2026 年 02 月 03 日 投资评级：买入（维持） | 日期 | 2026/2/2 | | --- | --- | | 当前股价(元) | 14.05 | | 一年最高最低(元) | 20.63/13.92 | | 总市值(亿元) | 1,615.09 | | 流通市值(亿元) | 1,615.09 | | 总股本(亿股) | 114.95 | | 流通股本(亿股) | 114.95 | | 近 3 个月换手率(%) | 37.74 | 股价走势图 -30% -20% -10% 0% 10% 20% 30% 2025-02 2025-06 2025-10 上汽集团 沪深300 数据来源：聚源 汽车/乘用车 上汽集团（600104.SH） 1 月销量同比高增，海外市场延续亮眼表现 相关研究报告 《Q3 自主品牌普遍表现亮眼，鸿蒙智 行尚界启新篇—公司信息更新报告》 -2025.11.4 《2024 年主动筑底，全面深化改革 2025Q1 起成效显现—公司信息更新 报告》-2025.5.8 《Q1 业绩预计同比明显增长，全面深 化改革成效显现—公司信息更新报 告》-2025.4.11 | ——公司信息更新报 ...

Group 1 - The passenger car sector increased by 1.12% on February 3, with Seres leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the passenger car sector showed varied performance, with Seres and Haima Auto both rising by 2.82% [1] Group 2 - The net outflow of main funds in the passenger car sector was 117 million yuan, while retail investors saw a net inflow of 314 million yuan [1] - Detailed fund flow data indicated that Seres had a main fund net inflow of 172 million yuan, but retail investors had a net outflow of 85 million yuan [2] - BYD experienced a significant net outflow of 379 million yuan from main funds, despite a retail net inflow of 386 million yuan [2]

汽车/乘用车 上汽集团（600104.SH） 1 月销量同比高增，海外市场延续亮眼表现 2026 年 02 月 03 日 投资评级：买入（维持） 数据来源：聚源 相关研究报告 《Q3 自主品牌普遍表现亮眼，鸿蒙智 行尚界启新篇—公司信息更新报告》 -2025.11.4 《2024 年主动筑底，全面深化改革 2025Q1 起成效显现—公司信息更新 报告》-2025.5.8 《Q1 业绩预计同比明显增长，全面深 化改革成效显现—公司信息更新报 告》-2025.4.11 | ——公司信息更新报告 | | --- | | 邓健全（分析师） 赵悦媛（分析师） | 徐剑峰（分析师） | | --- | --- | | dengjianquan@kysec.cn zhaoyueyuan@kysec.cn | xujianfeng@kysec.cn | | 证书编号：S0790525090003 证书编号：S0790525100003 | 证书编号：S0790525090004 | |  1 月销量同比高增，海外市场延续亮眼表现 | | | 公司发布 1 月产销快报，实现整车销量 32.74 | 万辆，同比+23.94%。 ...

Core Viewpoint - The automotive market in January 2026 showed a slight year-on-year increase but a significant month-on-month decline, primarily due to policy changes and demand exhaustion, with exports becoming a crucial growth driver for companies [1][22]. Group 1: Market Performance - The overall automotive market experienced a year-on-year increase but a month-on-month decline, with some companies facing drastic reductions in sales [1]. - The core reasons for the market's sluggish start include the reduction of the new energy vehicle purchase tax and a mismatch in demand due to the timing of the Spring Festival [1]. - Exports have emerged as a vital growth area for automotive companies, helping to offset domestic market fluctuations [1][6]. Group 2: Company Sales Data - BYD sold 210,100 vehicles in January, a year-on-year decline of 30.11% and a month-on-month decline of 50.04%, heavily impacted by the new energy vehicle tax policy [3][5]. - Geely's sales reached 270,200 units, showing a year-on-year increase of 1.29% and a month-on-month increase of 14.08%, with significant export growth [5][6]. - SAIC Group reported sales of 327,000 units, a year-on-year increase of 23.9%, with a notable increase in overseas sales [8]. Group 3: New Energy Vehicle Trends - The new energy vehicle market is facing challenges due to policy changes, leading to a cautious consumer sentiment [1][3]. - Companies are increasingly relying on exports to sustain growth in the new energy vehicle segment, as domestic competition intensifies [6][22]. Group 4: Competitive Strategies - Companies are engaging in aggressive promotional strategies, including long-term financing options and price reductions, to stimulate sales amid a cooling market [15][17]. - The automotive industry is shifting towards a more competitive landscape, focusing on comprehensive service offerings beyond just product pricing [17][22]. - Traditional luxury brands are facing pressure from the rise of domestic electric vehicle manufacturers, leading to significant price reductions to maintain market share [20][22].

Group 1 - Core viewpoint: Companies are announcing significant financial updates, including profit changes, new product approvals, and share repurchase plans [1][2][3][4][5][6][15] Group 2 - Company: Chip导科技 reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit of 106 million yuan, down 4.91% [1] - Company: 亿帆医药's subsidiary received a drug registration certificate for Vitamin K1 injection, which is used for treating vitamin K deficiency [2] - Company: 勤上股份 announced the termination of its share repurchase plan to stabilize stock prices [3] - Company: 极米科技 plans to repurchase shares worth between 50 million and 100 million yuan for employee stock ownership plans [4] - Company: 凌云光 intends to change the purpose of repurchased shares to cancellation, reducing total share capital from 461 million to 457 million shares [5] - Company: 苏州科达's general manager resigned, and the chairman will take over the role to ensure management continuity [6] - Company: 银轮股份 identified 徐铮铮 as a co-actual controller, following a retrospective recognition [7] - Company: 西南证券 received approval to issue bonds up to 14 billion yuan [8] - Company: 上港集团 expects a 1.3% year-on-year increase in container throughput for January [10] - Company: 宁波富达 plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 101 million yuan [11] - Company: 协和电子 is investing 5 million yuan in a venture capital fund to enhance its understanding of high-tech industries [12] - Company: 乐鑫科技's controlling shareholder proposed a share repurchase plan of 50 million to 100 million yuan [13] - Company: 奥瑞德's subsidiary plans to invest approximately 145 million yuan in computing power equipment [14] - Company: 上汽集团 reported a 23.94% year-on-year increase in vehicle sales for January [15] - Company: 道恩股份 plans to acquire a foreign company's plastic business for 15.737 million USD [16] - Company: 红相股份 intends to transfer 100% equity of 南通瀚蓝 for 120 million yuan [17] - Company: 长龄液压 announced a tender offer to acquire 12% of its shares at 35.82 yuan per share [19] - Company: 润都股份 faces uncertainty regarding the approval of its innovative drug [20] - Company: *ST东易's asset injection plans face significant uncertainty [21] - Company: 棒杰股份 is undergoing a restructuring process that could improve its financial structure [22] - Company: 绿联科技 has submitted an application for H-share listing in Hong Kong [23] - Company: ST泉为 is facing a creditor's application for restructuring [24] - Company: 海思科's shareholders plan to reduce their holdings by up to 0.89% [25] - Company: 钧崴电子's shareholder plans to reduce holdings by up to 3% [26]

(2026年2月2日，上海)上汽集团（600104）发布1月销量数据，继去年全年整车销量实现同比两位数增长后，2026年上汽集团再迎市场开门红：1月实现整 车批售32.7万辆，同比增长23.9%，终端零售36.3万辆，在国内汽车行业批发、零售销量规模双双表现优异，经营质量持续向新向好。其中，上汽自主品 牌销售21.4万辆，同比增长39.6%；新能源车销售8.5万辆，同比增长39.7%；海外市场销售10.5万辆，同比增长51.7%。 自主品牌"担当主力"。今年1月份，上汽自主品牌销量达21.4万辆，同比增长39.6%，占公司销量比重达65.3%，较去年同期提升7.3个百分点。其中，上汽 乘用车销售7.7万辆，同比增长53.8%；上汽大通销售1.8万辆，同比增长18.2%；上汽通用五菱销售10.5万辆，同比增长37%。 新能源车"向上发力"。今年1月份，上汽新能源车销售8.5万辆，同比增长39.7%，销量规模位居行业头部阵营。其中，智己汽车1月销量同比增长66%，行 业首款量产四轮全线控转向的SUV——智己LS9Hyper发布官图及部分车辆信息，迅速引发市场热议；上汽乘用车销售新能源车2.8万辆，同比增长 576 ...

2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车企1月销量同比取得正增长，但这一同比增长是由于2025年春 节在1月，去年同期的新车销售基数较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税全额减免政策，同时车企为年底冲量，在12月出台了许多其 他优惠政策。进入2026年1月后，新能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴细则尚未全部出台，导 致消费者存在观望情绪，影响了车市终端销售情况。 具体来看，问界汽车1月交付约4万辆，同比增长83%，环比下滑30.74%；小米汽车1月交付超3.9万辆，去年同期为超2万辆，去年12月为超5万辆；零跑汽车 1月全系交付达3.21万辆，同比增长27%，环比下滑46.94%。 比亚迪1月销售21.01万辆，其中海外销量表现亮眼，乘用车及皮卡海外销售10万辆，同比增长43.3%。分品牌来看，比亚迪品牌销售17.75万辆；方程豹品牌 销售2.16万辆；腾势品牌销售6002辆；仰望品牌销售413辆。 长城汽车1月销售新车9.03万辆，同比增长11. ...

Group 1: Regulatory and Market Trends - The Ministry of Industry and Information Technology of China has released a mandatory national standard for automotive door handle safety, effective from January 1, 2027 [1] - The China Automobile Dealers Association indicates that the automotive market will enter a phase of adjustment in February 2026, with a consumption index of 31.1 for January, and a predicted decline in sales due to multiple factors including the Spring Festival and tax changes [1] Group 2: Company Performance - SAIC Motor Corporation reported a total vehicle sales of 327,400 units in January 2026, a year-on-year increase of 23.94%, with 85,400 units being electric vehicles, up 39.73% [1] - Dongfeng Nissan announced a delivery of 45,984 vehicles in January 2026, reflecting a year-on-year growth of 5.4%, with the Tianlai Hongmeng model contributing 6,724 units, up 22% [2] - Dongfeng Honda's sales reached 31,377 units in January 2026, marking a 4.4% year-on-year increase, with the CR-V model achieving 19,141 units sold, up 36.4% [3] Group 3: New Ventures and Expansions - Geely Auto has established a new battery company in Baoji with a registered capital of 50 million RMB, focusing on battery manufacturing and sales [4] - NIO has launched its brand "Ladao" in Uzbekistan, marking its entry into the overseas market, with multiple models introduced, and plans to expand into the Americas with a partnership in Costa Rica [5] Group 4: Investment and Valuation - Waymo, a subsidiary of Alphabet, has completed a $16 billion financing round, achieving a post-money valuation of $126 billion, with significant investments from various venture capital firms [6] - Waymo's annual ride volume is projected to more than double to 15 million rides in 2025, with a cumulative total exceeding 20 million rides to date [6]

要闻提示 NEWS REMIND 1. 马斯克宣布：SpaceX已收购xAI，新公司估值1.25万亿美元 2.雷军怒斥说小米二手车崩盘的人：SU7保值率第一，超特斯拉保时捷 3.被指"双标"？腾讯内部信回应元宝红包刷屏：称非诱导分享！此前微信 曾封杀同类裂变营销 4.山姆中国前总裁文安德"跳槽"麦德龙 5.Mate 80卖爆！华为拿到1月中国手机市场份额第一名：份额提升至18.6% 6.奔驰部分车型开启官降，调整幅度10%左右 7.特斯拉第三代人形机器人官宣 2026 年亮相：支持观察人类行为学习新技能，预计年产百万台 8.三星、SK 海力士计划扩大尖端 NAND 产能，月产晶圆规模可达 4-5 万片 今日头条 HEADLINE NEWS 马斯克宣布：SpaceX已收购xAI，新公司估值1.25万亿美元 2月3日消息，全球首富埃隆·马斯克正式宣布，其太空探索技术公司（SpaceX）已完成对旗下人工智能初 创企业xAI的收购。此举将尖端的火箭与卫星技术，同Grok聊天机器人的研发能力深度整合，标志着马斯 克在统一其"人工智能"与"航天探索"双重野心上迈出了决定性一步。马斯克表示："这不仅是SpaceX与 xAI ...

Group 1 - Chinese government emphasizes the implementation of policies to promote high-quality development and new growth points [2][39] - Local governments are urged to enhance service awareness and improve administrative efficiency to address business concerns [2][39] - The "14th Five-Year Plan" should focus on practical and systematic planning, avoiding overly ambitious projects [2][39] Group 2 - Recent incidents of Chinese enterprise personnel being detained in the US have raised concerns about the impact on business exchanges [3][40] - The Chinese government has expressed strong opposition to the US's actions and called for the cessation of such practices [3][40] Group 3 - The South Korean stock market experienced a significant drop, triggering temporary trading halts [5][42] - The KOSPI index fell by 5.26%, closing at 4949.67 points, after previously reaching a historic high [6][42][7] - The Indonesian stock market also faced turbulence, with the Jakarta Composite Index dropping by 4.88% [8][43] Group 4 - The domestic futures market saw a rare plunge, with 13 commodity futures hitting the limit down due to panic selling [9][44] - The decline was attributed to a combination of factors, including excessive leverage and market structure vulnerabilities [9][44] Group 5 - The National Investment Silver LOF fund announced a significant adjustment in its valuation method for silver futures contracts [10][45] - This adjustment aims to better reflect international market price fluctuations [10][45] Group 6 - The gaming industry reported record revenue per user, with several A-share companies expecting positive performance [17][52] - The humanoid robot industry is accelerating, with institutions actively researching companies with promising earnings [17][52] Group 7 - Shanghai Yizhong reported a net profit increase of 819.42% for 2025, driven by the inclusion of its core product in the national medical insurance directory [19][53] - The company plans to continue investing in R&D for innovative drugs [19][53] Group 8 - XGIMI Technology and Espressif Systems announced share buyback plans, with total amounts not less than 50 million yuan [20][54] - ST Kaiyuan may face delisting risk due to negative net assets projected for 2025 [21][55]