《关注业绩支撑的白马反弹，科技与通胀 共振——2026/1/19-2026/1/25 汽车周 报》 2026/01/27 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 2026 年 02 月 02 日 重点公司 Q4 业绩强兑现，特斯拉 再次强调 AI 转型 看好 ——2026/1/26-2026/2/1 汽车周报 本期投资提示： 行 业 及 产 业 证 券 研 究 报 告 业 研 究 / 行 业 点 评 汽车 ⚫ 观点：①特斯拉业绩会强调 AI 应用方向转型（机器人、智能驾驶、Robotaxi 等）， optimus V3 市场预期持续强化，关注机器人产业链估值弹性，恒勃、银轮、隆盛、拓 普、三花等。②部分重点公司业绩预告符合预期，继续建议关注有业绩支撑的白马机 会，尤其是在权重指数中的企业，包括宇通客 ...

Core Insights - Dongfeng Motor Group is transitioning from an "investment phase" to a "harvest phase," with a focus on achieving a virtuous cycle of scale and efficiency, as evidenced by a 21% year-on-year increase in new energy vehicle sales to 1.05 million units in 2025 [3] - The company has set an overall sales target of 3.25 million units for 2026, including 1.7 million new energy vehicles and 600,000 exports, while emphasizing smart, green, and integrated development [4] Group 1: Strategic Development - The "One Dongfeng" strategy aims to synergize various business segments for growth [1] - Dongfeng's R&D investment intensity reached 7.9% in 2025, highlighting a commitment to core technology development [4] - The company has launched several key technologies, including the high-end MCU chip DF30 and the Mahle hybrid engine with over 48% thermal efficiency [4] Group 2: Product and Brand Planning - Dongfeng is set to unveil the co-created "Yijing" brand with Huawei in March, alongside new models from various brands, including the U series from Dongfeng Mengshi and the high-end models from Dongfeng Lantu [5] - The company plans to introduce a new generation of Mahle power systems and the T200 intelligent driving system, with large-scale applications expected [4] Group 3: Internal Reforms and Future Directions - Dongfeng will enhance internal reforms by granting more autonomy to frontline business units to improve market responsiveness [6] - The focus on technological innovation will serve as the core engine for the company's growth, aiming to elevate the Chinese automotive industry to a new level of high-quality development [6]

导读：理性看待2026年开年车市，既不必恐慌于单月下滑，也不应盲目乐观于个别高增长。 （文 / 观察者网 周盛明 编辑 / 高莘） 随着春节假期的临近，车企在春节前最后一个完整交付月的销量成绩陆续出炉。从整体来看，2026年1 月的销量呈现出"环比大幅回落，同比稳健上升的特征"。 值得注意的是，由于车企往往选择在年底刺激销量，所以大部分车企2025年12月的销量基数较高。此 外，由于1月为传统汽车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等 政策换挡影响，所以大部分车企出现了"环比下滑"的趋势符合规律。 与此同时，车企同比增长的势头反映出汽车市场基本面依旧稳固，需求虽然放缓但并未衰退。从长期来 看，2026年车企可能会通过金融政策来刺激国内销量，而出海孕育的巨大潜力也正在成为车企获得增量 的重要来源。 传统车企获得出海先机 在出海方面，吉利1月海外销量为6.05万辆，同比大增121%。据悉，吉利汽车预计2026年的海外销量为 64万辆。 2026年1月，上汽集团的销量为32.74万辆，同比增长23.94%，环比下降约18.03%。 在出海领域，上汽表现也较为亮眼：公司1月海外销量为10 ...

Core Insights - Intellectual property (IP) layout is a crucial support for the technological protection and market expansion of the company, with a large patent family providing a solid protection network for its differentiated technology route and product matrix [1][4] - As of November 2025, the company has over 10,000 global patent applications and more than 7,000 valid patents, ranking third in the industry for battery system patent disclosures in 2024, with an invention patent authorization rate of 91.9%, placing it second in the domestic battery industry [1][4] - The company has built an ecosystem comprising hundreds of partners, including well-known brands and leading energy storage companies as downstream customers, and various suppliers and research partners as upstream collaborators [1][4] IP Management Strategy - The company focuses on "clarifying ownership, defining scope, and controlling risks" in its IP management, establishing a differentiated control system for upstream suppliers and downstream customers [2][5] - For upstream suppliers, the company conducts comprehensive checks on IP ownership and infringement risks through a "Supplier Investigation Form" and clarifies patent infringement responsibilities in procurement agreements [2][5] - For downstream customers, the company clearly defines the licensing scope, usage scenarios, and enforcement responsibilities related to battery technology patents in cooperation agreements [2][5] Quality and Cost Control - The quality of patent agency services and cost control directly impact the effectiveness of the company's IP work, leading to the establishment of a dual requirement system prioritizing quality while keeping costs manageable [2][5] - The company requires patent agencies to have professional qualifications in the new energy battery field and ensures that patent application documents are technically precise [2][5] - A tiered fee standard is implemented based on case complexity and difficulty, with long-term cooperation agreements and bulk commissions used to reduce unit service costs [2][5] Talent Management and Organizational Structure - The company's various positions are closely linked to IP, with specific responsibilities for sales, production, R&D, and procurement related to trademarks, patents, and trade secrets [3][6] - For R&D positions, the company conducts background checks to confirm that new hires have no patent ownership disputes and implements confidentiality agreements to prevent technology leaks upon employee departure [3][6] - The head of the IP management team is authorized by the chairman, ensuring sufficient decision-making authority and resource allocation capabilities, aligning IP management with the company's strategic goals [3][6]

二零二六年二月十日 会 资料 东风汽车股份有限公司2026年第一次临时股东会资料 东风汽车股份有限公司 2026年第一次临时股东会资料 湖北·武汉 资料 东风汽车股份有限公司 2026年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股东会 的顺利进行，东风汽车股份有限公司（以下称"公司"）根据《公司章程》《股东会 议事规则》等相关法律法规和规定，特制定本须知。 一、董事会以维护股东的合法权益、确保股东会正常秩序和议事效率为原则，认 真履行《公司章程》中规定的职责。 二、股权登记日登记在册的所有股东或股东授权代理人，均有权出席股东会，并 依法享有《公司章程》《股东会议事规则》规定的各项权利。出席股东会的股东或者 股东授权代理人，应当遵守《公司章程》《股东会议事规则》等有关法律法规，自觉 维护会议秩序，不得侵犯其他股东的合法权益。 三、请参会人员自觉遵守会场秩序，进入会场后，请关闭手机或调至静音状态。 四、股东在会议上发言，应围绕本次会议所审议的议案，简明扼要。主持人可安 排公司董事或其他高级管理人员等回答股东问题，与本次股东会议题无关或将泄露公 司商业秘密或可能损害公 ...

Core Viewpoint - The article discusses the dramatic decline of Zhifei Biological Products Co., Ltd., a leading vaccine manufacturer in China, and the subsequent shift in wealth dynamics in Chongqing, highlighting the fall of the Jiang Rensheng family from the top of the wealth hierarchy due to significant financial losses and the rise of new business leaders in the region [4][5][19]. Group 1: Company Performance and Financial Decline - Zhifei Biological announced a projected net loss of 10.698 billion to 13.726 billion yuan for 2025, representing a year-on-year decline of 630% to 780% [4][5]. - The company's revenue in 2023 reached 52.92 billion yuan, with a net profit of 7.915 billion yuan, but the revenue is expected to plummet to 26.07 billion yuan in 2024, a nearly 75% decrease [14]. - The reliance on agency business for 88.84% of total revenue has left Zhifei vulnerable, leading to a severe profitability crisis as market conditions shifted [14][25]. Group 2: Wealth Dynamics and Family Impact - The Jiang Rensheng family's wealth has decreased from 140 billion yuan in 2021 to 42 billion yuan in 2025, a loss of nearly 100 billion yuan, equivalent to the combined market value of two leading listed companies in Chongqing [16]. - The stock market valuation of Zhifei Biological has dropped from 360 billion yuan to 41 billion yuan, exacerbating liquidity and asset impairment pressures [16]. - The family is now resorting to asset pledges and loans to manage financial strain, marking a significant shift from their previous status as a dominant business family [18][19]. Group 3: Market Competition and Industry Trends - The vaccine industry is experiencing intensified competition as domestic vaccine manufacturers improve their R&D capabilities, leading to a breakdown of foreign monopolies [25]. - The introduction of domestic HPV vaccines has triggered price wars, significantly impacting Zhifei's market position and profitability [13][25]. - The article emphasizes the need for companies to transition from reliance on external resources to developing core technologies to survive in a changing market landscape [26].

Core Viewpoint - The commercial vehicle sector experienced a decline of 2.31% on February 2, with Jianghuai Automobile leading the drop, while the Shanghai Composite Index fell by 2.48% and the Shenzhen Component Index decreased by 2.69% [1] Group 1: Market Performance - The closing price of Jianghuai Automobile was 52.51, down by 4.00%, with a trading volume of 489,500 shares and a transaction value of 2.61 billion [2] - The commercial vehicle sector saw a net outflow of 182 million in main funds, while retail investors contributed a net inflow of 40.3 million [2][3] - Key stocks in the commercial vehicle sector showed varied performance, with Jinlong Automobile increasing by 3.99% to a closing price of 17.22, while other companies like China National Heavy Duty Truck and FAW Jiefang saw declines of 2.01% and 2.31% respectively [1][2] Group 2: Fund Flow Analysis - Main funds showed a net inflow of 23.30 million into Jinlong Automobile, while there was a significant outflow from China National Heavy Duty Truck amounting to 20.77 million [3] - Retail investors had a net inflow of 211.62 million into Jinlong Automobile, contrasting with outflows from other companies like Ankai Bus and Dongfeng Motor [3] - The overall sentiment in the commercial vehicle sector indicates a mixed response from different types of investors, with main funds generally withdrawing while retail investors showed some interest [2][3]

Domestic News - Guangdong Province Development and Reform Commission issued the "Guangdong Province 2026 Optimization of Market-oriented First-class Business Environment Work Plan," supporting smart connected vehicle road testing and demonstration applications in cities like Guangzhou and Shenzhen [8] - Shanghai announced a vehicle replacement subsidy policy, providing up to 15,000 yuan for replacing vehicles with new energy cars and up to 13,000 yuan for fuel vehicles with a displacement of 2.0 liters or less [9] - Beijing Economic and Technological Development Zone is implementing the "Smart Connected Navigation Action," focusing on building a national AI automotive manufacturing pilot base and enhancing data-driven technology in smart connected vehicles [10] - China's manufacturing purchasing managers' index (PMI) for January 2026 is reported at 49.3%, indicating a slight contraction in market demand but continued production expansion [12] - The National Energy Administration announced plans to establish 28 million charging facilities by the end of 2027, supporting over 80 million electric vehicles [13] - Xiaomi Automotive opened 9 new stores in January and plans to add 6 more in February, expanding its service network across 159 cities [14] - Dongfeng Motor's Munich Design Center has officially opened, enhancing its global design and R&D capabilities [15] - Great Wall Motors' WEY brand 80 has been renamed WEY G9 for its entry into the Malaysian market, targeting competition with Toyota's Alphard and Vellfire [17] International News - California is advancing new emission regulations and plans to introduce a $200 million electric vehicle incentive program to fill the gap left by the previous federal tax credit cancellation [18] - Stellantis plans to increase production in Italy by adding shifts and launching new models to meet production targets starting in 2026 [19] - Toyota's Indonesian factory has begun local production of hybrid vehicle batteries to meet growing market demand [20] - India is set to launch subsidy policies to support the construction of lithium and nickel processing plants, aiming to enhance local production capacity for electric vehicle components [21][22] Commercial Vehicles - Windrose Electric's pure electric heavy truck has officially registered in Belgium, marking the first legal operation of a Chinese electric heavy truck in Europe [23] - Nanyang's transportation department is accelerating the construction of charging and swapping stations for heavy trucks to support the transition to electric heavy-duty vehicles [24] - Mercedes-Benz has launched the NextGenH2 hydrogen fuel cell heavy truck, with small-scale production set to begin at the end of 2026 [25] - Successful Automotive has signed a strategic cooperation agreement with Electric Vehicle Resources to enhance brand upgrading and channel transformation in the new energy commercial vehicle sector [27]

汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 2026 | | | 年 | 01 | | 日 | | | | 月 | 30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 14.68 | | | | | | | 一 年 内 | | 高 | / | | | 低 | | | 最 | 最 | | | | （元） | | | | | | | | 26.68/10.38 | | | | | | 总市值（百万元） | | | | | | | | | | | | 2,227.14 | | 流通市值（百万元） | | | | | | | | | | | | 2,008. ...

Core Insights - Dongfeng Motor is committed to a strategic transformation under the "One Dongfeng" initiative, aiming to enhance collaboration across its various business segments and achieve significant growth in the automotive market [1][29]. Group 1: Strategic Goals and Achievements - In 2025, Dongfeng's new energy vehicle sales reached 1.05 million units, marking a 21% year-on-year increase, while total sales of self-owned brands exceeded 1.5 million units, accounting for over 60% of total sales [4]. - The company aims to achieve overall sales of 3.25 million units in 2026, with specific targets of 1.7 million for new energy vehicles and 600,000 for exports [10][11]. Group 2: Technological Advancements - Dongfeng has significantly enhanced its core technology capabilities, with R&D investment intensity reaching 7.9%. The company has successfully mass-produced the DF30 automotive-grade MCU chip, achieving full-stack domestic control [7]. - The Mahle hybrid engine has achieved a thermal efficiency of over 48%, setting a new industry record, and the company has established a 16,000-ton integrated die-casting production line to improve vehicle manufacturing efficiency [7]. Group 3: Brand Development and Market Positioning - Dongfeng's brand strategy includes the launch of the "Yijing" brand in collaboration with Huawei, focusing on high-end intelligent vehicles, while the Dongfeng Warrior and Dongfeng Lantu brands aim to lead the luxury electric off-road and high-end markets, respectively [10][11]. - The company is exploring a new model characterized by "Chinese customers, Chinese standards, Chinese components, and Chinese speed," fostering a strategic community for co-creating value [10]. Group 4: Future Outlook and Reforms - In 2026, Dongfeng plans to implement deeper reforms to enhance market responsiveness by granting greater autonomy to frontline business units, enabling quicker decision-making and actions [24]. - The company emphasizes that its future growth will be driven by technological innovation, collaborative development, and internal reforms, positioning itself to lead in the evolving automotive industry [29].