行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [1] Core Insights - The company is experiencing significant growth in its 3C battery business, with a successful expansion into steel shell batteries, which enhances energy density and space utilization [3][4] - The introduction of low-voltage lithium batteries is progressing smoothly, with substantial orders from leading electric vehicle manufacturers, indicating a strong market position [4] - The company's third-quarter performance is impressive, with a revenue of 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, reflecting a 62.5% year-on-year growth [5] Summary by Sections Market Performance - The stock has shown a significant performance trend compared to the CSI 300 index, indicating a positive market reception [2] Business Growth - The 3C battery segment is benefiting from national subsidy policies, leading to increased shipments and collaborations with major clients like Apple, Xiaomi, and Huawei [3] - The company has invested 2 billion yuan to expand its steel shell battery production line, expected to be completed by Q3 2026, which will likely drive future sales growth [3] Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 10.32 billion yuan, a 21.2% increase year-on-year, and a net profit of 387 million yuan, up 44.4% year-on-year [5] - The forecast for revenue from 2025 to 2027 is projected to grow from 14.37 billion yuan to 22.73 billion yuan, with corresponding EPS increasing from 0.55 yuan to 1.76 yuan [6][9]

Core Viewpoint - Geely Automobile has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2] Group 1: Share Buyback Details - On January 27, Geely repurchased 2.29 million shares at a price range of HKD 16.510 to HKD 16.600, totaling HKD 37.87 million [2] - The stock closed at HKD 16.530 on the same day, reflecting a decrease of 0.54%, with a total trading volume of HKD 604 million [2] - Since January 26, the company has conducted buybacks for two consecutive days, acquiring a total of 6.69 million shares for a cumulative amount of HKD 111 million, during which the stock price fell by 2.13% [2] Group 2: Year-to-Date Buyback Summary - Year-to-date, Geely has completed 12 buybacks, acquiring a total of 35.23 million shares for a total expenditure of HKD 598 million [2] - The buyback activity reflects a consistent effort by the company to stabilize its stock price in the market [2] Group 3: Detailed Buyback Transactions - The buyback transactions from January 5 to January 27 include: - January 5: 3.42 million shares at HKD 17.900, totaling HKD 60.31 million [2] - January 6: 0.42 million shares at HKD 17.810, totaling HKD 0.75 million [2] - January 7: 0.34 million shares at HKD 17.650, totaling HKD 5.92 million [2] - January 8: 0.39 million shares at HKD 17.380, totaling HKD 6.76 million [2] - January 9: 0.15 million shares at HKD 17.250, totaling HKD 2.66 million [2] - January 12: 0.90 million shares at HKD 17.150, totaling HKD 15.13 million [2] - January 19: 0.01 million shares at HKD 17.090, totaling HKD 0.17 million [2] - January 20: 0.38 million shares at HKD 16.950, totaling HKD 6.36 million [2] - January 21: 0.24 million shares at HKD 16.810, totaling HKD 3.96 million [2] - January 22: 0.06 million shares at HKD 16.740, totaling HKD 0.95 million [2] - January 26: 0.44 million shares at HKD 16.650, totaling HKD 7.30 million [2] - January 27: 0.23 million shares at HKD 16.600, totaling HKD 3.79 million [2]

1月27日，中国汽车流通协会和精真估发布了《2025年度中国汽车保值率报告》。《报告》显示，小米 SU7在纯电动车领域取得第一名，一年保值率高达86.05%。紧随其后的是问界M9 EV、理想MEGA、吉 利星愿以及特斯拉Model X。 对此，小米创办人、董事长兼CEO雷军在微博发文称，感谢每一位用户的认可，感谢一路同行。 f流通协会 精真估 纯电动 保值率排名 | 排名 | 品牌 | 车系 | 年保值率 | | --- | --- | --- | --- | | 1 | וה | 小米SU7 | 86.05% | | 2 | 0 | 问界M9 | 82.44% | | 3 | ■ 理想 | 理想MEGA | 78.56% | | 4 | 吉利银河 | 星愿 | 78.01% | | 5 | 特斯拉 | Model X | 76.38% | | 6 | 极氪 | ZEEKR 009 | 75.49% | | 7 | 特斯拉 | Model 3 | 75.27% | | 8 | 小鹏 | 小鹏MONA M03 | 73.10% | | 9 | 特斯拉 | Model Y | 71.97% | | 10 | 小鵬 ...

Investment Rating - The investment rating for the automotive industry is "Positive" and is maintained [9] Core Insights - In Q4 2025, the fund holding ratio in the automotive industry slightly increased to 4.35%, up by 0.02 percentage points from the previous quarter, indicating an overall overweight of 0.14% compared to the market capitalization of automotive stocks in A-shares [2][5] - The configuration ratio for automotive manufacturing decreased to 1.04%, down by 0.12 percentage points, while the configuration ratio for automotive parts increased to 3.31%, up by 0.14 percentage points [5] - The wholesale sales of passenger vehicles in Q4 2025 reached 8.846 million units, showing a year-on-year decrease of 0.3% but a quarter-on-quarter increase of 15.1% [5] Summary by Sections Market Performance - The A-share automotive sector increased by 2.15%, outperforming the CSI 300 index which decreased by 0.62% [28] - Among sub-sectors, commercial vehicle parts rose by 7.36%, while automotive sales and services fell by 5.74% [28] Fund Holdings - The top fifteen fund holdings in the automotive sector for Q4 2025 include Fuyao Glass, Slin Intelligent Drive, and Sailun Tire, with significant inflows into Slin Intelligent Drive and outflows from Jianghuai Automobile [6][17] Investment Recommendations - The report emphasizes three main investment themes: 1. Overseas expansion with recommendations for companies like Minth Group and BYD 2. High-end passenger vehicles and parts with a focus on companies like Geely and Ideal Automotive 3. Embracing AI technology with recommendations for companies like Top Group and Xpeng Motors [7][22][23]

皮卡产销： 2025年12月份皮卡市场销售5.2万辆，同比增长8.8%，处于近5年的高位水平。2025年1-12月 份皮卡市场销售58.9万辆，同比增长11.8%。2025年12月份皮卡生产为4.8万辆，同比增长5.2%，处于近5年的 中高位水平。2025年1-12月份皮卡市场生产57.5万辆，同比增长14%。 长城汽车持续保持强势皮卡领军地位，国内外表现均较平稳。受出口持续同比增长促进，长城汽车、长 安汽车、上汽大通、江淮汽车、郑州日产表现较强。在国内皮卡零售市场，长城汽车、江铃汽车、郑州日产、 雷达汽车、江西五十铃等表现较好，国内"皮卡一超多强"格局继续保持。皮卡市场的主力区域在西南、西北为 主，西部地区的皮卡需求较大。2025年12月西南、西北地区的皮卡需求占到总体需求的46%，成为两大核心市 场，京津山河四省的皮卡表现较弱。随着新能源皮卡高增速放缓，新能源助力皮卡市场弱于物流类电动车走 势。 皮卡出口： 2025年12月全国皮卡出口2.8万辆，同比增长12%，环比下降13%，行业出口占比继续保持高 位。1-12月皮卡出口30万辆，同比增长21%。2024年皮卡出口占比皮卡总销量的45%，2025年12 ...

Industry Information - The National Bureau of Statistics projects that by 2025, the production of new energy vehicles (NEVs) will increase by 25.1%, driving a 41.7% growth in lithium-ion power batteries [8][9] - The China Association of Automobile Manufacturers aims to develop high-level group standards for vehicles and key components within 1-2 years [9][11] - Shanghai's 14th Five-Year Plan emphasizes the development of smart connected NEVs through soft and hard collaboration and digital intelligence [11] - By the end of 2025, the total number of electric vehicle charging infrastructure in China is expected to exceed 20 million, marking the largest electric vehicle charging network globally [12][13] - The Ministry of Finance has introduced a loan interest subsidy policy focusing on 14 key industries, including new energy and automotive sectors [14] - By 2025, Guangxi Nanning plans to establish 30,199 public charging piles for NEVs [12] - The Ministry of Commerce anticipates that by the end of 2025, 60% of passenger cars sold will be NEVs [12] Corporate Information - Xpeng Motors reported that 57.2% of X9 Super Range owners are born in the 1990s, with a total of 5,424 units delivered by December 2025, marking a 289.1% year-on-year increase [40] - The Wuling Bingo Pro offers two battery options with a maximum range of 403 kilometers [40] - Ideal Auto's subsidiary has increased its registered capital to 300 million RMB, a 67% increase [11] - NIO has doubled its battery investment, with over 7,309 new batteries added, achieving over 90% progress in battery doubling [40] - The first sample of Hongqi's all-solid-state battery has successfully rolled off the production line [40]

智通财经APP讯，吉利汽车(00175)发布公告，于2026年1月27日，该公司斥资3786.53万港元回购229万 股股份，每股回购价16.51-16.6港元。 ...

格隆汇1月27日丨吉利汽车(00175.HK)发布公告，2026年1月27日耗资3786.53万港元回购229万股，回购 价格每股16.51-16.6港元。 ...

公司名稱： 吉利汽車控股有限公司 呈交日期： 2026年1月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | ...