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 ...

智通财经记者 | 王臻 近日，美国最高法院否定特朗普政府依据《国际紧急经济权力法》（IEEPA）征税的法律依据。 在最高法院作出裁决前，中国整车制造企业比亚迪已提起诉讼。 比亚迪已向美国国际贸易法院（U.S. Court of International Trade）递交诉状。智通财经注意到，该诉状 显示，比亚迪在美注册的四家子公司以进口商身份，状告美国联邦政府，要求其退还已缴纳的IEEPA关 税。 这四家实体分别为比亚迪美国有限责任公司（BYD America LLC），比亚迪客车有限责任公司(BYD Coach & Bus LLC)，比亚迪能源有限责任公司(BYD Energy LLC)以及比亚迪汽车有限责任公司 (BYD Motors LLC)。 Case 1:26-cv-00847-N/A Document 4 Filed 01/26/26 BYD AMERICA LLC, BYD COACH & BUS LLC, BYD ENERGY LLC, BYD MOTORS LLC, Plaintiffs. v. THE UNITED STATES OF AMERICA; UNITED STATES DEP ...

【#超20家车企力推七年低息贷款#】马年丙午新春以来，多家车企相继发布"七年低息贷"金融政策，参 与这场"金融战"的汽车品牌阵容愈发壮大。 据智通财经记者不完全统计，2月已有近十个汽车品牌推出"七年低息贷"金融政策，除前述品牌外，还 包括长安深蓝、长城哈弗、东风奕派、广汽埃安、蔚来及乐道等。若将统计周期拉长至1、2月份，这一 数字已增至二十余家。 除汽车金融政策外，马年春节后车市的其他促销方式亦层出不穷。2月22日，广汽本田推出雅阁50周年 回馈活动，雅阁e:PHEV插混版老客户复购价为13.88万元，直降10万元，相较官方指导价打5.8折，全国 限量1000辆。（智通财经） 2月25日，比亚迪针对海洋网发布"7年低息"政策，日供低至29元起。此前一日，智己汽车推出"7年0首 付3年0息"金融方案，新年现金红包至高2.3万元。更早些时候，奇瑞风云、捷途等品牌推出7年低息超 长贷，后者月供最低至1321元。 ...

Core Viewpoint - BYD has launched a 7-year low-interest financing policy for its Ocean Network models and some models from the Fangcheng Leopard brand, aiming to lower the financial burden on consumers and stimulate demand in the automotive market [1][4][7]. Group 1: Financing Policy Details - The financing options include a 7-year low-interest plan, a 3-year interest-free option, and a zero down payment choice, with daily payments starting as low as 29 yuan [1][4]. - The policy is applicable to various models, including the 2026 Sea Leopard series and the Fangcheng Leopard brand, with the financing terms varying based on model configuration and loan duration [3][4]. Group 2: Market Context and Implications - The trend of 7-year low-interest loans is being adopted by nearly 20 automotive companies, including Tesla, Xiaomi, and Geely, indicating a shift from traditional 1 to 5-year loan terms [7]. - The introduction of this financing strategy is seen as a response to rising consumer costs due to the reduction of tax incentives for electric vehicles, allowing manufacturers to stabilize pricing through financial subsidies [7]. - Analysts suggest that BYD's move signals a shift in the competitive landscape of the automotive market from price wars to financial service competition, with the potential for 7-year low-interest loans to become a standard offering in 2026 [7].

格隆汇2月25日丨通达动力(002576.SZ)在互动平台表示，截至目前，公司在新能源汽车驱动电机铁芯配 套业务方面与比亚迪进行长期合作。 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company for the first time, with a target price of HKD 61.44, representing a 37% upside from the current price of HKD 44.72 [3][11]. Core Insights - The company is expected to launch the A+D series models in 2026 to expand its product matrix, with projected sales of 600,000, 1,010,000, and 1,280,000 vehicles for 2025-2027, reflecting year-on-year growth of +105%, +69%, and +28% respectively [2][9]. - The company has established a strong cost control strategy, which is central to its competitive advantage in the domestic market, allowing it to achieve significant sales growth and become the top seller among new energy vehicle brands in China by 2025 [7][39]. - The partnership with Stellantis is expected to enhance the company's international market presence, with a target of exporting 100,000 to 150,000 vehicles by 2026, marking a significant growth opportunity [9][24]. Financial Summary - The company's total revenue is projected to grow from HKD 32.16 billion in 2024 to HKD 151.75 billion in 2027, with year-on-year growth rates of 92.1%, 102.9%, 75.9%, and 32.2% respectively [3][11]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching HKD 628 million, and further increasing to HKD 8.695 billion by 2027, with growth rates of 122.3%, 723.5%, and 68.2% respectively [3][11]. - The earnings per share (EPS) is forecasted to improve from a loss of HKD 1.98 in 2024 to a profit of HKD 6.12 by 2027 [3][11]. Market Position and Strategy - The company has successfully differentiated itself in the competitive landscape by focusing on high cost-performance vehicles, which has led to a significant increase in sales volume [7][39]. - The strategic collaboration with Stellantis, which includes a joint venture for overseas operations, is expected to provide the company with valuable resources and market access, enhancing its growth potential in international markets [9][24]. - The company plans to leverage its unique supply chain capabilities and cost advantages to maintain its competitive edge against traditional automotive giants like BYD and Geely [10][12].

一、马太效应与机构抱团：科技股投资的底层逻辑 科技产业的演进路径始终遵循"强者恒强"的马太效应。与传统行业不同，科技赛道的竞争往往呈现"赢 家通吃"的特征——领先者凭借技术壁垒、用户粘性、规模效应和资本优势，不断加固护城河，拉大与 追赶者的差距。 这种产业规律投射到资本市场，便形成了机构资金的"抱团"现象。对于管理规模动辄百亿、千亿的机构 资金而言，配置逻辑并非"广撒网"式的分散投资，而是向确定性溢价的核心资产集中。原因在于： 第一，头部公司的抗风险能力更强。在技术迭代加速、监管环境变化的复杂背景下，龙头企业拥有更充 沛的现金流、更完善的管理体系和更深厚的技术储备，能够穿越周期。 第二，流动性需求决定了机构难以深度布局中小市值公司。大规模资金进出需要足够的市场深度，这天 然地将机构配置方向导向大市值龙头。 第三，科技产业的护城河效应在头部公司身上体现得最为充分。无论是半导体领域的先进制程能力，还 是互联网平台构筑的生态壁垒，都构成了后来者难以逾越的门槛。 因此，机构资金向头部科技公司集中，并非短期情绪驱动，而是产业规律与资金属性共同作用下的理性 选择。 二、"港股M7"的定义与指数中的权重呈现 所谓"港股M7 ...

小米还是小鹏，傻傻分不清楚。至少在MPV这个领域，小鹏比最初起号的那个小米显得还要"小米"——在产品策略上，何小鹏不仅吃透了雷军的思想精 髓，更在魄力上胜其半子。 2025年，国内MPV全年零售销量突破105万辆，新能源销量暴涨36%，渗透率攀升至46.2%，成为车市增长的核心赛道。 但热闹的市场背后，纯电MPV始终存在一个难以破解的行业困局：高端产品动辄50万+的定价，把普通家庭用户挡在门外；35万级入门产品普遍靠减配拉 低门槛，要么缺失800V高压平台、高阶智驾等核心配置，要么固守商务取向，完全忽视家庭用户的核心需求。 3月2日即将正式上市的2026款小鹏X9纯电版，恰恰把枪口对准了这个行业空白。 有消息称，新款X9的售价依然会延续质价比策略，不会高于前代35万元起售价，再加上多项增配的产品升级，可以说是在上市前就已经搅动了整个MPV 市场的一池春水。 纯电MPV之所以迟迟未能全面替代燃油MPV，核心原因在于两大用户焦虑始终未能彻底解决：一是续航与补能焦虑，二是MPV与生俱来的操控与灵活性 短板。 而这两点，恰恰是小鹏X9纯电版打造差异化竞争力的核心抓手。 先看续航与补能，这是纯电MPV的生命线。对于动辄 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 罗宁 今日，"宝马大降价""宝马7系降价约27万"相关话题冲上微博热搜第一。 《BUG》栏目通过江苏、浙江等地宝马4S店销售人员了解到。宝马在开年后迎来了较大的降价优惠， 以主流豪华车型5系为例，2025款宝马530Li尊享型M运动套装指导价52.59万元，裸车价能到31.37万 元，降价超过21万元，降幅达到40.3%，更有老款宝马7系其裸车价较指导价降幅超过40万元。 作为曾经豪华车市场的"标杆选手"，宝马在中国市场的地位一度不可撼动，但2025年，其遭遇了前所未 有的冲击。根据宝马集团公布的2025年财报数据，全年宝马在中国市场共售出625527辆BMW和MINI品 牌汽车，同比大幅下滑12.5%，较2023年的82.5万辆高点，两年间损失近20万辆，销量直接跌回7年前的 水平。一边是热搜榜上的疯狂降价，一边是持续下滑的销量数据，曾经不可一世的宝马，如今却被国内 新能源车企不断冲击。行业专家指出，产品结构不好，转型不及时，让宝马错过了中国新能源发展的窗 口期，如今的大幅降价，则是治标不治本的举措。 新款老款齐让 ...

Group 1 - Multiple automotive brands have launched "seven-year low-interest loan" financial policies since the beginning of the Year of the Rabbit, with BYD offering daily payments as low as 29 yuan [1] - Nearly ten automotive brands have introduced "seven-year low-interest loan" policies in February alone, including brands like Chery, Jietu, and NIO, with the total exceeding twenty brands when considering January and February [1] - Tesla was the first to introduce a limited-time ultra-long-term car purchase plan in China, offering annual interest rates below 1% for Model 3 and Model Y, reflecting banks' confidence in Tesla's product reliability [1] Group 2 - Following Tesla, companies like Geely, Xiaomi, and Li Auto quickly adopted similar financial strategies, with Dongfeng Nissan even offering an "eight-year ultra-long-term low-interest" plan [2] - In addition to financial policies, various promotional activities have emerged in the automotive market, such as GAC Honda's significant discount on the Accord, showcasing a trend of aggressive marketing strategies [2] - The introduction of seven-year low-interest loans has become a favored promotional tool among mainstream automakers, helping to stimulate orders and capture market share while maintaining a respectable pricing strategy [2]