汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

wumiancaijing.com / 2月25日，网上有消息称，飞天茅台出厂价由1169元/瓶上调至1299元/瓶，引发市场关注。 对此，据21世纪经济报道，贵州茅台公司接线工作人员回应：" 如果是飞天有价格有调整的话，是要披 露的重大事项，公司会及时披露信息。网上经常有这种小作文，建议关注公司披露的公告，没必要去相 信网上的这种谣传。" 最热的泛财经新闻，都在这儿了。 重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再" "，以便您及时 接收每篇推送~ 本文由无冕财经（wumiancaijing）整理发布 资讯整理：小冕 编辑：陈涧 设计：岚昇 传飞天茅台出厂价上调130元 茅台辟谣，分析称是股民行为 ▲茅台2023年调价时曾发布公告。 贵州茅台最近一次调整出厂价格，还是在2023年11月1日，当时上调53%vol贵州茅台酒（飞天、五星） 出厂价格，平均上调幅度约为20%。但市场指导价仍维持在每瓶1499元。 据中国基金报，对于调价消息，一位茅台酒经销商表示"没听说"。中国酒业独立评论人肖竹青表 示，"贵州国资背景的茅台酒代理商是茅台酒涨价的最大阻力，每一个贵州国资的代理 ...

文 | 《 BUG 》栏目 罗宁 今日， " 宝马大降价 "" 宝马 7 系降价约 27 万 " 相关话题冲上微博热搜第一。 《 BUG 》栏目通过江苏、浙江等地宝马 4S 店销售人员了解到。宝马在开年后迎来了较大 的降价优惠，以主流豪华车型 5 系为例， 2025 款宝马 530Li 尊享型 M 运动套装指导价 52.59 万元，裸车价能到 31.37 万元，降价超过 21 万元，降幅达到 40.3% ，更有老款 宝马 7 系其裸车价较指导价降幅超过 40 万元。 作为曾经豪华车市场的 " 标杆选手 " ，宝马在中国市场的地位一度不可撼动，但 2025 年，其遭遇了前所未有的冲击。 根据宝马集团公布的 2025 年财报数据 ，全年宝马在中国 市场共售出 625527 辆 BMW 和 MINI 品牌汽车，同比大幅下滑 12.5% ，较 2023 年的 82.5 万辆高点，两年间损失近 20 万辆，销量直接跌回 7 年前的水平。一边是热搜榜上的 疯狂降价，一边是持续下滑的销量数据，曾经不可一世的宝马，如今却被国内新能源车企不 断冲击。行业专家指出，产品结构不好，转型不及时，让宝马错过了中国新能源发展的窗口 期， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 罗宁 今日，"宝马大降价""宝马7系降价约27万"相关话题冲上微博热搜第一。 《BUG》栏目通过江苏、浙江等地宝马4S店销售人员了解到。宝马在开年后迎来了较大的降价优惠， 以主流豪华车型5系为例，2025款宝马530Li尊享型M运动套装指导价52.59万元，裸车价能到31.37万 元，降价超过21万元，降幅达到40.3%，更有老款宝马7系其裸车价较指导价降幅超过40万元。 作为曾经豪华车市场的"标杆选手"，宝马在中国市场的地位一度不可撼动，但2025年，其遭遇了前所未 有的冲击。根据宝马集团公布的2025年财报数据，全年宝马在中国市场共售出625527辆BMW和MINI品 牌汽车，同比大幅下滑12.5%，较2023年的82.5万辆高点，两年间损失近20万辆，销量直接跌回7年前的 水平。一边是热搜榜上的疯狂降价，一边是持续下滑的销量数据，曾经不可一世的宝马，如今却被国内 新能源车企不断冲击。行业专家指出，产品结构不好，转型不及时，让宝马错过了中国新能源发展的窗 口期，如今的大幅降价，则是治标不治本的举措。 新款老款齐让 ...

Core Viewpoint - Shanghai Huayi Technology Group Co., Ltd. (Huayi Technology) is planning to list on the Hong Kong Stock Exchange after its initial public offering on the STAR Market in 2021, aiming for a dual listing in both A-shares and H-shares [1]. Financial Performance - Huayi Technology was established in 1998 and specializes in testing services for new energy vehicle powertrains and intelligent driving. It is recognized as a leading platform in China with a market share of 7.9% in 2024 [4]. - The company's revenue has shown rapid growth, with figures of RMB 352 million, RMB 423 million, and RMB 386 million for the years 2023, 2024, and the first nine months of 2025, respectively. However, losses have also increased, with losses of RMB 15.91 million, RMB 45.75 million, and RMB 29.26 million during the same periods [4][5]. - The gross profit for the same periods was RMB 139 million, RMB 113 million, and RMB 84 million, with gross margins declining from 39.5% in 2023 to 21.7% in the first nine months of 2025 [5]. Business Segments - Huayi Technology operates through three main business segments: new energy vehicle powertrain testing services, intelligent driving, and powertrain intelligent testing equipment. The intelligent driving segment has seen significant growth, with revenues increasing from RMB 11.79 million in 2023 to RMB 39.44 million in 2024, and reaching RMB 73.71 million in the first nine months of 2025 [6]. Research and Development - The company has consistently increased its R&D expenditure, which reached RMB 49.9 million in 2024, a 17.8% increase from 2023. This investment is aimed at developing advanced perception algorithms and enhancing system integration capabilities [7]. Cash Flow and Working Capital - Huayi Technology has faced cash flow challenges, with net cash outflows from operating activities of RMB 25.27 million in 2023 and RMB 30.43 million in the first nine months of 2025 [8]. - Accounts receivable have grown faster than revenue, increasing from RMB 344 million at the end of 2023 to RMB 574 million by September 2025, resulting in an average turnover period of 419 days [7].

Core Viewpoint - The A-share private placement market is witnessing a significant shift from traditional discount-based participation to high-premium issuance, with several projects achieving premium rates exceeding 20% [1][3]. Group 1: High Premium Issuance - A number of private placement projects have been successfully issued at high premiums, breaking the previous norm of "buying shares at a discount" [1][3]. - The issuance of shares by Guangdian Measurement has a premium rate of 29.09%, raising a total of 1.3 billion yuan at an issue price of 24.01 yuan per share [3]. - The automotive industry has seen particularly notable high-premium issuances, with companies like Jianghuai Automobile and Fengshen Co. achieving premium rates of 23.93% and 125% respectively [4]. Group 2: Participants in High Premium Placements - Public funds are the primary participants in high-premium private placements, with notable involvement from private equity, securities firms, insurance capital, and foreign institutions [1][6]. - The largest single subscription for the North Vehicle Blue Valley's new round of private placement was made by E Fund, amounting to 2.2 billion yuan [7]. - Notable individual investors, referred to as "bulls," have also played a significant role, with some becoming the largest subscribers in various projects [8][9]. Group 3: Investment Focus and Trends - The focus of investment has shifted towards sectors such as new energy vehicles, artificial intelligence, and high-end manufacturing, driven by macroeconomic policies and industry trends [2][10]. - The funds raised in these private placements are primarily allocated to the development of high-end intelligent electric platforms and new materials, aligning with the industry's push for innovation and sustainability [10][11]. - The demand for advanced materials and technologies in the automotive sector is increasing, with companies like Yao Pi Glass and Zhongbei Communication investing in energy-saving upgrades and 5G infrastructure [11][12].

据悉，2026款小鹏X9纯电版将于3月2日正式上市，新款X9全系标配750km超长续航、5C超充+800V、 三排电动三折叠、图灵AI芯片，产品力全面对齐超级增程。 小鹏汽车官方微博今日宣布，小鹏X9荣获2026年1月新能源MPV排行榜第一。 小鹏汽车官方微博今日宣布，小鹏X9荣获2026年1月新能源MPV排行榜第一。 据悉，2026款小鹏X9纯电版将于3月2日正式上市，新款X9全系标配750km超长续航、5C超充+800V、 三排电动三折叠、图灵AI芯片，产品力全面对齐超级增程。 责任编辑：王翔 责任编辑：王翔 ...

2026年2月16日-2月22日，本周迎来马年春节。产品端方面，比亚迪首款K-Car车型内饰造型公布，奥迪全新RS5亮相；数据方面，高速公路等场站的充电/换 电量大幅攀升，上汽名爵公布MG车型销量数据，1月乘用车的平均价格出炉。 2月18日，全新奥迪RS 5亮相，新车提供三厢版和旅行版（Avant）两款车型。全新奥迪RS 5采用宽体车身设计，翼子板外扩，车身两端宽度比基础款A5宽 约9厘米，拥有肌肉感十足的姿态。前脸采用了三维单框设计，配有蜂窝格栅和主动进气格栅。车尾配备了空气动力学扩散器和RS Sport排气系统。作为奥 迪的招牌配置，暗色矩阵LED大灯和数字日间行车灯标志以方格旗设计。 全新奥迪RS 5首次采用插电式混动系统，搭载EA839evo PC3发动机，输出功率为375千瓦，扭矩600牛米。变速器采用后置布局，内部集成了130千瓦、460 牛米电机。车辆总输出功率最高为470千瓦（639马力）和825牛米扭矩。车辆的零百加速时间为3.6秒。电池组容量为25.9kWh，等效全电里程（EAER）可 达84km。新车还配备eTV quattro sport限滑差速器，将于2026年夏季上市交付。 比亚迪 ...

Group 1 - The company is advancing its projects, with the second phase of its Indonesia project expected to commence production, while the Thailand factory continues to increase output and the Mexico factory is steadily progressing to optimize the global supply chain structure. These initiatives aim to enhance overseas capacity, address trade barriers, and expand profit margins [1] - The tire demand may benefit from structural opportunities due to the increasing penetration of electric vehicles and supportive industry policies, particularly in the high-performance and low rolling resistance tire segments. Policy trends may indirectly impact industry demand [1] Group 2 - The company is continuously investing in green tire technology and expanding production at domestic bases such as Jintan and Tianjin, with future capacity releases expected to drive revenue growth [2] - Changes in shareholder structure, including a decrease in the number of shareholders and an increase in share concentration, may also become a long-term focus [2]

中国质量新闻网讯 在政策调整衔接与消费需求透支的双重影响下，2026年1月国内乘用车市场开局遇冷，整体销量同比出现明显下滑。根据乘联分会数据， 该月国内狭义乘用车市场零售销量达154.4万辆，同比下降13.9%。值得关注的是，尽管市场整体承压，但不同阵营、细分市场表现分化明显，合资品牌零售 表现相对稳健。 具体到细分市场，1月各领域表现差异显著，轿车市场下滑最为明显。数据显示，1月轿车销量为62.2万辆，同比大幅下降24.7%；作为乘用车市场的主力细 分领域，SUV市场虽同样面临下行压力，但表现优于轿车市场，该月销量为84.3万辆，同比下滑5.2%；1月的MPV市场依旧是各细分领域中表现较弱的板 块，销量同比小幅上涨1.0%达到7.9万辆；新能源车方面，由于购置税免税政策在2025年底结束，部分用户提前购买形成年底的消费透支现象，从而抑制1月 新能源车市场的需求，销量仅59.6万辆，同比下滑20.0%。 自主阵营承压明显 合资相对稳健 在政策等多重影响下，1月车市整体零售呈现同比下滑态势，自主品牌、合资品牌、豪华车市场均受到不同程度冲击。具体来看，自主品牌1月零售89万辆， 同比下降18%。国内零售份额为57 ...