丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车周洞察：汽车行业 2025Q4 基金持仓分析 报告要点 [Table_Summary] 2025 年四季度汽车行业基金重仓比例环比略有提升，超配比例环比有所增加，零部件配置比例 相对提升较多。四季度汽车行业基金重仓比例 4.35%，环比提升 0.02pct，和汽车股市值占 A 股总市值的比例相比较，2025Q4 整体超配 0.14%，超配比例环比提升 0.22pct。分子行业来 看，2025Q4 汽车制造配置比例为 1.04%，环比降低 0.12pct；零部件配置比例为 3.31%，环比 提升 0.14pct。基本面来看，10 月以来汽车各地补贴陆续推出，需求回落。 分析师及联系人 [Table_Author] 高伊楠 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 汽车周洞察：汽车行业 2025Q4 基金持仓分析 [Table_Summary2 ...

证券之星消息，1月27日商用车板块较上一交易日上涨2.28%，中国重汽领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000951 | 中国直汽 | 18.60 | 5.50% | 38.03万 | | 6.93亿 | | 600418 | 江淮汽车 | 52.90 | 4.55% | 70.33万 | | 36.82亿 | | 600066 | 宇通客车 | 32.40 | 3.65% | 29.21万 | | 9.44(乙 | | 000957 | 中通客车 | 11.79 | 1.29% | 18.59万 | | 2.17亿 | | 000550 | 江铃汽车 | 18.41 | 0.00% | 7.36万 | | 1.35亿 | | 000800 | 一汽解放 | 6.99 | -0.14% | 16.14万 | | 1.13亿 | | 60 ...

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]

纯电、氢燃料、混合动力等技术路线同台竞技，新能源展车占比高达67%，几乎每一家主机厂的展台前，都恨不得挂上一块"前沿技术"的招牌。 800伏高压平台、兆瓦级快充这些连乘用车领域都尚未完全普及的技术，俨然已成商用车的入门标配。 几步之遥的展馆外，却是另一番光景。经销商们围着客户争相比价、抢单，"购置税全免+ 2万元优惠"的促销海报，被风刮得猎猎作响。 加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 撰文 | 常 笑 编辑 | 张 南 虽然时间已经进入了2026年，我们不免还是想起2025年11月中旬在武汉举行的那场中国国际商用车展，空气中似乎还弥漫着一种说不出来的紧张 感。 这是繁华的赛场，也是窘迫的战场。2025年的商用车行业，就在这样的双重身份里前行。 过去一年，中国商用车市场交出了一份"稳中有进"的成绩单，重卡与新能源领跑、头部集中加剧的特征，产销重回400万辆以上，全年销量429.6万 辆，同比增长10.9%，每一个数字都在诉说市场的繁华。 但本应随规模回暖而来的盈利回报，却迟迟没有出现，反而 "卖得多、赚得少" 成了行业常态。 《汽车商业评论》走近一线从业者和经销商，听到的往往都是"生意难做" ...

从细分市场来看，2025年12月，大、中、轻型客车全部实现同环比"双增"，并且出口量均创下历史新高。其中，大型客车出口5070 辆，同比大涨35.89%；中型客车出口4028辆，同比暴涨214.44%；轻型客车出口2877辆，同比增长24.98%。环比来看，各个细分 市场出口量是11月的差不多2倍甚至超2倍。 2025年1-12月大、中、轻型客车出口量一览（单位：辆） 万万没想到，2025年最后一个月，客车出口销量居然破万了！ 据中国客车统计信息网数据显示，2025年1-12月，我国大、中、轻型客车共计出口78313辆，比2024年同期的61820辆高出16493 辆，同比增长26.68%。其中，2025年12月，大、中、轻型客车共计出口11975辆，同比大涨63.73%，环比暴涨112.51%。 为何12月客车出口如此火爆？各家企业表现有何新亮点？下面就跟随小编一起来看看吧！ 12月：大客超5000 中客超4000！公交增12% 中座涨近三倍 由上表可见，2025年，客车整体出口量在经历了9个月同比连增之后，在10月和11月面临两次同比下滑，12月再次同比大幅增长为 2025年圆满收尾。其中，12月近1.2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

【当200余种车型被机器人接管后 记者直呼"找不到人"】#河南宇通200余种车型被机器人接管#近日， 河南。一进到这个工厂里（宇通型材下料智能加工车间），@大象新闻 记者发现根本就看不到工人， 全是机器在干活！22.5米跨度智能天车，每分钟跑140米，10万余种物料全自动化加工。400多台焊接机 器人，30秒完成一个焊缝焊接，承担200多种车型制造。宇通客车自动化工程师马明亮介绍：相比以 前，我们的加工速率提升了15%，库存交货时间缩短了20%。#新河南新高地##智创新未来# （来源：猛犸新闻） ...

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

（来源：猛犸新闻） 【#12只眼8个雷达宇通巴士炼出火眼金晴#】#新河南新高地# 近日，河南郑州。@大象新闻 记者在郑州 宇通厂区亲身体验：前方突现行人，小宇巴士瞬间自主紧急避让，反应快过人类！宇通客车自动化工程 师马明亮工介绍，小宇整车除了有12个摄像头，还有8个激光雷达。有了这些激光雷达和高清摄像头作 为眼睛，小宇在250米以内的障碍物都可以看得清清楚楚，不需要额外的辅助设施。像自动避让、自动 泊车它都可以轻松完成。#智创新未来# ...

科技创新，始终贯穿在宇通的发展历程中。"十四五"期间，宇通每年在研发领域投入占年均营收5%以上，研发布局覆盖纯电、混动、氢燃料三大平 台，以行业共性关键技术的自主攻关为切入点，在新能源电池、电机、电控、电驱、电桥"五电"领域不断取得突破，实现技术标准、可靠性、竞争力及产业 化能力的全面发展。 围绕动力电池高比能、长寿命发展趋势，宇通自主开发并推广全新一代高比能电池系统，行业首推10年100万公里、15年150万公里质保电池，为用户解 决用车焦虑。围绕高效率、高集成、轻量化、高可靠的发展趋势，宇通开发系列化轻、中、重型平台扁线电机和一体化热管理技术，有效加速了新能源商用 车的全域化、全场景推广应用。 对于新能源商用车发展向着"更聪明"转型的发展趋势，宇通将"智能网联化"作为企业发展的重要战略方向之一，历经10余年攻关，形成了"车-路-云"智 能网联解决方案。自研"睿控E平台"电动专属平台、"安睿通"车联网平台、系列化自动驾驶商用车技术，覆盖客车、卡车、环卫、矿卡等产品及应用场景， 实现从技术研发到成果落地，建立起牢固竞争壁垒，为企业"持续领跑"提供源源不断的动力。 基于核心技术突破打造的"创新链"，宇通一方面积 ...