小鹏汽车将更名 4月1日，武汉市公安局交通管理局发布警情通报：3月31日20时57分起，122报警中心陆续接到群众报警，称多辆"萝卜快跑"车辆停在路中间不能移动。公 安交管、交通运输部门按照预案迅速调集力量赶到现场，会同萝卜快跑公司工作人员开展处置。经查，初步判断为系统故障所致。目前，乘客已安全下 车，无人员受伤。事故原因正在进一步调查中。 3月31日晚，记者在社交平台看到，多个来自湖北IP的用户表示在使用萝卜快跑时遭遇故障，并且无法联系客服。有用户称自己乘坐的萝卜快跑开一半直 接停在三环线高架路中央，还有用户称车辆停留在最左侧快车道无法下车。一位武汉用户昨晚22：55分左右告诉第一财经记者，自己被困在高架桥上等待 交警救援。该用户称，联系萝卜快跑客服后得到的回应是"网络问题"。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 林俊旸离职后首发长文 ...

4月1日，北京时间8:30，伦敦金现货价格涨1.13%，报4721.93美元/盎司。 | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | | SPTAUUSDOZ.IDC | | | | | | | 4721.9300 120.0000 | | 昨结4669.1300 持仓0 | | | | | 52.8000 1.13% 里U | | 昨收4669.1300 日增0 | | | | | 分时 日K | 五日 | 園K 月K | | 申念。 | | | 4722 1401 | | 1.14% | | 営口 | | | | | | 英1 | 4722.0500 | | | | | | 三1 | 4721.9300 | | | | | | 8:30 | 4721.4199 | | | | | | 8:30 | 4721.0928 | | | 69.1299 | | 0.00% | 8:30 | 4721.0698 | | | | | | 8:30 | 4721.4800 | | | | | | 8:30 | 4721.2300 | | | | | | ...

Investment Highlights - The core viewpoint of the article emphasizes the shift in industry consensus from "whether to develop" to "how to scale" L3/L4 autonomous driving technology during the two sessions of the National People's Congress. Guangdong Province has issued a 2026-2035 industrial plan to accelerate L3/L4 research and full-scenario autonomous driving trials [4][11] - Key advancements include Xiaopeng Motors' launch of the second-generation VLA model, which focuses on full-scenario capabilities and safety, and Huawei's introduction of a mass-produced 896-line dual-light-path lidar, enhancing perception capabilities [4][11] April Catalysts - Tesla's first mass-produced Cybercab was announced in February, with large-scale production set to begin in April. Attention is drawn to the timeline for Cybercab's commercial operation and the Beijing Auto Show on April 24, where new intelligent driving solutions will be showcased [5][11] Investment Recommendations - The company maintains a strong outlook for the L4 RoboX theme in 2026, favoring B-end software companies over C-end hardware companies. Recommended H-shares include Xiaopeng Motors, Horizon Robotics, and others, while A-shares include Qianli Technology and Desay SV [6][11] - Downstream application targets include Robotaxi and Robovan perspectives, with notable companies such as Tesla, Xiaopeng Motors, and Didi in the Robotaxi space, and Desay SV and others in the Robovan sector [6][11] Supply Chain Insights - Key upstream supply chain targets include B-end autonomous vehicle OEMs like BAIC BluePark and GAC Group, as well as core suppliers in testing services, chips, domain controllers, sensors, and more [7][11]

点 击 蓝 字 关 注 我 们 目 录 行业信息 政策信息 1、中国车企首夺全球销量冠军,终结日本 25 年连霸地位 2、工信部节能与综合利用司开展新能源汽车废旧动力电池回收利用体系建设相关研究 工作 3、无锡润倍科技 5.6 亿元新能源汽车零部件项目落户锡山羊尖镇 4、华为何刚：鸿蒙智行预计年底销售门店增至 2459+、服务门店增至 1459+ 5、华为乾崑智驾车位到车位累计使用次数突破 5000 万次 6、今年前两月霍尔果斯口岸商品车出口同比增长 13.9%创历史新高 7、宁德时代在南宁成立新科技公司，注册资本 1000 万 8、锂业分会：2月碳酸锂价格延续涨势 呈现"淡季不淡"态势 9、重庆江津签约多个氢能及新能源汽车零部件项目 10、蔚能电池持有型 ABS 在上交所正式挂牌 11、华为春季发布会聚焦鸿蒙生态 消费电子与汽车业务加速融合 12、安波福 50 亿元智能工厂签约落户嘉兴,聚焦智能座舱与辅助驾驶 13、宁德时代 2026年一季度动力电池市占率重回 50% 14、宁德时代"钠新"钠离子电池今年量产，北京车展将推重磅新品 15、华为发布巨鲸电池平台 3.0，五大升级强化新能源汽车安全与效率 16、 ...

Core Conclusions - The report highlights a shift in the industry consensus from "whether to develop" to "how to scale" L3/L4 autonomous driving technologies, with a focus on the acceleration of R&D and testing in Guangdong Province for full-scene autonomous driving [2] - The launch of the second-generation VLA model by Xiaopeng Motors emphasizes full-scene capabilities and safety, while other companies like Li Auto and Huawei are also making significant advancements in their autonomous driving technologies [2] - Investment recommendations favor B-end software companies over C-end hardware companies, with preferred stocks including Xiaopeng Motors, Horizon Robotics, and others in the H-share market, and Qianli Technology and Desay SV in the A-share market [2] AI Smart Car Investment Framework - The report outlines a spiral upward iteration of hardware and software, indicating that each major upgrade disrupts existing paradigms [7] - The timeline for L1 to L4 development shows a clear progression, with significant advancements expected by 2030, particularly in the areas of E/E architecture and high-computing chips [8] L4 RoboX Monthly Tracking - Tesla's Robotaxi business is rapidly expanding, particularly in Austin, Texas, with plans for a fully autonomous service by 2026 [21] - The report tracks the progress of Tesla's Robotaxi service, noting significant milestones in vehicle registration and operational area expansion [23][25] L2-L3 Smart Driving C-end Monthly Tracking - The report forecasts a total retail sales volume of 22 million vehicles in 2026, a decrease of 3.2% year-on-year, with a notable increase in the market share of domestic brands [49][51] - The penetration rate of new energy vehicles is expected to reach 60% by 2026, reflecting a significant growth trajectory in the sector [49]

汽车与汽车零部件行业 周报、月报 行业研究|可选消费|汽车与汽车零部件 证券研究报告 2026 年 3 月 30 日 [Table_Title] 销量下行出口高增，智驾科技业绩改善 ——汽车行业周报 [Table_Summary] 报告要点： 截至 3 月中下旬，乘用车销量仍在承压 乘用车： 3 月 1-22 日，全国乘用车市场零售 92.0 万辆，同比去年 3 月 同期下降 16%，较上月同期增长 19%，今年以来累计零售 349.8 万辆， 同比下降 18%；3 月 1-22 日，全国乘用车厂商批发 108.4 万辆，同比去 年 3 月同期下降 14%，较上月同期增长 62%，今年以来累计批发 457.8 万辆，同比下降 11%。 新能源： 3 月 1-22 日，全国乘用车新能源市场零售 49.5 万辆，同比去 年 3 月同期下降 17%，较上月同期增长 66%，今年以来累计零售 155.6 万辆，同比下降 23%；3 月 1-22 日，全国乘用车厂商新能源批发 54.3 万辆，同比去年 3 月同期下降 15%，较上月同期增长 71%，今年以来累 计批发 213.3 万辆，同比下降 10%。 风险提示 经 ...

Core Insights - XPeng Inc. is recognized as one of the best stocks for beginners on Robinhood, despite receiving an Underweight rating from Barclays, which lowered its price target from $17 to $16 after the company's fourth-quarter results [1][7]. Financial Performance - For the fourth quarter of 2025, XPeng reported revenue of RMB22.25 billion, reflecting a sequential increase of 9.2% and a year-over-year increase of 38.2%. Vehicle sales revenue specifically rose to RMB19.07 billion [2]. - The company achieved a net profit of RMB0.38 billion, marking a reversal from losses in the previous quarter and year, with a gross margin of 21.3%. The non-GAAP net profit was RMB0.51 billion [2]. - For the full year 2025, XPeng's revenue surged by 87.7% to RMB76.72 billion, supported by total vehicle deliveries of 429,445 units [3]. Future Outlook - Looking ahead, XPeng forecasts first-quarter 2026 deliveries between 61,000 and 66,000 vehicles, with expected revenue ranging from RMB12.20 billion to RMB13.28 billion, indicating anticipated year-over-year declines [3]. Company Overview - XPeng Inc. is a China-based smart electric vehicle manufacturer that designs, develops, manufactures, and sells premium electric vehicles, while also providing in-house autonomous driving technology, charging services, and intelligent mobility solutions [4].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, emphasizing the trend of vehicle exports and the growth of smart electric vehicles [4]. Core Insights - The report highlights the recovery of domestic demand due to the introduction of multiple vehicle replacement subsidies in cities like Shanghai, which is expected to stabilize and increase automotive sales [12][15]. - The rise in oil prices is enhancing the competitive advantage of new energy vehicles in international markets, with significant export growth observed among leading companies like Geely and BYD [11][15]. - The report identifies a strong trend towards smart driving technologies, with Huawei's new products setting a benchmark for the industry [12][30]. Summary by Sections 1. Domestic Demand and Export Trends - The introduction of local subsidies for vehicle replacements is expected to stimulate domestic demand, with a forecasted recovery in automotive sales [13][15]. - In the first two months of 2026, China's passenger car exports reached 1.136 million units, a year-on-year increase of 54.6%, with leading companies like Geely and BYD showing exceptional growth in exports [11][54]. 2. Smart Electric Vehicles - The report notes that the first quarter of 2026 will see the continuation of vehicle replacement policies, which will positively impact the performance of automotive parts [16]. - The integration of advanced smart driving technologies is anticipated to reshape the industry landscape, with significant investments from major players [30][28]. 3. Commercial Vehicles - The commercial vehicle sector is expected to benefit from ongoing policies supporting the replacement of older vehicles, particularly in the heavy-duty truck segment [32][33]. - The report suggests that the combination of domestic demand recovery and export growth will drive the commercial vehicle market forward [33]. 4. Robotics and Automation - The report emphasizes the acceleration of robotics in the automotive sector, with major companies investing in humanoid robots and automation technologies [30][31]. - The anticipated production of Tesla's Optimus V3 and other advancements in robotics are expected to catalyze growth in this segment [30]. 5. Market Performance - The automotive sector outperformed the broader market, with a slight decline of 0.43% compared to the Shanghai Composite Index's decline of 1.41% during the week of March 23-29, 2026 [46][47]. - The report recommends a focus on key companies such as Geely, BYD, and Xpeng, which are positioned to benefit from these trends [11][12].

未经许可，不得转载或者引用。 2026年以旧换新政策落地，我们认为：1）客车政策略超预期，市场之前对于客车补贴力度做 了和乘用车一样会退坡的预期，实际是延续的；2）25年公交略低预期：25年公交车销量2.9万 辆，同比-6%（24年公交车销量3万辆，同比+44%），两年增长下来距离合理更换中枢仍有差 距（公交60万保有量，8-10年更换周期，销量中枢6万台）；3）26年公交可以更乐观：考虑到 八年以上待更新公交数量（10万台以上）以及销量中枢，我们认为26年公交在补贴下仍保持增 长，我们保守预计26年公交4万台同比+40%。 推荐头部车企，重点推荐宇通客车/金龙汽车， 建议关注中通客车。 摩托车观点更新： 大排量+出口持续高景气，看好龙头车企。我们预测2026年行业总销量1938万辆，同比+14%， 其中大排量126万辆，同比+31%。大排量：1）内销：25H2大排量内销转弱，我们预计随26年 国内新品供给推出，内销有望小幅增长，预计26年内销43万，同比+5%；2）出口：欧洲+拉美 中国品牌份额提升空间充足，我们预计26年出口83万，同比+50%。 看好大排量+出口持续增 长，优选龙头车企。推荐春风动力+隆 ...

Asia Pacific Equity Research 24 March 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Auto Industry The oil shock - how will this time differ from the past? We structure this report along five key topics related to the oil price:1) total cost of o ...