Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]

证券日报网1月20日讯，博俊科技（300926）在接受调研者提问时表示，公司一体化压铸主要客户有理 想汽车、吉利汽车、极氪、赛力斯（601127）、比亚迪（002594）、零跑、北汽新能源(享界)等主机 厂。 ...

国海证券研报指出，受益问界新车交付放量，赛力斯2025年12月单月销量突破6万辆，2025年全年销售 43.0万辆，同比+10.5%。2026年全新SUVM6有望延续爆款趋势，带动公司销量创新高。2025年12月9 日，鸿蒙智行"在一起"活动中，公布赛力斯2026年将推出全新SUVM6。结合公司打造M8/M7爆款的能 力，预计M6有望延续爆款趋势，继续提振公司2026年销量及营收。同时，公司其他车型也有望进行改 款，带动销量和利润提升。公司旗下问界高端化车型精准定位高净值客户人群，成功打造M9、M8等高 端车型。鉴于公司2026年新车及改款车型有望复刻其爆款逻辑，上调至"买入"评级。 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

财经频道更多独家策划、专家专栏，免费查阅>> 天眼查资料显示，重庆赛力斯凤凰智创科技有限公司，成立于2023年，位于重庆市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本122225万人民币。通过天眼查大数据分析，重庆赛力斯凤 凰智创科技有限公司参与招投标项目2次，专利信息2787条，此外企业还拥有行政许可2个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，重庆赛力斯凤凰智创科技有限公司申请一项名为"车辆转向控制方法与装 置"的专利，公开号CN121341275A，申请日期为2025年11月。 专利摘要显示，本申请涉及一种车辆转向控制方法与装置。所述方法包括：获取目标车辆的行驶环境信 息、驾驶员输入的第一转向控制信息，以及协同控制器输出的第二转向控制信息；根据行驶偏差信息、 行驶速度信息以及第一转向控制信息，分别得到对应于轨迹跟踪精度维度、驾驶员体验维度、驾驶员操 作负荷维度的权重值；根据对应维度的权重值，得到协同控制器对应的转向控制权重；利用转向控制权 重对第二转向控制信息以及第一转向控制信息进行加权处理，得到目标车辆的目标 ...

Core Insights - Huawei's partnership with various automotive manufacturers, including GAC Group and Dongfeng, marks a significant step in the development of smart connected vehicles, with over 1 million active users of Huawei's smart driving technology [1] - The penetration rate of smart vehicle technology in China has reached 50% in just five years, indicating rapid advancement in the industry [1] - The Chinese government emphasizes the importance of developing new energy vehicles as a pathway to becoming a strong automotive nation [1] Group 1: Technological Advancements - The Wuhu Zhijie Super Factory, a collaboration between Huawei and Chery, features 100% automation in welding and painting processes, showcasing the integration of AI in production [2] - Huawei's technology enhances driving experiences by optimizing features such as urban traffic congestion management and pedestrian recognition [2] - Huawei has established five major business segments in the smart automotive sector, focusing on core technologies like smart driving and vehicle control systems [3] Group 2: Successful Collaborations - The partnership between Huawei and Seres has led to the development of the "Wenjie" model, which has achieved significant market recognition and financial success, with projected revenues of 145.1 billion yuan in 2024, a 305.5% increase year-on-year [4] - Huawei's collaboration with Seres demonstrates the potential for traditional automakers to leverage Huawei's software and technology capabilities to enhance their manufacturing processes [4] - The "Hongmeng Zhixing" series of vehicles, including models across various price ranges, has achieved over 1 million units delivered, setting a record for new automotive brands [5] Group 3: Industry Impact - The launch of the first fuel vehicle equipped with Huawei's smart driving technology signifies a breakthrough in integrating advanced technology into traditional automotive designs [6] - Huawei's partnerships have led to the transformation of over 221 component manufacturers across multiple provinces, indicating a broad impact on the supply chain [6] - The collaboration with various automotive companies positions Huawei as a key player in driving the smart transformation of the Chinese automotive industry [7]

国海证券 将 赛力斯 集团股份有限公司A股评级上调至买进。 ...

国海证券将赛力斯集团股份有限公司A股评级上调至买进。 ...

Core Insights - The competition for the title of "Automobile Capital" in China is intensifying, with Chongqing projected to produce 2.788 million vehicles in 2025, marking a 9.7% increase and solidifying its position as the top city in vehicle production [1] - Chongqing's automotive industry is experiencing a resurgence after a decade, with significant growth in new energy vehicles (NEVs), expected to reach 1.296 million units, a 36% increase [1] - The issuance of China's first L3-level autonomous driving license to Changan Automobile signifies a historic milestone in the large-scale application of intelligent driving technology, positioning Chongqing as a leader in this field [1] Industry Overview - The automotive industry in Chongqing aims to reclaim its status as a leader, having previously reached a peak production of 3.156 million vehicles in 2016 before experiencing a decline to 1.383 million in 2019 [2] - The shift in consumer preferences towards mid-to-high-end vehicles and the rise of NEVs have been pivotal in reshaping the automotive landscape [2] - Changan Automobile's strategic pivot towards electric vehicles, including the "Shangri-La" plan to cease traditional fuel vehicle production by 2025, reflects the industry's adaptation to market demands [3] Company Developments - Changan Automobile's collaboration with Huawei and CATL has led to the launch of new high-end NEV brands, contributing to a projected total vehicle sales of 2.913 million by 2025, with NEV sales expected to reach 1.11 million, a 51.1% increase [3] - Seres, another key player, has transitioned from traditional manufacturing to NEVs, achieving significant growth and profitability, with projected NEV sales of 472,300 units in 2025, a 10.63% increase [5] - The partnerships with Huawei have been crucial for both Changan and Seres, enabling them to leverage advanced technology and market positioning in the competitive NEV sector [6][9] Competitive Landscape - The automotive industry is entering a new competitive phase, with a consensus that the NEV market will see accelerated consolidation, leading to a "淘汰赛" (elimination round) among brands [10] - Chongqing's strategic initiatives, including the development of smart connected vehicles and the establishment of a comprehensive industrial ecosystem, are aimed at enhancing its competitive edge [12] - Other cities, such as Guangzhou, are also intensifying their efforts to reclaim leadership in the automotive sector, highlighting the competitive dynamics at play [13] Challenges and Opportunities - Despite its advancements, Chongqing faces challenges in AI and core technology competitiveness, ranking 14th nationally in AI industry strength, which may hinder its long-term leadership in intelligent driving [15] - The city is focusing on addressing its weaknesses in talent acquisition and technological infrastructure to maintain its position in the evolving automotive landscape [15]

Group 1 - Chongqing has regained its title as "China's Automobile Capital" after nine years, with a projected total vehicle production of 2.788 million units in 2025, representing a growth of 9.7% [2][3] - The production of new energy vehicles (NEVs) in Chongqing is expected to reach 1.296 million units, marking a significant increase of 36%, with the industrial cluster scale surpassing 800 billion yuan [2] - Historical data indicates that Chongqing held the title of "China's Automobile Capital" for three consecutive years from 2014 to 2016, but faced competition from Shenzhen, which produced 2.9353 million vehicles in 2024 [4] Group 2 - The automotive industry in Chongqing is supported by traditional brands like Changan and emerging players like Seres, which is aiming to achieve a second million-unit production target within two years [4][6] - In January 2026, the "Wenjie" model reached a milestone of 1 million units produced at the Chongqing Liangjiang New Area super factory, highlighting the growth of local manufacturing capabilities [5] - Excluding direct-controlled municipalities, Hefei is emerging as a strong competitor for the title of "Automobile Capital," with Anhui province surpassing Guangdong in total vehicle production [8]