从增长阵营的共性来看，新能源转型成效显著、海外市场表现亮眼、自主品牌占比提升成为三大核心特 征，这也印证了车市向电动化、全球化转型的核心趋势。其中，广汽集团销售11.66万辆，长城汽车销 售9.03万辆。分别凭借细分市场优势和海外布局稳步增长，广汽新能源与节能车合计销量超6.8万辆，长 城汽车海外销量占比达44.6%。与五家增长车企形成鲜明对比的是，其余五家跻身前十的车企1月销量 均出现不同程度下滑，且各有下滑诱因，行业共性问题与企业个体问题并存。 具体而言，同比增长阵营中，上汽集团销售32.7万辆、同比大涨23.9%，自主品牌、新能源车、海外销 量同比分别增长39.6%、39.7%、51.7%；吉利汽车销售27.01万辆、同比微增1%，海外出口同比大涨 121%，极氪品牌销量翻倍；东风公司销售18.5万辆、同比增长29.5%，新能源车、自主品牌销量同比分 别激增112%、75%，全品牌实现增长。 2026年1月车市核心特征是头部集中度创新高，中汽协数据显示，当月国内汽车销量达234.6万辆，同比 下降3.2%，产量达245万辆，同比增长0.01%，产销平稳。前十位车企合计销量达196.2万辆，占比达 83. ...

● 本报记者 龚梦泽 在2025年国内汽车产销量双双突破3400万辆、创下历史新高的背景下，2026年1月销量数据成为全年行 业走势的重要风向标。中国汽车工业协会最新发布的数据显示，2026年1月国内汽车销售总量达234.6万 辆，其中销量排名前十位的企业（集团）合计销售196.2万辆，占汽车销售总量的83.6%，创下近年同期 头部集中度新高，"强者恒强"的马太效应持续凸显。 中汽协常务副会长付炳锋表示，2026年1月车市呈现"平稳开局、结构分化"的特征，行业集中度进一步 提升。从具体表现看，前十车企内部"五增五降"的格局清晰，反映出市场竞争的加剧。随着各家车企密 集推进新品投放与技术落地，2026年汽车产业的竞争将更趋激烈。 1月车市销量披露后，国内十余家主流车企陆续公布2026年销量目标，结合自身发展基础形成层次清晰 的竞争布局。不同于往年单纯设定增速，今年所有车企均以产品投放与技术兑现为核心，以期抢占全年 市场先机。 传统车企集团作为车市中坚，以稳健增长与新能源转型为核心，目标设定贴合自身节奏。中国一汽明确 全年销量目标为354.6万辆（同比增长7.39%），将今年定为转型首战之年，聚焦科技研发与电动化 ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

"新势力"的整体销量目标设置较为激进。理想汽车制定了约40%的增长计划，新年销量目标为55万辆。 据悉，理想汽车将在春节假期结束后推行"门店合伙人"计划，以提升门店运营效率和市场响应速度。蔚 来汽车表示，希望维持每年40%～50%的销售增长，照此计算，2026年销售目标为45.6万～48.9万辆。 小鹏汽车在2025年超额完成销量目标，2026年目标增长约28%~39.7%，销量目标设定为55万~60万辆。 向上的势头给了零跑汽车十足的底气，其首席运营官徐军2月5日在微博透露销量目标为105万辆。小米 汽车2026年的销量目标为55万辆，增长率34%。鸿蒙智行2025年全年销量58.9万辆，2026年直接定下 100万辆以上的销量目标，增幅超70%，是全行业已公布的增长规划中最激进的。 广汽集团和比亚迪汽车均未公布具体的销量目标。据悉，2025年第四季度，广汽集团整体销量达53.78 万辆，环比大增25.56%，连续3个季度实现环比正增长，且增速持续扩大，"番禺行动"一系列改革对经 营的提振作用初步显现。2025年，比亚迪实现全球新能源汽车销量四连冠；纯电销量超特斯拉，成为全 球纯电销量冠军；跻身全球车企销量 ...

[Table增_R持at（ing维] 持） | [行Ta业ble_Industry] 汽车 : | | | --- | --- | | 日期: | 2026年02月25日 shzqdatemark | | [T分ab析le师_Author] 仇百良 : | | | E-mail: | qiubailiang@shzq.com | | 编号: SAC | S0870523100003 | | 分析师: 李煦阳 | | | E-mail: | lixuyang@shzq.com | | SAC 编号: | 行 S0870523100001 业 | | [最Ta近bl一e_年Qu行o业teP指ic数] | 周 与沪深 比较 300 | | 报 | | [T相ab关le报_R告e：portInfo] 《蔚来成立 11 年首次实现单季盈利，2026 年汽车以旧换新销售额突破 500 亿元》 《特斯拉第三代机器人即将亮相，2025 年 汽车以旧换新初步统计超过 1150 万辆》 证 券 研 究 报 告 《特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台样车下线》 1 月汽车销量 234.6 万 ...

Investment Rating - The industry investment rating is "Hold" [2] Core Insights - NIO achieved its first quarterly profit in 11 years, with the automotive trade-in sales exceeding 50 billion yuan in 2026 [3] - Tesla's third-generation robot is set to debut, with preliminary statistics indicating over 11.5 million vehicles for trade-in in 2025 [3] - In January, automotive sales reached 2.346 million units, with a year-on-year decrease of 3.2% [5] Market Review - The automotive sector saw a growth of 1.56%, with commercial vehicles performing the best at +3.59% [3] - The top five companies in terms of stock performance were Jingduan Technology (+28.98%), Changyuan Donggu (+28.81%), and others, while the bottom five included Dae Oriental (-10.26%) and others [4] Monthly Production and Sales - In January, automotive production and sales were 2.45 million and 2.346 million units respectively, with year-on-year changes of +0.01% and -3.2% [5] - Exports reached 681,000 units, showing a year-on-year increase of 44.9% [5] Investment Recommendations - Focus on vehicle manufacturers related to smart technology and those with potential overseas sales [6] - Recommended vehicle manufacturers include BAIC Blue Valley [6] - Recommended parts manufacturers include Bertley, Silver Wheel, and others [6] - Small and mid-cap stocks to watch include Baihehua and Kejie Intelligent [6]

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

（来源：千龙网） 2026年初，北京高速公路迎来一支挂着"Z"字自动驾驶专用号牌的特殊车队。搭载L3级自动驾驶系统的 30辆极狐阿尔法S（L3版）正式启动规模化上路通行试点，陆续驶入京台高速、机场北线高速以及大兴 机场高速的指定路段。 北汽极狐在2025年末成为全国首批获得L3级有条件自动驾驶车型准入许可的两家车企之一，这标志着 北京智能网联汽车产业从测试场地走向城市上路、从"技术验证"迈向量产应用的关键阶段。 这一突破性进展也是京津冀携手构建智能网联汽车产业高地的生动缩影。作为京津冀协同培育的6条重 点产业链之一，智能网联汽车产业正在逐步形成"研发在北京、制造在天津、场景在河北、协同全覆 盖"的发展格局，打造具有全球影响力的智能网联新能源汽车产业集群。 未来已来 科幻电影场景照进现实跨越7年的自动驾驶布局 获得合法身份的极狐阿尔法S（L3版）驶入京台高速、机场北线高速、大兴机场高速等指定区域，变成 真实跑在路上的"智能座驾"。据了解，极狐阿尔法S（L3版）试点采用"B端先行、逐步开放"的策略， 预计第二季度起，逐步面向个人用户开放。 这场跨越7年的自动驾驶布局，终于迎来最动人的落地回响。 尽管消费者尚不能独 ...

Core Insights - The new energy vehicle (NEV) market did not experience the expected strong start in January 2026, with a significant decline in delivery volumes due to seasonal factors and policy transitions, leading to a reshuffling of the industry landscape [1][7] Group 1: Market Performance - Homologous Intelligent (鸿蒙智行) led the market with 57,915 units delivered in January, a year-on-year increase of 65.6%, supported by the strong performance of the AITO brand [2] - Xiaomi and Leap Motor followed with deliveries of over 39,000 and 32,000 units respectively, while the previously dominant "Wei Xiaoli" trio (理想, 蔚来, 小鹏) struggled, with Li Auto and NIO delivering around 27,000 units each and Xpeng just over 20,000 units, showing significant declines [1][4] - The overall NEV retail sales in January dropped by 16% year-on-year, with total passenger vehicle sales down 28% [7][8] Group 2: Strategic Shifts - Li Auto is transitioning to a "embodied intelligence" company, focusing on integrating automotive and humanoid robotics, with plans to establish a dedicated team for humanoid robot development as a second growth driver [1][5] - Xpeng has identified 2026 as a critical year for the commercialization of physical AI, aiming to make AI the core driver of growth for its automotive and robotics businesses [1][5] - NIO is concentrating on large SUVs, planning to launch three new models in the first half of the year to capture growth in the high-end market [5][6] Group 3: Competitive Landscape - The competition among new energy vehicle manufacturers is intensifying, with a shift from single blockbuster models to a comprehensive strategy covering all price ranges and vehicle categories [5][8] - The industry is witnessing an AI arms race, with major players like Li Auto and Xpeng redefining their futures around AI and robotics, while NIO is focusing on enhancing its AI capabilities across various operational aspects [6][8] - The market is expected to face challenges in the first quarter of 2026 due to the expiration of previous incentives and a lack of new policies, leading to a potential adjustment period for sales [7][8]