大型科技股集体上涨，腾讯控股涨1.49%，快手涨1.45%，网易涨1.32%，美团涨1.28%，百度涨1.02%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09868 | 小鹏汽车-W | 76.650 | +5.450 | 7.65% | | 09660 | 地平线机器人-W | 9.120 | +0.600 | 7.04% | | 09863 | 零跑汽车 | 50.500 | +2.740 | 5.74% | | 02015 | 理想汽车-W | 65.450 | +2.400 | 3.81% | | 09866 | 蔚来-SW | 39.300 | +0.880 | 2.29% | | 06618 | 京东健康 | 57.500 | +1.200 | 2.13% | | 01698 | 腾讯音乐-SW | 70.550 | +1.050 | 1.51% | | 00700 | 腾讯 控股 | 614.000 | +9.000 | 1.49% | | 01024 | 快手-W | 66.300 | +0.950 ...

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 ...

再设全新目标！ 中国重汽2030年前，全系列商用车要实现80万辆，出口目标30万辆。2026年国内整车销 量34万辆，其中重卡17万辆，轻卡15万辆，VAN、皮卡2万辆。 2025年12月18日，以"科技引领 全链共赢""为主题的山东重工中国重汽集团2026年合作 伙伴大会，在济南举行。本届合作伙伴大会，旨主要介绍中国重汽2025年开展的各项重点 工作和取得的成绩，并共同谋划了2026年与各合作伙伴寻求市场机遇、共同发展的战略合 作方案。出席人士包括经销商、改装厂和媒体等，共计4500余人参会。 稳坐头把交椅 2025年重卡产销量30万辆 回首2025年，中国重汽在激烈的市场竞争中脱颖而出，书写了属于自己的荣耀篇章。 这一 年，中国重汽重卡产销量强势突破30万辆 ，不仅连续4年稳坐中国重卡行业的头把交椅， 更首次代表中国重卡品牌跃居全球重卡第一，成为中国高端制造业在全球产业格局中崛起的 有力见证。 新能源业务方面，中国重汽同样成绩突出。2025 年国内新能源重卡预计销量2.8万辆，同 比激增230%，市场占有率提升至11.5%；新能源轻卡销量1.6万辆，同比增长390%；豪 沃系列的纯电牵引车、自卸车以及新能 ...

12月17日，在山东重工中国重汽集团2026年合作伙伴大会正式启幕之前，中国重汽面向广大合作伙伴、行业同仁和媒体朋友举办媒体 见面会。 中国重汽集团党委书记、董事长刘正涛携企业高管团队出席见面会 ， 就企业核心竞争力、行业发展机遇、未来战略规划等方面发表讲 话，为即将到来的合作伙伴大会奠定合作共识、凝聚发展合力。 作为集团深化"科技引领、全链共赢"理念的核心载体，山东重工中国重汽集团2026年合作伙伴大会是近年来举办的规模最大、展品最 多、范围最广的行业盛会——共计4500余人参加此次大会，彰显中国重汽合作生态的强大凝聚力；近200件展品全面覆盖全系列商用车 及总成零部件，其中多款首发产品将集中亮相，传递出中国重汽以技术创新赋能合作伙伴、共拓市场新空间的坚定决心。 战略擘画：锚定方向，共绘蓝图 近年来，中国重汽持续保持高质量发展态势，2025年重卡产销规模突破30万辆，不仅连续4年位居中国重卡行业第一，更首次代表中国 重卡品牌跃居全球重卡第一。这一系列成就的取得，源于中国重汽构建起深厚且系统的核心竞争力体系。 刘正涛董事长 表示，中国重汽领跑行业的综合竞争力主要依托五大核心优势：具备全系列商用车产品研发能力， ...

智通财经APP获悉，12月17日，中国汽车流通协会发布2025年11月全国商用车销量概况(批发)。2025年11月全国商用车整体销量(批发)为39.17万辆，同比 增长24.42%，环比增长8.58%；1-11月全国商用车累计整体销量(批发)为386.41万辆，累计同比增长10.24%。 2025年11月全国商用车整体销量(批发)为39.17万辆，同比增长24.42%，环比增长8.58%；1-11月全国商用车累计整体销量(批发)为386.41万辆，累计同比增 长10.24%。 2025年11月新能源商用车销量(批发)为10.50万辆，同比增长61.55%，环比增长18.15%；1-11月累计销量(批发)增长82.49万辆，同比增长63.11%。 连续12个月商用车销量变化趋势 销量(万辆) 环比增长率(%) 50.00 80.00 60.00 40.00 40.00 30.00 20.00 0.00 20.00 -20.00 10.00 -40.00 0.00 -60.00 202412 202501 202502 202503 202504 202505 202506 202507 202508 20250 ...

2025年11月份，我国商用车整体销量同比增长24%，其中卡车市场同比增长26%，增幅 略高于商用车市场整体增速。作为卡车市场，乃至整个商用车市场占比最高的细分领域，轻 卡市场表现如何？ 跑赢还是跑输？在2025年仅余最后一个月的时候，轻卡行业格局有何新 变化？ 请看第一商用车网的分析报道。 11月销售18万辆同比增长7% ，收获"10连增" 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2025年11月份，我国卡车市场共计销售33.84万辆，环比10月份增长9%，同比增长 26%。 作为卡车市场份额最大、竞争最为激烈的细分市场，我国轻型货车（含轻卡、小 卡、皮卡等，以下简称"轻卡"）市场11月份交出的成绩单为：销售17.95万辆、环比增长 11%、同比增长7%，同比增幅较上月有所扩大（2025年10月轻卡市场同比微增 0.3%），收获一波同比"10连增"。 11月份，卡车市场整体销量同比增长26%，同比增幅较上月（+22%）扩大4个百分点。四 个细分市场均实现增长，重卡市场和微卡市场同比分别增长65%和48%，大幅跑赢卡车市 场"大盘"；中卡市场同比增长15%，跑输卡车市场 ...

Core Viewpoint - The domestic new energy light truck market has maintained a continuous growth momentum, achieving a record of "23 consecutive increases" in sales as of November 2025, with a total sales volume of 15.21 million units, reflecting a year-on-year growth of 69% [5][37]. Sales Performance - In November 2025, the new energy light truck market sold 16,000 units, marking a month-on-month increase of 13% and a year-on-year increase of 9% [5][6]. - The overall light truck market sold 54,100 units in November, with new energy light trucks accounting for 29.56% of the total, up from 27.93% the previous month [10][25]. - The cumulative sales of new energy light trucks from January to November 2025 reached 152,100 units, significantly higher than the average monthly sales of approximately 8,700 units in 2024 [8][10]. Market Share and Growth - The market share of new energy light trucks has increased, with a penetration rate of 24.46% from January to November 2025, compared to 17.73% for the entire year of 2024 [10][37]. - The top companies in the new energy light truck market include: - Yuan Cheng New Energy Commercial Vehicles: 2,733 units sold, -13% year-on-year [2][27]. - Foton Motor: 2,684 units sold, +14% year-on-year [2][27]. - China National Heavy Duty Truck Group: 1,259 units sold, +199% year-on-year [2][27]. - Shaanxi Automobile Group: 1,136 units sold, +49% year-on-year [2][27]. - Weichai New Energy: 1,023 units sold, +150% year-on-year [2][27]. Regional Performance - All provincial administrative regions in China have seen an increase in new energy light truck registrations, with Guangdong leading with a 53% year-on-year growth [13][14]. - Major cities such as Shenzhen, Guangzhou, and Zhengzhou have registered over 3,000 new energy light trucks this year [13]. Fuel Type Analysis - Pure electric vehicles remain the dominant technology in the new energy light truck market, accounting for 92.74% of sales from January to November 2025, an increase from previous years [17][19]. - Hybrid light trucks sold 9,850 units, reflecting a year-on-year growth of 43%, but this growth rate is lower than the overall market growth [19][20]. - Fuel cell light trucks have seen a decline, with only 1,190 units sold, a decrease of 26% year-on-year [23]. Conclusion - The new energy light truck market has shown robust growth, with significant increases in both sales volume and market penetration. The trend is expected to continue into December 2025, potentially extending the growth streak [37].

Core Insights - In 2025, China National Heavy Duty Truck Group (CNHTC) achieved a significant milestone by surpassing 300,000 heavy truck sales, marking a historic high and establishing itself as the global leader in heavy trucks for the first time, reflecting the advancement of China's high-end manufacturing industry on the global stage [1] - The upcoming Global Partner Conference on December 18, themed "Technology Leading, Full Chain Win-Win," will focus on CNHTC's strategies and technologies that reshape competitive landscapes and promote sustainable development [1] Summary by Sections Conference Overview - The conference is expected to be a landmark event in the industry, featuring over 10 core scenario exhibition areas that present comprehensive solutions and construct a complete value chain from technology to value [2] - More than 100 significant products will be showcased, covering a full range of vehicle types, including specialized vehicles, cargo trucks, engineering vehicles, and new energy technologies, highlighting the integration of traditional and digital technologies [2] Technological Focus - The conference will delve into the underlying logic and application potential of cutting-edge technologies in digitalization and new energy, demonstrating how CNHTC's innovations can enhance operational efficiency and deliver tangible benefits to users [2] - The core intention of the conference is to reconstruct the industrial value ecosystem, focusing on the entire lifecycle value of users, and fostering collaboration across the entire supply chain [2] Future Outlook - The event is positioned as a pivotal moment for future development, emphasizing not only current achievements but also a shared vision for the future [3]

Core Viewpoint - The commercial vehicle market in China has shown consistent growth since June 2025, with November sales reaching 391,700 units, marking a 24% year-on-year increase and a 9% month-on-month increase, indicating a strong upward trend in the industry [1][4][26]. Sales Performance - In November 2025, the commercial vehicle market sold 391,700 units, achieving a year-on-year growth of 24% and a month-on-month growth of 9%, with the growth rate expanding by 3 percentage points compared to the previous month [4][26]. - The cumulative sales from January to November 2025 reached 3.8704 million units, representing a 10% increase year-on-year, with an additional 365,400 units sold compared to the same period last year [8][18]. Market Trends - The sales trend for November over the past five years has fluctuated, with this year's sales being the highest at 391,700 units, surpassing last year's figures by approximately 77,000 units and the lowest in 2022 by nearly 140,000 units [6][8]. - The market has experienced a competitive landscape, with the top ten companies holding a combined market share of 75.69% in November, and the top five companies accounting for nearly 50% of the market [15][23]. Company Rankings - Foton led the sales in November with 54,800 units sold, followed by China National Heavy Duty Truck Group with 40,500 units, and Dongfeng and Changan both with 35,500 units [10][12]. - The rankings of the top ten companies remained stable, with minor shifts in positions, indicating a highly competitive environment where market shares among neighboring companies are closely contested [16][24]. Cumulative Sales by Company - Foton's cumulative sales reached 585,600 units, while China National Heavy Duty Truck Group, Dongfeng, and Changan all exceeded 350,000 units in cumulative sales [20][23]. - The leading companies in terms of cumulative growth include China National Heavy Duty Truck Group, with a 26% increase, followed by Shaanxi Automobile and SAIC Maxus with 21% and 35% increases, respectively [18][20]. Conclusion - The commercial vehicle market in China is experiencing a robust growth phase, with significant year-on-year increases in both monthly and cumulative sales, alongside intense competition among leading manufacturers [26].

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].