关于报告的所有内容，请于公众『市场分析报告』阅读原文 《十大外资对2026年A股的建议》 兴业证券分析师梳理整合了包括摩根大通、高盛、瑞银等在内的十家国际主流机构对2026年A股的年度展望，旨在呈现外资视角下对中国资产的结构性共识 与配置逻辑，很有参考价值。 一、摩根大通 即将进入2026年，A股市场的变化趋势已逐渐清晰。以摩根大通为代表的外资机构认为，上市公司能否实现实实在在的"盈利"，将成为推动中国资产上涨的 核心动力。市场的关注点正从前期估值的普遍修复，转向企业业绩的兑现能力。 该机构预测，2026年沪深300指数有望达到5200点，这意味着相较于2025年12月的收盘价，存在约13%的上涨空间。对应的市场平均估值约为15.9倍市盈 率，而上市公司整体的每股收益（EPS）预计将增长15%。这一轮盈利复苏具有广泛基础，调查显示，超过三分之一的细分行业已经进入收入增长区间，盈 利前景得到上调的公司数量比例创下2020年以来的新高。 摩根大通将投资机会归纳为四条清晰的主线：抑制过度竞争（反内卷）、人工智能（AI）、全球化拓展（出海）以及国内需求的局部复苏。 抑制过度竞争（反内卷）：政策正直接对"低价倾销"等行 ...

Core Viewpoint - BYD is committed to the photovoltaic industry with continuous technological innovation, adapting to changing market demands and diverse application scenarios [1] Group 1: Technological Advancements - BYD has transitioned from PERC components to HJT components, enhancing product performance to meet personalized customer needs [1] - The company emphasizes the development of integrated solar energy storage solutions, aiming to harness, store, and utilize clean energy [1] Group 2: Market Demand and Customer Base - The diverse application scenarios of BYD's products have attracted numerous domestic and international customers [1] - BYD's focus on providing high-value photovoltaic products aligns with the growing market demand for renewable energy solutions [1]

证券日报网讯 12月18日，比亚迪（002594）在互动平台回答投资者提问时表示，公司于2024年成为国 家四部门首批L3级自动驾驶准入及上路通行试点的9家企业之一。今年2月，公司切实落实"整车智能"战 略，构建起"天神之眼"技术矩阵，重磅发布"全民智驾"战略，旗下全系车型将搭载高阶驾驶辅助技术。 凭借中国最大的车云数据库、全球最大的工程师团队和全球最大规模的新能源汽车生产制造基地三大优 势，本集团将高阶智驾带入10万级以内车型，加速高阶智驾普及，让好技术人人可享。此外，通过规模 优势驱动数据快速积累，"天神之眼"算法加速迭代，实现越开越好开，越用越安全。截至2025年11月 底，公司驾驶辅助车型累销超230万辆，每天智驾数据生成超1.5亿公里。 ...

证券日报网讯12月18日，泓淋电力（301439）在互动平台回答投资者提问时表示，目前公司新能源产品 主要应用于充电枪、随车充电桩、公共充电桩、车内高压线等车内外充电连接装置。公司已与比亚迪 （002594）、上汽通用五菱、小米汽车、麦田能源等国内一流车厂及充电设施制造商建立了稳定合作关 系。 ...

人民财讯12月18日电，据复星旅文消息，2025年12月18日，复星与比亚迪（002594）在太仓阿尔卑斯国 际度假区达成全球长期战略合作。双方将基于各自在绿色出行、智能制造、旅游度假及家庭消费生态领 域的核心优势，开展全品牌矩阵深度协同，共同构建"出行+度假"融合生态。 ...

国别研究 [table_Header]2025.12.18 | [Table_Authors] | | | --- | --- | | | 李俊(分析师) | | | 021-23154149 | | | lijun8@gtht.com | | 登记编号 | S0880525040063 | | | 王祎婕(分析师) | | | 021-23185687 | | | wangyijie@gtht.com | | 登记编号 | S0880525040089 | | | 汪立亭(分析师) | | | 021-23219399 | | | wangliting@gtht.com | | 登记编号 | S0880525040004 | [Table_Report] 往期回顾 印尼内外需稳健——东南亚国别观察 2025 第 7 期 2025.11.30 企业出海合规要点与案例指南——印尼篇 2025.11.21 越南经济高增——东南亚国别观察 2025 第 6 期 2025.10.30 阿联酋投资洞察：石油王国到转型典范——中东 国别研究专题系列报告二 2025.09.17 出口保持高增长——东南亚国别观察 2025 ...

证券日报网讯 12月18日，比亚迪在互动平台回答投资者提问时表示，公司的供应链合作，属于商业保 密范畴，请咨询相关公开信息。 （文章来源：证券日报） ...

Domestic News - The Ministry of Industry and Information Technology (MIIT) is soliciting public opinions on seven mandatory national standards, including safety technical requirements for car door handles and an English version of the mandatory national standard for electric vehicle safety [2] - Chongqing is promoting the development of "AI+" smart connected new energy vehicles, focusing on AI applications in areas such as assisted driving and intelligent interaction [3] - Sichuan is increasing support for the hydrogen energy industry, with significant progress in the hydrogen energy application and infrastructure development over the past year and a half [4] - Guangzhou has achieved full-scale open demonstration operations for autonomous driving, with 19 operational routes connecting major transport hubs to the city center [5] - CATL and Lantu have signed a ten-year deepening cooperation agreement, focusing on battery technology and supply chain collaboration [6] - BYD has officially announced the production of its 15 millionth new energy vehicle, achieving this milestone in just 13 months [7] - Li Auto has officially entered the markets of Egypt, Kazakhstan, and Azerbaijan, expanding its global presence with three main models [8] - Envision AESC has launched its battery super factory in Sunderland, UK, with a planned capacity of 15.8 GWh, capable of supplying batteries for over 200,000 electric vehicles annually [9] International News - The EU plans to expand the carbon border tax to include automotive parts, aiming to close loopholes that allow foreign manufacturers to evade climate-related costs [10] - Thailand will impose VAT and customs duties on all imported goods starting January 1, 2026, affecting automotive parts and aiming to protect local businesses [11] - Japan's NTT Group plans to deploy over 1,000 autonomous vehicles nationwide by 2030 to address the shortage of drivers in an aging society [12] - Kia intends to restart its sales operations in Malaysia through a new wholly-owned subsidiary in early 2026 [13] Commercial Vehicles - Dongfeng Liuzhou Automobile has joined Huawei's supercharging alliance to promote all-electric logistics, with a reported 34% year-on-year increase in commercial vehicle sales [14] - GAC Aion has secured 300 million yuan in financing to enhance its capabilities in the new energy commercial vehicle sector [15] - Cangzhou has issued a plan to improve air quality, emphasizing the transition to new energy vehicles in various sectors by 2027 [16] - Bosch is betting on hydrogen-powered heavy trucks, predicting a market explosion around 2027 as hydrogen fuel cell technology matures [17][18]

Core Viewpoint - The automotive insurance industry is witnessing significant changes as more car manufacturers, including Xiaomi and Toyota, enter the market, indicating a shift towards car companies integrating insurance services into their business models [2][3][4]. Group 1: Market Dynamics - The domestic automotive insurance market exceeds 1 trillion yuan, with auto insurance being the largest single type of insurance, accounting for over 70% of the market share [4]. - The entry of car manufacturers into the insurance sector is driven by market demand, technological advancements, and policy support, marking a transition from product competition to ecosystem competition [4]. - The insurance business is becoming a new high-value profit growth point for car manufacturers as traditional automotive manufacturing profits shrink [4]. Group 2: Company Movements - Xiaomi's indirect stake in Beijing Fabatianxing Insurance Co., Ltd. and Toyota's rebranding of Beijing Shengtang Insurance Brokerage Co., Ltd. to Toyota Insurance Brokerage highlight the growing involvement of car companies in the insurance sector [2][3]. - Toyota's insurance brokerage aims to provide a diverse range of insurance products for its dealers and retail customers, indicating a strategic move in the insurance field [2]. - Other major car manufacturers, including BYD, NIO, and Tesla, have also obtained various insurance qualifications, reflecting a broader trend of car companies entering the insurance market [4]. Group 3: Regulatory Environment - The insurance industry has high entry barriers, with many car companies acquiring existing insurance licenses through mergers and acquisitions to gain operational control [6][7]. - The regulatory environment is strict, with new license approvals being time-consuming, prompting companies to pursue acquisitions or partnerships to enter the market [6][7]. Group 4: Future Opportunities - The insurance market for new energy vehicles (NEVs) is expected to grow significantly, with projections indicating a premium scale of around 200 billion yuan by the end of 2025, maintaining a growth rate of approximately 30% [9]. - Car manufacturers can leverage extensive driving behavior data to offer differentiated pricing and specialized insurance products, addressing unique risks associated with NEVs [9][10]. - The potential for car companies to participate in overseas insurance markets is also highlighted, as they can apply domestic experiences to international markets, enhancing their export business [10].

Q财联社 一图看懂 人形机器人爆发元2 产业链核心标的全梳理 2025年,人形机器人行业迎来从实验室走向产业化落 地的关键转折点。优必选、智元、宇树等头部企业相继 拿下"亿元大单",优必选科技更是在9月拿下全球迄今最 大单笔人形机器人订单 -- 2.5亿元。业界普遍认为, 2025年已成为人形机器人的"量产元年"。国家地方共建 人形机器人创新中心预测,今年中国人形机器人销量有 望突破1万台. 同比增长125%。 Q: 目前入局的玩家主要有哪些? 目前国内入局人型机器人领域的玩家主要有车企、初创 企业、科技巨头三类: ● 车企 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 01 2016年 · (2月) · UBYECH 优必选 公司 - Alpha1S机器人在央视春晚舞台亮相 入局标志 - (2月) - 2018年 · 旬 乐聚 Aelos小型双足人形机器人亮相平昌冬奥会 2022年 · 8月) 小米(四) 推出首款全栈仿生机器人Cyber One 7月 (8月) -- (10月) ○ 2023年 · ×小鹏汽车 c 傅利叶 人形机器人 推出首款通用人形机器人GR-1 "小鹏鹏 ...