广发证券晨会精选：观点全追踪（1 月第 6 期）-20260127

Core Insights - The report highlights the potential for domestic AI large models to enhance the commercial viability of AI applications, particularly in programming tools like Cursor and GitHub Copilot, with a positive outlook for domestic tools such as SnapDevelop and EasyDevelop driven by improvements in code generation capabilities [3] - In the automotive sector, there is an observed demand of approximately 1.5 million passenger vehicles in November-December, with a slight reduction in inventory levels by December 2025. The report anticipates a "stable volume and gradual price increase" for the industry in 2026, differing from market expectations, based on regulatory changes and strategic adjustments by leading companies [3] AI Industry - The performance enhancement of domestic AI large models is expected to accelerate the commercialization of AI applications, particularly in programming assistance tools [3] - The report notes that if DeepSeek V4 shows improvements in model capabilities and a reduction in computing costs, it could further expedite the commercialization of AI-related applications [3] Automotive Industry - The report indicates that the passenger vehicle market is experiencing a demand of around 1.5 million units, with inventory levels slightly decreasing by December 2025 [3] - The annual strategy theme for 2025 is "emerging from deflation," with the automotive industry characterized by "stable volume and gradual price increase," which is supported by changes in regulatory thinking and strategic adjustments by leading companies [3] - For 2026, the report predicts a "price increase and stable volume" scenario, which contrasts with prevailing market expectations, based on a risk-reward assessment under three different scenarios and policy resilience supporting volume [3]