汽车和汽车零部件行业周报 20260125 特斯拉计划 2027 年销售机器人 关注机器人板块 glmszqdatemark 长安汽车与美的集团签署全面战略合作协议，深化"人车家"智慧生态合作。1 月 21 日，长安汽车与美的集团签署全面战略合作协议，聚焦"人·车·家"智慧生态 融合。双方将实现"车控家"，用户可语音远程控制 20 类美的智能家电，一键开 启场景模式；开发"家控车"，用户可通过美的设备查询车辆状态、远程控车， 预计缩短出行准备时间约 40%。此外，美的旗下威灵汽车部件将为长安新能源提 供热管理系统、底盘执行系统等核心零部件，其 800V SiC 电动压缩机已量产适 配。双方还将在智能制造升级上协同，推进 AI 智能体、工业机器人等应用，提升 生产效率与定制化能力，推动汽车从代步工具向智慧生活枢纽转型。 投资建议： 乘用车：推荐【吉利汽车、小鹏汽车、比亚迪】，建议关注【江淮汽车】。 零部件： 1）智能化：推荐智能驾驶-【伯特利、地平线机器人、科博达】，智能 座舱-【继峰股份】；2）新势力产业链：推荐 H 链-【星宇股份、沪光股份】；推 荐 T 链-【拓普集团、新泉股份、双环传动】；3）出海链：推 ...

1月27日，东营市公共交通集团有限公司新能源公交车采购项目变更公告发布。据此前招标公告，该采购项目采购60辆新能源公交车， 分A、B、C三个包进行，总预算金额为5700万元；投标人可同时投报多个分包，但最多只能中标两个分包，且A包、B包只能中其中一 个。此次公告对开标时间、开标地点以及招标文件的质量技术参数进行了变更。其中，开标时间从2026年2月6日09时00分变更到 2026年2月12日09时00分。 ● 中国一汽领导班子发生重要调整！| 头条 ● 超6000辆月榜登顶，全年销超2.7万辆，中国重汽2026能否再进一步？| 头条 ● 解放/重汽/东风/三一等推新 大电量扎堆 403批公示新能源重卡看点 | 头条 ● 融资11.77亿元！DeepWay深向开年就猛发力新能源重卡 ● 比亚迪中标！ 第一商用车网传播矩阵邀您 扫码关注 and 卡车空间站公众号 长按识别 ■ * 回收公 the 皮卡空间站公众号 长按识别 影 今日头条号 长按识别 I ■ 百家号 长按识别 7 1992 ■ 微信视频号 长按识别 I arti 快手号 长按识别 ...

Core Viewpoint - The Chinese heavy truck industry is expected to experience strong recovery momentum in 2025, driven by domestic demand policies and natural replacement cycles, with a projected sales growth of 34.4% [1] Group 1: Industry Recovery Dynamics - Domestic market growth is supported by the "old-for-new" policy and natural replacement cycles, with wholesale sales expected to reach approximately 1.144 million units in 2025, a year-on-year increase of about 27% [1] - The "old-for-new" subsidy will expand to include vehicles meeting National IV standards and below, as well as natural gas heavy trucks, stimulating domestic demand [1] - The peak replacement cycle for heavy trucks purchased during the industry boom from 2017 to 2021 will occur in 2026, establishing a fundamental logic for industry recovery [1] Group 2: Subcategory Growth and Globalization - The sales of new energy heavy trucks are projected to reach 231,100 units in 2025, representing a year-on-year growth of 182%, with an average penetration rate exceeding 28% [2] - The demand for natural gas heavy trucks is expected to recover significantly in 2025, with a monthly growth rate of 138% in October, creating a competitive landscape among diesel, natural gas, and new energy trucks [2] - Heavy truck exports are anticipated to reach approximately 330,000 units in 2025, marking a historical high, with a shift from simple trade models to direct investment and localized operations [2] Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [3] - Foton Motor achieved a remarkable growth rate of 102.7% year-on-year, with annual sales reaching 142,000 units, securing the fifth position in the industry [3] - Other notable companies include FAW Jiefang with sales of 216,000 units (up 17.8%), Shaanxi Automobile Group with 184,000 units (up 24.7%), and Dongfeng Motor with 181,000 units (up 22.0%) [3]

中国重汽1月23日在投资者关系活动中表示，2025年我国重卡市场总销量114.5万辆，同比增长27%。公 司在 2025年总体产销情况较2024年同期继续保持良好的增长态势。目前，公司生产经营稳健，且在手 订单较为充裕。通过持续提升产品竞争力与积极拓展市场，公司市场份额稳居重卡行业前列。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 李五强）1月27日，中国重汽H股午后走强，截至14时57分，报34.48港元/ 股，涨5.57%，股价创历史新高，今年1月份以来该股累计涨幅已超24%。 ...

近日，"重卡新势力"DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重 卡赛道历史最大单笔融资。 据悉，本轮融资由普华资本领投，ABC Impact、欣旺达（300207）、前海淏天、瀚棠置业、临沂国 科、长兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资，融资资金 主要用于公司主营业务运营和发展，进一步夯实在智能新能源重卡领域的领先地位。 目前，DeepWay深向已率先在全系最新车型中实现组合辅助驾驶系统标配，智驾付费订阅率持续提升。 在应用场景选择上，DeepWay深向重点聚焦中国物流体系中体量庞大的固定线路短途大宗运输市场，该 市场运力需求约占公路货运总量的40%至50%。围绕这一场景，公司正在加速推进智能编队的应用，目 前在新疆、内蒙古、四川等客户场景进行编队测试验证和载货运营，并实现了编队车型的首批客户交 付。 伴随着数据积累与运营经验的不断深化，DeepWay深向有望率先实现智能编队的大规模部署，并逐步向 短途及中长途场景的单车智能无人驾驶演进，持续向"工业机器人"这一长期目标迈进。 普华资本基金合伙人杨洁表示："DeepWay深向 ...

Group 1: Passenger Vehicle Insights - The industry subsidy policy has been implemented, and there is optimism for a recovery in passenger vehicle demand in Q1 2026, with a strong outlook for the passenger vehicle sector [3][27] - For the domestic market, focus on high-end electric vehicle companies that are less sensitive to policy changes, such as Jianghuai Automobile, and those expected to see growth in high-end offerings like Geely, Great Wall, BAIC Blue Valley, Seres, and Li Auto [3][27] - For exports, prioritize leading companies with established overseas systems and proven execution capabilities, recommending BYD, Great Wall, Chery, as well as Leap Motor, Xpeng, SAIC Motor, and Changan [3][27] Group 2: Heavy Truck Insights - In 2025, the wholesale volume reached 1.144 million units, a year-on-year increase of 26.8%, with domestic sales of 799,000 units (+32.8%) and exports of 341,000 units (+17.2%), exceeding initial market expectations [4][32] - The estimated number of operational heavy trucks meeting National IV standards or below was 690,000 at the beginning of 2025, expected to be reduced to 450,000-500,000 by the end of the year, with a total of 210,000 units eliminated throughout 2025 [4][32] - For 2026, domestic heavy truck sales are projected to reach 800,000-850,000 units, a year-on-year increase of 3%, with continued recommendations for leading companies such as China National Heavy Duty Truck, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [4][32] Group 3: Bus Insights - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with the continuation of subsidy levels rather than a reduction [4][32] - In 2025, bus sales were 29,000 units, a decrease of 6% year-on-year, indicating a gap from the reasonable replacement midpoint [4][32] - For 2026, a conservative estimate of 40,000 bus sales is projected, reflecting a 40% year-on-year increase, supported by the number of buses over eight years old awaiting replacement [4][32] Group 4: Motorcycle Insights - The motorcycle industry is expected to see total sales of 19.38 million units in 2026, a year-on-year increase of 14%, with large-displacement motorcycles projected at 1.26 million units (+31%) [5][29] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units (+5%) in 2026, while exports are anticipated to reach 830,000 units (+50%) [5][29] - The focus remains on leading companies benefiting from the sustained growth in large-displacement and export markets, recommending Chunfeng Power and Longxin General [5][29]

Valuation Summary - The overall valuation of A-shares as of January 23, 2026, shows the CSI All Share (excluding ST) PE at 22.7x and PB at 1.9x, positioned at the historical 83rd and 52nd percentiles respectively [2] - The Shanghai Stock Exchange 50 PE is at 11.5x and PB at 1.3x, at the historical 58th and 36th percentiles [2] - The CSI 300 PE is at 14.1x and PB at 1.5x, at the historical 63rd and 37th percentiles [2] - The CSI 500 PE is at 38.9x and PB at 2.7x, at the historical 71st and 63rd percentiles [2] - The CSI 1000 PE is at 51.5x and PB at 2.7x, at the historical 74th and 61st percentiles [2] - The National Index 2000 PE is at 64.1x and PB at 3.0x, at the historical 79th and 71st percentiles [2] - The ChiNext Index PE is at 43.0x and PB at 5.8x, at the historical 42nd and 68th percentiles [2] - The Sci-Tech 50 PE is at 180.4x and PB at 6.9x, at the historical 98th and 83rd percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Retail, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [2] - Industries with PB valuations above the historical 85th percentile include Defense and Military, Electronics (Semiconductors), and Communications [2] - Industries with both PE and PB valuations below the historical 15th percentile include Aquaculture and White Goods [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, downstream spot prices continue to rise, while upstream polysilicon futures prices fell by 10.8% [2] - Battery materials show mixed trends, with cobalt prices down by 3.7% and lithium carbonate prices up by 9.8% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 0.4%, and the Taiwan Semiconductor Index increased by 2.3% [3] - The DRAM price index increased by 3.0%, while NAND prices surged by 10.8% [3] Real Estate Chain - The average price of rebar fell by 1.3%, while iron ore prices decreased by 2.2% [3] - National commercial housing sales area decreased by 8.7% year-on-year, with real estate development investment down by 17.2% [3] Consumer Sector - The average price of live pigs increased by 1.5%, while pork wholesale prices rose by 2.1% [3] - Retail sales growth for 2025 is projected at 3.7%, with December's growth at 0.9%, below expectations [3] Midstream Manufacturing - Manufacturing investment grew by 0.6% year-on-year, while narrow infrastructure investment fell by 2.2% [3] - Heavy truck sales increased by 13.0% year-on-year in December, with a total annual growth of approximately 26% [3] Cyclical Industries - Brent crude oil futures closed up by 3.2% at $66.23 per barrel, influenced by geopolitical tensions [3] - The Baltic Dry Index rose by 12.4%, indicating increased shipping demand [3]

Core Viewpoint - Hanma Technology (600375) is focusing on the rapid growth of overseas heavy truck demand and plans to enhance its overseas market development and marketing system reform [1] Group 1 - The company is aware of the significant increase in overseas heavy truck demand [1] - The company intends to continue promoting the development of overseas markets [1] - The company aims to deepen the reform of its overseas marketing system [1]

Group 1: Company Business Development - The company has established a comprehensive energy solution capability, driven by rapid expansion in the power equipment market, with increasing domestic and international project recognition [3] - The company is focusing on strategic customers to enhance business contributions, leveraging delivery, product performance, and product mix advantages [3] Group 2: SOFC Business Development - The company is committed to the SOFC sector, with a manufacturing license agreement signed with Xilis in November 2025 to establish production lines for fixed power generation [4] - Recent innovations have led to significant improvements in power generation efficiency and product performance, facilitating partnerships with leading domestic and international companies [4] Group 3: Heavy Truck Industry Trends - According to the China Association of Automobile Manufacturers, the heavy truck market is projected to sell 1.145 million units in 2025, a 27% year-on-year increase, with exports reaching 341,000 units, up 17.4% [5] - The company is optimistic about the heavy truck industry's future, planning to enhance its product matrix and accelerate new energy layouts to meet diverse customer needs [5] Group 4: Shareholder Returns Outlook - The company aims to optimize profit structure and enhance long-term competitiveness while maintaining a high cash dividend and share buyback policy to improve shareholder returns [6] - Future shareholder return policies will consider various stakeholder expectations and market conditions, ensuring a proactive and stable approach [6]

Core Viewpoint - Citigroup has upgraded the dividend payout ratio forecast for China National Heavy Duty Truck Group (000951)(03808) for the fiscal years 2025 to 2027 to 60%, 70%, and 70% respectively, based on strong fundamentals, industry outlook, favorable policies, and cash flow projections [1] Financial Projections - Net profit forecasts have been increased by 1% to 2%, reaching 7.1 billion, 8.3 billion, and 9.1 billion RMB for the respective fiscal years [1] - The target price for China National Heavy Duty Truck Group has been raised from 26.4 HKD to 39.4 HKD, while maintaining a "Buy" rating [1]