证券日报网讯 1月21日，福耀玻璃在互动平台回答投资者提问时表示，关于出口退税政策的调整，其主 要涉及光伏、电池等行业，其中对玻璃产品的调整范围主要限于普通钢化玻璃，因此对公司整体影响较 为有限。为应对相关政策变化，公司将持续深化精益运营管理，有效降低政策带来的潜在影响。 （编辑 丛可心） ...

证券日报网讯 1月21日，福耀玻璃在互动平台回答投资者提问时表示，公司对欧洲业务采取"1+N"运营 模式：以国内多个临近港口的生产基地作为统一供应链支点（"1"），将产品出口至德国、匈牙利等多 个海外基地（"N"）进行玻璃后道附件安装与本地化加工。该模式有效提升了供应链的协同灵活性与响 应速度，不仅增强了欧洲客户的黏性，也为其提供了更优质的服务。 （编辑 王雪儿） ...

Group 1 - The core viewpoint of the article highlights Fuyao Glass's strategic expansion in Europe, including the establishment of an intelligent production base in Fuzhou and an assembly base in Hungary, which are crucial for the company's "1+N" operational model [1] - The company is focusing on advanced technology and product development, including smart panoramic sunroof glass, adjustable light glass, frameless laminated tempered glass, head-up display glass, lightweight ultra-thin glass, and coated heat-insulating glass [1] - Fuyao Glass's overseas market expansion is progressing steadily, with all initiatives being executed according to plan [1]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The implementation of the China-Europe electric vehicle price commitment mechanism is expected to stabilize sales expectations for Chinese electric vehicles in Europe and promote the high-end and localized transformation of automakers [5][13] - Multiple provinces have opened applications for the 2026 automotive replacement subsidy, indicating a clear path for local governments to implement the policy [14] - Great Wall Motors has launched the "Guiyuan" platform, which is the world's first native AI all-power platform, designed to support various power forms and enhance development efficiency [6][14] - The report expresses a positive outlook for 2026, highlighting opportunities in the high-end upgrade of domestic brands and the acceleration of smart technology penetration [15][16] Summary by Sections Recent Performance - The automotive sector outperformed the Shanghai Composite Index with a 1-week increase of 0.5% from January 12 to January 16, 2026, while the Shanghai Composite Index decreased by 0.4% [17] - The performance of individual stocks varied, with notable increases in companies like Ideal Auto (+2.4%) and declines in others like Li Auto (-3.5%) [17][23] Key Companies and Earnings Forecast - Key companies recommended include: - Jianghuai Automobile - Leap Motor - Great Wall Motors - BYD - SAIC Motor - China National Heavy Duty Truck [7][8] - Earnings per share (EPS) forecasts for selected companies show growth, with Great Wall Motors expected to reach an EPS of 2.03 in 2026 [8] Industry Indicators - In December 2025, automotive production and sales reached 3.296 million and 3.272 million units, respectively, with a year-on-year decrease of 2.1% and 6.2% [42] - New energy vehicles accounted for approximately 52% of total new vehicle sales, indicating a significant market shift towards electrification [42]

Core Viewpoint - Fuyao Decorative Parts (Anhui) Intelligent Technology Co., Ltd. has been established as a wholly-owned subsidiary of Fuyao Glass, focusing on the manufacturing of automotive parts and components [1] Company Summary - The legal representative of the newly established company is Ye Shu [1] - The registered capital of the company is 300 million yuan [1] - The business scope includes the manufacturing of automotive parts and accessories [1]

Group 1 - The core point of the article is the establishment of Fuyao Parts (Anhui) Intelligent Technology Co., Ltd., which has a registered capital of 300 million yuan [1] - The company's business scope includes manufacturing and research of automotive parts and accessories, retail and wholesale of automotive components, manufacturing and sales of intelligent vehicle-mounted equipment, and research on new material technologies [1] - Fuyao Parts is wholly owned by Fuyao Glass, indicating a strategic expansion into the automotive parts sector by the parent company [1]

Core Viewpoint - Fuyao Glass (600660) has established a new subsidiary, Fuyao Decorative Parts (Anhui) Intelligent Technology Co., Ltd., focusing on automotive components and smart vehicle equipment manufacturing [1] Company Summary - The new company is fully owned by Fuyao Glass, indicating a strategic expansion into the automotive parts sector [1] - The registered capital of the new subsidiary is 300 million RMB, reflecting a significant investment in the automotive industry [1] Industry Summary - The business scope includes manufacturing and retail of automotive parts, research and development of automotive components, and smart vehicle equipment [1] - The company also plans to engage in the manufacturing and sales of railway locomotive and vehicle parts, diversifying its operational focus [1]

Core Viewpoint - Fuyao Glass has established a new subsidiary, Fuyao Parts (Anhui) Intelligent Technology Co., Ltd., focusing on automotive parts manufacturing and related services [1] Company Summary - The new company was founded on January 15, with a registered capital of 300 million RMB [1] - The legal representative of the company is Ye Shu [1] - Fuyao Parts is wholly owned by Fuyao Glass (stock code: 600660) [1] Industry Summary - The company's business scope includes manufacturing and research of automotive parts, retail and wholesale of automotive components, manufacturing and sales of intelligent vehicle-mounted equipment, and research on new material technologies [1] - Additionally, the company is involved in manufacturing and sales of railway locomotive and vehicle parts [1]

Core Viewpoint - Recently, Fuyao Decorative Parts (Anhui) Intelligent Technology Co., Ltd. was established, indicating Fuyao Glass's expansion into the automotive parts sector [1] Company Information - The legal representative of the new company is Ye Shu [1] - The registered capital of the company is 300 million RMB [1] - Fuyao Glass (600660) holds 100% ownership of the new company [1] Business Scope - The company’s business scope includes manufacturing and research of automotive parts and accessories [1] - It also covers retail and wholesale of automotive parts, manufacturing and sales of intelligent vehicle-mounted equipment, and research on new material technologies [1] - Additionally, the company is involved in manufacturing and sales of railway locomotive and vehicle parts [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]