2026年2月份，我国客车市场同比下降15%，整体销量仅2.91万辆。作为客车市场中占比最大的细分市场，轻客市场毫无意外地同步出 现下滑。 请看第一商用车网的分析报道。 2月销2.17万辆，同比下降23%，遭遇"2连降" 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），2026年2月份，我国客车市场（含底盘）销售 2.91万辆，环比下降17%，同比下降15%。其中，轻型客车销售2.17万辆，环比下降20%，同比下降23%，同比降幅较上月 （-12%）扩大11个百分点，连续两个月遭遇环比、同比双降。 2月份，轻型客车2.17万辆的销量在整个客车市场占到74.62%的比重，较上月（76.56%）小幅下降；2026年1-2月份，轻型客车占 到客车市场整体销量75.69%的比重，低于2025年全年占比（78.07%），较去年同期的82.34%则下滑了超6个百分点。 纵观近五年纵观近五年2月份轻型客车销量及增幅走势图可见，近五年2月份的轻客市场走出一个降-增-增-降-降的趋势，2026年2月 份轻客市场2.17万辆的销量在近五年里看处于低位水平（倒数第二）。根据第一商用车网的观察，最近五年 ...

近日，江淮悍途新能源双子星区域上市首站活动在成都举行。悍途PHEV插电混动皮卡与悍途EV纯电皮卡同步亮相，标志着江淮汽车在 新能源皮卡领域迈出重要一步。 悍途EV则选择了另一条路径。采用宁德时代88.02kWh磷酸铁锂电池，CLTC综合续航505公里，最大载质量870kg。值得注意的是， 其保留了非承载式车身结构，这与当前市场上多数承载式纯电皮卡形成技术分野。2纵9横变截面叠焊梯形车架的沿用，意味着江淮并未 因电动化而放弃皮卡的传统承载优势。 两条技术路线并存，折射出企业对当前皮卡市场需求的判断：商用场景下的重载需求与长途运输痛点尚未被纯电完全解决，而城市及短 途场景的电动化替代窗口已经打开。 从"工具车"到"场景解决方案"的转型 悍途PHEV具备3.5吨拖拽能力，悍途EV最大载质量870kg，双车均标配3.3kW外放电功能并可拓展至15kW。这些参数的背后，是皮卡 角色正在发生的转变。 传统皮卡长期被定义为生产资料，核心诉求是"多拉快跑"。而外放电、拖拽能力、多种驾驶模式等功能的加入，反映出产品设计逻辑的 变化：从单一的工具属性，转向覆盖户外作业、应急供电、休闲露营等多场景的"移动平台"。 这一转变与市场环 ...

Core Viewpoint - In February 2026, China's commercial vehicle market experienced a 14% year-on-year decline in overall sales, marking the end of a growth trend. The truck market mirrored this decline, with light truck sales also significantly dropping [1][2]. Truck Market Performance - The truck market sold a total of 240,400 units in February 2026, reflecting a 26% month-on-month decrease and a 14% year-on-year decline. The light truck segment, which includes light-duty trucks, small trucks, and pickups, sold 117,200 units, down 27% month-on-month and 23% year-on-year, reversing the previous month's 8% growth [2][4]. - The light truck market's year-on-year decline of 23% was 9 percentage points higher than the overall truck market decline, indicating a weaker performance relative to the broader market [4]. Historical Context - Over the past decade, February light truck sales typically ranged between 100,000 to 130,000 units. The February 2026 sales of 117,200 units ranked sixth in this historical context, suggesting a challenging environment for the light truck industry in 2026 [6][10]. Cumulative Sales Analysis - Cumulatively, light truck sales for January and February 2026 reached 276,600 units, a decrease of 8% year-on-year, which is approximately 23,700 units less than the same period last year. This cumulative figure is the fourth highest in the past decade [8][16]. Company Performance - In February 2026, four companies sold over 10,000 light trucks: Foton Motor (27,500 units, 23.5% market share), Dongfeng Motor (12,500 units, 10.7%), JAC Motors (12,300 units, 10.5%), and Great Wall Motors (12,000 units, 10.3%). The top five companies accounted for 63% of the market share [10][12]. - Among the top ten companies, only two, JAC and Qingling, reported year-on-year sales growth of 7% and 24%, respectively. The majority of companies experienced significant declines, with some reporting drops as high as 84% [14][18]. Market Share Dynamics - Compared to the same period in 2025, several companies, including Dongfeng, JAC, and Jiangling, saw increases in market share, with Dongfeng's share rising by 3 percentage points. Conversely, some companies experienced declines exceeding 3 percentage points [18][20].

行业研究 证 券 研 究 报 告 汽车行业周报（20260309-20260315） 推荐（维持） 整车情绪已至拐点，AIDC 仍是重点投资方向 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 汽车 2026 年 03 月 15 日 1. 整车：情绪已至拐点，当前建议积极布局，3-4 月销量、盈利、出口皆有望超预期。 继续推荐吉利汽车、比亚迪、江淮汽车、零跑汽车。反弹行情中我们首推吉利，高 端化、出海、低估值优势是其 beat 来源，一季报有望超预期，进而有望带动市场盈 利预测上修。江淮短期基本面和车型节奏较弱，导致股价回调，但好格局、高 ROE、 大空间的中期逻辑不变，当前带来增配机会。 2. 汽零：①机器人：机器人板块近期热度下降，但特斯拉机器人有望 ...

Investment Rating - The report maintains a recommendation for the automotive industry, indicating that the sentiment has reached an inflection point and AIDC remains a key investment direction [3][4]. Core Insights - The report highlights that the terminal sales of passenger vehicles and the complete vehicle sector have shown signs of recovery, with new car price increases being recognized by some investors as a counter to rising raw material costs. Additionally, the increase in oil and gas prices has contributed to a positive shift in investment sentiment [3][4]. - The report suggests that the automotive sector is expected to see improved sales, profitability, and exports in March and April, with specific recommendations for companies such as Geely, BYD, and Jianghuai Automotive [6][10]. Data Tracking - In February, new energy vehicle deliveries showed varied performance, with BYD delivering 190,190 units (down 41.1% year-on-year), while NIO saw a significant increase of 57.6% year-on-year with 20,797 units delivered [5][20]. - Traditional automakers also reported significant sales changes, with SAIC Motor leading with 269,000 units sold (down 8.6% year-on-year) [5][21]. - The average discount rate in the industry increased to 9.3%, with a discount amount of 20,940 yuan, reflecting a slight year-on-year decrease [5][7]. Industry News - The report notes that the average price of lithium carbonate in Q1 2026 reached 154,227 yuan per ton, marking a 103% year-on-year increase [9]. - The automotive export figures for February showed a significant growth of 52.4% year-on-year, with a total of 672,000 vehicles exported [10][26]. - The report mentions that the capital restructuring plan of Dongfeng Motor Corporation was approved, allowing it to privatize and list its high-end electric vehicle brand, Lantu, on the Hong Kong Stock Exchange [26].

行业点评报告 · 汽车行业 扩内需与高质量发展共振,智能化引领汽车行业"十五五"新征程 十五五规划纲要解读 2026年03月13日 核心观点 "十五五"是加快发展新质生产力的关键期,智能化水平成为汽车产业的 ● 核心竞争力,无人物流车、Robotaxi 等产业有望获得飞速发展。在新一 轮科技革命和产业变革深入演进的背景下,"十五五"时期发展新质生产力、 寻求新的增长点成为汽车行业发展的迫切需求。《规划纲要》提出,要加快新 一代信息技术、新能源、新材料、智能网联新能源汽车、机器人、生物医药、 高端装备、航空航天等战略性新兴产业发展,因地制宜建设各具特色、优势互 补的战略性新兴产业集群,着力打造一批成长潜力大、技术含量高、渗透领域 广的新兴支柱产业。"十五五"时期,我国汽车产业转型升级进入智能化为引 汽车行业 推荐 维持评级 分析师 石金漫 网: shijinman_yj@chinastock.com.cn 分析师登记编码：S0130522030002 张禄获 区: zhangludi_sh@chinastock.com.cn 分析师登记编码:S0130524060002 相关研究 1.【银河汽车】行业点评_汽车 ...

2026年1月份，我国商用车市场同比增长23%，收获一波跨年"8连增"（2025年6月份—2026年1月份）。 2月份，商用车市场这一轮的连增最终也定格在"8连增"，请看第一商用车网的分析报道。 连增势头中断：2月销售26.95万辆，同比下降14% 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），2026年2月份，我国商用车市场销售26.95万 辆，环比1月份下降25%，同比下降14%，同比增速遭遇转负（2026年1月份同比增长23%），商用车市场自2025年6月份开启的连增 势头就此中断。 上图可见，近五年2月份的商用车市场走出一个降-增-降-增-降的趋势，最近五年2月份商用车市场销量大致呈现两个级别：25万辆左 右水准（2022年、2024年和2026年2月份），以及30万辆出头水准（2023年和2025年2月份）。单从数字上看，2026年2月份商用 车市场26.95万辆的销量在近五年里排在第3高，比2025年2月份少销售约4.4万辆，比五年最低的2023年2月份高出接近2万辆，与五 年最高的2023年2月份相比则低了约5.4万辆。 福田超4万辆蝉联月榜第一，重汽/五菱拼前二 ...

Domestic News - China's Ministry of Foreign Affairs opposes the U.S. using "overcapacity" as a pretext for political manipulation in trade investigations against 16 trade partners, including China [2] Automotive Industry - In February, China's sales of power and energy storage batteries reached 113.2 GWh, a year-on-year increase of 25.7%, but a month-on-month decrease of 23.9% [3] - Honda Motor Co. forecasts its first annual net loss since its listing in 1957, estimating a loss between 420 billion yen and 690 billion yen for the fiscal year 2025 [4] - BYD has initiated large-scale recruitment, with over 1,000 positions for operators and more than 1,100 for technical workers, as its employee count surpasses 900,000 [10] - Li Auto reported a revenue of 112.3 billion yuan and a net profit of 1.1 billion yuan for the fiscal year, marking three consecutive years of profitability [11] - HeSai Technology's second-generation solid-state radar FTX has been selected for Changan Automobile's next-generation L3 platform, indicating a move towards mass adoption of advanced driving systems [12] - Jianghuai Automobile reported a February sales figure of 20,300 units, a year-on-year decline of 24.51% [13] - NIO's founder stated that rising prices of raw materials like memory chips could impact high-end models by nearly 10,000 yuan, but the company has no plans to adjust prices [14] Technology and Innovation - NVIDIA's CEO demonstrated the company's full-stack autonomous driving software platform, DRIVE AV, in a 22-minute video without any human intervention [5] - LG Energy plans to commercialize a new high-performance lithium iron phosphate (LFP) battery aimed at the growing energy storage market by 2027 [6] Market Trends - Japan's gasoline prices have surged to their highest increase since 1990, with retail prices rising from over 150 yen per liter to above 190 yen due to disruptions in the Strait of Hormuz [7] - Porsche's revenue for 2025 is projected to decline by 9.5% to 36.27 billion euros, with operating profit dropping 92.7% to 410 million euros and sales down 10.1% to 279,000 units [8] Financing and Investment - Gataran Microelectronics has completed over 1 billion yuan in Series E financing, with participation from various investment institutions [15]

证券代码:600418 证券简称:江淮汽车 编号:2026-009 安徽江淮汽车集团股份有限公司 2026 年 2 月产、销快报 本公司董事会及全体董事保证本公司公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安徽江淮汽车集团股份有限公司董事会 2026 年 3 月 12 日 单位：辆 二月份产销量明细 月度同比 年度同比 本月 去年 同期 增减 % 本年 累计 去年 累计 增减 % 产 量 乘 用 车 运动型多用途乘用车（SUV） 4990 5220 -4.41 10640 10007 6.33 多功能乘用车（MPV） 1223 1248 -2.00 2899 2761 5.00 基本型乘用车（轿车） 716 1033 -30.69 5295 5356 -1.14 商 用 车 货车 10420 11296 -7.75 32276 29182 10.60 皮卡 4781 5029 -4.93 12058 9376 28.60 客车非完整车辆 271 122 122.13 635 348 82.47 多功能商用车 795 729 9.05 2470 212 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [42]. Core Insights - The report highlights a recovery in passenger vehicle demand due to the implementation of subsidy policies, with a positive outlook for the passenger vehicle sector in Q1 2026. It emphasizes the importance of selecting resilient domestic companies and those with strong export capabilities [32][33]. - For heavy trucks, the report anticipates a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3%. It recommends leading companies in the heavy truck sector [35]. - The bus sector is expected to see a growth in sales to 40,000 units in 2026, driven by the continuation of subsidy policies and the need for fleet renewal [36]. - The motorcycle market is projected to grow by 14% in total sales, with a significant increase in large-displacement motorcycles, particularly in export markets [33]. Summary by Sections Passenger Vehicles - The report expects a recovery in passenger vehicle demand in Q1 2026 due to subsidy policies, with a focus on high-end electric vehicle manufacturers such as Jianghuai Automobile, Geely, Great Wall, and others [32][33]. - The report suggests prioritizing companies with proven execution capabilities in overseas markets, recommending BYD, Great Wall, and Chery for export [32]. Heavy Trucks - In 2025, the wholesale volume reached 1.144 million units, a year-on-year increase of 26.8%. The report forecasts a sales volume of 800,000 to 850,000 units for 2026, a 3% increase year-on-year [35]. - Recommended companies include China National Heavy Duty Truck Group, Weichai Power, and others [35]. Buses - The report indicates that the bus subsidy policy has exceeded expectations, with a projected sales increase to 40,000 units in 2026, a 40% year-on-year growth [36]. - Key recommendations include Yutong Bus and King Long [36]. Motorcycles - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [33]. - Recommended companies include Chunfeng Power and Longxin General [33].