加入轩辕同学 ， 成就新汽车人! 设计 | 常 笑 撰文 | 张 南 编辑 | 黄 大 路 2026年1月27日，欧洲汽车制造商协会（ACEA）发布的终端注册数据，为全球汽车产业写下历史性一笔。 2025年12月，欧盟乘用车市场纯电动汽车（BEV）销量达217,898辆，同比激增51%，市场份额升至22.6%；同期汽油车销量为216,492辆，同比下 滑19.2%。 这是欧盟市场纯电动车销量首次超越燃油车，标志着欧洲汽车工业正式迈入"电动化主导"的新纪元。 | | | BATTERY ELECTRIC | | | | PLUGHN HYBRID | | | HYBRID ELECTRIC' | | | OTHERS | | | PETROL | | | DIESEL | | | 119TAL | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Decembe | Dec ...

Group 1 - The automotive industry is divided on the approach to L3 and L4 autonomous driving, with some companies advocating for skipping L3 and moving directly to L4, while others are focused on accelerating the implementation of L3 [2][3] - Companies like Xiaopeng and Mercedes-Benz have expressed skepticism about L3, with Xiaopeng's founder stating that true fully autonomous driving will arrive by 2026, skipping L3 altogether [2][3] - In contrast, the Ministry of Industry and Information Technology in China has issued licenses for L3 vehicles, indicating a push towards practical implementation, with companies like BYD and Hongmeng already conducting extensive testing [2][8] Group 2 - The distinction between L3 and L4 is primarily based on legal and responsibility frameworks rather than clear technological differences, with L3 being seen as a limited version of L4 [4][6] - The current classification system for autonomous driving levels may not accurately reflect the technological capabilities, as many experts believe that the future will categorize driving into two main scenarios: driver assistance and true autonomous driving [4][6] - Despite the push for L3, regulatory hurdles remain significant, with companies facing lengthy approval processes and strict operational limitations even after receiving licenses [9][11] Group 3 - The market demand for L3 systems is currently insufficient, as evidenced by Mercedes-Benz's decision to pause its L3 rollout due to high costs and low consumer interest [13][14] - Tesla's Full Self-Driving (FSD) option has seen low adoption rates, prompting the company to shift to a subscription model to increase accessibility [14] - The timeline for mass production of L3 vehicles remains uncertain, with various interpretations of what "mass production" entails, leading to discrepancies between technical capabilities and regulatory approvals [15][16]

Group 1 - The passenger car sector experienced a decline of 0.81% on January 28, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - BYD's stock price increased by 1.67% to 93.34, while several other major automakers like Great Wall Motors and SAIC Motor saw declines of 1.04% and 1.25% respectively [1] Group 2 - The passenger car sector saw a net outflow of 1.029 billion yuan from institutional investors, while retail investors contributed a net inflow of 762 million yuan [1] - Specific stocks like SAIC Motor and Great Wall Motors experienced significant net outflows from institutional investors, with amounts of -12.24 million yuan and -24.21 million yuan respectively [1] - In contrast, Haima Automobile and BYD saw net inflows from retail investors of 40.35 million yuan and 28.6 million yuan respectively [1]

行业： 评级： 汽车 强于大市（维持） 2026年1月28日 证券研究报告 智能化+全球化驱动，把握结构性机会 2026年汽车行业投资策略 分析师：吴迪（汽车首席） SAC：S0820525010001 wudi@ajzq.com 联系人：徐姝婧 SAC：S0820124090004 xushujing@ajzq.com 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 目 录 2 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 4. 风险提示 4. 风险提示 目 录 3 0. 核心摘要 请务必阅读正文之后的信息披露和免责申明 4 n 复盘：受益于设备更新及消费品以旧换新的"两新"政策助力，以及企业新品密集上市，终端需求持续释放，全年汽车销 量实现较快增长。2025年申万汽车板块整体涨幅+24.3%，同期沪深300指数涨幅+17.7%。2025年中国汽车总销量达 3440万辆，同比+9.4%，其中乘用车销量3010万辆，同比+9.2%，商用车销量430万辆，同比+10.9%。 n 展望：202 ...

NITED W t 9 @ 19 41 les 转自：劳动午报 （来源：劳动午报） 市人大代表孙妍说："技术工人既是高端装备的操作者，更是人工智能与精密制造融合的实践者。高端 设备制造精度要求高，多年积累的手感和经验对工人提出更高的要求，由于调试周期长、精度把控难度 大也限制产能提升。现在通过嵌入AI视觉检测、智能调控算法，设备能自主校准参数、识别细微误 差。" 孙妍结合一线工作场景举例，以往研发模式靠不断试错，存在周期长、物料成本高的问题。现在借助数 字化手段，能够高效解决诸多难题，比如通过实验设计优化软件，就可以快速从海量参数中筛选出最优 组合。"所谓新时代的工匠精神，就是在数智工具的助力下，把精密制造的极致追求实现得更好。" 孙 妍说。 培育革新 北京市"十五五"规划纲要围绕数智化构建了全方位发展蓝图，核心是打造 "全球数智经济标杆城 市"与"数智北京"，以科技创新驱动产业、城市、民生全面升级。数智化的落地实现，核心离不开产业 工人队伍的能力适配与价值升级。目前，北京正以数智技术为桥梁，打通"工"到"匠"的成长通道，让工 匠精神在数智时代焕发新的光彩。在北京市十六届人大四次会议上，多位市人大代表围绕"数 ...

Investment Rating - The report suggests focusing on companies with performance certainty, particularly those in the index, such as Yutong Bus, Minth Group, Jifeng, and Fuda Group [1] Core Insights - The report highlights a potential recovery in wholesale sales due to relaxed tariff policies for vehicle exports to the EU and Canada, benefiting companies like BYD, SAIC, and Xpeng [1] - The expectation for Tesla's Optimus V3 continues to strengthen, indicating valuation elasticity in the robotics industry chain, with a focus on Hengbo, Yinlun, Top, and Sanhua [1] - Domestic cost pressures are significant, leading to a cautious outlook on annual profit forecasts, while overseas export opportunities are promising for companies like BYD and Geely [1] Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the second week of January were 50,000 units, a year-on-year decrease of 22% and a month-on-month decrease of 31% [1] - The traditional raw material price index and the new energy raw material price index both increased recently, with traditional vehicle raw material prices rising by 1.1% month-on-month and 5.4% year-on-year, while new energy vehicle raw material prices increased by 3.2% month-on-month and 19.5% year-on-year [1] Market Situation Update - The total transaction amount in the automotive industry this week was 767.057 billion, with a week-on-week decrease of 8.37%. The automotive industry index closed at 8425.62 points, up 2.51% for the week [1][4] - The automotive industry index's weekly increase was higher than that of the CSI 300 index, which decreased by 0.62% [4] - A total of 219 stocks in the industry rose, while 50 fell, with the largest gainers being New Coordinates, Tieliu, and Weichai Heavy Industry, which rose by 36.3%, 33.0%, and 28.0% respectively [8] Investment Analysis Opinion - The report emphasizes the importance of AI spillover, anti-involution, and demand recovery as key themes. It suggests focusing on intelligent and high-end directions in the vehicle sector, particularly new force car companies like Xpeng, NIO, and Li Auto [1] - Companies with overseas business support for profit totals, such as BYD, Geely, and Leap Motor, are also highlighted [1] - The report notes that the reform of state-owned enterprises may bring breakthrough changes, with attention on SAIC and Dongfeng [1]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

中国汽车工业协会常务副会长兼秘书长付炳锋做了总结发言，对各位领导莅临指导工作表示了衷心 感谢。 协会副秘书长李邵华、柳燕、杨中平，秘书长助理李桂新，专务副秘书长何毅，监事会监事长姚 杰，中汽协中汽信息总经理胡绍航等参加了会议。 中国汽车工业协会于 2026 年 1 月 23 日在北京召开政府座谈会，会议由中国汽车工业 协会副秘书长陈士华主持。国家发展和改革委员会产业发展司、工业和信息化部装备工业一 司、工业和信息化部电子信息司、公安部交通管理局、生态环境部大气环境司、商务部市场运 行和消费促进司、商务部合作司、国家市场监督管理总局认证监督管理司、国家统计局工业 司、国家能源局电力司、商务部配额许可证事务局等政府部门、机构负责领导出席了会议，中 国一汽党委常委、总会计师方世力、东风汽车集团战略规划部副总经理宋汉明、上汽集团质量 和技术管理部总经理张坚俊、重庆长安战略规划部高级总监谢光、北汽集团运营管理部部长、 总部党委书记彭进等 5 家企业领导作为协会轮值会长单位代表参加了会议，中国机械工业联 合会总经济师兼副秘书长佘伟珍作为协会党建主管部门领导出席了会议。 中国汽车工业协会副秘书长陈士华对"十四五"以来中国汽 ...

Investment Rating - The investment rating for the automotive and automotive parts industry is "Positive" and maintained [6]. Core Insights - The German government plans to restart the electric vehicle (EV) subsidy policy that was suspended in 2023, with a total budget of €3 billion (approximately ¥24 billion), aimed at boosting the domestic automotive industry and accelerating the green transition [2][4][18]. - The subsidy will provide between €1,500 and €6,000 for eligible low- to middle-income families purchasing new energy vehicles priced below €45,000, effective from January 1, 2026, until 2029 or until funds are exhausted [18]. - The expected impact of the subsidy is to significantly increase the penetration rate of new energy vehicles in Germany, with projections indicating that at least 500,000 vehicles will be subsidized, accounting for approximately 29.5% of the expected new energy vehicle sales in 2025 [18][21]. Summary by Sections Event Description - On January 19, the German government announced the restart of the EV subsidy policy, with a total budget of €3 billion, to enhance the penetration of new energy vehicles in the market [4][18]. Market Performance - The report indicates that the penetration rate of new energy vehicles in Germany is expected to rise significantly due to the subsidy, with a projected 84,700 new energy vehicles sold in 2025, representing a year-on-year growth of 48.3% [13][18]. - The overall new energy vehicle sales in Europe are projected to reach 3.9 million units in 2025, with a year-on-year increase of 32.7% [13][18]. Implications for Domestic Companies - The subsidy is expected to benefit domestic companies such as BYD, Leapmotor, and SAIC, as many of their models are priced below €45,000 [30]. - The increase in new energy vehicle penetration in Europe is anticipated to positively impact the performance of domestic component manufacturers and vehicle producers operating in the European market [30].

Core Viewpoint - MG, a historic British automotive brand, has experienced a significant revival under SAIC Motor Corporation, becoming a leading player in the UK market with increasing demand and sales growth [1][3]. Group 1: Brand History and Acquisition - MG was founded over a century ago in Oxford and had notable fans, including Elvis Presley and King Charles III, but faced decline leading to the bankruptcy of MG Rover in the 21st century [1]. - The brand was acquired by Nanjing Automobile Group in 2005, which was later taken over by SAIC Motor Corporation, resulting in a shift of production from the UK to China [1]. Group 2: Sales Performance and Market Position - MG's sales in the UK surged from 3,100 vehicles in 2015 to over 85,000 vehicles last year, maintaining a top ten market share [3][4]. - The MG HS SUV became the eighth best-selling model in the UK by 2025, showcasing the brand's growing popularity [3]. Group 3: Strategic Initiatives - MG has updated its vehicle lineup and expanded its dealer network across 90% of the UK, a strategy that has been emulated by other Chinese entrants like BYD and Chery [4][5]. - The brand's appeal is attributed to its affordability and a diverse range of fuel options, including gasoline, hybrid, and electric vehicles [4][5]. Group 4: Market Dynamics and Future Plans - Chinese brands, including MG, sold nearly 200,000 new cars in the UK last year, more than doubling the total from 2024, as they capitalize on market opportunities [4]. - MG plans to expand its product range with smaller and larger SUVs and aims to increase electric vehicle sales to fleet buyers [5][6]. - The company is considering establishing a manufacturing facility in Europe to mitigate challenges related to shipping vehicles from China [6].