行 业 研 究 2026 年 02 月 01 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% 2025-02 2025-06 2025-10 汽车 沪深300 ——行业周报 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 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《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》-2026.1.25 《2025 年中国重卡销量达 114.5 万， 加拿大将中国电动汽车配额内关税降 至 6.1%—行业周报》-2026.1.18 《吉利集团 2025 年总销量首次突破 400 万辆，智元机器人登顶全球人形机 器人出货量榜首 — 行 业 周 报 》 -2026.1.11 FSD 付费 ...

Core Insights - Chery Group's new energy vehicle brand iCAUR is set to globally launch its mid-to-large all-round hybrid SUV, the iCAUR V27, on February 8th, 2026, in Dubai, marking its entry into the Middle East market [1][3] Product Development - The iCAUR V27 has undergone rigorous testing, with over 1,000 test vehicles deployed globally, completing more than 50 comprehensive test programs and exceeding 1 million kilometers in durability testing [5] - The V27 features a boxy body over 5 meters long, classic round headlights, and a spacious interior with a "Stellar Cockpit" concept, including a dual panoramic sunroof and a 2,900mm wheelbase for a comfortable five-seat layout [7] Performance and Technology - The V27 is powered by the Golden REEV (Range-Extended Electric Vehicle) technology, offering over 150 kilometers of pure electric range and more than 1,000 kilometers of combined range, catering to various driving needs [7] - The vehicle includes 39 pre-installed ecosystem ports and a range of upgrade accessories, enhancing the user experience and lifestyle [9] Market Strategy - Following the Dubai launch, the V27 is expected to be introduced in additional countries and regions throughout the year, providing a new choice for consumers seeking a classic, new-energy boxy SUV [10]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

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]

Core Viewpoint - The company, Huayu Automotive Systems Co., Ltd., will relocate its office to a new address on January 19, 2026 [1]. Group 1 - The new office address will be located at 501 Keyuan Road, Pudong New District, Shanghai, with the postal code 201203 [1]. - The company's investor contact number, fax, and email will remain unchanged despite the relocation [1].

证券代码：600741 证券简称：华域汽车 公告编号：临 2026-001 华域汽车系统股份有限公司 除办公地址外，公司投资者联系电话、传真、邮箱等均保持不变。 敬请广大投资者注意。 特此公告。 华域汽车系统股份有限公司 董 事 会 2026 年 1 月 17 日 1 关于迁址办公的公告 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。 华域汽车系统股份有限公司（以下简称"公司"）将于 2026 年 1 月 19 日迁至新址办公，现将相关信息公告如下： 办公地址：上海市浦东新区科苑路 501 号 邮政编码：201203 ...

Core Insights - The Ministry of Industry and Information Technology, Ministry of Education, Ministry of Culture and Tourism, and National Radio and Television Administration have jointly announced the "2025 Metaverse Typical Cases" list, highlighting various innovative applications and products in the metaverse sector from Nanjing [1]. Group 1: Typical Product Cases - Nanjing Lopu Co., Ltd. developed an LED display system for immersive metaverse cultural tourism scenarios, addressing key technical challenges and becoming a competitor to IMAX in the sphere of immersive experiences [2][4]. - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. created an AIGC digital human interactive platform that integrates multiple technologies, providing over 80,000 digital labor solutions across various industries [2][5]. - Zongshen Visual Technology (Nanjing) Co., Ltd. introduced a light field naked-eye 3D display system for remote operation in the mining industry, significantly improving operational efficiency by 2-3 times [2][6]. Group 2: Typical Park Cases - Nanjing Jiangning (University) Science and Education Innovation Park has been actively developing the metaverse industry since 2021, focusing on AR/VR/MR and other related fields, and has attracted 57 enterprises in the metaverse industry chain [2][9]. - The park has been recognized as a typical metaverse park by the Ministry of Industry and Information Technology for its advanced technology and rich application scenarios [9]. Group 3: Patent Trends - Nanjing's metaverse industry has seen a rapid increase in patent applications from 2016 to 2023, with a high average annual growth rate, particularly in the new infrastructure sector, which accounts for 76% of the total applications [3].

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Core Viewpoint - Huayu Automotive's stock price has shown a slight increase of 1.65% year-to-date, with recent trading activity indicating a mixed performance in terms of buying and selling pressure [2]. Group 1: Stock Performance - On January 7, Huayu Automotive's stock fell by 2.02%, trading at 20.33 CNY per share with a total transaction volume of 1.27 billion CNY and a market capitalization of 640.95 billion CNY [1]. - The stock has increased by 2.37% over the last five trading days, 2.94% over the last twenty days, and 1.30% over the last sixty days [2]. Group 2: Financial Performance - For the period from January to September 2025, Huayu Automotive reported a revenue of 130.85 billion CNY, representing a year-on-year growth of 9.51%, while the net profit attributable to shareholders was 4.688 billion CNY, up by 4.79% [2]. - The company has distributed a total of 33.773 billion CNY in dividends since its A-share listing, with 7.661 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Huayu Automotive's shareholders increased by 10.62% to 61,500, while the average circulating shares per person decreased by 9.60% to 51,287 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 164 million shares, an increase of 24.7921 million shares from the previous period [3].

内容概况：当前，车载毫米波雷达市场仍主要由博世、大陆、安波福等国际领先企业主导，但国内厂商 正凭借持续提升的技术实力与产品竞争力，逐步加快国产化替代进程。近年来，在汽车智能化快速演进 以及雷达芯片设计、制造工艺不断突破的推动下，中国车载毫米波雷达行业呈现出强劲的发展势头。据 统计，2015-2024年中国车载毫米波雷达行业市场规模从23.18亿元增长至88.22亿元，年复合增长率为 16.01%。未来，随着本土供应链日趋完善、研发投入持续加大以及下游整车企业对自主可控需求的日 益增强，国产车载毫米波雷达厂商有望进一步发挥贴近市场、响应迅速、成本优化等本土化优势，在竞 争中占据更有利的市场地位。预计2025年中国车载毫米波雷达行业市场规模将增长至99.29亿元。 相关上市企业：德赛西威（002920）、华域汽车（600741）、上汽集团（600104）、长安汽车 （000625）、吉利汽车（00175）、零跑汽车（09863）、赛力斯（601127）、比亚迪（002594）、理想 汽车-W（02015）、福田汽车（600166）等。 相关企业：北京行易道科技有限公司、木牛领航（江苏）科技有限公司、南京隼眼电子科 ...