行业： 评级： 汽车 强于大市（维持） 2026年1月28日 证券研究报告 智能化+全球化驱动，把握结构性机会 2026年汽车行业投资策略 分析师：吴迪（汽车首席） SAC：S0820525010001 wudi@ajzq.com 联系人：徐姝婧 SAC：S0820124090004 xushujing@ajzq.com 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 目 录 2 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 4. 风险提示 4. 风险提示 目 录 3 0. 核心摘要 请务必阅读正文之后的信息披露和免责申明 4 n 复盘：受益于设备更新及消费品以旧换新的"两新"政策助力，以及企业新品密集上市，终端需求持续释放，全年汽车销 量实现较快增长。2025年申万汽车板块整体涨幅+24.3%，同期沪深300指数涨幅+17.7%。2025年中国汽车总销量达 3440万辆，同比+9.4%，其中乘用车销量3010万辆，同比+9.2%，商用车销量430万辆，同比+10.9%。 n 展望：202 ...

Group 1 - The core viewpoint of the news is that Xingyu Co., Ltd. has shown fluctuations in stock performance, with a recent increase in share price and notable trading activity, while also reporting significant revenue and profit growth year-on-year [1][2]. Group 2 - As of January 28, Xingyu's stock price increased by 2.04% to 122.14 CNY per share, with a trading volume of 2.37 billion CNY and a market capitalization of 34.893 billion CNY [1]. - The company has experienced a net inflow of main funds amounting to 14.9164 million CNY, with large orders contributing significantly to both buying and selling activities [1]. - Year-to-date, Xingyu's stock price has decreased by 1.00%, with a slight increase of 0.54% over the last five trading days [1]. Group 3 - For the period from January to September 2025, Xingyu achieved operating revenue of 10.71 billion CNY, representing a year-on-year growth of 16.09%, and a net profit attributable to shareholders of 1.141 billion CNY, up 16.76% [2]. - The company has distributed a total of 3.708 billion CNY in dividends since its A-share listing, with 1.136 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased by 19.06% to 13,800, while the average number of circulating shares per person decreased by 16.01% to 20,772 shares [2][3].

Group 1 - The core viewpoint of the news is that Triangle Tire has shown a positive stock performance with a 9.94% increase year-to-date and a market capitalization of 12.568 billion yuan as of January 28 [1] - As of January 28, Triangle Tire's stock price was 15.71 yuan per share, with a trading volume of 1.01 billion yuan and a turnover rate of 0.81% [1] - The company primarily engages in the research, manufacturing, and sales of various tires, with tire sales accounting for 99.37% of its main business revenue [1] Group 2 - As of September 30, Triangle Tire reported a total revenue of 7.32 billion yuan for the first nine months of 2025, reflecting a year-on-year decrease of 3.83% [2] - The net profit attributable to the parent company for the same period was 682 million yuan, down 22.77% year-on-year [2] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.184 billion yuan distributed in the last three years [3] Group 3 - The number of shareholders for Triangle Tire as of September 30 was 39,400, a decrease of 3.05% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.14% to 20,294 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 12.3188 million shares, a decrease of 37,900 shares compared to the previous period [3]

Group 1 - The core point of the news is that Shanzi High-Tech Co., Ltd. experienced a stock price increase of 5.17%, reaching 4.88 CNY per share, with a trading volume of 2.894 billion CNY and a turnover rate of 6.49%, resulting in a total market capitalization of 48.788 billion CNY [1] - Shanzi High-Tech is located in Hangzhou, Zhejiang Province, and was established on August 31, 1998, with its listing date on June 22, 2000. The company specializes in the research, production, and sales of continuously variable transmissions and automotive airbag gas generators, as well as real estate development and sales [1] - The revenue composition of Shanzi High-Tech includes: automotive airbag gas generators (51.89%), automotive powertrain (18.69%), property management (14.64%), complete vehicle sales (7.23%), others (4.79%), hotel operations (2.46%), and real estate sales (0.30%) [1] Group 2 - From the perspective of fund holdings, Green Fund has one fund heavily invested in Shanzi High-Tech. The Green Research Optimal Mixed A Fund (011977) held 210,100 shares in the fourth quarter, accounting for 0.99% of the fund's net value, making it the sixth-largest holding [2] - The Green Research Optimal Mixed A Fund (011977) was established on August 19, 2021, with a latest scale of 69.1269 million CNY. Year-to-date returns are 5.27%, ranking 4748 out of 8864 in its category; the one-year return is 54.43%, ranking 1828 out of 8126; and since inception, the return is 32.35% [2] Group 3 - The fund manager of Green Research Optimal Mixed A Fund (011977) is Zheng Zhonghua, who has a cumulative tenure of 6 years and 323 days. The total asset scale of the fund is 1.278 billion CNY, with the best fund return during his tenure being 83.07% and the worst being 22.59% [3]

证券研究报告 经纬恒润 (688326 CH) 25 年业绩预告扭亏，规模效应凸显 | 泰研: 究 | | --- | | सह | 2026 年 1 月 28 日│中国内地 汽车零部件 公司发布 2025 年年度业绩预盈公告，预计 2025 年年度实现归属于母公 司所有者的净利润与上年同期相比，将实现扭亏为盈，实现归属于母公司所 有者的净利润 0.75 亿元到 1.1 亿元。公司的预盈利润区间下限超过我们此 前预测的 0.66 亿元，我们继续看好公司 2026 年公司规模化效应驱动下的 盈利增长，看好公司 2026 年海外业务落地放量，维持"买入"评级。 2025 回顾：扭亏为盈，研发成果释放与降本增效共同驱动 2025 年公司收入规模的扩大主要受益于前期研发投入的释放，以域控制器 等新产品阵营为代表的核心电子产品实现快速放量，同时原有产品持续迭代 获得更多客户与项目机会，推动整体收入增长。降本增效方面，公司通过 AI 工具优化开发流程、推动国产替代和提升智能制造水平，有效控制各项成本 费用，使毛利率有所提升、期间费用率显著下降，从而对盈利能力改善形成 实质支撑。产品与客户层面，公司电子产品包括区域控制器、 ...

Core Viewpoint - Wanliyang (002434.SZ) reports positive development in its light-duty truck transmission business, driven by strong market demand and rapid growth in electric reducer and electric drive system products [1] Group 1: Business Development - The company’s heavy-duty truck transmission products include MT manual transmissions, AMT automatic transmissions, hybrid systems, and pure electric drive systems, applicable to various heavy-duty vehicles such as logistics trucks, special vehicles, and mining trucks [1] - The heavy-duty truck transmission series has been successfully matched with multiple models from major domestic heavy-duty truck manufacturers, leading to increased market recognition and competitiveness [1] Group 2: Market Growth - The continuous growth in the number of matched models and production sales is expected to become a significant growth point for the company's commercial vehicle transmission business in the coming years [1] - The company is also developing its commercial vehicle transmission business in overseas markets [1]

Core Viewpoint - Wanliyang (002434.SZ) is experiencing positive growth in its light-duty truck transmission business, driven by strong market demand and the rapid development of light-duty electric reducers and electric drive system products [1] Group 1: Business Development - The company’s heavy-duty truck transmission products include MT manual transmissions, AMT automatic transmissions, hybrid systems, and pure electric drive systems, applicable to various heavy-duty vehicles such as logistics trucks, special vehicles, and mining trucks [1] - The heavy-duty truck transmission series has been successfully matched with multiple models from major domestic heavy-duty truck manufacturers, leading to increased market recognition and competitiveness [1] Group 2: Market Growth - The continuous growth in the number of matched models and production sales is expected to become a significant growth point for the company's commercial vehicle transmission business in the coming years [1] - The company is also developing its commercial vehicle transmission business in overseas markets [1]

4. 【中企海外建电池储能工厂热潮再起】当前中国储能出海，在由规模扩张转向价值深耕的关键阶 段，海外建厂热潮再起。埃及公司Kemet与楚能新能源签署了合作协议，双方将共同在埃及建立一座 价值2亿美元的储能电池工厂，年产能为5GWh。阳光电源也宣布与埃及政府签署18亿美元的合作协 议，规划年产能10GWh成为区域产业核心枢纽，预计于2027年4月投产。中创新航已与葡萄牙政府 签署投资协议，双方将推进动力及储能用锂电池制造项目落地。此外，隆基绿能联合精控能源，与美 国NeoVolta共同成立了合资公司NeoVolta Power，并宣布将在美国佐治亚州彭德格拉斯建设电池 储能系统生产基地。 (电池中国 ) 5.【量子计算机"本源悟空"全球访问量突破4000万次】1月27日消息，据安徽省量子计算工程研究中 心最新发布，我国第三代自主超导量子计算机"本源悟空"全球访问量正式突破4000万次，服务网络 覆盖全球163个国家和地区，标志着中国自主量子 算力全球影响力持续提升。截至 目前，"本源悟 空"累计完成超76万个 全球量子计算任务。（ 科创板 日报 ） 更多智能制造产业资讯…… 扫码可订阅产业日报 1.【美光计划斥 ...

Core Viewpoint - Yingli Automotive is forecasting a significant net loss for the year 2025, transitioning from profit to loss compared to the previous year, primarily due to intensified competition in the automotive industry and fluctuating market demand [2] Financial Performance - The company expects a net profit attributable to shareholders of the parent company to be in the range of a loss of 90 million to 60 million yuan, compared to a profit of 48.82 million yuan in the same period last year [2] - The forecasted net profit, excluding non-recurring gains and losses, is anticipated to be a loss between 104 million and 74 million yuan [2] Reasons for Performance Decline - The primary reasons for the expected performance decline include intensified competition in the automotive sector, significant market demand fluctuations, and unmet order expectations [2] - Additionally, high capital investments from previous periods and insufficient capacity release from certain projects have contributed to the lack of scale effects, further impacting the company's operational performance [2] Strategic Response - In response to the current market environment, the company plans to implement cost reduction and efficiency enhancement measures [2] - The company aims to continuously promote lean management, focus on market development and customer needs, and enhance core competitiveness [2] - Efforts will be made to improve management and operational efficiency to strive for better profitability [2]

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.