行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Core Viewpoint - The partnership between Haike Xinyuan and BYD marks a significant step in the electrolyte supply chain, with a total procurement volume expected to exceed 300,000 tons over three years, indicating strong growth potential for both companies in the lithium battery sector [3][4]. Group 1: Partnership Details - On January 23, Haike Xinyuan signed a long-term cooperation agreement with BYD Lithium Battery Co., Ltd., committing to supply at least 100,000 tons of electrolyte products annually through pipeline transportation [3]. - The agreement includes the procurement of four types of solvents: Dimethyl Carbonate (DMC), Ethylene Carbonate (EC), Ethyl Methyl Carbonate (EMC), and Diethyl Carbonate (DEC) [3]. - Haike Xinyuan is one of the few domestic companies capable of supplying five types of lithium battery carbonate solvents and additives, already collaborating with major players in the electrolyte supply chain [3]. Group 2: Market Context - Since the second half of 2025, Haike Xinyuan has been actively securing contracts, with total supply expected to exceed 1.36 million tons, indicating a robust demand in the electrolyte market [4]. - The lithium battery electrolyte shipments in China are projected to reach 211,000 tons in 2025, reflecting a year-on-year growth of 45.3%, with leading companies like Kunlun New Materials and Fanelite ranked third and eighth in shipment volume [4]. Group 3: BYD's Expansion - BYD is a key player in the energy storage market, and its demand for lithium materials is expected to rise as the market grows [4]. - BYD's battery production capacity is projected to reach 650 GWh, with expectations of further increases to over 800 GWh in the next 1-2 years [6]. - The collaboration with Haike Xinyuan is closely tied to BYD's electrolyte project in Yichang, Hubei, which is part of a broader strategy to enhance its industrial layout in the region [7]. Group 4: Synergy and Efficiency - The proximity of Haike Xinyuan and BYD's operations in Yichang allows for efficient collaboration, leveraging the local lithium battery industry ecosystem to reduce costs and enhance production efficiency [8]. - This partnership is expected to foster technological advancements and scale production capabilities in the lithium battery sector, benefiting both companies [8].

Core Insights - The article highlights the latest developments in energy storage projects from leading companies such as CATL, BYD, EVE Energy, Haibo Sichuang, Trina Storage, and Jinko Solar, with a total scale exceeding 2.4 GWh [2] Group 1: CATL - CATL's Sivrihisar project in Turkey, with a capacity of 49.2 MWp solar and 34.1 MWh storage, is the first hybrid asset approved under the DGES framework in Turkey [4][6] - The project utilizes CATL's EnerC series liquid-cooled battery system, enhancing safety and cycle life while maintaining stable charging and discharging efficiency in Turkey's arid climate [6] Group 2: BYD - BYD has successfully implemented a 100 MW/200 MWh energy storage station in Hezhou, marking the city's first centralized shared energy storage facility [7] - Additionally, BYD partnered with ContourGlobal to establish a 500 MWh standalone battery energy storage system in Bulgaria, which is one of the largest independent storage projects in Eastern Europe [9] - BYD has delivered over 500 energy storage projects globally, covering more than 110 countries and regions [9] Group 3: EVE Energy - EVE Energy has launched a 628 Ah energy storage battery technology at the Guangzhou Baiyun comprehensive energy storage demonstration project [10] - The 628 Ah battery, named "Mr. Big," features a capacity of 2 kWh and a cycle life exceeding 12,000 times, with a strategic collaboration with the National New Energy Storage Innovation Center [12] Group 4: Haibo Sichuang - Haibo Sichuang's 343 MWh emergency power storage project for coal mines utilizes advanced liquid-cooled storage systems designed for harsh environments [13][14] - The project aims to ensure stable operation under extreme conditions and provide emergency power to critical loads in coal mines [14] Group 5: Trina Storage - Trina Storage has successfully delivered a 1.7 GWh energy storage project in the Asia-Pacific region, which is the company's largest overseas project to date [17] - The project employs Trina's Elementa 2 storage system, featuring AI bionic liquid cooling technology for stable operation across a wide temperature range [17] Group 6: Jinko Solar - Jinko Solar has completed a 10 MWh energy storage project in Handan, Hebei, utilizing two Blue Whale SunTera G2 liquid-cooled storage systems [19][21] - The project aims to reduce operational costs through peak-valley electricity price arbitrage and improve the reliability of power supply for local merchants [21] - Despite reporting significant losses, Jinko Solar emphasizes rapid growth in its energy storage business and the effectiveness of its solar-storage synergy [21]

Investment Rating - The investment rating for the automotive and automotive parts industry is "Positive" and maintained [6]. Core Insights - The German government plans to restart the electric vehicle (EV) subsidy policy that was suspended in 2023, with a total budget of €3 billion (approximately ¥24 billion), aimed at boosting the domestic automotive industry and accelerating the green transition [2][4][18]. - The subsidy will provide between €1,500 and €6,000 for eligible low- to middle-income families purchasing new energy vehicles priced below €45,000, effective from January 1, 2026, until 2029 or until funds are exhausted [18]. - The expected impact of the subsidy is to significantly increase the penetration rate of new energy vehicles in Germany, with projections indicating that at least 500,000 vehicles will be subsidized, accounting for approximately 29.5% of the expected new energy vehicle sales in 2025 [18][21]. Summary by Sections Event Description - On January 19, the German government announced the restart of the EV subsidy policy, with a total budget of €3 billion, to enhance the penetration of new energy vehicles in the market [4][18]. Market Performance - The report indicates that the penetration rate of new energy vehicles in Germany is expected to rise significantly due to the subsidy, with a projected 84,700 new energy vehicles sold in 2025, representing a year-on-year growth of 48.3% [13][18]. - The overall new energy vehicle sales in Europe are projected to reach 3.9 million units in 2025, with a year-on-year increase of 32.7% [13][18]. Implications for Domestic Companies - The subsidy is expected to benefit domestic companies such as BYD, Leapmotor, and SAIC, as many of their models are priced below €45,000 [30]. - The increase in new energy vehicle penetration in Europe is anticipated to positively impact the performance of domestic component manufacturers and vehicle producers operating in the European market [30].

Investment Rating - The investment rating for the automotive industry is "Positive" and is maintained [9] Core Insights - In Q4 2025, the fund holding ratio in the automotive industry slightly increased to 4.35%, up by 0.02 percentage points from the previous quarter, indicating an overall overweight of 0.14% compared to the market capitalization of automotive stocks in A-shares [2][5] - The configuration ratio for automotive manufacturing decreased to 1.04%, down by 0.12 percentage points, while the configuration ratio for automotive parts increased to 3.31%, up by 0.14 percentage points [5] - The wholesale sales of passenger vehicles in Q4 2025 reached 8.846 million units, showing a year-on-year decrease of 0.3% but a quarter-on-quarter increase of 15.1% [5] Summary by Sections Market Performance - The A-share automotive sector increased by 2.15%, outperforming the CSI 300 index which decreased by 0.62% [28] - Among sub-sectors, commercial vehicle parts rose by 7.36%, while automotive sales and services fell by 5.74% [28] Fund Holdings - The top fifteen fund holdings in the automotive sector for Q4 2025 include Fuyao Glass, Slin Intelligent Drive, and Sailun Tire, with significant inflows into Slin Intelligent Drive and outflows from Jianghuai Automobile [6][17] Investment Recommendations - The report emphasizes three main investment themes: 1. Overseas expansion with recommendations for companies like Minth Group and BYD 2. High-end passenger vehicles and parts with a focus on companies like Geely and Ideal Automotive 3. Embracing AI technology with recommendations for companies like Top Group and Xpeng Motors [7][22][23]

日前，中欧协会智能网联汽车分会发布了2025年度中国乘用车品牌影响力指数报告及2025年度中国商用车品牌影响力指数报告。 报告显示，中国汽车市场两大板块呈现差异化发展态势：在乘用车领域，以吉利、比亚迪（002594）、AITO问界为代表的自主品牌凭借技术、生态与用 户口碑优势，主导市场格局并重塑竞争规则；在商用车领域，市场结构保持稳定，中国一汽、东风、江铃汽车（000550）等传统龙头凭借产品可靠性与 渠道网络巩固地位，同时电动化、智能化转型正成为驱动行业价值演进的核心动力。 2025年，以技术驱动和用户运营为核心的品牌成为市场格局的重要变量。AITO问界年度网络声量为278.63万条，网民声量占比达93.34%。其推出的问界 M9车型进入50万元价格区间。报告指出，华为在智能驾驶与智能座舱领域的技术支持是其关键助力。 传统车企旗下的新能源系列同样增长显著。吉利银河系列销量快速攀升。长城、长安等品牌在混合动力与纯电路线持续推出新产品。这些品牌通过高频 次的技术更新、用户共创模式及生态场景拓展，将竞争范围从传统的车辆性能扩展到用户体验、软件服务及全生命周期价值管理等领域。 面对本土品牌在电动化与智能化领域的竞争 ...

来源：环球网 【环球网科技综合报道】1月27日消息，根据IDC发布的最新报告显示，2025年全球纯电动汽车销量将 超过1210万辆，保持两位数的同比增长。比亚迪在2025年全球纯电动（BEV）车销量上超越特斯拉，标 志着全球新能源汽车格局的关键转折，反映出不同市场策略以及各价格区间电动车普及阶段的差异。 据分析，比亚迪全球销量的强劲增长主要贡献于其入门级电动车型，如海豚、Atto 3等车型对销量扩张 贡献显著。这一表现不仅证明了比亚迪产品的竞争力，也预示着电动化转型在经济型乘用车全球市场的 加速。 就品牌叙事而言，特斯拉聚焦于吸引科技敏感型高端消费者，始终将自身定位为一家以技术驱动的科技 公司，其相关的AI研究也延伸至机器人和能源管理等领域。IDC认为，入门级市场的增长逻辑与市场发 展的早期阶段有所不同，成本效率、渠道覆盖、运营能力的重要性有所增强。（青云） ...

第二场"代表通 道"举行，代表 们在关注这些话 题_南方+_南方 plus 1月27日下午， 广东省十四届人 大五次会议举行 第二场"代表通 道"。李巍、石 正兵、李霖、许 丽梅、吴进南、 刘红梅六位省人 大代表走上通 道，围绕现代化 产业体系建设、 乡村振兴、养老 等话题建言献 策。 省人大代表，比 亚迪股份有限公 司总裁办公室主 任、海外事业部 市场总监、高级 商务经理李巍 —— 造好产业"超级 跑车"：技术为 引擎、人才作底 盘、实体是筋骨 "建设现代化产 业体系，就好像 是造一台'超级 跑车' 。 "省人大 代表，比亚迪股 份有限公司总裁 办公室主任、海 外事业部市场总 监、高级商务经 理李巍，用一个 生动比喻分享了 她对于建设现代 化产业体系总体 的一些思考。 李巍首先阐述了 技术这个"引 擎"的力量。她 介绍，比亚迪始 终坚持技术为 王，创新为本的 发展理念。"我 们有一个"技术 鱼池"，里面有 成百上千条技 术"大鱼"（涵盖 了从汽车电动化 到智能化，从整 车技术到电池、 电机、电控等核 心零部件技 术）。当市场有 需求时，我们就 捞一条迅速投入 商业化。"她举 例说，去年发布 的仰望U9X以 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600733 北汽蓝谷 | | 2.20亿 | 10.33% | -1.29 Z | -6.05% | -9095.48万 | -4.28% | | 601633 长城汽车 | | -320.82万 | -1.16% | 573.64万 | 2.07% | -252.82万 | -0.91% | | 601238 广汽集团 | | -494.64万 | -2.16% | 631.90万 | 2.76% | -137.26万 | -0.60% | | 000572 海马汽车 | | -2956.13万 | -4.66% | 1485.77万 | 2.34% | 1470.35万 | 2.32% | | 600104 上汽集团 | | -6710.12万 | -5.62% | 7433.64万 | 6.23% | -723.52万 | -0.61% | | 000625 ...

观点网讯：1月27日，越南政府网站披露，中国电池巨头比亚迪与越南金龙汽车（Kim Long）正式签 约，将在越南中部建设一座专注商用车配套的电动汽车电池工厂，项目总投资1.3亿美元。 根据协议，工程分两期实施：一期建设带顶厂房4.4公顷，形成年产3吉瓦时动力电池产能；二期再扩6 公顷，使总面积达10公顷，并新增乘用车电池产线，总产能提升至6吉瓦时，产品覆盖巴士、卡车及小 型客车电池需求。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...