行 业 及 产 业 2026 年 03 月 25 日 行 业 研 究 / 行 业 点 相关研究 《油价上涨将撬动新能源 Beta，宇树 IPO 有望催化机器人板块 ——2026/3/16- 2026/3/22 汽车周报》 2026/03/23 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 看好 ——一周一刻钟，大事快评（W148） 本期投资提示： ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 汽车 评 证 请务必仔细阅读正文之后的各项信息披露与声明 券 研 究 报 告 高油价对新能源需求撬动影响 表 1：汽车行业重点公司估值表 | | | | 2026/3/24 | | PB | | 归母净利润（亿元） | | | 归母净利润增速 | | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | | 证券简称 | 收盘价 （元） | 总市 ...

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2026-026 北汽蓝谷新能源科技股份有限公司 关于公司职工董事离任并选举职工董事的公告 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。 重要内容提示： 北汽蓝谷新能源科技股份有限公司（以下简称"公司"）于 2026 年 3 月 19 日召开职工大 会 2026 年第一次会议，选举陈智女士为公司十一届董事会职工董事。 (二) 离任对公司的影响 根据《公司法》《公司章程》及相关规定，宋军先生上述职务的离任不会导致公司董事会 成员人数低于法定最低人数，且已按照公司相关管理制度做好离任职务的交接工作，不会影响 董事会和管理层正常运作，亦不会对公司规范运作及日常经营产生不利影响，其离任已于 2026 年 3 月 19 日生效。 截至本公告披露日，宋军先生持有公司 6.15 万股股份，其离任后将继续遵守法律法规关 于股份变动的相关管理规定及增持完毕 6 个月内不减持已增持股份的相关承诺。 公司董事会对宋军先生在任职期间为公司发展所做出的贡献表示衷心的感谢！ 二、新任职工董事选举 ...

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2026-028 北汽蓝谷新能源科技股份有限公司 关于变更董事长、经理及提名董事候选人的公告 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。 重要内容提示： 北汽蓝谷新能源科技股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日召开十一届 十八次董事会，选举刘观桥先生为公司十一届董事会董事长，提名宋军先生为公司十一届董事 会董事候选人，聘任宋军先生为公司经理。 一、董事长、经理、财务总监提前离任的基本情况 公司于近日收到董事长张国富先生，经理刘观桥先生及职工董事、常务副经理、财务总监 宋军先生提交的书面辞职报告。张国富先生因工作调整原因，不再担任公司十一届董事会董事、 董事长、董事会战略委员会主任委员、董事会提名委员会委员、董事会薪酬与考核委员会委员 职务；刘观桥先生因工作调整原因，不再担任公司经理职务；宋军先生因工作调整原因，不再 担任公司职工董事、常务副经理、财务总监职务。 | | | | 原定任期 | | 是否继续在 上市公司及 | 具体职务 | 是 ...

北汽蓝谷新能源科技股份有限公司 会议议程 2026 年第二次临时股东会 会议材料 2026 年 4 月 8 日 北京 1 / 4 | | ਜੋ | | --- | --- | | 会议议程 | �� | | 议室 1 : | 关于选举公司董事的议案 | 2 / 4 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 8 日 至2026 年 4 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日 的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股 东会召开当日的 9:15-15:00。 | 序号 | 内容 | | --- | --- | | 一 | 签到 | | 二 | 宣布会议开始，通报现场到会人员情况 | | 三 | 推选计票人和监票人 | | 四 | 审议议案 | | 五 | 股东发言提问 | | 六 | 现场投票表决 | | 七 | 统计表决结果 | | 八 | 宣布表决结果和法律意见书 | | 九 | 宣布会议结束 | 3 / 4 1、 股东会类型和届次：20 ...

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2026-029 北汽蓝谷新能源科技股份有限公司 关于召开2026年第二次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第二次临时股东会 召开的日期时间：2026 年 4 月 8 日 14 点 00 分 召开地点：北京市北京经济技术开发区东环中路 5 号 12 幢公司一层蓝鲸会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 8 日 至2026 年 4 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日 的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间 为股东会召开当日的 9:15-15:00。 (七) 涉及公开征集股东投票权 (六) 融资融券、转融通、约定购回业务账户和沪股通投资 ...

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2026-027 北汽蓝谷新能源科技股份有限公司 十一届十八次董事会决议公告 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。 北汽蓝谷新能源科技股份有限公司（以下简称"公司"）十一届十八次 董事会于 2026 年 3 月 14 日以邮件方式发出会议通知，会议于 2026 年 3 月 20 日以通讯表决的方式召开。经全体董事一致同意，本次会议由董事刘观 桥先生召集并主持，应出席会议董事 8 名，实际出席会议董事 8 名，公司高 级管理人员列席了会议。会议的召开符合《中华人民共和国公司法》及《公 司章程》的有关规定。 出席会议董事逐项审议并通过以下议案： 一、审议通过《关于选举董事长的议案》 三、审议通过《关于提名董事候选人的议案》 同意提名宋军先生为公司十一届董事会董事候选人，自股东会选举通过 之日起履职，任期与十一届董事会任期一致。 董事会提名委员会对本议案进行了事前审核并发表了同意的审核意见。 详见公司同日披露的《关于变更董事长、经理及提名董事候选人的公告》 （公告编 ...

点 击 蓝 字 关 注 我 们 | 目录 | | | | | | --- | --- | --- | --- | --- | | 序号 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 奇瑞新能源 | iCAR V27 | 2026 / 03 / 13 | C SUV | NP | | 2 上汽通用五菱 | 五菱 缤果S | 2026 / 03 / 13 | AO HB | NM | | 3 比亚迪汽车 | 方程豹 钛3 | 2026 / 03 / 13 | A SUV | NM | | র্ব 上汽通用 | 别克 至境世家 | 2026 / 03 / 17 | C MPV | NP | | 5 北汽新能源 | ARCFOX 阿尔法 S5 | 2026 / 03 / 18 | B NB | MCE2-1 | | ୧ 小鹏汽车 | 小鹏 P7 | 2026 / 03 / 18 | C NB | NM | | 7 一汽-大众 | 奥迪 A5L | 2026 / 03 / 19 | B NB | NM | | 8 小米汽车 | 小米 SU7 | 2026 / 03 / 19 ...

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].

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].

Core Viewpoint - The article discusses the significance of 6G and AI in shaping the future of digital economy and smart society, highlighting China's proactive approach in 6G development and the global telecommunications industry's focus on AI and 6G during the Mobile World Congress 2026 [3][4]. Group 1: 6G Development - China has initiated its 6G layout, with the technology first mentioned in the government work report in 2025 and the second phase of 6G technology testing starting in January 2026 [3]. - The global telecommunications industry showcased future network forms at the Mobile World Congress 2026, emphasizing AI and 6G as central themes [4][5]. - The expected timeline for 6G standardization is around 2030, with initial devices anticipated to be available by 2029 [18][19]. Group 2: AI and Computing Power - AI and computing power have become the main focus of the Mobile World Congress 2026, with AI capabilities being integrated into various devices and networks [6][7]. - Companies like Huawei and NVIDIA are positioning themselves in the AI computing infrastructure space, with Huawei showcasing its supernode computing cluster and NVIDIA collaborating with telecom giants to build AI-native 6G networks [8][9]. - The demand for computing power is rising, leading to a shift from single-machine performance to system-level architecture capabilities in AI data centers [8]. Group 3: Network Structure Evolution - The traditional network structure is evolving as devices gain computing capabilities, allowing for direct communication and collaborative computing among devices, potentially reducing reliance on centralized networks [10][16]. - The concept of "device-to-device" communication and satellite communication is being explored to enhance network coverage and capabilities, especially in areas with weak or no network [16][17]. - The rise of lightweight applications, such as offline games, demonstrates a shift towards less network-dependent experiences, enhancing user engagement [14][15]. Group 4: Industry Competition - The competition in the telecommunications industry is intensifying as the focus shifts from speed to the integration of network, computing, and cloud services, with 6G expected to be the starting point for this next-generation network [20]. - The rapid growth of AI devices and applications is challenging the existing communication structure, necessitating new solutions to meet increasing demands for low latency and reliability [19].