Group 1 - The capital market is active, with brokers conducting research on A-share companies to identify new opportunities, focusing on sectors like electronics and machinery [1][2] - A total of 440 A-share companies have been researched by brokers this year, with the electronics and machinery sectors leading in numbers, each having over 60 companies [2][3] - The power equipment sector has gained significant attention, with the State Grid Corporation announcing a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan [2][3] Group 2 - Over 1,000 A-share companies have disclosed their 2025 performance forecasts or reports, prompting brokers to adjust ratings and target prices for several stocks [4][5] - Notable companies such as Baiwei Storage and Jianghuai Automobile have received rating upgrades due to strong performance forecasts, with Baiwei expected to achieve a net profit of 850 million to 1 billion yuan, a year-on-year increase of 427% to 520% [5] - Brokers are focusing on structural opportunities in the stock market, particularly in technology growth and resource sectors, as the market is expected to transition to performance-driven growth [6][7] Group 3 - Brokers are particularly interested in the technology growth sector, emphasizing areas such as AI, semiconductor, and optical electronics, with companies like Kaisheng Technology and Baiwei Storage receiving significant attention [3][7] - The chemical sector has also seen increased research activity, with companies like Runfeng and Water Technology being researched by over 20 brokers [2][3] - The market outlook for 2026 suggests a potential revaluation of Chinese assets, with a focus on technology innovation and resource repricing as key investment themes [8]

| 证券研究报告 | | --- | | 行业研究 | [Tabl 行业周报e_ReportType] 1 月 1-18 日全国乘用车市场零售 67.9 万辆，宇树科技 2025 年人形机器人实际出货超 5500 台 [Table_Industry] 汽车周报 [Table_ReportDate] 2026 年 1 月 25 日 2 | | | | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [Table_Title] 1 月 1-18 日全国乘用车市场零售 67.9 万 辆，宇树科技 2025 年人形机器人实际出货 超 5500 台 [Table_ReportDate] 2026 年 1 月 25 日 投资要点： 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 ht ...

行业研究 证 券 研 究 报 告 汽车行业周报（20260119-20260125） 推荐（维持） 整车有望反弹，零部件仍聚焦新产业方向 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 投资建议： 一、数据跟踪 1 月上旬折扣环比持平（油车为主）。折扣率+9.6%，同比+0.8PP（1/10），环比持平（12/25）。 折扣金额 22,259 元，同比+2,192 元（1/10），环比+713 元（12/25）。1 月上旬折扣率变 动环比较大的主流品牌（油车为主）：华晨 ...

行 业 研 究 2026 年 01 月 25 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% 2025-01 2025-05 2025-09 汽车 沪深300 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 《 英 伟 达 发 布 推 理 智 驾 模 型 Alpamayo，智驾功能有望加速"平权" —行业点评报告》-2026.1.7 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 | 邓健全（分析师） | 赵悦媛（分析师） | 傅昌鑫（分析师） | | --- | --- | --- | | dengjianquan@kysec.cn | zhaoyueyuan@kysec.cn | fuchangxin@kysec.cn | | 证书编号：S0790525090003 | 证书编号：S079 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production milestones. For instance, Yushu's humanoid robot shipments exceeded 5,500 units in 2025, indicating a shift towards mass production [15]. - The Robotaxi industry is advancing rapidly, with plans for extensive deployment by companies like Cao Cao Mobility, which aims to introduce 100,000 fully customized Robotaxis by 2030 [16]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the past month. The new energy vehicle index rose by 2% weekly but was flat monthly, while the automotive parts index saw a 4% weekly increase and a 15% monthly increase [8][9]. 2. Domestic Humanoid Robots - The humanoid robot market in China is entering a rapid growth phase, with leading manufacturers achieving significant production volumes. Yushu and Zhiyuan have both reported substantial shipment numbers, indicating a breakthrough in mass production capabilities [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility is set to deploy 100,000 Robotaxis by 2030, with ongoing trials for their second-generation models. This initiative is expected to enhance the application of AI in transportation and contribute to the subscription-based vehicle market [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends key players such as Dechang Motor Holdings and Haoneng Co. The report also highlights the competitive landscape in the passenger vehicle market, suggesting differentiation strategies for companies like Great Wall Motors and SAIC Motor [17].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8][9]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production and sales milestones. The Robotaxi industry is also advancing rapidly, with plans for large-scale deployment by companies like Cao Cao Mobility [15][16]. - The report emphasizes the importance of identifying high-value technology routes and companies with inherent advantages, particularly in the humanoid robot and automotive sectors [17]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the month. The new energy vehicle index rose by 2% weekly and remained flat monthly, while the automotive parts index increased by 4% weekly and 15% monthly [8][9]. - Notable stocks with significant gains over the past month include Chaojie Co., Hengbo Co., and Wanxiang Qianchao, while stocks with notable declines include Haima Automobile and Aolian Electronics [10][11][13]. 2. Domestic Humanoid Robots - The humanoid robot market in China is rapidly expanding, with Utree achieving over 5,500 units shipped in 2025. Other companies like Zhiyuan also reported significant production numbers, indicating a shift towards mass production [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, with ongoing trials for their second-generation models. This sector is seen as a critical application for AI technology [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends leading firms in electric motors and reducers. It also highlights the competitive landscape for passenger vehicles and suggests companies like Great Wall Motors and BYD for long-term investment [17].

2025年12月份，新能源重卡市场同比暴涨198%，整体销量再创新高，其中充电重卡销量接近3万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？2025年走完，换电重卡行业格局有何新变化？ 请看第一商用车网的分析报道。 根据第一商用车网掌握的最新数据，2025年12月份，国内新能源重卡市场共计销售4.53万辆（注：本文数据来源为交强险实销口径， 不含出口和军车，下同），环比2025年11月份增长62%，同比增长198%。12月份，纯电动重卡（包括换电和充电）销售4.08万辆， 占比高达90.09%，虽较上月（97.46%）有所下滑，但仍是新能源重卡最重要的组成部分。这其中，换电重卡（本文所述的"换电重 卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡，以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动 重卡）销售1.15万辆，环比增长56%，同比也继续实现增长，增幅达到106%，同比增幅较上月（+147%）有所缩窄。12月份，换电 重卡106%的同比增速继续跑输新能源重卡市场"大盘"。 12月份，换电重卡在纯电动重卡销量中的占比为28.1 ...

第二条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和 利用他人账户持有的所有本公司股份。 公司董事和高级管理人员从事融资融券交易的，其所持本公司股份还包括记 载在其信用账户内的本公司股份。 第三条 本制度所指高级管理人员依照《公司章程》的规定确定。 安徽江淮汽车集团股份有限公司 董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对安徽江淮汽车集团股份有限公司（以下简称"公司"或 "本公司"）董事和高级管理人员所持本公司股份及其变动的管理，根据《中华 人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上海证券交易所股票上市规则》《上市公司董事、监事和高级 管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监 管指引第 15 号——股东及董事、高级管理人员减持股份》《上海证券交易所上市 公司自律监管指引第 8 号——股份变动管理》等相关法律法规、规范性文件及《安 徽江淮汽车集团股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制 定本制度。 第四条 公司董事和高级管理人员应当遵守《公司法》《证券法》和 ...

安徽江淮汽车集团股份有限公司 内部审计工作制度 1 总则 1.1 为加强安徽江淮汽车集团股份有限公司（以下简称"公司"）内部审计工作， 规范内部审计行为，促进公司高质量发展，根据《中华人民共和国审计法》《审 计署关于内部审计工作的规定》《上海证券交易所上市公司自律监管指引第1号 ——规范运作》等相关法律法规和其他规范性文件以及《安徽江淮汽车集团股份 有限公司章程》规定，结合本公司实际，制定本制度。 2 定义 2.1 本制度所称内部审计，是指对公司所属各单位财务收支、经济活动、内部控 制、风险管理实施独立、客观的监督、评价和建议，以促进单位完善治理、实现 目标的活动。 2.2 审计范围包括公司管理平台、事业部/技术中心、分公司、子公司以及对公 司具有重大影响的参股公司和公司派遣管理人员的其他相关单位。 3 审计机构、人员和工作准则 3.1 合规部是内部审计工作的归口管理部门，内部审计业务对董事会审计委员会 负责，向审计委员会报告工作，接受审计委员会监督指导；内部审计业务提交给 管理层的各类审计报告、审计问题的整改计划和整改情况应当同时报送审计委员 会。 3.2 内部审计人员应当具备从事审计工作所需要的专业能力。 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2026-004 本公司董事会及全体董事保证本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。 一、董事会会议召开情况 安徽江淮汽车集团股份有限公司（下称"本公司"）九届二次董事会会议于 2026年1月23日以现场结合通讯方式召开。本次会议通知及文件于2026年1月21 日以微信和电子邮件方式发出。出席本次董事会的董事应参与表决9人，实际参 与表决9人。本次会议符合《公司法》与《公司章程》的规定。 二、董事会会议审议情况 与会董事以记名投票的方式审议以下议案并形成决议如下： （一）审议通过《关于公司"十五五"发展规划纲要的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 安徽江淮汽车集团股份有限公司 九届二次董事会决议公告 "十五五"期间，公司将遵循"战略整合、战略聚焦、科技引领、开放合作、 深化改革"的发展原则。坚定智能新能源发展方向，持续加大研发创新力度，加 快向"科技型"企业转型，推动企业高质量发展。 本议案已经董事会战略委员会 2026 年第一次会议审议通过。 （二）审议通过《关于设立全资 ...