2026年首月，国内皮卡在时隔近一年后重新实现同比正增长。尽管受市场透支及新能源购置税政策调整等因素影响，市场整体环比下 滑，但品牌竞争格局也呈现出新的变化。 | | 026EE | | | --- | --- | --- | | | 卡终端销量排行 | | | 排名 | 品牌 | 销量(辆) | | 01 | 长城 | 9185 | | 02 | 江铃 | 3097 | | 03 | 郑州日产 | 2989 | | 04 | 江西五十铃 | 1355 | | 05 | 江淮 | 829 | | 06 | 福田 | 742 | 具体请看第一商用车网带来的最新报道。 1月皮卡实销20814辆 同比增长3.33% 根据第一商用车网最新统计， 2026年1月，国内皮卡市场共计销售20814辆 （数据来源为交强险实销口径，不含专用类皮卡车型和出 口，下同），环比12月下滑18.56%，同比2025年1月增长3.33%，时隔近一年再次实现了同比正增长（上次同比增长为2025年2 月）。 从燃料类型来看，2026年1月份，国内柴油皮卡销量为14001辆，环比下滑12.82%,同比下降4.71%；纯电动皮卡销量为1295辆 ...

机构：中金公司 发展趋势 汽车业务：亚太地区压力持续，期待后续自主车企订单释放。1-3QFY26 汽车部门收入同比-2%，分地 区看亚太地区同比-6%，同比降幅并未收窄、低于我们预期，主要系中国市场短期承压、自主车企客户 延迟部分项目导致中国市场依旧承压；EMEA 地区同比-1%、美洲地区同比+1%，基本符合预期。向前 看，公司认为在手自主车企订单释放将带动营收重回增长轨道，以及希望自身凭借全球产能布局和技术 优势，把握全球汽车新能源化机遇。 工商业业务：逐步企稳、地区分化，期待新业务释放新动能。1-3QFY26 工商业部门收入同比微增，尽 管全球市场环境严峻但整体逐步企稳；区域表现分化，亚太地区同比-1%，EMEA 地区同比+6%（受库 存补充及新产品推出驱动），美洲地区同比-2%。向前看，公司认为后续增长来自于新业务：1）液冷 AIDC，目前向美国一家领先冷却公司供货，用于NVIDIA Blackwell 服务器；同时与美国及亚洲其他领 先企业合作，部分项目已量产。2）机器人，目前处于非常初期阶段，客户接洽、样品提供、原型制作 及订单均有增加。 全年收入展望平稳，2H 盈利能力环比1H 相对承压。公司认为 ...

Core Viewpoint - Chery Automobile has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD 9.14 billion and achieving a market capitalization of nearly HKD 200 billion, marking it as the largest IPO of a car company in Hong Kong this year [3][4]. Company Background - Founded by Yin Tongyue in 1997 with a startup capital of only CNY 300,000, Chery has evolved from a struggling startup to a leading automobile manufacturer in China, ranking second among domestic passenger car brands in 2024 with sales of nearly 2.3 million vehicles and revenue of CNY 269.9 billion [3][6][11]. - Chery has maintained its position as the top exporter of Chinese automobiles for 22 consecutive years, with a significant focus on international markets since its inception [19][20]. Financial Performance - In 2024, Chery's revenue from fuel vehicles accounted for 83% of total revenue, while new energy vehicles contributed 17% [4][23]. - The company reported a net profit of CNY 14.3 billion in 2024, reflecting its strong financial health [3]. Investment and Shareholding Structure - Major shareholders include Anhui Wuhu Investment Holding and Luxshare Precision, with the latter holding a 16.83% stake as it expands into automotive manufacturing [17][18]. - The IPO proceeds will primarily be allocated to the development of new energy and intelligent vehicles, indicating a strategic shift towards electrification [4][23]. Historical Challenges and Milestones - Chery's journey to IPO has been fraught with challenges, including multiple failed attempts since 2004 due to various market and regulatory obstacles [12][14]. - The company has made significant strides in technology, including the successful development of its first engine in 1999, which laid the foundation for its vehicle manufacturing capabilities [9][11]. Market Position and Future Outlook - Chery has established a strong presence in international markets, exporting vehicles to over 100 countries and setting up manufacturing facilities in regions such as Malaysia and Brazil [20][21]. - The company is poised to capitalize on the growing demand for electric vehicles and aims to enhance its product offerings in the new energy sector [23].

Summary of Key Points Core Viewpoint - The company held a half-year performance briefing on September 16, 2025, to discuss its financial results and future strategies with investors, highlighting significant growth in net profit and strategic initiatives in emerging markets [1][2]. Group 1: Performance Highlights - The company's net profit excluding non-recurring items increased by 47.36% year-on-year, significantly outpacing revenue growth, driven by strategic initiatives in traditional and emerging sectors [3]. - The core product, energy-saving and noise-reducing electric control silicone oil clutch fan assembly system, saw a 32% year-on-year increase in sales, surpassing industry averages, indicating strong market acceptance [3]. Group 2: Future Growth Areas - The company is focusing on the rapidly developing new energy sector, with self-developed low-voltage electric fan assembly products now capable of mass production and certified by major clients [4]. - The average value of low-voltage electric fan assemblies for new energy heavy trucks is 2-4 times higher than traditional fuel trucks, indicating significant market potential [4]. Group 3: Market Expansion and Capacity Utilization - The company has successfully established partnerships with global clients, including Caterpillar and Volvo, and is actively expanding its overseas market presence [7]. - Current production capacity utilization for electric control silicone oil clutches exceeds 100%, with ongoing construction of a new production base to alleviate capacity constraints [7].

Core Insights - The Chinese automotive industry is experiencing a steady and positive trend, with production and sales both exceeding 10% growth year-on-year in the first five months of the year [1][4] - New energy vehicles (NEVs) are driving significant growth, with production and sales reaching 5.7 million units, marking a year-on-year increase of 45.2% and 44% respectively, accounting for 44% of total new car sales [1][2] Group 1: Industry Performance - In the first five months, total automotive production reached 12.826 million units, while sales totaled 12.748 million units, reflecting year-on-year growth of 12.7% and 10.9% respectively [1] - The sales of Chinese brand passenger cars reached 7.562 million units, a year-on-year increase of 26.3%, capturing 68.8% of the total passenger car sales, which is a 7.5 percentage point increase from the previous year [2] - The export of NEVs saw significant growth, with 212,000 units exported in May alone, representing a month-on-month increase of 6.1% and a year-on-year increase of 120% [3] Group 2: Market Dynamics - The "Two New" policies and various promotional activities have enhanced market consumption vitality, leading to a rapid increase in NEV production and sales [1] - The competitive landscape is marked by a "price war," which has negatively impacted industry profitability, prompting the China Automobile Association to advocate for fair competition and innovation [4] - The export growth is attributed to improved product competitiveness and the expansion of the automotive supply chain overseas, particularly in the Middle East [3]

Group 1: Company Strategy and Market Adaptation - The company is expanding into the new energy vehicle sector while leveraging existing business strengths to enhance its core components and diversify into non-automotive fields [1] - Direct exports to the U.S. account for a low percentage of overall revenue, indicating minimal impact from U.S. tariffs [1] - The company is focusing on a "horizontal and vertical" expansion strategy to adapt to the automotive industry's shift towards electrification [2] Group 2: Financial Performance and Investments - Investment income from joint ventures and associates decreased by 120 million, attributed to the overall automotive market environment and strategic investments in new businesses [2] - The company has maintained a high cash dividend policy, distributing a total of 12.273 billion in cash dividends since its listing in 1995 [5] Group 3: Partnerships and Collaborations - The company has a long-standing partnership with Bosch, established in 1984, and recently signed a new strategic cooperation agreement focusing on automotive intelligence and hydrogen energy [3] - The company indirectly supplies core components to Xiaomi through its stake in a joint venture, indicating ongoing collaboration in the automotive sector [6] Group 4: Shareholder Engagement and Communication - The company has committed to optimizing its information dissemination methods in response to the evolving media landscape [1] - Bosch has increased its stake in the company, holding approximately 14.97% of shares, countering any rumors of share reduction [4]