Investment Strategy Overview - The report anticipates a volatile market in February due to previous regulatory signals and significant ETF outflows, with market activity expected to decline before the Spring Festival and improve post-holiday as policy catalysts emerge [3][4] - The focus remains on cyclical price increases, particularly in sectors like semiconductors and AI, which are expected to maintain a positive trend [3][4] - The liquidity situation is mixed, with increased inflows from retail investors countered by significant ETF sell-offs, leading to a challenging funding environment before the Spring Festival [3][4] Key Stock Recommendations - **Jianghuai Automobile (江淮汽车)**: Positioned as the only domestic ultra-luxury brand, with the S800 model outperforming competitors like Mercedes-Benz. The company plans to launch 6-7 high-end models, indicating substantial growth potential [5][8] - **Luxshare Precision (立讯精密)**: A key player in the Apple supply chain, with strong growth prospects in consumer electronics and automotive sectors. The company is expected to achieve rapid earnings growth over the next few years [5][11] - **Sinyi Technology (生益科技)**: As a leading manufacturer of CCL, the company is well-positioned for long-term growth with a focus on high-end product upgrades and strong market demand [5][15] - **Tianqi Lithium (天赐材料)**: The largest manufacturer of electrolytes with a market share of approximately 40%. The company is expected to see significant profit recovery due to improved supply-demand dynamics in the lithium industry [5][20] - **Li Ning (李宁)**: The company is accelerating its product and channel expansion, with new product launches expected to drive a turnaround in performance [5][20] - **Zhongji Xuchuang (中际旭创)**: A leader in optical modules, benefiting from strong overseas demand. The company is expanding its production capacity to meet increasing market needs [5][27] - **Xinyi Technology (新易盛)**: The company is experiencing continuous growth in high-speed products, with a strong outlook for 2026 [5][27] - **Foshan Plastics (佛塑科技)**: The acquisition of a key supplier is expected to enhance performance significantly, with a focus on the tightening supply-demand situation in the industry [5][27] - **Century Huatong (世纪华通)**: The company is leveraging its partnership with Tencent to enhance its game development and distribution capabilities, indicating strong future growth potential [5][27] - **Tencent Holdings (腾讯控股)**: The company has a solid foundation with a rich game product pipeline and is accelerating its AI application ecosystem [6][27] Market Trends and Expectations - The report highlights a trend of price increases spreading from cyclical sectors like oil and food to technology sectors, particularly AI and semiconductors, which are expected to continue benefiting from policy support [3][4] - The upcoming Two Sessions in March are anticipated to catalyze policy developments that could positively impact market performance [3][4] - The report emphasizes the importance of sector rotation as a key characteristic of the market in February, with a focus on cyclical price increases and technology sectors [3][4]

证券之星消息，2月2日商用车板块较上一交易日下跌2.31%，江淮汽车领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 600686 | 金成汽车 | 17.22 | 3.99% | 39.00万 | | 6.82亿 | | 600303 | 曙光股份 | 3.23 | 0.31% | 36.27万 | | 1.18亿 | | 600066 | 宇通客车 | 30.69 | -0.68% | 17.40万 | | 5.35 乙 | | 000868 | 安凯客车 | 4.81 | -1.03% | 9.88万 | | 4786.74万 | | 000550 | 江铃汽车 | 17.82 | -1.49% | 6.02万 | | 1.08亿 | | 600006 | 东风股份 | 6.82 | -1.59% | 15.74万 | | 1.08亿 | | ...

智通财经APP获悉，中信建投发布研报称，当前汽车板块处于淡季弱势表现，但近期来看，市场对销量 悲观预期反馈逐步钝化，悲观预期见底，结构性看反内卷及出海预期改善，自动驾驶政策催化落地，人 形机器人特斯拉(TSLA.US)V3临近推出节点。26年汽车以旧换新政策支撑内需，商用车或更为受益；结 构性看多端侧AI(无人驾驶及机器人)商业化0-1突破带来估值弹性。 中信建投主要观点如下： 推荐组合：江淮汽车(600418.SH)、恒勃股份(301225.SZ)、隆盛科技(300680.SZ)、潍柴动力 (000338.SZ)、宇通客车(600066.SH)、金龙客车(600686.SH)、曹操出行(02643)。 特斯拉FSD订阅率随着V14推送持续提升，25年Q1-Q4订阅量分别约80、90、100、110万辆，26年开始 FSD订阅取消买断(全部改成月度订阅)，目前月度订阅费99美金/月；截至25年底，FSD累计行驶行驶里 程超70亿英里(约115亿km)，持续推动中国及欧洲本地化部署还需中国及欧洲监管许可。战略重心正加 速从硬件销售转向物理AI，包括FSD迭代、Robotaxi服务、Cybercab车型量产、Op ...

天眼查资料显示，安徽江淮汽车集团股份有限公司，成立于1999年，位于合肥市，是一家以从事汽车制 造业为主的企业。企业注册资本218400.9791万人民币。通过天眼查大数据分析，安徽江淮汽车集团股 份有限公司共对外投资了48家企业，参与招投标项目5000次，财产线索方面有商标信息943条，专利信 息5000条，此外企业还拥有行政许可672个。 国家知识产权局信息显示，安徽江淮汽车集团股份有限公司申请一项名为"一种基于域控制器下的OTA 并行下载方法及系统"的专利，公开号CN121442318A，申请日期为2025年12月。 专利摘要显示，本发明公开了一种基于域控制器下的OTA并行下载方法及系统，所述方法包括：OTA云 平台根据车辆上报的信息，判断车辆是否存在可升级任务；若存在可升级任务，则OTA云平台将升级任 务信息反馈至OTA升级控制器；OTA升级控制器将升级任务信息通知各域控制器；各域控制器获取到升 级文件下载链接后，同步并行下载各域控制器所对应的下挂节点的升级包文件。本发明的基于域控制器 下的OTA并行下载方法及系统，域控制器可直接从OTA云平台下载其下挂节点ECU的升级包，从而减少 升级包在车端传输的 ...

国家知识产权局信息显示，安徽江淮汽车集团股份有限公司申请一项名为"一种降低车辆碰撞风险的目 标检测方法"的专利，公开号CN121438270A，申请日期为2025年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 专利摘要显示，本发明公开了一种降低车辆碰撞风险的目标检测方法，涉及目标检测技术领域，包括： 获取车辆前方环境的实时图像数据；将所述实时图像数据输入至经优化的目标检测神经网络模型，识别 出图像中的行人目标及其位置信息；其中，所述神经网络模型基于YOLO架构，并针对行人检测任务进 行了优化；基于识别到的行人位置信息，计算碰撞风险，并在风险超过阈值时触发车辆的主动安全系 统。本发明的方案能够显著提升智能驾驶车辆在复杂交通环境下对行人，特别是小尺度行人的检测精度 和实时性，有效降低因漏检或误检导致的碰撞风险，提升了车辆的主动安全性能。 财经频道更多独家策划、专家专栏，免费查阅>> 天眼查资料显示，安徽江淮汽车集团股份有限公司，成立于1999年，位于合肥市，是一家以从事汽车制 造业为主的企业。企业注册资本218400.9791万人民币。通过天眼查大数据分析， ...

行 业 研 究 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-02 2025-06 2025-10 汽车 沪深300 ——行业周报 汽车研究团队 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《小鹏汽车全球累计布局超 60 国家， 宇树 2025 年人形机器人出货量超 5500 台—行业周报》-2026.1.25 《2025 年中国重卡销量达 114.5 万， 加拿大将中国电动汽车配额内关税降 至 6.1%—行业周报》-2026.1.18 《吉利集团 2025 年总销量首次突破 400 万辆，智元机器人登顶全球人形机 器人出货量榜首 — 行 业 周 报 》 -2026.1.11 FSD 付费 ...

沪深两市数据显示，1月30日，融资净买入前十的股票分别为： 澜起科技（3.42亿元）、 中国铝业 （3.36亿元）、 仕佳光子（2.10亿元）、 兆易创新（2.07亿元）、 东材科技（1.67亿元）、 江淮汽车 （1.65亿元）、 隆基绿能（1.09亿元）、 思看科技（9438.50万元）、 宏达股份（8865.49万元）、 涪陵 电力（8765.86万元）。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The penetration rate of domestic new energy passenger vehicles has reached 55%, and future sales growth is expected to slow down. However, the increase in battery capacity is anticipated to significantly impact demand, with a projected double-digit growth in battery demand for passenger vehicles by 2026 [2][4] - The domestic new energy passenger vehicle market has entered a consumption-driven growth phase since the end of 2020, with penetration rates increasing from around 10% to an expected 55% by the end of 2025. This growth is accompanied by a slowdown in sales growth due to a higher base [4][17] - The increase in battery capacity is expected to support the growth of battery installations, with single-vehicle battery capacity projected to rise from 52.8 kWh in April 2025 to 61.2 kWh by December 2025 for EVs, and from 23.3 kWh to 33.7 kWh for PHEVs during the same period [4][18] Summary by Sections Market Trends - The market for new energy passenger vehicles is projected to see a slight decline in total vehicle numbers, while new energy vehicles are expected to achieve small single-digit growth due to increased penetration rates. Battery capacity per vehicle is expected to increase by approximately 7%-8%, supporting a battery installation growth rate of around 12% [6][34] Policy and Economic Factors - Positive factors for battery capacity enhancement include changes in the old-for-new policy, which sets a subsidy cap at 8% of the vehicle price in 2026, and changes in purchase tax standards that require PHEVs to have a pure electric range of 100 kWh to qualify for tax exemptions [5][23] - The trend towards larger batteries in range-extended and plug-in hybrid vehicles is expected to continue, addressing consumer concerns about range anxiety and enhancing the perception of electric vehicles' convenience and cost-effectiveness [24] Product Development - Major manufacturers are launching new models with increased battery capacities. For instance, BYD and Geely are introducing models with capacities ranging from 20.79 kWh to 36.62 kWh for their 2026 versions [27][30] - The introduction of large-capacity EVs and PHEVs is expected to further enrich the market, with new models like the Wanjie M9 and NIO ES9 expected to have battery capacities around 100 kWh [31][33]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 专利摘要显示，本发明公开了一种新能源汽车车载低压发电效率试验测试系统，基于直流电子负载、电 流传感器、电压传感器、电器功耗测试系统、CAN信号采集系统构建的试验台架，采集至少包含低压 端电流实测值、低压端电压实测值、高压端电流信号、高压端电压信号的数据；低压端电流和电压由相 应传感器将信号传导至电器功耗测试系统进行存储、计算、输出；高压端电流和电压信通过CAN_H和 CAN_L传导至CAN信号采集系统进行存储、计算、输出。本发明提供的测试方案安全高效、准确方 便，能够准确获取DC/DC变换器在整车上的实际效率，从而可以全面完成DC/DC变换器效率测试任 务，且适用于所有具备CAN信号新能源汽车车载低压发电效率的验证。 天眼查资料显示，安徽江淮汽车集团股份有限公司，成立于1999年，位于合肥市，是一家以从事汽车制 造业为主的企业。企业注册资本218400.9791万人民币。通过天眼查大数据分析，安徽江淮汽车集团股 份有限公司共对外投资了48家企业，参与招投标项目5000次，财 ...

天眼查资料显示，安徽江淮汽车集团股份有限公司，成立于1999年，位于合肥市，是一家以从事汽车制 造业为主的企业。企业注册资本218400.9791万人民币。通过天眼查大数据分析，安徽江淮汽车集团股 份有限公司共对外投资了48家企业，参与招投标项目5000次，财产线索方面有商标信息943条，专利信 息5000条，此外企业还拥有行政许可672个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，安徽江淮汽车集团股份有限公司取得一项名为"一种高调滑板的柔性限位结 构"的专利，授权公告号CN117002442B，申请日期为2023年8月。 财经频道更多独家策划、专家专栏，免费查阅>> ...