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 ...

据中国汽车动力电池产业创新联盟消息，2月，我国动力和储能电池销量为113.2GWh，环比下降23.9%，同比增长25.7%。其 中，动力电池销量为74.5GWh，占总销量65.9%，环比下降27.4%，同比增长11.4%；储能电池销量为38.6GWh，占总销量 34.1%，环比下降16.2%，同比增长67.3%。 国际新闻 本田汽车预计出现上市以来首次年度亏损 国内新闻 外交部：中方反对美方以所谓"产能过剩"为借口进行政治操弄 3月12日，就媒体报道美方日前表示将对包括中国在内的16个贸易伙伴发起相关贸易调查，外交部发言人郭嘉昆在例行记者会上 答问时说，中方在处理中美经贸问题上的立场是一贯的、明确的，反对各种形式的单边关税措施。关税战、贸易战不符合任何一 方的利益。双方应该在平等、尊重、互惠的基础上协商解决有关问题。所谓"产能过剩"是一个伪命题，中方反对以此为借口进行 政治操弄。 中国汽车动力电池产业创新联盟：2月我国动力和储能电池销量为113.2GWh 同比增长25.7% 3月12日，本田汽车发布2025财年的业绩预告，预计2025财年（2025年4月至2026年3月），其净亏损将在4200亿日元至6900 ...

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 ...

目录 整车主线周报： 本周SW乘用车表现较好，原材料及汇兑压力依然明显 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年3月9日 请务必阅读正文之后的免责声明部分 板块最新观点 2 证券研究报告 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出口34.1万， 同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算25年底淘汰 至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。展望2026 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [37]. Core Insights - The report highlights the upcoming launch of seven significant new models in March 2026, including the Chery iCAR V27, Zhijie V9, and Zeekr 8X, which are expected to have a substantial impact on the market and related stock prices [6][8]. - The focus for March is on the Chery Zhijie V9 and Zeekr 8X, both of which are anticipated to achieve monthly sales of 5,000 to 8,000 units [10][19]. - Investment opportunities are identified in the automotive sector, particularly in companies like Geely, JAC Motors, and Leap Motor, which are expected to exceed market expectations in terms of sales and profitability [6][8]. Summary by Sections Industry Basic Data - The automotive industry comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion yuan and a circulating market capitalization of about 23,623.17 billion yuan [3]. Relative Index Performance - The absolute performance of the automotive sector has seen declines of -3.5% over the past month, -4.3% over six months, and -9.1% over the past year, while relative performance shows a slight outperformance of 1.3% over six months and 3.2% over twelve months [4]. Upcoming New Models - The report outlines seven key new models expected to launch in March 2026, including: 1. Chery iCAR V27: C-class hard-core extended-range SUV 2. Zhijie V9: C-class extended-range MPV 3. Zeekr 8X: C-class high-performance plug-in hybrid SUV 4. Other models from various manufacturers [8][9]. Investment Recommendations - The report suggests focusing on the new product launches in March as potential catalysts for investment in the automotive sector, particularly recommending Geely (Zeekr 8X) and Chery (Zhijie V9) [6][8]. - Specific recommendations include: 1. Geely: Positioned as a top choice for rebound due to low valuation 2. JAC Motors: Expected to benefit from a favorable competitive landscape 3. Leap Motor: Potential investment opportunity if sales expectations improve [6][8].

据第一商用车网统计，在2026年2月（2026年2月2日-2026年3月1日）的4周内，国内9家主流轻卡企业（或品牌）的"轻卡第一影响 力指数"总得分为1305分，环比2026年1月（2025年12月29日-2026年2月1日）的5周得分（1764）下降了26%，同比2025年2月 （2025年2月3日-2025年3月2日）的4周得分（1397分）下降了6.6%。 2月因春节假期的影响，"轻卡第一影响力指数"总得分出现下滑，但2月份依然不乏传播热点，大单交付、新车上市、新能源车型推广等 活动同样进行中，还有各品牌的多场新春送福利活动举行。 江淮交车忙 东风活动收官 重汽送福利 2月，马年开局之际，江淮1卡乘势而上、捷报频传，近百辆各系明星车型在全国多省市批量交付，覆盖冷链、学校团餐、快递、轻工业 产品运输等多元物流场景。15辆恺达EX6顺利交付福州某公司，11辆帅铃交付石家庄客户，5辆帅铃S9冷藏车也在石家庄顺利交付，绍 兴某物流公司批量采购10辆骏铃V7用于轻纺原材料及成品配送业务。同时，江淮1卡向绍兴另一物流公司交付8辆帅铃车型，20辆骏铃 V7冷藏车则正式交付上海某物流租赁公司，云南也有10辆江淮1卡冷 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - Passenger car demand is expected to marginally improve, with a focus on quality complete vehicles and auto parts companies [2][11] - The government emphasizes expanding domestic demand and promoting consumption, with specific measures to support the automotive sector, including a special bond of 250 billion yuan for consumer upgrades and a 100 billion yuan fund to stimulate demand [8][11] - The North American power shortage continues to validate the need for gas-fired power generation, with a growing demand for gas turbine and generator companies [12] - Recent financing trends indicate market confidence in the robotics industry, with the upcoming release of Tesla's Optimus V3 expected to catalyze growth in the robotics supply chain [13] Summary by Sections Investment Suggestions and Targets - Strong alpha auto parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include gas power generation, humanoid robotics, liquid cooling, and advanced driving technology [3][13] - Recommended stocks in the gas power generation sector include Silver Wheel Co., Ltd. and Weichai Power; in the liquid cooling sector, recommended stocks include Invec, Silver Wheel Co., Ltd., Top Group, and others; in the robotics sector, recommended stocks include New Spring Co., Ltd., Top Group, and others; in the advanced driving sector, recommended stocks include Jingwei Hirain Technologies and others; for complete vehicles, recommended stocks include BYD, SAIC Motor, and others [3][13] Sales Tracking - In February, brands such as Hongmeng Zhixing, Leap Motor, and NIO showed significant year-on-year sales growth, with Hongmeng Zhixing delivering 28,200 vehicles, a 31.1% increase year-on-year [14][40] - The overall passenger car market was weak in January-February due to policy transitions, but demand is expected to gradually release starting in March as subsidy details are announced [11][12] Market Trends - The automotive sector overall is under pressure, with the automotive index down 2.6%, underperforming the broader market [24] - Key companies showed mixed performance, with BYD up 4.81% while others like Silver Wheel Co., Ltd. saw an increase of 11.41% [25]

2026年2月份，我国新能源重卡整体销量超7000辆，同比小增9%，连增势头继续。 在2025年表现一直突出，但2026年首月却跑输市场"大盘"的新能源牵引车， 2月份表现如何？能否保持连增势头？跑赢还是跑输？各 家企业表现又是如何？ 请看第一商用车网带来的新能源牵引车市场观察。 2月新能源牵引车新增5128辆，同比小降1% 根据第一商用车网掌握的最新数据，2026年2月份，全国共新增新能源牵引车5128辆（本文数据来源为重型货车营运证入网销量口 径，非交强险口径，不含出口和军车，下同），环比下降67%，同比小降1%。从增幅来看，2月份新能源牵引车市场同比增速遭遇转负 （1月份新能源牵引车销量同比增长167%），交出环比、同比双降的成绩单；月销量环比1月份下滑超万辆，同比2025年2月份则低了 30余辆。2月份，新能源牵引车市场同比下降1%，跑输市场"大盘"（2月份新能源重卡市场整体销量同比小增9%），这是新能源牵引 车市场连续两个月跑输市场"大盘"。 2月份，全国有28个省级行政区有新增新能源牵引车，2月份新增超过200辆的省级行政区有9个；2026年1-2月，全国有30个省级行 政区有新增新能源牵引车，上 ...

Core Viewpoint - The sales of new energy heavy trucks in January 2026 exceeded 20,000 units, marking a significant growth, although a large portion of this was carried over from the previous year. February sales showed a decline compared to January but still reflected resilience in the market with a year-on-year increase [1][3]. Sales Performance - In February 2026, a total of 7,034 new energy heavy trucks were sold nationwide, representing a month-on-month decrease of 66% but a year-on-year increase of 9%. The year-on-year growth rate significantly narrowed compared to January's 184% increase [2][5]. - The cumulative sales for January and February 2026 reached 27,700 units, with a year-on-year growth of 102%. This growth rate has decreased from January's 184% but still indicates a doubling in sales [14][21]. Market Dynamics - The sales in February were influenced by the Spring Festival holiday, which affected the overall market activity. Despite the lower month-on-month sales, the year-on-year increase demonstrates the market's resilience [3][21]. - By February, all 31 provincial-level administrative regions in China had recorded sales of new energy heavy trucks, with 10 regions exceeding 1,000 units sold [3]. Company Performance - In February 2026, the top three companies in terms of sales were XCMG (1,220 units), Sinotruk (1,134 units), and SANY (1,034 units). Notably, XCMG maintained a market share of 17.3% [7][12]. - Several companies experienced significant year-on-year growth, with Chuangwei and United Heavy Trucks seeing increases of 2,571% and 186%, respectively [10][12]. Market Share - In February 2026, the market shares of the leading companies were as follows: XCMG (17.3%), Sinotruk (16.1%), and SANY (14.7%). The fourth place was held by Jiefang with a market share of 10.6% [12][19]. - The market share dynamics showed changes from January, with Chuangwei entering the top ten rankings, while some companies dropped out of the list [12][19]. Future Outlook - The upcoming months, particularly the "golden March and silver April" period, are critical for maintaining the growth momentum in the new energy heavy truck market. The industry is closely monitoring whether the positive sales trend can continue [21].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report highlights the increasing focus on "new energy vehicle mileage fees," analyzing the core logic, real motivations, and future implementation prospects within the context of China's fiscal structure and automotive industry development [4][5]. - There is a significant and growing funding gap for road maintenance, estimated at approximately 300 billion yuan, primarily due to the rising penetration of new energy vehicles, which is expected to exceed 57% by 2025, leading to a mismatch between traditional fuel tax revenues and road maintenance needs [3][4]. - The report anticipates that Hainan will likely be the first region to pilot the "mileage fee" policy due to its unique free trade port advantages, with initial trials expected to focus on commercial and operational vehicles [5]. Summary by Sections Fiscal Structure and Funding Gap - The current fiscal system relies on vehicle-related taxes as a core funding source for road construction and maintenance, with road maintenance fees incorporated into fuel consumption taxes since 2009 [4]. - The rapid increase in new energy vehicle adoption is creating a persistent funding gap for road maintenance, necessitating new revenue sources to address this shortfall [4][5]. Policy Implementation - The comprehensive rollout of the "mileage fee" policy is not expected to happen quickly, with initial trials likely to occur in Hainan, focusing on commercial vehicles before potentially expanding to private cars based on trial outcomes and market acceptance [5]. Technological Solutions - The report suggests that the Beidou positioning system's free-flow charging mechanism could serve as a viable alternative to fuel taxes, ensuring fair payment based on road usage while addressing the funding gap for road maintenance [5]. - The Beidou free-flow system has already achieved full coverage and large-scale application in Hainan, providing a solid technical foundation for future pilot projects [5]. Investment Recommendations - The report recommends focusing on companies involved in the implementation of the Beidou free-flow charging project, such as Information Development, as well as new energy vehicle manufacturers like Xiaopeng, NIO, and Li Auto, which are expected to benefit from trends in AI and demand recovery [3][4].