汽车行业 2026 年策略：L3 商用在即， 智能底盘有望批量应用 2025 年 12 月 18 日 看好/维持 汽车 行业报告 | 分析师 | 李金锦 | 电话：010-66554142 | 邮箱：lijj-yjs@dxzq.net.cn | 执业证书编号：S1480521030003 | | --- | --- | --- | --- | --- | | 研究助理 | 曹泽宇 | 电话：17512502830 | 邮箱：caozy-yjs@dxzq.net.cn | 执业证书编号：S1480124040003 | 投资摘要： 行情表现：受益汽车智能化加速推进与机器人产业发展的双重利好，零部件板块表现优于整车。2025 年 1 月 1 日至 12 月 12 日，中信乘用车指数下跌 0.40%，中信汽车零部件指数上涨 34.76%，整车板块跑输大盘，而零部件板块超额收益明显。 价格战加剧、市场竞争激烈导致整车企业表现在年中之后逐步走弱；相比之下，今年零部件企业受益 AI 快速发展带来的机器 人、液冷相关产业机会，估值显著回升，导致整车与零部件板块表现出现明显差异。 板块业绩上：乘用车板块营收增长，短 期盈利能 ...

截至本公告披露日，台州五城累计增持公司股票1,613,400股，占公司总股本0.60%，累计增持金额 20,957,455元。本次增持计划已实施完毕。 三、其他说明 ● 增持计划的实施结果：截至本公告披露日，台州五城累计增持公司股票1,613,400股，占公司总股本 0.60%，累计增持金额20,957,455元。本次增持计划已实施完毕。 一、增持主体的基本情况 （二）实际增持数量是否达到增持计划下限 √是 □否 本公司董事会、全体董事及相关股东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： ● 增持计划基本情况：浙江仙通橡塑股份有限公司（以下简称"公司"）于2024年12月17日披露《关于控 股股东增持股份计划的公告》（公告编号：2024-041），公司控股股东台州五城产业发展有限公司（以 下简称"台州五城"）计划在未来12个月内，通过集中竞价交易方式增持公司股份，增持金额不低于1600 万元人民币，不高于3200万元人民币，且不超过上市公司总股本的0.9%，资金来源为台州五城自有及 自筹资金。 1、本次增持计划已实施完毕，本次增 ...

格隆汇12月16日丨浙江仙通(603239.SH)公布，截至本公告披露日，台州五城累计增持公司股票 161.34万股，占公司总股本0.60%，累计增持金额2095.75万元。本次增持计划已实施完毕。 ...

每经AI快讯，浙江仙通（SH 603239，收盘价：19.42元）12月16日晚间发布公告称，截至本公告披露 日，台州五城累计增持公司股票约161万股，占公司总股本0.6%，累计增持金额约2096万元。相关增持 计划已实施完毕。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） 2024年1至12月份，浙江仙通的营业收入构成为：汽车零部件占比97.28%，其他业务占比2.72%。 截至发稿，浙江仙通市值为53亿元。 ...

证券代码：603239 证券简称：浙江仙通 公告编号：2025-042 浙江仙通橡塑股份有限公司 关于控股股东增持股份计划到期暨增持结果的公告 本公司董事会、全体董事及相关股东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： 增持计划基本情况：浙江仙通橡塑股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日披露《关于控股股东增持股份计划的公告》（公告编号： 2024-041），公司控股股东台州五城产业发展有限公司（以下简称"台州五城"） 计划在未来 12 个月内，通过集中竞价交易方式增持公司股份，增持金额不低于 1600 万元人民币，不高于 3200 万元人民币，且不超过上市公司总股本的 0.9%， 资金来源为台州五城自有及自筹资金。 二、增持计划的实施结果 （一）增持计划的实施结果 | 增持主体名称 | 台州五城产业发展有限公司 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

南财智讯12月16日电，浙江仙通公告，公司控股股东台州五城产业发展有限公司累计增持公司股份 161.34万股，占公司总股本0.60%，累计增持金额2095.75万元。本次增持计划已实施完毕，增持后台州 五城产业发展有限公司及其一致行动人合计持有公司8036.34万股，持股比例为29.69%。本次增持未导 致公司控股股东及实际控制人发生变化。 ...

浙江仙通公告，公司控股股东台州五城产业发展有限公司增持计划已到期。台州五城在2024年12月17日 至2025年12月16日期间，通过集中竞价交易方式累计增持公司股票161.34万股，占公司总股本0.60%， 累计增持金额2095.75万元。增持计划完成后，台州五城及其一致行动人持股数量为8036.34万股，持股 比例为29.69%。本次增持未导致公司控股股东及实际控制人发生变化。 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Economic News - In November 2025, the national industrial producer price index decreased by 2.2% year-on-year, while the purchasing price index fell by 2.5% year-on-year. The average for January to November shows a decline of 2.7% for the producer price index and 3.1% for the purchasing price index compared to the same period last year [1] - The consumer price index for November 2025 increased by 0.7% year-on-year, with an average for January to November remaining flat compared to the previous year [1] - The United Nations reported that global trade is expected to exceed $35 trillion for the first time in 2025, with a projected growth of approximately 7% compared to last year [1] - The International Monetary Fund (IMF) forecasts China's economic growth rate to reach 5% in 2025, an increase of 0.2 percentage points from previous estimates [1] - The Ministry of Industry and Information Technology has revised the management measures for public service platforms in industrial technology, focusing on key industries such as new energy, artificial intelligence, and biotechnology [1] Company News - Haiguang Information has terminated its plan to merge with Zhongke Shuguang through a share exchange [4] - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [4] - SIRUI announced the termination of its plan to acquire shares of Aola and will resume trading on December 10, 2025 [4] - Alibaba's Tongyi Qianwen has launched Qwen Code v0.3.0, enhancing its capabilities for developers [4] - Xiamen Airport is planning to acquire 100% equity of its controlling shareholder's subsidiary, Zhaoxiang Technology, using its own funds [4] Non-Bank Financial Sector - The recent adjustment of risk factors for insurance companies aims to enhance their long-term investment management capabilities and support the real economy [5][6] - Specific adjustments include lowering risk factors for certain stock indices and export credit insurance, which is expected to stabilize the capital market and improve the efficiency of insurance fund utilization [7][8] - The regulatory changes are anticipated to benefit major industry players and promote a balanced and healthy development of the equity market [9][10]