Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. 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% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Group 1: Tungsten Market and Related Industries - Tungsten prices have been rising, with ammonium paratungstate (APT) price reaching over 1 million yuan per ton, attracting significant attention from the capital market [1] - Affected by the price increase of tungsten-related products, listed companies in the industry are expected to report strong performance in their 2025 earnings forecasts, with noticeable growth in product sales [1] - The price surge in the MLCC (multi-layer ceramic capacitors) market, driven by AI trends, has seen a nearly 20% increase in spot prices in South Korea, with expectations for continued growth [1] Group 2: Sodium Battery Development - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking a significant step towards large-scale application of sodium batteries in the automotive sector [2] - Sodium batteries are gaining traction due to their abundant resource availability, wide temperature range, long cycle life, and high safety, transitioning from laboratory to large-scale applications [2] Group 3: A-Share ETF Market Trends - The A-share ETF market is experiencing a shift, with traditional broad-based ETFs seeing outflows while ETFs in high-growth sectors like chemicals, telecommunications, and non-ferrous metals are attracting inflows [3] - Recent earnings forecasts from listed companies indicate a positive market sentiment, with a focus on AI, price increase chains, and overseas expansion as key investment themes [3] - Over the past month, 148 brokerages have conducted research on over 560 listed companies, a 26% increase compared to the same period last year, highlighting a growing interest in sectors such as electronics and machinery [3] Group 4: Solar Energy and Space Initiatives - Tesla is ramping up hiring for solar panel manufacturing, aiming to become the largest solar component manufacturer in the U.S., while SpaceX has acquired xAI to build a space-based data center [4] - The A-share photovoltaic sector responded positively to these developments, with a 4.53% increase in stock prices and a net inflow of 4.058 billion yuan in the photovoltaic equipment sector [4] Group 5: Banking Sector Insights - Since the beginning of 2026, listed banks have seen a surge in institutional research, particularly among small and medium-sized banks in coastal economic regions, with 54 institutional visits recorded [5] - Key topics of interest include the performance of credit in the new year, the "14th Five-Year Plan," and wealth management strategies [5] Group 6: Dye Industry Price Increases - The dye industry is experiencing a price increase trend, with companies like Fulaient notifying customers of price adjustments for various disperse dye products due to rising raw material costs [6] - The current price surge in the dye industry is driven by multiple factors, primarily the increase in prices of key upstream intermediates [6] Group 7: Fund Issuance and Foreign Investment - As of February 9, 29 new funds are set to be issued in the coming weeks, with a focus on mixed equity funds and passive index funds [7] - A total of 224 foreign institutions have conducted 569 research visits to A-share listed companies, with firms like Goldman Sachs maintaining a "overweight" rating on Chinese stocks [7] Group 8: Night Economy Initiatives - Various local governments are incorporating night economy strategies into their work reports to stimulate consumption, with initiatives in cities like Shanghai and Fujian focusing on expanding service consumption [8] - The night economy is recognized as a key driver for activating consumer potential and enhancing service consumption quality [8]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

Core Viewpoint - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking the beginning of large-scale application of sodium batteries in the passenger car sector [1][2]. Industry Development - Sodium batteries have entered a new stage of maturity and technological iteration after five years of industrial exploration, with costs stabilizing and a significant acceleration in industry layout [1]. - CATL's sodium battery has achieved a maximum energy density of 175Wh/kg and over 90% capacity retention at -40°C, with future electric range potentially reaching 500-600 km [2]. - The sodium battery's advantages include abundant resources, wide distribution, and reduced reliance on scarce minerals like lithium and cobalt, enhancing supply chain security [2]. Market Dynamics - The sodium battery is currently in the initial stage of commercialization, with lower cost and energy density compared to lithium batteries [3]. - It is expected that within 2-3 years, sodium battery energy density will reach levels comparable to lithium iron phosphate batteries, with significant cost advantages emerging when lithium prices exceed 120,000 yuan/ton [3]. - By the second half of 2026, sodium batteries are projected to achieve comprehensive competitiveness in terms of cost, even if lithium prices remain stable [3]. Technological Coexistence - The sodium battery industry is still in its early development phase, but its direction is clear, with expectations for it to play a significant role in energy transformation [4]. - The sodium battery is anticipated to enter a year of large-scale application in 2026, with promising prospects for industry scale expansion [4]. Industry Collaboration - Companies across the sodium battery supply chain are actively pursuing technological research, capacity construction, and strategic partnerships to accelerate their presence in this field [4][5]. - Notable developments include the establishment of a production base for sodium battery materials and ongoing collaborations with major players like CATL [5]. - Companies like Electric Science Blue Sky and Puli Te are advancing their sodium battery initiatives, with plans for mass production and increased output expected in the coming years [5].

Core Viewpoint - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking the beginning of large-scale application of sodium batteries in the passenger car sector [1][2]. Group 1: Sodium Battery Development - Sodium batteries have transitioned from laboratory research to large-scale application, showing advantages such as abundant resource availability, wide temperature range, long cycle life, and high safety [1]. - The sodium battery industry has seen accelerated development, with significant cost reductions and improved product maturity over the past five years [2]. - CATL's sodium battery, with a maximum energy density of 175Wh/kg, has demonstrated over 90% capacity retention in extreme cold conditions, with future electric ranges potentially reaching 500km to 600km [2]. Group 2: Market Dynamics and Competitive Landscape - The sodium battery market is expected to reach a scale of 100GWh by 2028, transitioning from a commercialization phase to a large-scale era [5]. - Sodium batteries are anticipated to achieve competitive cost advantages by 2026, especially if lithium prices remain stable [4]. - The unique application value of sodium batteries in cold regions is highlighted, with expectations for various technologies to coexist and complement each other in the energy transformation [5]. Group 3: Industry Collaboration and Capacity Expansion - Companies across the sodium battery supply chain are actively enhancing their positions through technology development, capacity building, and strategic partnerships [6]. - ZHONGDA Energy has established a production base for sodium iron phosphate materials, while other companies are also making strides in sodium battery applications in electric two-wheelers and energy storage systems [6]. - PULIT has achieved mass production of sodium batteries and is expanding its capacity, with new production lines expected to come online in the third quarter of this year [7].

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The automotive sector has shown a slight increase of +0.32% in the past week, outperforming the Shanghai and Shenzhen 300 index, which decreased by -1.33% [4] - The total sales of automobiles in China are expected to grow by +1% year-on-year in 2026, with significant contributions from the vehicle replacement program [4][8] - NIO has achieved its first quarterly profit after 11 years, with adjusted operating profit expected to be between 700 million and 1.2 billion yuan in Q4 2025 [7][8] Market Review - The automotive sector's performance was ranked 12th among 31 first-level industries, with the best-performing sub-sector being automotive services, which increased by +0.89% [4] - The top five companies in terms of stock performance were KaiLong High-Tech (+72.8%), Xingmin Zhitong (+21.31%), Yinlun Co. (+17.13%), Tianpu Co. (+16.56%), and Jinlong Automobile (+16.00%) [5] Industry Developments - The Ministry of Industry and Information Technology has released mandatory national standards for automotive door handles, effective from January 1, 2027 [7] - Changan Automobile is collaborating with CATL to introduce sodium-ion batteries in multiple models by 2026, with energy density reaching up to 175 Wh/kg [7] - The automotive replacement program has seen over 1.15 million vehicles exchanged, with sales exceeding 50 billion yuan in 2026 [8] Investment Recommendations - Recommended companies in the automotive sector include BAIC Blue Valley for complete vehicles and Bertley, Yinlun Co., Longsheng Technology, and others for components [9]

1月份，无论是降价绝对金额还是降幅比例，2026年1月的数据均较2025年全年平均水平（降幅10.5%）有明显提升。 | | 乘用车新车降价的综 | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 2025年 | 2025年 | 2026年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合降价 | | | | | 汇总 | 1月 | 汇总 | 1月 | | 新能 | 新车陵业车载拉伦 | 15.4 | 23.0 | 21.0 | 21.5 | 18.8 | 13.7 | 19.5 | 25.3 | | 渡 | 降价幅度 | 1.3 | 2.1 | 2.9 | 2.3 | 1.9 | 1.9 | 2.1 | 3.8 | | | 降价比例 | 8.7% | 9.2% | 13.8% | 10.8% | 10.0% | 14.2% | 11.0% | 14.8% | | 常规 | 新车降价车型均价 | 14.6 | 22.5 | 19 | 19.8 | 17.2 | 14.9 | 17.8 | ...

天永智能（603895.SH）2024年营业收入为4.69亿元，营业收入增长率为-21.10%，归属母公司净利润 为-1.78亿元，归属母公司净利润增长率为-64.36%，净资产收益率为-65.42%。 同壁财经讯，企查查数据显示，根据《【2524100024一一电池PACK装配测试线】中标结果公告》，上 海天永智能装备股份有限公司于2026年2月9日公告中标重庆长安汽车股份有限公司采购项目，中标金额 为2424.78万元。 相关上市公司：天永智能(603895.SH) 同壁财经小贴士： 天永智能（603895.SH）2024年营业收入为4.69亿元，营业收入增长率为-21.10%，归属母公司净利润 为-1.78亿元，归属母公司净利润增长率为-64.36%，净资产收益率为-65.42%。 2025年上半年公司营业收入为2.69亿元，营业收入增长率为-15.70%，归属母公司净利润为0.09亿元，归 属母公司净利润增长率为43.54%。 2025年上半年公司营业收入为2.69亿元，营业收入增长率为-15.70%，归属母公司净利润为0.09亿元，归 属母公司净利润增长率为43.54%。 目前公司属于工业行业，主要 ...

我国新能源汽车产业历经10余年跨越式发展，已形成全球规模最大、技术领先的产业链体系，随着 新能源汽车渗透率突破50％，产业竞争正式迈入以智能化为核心的新阶段——城市NOA（导航辅助驾 驶）渗透率快速提升、L3级自动驾驶蓄势待发、Robotaxi（无人驾驶出租车）商业化加速。提升智能驾 驶能力需要大量的训练数据，建设动态更新的智能驾驶高质量数据集，将成为突破算法泛化能力、缩短 研发周期的核心支撑，推动中国智能汽车产业在全球竞争中实现从"跟跑"到"领跑"的跨越。 一、范式变革与路径收敛：汽车产业智能化发展新征程 汽车产业正经历从传统制造到"AI驱动"的产业范式跃迁。过去一个多世纪，汽车产业的竞争核心一直是 制造业的竞争。随着制造业水平的普遍提升以及人工智能的快速发展，全球汽车产业竞争维度已由发动 机、底盘等机械性能指标全面转向算力、算法与数据深度融合的智能化指标。在"AI定义汽车"的新赛道 上，汽车不再是单纯的物理运输工具，而是具备持续进化能力的移动智能终端，其核心价值正加速从底 层的硬件制造向高阶的智能化决策软件迁移。作为全球产业博弈的战略制高点，智能驾驶技术的成熟度 将直接决定未来智能汽车市场份额和出行市场的 ...

同时响应"乐购新春"特别活动，车企纷纷推出"0首付""0利息"等各种促销活动引流揽客。 一手促消费，一手抓保障。"十五五"第一个春节，汽车行业攒足士气，赚了人气，为"全年红"博得好彩 头。 海外市场同样频传捷报，比亚迪1月出口增长5成，北汽增长16％；在新年新规下，二手车"出海"迈向价 值提升新阶段。 中国汽车报从第3970期开始，"2026新春走基层"专题报道将以最前沿的视角，记录汽车行业全力备战春 节档。 2026年，多家车企迎来"开门红"，1月市场数据表现亮眼。为延续好势头，抢抓春节增换购需求， 后勤保障方面，相关企业更是毫不松懈，上汽、长安等以贴心服务温暖车主回家路；京东物流、德邦等 企业调足运力，宣布"不打烊"…… ...