招银国际每日投资策略-20260302

Industry Overview - The Chinese automotive industry has seen weaker-than-expected performance in the first two months for new energy vehicles, with a focus on the upcoming new car releases in March to drive demand recovery [2] - Li Auto's February delivery volume decreased by only 5% month-on-month to approximately 26,000 units, outperforming most peers, primarily due to the contribution from the i6 model launched in September 2025 [2] - NIO's February delivery volume fell by 23% month-on-month to about 21,000 units, with the NIO brand contributing approximately 15,000 units [2] - XPeng's February delivery volume decreased by 24% month-on-month to around 15,000 units, falling short of expectations, with a cumulative year-on-year decline of 42% for January and February [2] Sales Forecast - The forecast for February 2026 indicates a 15% month-on-month decline in retail sales of new energy passenger vehicles to approximately 480,000 units, with a year-on-year decline of 23% for January and February [6] - The market share of new energy vehicles is expected to drop to around 40% following a reduction in purchase tax incentives starting January 2026, but is anticipated to rebound starting in March with the release of new models [6] Company Insights - NIO is expected to face challenges in 2026 due to a faster-than-expected decline in orders for new models, despite achieving its first non-GAAP net profit in Q4 2025 [5] - BYD's wholesale sales of passenger vehicles in February fell by 9% month-on-month to approximately 188,000 units, with a cumulative year-on-year decline of 36% for January and February [5] - Geely's new energy vehicle sales, including the Zeekr brand, increased by 10% year-on-year in the first two months of 2026, supported by positive market feedback for new models [5] - Leap Motor's February wholesale sales decreased by 12% month-on-month to about 28,000 units, with a cumulative year-on-year decline of 19% for January and February [5] AI in Pharmaceutical Industry - The MSCI China Healthcare Index has risen by 5.0% since early 2026, outperforming the MSCI China Index by 6.2%, despite a recent pullback in the pharmaceutical sector [6] - AI is expected to significantly change the paradigm of innovative drug development, with rapid advancements in AI applications within the pharmaceutical industry [7] - Major global pharmaceutical companies are increasingly privatizing and upgrading their core AI infrastructure to build high data barriers [7] - The launch of LillyPod by Eli Lilly, equipped with NVIDIA technology, exemplifies the integration of AI in clinical development and manufacturing processes [7] Company Recommendations - Recommended stocks include 3SBio (1530 HK), JAC (1167 HK), Genscript (2273 HK), WuXi AppTec (2268 HK), and China Biologic Products (1177 HK) [9]