高盛发布研报称，周一(5日)及周二(6日)举办中国汽车2026年管理层展望系列会议，举行了10场线上会 议，涵盖六家整车制造商(OEM)、两家零件供应商及一家经销商，参与公司包括上汽集团（600104） (600104.SH)、小米集团-W(01810)、零跑汽车(09863)、长城汽车（601633）(02333)、赛力斯（601127） (09927)。 多数企业管理层强调2026年将加速海外布局，包括推出更多海外版本新车型; 建立当地销售与服务渠 道。 其中，长城汽车认为除泰国外，海外市场价格竞争相对有限。新车型推陈出新，高端市场更趋拥 挤。 多数企业管理层表示今年的新车型管线十分雄心勃勃。 该行预计2026年将推出119款新车型。按价 格区间划分：大众市场(20万元以下)有46款、中高端市场(20万至30万元)推出37款、高端/豪华市场(30万 元以上)推出36款，对比2025年的大众市场、中高端市场及高端/豪华市场各为67款、26款及22款，2026 年高端车型市场(30万元以上)明显更拥挤，而25万至30万元区间将成为竞争最激烈的价位带( 2025年则 为10万至15万元区间)。 整体而言，该行对 ...

Group 1 - The core viewpoint of the report is that Huatai Securities has given BYD (002594.SZ) a "buy" rating based on several factors [2] - The report highlights that the upcoming off-season may lead to short-term pressure on sales due to inventory digestion, with July sales expected to be impacted [2] - It notes that BYD's overseas expansion is accelerating, maintaining a strong growth momentum [2] - The update of the DM-i 5.0 has further reduced fuel consumption, showing significant results in the high-end market [2] Group 2 - The report includes risk factors such as potential lower-than-expected downstream demand [2] - It also mentions the risk of overseas expansion not meeting expectations [2] - Increased competition within the industry is identified as another risk [2]