1] - The top three companies with the highest deviation values are Red Star Macalline (01528) at 23.82%, Fudan Zhangjiang (01349) at 18.61%, and China People's Insurance Group (01339) at 15.55% [1] - The bottom three companies with the lowest deviation values include Changfei Optical Fiber (06869) at -30.48%, GAC Group (02238) at -18.85%, and First Tractor Company (00038) at -17.07% [1] Group 2 - The top ten AH stocks by premium rate include companies like Zhejiang Shibao (01057) at 277.56% and Hongye Futures (03678) at 267.67% [1] - The bottom ten AH stocks by premium rate feature companies such as China Merchants Bank (03968) at 0.14% and Hengrui Medicine (01276) at 1.30% [1] - The article provides detailed tables showing the premium rates and deviation values for both top and bottom AH stocks, indicating significant variations in market performance [2]

消息面上，光伏协会确认了"光和谦成"公司为产能收储平台。此外有传言称，后续各大光伏企业将持续 注资约300亿元开启产能收储工作。信达期货指出，经历多了数月的市场炒作后，平台终于落地，金额 可能与最开始的700亿元有较大差距，但是也标志着光伏反内卷工作开始进入到实质性环节。 东证期货则指出，上周光伏玻璃行业毛利率跌幅进一步扩大，目前毛利率约为-13.56%。当前天然气陆 续开始执行冬气价，成本有所上涨，而光伏玻璃价格继续下行，行业亏损程度不断加大。整体来看，由 于下游订单明显不足，行业供需差较大，短期光伏玻璃价格仍有下行压力。 本文源自：智通财经网 智通财经获悉，光伏股再度走弱，截至发稿，新特能源(01799)跌3.96%，报7.03港元；信义光能(00968) 跌3.33%，报2.9港元；福莱特玻璃(06865)跌2.64%，报9.57港元；福耀玻璃(03606)跌1.73%，报65.2港 元。 ...

Group 1: Market Movements - Baoji Pharmaceutical-B (02659) surged over 3.2% amid its debut on the Hong Kong Stock Exchange, closing up 138.82% on its first day, with a market capitalization exceeding HKD 20 billion [1] - New Energy (01799) and Xinyi Solar (00968) saw declines of 3.01% and 3.67% respectively, as the photovoltaic sector faced weakness, with rumors of a 30 billion yuan investment for capacity storage by major companies [1] - Xpeng Motors-W (09868) and Li Auto-W (02015) dropped 4.88% and 2.67% respectively, following data from the China Association of Automobile Manufacturers indicating a month-on-month increase in production and sales [1] Group 2: Company-Specific News - Bolek Vision Cloud-B (02592) experienced a significant drop of nearly 15%, having previously doubled in price over 10 trading days, as it announced a new drug trial application to the FDA [2] - Hu Shang Ayi (02589) rose nearly 6% as Nayuki Tea expanded into the U.S. market, enhancing the international presence of Chinese tea brands [2] - Gold stocks fell sharply, with Zijin Mining (02899) and Shandong Gold (01787) declining by 4.29% and 4.94% respectively, following a report on the Bloomberg Commodity Index's upcoming rebalancing [2] Group 3: Cryptocurrency and Technology - Cryptocurrency ETFs faced significant declines, with notable drops in Bitcoin and Ethereum-related funds, as Bitcoin fell 3.3% from its record high, reflecting market pressures amid weak liquidity [3] - Oracle (ORCL.US) continued its downward trend, dropping 2.66% due to delays in delivering AI data centers for OpenAI, attributed to labor and material shortages [6] - Nvidia (NVDA.US) saw a slight increase of 0.73% after announcing the release of its third-generation language model, aimed at writing and programming tasks [6]

每经AI快讯，港股光伏股再度走弱，截至发稿，新特能源(01799.HK)跌3.96%，报7.03港元；信义光能 (00968.HK)跌3.33%，报2.9港元；福莱特玻璃(06865.HK)跌2.64%，报9.57港元；福耀玻璃(03606.HK)跌 1.73%，报65.2港元。 ...

智通财经APP获悉，光伏股再度走弱，截至发稿，新特能源(01799)跌3.96%，报7.03港元；信义光能 (00968)跌3.33%，报2.9港元；福莱特玻璃(06865)跌2.64%，报9.57港元；福耀玻璃(03606)跌1.73%，报 65.2港元。 消息面上，光伏协会确认了"光和谦成"公司为产能收储平台。此外有传言称，后续各大光伏企业将持续 注资约300亿元开启产能收储工作。信达期货指出，经历多了数月的市场炒作后，平台终于落地，金额 可能与最开始的700亿元有较大差距，但是也标志着光伏反内卷工作开始进入到实质性环节。 东证期货则指出，上周光伏玻璃行业毛利率跌幅进一步扩大，目前毛利率约为-13.56%。当前天然气陆 续开始执行冬气价，成本有所上涨，而光伏玻璃价格继续下行，行业亏损程度不断加大。整体来看，由 于下游订单明显不足，行业供需差较大，短期光伏玻璃价格仍有下行压力。 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of December 15, with Northeast Electric (00042) leading at a premium of 900.00% and CATL (03750) at the bottom with a premium of -11.03% [1][2][3] Premium Rate Rankings - The top three AH stocks by premium rate are: - Northeast Electric (00042) with a premium of 900.00% and a deviation value of 26.91% [1][2] - Beijing Capital Machinery (00187) with a premium of 266.67% and a deviation value of 27.25% [1][2] - Hongye Futures (03678) with a premium of 265.78% and a deviation value of -3.92% [1][2] - The bottom three AH stocks by premium rate are: - CATL (03750) with a premium of -11.03% and a deviation value of -2.28% [1][3] - China Merchants Bank (03968) with a premium of -0.77% and a deviation value of -0.05% [1][3] - Heng Rui Medicine (01276) with a premium of 1.62% and a deviation value of -1.73% [1][3] Deviation Value Rankings - The top three AH stocks by deviation value are: - Beijing Capital Machinery (00187) with a deviation value of 27.25% [1][4] - Northeast Electric (00042) with a deviation value of 26.91% [1][4] - Hongxing Meikailong (01528) with a deviation value of 18.57% [1][4] - The bottom three AH stocks by deviation value are: - GAC Group (02238) with a deviation value of -19.95% [1][5] - First Tractor Company (00038) with a deviation value of -16.78% [1][5] - Longyuan Power (00916) with a deviation value of -13.18% [1][5]