行业研究 证 券 研 究 报 告 汽车 2026 年 02 月 01 日 汽车行业周报（20260126-20260201） 有色波动影响中上游短期议价，继续看好新产 推荐（维持） 业方向 1 月下旬行业折扣环比下降（油车为主）。折扣率 9.5%，同比+0.6PP（1/25），环比-0.1PP （1/10）。折扣金额 21,541 元，同比+1,294 元（1/25），环比-718 元（1/10）。折扣率变 动环比较大的主流品牌：WEY+1.6PP、北京奔驰-1.5PP、上汽通用别克-1.3PP、长安启源 +1.2PP、长安马自达-0.8PP。 12 月乘用车批发、零售销量同比下滑。12 月乘用车批发 285 万辆，同比-8.7%，环比- 6.3%，狭义乘用车批发 283 万辆，同比-8.4%，环比-6.1%；国产乘用车零售 228 万辆， 同比-16.8%，环比+13.7%；乘用车出口销量 64 万辆，同比+50.5%，环比+2.8%；估算库 存变动-7.4 万辆，同比-4 万辆，环比-48 万辆。 截至 2026 年 1 月 30 日， 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）121 ...

Group 1 - The market capitalization of automotive companies reflects not only their current operational performance but also industry trends, technological changes, and policy directions [1] - The market capitalization of global automotive companies is largest in the US stock market, reaching 15.66 trillion yuan in January 2026, a 4% decrease from December, but a 16% increase year-on-year [1][4] - The Hong Kong stock market reached a market capitalization of 2.32 trillion yuan in January 2026, down 8% from December but up 8% year-on-year [1][4] - The domestic A-share market reached a market capitalization of 829.3 billion yuan in January 2026, down 5% from December and down 3% year-on-year [1][4] Group 2 - The market capitalization of automotive parts in January accounted for 23%, an increase from 21% in the same period last year, while the market capitalization of complete vehicle companies decreased to 67% from 71% [1][4] - The A-share market has seen a relatively slow growth in automotive companies, while the US market has experienced significant growth driven by AI trends and the success of companies like Tesla [4][7] - The performance of major automotive stocks in January showed significant changes, with Tesla's market capitalization reaching 112.54 billion yuan, reflecting a strong performance [4][6] Group 3 - The valuation metrics such as PE and PB ratios indicate that traditional international automotive companies like Toyota and Ford are trading at lower valuations, typically between 5 to 9 times PE, while new energy companies like Tesla have much higher valuations [9] - The market capitalization of companies like BYD and Chery is around 10 times PE, indicating a relatively strong performance among traditional domestic automakers [9]

汽车 2026 年 02 月 01 日 长城汽车(601633.SH) 2025年销量创新高，渠道搭建影响盈利潜力释放 推荐（维持） 股价：20.69 元 主要数据 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 173,212 | 202,195 | 222,790 | 271,336 | 336,829 | | YOY(%) | 26.1 | 16.7 | 10.2 | 21.8 | 24.1 | | 净利润(百万元) | 7,022 | 12,692 | 9,912 | 13,294 | 16,519 | | YOY(%) | -15.1 | 80.8 | -21.9 | 34.1 | 24.3 | | 毛利率(%) | 18.7 | 19.5 | 19.5 | 19.9 | 20.2 | | 净利率(%) | 4.1 | 6.3 | 4.4 | 4.9 | 4.9 | | ROE(%) | 10.3 | 16.1 | 11.5 | 13.7 | 1 ...

Major Events - Fenglong Co., Ltd. announced that Yubisheng committed not to inject assets into the company within 36 months after the acquisition, and the company's stock will resume trading on February 2, 2026 [1] - Jiamei Packaging's stock will resume trading on February 2, 2026, after a 408.11% price increase during the suspension period, with expected net profit for 2025 projected to decline by 53.38% to 43.02% year-on-year [2] - Hongbaoli clarified that it does not produce propylene oxide products, and its subsidiary's project has entered the pre-production preparation stage [3] Tax Policy Impact - China Telecom, China Unicom, and China Mobile announced that the VAT rate for certain telecom services will increase from 6% to 9% starting January 1, 2026, which will impact their revenues and profits [4][5][6][7] Investment and Financing - Aoshikang plans to invest 1.82 billion yuan in a high-end printed circuit board project, with a total investment of 1.82 billion yuan expected to enhance product competitiveness [8] - Huada Zhizao intends to acquire 100% equity of two companies for a total price of 365.7 million yuan, aiming to integrate advanced technology platforms [8] - Yanzhou Coal Mining announced the public transfer of 100% equity of its subsidiary at a base price of 670 million yuan, which may significantly impact its 2026 net profit [9] Operational Updates - Tiandi Online confirmed that its operations are normal and there are no undisclosed significant matters, despite a stock price fluctuation exceeding 20% [10] - Hunan Gold reported abnormal stock trading and is in the process of acquiring two companies, pending multiple approvals [11] - ST United's review of its acquisition proposal has been suspended due to outdated financial documents [12][13] - Fushikong's actual controller has been placed under detention, but the company's operations remain normal [14] Performance Reports - Leshan Electric Power reported a 6.24% increase in revenue for 2025, with net profit growing by 3.68% [15] - Sairisi's January car sales reached 45,900 units, a year-on-year increase of 104.85% [16] Contracts and Agreements - Jerry Holdings signed a contract worth approximately 1.82 billion yuan for gas turbine generator sets for a data center [17] - Fulongma pre-won four sanitation service projects in January, with a total first-year service fee of 83.54 million yuan [18] Share Buybacks - GoerTek increased its share buyback fund to between 1 billion and 1.5 billion yuan, having already repurchased shares worth 950 million yuan [19] - Quzhou Dongfeng's controlling shareholder proposed a share buyback of 50 million to 100 million yuan for employee stock ownership plans [20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份編號: 2238) 廣州汽車集團股份有限公司 2026 年 1 月份產銷快報 承董事會命 廣州汽車集團股份有限公司 馮興亞 董事長 中國廣州，二零二六年二月一日 於本公告日期，本公司的執行董事為馮興亞及閤先慶，本公司的非執行董事為陳小沐、鄧蕾、周開荃、王亦偉及洪素麗，以及本公司的 獨立非執行董事為趙福全、肖勝方、王克勤及宋鐵波。 3 | | | | 產 | 量（輛） | | | | 銷 | 量（輛） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 單 位 | | | 月度同比 | | | 累計同比 | | 月度同比 | | | 累計同比 | ...

理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「主動積極，改變世界」。通過產品、技術和業務 模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與服務。在中國， 理想汽車是成功將增程式電動車商業化的先驅，並在堅持此技術路線的同時打造 純電動平台。本公司運用科技為用戶創造價值，自主研發工作主要集中在其特有 的增程系統，創新的電動汽車技術以及智能汽車解決方案。理想汽車於2019年 11月開始量產。現有車型包括一款家庭科技旗艦MPV、四款理想L系列增程電動 SUV、兩款理想i系列純電動SUV。本公司將持續擴展產品線，進而拓寬用戶群 體。 有關更多資料，請瀏覽： https://ir.lixiang.com 。 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2026年1月交付更新資料 於2026年2月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2026年1月，理想汽車交付新車 27,668輛。截至2026年1月31日，理想汽車歷史累計交付量 ...

"合资新力量"入场， 新能源市场规则即将改写。 销量数字便是最显著的信号： 2025 年，丰田全球销量同比增长 4.6% ，连续六年位居榜首；在中国市场 广汽丰田 实现了 同比 正 增长 ，旗下新车铂智 3X 累 销 也 超 过 7 万 台 ， 登上 年度 合资纯电车型销量榜首。 与此同时，自主品牌的攻势明显放缓，其增长更多依靠高频换代来刺激市场，这反衬出其产品内核竞争力与用户忠诚度的薄弱。当 " 新 " 成为自主品牌最 主要的护城河，其与丰田这类拥有体系性优势的对手之间，便拥有了根本差距。 时至 2026 年，我们为何依然要对一家合资车企抱有期待？ 过去一年，新势力车企安全危机频发，迫使全行业重新寻找重心。电池爆燃、转向失效、车门锁死 ... 当基础安全问题频现，从监管机构到终端消费者都在 叩问：汽车行业的立身之本，究竟是什么？ 在中国车市从 " 价格博弈 " 全面转向 " 价值竞争 " 新周期，市场的信心正重新向那些果断求变的合资品牌倾斜。 广汽丰田 2026： 用"新"品重写市场规则 新能源上半场规则是 " 唯快不破 " ，合资企业的确未能领跑，但经历数年调整，也已悉数完成了面向电动化的 " 重装上阵 ...

Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 400 million to 600 million yuan in 2025, marking a turnaround from losses in the previous year [2]. Group 1: Business Performance - The core businesses of negative electrode materials and polarizers are projected to maintain steady growth in sales, with combined net profits expected to reach 900 million to 1.1 billion yuan [3]. - The negative electrode materials business benefits from strong demand in the downstream electric vehicle and energy storage markets, leading to significant year-on-year sales growth and further consolidation of its industry-leading position [3]. - The company is optimizing production processes and enhancing cost management, resulting in a notable increase in overall profits for the negative electrode materials business [3]. Group 2: Polarizer Business - The polarizer business remains a market leader, achieving growth in both scale and profitability through high-end product focus and refined operations [4]. - The company is optimizing its product structure towards high-value areas such as large-size LCD TVs and OLED TVs, which has led to significant increases in sales and average prices of high-end products [4]. - Cost control measures and product structure upgrades have contributed to improved gross margins, alongside steady sales growth in the polarizer business [4].

宁德时代签约云南 1月27日，宁德时代与云南省人民政府 签署了三方战略合作协议，将主要围绕新能源电池、绿色能源、绿色交通、低空经济4个方面开展深入 合作，规划建设锂电池绿色智造基地，计划2026年一季度开工。 消息显示，早在2022年12月，宁德时代便在昆明注册成立"云南时代新能源科技有限公司"，注册资金10亿元。 比亚迪越南建电动车电池厂 1月27日，越南汽车制造商Kim Long汽车（越南金龙汽车）与比亚迪签约战略合作， 并同时举行比亚迪电池制造厂（ 位于金龙汽车顺化汽车 制造组装工业园内 ）建设奠基仪式。 Kim Long汽车将 在越南中部投建一座投资额1.3亿美元的新能源电池工厂。 工厂建设资金由Kim Long 汽车承担，比亚迪则提供全方位技术支持。 工厂分两期建设， 总投资1.3亿美元， 生产巴士、卡车、小型客车等商用车配套电池。 一期工程占地4.4公顷，建成后将成为越南乃至亚洲领 先的电动汽车电池工厂之一，年产能达3GWh，并采用最先进的技术。该工厂预计很快投产，将显著 提升产能 ，并确保金龙 汽车（KIM LONG MOTOR）的 电池供应稳定可靠 。二期工程将扩大投资范围，新增10公顷厂房， ...

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]