Investment Highlights - The automotive market began to show an upward trend in 2020 despite the pandemic, primarily due to a year-on-year increase in industry sales and a significant turning point in the penetration rate of new energy vehicles (NEVs), which led to a notable increase in the market share of domestic brands [2][26] - The core turning point for NEV penetration was driven by the localization of Tesla, with the Model 3 quickly becoming a best-seller, and improvements in the economic viability of the supply chain leading to a diverse supply [2][36] Historical Index Trends - In May 2021, the electric vehicle logic remained strong with a penetration rate of about 10%, and demand did not weaken despite a chip shortage that began in early 2021. The market anticipated a gradual easing of supply issues by July-August [3][45] - By May 2022, the penetration rate had increased to approximately 25%, with the resumption of production in lockdown areas and the implementation of tax reduction policies, which contributed to an upward trend in the index [3][48] - In February 2024, a shift in supply-demand dynamics occurred, leading to a price war initiated by Tesla's significant price cuts. The market began to rebound, with BYD's price reduction strategy proving effective [4][51] Profitability and Valuation Changes - The profitability of the automotive sector under the NEV trend has not significantly improved compared to the traditional fuel vehicle era, as selling NEVs has not altered the industry's business model, which remains rooted in manufacturing logic [5][56] - The valuation center for the automotive sector has shifted upward, with the price-to-sales (PS) ratio moving from a maximum of 2x during the fuel vehicle era to a current center of 1x, driven by increased market share and high-end breakthroughs of domestic brands [5][57] Competitive Factors in the NEV Era - The competition among automotive companies is characterized by a focus on hard power in the early stages, with soft power becoming more relevant later. The core competitive factors have evolved through different phases, including supply chain integration, electric vehicle technology, and marketing capabilities [6][60] - The first phase (2021-2022) emphasized supply chain advantages, while the second phase (2023) shifted towards electric vehicle technology and product definition capabilities, leading to a price war [6][60] - By 2025, the growth rate of NEV penetration is expected to slow down, with the main competitive logic focusing on imitating and surpassing leading NEV companies [7][60] Stock Performance Review - A review of stock performance from 2020 to 2025 indicates that early in the NEV development phase, the market had high expectations for leading companies from the previous cycle, while later periods required identifying emerging players based on changing competitive factors [8][20] - Notable stock performances include Seres as a tenfold stock, Jianghuai with an eightfold increase, and BYD with a fivefold increase, highlighting the importance of recognizing industry trends and selecting the best-performing stocks [8][20]

吉利汽车发布2025 年12 月销量。公司12 月销量23.7 万辆，同比+12.7%，环比-23.7%。 2025 年全年累计销量302.5 万辆，同比+39.0%。 事件评论 12 月总量交付同比持续增长，极氪9X 交付超1 万辆，超额完成全年目标。公司12 月销量23.7 万辆，同 比+12.7%，环比-23.7%。分车型来看，吉利品牌/领克/极氪销量分别为17.3/3.4/3.0 万辆，同比分别 +10.2%/+29.4%/+11.3%，环比分别-29.9%/-3.7%/+4.9%；吉利品牌中，银河12 月销量10.1 万辆，同比 +45.0%，环比-24.1%。出海方面，12 月出口4.0 万辆，同比+49.0%，环比-4.2%。分能源结构来看，12 月新能源销量15.4 万辆，同比+38.7%，环比-17.9%，新能源占比65.1%，同比+12.2pct，环比+4.6pct。 吉利汽车2025 年全年累计销量302.5 万辆，同比+39.0%，2025 年全年累计银河/领克/极氪销量分别为 123.6/35.0/22.4 万辆，同比+149.9%/+25.4%/-1.8%；2025Q4 全年累计总 ...

Group 1 - The core theme for the automotive industry in 2026 is to promote consumption, stabilize the market, and enhance industrial safety through optimized policies and regulations [1][2][3] - The central economic work conference has set the tone for 2026 as "seeking progress while maintaining stability, improving quality and efficiency," focusing on stimulating market vitality and enhancing innovation capabilities in the automotive sector [1][2] - The automotive industry will accelerate innovation in smart and electric vehicles, with advancements in L3 autonomous driving, solid-state batteries, flying cars, and AI technologies being key indicators of development [1][2] Group 2 - The promotion of automotive market consumption is a key focus for 2026, with measures such as halving the purchase tax for new energy vehicles and implementing targeted subsidies for vehicle trade-ins [2][3] - The adjustment of subsidies to a maximum of 12% of the vehicle price aims to enhance efficiency and tap into emerging consumer potential, while also exploring new subsidy scenarios in rural markets [2][3] - The removal of unreasonable purchase restrictions in certain cities is another critical measure to unleash automotive consumption potential [2][3] Group 3 - The establishment of new regulations aims to address pain points and risks in the automotive industry, with standards like GB36980.1-2025 and safety requirements for intelligent connected vehicles expected to be implemented in 2026 [2][3] - The introduction of compliance guidelines and regulations will help eliminate unfair competition practices, ensuring a shift from price competition to a focus on technology, quality, and service [3][4] Group 4 - Strengthening safety measures is crucial, with new standards for electric vehicle batteries emphasizing safety and requiring compliance with stricter technical goals [4][5] - Regulations on user data collection and cross-border data transmission will enhance data security and protect consumer rights, forming a robust safety framework for the automotive industry [5][6] - The transition to orderly development signifies a shift from scale expansion to value competition, with a focus on product quality and consumer experience becoming paramount [5][6] Group 5 - The automotive industry's orderly development will lead to a restructuring of competition, moving from price wars to high-quality value breakthroughs [6] - Technological advancements and global collaboration will open new growth opportunities, enhancing the international standing of Chinese automotive brands [6] - 2026 is seen as a pivotal year for the automotive industry, with a focus on harmonizing development incentives and regulatory frameworks to drive transformation [6]

东兴证券认为，国内汽车市场在政策刺激与技术创新双重驱动下，呈现出"电动化加速渗透、自主品牌 强势崛起"的鲜明特征，自主品牌智能化的优势是其销量增长的重要原因。在电动化渗透率持续提升的 背景下，汽车产业的竞争重心正逐步转向智能化领域，具备领先训练数据、训练设施、智驾生态领域的 头部企业有望获取更多市场份额。 2026年1月5日，中国汽车流通协会发布最新一期"汽车消费指数"：2025年12月汽车消费指数为97.7，高 于上月，预计2026年1月汽车市场将呈现"开门红"的局面。从构成汽车消费指数的分指数看，2025年12 月需求分指数为90.3，较上月有所提升。 国元证券认为，从产业生命周期的视角来看，当前中国汽车产业正步入电动智能化浪潮的中后期，呈现 出传统燃油车、电动智能车以及以自动驾驶为代表的未来产业"三条产业曲线并存"的格局。在这一背景 下，汽车板块不再是单一赛道的投资领域，而是需要根据不同产业曲线所处的阶段，实施分层次、分节 奏的结构性投资布局。建议关注汽车行业十大趋势：(一)报废缺口提供中长期空间，以旧换新有望常态 化；(二)新势力推动中国汽车出口迈向结构升级新阶段；(三)"大众纯电+高端增程"趋势持续 ...

（编辑 袁冠琳） 证券日报网讯 1月6日，三一重工在互动平台回答投资者提问时表示，公司自2021年开始成立新能源技 术委员会，管理新能源技术发展规划、专利布局、前瞻技术研究以及新技术产业孵化等工作，各产品事 业部也成立了电动化经营与科研团队。此外，公司重视培育与引进专业电动化人才，覆盖电池、电控、 电驱、电子电气、控制算法和热管理等领域。公司全面推进工程车辆、装载机械、挖掘机械、起重机械 等产品的低碳化，聚焦纯电、混动和氢燃料三大技术路线，持续迭代新能源产品。2025年上半年，公司 持续提升新能源产品覆盖度，总计完成30多款新能源产品上市。 ...

证券日报网讯 1月6日，沪光股份在互动平台回答投资者提问时表示，公司成立近三十年来，始终专注 于汽车线束的研发、制造与销售。凭借强大的研发实力和行业领先的智能制造水平，公司在过去几年中 敏锐捕捉并把握住了汽车新能源转型的历史性机遇，不断丰富产品矩阵，并积极推动主业在横向与纵向 维度上的延伸拓展。当前阶段，公司密切关注电动化、智能化浪潮对行业创新升级的驱动作用，已提前 做好充分准备。围绕线束、连接器积极打造一体化供应能力，同时持续优化客户结构，为主业的持续盈 利增长注入强劲动力。此外，公司在巩固主业优势的基础上，已前瞻性地布局机器人、作业类无人车、 无人机等新兴领域，构建"1+N"的多元化发展格局。基于各行业对工业智能、机器人及无人机产品的迫 切需求，公司与上述行业龙头企业深化产业协同合作，共同开展研发平台搭建、关键技术研究、产品开 发、生产制造和市场推广等工作，致力于为中国智能制造生态体系的构建贡献自身力量。同时，公司积 极布局上述新兴业务领域，业务收入和盈利空间有望进一步打开。公司亦将秉持"行稳致远"的文化理 念，致力于实现优良业绩，回报广大投资者。 （文章来源：证券日报） ...

Core Insights - The automotive and transportation industry is entering a critical phase characterized by "rhythm differentiation and structural reshaping" with a long-term direction towards electrification, but short-term demand fluctuations, cost pressures, and capital constraints are significantly amplified [1] - The focus of industry competition is shifting from "whether technology is feasible" to "whether business is sustainable and systems are controllable," emphasizing efficiency, resilience, and collaborative capabilities as key determinants of success in the next phase [1] Group 1: Lithium Battery Industry - The price war in the lithium battery sector is easing temporarily, but structural imbalances persist, requiring companies to strengthen long-term competitiveness through material innovation, extreme manufacturing, lean operations, and overseas and multi-scenario layouts amid a backdrop of "slowing incremental growth" [3] - The profitability of battery manufacturing is under significant pressure due to high capital investment, demand fluctuations, and technological route diversification, with the core focus being on enhancing existing capacity utilization and bottom-line profits rather than blind expansion [7] Group 2: Advanced Air Mobility (AAM) - Advanced air mobility is still in its early stages, but growth momentum is already evident in passenger transport, cargo, and specialized services, with drones leading the way into the scaling phase, providing important references for other AAM segments [5] - The deployment of Robotaxi is not inherently a solution to urban congestion; rather, its uncoordinated deployment may exacerbate congestion risks, necessitating collaborative governance among public sectors, operators, and urban planning for successful scaling [10]

全球基础设施建设模式正经历根本性转变，传统"大拆大建"的粗放式发展逐步让位于"精准化、可持续"的 精细化运营。 这一变革直接推动挖掘机行业从单一土方作业工具，向"智能施工系统核心执行单元"的角色进化。 行业底层逻辑重构： 从"工具属性"到"系统价值"的跃迁 全球基础设施建设模式正经历根本性转变，传统"大拆大建"的粗放式发展逐步让位于"精准化、可持续"的 精细化运营。这一变革直接推动挖掘机行业从单一土方作业工具，向"智能施工系统核心执行单元"的角色进 化。 行业价值创造逻辑已发生质变：客户不再仅关注设备本身的性能参数，而是更重视其能否通过智能化、电 动化技术，实现施工效率提升、运营成本降低及碳排放减少的综合价值。 这种转变源于三大核心驱动力：一是全球劳动力成本上升与熟练机手短缺，倒逼企业通过自动化技术降低 对人力的依赖;二是施工场景复杂度提升，矿山、隧道、城市地下空间开发等场景对设备安全性、环境适应性 提出更高要求;三是全球碳中和目标下，高排放老旧设备加速淘汰，新能源机型成为市场新增长极。 未来五 年，具备"智能决策+绿色动力+全生命周期服务"能力的企业，将主导行业价值分配 。 技术革命 电动化、智能化与数字化 ...

香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件及智能驾驶等业务的上市公司证券作为指数样本，重点关注电动化和智能化领域具有高成长 性的企业，以反映汽车产业相关上市公司证券的整体表现。 东吴证券指出，2026年以旧换新政策落地，港股通汽车行业景气度向上。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，国内关注高 端电动化赛道中对政策扰动不敏感的个股，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。重卡政策超预期，补贴力度延续25年金额，预计26年重卡内销有望兑现乐观情形的80-85万，同比 +3%。客车政策略超预期，市场此前预期补贴退坡但实际延续，预计26年公交销量4万台，同比+5%。 摩托车大排量+出口持续高景气，预计26年行业总销量1938万辆，同比+14%，其中大排量126万辆，同 比+31%，出口83万，同比+50%。政策全面利好汽车板块，行业景气度有望持续提升。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其 ...

Core Viewpoint - EVE Energy Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to accelerate its international expansion and address funding challenges amid geopolitical risks and market conditions [1][3]. Group 1: Company Overview - EVE Energy specializes in the research, production, and sales of consumer batteries, power batteries, and energy storage batteries, positioning itself as a leading lithium battery platform capable of serving various economic applications [1]. - The company reported a sales revenue of 45 billion yuan and a gross profit of 7.18 billion yuan for the first three quarters of 2025, with a gross margin of 15.96% [2]. Group 2: Revenue Breakdown - Energy storage batteries generated 17.07 billion yuan in sales, accounting for 37.9% of total revenue, while power batteries contributed 43.6% [2]. - Domestic market sales accounted for 76.6% of total revenue, with Europe being the largest international market at 7.9% [2]. Group 3: Fundraising and Investment Plans - The company has revised its fundraising plans, focusing on the construction of its Hungary production base, which is expected to support its future overseas business [2]. - The Malaysia battery production base, completed in 2025, is the company's first overseas mass production facility, while the Hungary base is projected to commence operations in 2027 [2]. Group 4: Market Trends and Growth Drivers - The demand for consumer batteries is expected to grow significantly, with the market size projected to increase from 21.7 billion units in 2025 to 55.1 billion units by 2029, reflecting a compound annual growth rate of 26.2% [3]. - The energy storage sector is anticipated to maintain rapid growth, driven by global low-carbon transitions and supportive policies, with a projected increase in global energy storage market cell shipments of approximately 30-50% in 2025 [6]. Group 5: Competitive Positioning - EVE Energy holds a strong market position in the consumer battery sector, with stable growth in smart meter battery shipments and significant increases in small cylindrical battery sales [4]. - The company ranks second in commercial vehicle battery installations in China, benefiting from the growing demand for electric commercial vehicles [7].