超70家业绩预喜 上汽集团、动力新科盈利居前 2025年报业绩预告向好的汽车行业上市公司中，50家业绩预增，8家业绩略增，1家业绩续盈，16家业绩扭亏。 以预告归母净利润下限统计，14家公司预计归母净利润超过10亿元。其中，上汽集团的预告归母净利润下限为90亿元，位列第一；动力新科、隆鑫通用的预 告归母净利润下限超过15亿元。 Your browser is not supported 新华财经北京2月26日电信披数据显示，截至2月24日，申万一级分类为汽车的A股上市公司中，有130多家公司发布了2025年度业绩预告。 其中，业绩偏正面（包括预增、略增、续盈、扭亏）的企业占比约54%。业绩偏负面（预减、略减、首亏、续亏）的企业占比约46%。 图1：汽车行业2025年度业绩预告类型统计 | 证券代码 | 证券简称 | 业绩预告类型 | 预言语 | | --- | --- | --- | --- | | 601238.SH | 广汽集团 | 首亏 | | | 600733.SH | 北汽蓝谷 | 续亏 | | | 600418.SH | 江淮汽车 | 续亏 | | | 000903.SZ | ST云动 | 续号 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

IT之家 2 月 24 日消息，北汽新能源极狐品牌用户运营中心副总经理乔心昱今日发文宣布，极狐全新阿尔法 S5 将于 3 月中下旬上市，3 月初开启预售。 乔心昱还公布了极狐全新阿尔法 S5 的部分亮点信息，包括：256 色天幕极光氛围灯、19 扬音响系统配合天空通道、零重力运动云绒座椅、北汽元境智能辅 助驾驶等。 256色天幕极光氛 "听点好的 19扬音响系统配合天空通道 72 6380 t 3 p ts 81 sp n o P (6 I og & 标 斯 RE READ 15:31 R Hillor f / THE UNE AND : : = i 97 R 互好的 66 北汽元境智能辅 IT之家注意到，全新极狐阿尔法 S5 官图已发布，新车定位"AI 高性能宽体轿跑"，造型上延续现款车型，前包围进行了重新设计，更强调动感风格，并新增 了绿色车漆，预计仍旧采用双拼色设计。该车长宽高分别为 4886/1930/1480mm，轴距为 2900mm。 值得一提的是，该车还将提供增程版本（IT之家注：现款仅有纯电）。增程版搭载 1.5 升增程器，最大功率为 77kW，电机最大功率 200kW，匹配 27.4kWh ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

据了解，全新极狐阿尔法S5官图已发布，新车定位"AI高性能宽体轿跑"，造型上延续现款车型，前包围 进行了重新设计，并新增了绿色车漆。该车长宽高分别为4886/1930/1480mm，轴距为2900mm。 值得一提的是，该车还将提供增程版本，匹配27.4kWh电池，纯电续航175km。 凤凰网科技讯2月24日，北汽新能源极狐品牌用户运营中心副总经理乔心昱发文宣布，极狐全新阿尔法 S5将于3月中下旬上市，3月初开启预售。 乔心昱还公布了极狐全新阿尔法S5的部分亮点信息，包括：256色天幕极光氛围灯、19扬音响系统配合 天空通道、零重力运动云绒座椅、北汽元境智能辅助驾驶等。 ...

IT之家 2 月 23 日消息，华为鸿蒙HarmonyOS 6（基于 API 23）开发者 Beta 版本已于本月早些时候招募、推送。该版本因新增大量新特性，不少用户猜测其 正式版本号或为 HarmonyOS 6.1。 IT之家注意到，目前华为官网再曝光一项新特性 —— HarmonyOS 特征卡片，支持待机屏保。在待机屏保 下，系统会并排展示 2 个 2*2 尺寸的卡片，并放大以填充锁屏。该卡片同时具备清晰可见、沉浸视觉、轻量 交互等设计原则： IT之家 2 月 23 日消息，华为鸿蒙HarmonyOS 6（基于 API 23）开发者 Beta 版本已于本月早些时候招募、推送。该版本因新增大量新特性，不少用户猜测其 正式版本号或为 HarmonyOS 6.1。 IT之家注意到，目前华为官网再曝光一项新特性 —— HarmonyOS 特征卡片，支持待机屏保。在待机屏保下，系统会并排展示 2 个 2*2 尺寸的卡片，并放大 以填充锁屏。该卡片同时具备清晰可见、沉浸视觉、轻量交互等设计原则： ...

Group 1 - The establishment of Beijing Yuanzheng Intelligent Technology Co., Ltd. has been officially registered, with a legal representative named Liu Guanquiao and a registered capital of 5 million RMB [1] - The company's business scope includes engineering and technology research and experimental development, IoT application services, AI basic software development, software development, and automotive parts research and development [1] - Beijing New Energy Automobile Co., Ltd. holds 100% ownership of the newly established company [1]

Core Viewpoint - The potential resurgence of 7-inch smartphones is being tested by two manufacturers, indicating a response to user demand for larger screens in a market filled with small tablets and foldable phones [1][4]. Group 1: Market Context - The current market already has 7-inch smartphones, such as Huawei's Mate70 Air, which measures 6.96 inches and has a width of 81.5mm, significantly wider than the Xiaomi 17 Ultra at 77.6mm, affecting user grip [1][4]. - The disappearance of large-screen smartphones in the past was attributed to usability issues, but the scarcity of large screens has diminished as technology has advanced [10][12]. Group 2: Reasons for Resurgence - The first reason for the revival of 7-inch smartphones is the increased internal space, allowing manufacturers to incorporate larger batteries, advanced imaging modules, and enhanced cooling systems [4][6]. - The second reason is the improved viewing experience, where a transition from 6.7 inches to 7 inches enhances information density, reading comfort, multitasking space, and video immersion [6][8]. Group 3: Challenges and Considerations - The main challenge for manufacturers is to ensure that the 7-inch device remains portable and user-friendly, maintaining single-handed usability and pocket storage [6][12]. - The device must provide a unique experience that differentiates it from foldable screens and small tablets, offering a straightforward large display without the need for unfolding or carrying an additional device [8][14]. Group 4: User Experience and Market Position - The 7-inch smartphone could become a "second mainstream" option for specific user groups, such as business professionals and heavy mobile gamers, rather than a universal choice [12][16]. - Manufacturers must focus on hardware weight distribution and software adaptation to fully utilize the larger screen, ensuring that it enhances user experience without compromising portability [14][18]. Group 5: Conclusion - The introduction of 7-inch smartphones represents an attempt by manufacturers to break away from market homogenization, aiming to redefine large-screen experiences without reverting to past trends [16][18].

Core Viewpoint - Beiqi Blue Valley is expected to narrow its annual losses while actively investing in autonomous driving technology [1] Group 1: Financial Performance - The company is projected to achieve a loss reduction year-on-year [1] - By 2025, the company aims to reach sales of 209,600 units, representing an 84% year-on-year increase [1] - The company is currently in a loss phase due to strategic investments, with a projected PE ratio of -/-/50X [1] Group 2: Technological Development - Beiqi Blue Valley is the first in the industry to achieve full coverage of L2 to L4 autonomous driving technologies [1] - The company has partnered with Pony.ai to develop and mass-produce L4 autonomous vehicles, preparing for the large-scale deployment of L4 models [1] - The collaboration focuses on rapidly developing the L4 model for overseas markets such as Europe and the Middle East, aiming to cultivate new growth points in the Robotaxi business [1] Group 3: Strategic Initiatives - The company is implementing a "three-year leap" strategy, continuously investing in product development and channel construction [1] - The ongoing investments are expected to have a phased impact on the company's performance [1] - As new products are launched according to plan and cost reduction measures are further implemented, the company's profitability is anticipated to improve [1]

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 [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].