整车主线周报：本周SW载客车表现较好，多家车企发布业绩

Investment Rating - The report maintains a positive outlook on the passenger vehicle sector, expecting a recovery in demand in Q1 2026 due to the implementation of subsidy policies [2] Core Insights - The report highlights a strong performance in the passenger vehicle sector, with specific recommendations for companies like Jianghuai Automobile and Geely Automobile, which are expected to benefit from high-end electrification trends [2] - The heavy truck segment is projected to see optimistic sales in 2026, with expectations of 800,000 to 850,000 units sold domestically, representing a year-on-year increase of 3% [2] - The bus segment is anticipated to grow in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase due to the continuation of subsidy policies [2] - The motorcycle sector is expected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, driven by strong demand for large-displacement motorcycles and exports [2] Summary by Sections Passenger Vehicles - The report indicates a recovery in passenger vehicle demand in Q1 2026, driven by subsidy policies, with a focus on high-end electric vehicles [2] - Recommended stocks include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [2] Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [2] - The report forecasts domestic heavy truck sales of 800,000 to 850,000 units in 2026, a 3% increase year-on-year [2] Buses - The report notes that the bus replacement policy exceeded expectations, with a projected 40% year-on-year increase in bus sales for 2026, reaching 40,000 units [2] - Key recommendations include Yutong Bus and King Long Automobile [2] Motorcycles - The motorcycle industry is expected to see total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles projected to reach 1.26 million units sold, a 31% increase [2] - Recommended companies include Chunfeng Power and Longxin General [2]