加入轩辕同学 ， 成就新汽车人! 撰 文 | 莫 莉 编 辑 | 张 南 设 计 | 甄 尤美 2026年2月的车圈依旧热闹。在这个月，有人在危机中反思，有人在流量里辟谣，还有人忙着隔 空喊话挖角。 这些言论交织在一起，构成了2026年中国汽车产业在内卷与成长、规则与底线之间的真实众生 相。 01 竞争和价格压力可能会进一步加剧，而提高的关税也将首次产生全面影响。 —— 马库斯·福施纳 Markus Forschner 博世首席财务官 1月30日，全球最大的汽车零部件供应商博世用一份略显沉重的业绩预告，为2026年的汽车行业 定下了基调：难。 由于全球关税壁垒的全面显现，博世宣布将7%的利润率目标推迟至2027年。尽管2025年销售额 微增至910亿欧元，但经营利润率却从3.5%滑落至1.9%的危险边缘。 年会让部分员工体验不佳、受了委屈，这暴露出公司组织能力短板，需要正视。 —— 朱江明 零跑汽车创始人、董事长兼首席执行官 2月2日深夜，朱江明向全员发信回应年会争议，表示公司已启动年会全流程复盘优化。 争议的背景是1月30日电子产品线年会结束后，多名员工在社交平台吐槽现场体验，年会因在工 厂仓库举办、很冷没 ...

【 】 国泰海通证券 证券研究报告 2026年乘用车: 以高端、出海为矛破局 2026/ 02/28 行业评级: 增持 姓名：刘一鸣 (首席分析师) 邮箱：liuyiming@gtht.com 电话:15216799596 证书编号: S0880525040050 姓名:张觉尹 (分析师) 电话：19945659915 姓名： 潘若婵 (分析师) 邮箱: zhangjueyin@gtht.com 邮箱: panruochan@gtht.com 一电话:17278286860 证书编号：S0880525040057 证书编号：S0880525110006 01 02 03 04 2 2025年乘用车市场分析 请参阅附注免责声明 3 / 总量： 2025年乘用车内需与出口稳健增长 01 2025年，国内乘用车批发销量达2379.7万辆，同比+6%，在政策支持与消费复苏驱动下保持韧性增长。 2025年，中国实现乘用车出口573.1万辆，同比+21%，受益于自主品牌加速海外市场扩张与国产新能源车竞争力提升。 图: 乘用车国内批发销量（万辆） 300 238 240 227 250 202 201 198 172 22 ...

而具微科技创始人兼CEO王子煊是温州90后连续创业者，经济学硕士，曾任职世界500强集团，原顺遂 国际创始人，总裁。他具有多年产业投融资经验。他创立组建了国内头部钠电企业，还是核聚资本董事 合伙人，曾主导投资了零跑汽车、欣旺达等项目。 公开资料显示，具微科技创立以来便精准卡位特种工业四足机器人高壁垒赛道，避开消费级市场同质化 竞争，聚焦防磁、防爆、防水、防冻"四防"极端场景，核心产品MOVENEW P1在关键性能上处于行业 领先水平，具备400kg极限负载、12小时超长续航能力，可在-40℃至85℃宽温域、1000Gs强磁环境下稳 定运行，预计今年3月取得防爆认证。 瑞财经 吴文婷2月26日，具微科技宣布完成新一轮融资，本轮融资由滨州国投注资。融资资金将重点用 于深化场景布局、夯实核心研发实力、扩充产能储备。 截至本轮落地，具微科技累计融资总额超亿元，投资方覆盖产业资本、行业资本、国有资本，占据今年 四足机器人融资"开门红"第一阵营。 ...

今年春节自驾回乡，小王在高速路上有了个新发现——路上的 "小蓝灯" 越来越多了，几百公里路程中，他看到至少十几辆尾灯或 后视镜处亮着蓝光的车从车旁闪过，在一片红彤彤的车流中这些闪着蓝色灯光的车显得格外扎眼。这些车中数量比较多的品牌是 问界和理想，也有阿维塔、零跑、比亚迪等。懂行的知道，这并不是什么改装车新潮流，而是车主打开了辅助驾驶功能，车正 在"自动驾驶"。 小王一路观察这些"小蓝灯"——它们基本全程都能稳稳地待在车道中间，速度稳得像老司机，而车内的驾驶员，有的手轻轻搭在 方向盘上跟副驾聊天，有的在伸懒腰、打哈欠，还有的干脆撒开双手喝起了饮料。这让开了好几个小时、腰酸背痛的小王羡慕得 不行："下次换车，必须整一个带智驾的，我也要亮上小蓝灯！"在社交平台上，有相似经历的车主也是一片"羡慕嫉妒恨"。 "小蓝灯"成被调戏的受气包 虽然销量增速迅猛，但从当前的保有量看，"小蓝灯"仍属于道路车辆中的"异类"，吸引着众多非智驾车主的关注。根据经济观察 报的调查，在驾驶行为上，非智驾车车主对"小蓝灯"的心态基本可分成三个类别。 一类是避之不及的"怀疑派"。这类车主遇到"小蓝灯"就敬而远之，觉得智能驾驶功能就像个不靠谱的" ...

Core Viewpoint - The company, Zhongchao Innovation, anticipates a significant increase in net profit for the year 2025, projecting between RMB 20.25 billion and RMB 21.93 billion, representing a year-on-year growth of approximately 140% to 160% due to sustained high growth in its leading technology products across various sectors [1] Group 1: Financial Performance - The company expects a net profit of approximately RMB 20.25 billion to RMB 21.93 billion for 2025, marking a year-on-year increase of about 140% to 160% [1] - The annual global installed capacity of the company's power batteries reached 62.8 GWh, a year-on-year increase of 52.6%, securing a position among the top four globally with a market share of 5.3% [1] Group 2: Product and Market Development - In the passenger vehicle sector, the company has established deep collaborations with major clients such as XPeng, Leap Motor, Geely, and Toyota, achieving significant growth in high-end vehicle markets and expanding its product offerings [2] - The company’s 5C ultra-fast charging battery has become the largest delivery volume product globally, while its "top-tier all-round" cylindrical semi-solid-state battery has achieved high energy density and ultra-fast discharge capabilities [2] Group 3: Commercial Vehicle and Energy Storage Solutions - The company has successfully implemented its "Zhiyuan" all-scenario solution in the commercial vehicle sector, leading to exponential growth in vehicle installation and new model announcements [3] - In the energy storage sector, the company has introduced new products in the "Zhijiu" series, achieving record high shipment volumes and project deliveries, while expanding its market presence in Europe and the Middle East [3] Group 4: Industry Outlook - Industry analysts indicate that the global energy transition and electrification trends are accelerating, leading to long-term growth in the demand for power batteries and energy storage [3] - The company has built a unique competitive advantage through its strong technical foundation, comprehensive product layout, and deep partnerships with leading enterprises, positioning itself as a leader in driving high-quality development in the global new energy industry [3]

Group 1 - German Chancellor Merz visited Hangzhou, where a delegation of nearly 30 German economic representatives engaged with 10 Chinese companies from sectors such as artificial intelligence, brain-computer interfaces, humanoid robots, and new energy vehicles [1][3][11] - The German representatives included major companies like BMW, Mercedes-Benz, Siemens, Adidas, and DHL, while Chinese representatives showcased firms like Zhejiang's Chint Group, Geely, Alibaba, and emerging tech companies like BrainCo and Yushu Technology [3][13] Group 2 - The collaboration between China and Germany is evolving from traditional manufacturing to deeper integration in soft ecosystems, with Zhejiang aiming to establish itself as a global advanced manufacturing hub [4][14] - In the automotive sector, there is a multi-dimensional cooperation where German car manufacturers leverage their brand and mechanical advantages, while Chinese companies excel in core components for new energy vehicles and smart cockpit technologies [5][15] - The partnership extends beyond automotive to traditional sectors like chemicals, with calls for reinventing cooperation methods to adapt to a rapidly changing world [6][15] Group 3 - Companies like BrainCo and Yushu Technology represent a new wave of collaboration, focusing on future industries such as non-invasive brain-computer interface technology, with significant revenue coming from the German market [6][16] - DHL's CEO highlighted China's rapid advancements in logistics robotics and technology innovation, indicating strong partnerships with local developers [6][16] - The current development strategies of China and Germany align closely, emphasizing pragmatic cooperation for mutual benefit, particularly in green energy transitions [9][18]

Investment Rating - The report maintains a recommendation for the six-seat SUV industry, highlighting both blue ocean opportunities and red ocean competition [2] Core Insights - The six-seat SUV market is expected to see the launch of five new models priced around 200,000 yuan in 2026, with top models potentially achieving monthly sales of 10,000 to 20,000 units [2][22] - The high-end six-seat SUV market is experiencing intense competition, with a significant increase in supply expected in 2026, outpacing market expansion [2][6] - The 200,000 yuan segment remains a potential blue ocean market, as current models often fail to meet consumer demands due to size and pricing issues [6][24] Summary by Sections Total Market Overview - The six-seat SUV market is projected to grow, with an estimated total of 150,000 units sold in 2025, reflecting a year-on-year increase of 21,000 units [13] - The market is expected to continue expanding with the introduction of new models, particularly in the 200,000 yuan segment [6][10] Blue Ocean Opportunities - The 200,000 yuan segment for six-seat SUVs is identified as a significant market opportunity, with current models not meeting consumer expectations in terms of size and pricing [6][22] - The report notes that the proportion of six-seat SUVs priced below 250,000 yuan is only 4.9%, compared to 28% for those above this price point, indicating room for growth [24] Red Ocean Competition - The high-end six-seat SUV market is set to intensify with 22 new models expected to launch in 2026, leading to fierce competition [2][6] - The report highlights a shift in product strategy from size combinations to price combinations, indicating evolving consumer preferences [2][10] Investment Recommendations - The report suggests focusing on companies like Leap Motor and Great Wall Motors, with specific models expected to drive significant sales growth [7][10] - Geely is also recommended due to its ongoing product cycle contributing to sales and profit increases [7][10]

前不久，Stellantis集团发布其2025年全年财务业绩，预料之内的，堪称史诗级灾难的财务表现—— 去年全年净亏损高达223欧元，换算成人民币约合1800亿。 简单估算下，其相当于去年每天净亏近5亿人民币，从目前已公布全年业绩的传统汽车巨头来看，Stellantis的亏损幅度已经"冠绝全球"，其去年还是盈利 55.2亿欧元。 尽管是非常规因素导致，但持续性的利润下行和业务亏损，也让这家曾经最赚钱的车企面临着巨大的生存危机。 就在Stellantis发布财报的同一天，彭博社曝出一则消息，Stellantis正考虑扩大与零跑汽车的合资范围，采用这家中国合作伙伴的电池和电驱动技术，降低 菲亚特、欧宝和标致等欧洲主流品牌的开发成本。 从"销售合作"到"技术共享"，Stellantis集团要借助神秘的东方力量了。 01 战略出清 全年净亏损223亿欧元，约合人民币1800亿元，这还是自Stellantis集团合并成立以来，首次出现年度亏损，Stellantis曾经的CEO唐唯实也因此引咎辞职。 如此巨额亏损的背后，和此前福特汽车出现年度亏损的核心原因如出一辙，都是因为电动化战略的调整而一次性计提了巨额的资产减值。 ...

2月26日，全球第四大汽车巨头Stellantis集团发布2025年全年财务业绩。 财报显示，2025年，Stellantis集团实现净营收1535.08亿欧元，较2024年的1568.78亿欧元同比下滑2%。 Stellantis集团表示，营收下滑主要受两大因素影响，一是外汇波动带来的不利影响，二是2025年上半年产品净价下滑，尽管全年销量实现小幅增长，却未 能抵消上述负面因素的冲击。 去年净亏超1800亿元 "2025年下半年，我们开始看到了初步且积极的进展迹象，我们提高产品和服务质量的努力初见成效，新产品的推出得到了强有力的执行，营收也恢复了 同比增长。"安东尼奥·菲洛萨表示。 在产品布局上，Stellantis集团正通过丰富产品系列扩大全球市场覆盖，北美市场重启Jeep切诺基、道奇Charger SIXPACK等车型，南美市场以Ram Dakota 中型皮卡为核心，欧洲市场推出雪铁龙C5 Aircross纯电、菲亚特500混动等车型。 CEO：高估了能源转型速度 盈利端表现更为低迷。2025年，Stellantis集团净亏损达223.32亿欧元（约合人民币1806亿元），而2024年同期净利润为55. ...

每经记者｜孙桐桐 每经编辑｜段炼 裴健如 2月26日，全球第四大汽车巨头Stellantis集团发布2025年全年财务业绩。 图片来源：Stellantis官微 今年2月6日，Stellantis集团宣布对其业务进行重大调整，致使集团在2025年下半年产生约222亿欧元的费用（不包含在调整后经营利润中），其中约65亿 欧元现金预计将在未来四年内完成支付。 上述费用主要用于三方面，包括调整产品规划和电动汽车供应链以适配客户需求与法规变化、优化合同保修条款估算程序、以及欧洲区人员精简相关支出 等。 财报显示，2025年，Stellantis集团实现净营收1535.08亿欧元，较2024年的1568.78亿欧元同比下滑2%。 Stellantis集团表示，营收下滑主要受两大因素影响，一是外汇波动带来的不利影响，二是2025年上半年产品净价下滑，尽管全年销量实现小幅增长，却未 能抵消上述负面因素的冲击。 去年净亏超1800亿元 CEO：高估了能源转型速度 盈利端表现更为低迷。2025年，Stellantis集团净亏损达223.32亿欧元（约合人民币1806亿元），而2024年同期净利润为55.20亿欧元，亏损主因是其 ...