广发证券晨会精选-20260127

Group 1: Core Insights - The report highlights that the performance improvement of domestic AI large models is expected to drive the commercialization of AI applications, with tools like DeepSeek enhancing code generation capabilities [3] - In the automotive sector, there is an observed demand of approximately 1.5 million passenger vehicles during November to December, with a slight reduction in inventory levels by the end of December 2025 [3] - The report anticipates a "price increase and stable volume" scenario for the domestic automotive industry in 2026, differing from market consensus, based on regulatory changes and risk-return assessments under three predicted scenarios [3] Group 2: Industry Analysis - The report indicates that AI-assisted programming tools, exemplified by Cursor and GitHub Copilot, have shown promising commercialization effects, suggesting a positive outlook for domestic counterparts like SnapDevelop and EasyDevelop [3] - The automotive industry's strategy for 2025 is characterized by "stable volume and gradual price increase," supported by changes in regulatory thinking and strategic adjustments by leading companies [3] - The report emphasizes the resilience of policies in supporting volume in the automotive sector, which is crucial for the industry's outlook in 2026 [3]