2026 年 03 月 03 日 详解"里程费" 周一刻钟，大事快评（W145） 《小鹏比亚迪新技术发布,投资进入事件 催化密集期 ——2026/2/24-2026/3/1 汽 o 车周报》 2026/03/01 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 核心风险：原材料价格波动风险,地缘政治风险,行业复苏不及预期 ● #研究报 请务必仔细阅读正文之后的各项信息披露与声明 长寸 分别 7 = 3 " + 行业点评 相关研究 详解"里程费"：近期市场关注"新能源车里程费"。我们将结合国内财税结构、汽车 产业发展背景及政策推进流程，分析其核心逻辑、现实动因及未来落地展望。 O 从现行财税体系来看,汽车的相关税费是公路建设与养护的核心资金来源。其中,养路 费自 2009 年起已正式并入成品油消费税, 当前每升成品油中约含 1 元相关税费, 该部 分收入通过国家转移支付拨至地方交通、公安等相关部门，全部用于公路的日常养护、 管理及运维，构 ...

汽车和汽车零部件行业周报 20260301 静待板块需求好转 北美缺电链迎来高增 glmszqdatemark 投资建议： 乘用车：各地陆续开启 2026 年以旧换新补贴，叠加春节后车展前新车陆续推出， 汽车销量有望企稳回升，建议关注乘用车需求底部的左侧机会，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）业绩反转链：推荐【金固股份】 4）北美缺电链：推荐【潍柴动力】，建议关注【动力新科、渤海汽车、天润工业、 长源东谷、中原内配、威孚高科】等。 机器人：推荐汽配机器人标的【拓普集团、新泉股份、伯特利、均胜电子、沪光 股份、豪能股份、双环传动、隆盛科技】，汽车机器人主机厂【小鹏汽车】，建 议关注【岱美股份、宁波华翔】。 摩托车：推荐中大排量龙头车企【春风动力、隆鑫通用】。 商用车：重卡-天然气重卡企稳回升，以旧换新政策驱动内需向上，推荐【潍柴动 力、中国重汽】；客车-出口盈利能力强劲，推荐【宇通 ...

汽车和汽车零部件行业周报 20260301 投资建议： 乘用车：各地陆续开启 2026 年以旧换新补贴，叠加春节后车展前新车陆续推出， 汽车销量有望企稳回升，建议关注乘用车需求底部的左侧机会，推荐【吉利汽车、 小鹏汽车、比亚迪】，建议关注【江淮汽车】。 静待板块需求好转 北美缺电链迎来高增 glmszqdatemark 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）业绩反转链：推荐【金固股份】 4）北美缺电链：推荐【潍柴动力】，建议关注【动力新科、渤海汽车、天润工业、 长源东谷、中原内配、威孚高科】等。 机器人：推荐汽配机器人标的【拓普集团、新泉股份、伯特利、均胜电子、沪光 股份、豪能股份、双环传动、隆盛科技】，汽车机器人主机厂【小鹏汽车】，建 议关注【岱美股份、宁波华翔】。 摩托车：推荐中大排量龙头车企【春风动力、隆鑫通用】。 商用车：重卡-天然气重卡企稳回升，以旧换新政策驱动内需向上，推荐【潍柴动 力、中国重汽】；客车-出口盈利能力强劲，推荐【宇通 ...

| 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 中际旭创 | 6.74 | 17.06亿元 | 通信 | | 比亚迪 | 4.4 | 15.90亿元 | 汽车 | | 新易盛 | 5.16 | 14.47亿元 | 通信 | | 雷科防务 | 10.02 | 7.83亿元 | 国防军_ | | 中国卫星 | 6.52 | 7.01亿元 | 国防军_ | | 飞龙股份 | 10 | 5.70亿元 | 汽车 | | 东山精密 | 4.01 | 5.17亿元 | 电子 | | 亨通光电 | 6.36 | 5.16亿元 | 通信 | | 特变电工 | 3.1 | 4.77亿元 | 电力设备 | | 长江电力 | 2.04 | 4.28亿元 | 必開量7 | | 长飞光纤 | 7.24 | 4.05亿元 | 通信 | | 麦格米特 | 5.69 | 3.24亿元 | 电力设备 | | --- | --- | --- | --- | | 东方电气 | 2.7 | 3.24亿元 | 电力设备 | | 农业银行 | 1.88 | 3.17亿元 | 银 ...

Core Viewpoint - The A-share private placement market is witnessing a significant shift from traditional discount-based participation to high-premium issuance, with several projects achieving premium rates exceeding 20% [1][3]. Group 1: High Premium Issuance - A number of private placement projects have been successfully issued at high premiums, breaking the previous norm of "buying shares at a discount" [1][3]. - The issuance of shares by Guangdian Measurement has a premium rate of 29.09%, raising a total of 1.3 billion yuan at an issue price of 24.01 yuan per share [3]. - The automotive industry has seen particularly notable high-premium issuances, with companies like Jianghuai Automobile and Fengshen Co. achieving premium rates of 23.93% and 125% respectively [4]. Group 2: Participants in High Premium Placements - Public funds are the primary participants in high-premium private placements, with notable involvement from private equity, securities firms, insurance capital, and foreign institutions [1][6]. - The largest single subscription for the North Vehicle Blue Valley's new round of private placement was made by E Fund, amounting to 2.2 billion yuan [7]. - Notable individual investors, referred to as "bulls," have also played a significant role, with some becoming the largest subscribers in various projects [8][9]. Group 3: Investment Focus and Trends - The focus of investment has shifted towards sectors such as new energy vehicles, artificial intelligence, and high-end manufacturing, driven by macroeconomic policies and industry trends [2][10]. - The funds raised in these private placements are primarily allocated to the development of high-end intelligent electric platforms and new materials, aligning with the industry's push for innovation and sustainability [10][11]. - The demand for advanced materials and technologies in the automotive sector is increasing, with companies like Yao Pi Glass and Zhongbei Communication investing in energy-saving upgrades and 5G infrastructure [11][12].

Group 1 - A well-known private equity mogul has invested approximately 1 billion yuan in a private placement of a certain automotive listed company, causing significant excitement among investors [1] - The article emphasizes that many investors are often swayed by news and market fluctuations, leading to impulsive decisions without understanding the underlying market dynamics [1] - It highlights the importance of analyzing market behavior through quantitative data rather than solely relying on price movements [2][6] Group 2 - The article discusses the challenges investors face in distinguishing between genuine market signals and misleading price movements, such as sudden large declines or recoveries [9][11] - It illustrates how quantitative data can reveal the true intentions behind trading actions, helping investors avoid common pitfalls [14] - The piece advocates for a multi-dimensional approach to market analysis, incorporating factors like funding, behavior, and price to enhance investment decision-making [14]

Core Insights - The 2026 Spring Festival Gala will feature a diverse range of corporate partners, reflecting the evolution of China's commercial landscape over the past four decades [1][8] - The event serves as a significant platform for brand recognition and influence, with a history of successful partnerships, particularly in the tech and consumer goods sectors [3][8] Company Partnerships - Eight listed companies have been confirmed as partners for the 2026 Spring Festival Gala, including three liquor companies, two automotive companies, two video platforms, and one toy company [3][8] - Wuliangye will be the exclusive interactive partner for the "Harmony and Goodness" segment, marking its fourth appearance at the gala [5][10] - Yanghe Dream Blue M6+ will serve as the exclusive timekeeping partner for the seventh consecutive year, while Gujing Gongjiu celebrates its 11th year of partnership [5][10] Automotive Collaborations - Huawei and JAC Motors have launched the Zun Jie S800, which will be the flagship partner for smart travel at the gala [4][9] - Great Wall Motors will again be the designated vehicle for new media coverage of the gala, featuring its flagship models [4][9] Technological Innovations - The 2026 gala will emphasize technological advancements, with partnerships from companies like Yushutech, Volcano Engine, and Galaxy General, focusing on robotics and AI [6][11] - Volcano Engine will engage in program production and online interaction, while Yushutech will showcase cutting-edge robotics technology [6][11] Cultural and Emotional Engagement - MINISO has partnered with the gala to launch a series of cultural toys, reflecting a shift from material to cultural consumption [6][11] - The collaboration aims to enhance emotional engagement and cultural relevance in consumer products [6][11]

Investment Rating - The report maintains a "Buy" rating for the automotive sector [3] Core Insights - The automotive sector is expected to stabilize and recover due to the introduction of local subsidies for vehicle replacement and the upcoming launch of new models after the Spring Festival [2][12] - The report highlights key investment opportunities in various segments, including passenger vehicles, automotive parts, and motorcycles, with specific company recommendations [2][19][34] Summary by Sections 1. Passenger Vehicles - The introduction of the 2026 vehicle replacement subsidy is expected to stimulate domestic demand positively [14] - The subsidy structure will improve the model mix, with new energy vehicles receiving 12% of the vehicle price as a subsidy (up to 20,000 yuan) and fuel vehicles receiving 10% (up to 15,000 yuan) [15][16] - Recommended companies include Geely, Xpeng, and BYD, with a focus on the left side of the demand bottom [2][19] 2. Automotive Parts - The report emphasizes the growth potential in the automotive parts sector, particularly in intelligent driving and new energy vehicle supply chains [19][23] - Recommended companies include Bertel, Horizon Robotics, and Top Group, focusing on the H and T chains [2][19] 3. Motorcycles - The report suggests a focus on mid-to-large displacement motorcycle manufacturers, with companies like Chunfeng Power and Longxin General recommended [31][34] - The market for mid-to-large displacement motorcycles is expected to expand, driven by supply and export efforts from leading manufacturers [34] 4. Commercial Vehicles - The heavy truck market is projected to recover due to the continuation of the vehicle replacement subsidy policy, with recommendations for Weichai Power and China National Heavy Duty Truck [35][36] 5. Tires - The tire industry is expected to benefit from ongoing globalization and the optimization of production structures, with recommendations for Sailun Tire and Senqilin [37][39]

Core Viewpoint - Ferrari's stock price increased by 4.60% on February 11, closing at $379.94, driven by strong financial performance, progress in electrification strategy, and market capital flow [1] Financial Performance - Ferrari's Q4 2025 financial report showed net revenue rising to €1.8 billion, exceeding market expectations. Annual net profit grew by 9.69% to €1.6 billion, and industrial free cash flow surged by 50% to €1.538 billion, highlighting the company's profitability quality [2] Business and Technological Development - CEO Benedetto Vigna emphasized positive market feedback for the first all-electric model, Luce, which is set to be launched in May 2026. Ferrari will not force customers to bundle purchases of electric vehicles, maintaining a customer-oriented product strategy. In 2026, the company plans to launch four new models as part of a strategy to introduce at least 20 models by 2030 [3] Capital Movement - On the same day, the automotive industry saw a net capital inflow of ¥1.81 billion, indicating a recovery in sector sentiment. Ferrari's stock price experienced a cumulative increase of 11.97% over five days, with trading volume expanding to $19.32 million, reflecting active trading. Despite a decline in the broader U.S. stock market, capital concentrated on high-quality performance stocks, pushing the stock price to a new interim high [4]

Group 1 - Anhui Jianghuai Automobile Group Co., Ltd. announced the completion of a private placement, raising a total of 3.5 billion yuan by issuing 70.1684 million shares at a price of 49.88 yuan per share, which is approximately 8.7% lower than the market price of 54.61 yuan per share on February 10, 2026 [1] - In January 2026, Jianghuai Automobile produced 3,403 new energy passenger vehicles, representing a year-on-year increase of 96.25%, and sold 3,151 units, marking a year-on-year increase of 183.11% [1] - The Chinese automotive industry is undergoing a profound transformation led by electrification and intelligence, with market growth dynamics and competitive logic being systematically restructured [1] Group 2 - The Shanghai Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group released the "Shanghai Intelligent Connected Vehicle Development Report (2025)", indicating that by the end of last year, 3,173 automated driving test roads covering 5,238.82 kilometers had been opened [2] - The report highlights that during the "14th Five-Year Plan" period, Shanghai will enter a new stage of "city-wide integration" with large-scale, multi-level real scene openings to expand the scope of automated driving [2] - Major automotive companies such as Li Auto, Xpeng, BYD, and Great Wall are expected to benefit from the anticipated resurgence of Full Self-Driving (FSD) technology in China, driven by new technology and product enhancements [2] Group 3 - As of February 11, 2026, the CSI Hong Kong Stock Connect Automotive Industry Theme Index rose by 2.00%, with the largest Hong Kong automotive ETF increasing by 1.70%, marking a four-day consecutive rise [3] - Key component stocks such as BYD and Jianghuai Automobile saw significant increases, with Jianghuai Automobile rising by 3.15% [3] - The automotive ETF tracking the CSI All-Share Automotive Index also experienced a rise, with major stocks like Wanfeng Aowei and Weifu High-Technology contributing to the upward trend [3]