截至2025年9月末，重庆辖区境内上市公司达78家，较2021年初净增20家，上市公司总市值突破1.25万亿元，较2020年末增长28.87%。 内容来源 | 上海证券报 "十四五"期间，重庆证监局深入贯彻落实党中央相关决策部署，坚持服务实体经济、防范金融风险、深化改革开放，推动辖区上市公司实现数量与质 量"双提升"，为重庆经济社会高质量发展注入强劲动能。 随着新质生产力成为区域发展的核心抓手，各地正加速抢占这一战略高地。重庆这座内陆山城正以资本为杠杆，撬动一场静水深流的结构性革命。截至 2025年9月末，重庆辖区境内上市公司达78家，较2021年初的58家净增20家，覆盖上交所主板、科创板，深交所主板、创业板及北交所各板块。上市公司 总市值突破1.25万亿元，较2020年末增长28.87%。更值得关注的是，营收总额、研发投入、税收贡献等核心指标均实现跨越式提升：研发投入五年间激增 127.45%，有效专利数增长133.93%，税收贡献达495.82亿元，带动就业36.31万人。 这份成绩的背后，不仅是重庆资本市场从规模追赶到质量突围的深层跃迁，更是中国西部在新发展格局下，以资本为纽带重构创新生态、破解发展瓶 ...

公司还重点介绍了全球南方市场的强劲表现，2025年前三季度该业务营收同比增长15.79%，销量同比 增长21.39%，毛利率同比上升2.6个百分点。在国内市场方面，中集·陕汽"三好发展"累计销售已突破 30,000辆，在全国已建设15家三好中心，正在规划和建设10家，公司积极响应"全国统一大市场"建设要 求，通过成立全国统一大市场发展委员会等举措推动业务变革。 天眼查资料显示，中集车辆（集团）股份有限公司成立于 1996年08月29日，是一家以从事汽车制造业 为主的企业。截至2025年09月30日，中集车辆股东户数29809户，较上次减少5707户，户均持股市值 57.53万元，户均持股数量6.29万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9685，近一年增长64.70%。 2025年12月31日，中集车辆披露接待调研公告，公司于12月01日至12月26日接待睿远基金、中信证券、 长江证券、西南证券、华源证券、国信证券等17家机构调研。 中集车辆（301 ...

Macro Dynamics - The Ministry of Commerce announced safeguard measures for imported beef, stating that an investigation was initiated on December 27, 2024, due to domestic industry requests. The measures include country-specific quotas and additional tariffs for three years, with annual quota increases to support the domestic industry [2] Financial Institutions - Major state-owned banks, including ICBC, ABC, CCB, BOC, and Postal Savings Bank, announced that starting January 1, 2026, interest will be paid on the balances of real-name digital RMB wallets at the same rate as current deposits. The announcement emphasizes the distinction between real-name and anonymous wallets, with specific interest rules applying only to real-name wallets [9] Market Data - The A-share market closed on December 31, 2025, with the Shanghai Composite Index rising 0.09% for a total annual increase of 18.41%, marking a ten-year high. The Shenzhen Component Index increased by 29.87% over the year, while the ChiNext Index saw a significant rise of 49.57% [11] - The Hong Kong stock market also reported strong performance, with the Hang Seng Index increasing by 27.77% for the year, the best annual performance since 2017. The Hang Seng Tech Index rose by 23.45%, marking its best annual performance since 2020 [12] Company Dynamics - The first domestically produced quadrivalent HPV vaccine has been launched, developed by China National Pharmaceutical Group. The vaccine covers four HPV types and has shown 100% efficacy in preventing certain precancerous lesions in clinical trials, providing a cost-effective option for women aged 18 to 45 [14] - Tianqi Materials announced an expected net profit increase of 127.31% to 230.63% for 2025, driven by rising demand in the new energy vehicle and energy storage markets, along with improved production efficiency [15] - Platinum Technology is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, but the company stated that its operations remain normal [16] - Changan Ford announced a recall of 38,473 units of the Ford Focus due to compliance with regulations regarding defective automotive products [17]

Core Insights - The report emphasizes that the automotive industry will experience new growth driven by "smart driving and overseas expansion" in 2026, with L3-level autonomous driving penetration expected to continue increasing and new energy vehicle (NEV) exports maintaining high growth [2][3] - The report anticipates that the overall export of vehicles will exceed expectations in 2025, with strong momentum for NEV exports in regions such as Europe, the Middle East, and North America, indicating a new growth phase for domestic brands [2] - The report highlights that the L3 window period is clearly defined, with multiple domestic manufacturers set to mass-produce vehicles equipped with advanced driving assistance systems, leading to increased penetration of intelligent components [2] Vehicle Sector - The overall demand in the vehicle market remains stable, with a projected retail sales volume of 2,494 million units in 2026, reflecting a year-on-year growth rate of 1% [45] - NEV sales are steadily increasing, with a retail penetration rate exceeding 50%, and a cumulative retail sales volume of 10.15 million units from January to October 2025, representing a year-on-year growth of 21.9% [13] - The average price of passenger vehicles is on a downward trend, with the average price in the first ten months of 2025 being 170,000 yuan, a decrease of 7,000 yuan from the previous year [19] Component Sector - The report indicates that the trend towards electrification remains unchanged, with the penetration of intelligent components expected to continue rising, benefiting from the ongoing development of the automotive supply chain [2] - The report suggests that the domestic automotive supply chain, combined with overseas expansion, is likely to accelerate in 2026, providing incremental opportunities for relevant component manufacturers [2] Robotics Sector - The report notes that humanoid robots are entering a critical stage of industrialization, with significant demand for complex scene interactions driving the growth of core components, benefiting companies with relevant layouts in the robotics field [2] - The report emphasizes that the core components of humanoid robots will enjoy the dividends of industrial development, with companies positioned in this sector expected to benefit first [2] Low-altitude Economy - The report states that the domestic low-altitude economy has transitioned from a nascent stage to a period of rapid development, with the market scale expected to leap from hundreds of billions to trillions [2] - Several automotive companies are entering the low-altitude economy sector, indicating a promising future for growth [2] Policy and Market Dynamics - The report highlights that the 2026 NEV purchase tax subsidy will be reduced, leading to increased market competition, while the overall trend of NEV penetration and intelligentization is expected to drive the rise of domestic brands [2][38] - The tightening of "two new" policies is anticipated to increase the marginal cost for consumers, with various regions adjusting or suspending vehicle replacement and scrapping subsidy policies [39][40]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

Group 1 - The Hong Kong automotive industry chain saw a significant rise, with the automotive index leading gains of over 2% [1][6] - Major stocks in the sector performed well, with Youjia Innovation rising over 16%, Zhejiang Shibao up over 8%, and companies like Xpeng Motors, Geely, and BYD all increasing by more than 5% [1][6] - The newly listed Hong Kong Stock Connect Automotive ETF, Huabao (520780), surged over 2% on its debut, with a trading volume of nearly 200 million yuan, leading its category [1][6] Group 2 - The regulatory environment for smart connected vehicles in China is improving, with a notable increase in the penetration rate of advanced driving assistance systems (ADAS) [3][8] - In the first nine months of 2025, sales of L2++ and above models reached 3.643 million units, accounting for 38.65% of total sales, with domestic brands showing the fastest growth in this segment [3][8] - The market for Robotaxi is projected to reach 270 billion yuan by 2030, while the value of the unmanned logistics vehicle industry is expected to increase to 594.8 billion yuan [3][8] Group 3 - The automotive industry is expected to shift towards high-quality development, with passenger vehicle sales projected to reach 31.094 million units by 2026, showing a more stable growth rate [3][8] - The rapid iteration of the robotics industry presents significant opportunities for the automotive parts sector, with Tesla's humanoid robot production expected to start next year [3][8] - The domestic policy support for humanoid robots is increasing, with China leading in the number of startup companies in this field [3][8] Group 4 - The focus on the Hong Kong Stock Connect Automotive ETF, Huabao (520780), is recommended, as it targets the entire automotive value chain, benefiting from high consumer demand and the acceleration of L3-L4 smart driving technologies [4][9] - The ETF is heavily invested in leading smart driving companies such as Xpeng, BYD, Li Auto, and Geely, which are considered rare gems in the Hong Kong market [4][9]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive sector is expected to face a decline in passenger car year-on-year growth by the end of 2025 due to high base effects and the temporary withdrawal of some local trade-in subsidies. However, the high-end market is anticipated to perform relatively better in 2026, particularly for domestic brands with quality offerings priced above 300,000 yuan [4][14] - The integration of Geely Auto and Zeekr has been completed, marking a new phase for Geely, which aims to enhance collaboration across technology, products, supply chains, manufacturing, marketing, and international resources [6][12][29] - The central government has confirmed the continuation of the "National Subsidy" policy for 2026, with multiple cities already beginning to deploy new trade-in platforms [6][12][30] Summary by Sections Passenger Vehicles - By the end of 2025, the year-on-year growth rate for passenger vehicles may decline due to high base effects and the temporary exit of some trade-in subsidies. The high-end market is expected to see better performance in 2026, with recommendations for companies like JAC Motors, Geely, Xpeng, Great Wall Motors, SAIC Motor, Li Auto, Seres, and BYD [4][14][15] Auto Parts - High-level intelligence is penetrating lower-priced models, benefiting related auto parts. Recommended companies include Huayang Group, Desay SV, Kobot, and Jingwei Hirain. Companies with strong operational cycles such as Fuyao Glass, Yinlun, Bojun Technology, Wuxi Zhenhua, Songyuan Safety, and Xingyu are also recommended [4][15] Commercial Vehicles - The demand for heavy trucks is expected to recover in 2025, with recommendations for companies like Weichai Power, Foton Motor, and China National Heavy Duty Truck Group. The bus sector is also expected to see growth in both domestic and export markets, with Yutong Bus as a leading recommendation [4][15] Market Performance - From December 22 to December 26, 2025, the automotive sector outperformed the Shanghai Composite Index, with the automotive index rising by 2.7% compared to the index's 1.9% increase. The passenger vehicle segment saw a 3.3% increase, while commercial vehicles remained stable [6][16]

Investment Rating - The report maintains a "Buy" recommendation for the automotive sector, indicating a positive outlook for the upcoming year [1]. Core Insights - The automotive sector is expected to see a recovery in market expectations driven by three potential catalysts: the implementation of subsidy policies, better-than-expected export figures in Q1 (with November exports increasing by 45%), and stronger-than-expected retail sales post-Spring Festival [1]. - Retail sales for Q4 2025 have been revised downwards due to previous expectations of demand being pulled forward, with a forecast of a 14% decline in retail sales for Q4 2025, followed by a slight growth of 0.3% in 2025 [2]. - The report highlights the performance of key automotive companies, recommending Geely and JAC Motors due to their strong product cycles and potential for significant profit increases [5]. Data Tracking - In early December, discount rates slightly decreased, with an average discount amount of 22,156 yuan, reflecting a 0.4 percentage point decrease from the previous month [4]. - In October, wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5%, while retail sales fell by 9.2% year-on-year [4]. - The report provides detailed sales figures for new energy vehicle manufacturers, with BYD delivering 480,186 units in November, a 5.3% year-on-year decline but an 8.7% increase from the previous month [6]. Market Performance - The automotive sector index increased by 2.66% this week, ranking 12th out of 29 sectors [9]. - The report notes that the automotive sector's performance is improving, with a significant number of stocks showing positive growth [31]. - The average price-to-earnings (PE) ratio for the automotive sector is reported at 33, indicating a relatively high valuation compared to historical averages [31].

【环球网财经综合报道】据东方财富Choice统计，12月1日至12月27日期间，沪深京三市共有745家上市公司迎来了机构调研，反映出机构投资者 在当前市场环境下积极寻找投资机会、挖掘潜在价值的活跃态势。 若按机构来访接待量统计，排名前十的上市公司分别为中科曙光、海光信息、长安汽车、杰瑞股份、博盈特焊、广联航空、一品红、伟创电气、 领益智造和佐力药业。其中，中科曙光和海光信息并列第一，机构来访接待量均达到365家，长安汽车以258家的接待量位居第三。 从接待机构调研次数来看，部分上市公司成为机构频繁拜访的对象。其中，博盈特焊表现尤为突出，接待机构调研次数多达14次，成为该时间段 内接待次数最多的上市公司。冰轮环境以9次接待量位列第二，杰瑞股份和威力传动分别以8次和7次紧随其后。 从近一周调研情况来看，商业航天、机器人题材双线爆发。国信证券研报统计，调研机构较多的股票是光庭信息、诺德股份、麦澜德、盛邦安 全、博众精工、沃尔德、卓易信息、虹软科技等，光庭信息被83家机构调研。对应资金流入情况，12月26日披露龙虎榜数据中，机构专用席位净 流入前十的股票是航天发展、德明利、航天电子、广联航空、北斗星通、江顺科技、博云 ...

Investment Rating - The report suggests a focus on companies such as BYD, Geely Automobile, and others in the automotive sector, as well as companies like Li Auto-W, Xpeng Motors-W, and others in the smart technology and robotics sectors [2]. Core Insights - The Central Economic Work Conference has outlined six key tasks related to the automotive industry, emphasizing domestic demand, innovation, reform, openness, coordinated development, and green transformation, which are expected to stabilize and boost automotive demand [12][13]. - The report highlights that passenger car exports have maintained a year-on-year growth rate of over 20% for six consecutive months, with expectations for double-digit growth in wholesale exports by 2026 due to recovering demand in markets like Russia and the increasing export of new energy vehicles [14]. - The report notes that the smart driving experience is expected to improve significantly with advancements in new architectures and high-performance chips, leading to increased consumer acceptance and sales for leading companies in smart driving technology [17][20]. Industry Data Tracking Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.95%, while the Shenwan Automotive Index rose by 2.74% [21]. - The top five stocks with the highest gains this week included Chaojie Co. (+41.6%), Longji Machinery (+33.7%), and others, while the top five stocks with the largest declines included Meidong Automotive (-6.5%) and others [28]. Passenger Car Sales Data - In December 2025, the wholesale sales of passenger cars reached 568,000 units, a year-on-year decrease of 9%, while the retail sales were 536,000 units, also down 11% year-on-year [4][32]. - For November 2025, wholesale sales were 2.991 million units, a year-on-year increase of 1.7%, with new energy vehicle wholesale sales at 1.694 million units, up 17.6% year-on-year [5][35]. - The report indicates that the export of passenger cars in November was 594,000 units, reflecting a 50% year-on-year increase, with new energy vehicle exports reaching 273,000 units, up 244.1% year-on-year [51][57]. Industry Dynamics - The report discusses the rapid development of smart technology and robotics, with significant advancements in autonomous driving and AI integration in vehicles, indicating a shift towards a more intelligent automotive market [17][19]. - The report also mentions the increasing focus on new energy vehicles and the expansion of charging infrastructure, which has reached 19.322 million charging points, marking a 52% year-on-year growth [73].