2026.01. 27 本文字数：2463，阅读时长大约4分钟 作者 | 第一财经 葛 慧 一边是汽车行业利润率处于历史次低位，一边是检测机构的高毛利。两家上市公司的最新业绩情况，揭露出 当下新能源汽车行业困境的冰山一角。 中国汽研（601965.SH）最新业绩快报显示，公司预计2025年实现归母净利润10.60亿元，同比增长 16.78%。公司营业收入49.68亿元，同比增长4.98%，利润增速远超营收增速。 另一家中汽股份（301215.SZ）的业绩也出现类似表现。三季报显示，公司前三季度实现营业收入4.35亿 元，同比增长20.91%；归属于上市公司股东的净利润达1.60亿元，同比增长31.26%，扣非净利润同比增 长38.71%。 商业利益与行业责任的拉锯 中国汽研是我国汽车行业国家级科技创新和公共技术服务机构，是我国汽车测试评价及质量监督检验技术服 务的主要供应商。 而另一家中汽股份则为中汽中心旗下相关业务上市平台，主营业务为通过构建汽车场地试验环境和试验场 景，为汽车整车生产企业、汽车检测机构、汽车底盘部件系统企业以及轮胎企业等客户提供场地试验技术服 务。 "我们主动退出部分缺乏竞争力的专用车业务 ...

一边是汽车行业利润率处于历史次低位，一边是检测机构的高毛利。两家上市公司的最新业绩情况，揭 露出当下新能源汽车行业困境的冰山一角。 另一家中汽股份（301215.SZ）的业绩也出现类似表现。三季报显示，公司前三季度实现营业收入4.35 亿元，同比增长20.91%；归属于上市公司股东的净利润达1.60亿元，同比增长31.26%，扣非净利润同比 增长38.71%。 中国汽研（601965.SH）最新业绩快报显示，公司预计2025年实现归母净利润10.60亿元，同比增长 16.78%。公司营业收入49.68亿元，同比增长4.98%，利润增速远超营收增速。 Wind数据显示，去年前三季度，中国汽研和中汽股份销售净利率分别为23.1%和36.8%。而根据乘联分 会最新数据，2025年，汽车行业销售利润率4.1%，处于历史低位。 汽检业务高毛利 商业利益与行业责任的拉锯 2025年堪称汽车安全监管大年，而汽车检测在其中发挥的作用越来越重要。政策法规的实施带动强检市 场扩容的同时，也将带来相关研发测试需求的增长。根据北京智研科信咨询有限公司《2024-2030 年中 国汽车试验场行业市场研究分析及发展前景展望报告》、北京迪 ...

Market Overview - The U.S. stock market showed mixed performance on Friday, with the Dow Jones Industrial Average declining significantly due to pressure from Goldman Sachs and Caterpillar, while the S&P 500 remained nearly flat and the Nasdaq saw a slight increase [2] - The Dow Jones fell by 285.30 points, or 0.58%, closing at 49098.71 points, with a weekly decline of 0.53%. The S&P 500 rose by 2.26 points, or 0.03%, closing at 6915.61 points, with a weekly drop of 0.35%. The Nasdaq Composite increased by 65.23 points, or 0.28%, closing at 23501.24 points, with a weekly decrease of 0.06% [2] Company Performance - Major technology stocks exhibited mixed results, with Nvidia up 1.53%, Microsoft up 3.28%, Amazon up 2.06%, Meta up 1.72%, Netflix up 3.09%, AMD up 2.35%, and Micron Technology up 0.52%. In contrast, Google fell by 0.79%, Apple by 0.12%, Tesla by 0.07%, Broadcom by 1.67%, and Oracle by 0.57% [3] - Within the Dow components, Goldman Sachs dropped by 3.75% and Caterpillar by 3.36%, contributing to downward pressure on the blue-chip index. Intel's stock plummeted by 17.03% to $45.07, primarily due to a weak earnings outlook that fell short of market expectations [4] Economic Data - The U.S. Composite Purchasing Managers' Index (PMI) for January was reported at 52.8, slightly above the previous value of 52.7. The services index was at 52.5, and the manufacturing index at 51.9 [6] - The University of Michigan's consumer sentiment index for January was revised to 56.4, up from an initial value of 54.0. Inflation expectations for the next year were at 4.0%, while the five to ten-year outlook was at 3.3% [6] Commodity Performance - International oil prices increased, with West Texas Intermediate crude oil futures rising by $1.71 to $61.07 per barrel, a gain of 2.88%. Brent crude oil futures rose by $1.82 to $65.88 per barrel, a gain of 2.84% [7] - Precious metals continued to reach historical highs, with spot gold at $4964.81 per ounce, up 0.6%, and briefly touching $4988.17. February gold futures closed at $4979.70, up 1.4%. Spot silver rose by 7.0% to $102.89 per ounce, marking a weekly increase of 14.60% [7] Market Sentiment - Overall market sentiment was influenced by geopolitical and policy uncertainties, with concerns over potential tariffs on European countries by the U.S. government impacting global stock markets [5] - Focus Partners Wealth's Chief Investment Strategist noted that while the U.S. economic fundamentals remain strong, market volatility is expected to persist, especially with the upcoming midterm elections in 2026 [5]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 英特尔再度面临重大考验。 今日（23）凌晨，在美股盘后交易中，美国芯片巨头英特尔股价直线跳水，一度暴跌超11%。消息面 上，该公司在财报中给出的业绩指引不及市场预期，且英特尔高管警告称，今年一季度的供应将跌至"最 低点"。 隔夜美股市场方面，三大指数集体收涨，美股大型科技股普涨，Meta大涨超5%，特斯拉涨超4%。热门 中概股亦全线走强，纳斯达克中国金龙指数涨超1%，阿里巴巴大涨超5%。有分析认为，美国总统特朗普 撤回对欧关税威胁并排除武力选项，叠加AI（人工智能）产业的投资预期，显著提振了市场风险偏好，推 动股市反弹。 英特尔暴跌 北京时间1月23日凌晨，英特尔披露的最新财报显示，2025年第四季度实现营收136.7亿美元，同比减少 4.1%，略高于市场预估的134.3亿美元；第四季度调整后每股收益0.15美元，上年同期为0.13美元，亦 高于市场预估的0.09美元。 英特尔CEO陈立武在接受媒体采访时表示："需求相当强劲，但公司正艰难应对制造良率问题，公司的良 率和生产制造未达到我的标准，我们需要改进。" 他还透露 ...

内存之外，铜、银等金属原材料的涨价压力持续传导。作为汽车电气系统、动力电池的核心原材料的 铜，自2025年下半年以来价格涨幅明显；同期，广泛应用于车载传感器、芯片封装的银，价格也上涨明 显。李斌透露，汽车与人工智能行业对这类原材料的争抢已进入白热化阶段，尽管目前涨价尚未传导至 终端售价，且车企仍有毛利空间承接，但长期压力不容小觑。 动力电池方面，尽管目前成本压力有所缓解，但芯片领域的风险仍未消散。赵非在接受中国证券报记者 采访时表示，宁德时代（300750）、比亚迪（002594）等电池龙头的规模效应与技术优势，使得电池涨 价风险可控，但存储芯片、智算芯片、功率芯片等多品类芯片的供应不确定性极大。理想汽车供应链副 总裁孟庆鹏已明确表示："2026年，汽车行业可能面临存储芯片供应危机，满足率或许不足50%。"车企 未来可能面临"既买不起，也买不到"的双重困境。 多维施策 多品类涨价形成共振 当前汽车行业的成本压力，已从单一环节升级为全链条的系统性冲击，其中内存芯片的短缺与涨价成为 最突出的新痛点。日前，三星电子联席CEO卢泰文公开表态称，全球内存芯片短缺程度前所未有，没有 任何行业能独善其身，危机已从手机领域蔓 ...

男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 特朗普因格陵兰岛向欧洲8国加税，欧盟将举行紧急会议 欧盟多国考虑对930亿欧元输欧美国商品加征关税 叙政府与"叙利亚民主力量"达成协议 特朗普：想让哈塞特继续留任原职位 载人飞船着陆缓冲技术获成功验证，为中国商业航天首次 上期所调整白银、镍期货相关合约交易限额 国投白银LOF：19日开市起至当日10:30停牌 市场盘点 上周五，特朗普表示希望让哈塞特继续留任原职位，市场猜测哈塞特出任美联储主席的机会降低，美元指数扭转跌势，最终收涨0.02%，报99.38点；基准的 10年期美债收益率最终收报4.227%，对美联储政策利率敏感的2年期美债收益率收报3.592%。 投资者在近期金价创下新高后获利了结，同时地缘政治紧张局势缓和的迹象进一步削弱了黄金的避险吸引力，现货黄金最终收跌0.43%，报4595.03美元/盎 司；现货白银最终收跌2.3%，报90.08美元/盎司。 尽管美国打击伊朗的可能性已经下滑，但伊朗潜在的政治风险仍未消除。WTI原油最终收涨0.12%，报59 ...

Market Performance - The automotive sector outperformed the market this week, with the A-share automotive sector rising by 0.5%, ranking 12th among Shenwan sub-industries, compared to the CSI 300 which fell by 0.9% [3] - Within the sub-sectors, automotive services and automotive parts increased by 4.5% and 1.8% respectively, while commercial passenger vehicles, commercial freight vehicles, motorcycles, and passenger cars saw declines of -1.1%, -1.3%, -1.7%, and -1.9% respectively [3] Investment Recommendations - The core investment recommendations for this month include Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., and Chunjun Power [4] 2025Q4 Outlook - Total wholesale sales of passenger vehicles are expected to be 8.748 million units in 2025Q4, a year-on-year decrease of 1.3% but a quarter-on-quarter increase of 13.8% [5] - In the new energy sector, wholesale sales of new energy passenger vehicles are projected to reach 4.46 million units, a year-on-year increase of 3.1% and a quarter-on-quarter increase of 10.9% [5] - Price competition is expected to ease, with discounts stabilizing and profitability improving [5] - Companies expected to perform well year-on-year in 2025Q4 include Seres, Xiaomi Motors, NIO, Leap Motor, and Geely [5] Components Sector - Revenue in the components sector is expected to be driven by strong performances from Xiaomi, Geely, and BYD, while costs are anticipated to decrease due to lower raw material prices and shipping costs [36] - The average global shipping cost in 2025Q4 is projected to be $3,484, a year-on-year decrease of 2.6% [38] - The performance of the components sector is expected to diverge significantly based on customer structure, with companies like Top Group and Hu Guang expected to perform well [41] Heavy Trucks - The heavy truck sector is expected to see continued recovery in demand, with wholesale sales projected at 231,000 units in 2025Q4, a year-on-year increase of 34.7% [42] - The market competition is expected to remain stable, with companies like FAW Group and Beiqi Foton gaining market share [43] Motorcycles - The wholesale sales of large-displacement motorcycles (over 250cc) are expected to be 191,000 units in 2025Q4, a year-on-year increase of 4.3% but a quarter-on-quarter decrease of 26.3% [60] - Domestic sales are projected to be 69,000 units, a year-on-year decrease of 5.2% [60] - Export sales are expected to reach 122,000 units, a year-on-year increase of 10.5% [60] Policy Impact - The continuation of the vehicle replacement policy is expected to stimulate demand, with subsidies for scrapping old vehicles remaining in place [33][64] - The new subsidy policy for 2026 will shift to a percentage of the vehicle price, which is expected to improve the structure of subsidized models [65][70]

Core Viewpoint - Tianhai Electronics has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company in the automotive parts industry [1][2]. Group 1: Company Overview - Tianhai Electronics specializes in automotive transmission systems, connection systems, and intelligent control solutions, focusing on the research, production, and sales of automotive wiring harnesses, connectors, and electronic components [1]. - The company has established a strong brand image and customer reputation in the domestic automotive parts sector, becoming a primary supplier for major automakers such as Chery, SAIC Group, Geely, and Changan [2]. Group 2: Market Position - In 2024, the Chinese automotive wiring harness market is projected to reach 119.6 billion yuan, with Tianhai Electronics holding a leading market share of 8.45% [1]. - The company ranks among the top three in the automotive connector market, which is valued at 47.8 billion yuan, with a market share of 3.52% [1]. Group 3: Financial Performance - Tianhai Electronics reported revenues of 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan for the first three quarters of 2023 to 2025, with net profits of 652 million yuan, 614 million yuan, and 537 million yuan respectively [2]. Group 4: IPO Fund Utilization - The company aims to raise 2.46 billion yuan through its IPO, which will be allocated to projects including connector technology upgrades, wiring harness production base construction, automotive electronics production base, smart transformation and information technology projects, and the Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting industrial park [2].

Group 1 - The core viewpoint of the article is that Tianhai Electronics has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company [1] - Tianhai Electronics, established in the 1970s, initially focused on traditional fuel vehicle wiring harnesses and has since expanded into core areas such as connectors and intelligent control systems, laying a solid foundation for future growth [3] - The company provides automotive transmission systems, connection systems, and intelligent control solutions, with its main products including automotive wiring harnesses, connectors, and electronics, primarily used in both new energy and traditional fuel vehicles [3] Group 2 - The brand "THB" is recognized in the market, reflecting the company's technical strength, with the per vehicle value of its products increasing significantly from 2500 yuan to over 5000 yuan, demonstrating a clear technology premium effect [3] - In 2024, the Chinese automotive wiring harness market is projected to reach 119.6 billion yuan, with Tianhai Electronics holding a leading market share of 8.45%, while it ranks among the top three in the 47.8 billion yuan automotive connector market with a 3.52% share [3] - Tianhai Electronics has established long-term stable partnerships with major automotive manufacturers such as Chery, SAIC Group, Geely, and General Motors, and has also collaborated with leading new energy vehicle companies like Li Auto and NIO [4] Group 3 - For the first three quarters of 2023 to 2025, Tianhai Electronics reported revenues of 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan, with net profits of 0.652 billion yuan, 0.614 billion yuan, and 0.537 billion yuan respectively [4] - The company plans to raise 2.46 billion yuan through its IPO to invest in projects including connector technology upgrades, wiring harness production bases, automotive electronics production bases, and the Tianhai Intelligent Connected Vehicle Industry Research Institute [4] - The construction of these projects is expected to enhance the company's R&D capabilities, improve the intelligence and informatization of production processes, and expand existing production capacity, thereby strengthening its core competitiveness and profitability [4]

（文章来源：每日经济新闻） 每经AI快讯，1月14日，港股汽车股午后下挫，零跑汽车跌近4%，蔚来汽车跌超3%，理想汽车、比亚 迪股份等跟跌。 ...