[Table_Page] 深度分析|汽车 证券研究报告 [Table_Title] 汽车行业：26 年数据点评系列之四 乘用车连续两个月库存去化，出口增速表现亮眼 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-24 [Table_PicQuote] 相对市场表现 -20% -11% -2% 6% 15% 24% 03/25 06/25 08/25 10/25 01/26 03/26 汽车 沪深300 | [分析师： Table_Author]周伟 | | | --- | --- | | | SAC 执证号：S0260522090001 | | | 021-38003684 | | | gfzhwei@gf.com.cn | | 分析师： | 陈飞彤 | | | SAC 执证号：S0260524040002 | | | SFC CE No. BWZ819 | | | 021-38003726 | | | gfchenfeitong@gf.com.cn | | 分析师： | 闫俊刚 | | | SAC 执证号：S026051601 ...

往复式燃气发电机组作为 AIDC 主电源快速发展 [Table_Industry] 汽车 汽车行业周报（2026/3/13-2026/3/20） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 近一周，申万汽车指数下跌 4%，新能源整车指数下跌 3%，汽车零部件指数下跌 6%，商用车指数下跌 4%。往复式燃气发电机组作为 AIDC 主电源快速发展。 投资要点： 股票研究/[Table_Date] 2026.03.22 [Table_Invest] 评级： 增持 [Table_Report] 相关报告 股 票 研 究 证 券 研 究 请务必阅读正文之后的免责条款部分 行 业 跟 汽车《2 月淡季销量同环比下滑，新车周期有望 驱动市场回升》2026.03 ...

前瞻扩产布局，静待行业扩容 汽车 ——中国汽研（601965.SH）首次覆盖 证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 20 日 报告原因： | | | | 市场数据： | 2026 | 年 | 03 | 19 | 日 | 月 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 17.68 | | | | | 一年内最高/最低（元） | | | 20.30/16.07 | | | | | 市净率 | | | | | 2.4 | | | 股息率（分红/股价） | | | 1.92 | | | | | 流通 A 股市值（百万元） | | | 17,652 | | | | | 上证指数/深证成指 | | | 4,007/13,902 | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | 基础数据： | | | | 2025 | 年 | 09 月 | 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资 ...

证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 20 日 前瞻扩产布局，静待行业扩容 汽车 ——中国汽研（601965.SH）首次覆盖 报告原因： | | | | 市场数据： | 2026 | 年 | 03 | 19 | 日 | 月 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 17.68 | | | | | 一年内最高/最低（元） | | | 20.30/16.07 | | | | | 市净率 | | | | | 2.4 | | | 股息率（分红/股价） | | | 1.92 | | | | | 流通 A 股市值（百万元） | | | 17,652 | | | | | 上证指数/深证成指 | | | 4,007/13,902 | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | 基础数据： | | | | 2025 | 年 | 09 月 | 30 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资 ...

以下文章来源于数据宝 ，作者张智博 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 三部门部署氢能综合应用试点。 氢能迎来政策利好 3月16日，工信部、财政部、国家发改委印发《关于开展氢能综合应用试点工作的通知》（以下简称《通知》）。 《通知》指出，三部门通过"揭榜挂帅"方式，遴选产业基础好、应用场景丰富、氢能资源保障能力强、产业链条完整的城市群率先开展氢能综合应用试 点，科学、有序、积极探索氢能商业化综合应用路径，完善产业发展政策环境，推动氢能"制储输用"全产业链一体化融通发展。 到2030年，城市群氢能在多元领域实现规模化应用，终端用氢平均价格降至25元/千克以下，力争在部分优势地区降至15元/千克左右；全国燃料电池汽车 保有量较2025年翻一番，力争达到10万辆。 华泰证券表示，2026年政府工作报告提出"培育氢能、绿色燃料等新增长点"，"十五五"规划亦将氢能提升至"未来产业"战略高度，此外全球船运、航空碳 排管控政策亦逐步收紧，海内外政策共 ...

Core Viewpoint - The collaboration between China Automotive Engineering Research Institute (China Automotive Research) and ASEAN NCAP aims to enhance intelligent vehicle safety assessment standards in the ASEAN region through the introduction of the IVASA framework, which integrates local traffic characteristics and consumer needs [1][2]. Group 1 - The IVASA framework includes assessment requirements for L1-L2 intelligent driving assistance systems and smart cockpit evaluations that consider driving interaction safety and major local languages in ASEAN [2]. - The event gathered experts from various renowned institutions, facilitating discussions on ASEAN road safety and the development of intelligent vehicle assessment technologies [2]. - The IVISTA China Intelligent Vehicle Index is the first L2 driving assistance assessment standard in China, addressing challenges in quantifying automotive intelligent systems and has tested over a hundred mainstream intelligent connected vehicle models since its inception in 2018 [6]. Group 2 - The demonstration of IVASA testing scenarios for right-hand drive vehicles in the ASEAN market provided insights into typical road traffic signs and testing methods relevant to the region [4].

Core Insights - The article discusses the recent policy direction for hydrogen energy, emphasizing the goal of large-scale application in urban areas by 2030, with hydrogen prices expected to drop below 25 yuan per kilogram, and a target of doubling the number of fuel cell vehicles to 100,000 units [4]. Group 1: Latest Policy Direction - On March 16, three ministries released a notice on hydrogen energy comprehensive application pilot projects, aiming for significant advancements in technology innovation and industry chain upgrades to support green transformation [4]. Group 2: Key Materials and Components - Upstream key materials include catalysts from companies like 贵研铂业 and 中自科技, proton exchange membranes from 泛亚微透 and 百利科技, and membrane electrodes from 雄韬股份 and 威孚高科 [8]. - Upstream core components consist of air compressors from 汉钟精机 and 吴志机电, hydrogen circulation pumps from 德尔股份 and 腾龙股份, and thermal management systems from 银轮股份 and 腾龙股份 [8]. - Midstream system integration and testing involve fuel cell system integration by 亿华通 and 潍柴动力, along with testing equipment and technical services from 科威尔 and 中国汽研 [8].

Investment Rating - The report suggests a positive investment outlook for the smart driving industry, particularly focusing on companies that can leverage cost advantages and regulatory benefits in the evolving landscape of intelligent driving technology [5]. Core Insights - The smart driving sector is expected to maintain high growth momentum, driven by the trend of "Smart Driving Equality 2.0," which will see advanced features like urban NOA (Navigation on Autopilot) becoming more accessible to consumers in the 100,000 to 200,000 RMB price range [1][12]. - The L2 level of autonomous driving is entering a strong regulatory phase, which will benefit testing institutions and lead to a significant expansion of the market for compliance testing [2][29]. - The concept of scaling law is identified as a deterministic technological trend, with advancements in end-to-end architectures approaching L4 level capabilities [3][50]. - The Robotaxi business model has shown initial validation, indicating that the industry is on the verge of a significant turning point, particularly with the potential success of Tesla's Robotaxi [4][50]. Summary by Sections Section 1: Smart Driving Equality 2.0 - The trend of smart driving equality is expected to strengthen, with urban NOA features penetrating the 100,000 to 200,000 RMB price segment, supported by robust supply and demand dynamics [1][12]. - The penetration rate of urban NOA hardware configurations is projected to increase from 16% in 2025 to 25% in 2026, with sales expected to reach 5.45 million units, reflecting a year-on-year growth of over 50% [1][12]. Section 2: L2 Regulatory Phase - The L2 level is entering a strong regulatory phase, with the implementation of stringent standards that will benefit testing institutions and expand the market for compliance testing [2][29]. - The L3/L4 autonomous driving regulatory framework is gradually being established, moving from local trials to a national legal framework [2][40]. Section 3: Scaling Law and Technological Trends - The scaling law is recognized as a key technological trend, with the end-to-end architecture reaching preliminary L4 thresholds [3][50]. - The demand for computational power on the vehicle side is expected to grow alongside the increase in model parameters, necessitating companies to develop integrated software and hardware capabilities to remain competitive [3][50]. Section 4: Robotaxi Business Model - The Robotaxi model has been validated through successful regional operations by leading L4 manufacturers, indicating a growing consumer demand for such services [4][50]. - The success of Tesla's Robotaxi is seen as a potential catalyst for the industry, with significant implications for the advancement of high-level autonomous driving technologies [4][50].

| Par 12 3 2 2 2 2000 4000 1 810 1 2000 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 奥出营业部 | 是否为专场 | | 026-02-26 | 中国汽研 | 601965 | 19.98 399.6 | 20 | 公費是當選發業業 | 發動量發動品為 | | Ka | 2月26日，中国汽研大宗交易成交20万股，成交额399.6万元，占当日总成交额的2.45%，成交价19.98 元，较市场收盘价19.86元溢价0.6%。 ...

2月25日，中国汽研跌1.48%，成交额2.52亿元。两融数据显示，当日中国汽研获融资买入额1876.78万 元，融资偿还2043.33万元，融资净买入-166.55万元。截至2月25日，中国汽研融资融券余额合计2.27亿 元。 机构持仓方面，截止2025年9月30日，中国汽研十大流通股东中，中欧养老混合A（001955）位居第三 大流通股东，持股1283.44万股，相比上期增加382.41万股。中欧睿见混合A（010429）位居第五大流通 股东，持股730.99万股，相比上期增加249.33万股。农银新能源混合A（002190）位居第六大流通股 东，持股681.01万股，持股数量较上期不变。香港中央结算有限公司位居第七大流通股东，持股661.68 万股，相比上期增加226.42万股。南方中证500ETF（510500）位居第八大流通股东，持股586.92万股， 相比上期减少11.16万股。工银文体产业股票A（001714）位居第九大流通股东，持股564.15万股，相比 上期减少156.97万股。华商盛世成长混合（630002）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布 ...