产业的发展依托于合理的产业空间布局与政策支持。厦门临空经济片区指挥部产业招商部部长蔡东亮在现场 分享了《2026年厦门临空片区氢能产业发展规划思路》，2026年厦门临空经济片区将围绕机制完善、政策供 给、应用场景、公共平台、产业生态五个方面推动氢能产业聚集发展。政策方面，在市级政策基础上出台片 区扶持措施，成立氢能科创基金，促进产业高质量集聚；应用场景方面，重点推动制加氢一体站落地，并拓 展冷链重卡、环卫、船舶示范等场景；公共平台方面，将建设覆盖研发、检测、认证等九个环节的氢能一站 式技术支撑检测平台；产业生态方面，引进氢能链主单位国家能源集团，共同举办国家级氢能专精特新大 赛，打造科技成果转化品牌，构建校区、园区、社区三区融合的产业生态。 厦门市发改委创新与高技术发展处处长吴群猛深度解读了《厦门市氢能产业高质量发展行动计划（2025— 2027年）》，清晰描绘出厦门建设"新能源产业创新之城"的路线图。吴群猛指出，厦门市已将氢能定位 为"4+4+6"现代化产业体系中六大未来产业的核心，旨在打造具有国际影响力的氢能技术与装备输出高地 。 根据规划，厦门作为福建省氢能发展两大核心之一，正实施"一核引领、多点联动" ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600686 | 金成汽车 | 17.02 | -1.16% | 25.44万 | 4.37 Z | | 000550 | 江铃汽车 | 17.78 | -0.22% | 4.97万 | 8830.15万 | | 000868 | 安凯客车 | 4.80 | -0.21% | 12.74万 | 6109.18万 | | 600303 | 曙光股份 | 3.23 | 0.00% | - 28.51万 | 9205.87万 | | 000957 | 中通客车 | 11.31 | 0.35% | 11.01万 | 1.24亿 | | 600006 | 东风股份 | 6.87 | 0.73% | 10.86万 | 7451.41万 | | 000800 | 一汽解放 | 6.81 | 0.74% | 12.07万 | 8200.11万 | | 600418 | 江淮汽车 | 52.91 | 0.76% | 41.22万 | 21.67亿 | | 60037 ...

近日，以"破局驭势 共赴新程"为主题的 2026地上铁合作伙伴大会在深圳国际会展中心洲际酒店圆满落 幕。本次大会汇聚了宁德时代、长安跨越、新石器、陕汽商用车、上汽跃进、吉利远程、福田汽车、瑞 驰汽车、金龙汽车、壁虎汽车等产业链核心伙伴，及全国渠道商数百名代表，共探新能源物流行业高质 量发展新路径。 在开场致辞中，地上铁创始人兼董事长张海莹女士向所有合作伙伴表达了诚挚感谢。她表示，新能源物 流车行业从无到有、从小到大的发展历程，离不开每一位行业深耕者的奋斗与付出。因此，面对未来市 场的不确定性，地上铁愿与所有拥有共同愿景、一致使命和共赢价值观的伙伴并肩前行，携手构建有 序、共生的行业生态。企业将以"向内求精，向外共生"为方向，充分发挥"新能源连接者"的纽带作用， 深耕精细化运营，与生态伙伴共同探索新周期下的行业发展新方向。 全链赋能体系，以数智能力助力伙伴跨越周期 而在系统赋能方面，即将上线的"链车宝2.0"平台，围绕交易管理、资产运营与风险控制构建全链路数 字化闭环。平台将繁杂的车管工作"化零为整"，实现从客户准入、车辆监控到智能催收的全流程可视 化、智慧化管理，帮助伙伴突破资产管理上限、推动资产安全升级、实 ...

Investment Highlights - The article emphasizes a positive outlook for the passenger car sector, anticipating a recovery in demand in Q1 2026 due to the implementation of industry subsidy policies [3][8] - For the entire year, the focus is on domestic companies that are resilient to policy fluctuations and those with strong export capabilities, recommending companies like JAC Motors and Geely [3][8] Commercial Vehicle Insights - In 2025, the wholesale volume of heavy trucks reached 1.144 million units, a year-on-year increase of 26.8%, with domestic sales at 799,000 units, up 32.8% [4][26] - The article forecasts that heavy truck domestic sales in 2026 could reach 800,000 to 850,000 units, a 3% increase year-on-year, and continues to recommend leading companies in the sector [4][26] Bus Sector Update - The article notes that the 2026 vehicle replacement policy exceeded expectations, with a projected bus sales volume of 40,000 units in 2026, reflecting a 40% year-on-year increase [5][25] - It highlights the importance of focusing on leading bus manufacturers such as Yutong and King Long [5][25] Motorcycle Market Outlook - The motorcycle industry is expected to see total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles projected to reach 1.26 million units, up 31% [5][23] - The article recommends leading motorcycle manufacturers like Chunfeng Power and Longxin General [5][23] Performance Metrics - The article provides insights into the performance of various vehicle segments, noting that the passenger car index decreased by 4.8% this week, while the commercial vehicle index increased by 2.2% [12][18] - Key individual stock performances are highlighted, with NIO showing a 3.2% increase and Seres experiencing an 11.8% decline [12][18]

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]

Group 1: Automotive Sector Overview - The automotive sector is currently experiencing weak performance during the off-season, but market pessimism regarding sales expectations is gradually stabilizing, indicating a potential bottoming out of negative sentiment [1] - Tesla's recent quarterly report shows a year-on-year increase in gross profit for Q4 2025, with gross margin reaching a two-year high, driven by higher sales prices in the Asia-Pacific region and an increase in FSD subscriptions [1] - Capital expenditures for Tesla in 2026 are expected to exceed $20 billion, focusing on computing infrastructure and new factory capacity expansion [1] Group 2: Autonomous Driving Developments - 2026 is anticipated to be a pivotal year for the commercialization of autonomous driving, with Tesla's FSD subscription rates increasing significantly throughout 2025 [2] - The FSD subscription model will shift to a monthly subscription starting in 2026, with a current fee of $99 per month [2] - As of the end of 2025, FSD has accumulated over 7 billion miles (approximately 11.5 billion kilometers) of driving distance, with ongoing localization efforts in China and Europe pending regulatory approval [2] Group 3: Humanoid Robotics Sector - The robotics sector is experiencing volatility, with recent adjustments in trading volumes and external rumors affecting market sentiment [3] - Key catalysts for the T-chain include the release of Gen3 in Q1 2025 and the commencement of overseas production capacity construction later in the year [3] - There is a positive outlook for specific investment targets within the robotics sector, focusing on high-probability Tesla supply chain participants and undervalued companies with growth potential [3] Group 4: Commercial Vehicle Outlook - The heavy-duty truck and bus segments are expected to benefit from policy support for domestic demand and ongoing export growth in 2026 [4] - Weichai Power is favored due to the recovery of domestic bidding and the pressing electricity shortages in North America, which are expected to boost market expectations for its products [4] - Recommended stocks include Jianghuai Automobile, Hengbo Technology, Longsheng Technology, Weichai Power, Yutong Bus, King Long Automobile, and Cao Cao Mobility, focusing on low-valuation leaders with strong performance [4]

Group 1: Automotive Sector Overview - The automotive sector is currently experiencing a weak performance during the off-season, but market pessimism regarding sales expectations is gradually stabilizing, indicating a potential bottoming out of negative sentiment [1] - Tesla's recent quarterly report shows a year-on-year increase in gross profit for Q4 2025, with gross margin reaching a two-year high, driven by higher sales prices in the Asia-Pacific region and an increase in FSD subscriptions [1] - Capital expenditures for Tesla in 2026 are expected to exceed $20 billion, focusing on computing infrastructure and new factory capacity expansion [1] Group 2: Autonomous Driving Developments - 2026 is anticipated to be a pivotal year for the commercialization of autonomous driving, with Tesla's FSD subscription rates increasing significantly throughout 2025 [2] - By the end of 2025, Tesla's FSD has accumulated over 7 billion miles (approximately 11.5 billion kilometers) of driving distance, with ongoing localization efforts in China and Europe pending regulatory approvals [2] - Tesla is shifting its strategic focus from hardware sales to physical AI, including FSD iterations, Robotaxi services, and the production of Cybercab models [2] Group 3: Humanoid Robots and Supply Chain Updates - The humanoid robot sector is experiencing volatility, with recent adjustments in trading volumes and external rumors affecting market sentiment [3] - Key catalysts for the T-chain include the release of Gen3 in Q1 2025 and the commencement of overseas production capacity and mass production later in the year [3] - There is a positive outlook for specific investment targets within the T-chain, including Tesla-related high-probability segments and undervalued companies with growth potential [3] Group 4: Commercial Vehicles Outlook - The heavy-duty truck and bus segments are expected to benefit from policy support for domestic demand and ongoing export growth in 2026 [4] - Weichai Power is favored in the heavy-duty truck sector due to increased domestic bidding and market expectations for product volume growth [4] - In the bus sector, Yutong and King Long are highlighted for their potential upside, driven by export growth and favorable valuation margins [4]

行业重点新闻 吉利汽车。 （2）零部件：行业反内卷背景下，盈利能力有望拐点向上，叠加下游扩展，成长性依旧较高，推荐： 德赛西威、浙江仙通、美力科技、博俊科技、金固股份，受益标的：潍柴动力、科博达、华域汽车、双 环传动、福耀玻璃、旭升集团、伯特利、瑞鹄模具、松原股份。 风险提示：乘用车行业需求不及预期；汽车行业竞争加剧；电动智能化转型不及预期；政策支持力度不 及预期；原材料价格大幅波动风险。 （1）特斯拉 Robotaxi 战略揭秘：双座 Cybercab 主攻九成出行场景，ModelY/Robovan 补位；（2）特斯 拉首次披露FSD 付费用户数据：约110 万人，占公司累计车辆销量约12%；（3）上海推出汽车置换更 新补贴：购买新能源车补贴车价8%，最高不超1.5 万元；（4）国家能源局：2027 年底将建成2800 万个 充电设施，预计拉动投资2000 亿元以上；（5）文远知行发布通用仿真模型WeRideGENESIS，几分钟 即可构建仿真城市环境；（6）玉柴发布全球首个飞轮增程技术品牌，最高发电效率突破 4.8kWh/L； （7）潍柴超10 万台份额超50%，龙擎/玉柴领涨，燃气重卡动力2025 年净 ...

证券研究报告 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 板块最新观点 整车主线周报： 本周商用载货车表现较好，长城发布业绩预告 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出 口34.1万，同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算 25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。展望2026： ...

转自：中国经营报 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（以下简称"绿控传动"）再度向 资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两年后，2025年12月，它卷土重来， 这次的目标换成了创业板。 与此同时，绿控传动的募资金额也从当初的10.72亿元大幅提升至15.8亿元。业绩的快速转身成为其冲刺创业板的底气。招 股书显示，2022年—2025年上半年，营收从7.12亿元跃升至12.19亿元，净利润也实现"逆转"，从亏损9942.82万元飙升至盈 利6829.55万元。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中和'国家战略背景下， 受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠加技术升级带来的场景拓展与成本下降， 新能源商用车经济性优势凸显，其市场规模的快速扩张有效带动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控传动的重要客户， 同 ...