中信建投：2026年国补延续 汽车科技属性强化

Group 1 - The current market expectations for automotive stimulus policies and total production and sales volume for next year are weak, indicating a potential bottoming out of expectations. The cyclical attributes of the automotive sector are weakening, while growth directions such as robotics and autonomous driving remain core themes [1][2] - The central economic work conference emphasized the importance of domestic demand and the continuation of national subsidy policies until 2026. Recent sales from leading automotive companies have weakened, and the anticipated "tail effect" from year-end stocking has not materialized, leading to low market sentiment. However, there is optimism for the high-end development of domestic passenger vehicles, a strong new car cycle, and the overseas expansion of leading new energy vehicle companies [2] - In the commercial vehicle sector, heavy truck sales reached 113,000 units in November, a year-on-year increase of 65% and a month-on-month increase of 7%. The medium and large bus sector saw sales of 13,000 units, up 25% year-on-year and 12% month-on-month. The export of buses was 4,000 units, reflecting a 26% year-on-year increase and a 12% month-on-month increase. The commercial vehicle sector is expected to perform well, particularly with growth in buses and motorcycles [3] Group 2 - The robotics sector is currently viewed positively, with a rebound since late November. Key developments include small batch orders from the Tesla supply chain and supportive policies for humanoid robots in the U.S. The application of new technologies like GaN is attracting market attention. Future milestones, such as the release of Gen3 in Q1 2025 and the transition to mass production in the second half of the year, are critical for sustaining market momentum [2] - Recommended stocks for investment include Hengbo Co., Ltd. (301225), Weichai Power (000338), Yutong Bus (600066), JAC Motors (600418), Sanhua Intelligent Control (002050), and Longsheng Technology (300680) [3]