Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - Xiaopeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [34] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [35] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [37] 3. Market Performance - The automotive sector's performance this week saw the Shanghai Composite Index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle sector's PE valuation decreased, while commercial vehicles and automotive parts sectors saw an increase in PE valuations [43][46] 4. Investment Recommendations - For passenger vehicles, the recommendation includes Jianghuai Automobile and Seres, with Geely Automobile as a beneficiary [8] - In the automotive parts sector, recommended companies include Desay SV, Zhejiang Xiantong, and Meili Technology, with beneficiaries such as Weichai Power and Wufeng High-Tech [8]

完整早报音频，请点击标题下方小耳机收听 【荣耀人形机器人 Robot 亮相，现场表演后空翻】 3 月 1 日晚间消息，在荣耀 MWC 2026 全球发 布会上，荣耀 CEO 李健发表演讲。发布会上，荣耀人形机器人 Robot 以及荣耀机器人手机 Robot Phone 同台亮相，并与荣耀 CEO 李健现场互动。荣耀人形机器人 Robot 还在现场表演了舞蹈、后 空翻等动作。（新浪科技） 【宗 馥莉砍掉娃 哈哈机器人业务，精机公司解散清算】 2026 年 2 月 24 日，杭州娃哈哈精密机械 有限公司发布解散公示，正式进入清算程序，员工劳动合同于 2 月 28 日终止。该公司为娃哈哈商业 股份全资持股，实际控制人为宗馥莉，曾承担集团智能化、机器人研发与智能装备制造业务。据了 解，娃哈哈精机成立于 2011 年， 2023 、 2024 年社保人数分别为 281 人、 261 人。此次注销 原因为决议解散，清算组负责人为宗馥莉旗下宏胜系核心高管严学峰。接近娃哈哈的人士表示，此举 与宗庆后时期多元化思路不同，宗馥莉意在剥离非核心业务，将资源聚焦食品饮料主业。（每日经济 新闻） 【三星拟于 2030 年前在 AI 驱 ...

这一概念，在2026年的国内车市被发挥到了极致。 过去几年，车市开年总是伴随着刺刀见红的"价格战"。从自主品牌内卷，到合资品牌跟进，再到豪华品牌官降，虽然硝烟换来了短暂增长，却也 让车企深陷利润缩水、品牌贬值的泥潭。 2026年开局，剧情悄然反转。往年你来我往的直接降价并未大规模发酵，取而代之的是近30家品牌集体入局"七年超低息金融战"。 当"日付一杯咖啡钱"就能把新车开回家的口号铺天盖地袭来，车企的竞争焦点也早已从冷冰冰的"整车总价"，转移到了更具诱惑力的"日均支付"。 金融杠杆被疯狂加码的背后，是车市从增量博弈转入存量竞争的残酷现实，也是车企维持销量规模与财务数据的那根"救命稻草"。 加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 撰文 | 常 笑 编辑 | 张 南 在行为经济学中，有一个著名的概念叫"支付痛感"。相较于一次性支付一大笔款项，消费者对于分散的、小额的定期支付往往表现出惊人的迟钝 甚至愉悦。 每月1号本是车企争先报喜的时刻，然而直到3月1日中午，仅有小米、零跑、理想及极石汽车四家发布了各自的2月销量数据。 更为耐人寻味的是，除了极石汽车高调亮出同比200%的增长海报外，其余几家头部新 ...

证券代码：601633 证券简称：长城汽车 公告编号：2026-016 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 ■■ 2月海外销售42,675台，1-2月累计销售82,953台。 2月新能源车销售12,744台，1-2月累计销售30,773台。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公 司刊发财务业绩后，股东及潜在投资者务必详阅。 特此公告。 长城汽车股份有限公司 2026年2月产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2026年2月产销量详细如下(单位:台)： 董事会 2026年3月1日 ...

报告中的亮点在于海外市场与新能源车型。2月，长城汽车海外销售表现强劲，单月销量达42,675台。 新能源车2月销售12,744台，1-2月累计销售30,773台，显示了公司在电动化领域的持续布局。 公司董事会提示，本次发布的产销量数据未经审核及审计师确认，未来可能调整，最终数据应以公司后 续发布的经审计财务报告为准。此次快报的发布为投资者提供了公司近期经营状况的关键参考。 中访网数据 长城汽车股份有限公司于2026年3月1日自愿发布了2026年2月产销数据快报。数据显示，公 司2月汽车总销量为64,811台，较去年同期的74,861台下降13.42%；1-2月累计销量为154,885台，同比微 降1.58%。产量方面，2月总产量为72,594台，同比下降6.79%；1-2月累计产量为162,906台，同比增长 2.58%。 分品牌来看，各板块表现分化。WEY品牌增长显著，2月销量达5,615台，同比大幅增长54.13%，产量 也同步增长44.35%。哈弗品牌销量基本持平，2月销售43,660台，同比增长0.83%。而长城皮卡、欧拉品 牌及坦克品牌2月销量均出现同比下滑，其中欧拉品牌销量降幅较大，达72.34% ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion (about 4.58 trillion RMB) in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - XPeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [6] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [6] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [6] 3. Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle index decreased by 1.41%, with GAC Group and NIO leading the gains [7][46] - The commercial vehicle index increased by 1.41%, with Hailun Zhe and Weichai Power leading the gains [7][50] 4. Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury vehicles is exceeding expectations, with recommended stocks including JAC Motors and Seres, while benefiting stocks include Geely [8] - In the parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to expected profitability improvements [8]

作为国内整个商用车市场最红火的细分领域，在2025年狂飙了一整年的新能源重卡市场，在2026年首月又以翻倍增长的方式收获"开门 红"。 与去年相比，2026年新能源重卡市场出现了许多变化，甚至是"巨变"。比如，区域市场，请看第一商用车网带来的新能源重卡市场观 察。 上图可见，2026年首月，新能源重卡实现销售的城市就已达到269座，这一数字已超过2021年、2022年及2023年新能源重卡全年实 现销售的城市，超过2024年和2025年也只是时间的问题。 根据第一商用车网的观察，2026年1月份，新能源重卡上牌量超过百辆的城市有38座，其中广州、佛山、重庆、天津、唐山、成都、深 圳等七市1月份上牌量超过400辆，销量前十城市合计销量占比为30.23%，这一数字在2025年和2024年分别是36.90%和38.59%， 这一角度，同样也说明新能源重卡正在更广、更密地驶入全国各地，除销量前十城外的其他259座城市占到1月份新能源重卡上牌量的近 7成（如下图），像去年那种单一城市遥遥领先的情况已不复存在。 广东：热销前十独占三市，销冠分属徐工、远程、陕汽 2026年1月份，广东省共有2379辆新能源重卡上牌，进入了 ...

行业研究 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 汽车板块依然受零售较弱、材料涨价影响。我们预计 3 月零售将逐步回暖：影响 1-2 月 零售核心因素 3 个，1）去年递延到今年的消费者有价格观望，2）3 月新车上市带来的 观望，3）补贴程序开启节奏，我们预计 3 月随存量消费者减少、新车上市、补贴通道打 开都将逐步改善。材料涨价方面，我们测算 PHEV 碳酸锂成本同比涨约 1-2k，BEV 2- 4k，经济型存储成本同比涨几百元、高端型 1-3k。市场对材料涨价影响的评估相对 ...

2026 年 03 月 01 日 叶诗人之分堂 -2026/2/24-2026/3/1 汽车周报 《春晚机器人亮相、首台 Cybercab 下 线,继续看好 AI 应用方向 -- 2026/2/9-2026/2/15 汽车周报》 2026/02/23 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 shaoyi@swsresearch.com 观点：①小鹏 VLA 2.0 下周发布，有望重归智驾 top 榜，推荐小鹏、理想，关注小马智 ○ 行等。②比亚迪技术发布会在即，有望解决高速+冬季用车痛点，巩固全系产品竞争， 推荐比亚迪。③英伟达 GTC 预热,全 ai 战略引燃智驾+机器人+工业 ai，推荐恒勃、银 轮、隆盛、福达、岱美，关注拓普、三花等。④我国养路费 2009 年并入成品油消费 税,随新能源渗透率提升,财政资金缺口扩大,"里程税"应运而生,但目前仅有海南 因特殊的政策环境，有望在今年落地试点，关注信息发展。 ● 行业情况更新: 根据乘联会周度数据，2 月第一周全国乘用车市场日均零售 4.1 万辆，同比去年 2 月同期 ○ 增长 54%，较上月同期增长 37%。 ● 最近一周传统原材料价格指 ...

Group 1 - BYD's passenger car sales in February 2026 were 187,782 units, a year-on-year decline of 36.00% [1] - The sales of pure electric passenger vehicles were 79,539 units, down 35.00% year-on-year, while plug-in hybrid vehicle sales were 108,243 units, down 36.70% [1] - Plug-in hybrid models accounted for approximately 57.6% of BYD's passenger vehicle sales, indicating their continued importance in the sales structure [1] Group 2 - Total sales of BYD's new energy vehicles in February reached 190,190 units, reflecting a year-on-year decrease of 35.80% [1] - In the overseas market, BYD exported a total of 100,600 new energy vehicles in February [1] - The total installed capacity of new energy vehicle power batteries and energy storage batteries in February was approximately 18.773 GWh, with a cumulative total of about 38.960 GWh for the first two months of 2026 [1] Group 3 - Leap Motor delivered 28,067 units in February, representing a year-on-year growth of approximately 11% [1] - Li Auto delivered 26,421 units in February, with a historical cumulative delivery of 1,594,304 units [1] - NIO delivered 20,797 units in February, showing a year-on-year increase of 57.6% [1] Group 4 - GF Securities highlighted the performance of BYD's Qin PLUS and Tang models, noting the strong market share of the Sea Lion 06 and Galaxy A7 since their launch [2] - China Galaxy Securities anticipates a recovery in market demand as the first A-level auto show in Beijing approaches, with several flagship new models expected to launch in the first half of 2026 [2]