| 华安研究 2026年2月金股组合 | 归母净利润 | （百万元 | ） | 归母净利润增速 | 营业收入 | （百万元） | 营业收入增速 | eps | pe(其余有说明 | ) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

分析师 1: 各位尊敬的投资者，大家晚上好！非常感谢大家在这个周一晚上黄金时间段拨冗参加我们 国新汽车团队组织的这个汽车 2026 年的策略汇报其实这也不能说是我们这个年度策略的 一个汇报，因为我们其实针对一个 2026 年，就是去年 25 年 11 月写的这个年度策略，做 了一个补充的这个策略专题。对 20 年，就 2005 年到 2025 年的 20 年汽车行情，还有汽 车增速做了一个复盘。然后有定量也有定性的这个分析，包括对 26 年做了一个展望，所 以这次的会议，首先我们是会快速地过一下我们这个策略复盘的这个要点，得到了一些什 么结论？ 第三个就是我们也复盘了一下 2018 年，因为 2026 年哦，在我们看来其实跟 2018 年有 点相似，因为 2018 年也是一个就是补贴政策，各种政策退出的一个年份。然后汽车行业， 也出现了首年的这个销量下滑，那是 2018 年发生的事情。然后 2026 年，我们觉得也是 有销量下行的压力的。其实政策也退出。那对比 2018 年，其实汽车板块是在 2018 年的 6，6 月份开始出现销量的下滑，但是汽车行情是 3 月份就开始跌了。然后到 11 到 10 月 份的时 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603766 | 降替通用 | 15.97 | 3.23% | 30.83万 | | 4.92 乙 | | 603129 | 春风动力 | 274.00 | 2.93% | 2.02万 | | · 5.47 Z | | 003033 | 征和工业 | 71.13 | 1.11% | 1.90万 | | 1.33亿 | | 301345 | 涛涛车业 | 213.13 | 0.83% | 1.23万 | | 2.59亿 | | 002105 | 信隆健康 | 7.31 | 0.83% | 21.36万 | | 1.56亿 | | 6000099 | 林海股份 | 10.97 | 0.46% | 3.03万 | | 3299.65万 | | 60006899 | 九号公司 | 56.03 | 0.41% | 9.81万 | | 5.48亿 | | 300994 | 久祺股份 | 16.97 | 0.06% | 2.56万 | | 430 ...

兴起乡野，风靡县城 低速电动车，俗称老头乐，早几年在中国农村和县城非常流行。打从2005年丰田普锐斯进来，国内新能 源车市场就慢慢热起来了，虽然一开始大家还觉得新鲜，但很快一些小厂子就瞄准了机会。 本来这些厂多在山东河南那边做两轮三轮电动车，技术简单，成本低，转头就搞出四轮的低速车。车子 续航短，就几十公里，材料也就是普通钢板塑料，没啥安全配置，但价格实惠，几千到两万块钱就能买 一辆。 对农村老人来说，之前出门全靠走路或者自行车，运点菜接孩子都不方便，这车一出，立马填了空。车 身小巧，封闭式还能挡风遮雨，停车随便找个地方停，不用牌照不用驾照，开起来跟电动自行车差不 多。 2013年以后，市场蹭蹭上涨，年增长超50%，到2018年产量123.3万辆，保有量破千万。工厂成片，上 千家企业扎堆生产，山东河南成了重镇。 2017年工信部数据一出，国家坐不住了。2018年底，工信部公安部等六部门发通知，加强低速电动车管 理。各地跟进，北京江苏山东出政策，禁产禁售禁上路。交管部门严查，产量直线掉，2019年85万， 2020年71万，2021年32万。 厂家从上千家剩200多，800多家关门。底层原因，一是车子本身不安全 ...

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

Core Insights - TaoTao Automotive's stock increased by 0.63% on January 15, with a trading volume of 224 million yuan, indicating active market participation [1] - The company reported a net financing outflow of 20.05 million yuan on the same day, with a total financing and margin balance of 288 million yuan [1] - For the period from January to September 2025, TaoTao Automotive achieved a revenue of 2.773 billion yuan, reflecting a year-on-year growth of 24.89%, and a net profit of 607 million yuan, which is a 101.27% increase year-on-year [2] Financing and Margin Data - On January 15, the financing buy amount was 17.45 million yuan, while the current financing balance stands at 287 million yuan, accounting for 4.33% of the market capitalization [1] - The margin trading data shows no shares were sold or repaid on January 15, with a margin balance of 1.5048 million yuan, indicating a high level of margin activity [1] Shareholder and Institutional Holdings - As of January 9, the number of shareholders reached 9,995, an increase of 26.44%, while the average number of circulating shares per person decreased by 20.91% [2] - The company has distributed a total of 708 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include Yongying Ruixin Mixed A and Hong Kong Central Clearing Limited, with several new entrants among the top ten shareholders [3]

Core Insights - A total of 43 companies listed on the ChiNext board have released their performance forecasts for 2025, with 22 companies expecting profit increases, representing 51.16% of the total [1] - The overall proportion of companies forecasting positive performance (including profit increases and profit warnings) stands at 55.81% [1] Performance Forecast Summary - Among the companies forecasting profit increases, 9 are expected to see net profit growth exceeding 100%, while 6 companies anticipate growth between 50% and 100% [1] - The company with the highest expected net profit growth is Huisheng Biological, with a median increase of 1355.24% for 2025 [1] - Other notable companies include Zhongtai Co., expecting a median net profit increase of 677.22%, and Chenguang Biological, with a forecasted increase of 301.38% [1] Companies with Significant Profit Increases - The following companies are highlighted for their substantial expected profit increases: - Huisheng Biological (Code: 300871) - 1355.24% increase, latest closing price: 25.52, year-to-date change: 23.11%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Zhongtai Co. (Code: 300435) - 677.22% increase, latest closing price: 29.14, year-to-date change: 31.14%, industry: Public Utilities [1] - Chenguang Biological (Code: 300138) - 301.38% increase, latest closing price: 13.78, year-to-date change: 11.04%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Lakala (Code: 300773) - 222.00% increase, latest closing price: 32.08, year-to-date change: 12.64%, industry: Non-banking Financial [1] - Other companies with notable increases include Guokai Technology, Chuanjin Nuo, and Jinli Yong, with expected increases ranging from 144.00% to 158.44% [1]

证券代码：301345 证券简称：涛涛车业 公告编号：2026-003 近日，公司收到天健所《关于变更签字注册会计师的函》，现将具体情况公 告如下： 一、签字注册会计师变更情况 天健所作为公司2025年度财务报表和2025年末财务报告内部控制审计机构， 原委派金晨希和徐文豪作为公司2025年度财务报表审计报告和2025年末财务报 告内部控制审计报告的签字注册会计师。由于天健所内部工作安排调整，现委派 陈丹萍接替徐文豪作为签字注册会计师。变更后的签字注册会计师为金晨希和陈 丹萍。 二、本次变更签字注册会计师情况介绍 浙江涛涛车业股份有限公司 关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江涛涛车业股份有限公司（以下简称"公司"）于2025年4月28日召开第 四届董事会第六次会议、于2025年5月19日召开2024年年度股东大会，审议通过 了《关于续聘会计师事务所的议案》，同意公司续聘天健会计师事务所（特殊普 通合伙）（以下简称"天健所"）为公司2025年度审计机构。具体内容详见公司 于2025年4月29日、2025年5月19日在 ...

证券之星消息，1月14日摩托车及其他板块较上一交易日下跌1.87%，涛涛车业领跌。当日上证指数报收 于4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。摩托车及其他板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301345 | 涛涛车业 | 223.20 | -3.50% | 2.67万 | 5.98亿 | | 601777 | 千里科技 | 11.31 | -2.75% | 55.66万 | 6.37亿 | | 6000689 | 九号公司 | 54.23 | -2.55% | 18.95万 | 10.40 乙 | | 603129 | 春风动力 | 260.00 | -2.35% | - 3.51万 | 9.05亿 | | 603766 | 降葵通用 | 14.45 | -1.57% | 46.19万 | 6.65 Z | | 600679 | 上海凤凰 | 13.25 | -1.49% | 10.97万 | 1.47亿 | | 66000 ...

Group 1 - On January 13, Taotao Automotive experienced a decline of 0.73% with a trading volume of 359 million yuan, and the net financing buy was -18.65 million yuan [1] - As of January 13, the total margin balance for Taotao Automotive was 284 million yuan, with a financing balance of 281 million yuan, accounting for 4.13% of the circulating market value, indicating a high level compared to the past year [1] - The company specializes in the research, production, and sales of electric vehicles and related accessories, with its main revenue sources being smart electric low-speed vehicles (67.23%), special vehicles (28.59%), and others (4.17%) [1] Group 2 - As of January 9, the number of shareholders for Taotao Automotive reached 9,995, an increase of 26.44%, while the average circulating shares per person decreased by 20.91% [2] - For the period from January to September 2025, Taotao Automotive reported a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89%, and a net profit attributable to shareholders of 607 million yuan, reflecting a significant increase of 101.27% [2] Group 3 - Since its A-share listing, Taotao Automotive has distributed a total of 708 million yuan in dividends [3] - As of September 30, 2025, notable institutional shareholders include Yongying Ruixin Mixed A, which is the second-largest shareholder with 1.0247 million shares, and several new institutional investors have entered the top ten shareholders list [3]