多家外媒和分析机构表示，这份下跌与特朗普上周重申其"支持美国汽车工人"的立场，并同时公开表 态"让中国进来"的言论息息相关。 与一年前对待中国汽车时的强硬态度不同，这份"敞开国门"的180°公开态度翻转，似乎正意味着特朗普 对于中国汽车的敌意减弱，但从市场来看，这份反应却截然相反。资本市场更关注企业盈利前景、贸易 壁垒与产业路线选择的不确定性。 通用和福特电动化布局受挫、Stellantis利润压力加剧，加之贸易与技术限制持续施压，都令美国汽车市 场蒙上了一层更厚的阴影，而得到特朗普"口头解禁"的中国汽车产业，又将如何在这份环境下探索美国 市场，仍充满着诸多疑问。 （文/观察者网 张家栋 编辑/高莘） 据《日经亚洲》1月19日报道，在最近一个交易周，美国主要汽车制造商的股价出现了明显回落。其 中，通用汽车股价累计下跌约3%，福特汽车下跌约4%，Stellantis跌幅更是达约11%。 特朗普视察美国汽车工厂 盖蒂图片社 邀请与阻隔并存 换言之，市场的反应也预示着美国政府本身对待全球贸易时的一种更深层次矛盾，即特朗普口中的开 放，究竟意味着什么？ 特朗普发表"欢迎中国车企"的言论是在其1月中旬到访密歇根期间，特 ...

这些风格迥异的城市区域，正以各自的方式重塑中国汽车产业的未来格局，同时也折射出地方政府在产 业转型中的战略分化。 2025年，在中国汽车产业版图的激烈重构中，"第一城"之争已从单一的产量竞赛，演变为发展模式与产 业生态的全面比拼。 在成渝城市群，重庆凭借赛力斯（601127）在高端市场的突破和长安汽车的稳健增长，以全年近280万 辆的汽车产量提前锁定"中国汽车第一城"，而隔壁的成都虽然并不在第一梯队，但其通过与一汽的业务 合作，以及与重庆的产业协同，也实现了汽车产业的快速发展。 在长三角，合肥借助"以投带引"的精准招商，在新能源汽车赛道异军突起，其2025年前11月新能源汽车 产量全国第一。合肥的崛起，意味着此前上海一家独大的区域产业格局，开始走向"群雄并起"的新时 代。 在珠三角，2019年至2023年蝉联"中国汽车第一城"的广州，在产业转型浪潮中的掉队压力在2025年更为 明显。2024年刚成为"中国汽车第一城"的深圳，虽坐拥比亚迪（002594）与华为两大巨头，却并不热衷 于制造环节，而是倾向于锁定更高附加值的产业链上游…… 这些风格迥异的城市区域，正以各自的方式重塑中国汽车产业的未来格局，同时也折射出 ...

15只个股今日获机构买入型评级，南方精工、申菱环境为机构首次关注。 业绩方面，机构评级买入个股中，公布年度业绩预告的共有7只，以净利润增幅中值来看，净利润增幅 最高的是胜宏科技，公司预计年度业绩净利润同比增长277.68%，其次是药明康德、隆鑫通用等，预计 净利润增幅中值分别为102.65%、53.84%。 从机构评级变动看，今日机构买入型评级记录中，有2条评级记录为机构首次关注，涉及南方精工、申 菱环境等2只个股。 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 中金公司 | 跑赢行业 | 跑赢行业 | 1860.00 | 1376.00 | | 000333 | 美的集团 | 华创证券 | 强推 | 强推 | 93.40 | 77.62 | | 002714 | 牧原股份 | 华泰证券 | 买入 | 买入 | 54.90 | 47.18 | | 600025 | 华能水电 | 国泰海通 | 增持 | 增持 | 10.78 ...

行业研究 证 券 研 究 报 告 汽车行业跟踪报告 中欧电动车案达新共识，中国汽车出海有望 推荐（维持） 迈上新台阶 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 《指导文件》框定了两种最低价格确定方式：1）到岸价+此前反补贴税额、2） 欧盟可比车型售价，需包含成本+合理利润。与反补贴税背景下的主要变化在 于反补贴税部分的额度从原来车企需支付的成本变成车企和经销商潜在的利 润。我们预计未来数月中国出口商将根据《文件》提交相关价格保证方案并与 欧盟达成最终的定价，后续中国车企有望加速以贸易、建厂形式出海，对欧洲 电动车出口景气度也有望逐步回升。 25 年欧洲轻型车市场约 1700 万辆，新能源渗透率约 23%。根据 Marklines， 17-19 年欧洲（含俄罗斯）轻型车销量超过 1900 万辆，后因内外因素市场空间 有所下滑，24 年欧洲轻型车销量为 1734 万辆，新能源渗透率 17.4 ...

Core Viewpoint - The article discusses the evolving landscape of China's automotive industry, highlighting the competition among cities and the strategic differentiation of local governments in industrial transformation [2][4]. Group 1: Chengdu-Chongqing Region - Chongqing is set to become "China's Automotive Capital" with an annual production of 2.788 million vehicles in 2025, marking a 9.7% increase, and 1.296 million of these being new energy vehicles (NEVs), which is a 36% growth [4][5]. - The success of Chongqing's automotive industry is attributed to local government support and strategic partnerships, particularly the collaboration between local company Seres and tech giant Huawei [5][6]. - Chengdu's automotive production reached 821,000 vehicles in 2025, a 26.6% increase, with NEV production soaring by 198.3% to 205,000 units [7]. Group 2: Yangtze River Delta - The Yangtze River Delta remains a stronghold for the automotive industry, contributing 28% of national production, with NEVs accounting for 34.6% of the total [11]. - Shanghai's automotive production has declined, with 1.6011 million vehicles produced in 2025, representing about 5% of national output [11]. - Hefei has emerged as a key player in NEVs, producing 1.246 million units in 2025, the highest in the country, driven by government initiatives and partnerships with major manufacturers [12][14]. Group 3: Pearl River Delta - Shenzhen has overtaken Guangzhou as "China's Automotive Capital" in 2024, with BYD producing 4.5374 million NEVs, making it the global leader in this segment [16][17]. - The shift in production statistics from "enterprise location" to "production location" has impacted Guangdong's ranking in automotive output [16]. - Guangzhou's automotive industry faces challenges in transitioning from traditional fuel vehicles to NEVs, with a significant focus on integrating advanced technologies and smart transportation systems [18][19].

Group 1 - The passenger car sector increased by 0.68% on January 19, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the passenger car sector showed varied performance, with notable increases in stocks like Haima Automobile (3.48%) and SAIC Motor (1.73%) [1] Group 2 - The net inflow of main funds in the passenger car sector was 63.56 million yuan, while retail investors experienced a net outflow of 45.99 million yuan [1] - Haima Automobile had a significant main fund net inflow of 73.46 million yuan, while retail investors saw a net outflow of 86.47 million yuan [2] - BYD experienced a net outflow of 88.17 million yuan from main funds, indicating a negative trend in investor sentiment [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][9]. Core Insights - The lithium battery sector experienced a price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which rose by 64.40% and 77.51% respectively from early December 2025 to mid-January 2026 [5][41]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year growth of 7.14% and a monthly market share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors in 2026, despite a projected slowdown in sales growth due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose, while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 were 1.71 million units, with a year-on-year increase of 7.14% and a month-on-month decrease of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year growth of 30.11% [5][14]. - The report indicates that the prices of upstream raw materials have generally increased, with battery-grade lithium carbonate and lithium hydroxide prices significantly rising [5][41]. Industry and Company News - The report includes various industry updates, such as the launch of new battery production lines by major companies like CATL and the establishment of new manufacturing facilities in Europe [54].

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [5][6]. Core Insights - The lithium battery sector has experienced a general price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which have risen by 64.40% and 77.51% respectively since early December 2025 [5][6]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year increase of 7.14% and maintaining a monthly sales share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors, despite a projected slowdown in sales growth rates for 2026 due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 totaled 1.71 million units, with a year-on-year growth of 7.14% and a month-on-month decline of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year increase of 30.11% [5][14]. - The report indicates that the prices of key raw materials, including battery-grade lithium carbonate and lithium hydroxide, have seen substantial increases, with prices reaching 157,000 CNY/ton and 150,000 CNY/ton respectively [5][14]. Industry and Company News - The report mentions significant developments in the industry, including the launch of new production lines and the expansion of battery manufacturing capacities by major companies [54]. - Notable announcements include the establishment of a new battery cell production facility by Volkswagen in Germany and the opening of a large battery manufacturing plant by Envision AESC in the UK [54].

Core Viewpoint - The lithium battery industry is entering a new cyclical growth phase in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a "spiral rise" in both quantity and price [3]. Group 1: Market Outlook - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, and the energy storage sector is expected to grow at an impressive rate of 48.3% [5]. - The demand surge is expected to significantly impact the supply of battery cells and four major upstream materials, highlighting a potential supply gap in the future [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the announcement of the "Top Ten Lithium Material Brands of 2025," and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9]. - Sub-forums will address the current status and development trends of key materials for power batteries, solid-state battery industry trends, and the optimization of revenue structures for energy storage projects under policy empowerment [11].

Core Viewpoint - The new energy light truck market in China achieved significant growth in 2025, with total sales reaching 177,000 units, representing a year-on-year increase of 70% [1][30][37]. Sales Performance - In December 2025, the new energy light truck market sold 24,900 units, marking a 72% year-on-year increase and a 56% month-on-month increase [4][24]. - The overall light truck sales in December reached 59,800 units, with new energy light trucks accounting for 41.65% of the total, up from 29.56% in November [9][24]. Market Share and Leading Companies - The top companies in the new energy light truck market for 2025 included: - Yuan Cheng New Energy Commercial Vehicles: 34,700 units, 46% growth, 19.6% market share [2][31]. - Foton Motor: 29,600 units, 133% growth, 16.7% market share [2][31]. - JAC Motors and SAIC Yuejin: both at 13,600 units, with 149% and 151% growth respectively, each holding 7.7% market share [2][31]. - BYD and Weichai New Energy sold 7,941 and 7,400 units respectively, with BYD achieving a 193% increase [2][31]. Regional Insights - Guangdong province led the market with over 54,300 units sold, accounting for 30.7% of the national total [11][13]. - Other provinces such as Henan, Jiangsu, and Zhejiang also showed significant growth, with increases of 126%, 173%, and 154% respectively [13]. Fuel Type Distribution - Pure electric vehicles dominated the market, comprising 92.04% of new energy light truck sales in 2025, an increase from previous years [16][18]. - Hybrid models accounted for 6.13% of sales, while hydrogen fuel cell vehicles made up 1.83% [18]. Future Outlook - The new energy light truck market has shown a continuous growth trend, achieving a "24 consecutive increases" milestone [4][37]. - The industry anticipates whether this growth momentum will continue into 2026 [37].