证券研究报告 汽车 | 乘用车 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 28 日 证券分析师 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com | 基本数据 | | | | | 2026 | 年 | 02 | 月 27 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 7.99 | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 9.68/6.57 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | | 50,873.56 | | 流通市值（百万元） | | | | | | | | 39,084.78 | | 总股本（百万股） | | | | | | | | 6,367.15 | | 资产负债率（%） | | | | | | | | 83.81 | | 每股 ...

中国质量新闻网讯 在政策调整衔接与消费需求透支的双重影响下，2026年1月国内乘用车市场开局遇冷，整体销量同比出现明显下滑。根据乘联分会数据， 该月国内狭义乘用车市场零售销量达154.4万辆，同比下降13.9%。值得关注的是，尽管市场整体承压，但不同阵营、细分市场表现分化明显，合资品牌零售 表现相对稳健。 具体到细分市场，1月各领域表现差异显著，轿车市场下滑最为明显。数据显示，1月轿车销量为62.2万辆，同比大幅下降24.7%；作为乘用车市场的主力细 分领域，SUV市场虽同样面临下行压力，但表现优于轿车市场，该月销量为84.3万辆，同比下滑5.2%；1月的MPV市场依旧是各细分领域中表现较弱的板 块，销量同比小幅上涨1.0%达到7.9万辆；新能源车方面，由于购置税免税政策在2025年底结束，部分用户提前购买形成年底的消费透支现象，从而抑制1月 新能源车市场的需求，销量仅59.6万辆，同比下滑20.0%。 自主阵营承压明显 合资相对稳健 在政策等多重影响下，1月车市整体零售呈现同比下滑态势，自主品牌、合资品牌、豪华车市场均受到不同程度冲击。具体来看，自主品牌1月零售89万辆， 同比下降18%。国内零售份额为57 ...

除此之外，导航增程、就近泊车、下车守卫等实用功能优化，无不体现出鸿蒙智行对用户出行场景的深 度洞察。 这远非一次简单的功能更新，而是鸿蒙智行在"软件定义汽车"时代的重要实践。通过将硬件能力与软件 创新深度融合，鸿蒙智行让车辆在春节这个特殊的时刻，实现了从单纯的"交通工具"向智能"出行伙 伴"的蜕变。 2026年春节，数以百万计的车主踏上了新春出行之路。在这短暂而美好的节日中，他们沉浸在团圆的味 道里，又满载着新一年憧憬而归。 而在"看不见"的角落里，一场静默的出行革命正在悄然发生。 春节前夕，1月30日，鸿蒙智行启动年度大规模OTA升级，覆盖尊界、问界、享界、智界、尚界等多车 型，通过63项新增功能与31项体验优化，为春节假期出行这一特殊场景量身打造了全方位的智能出行解 决方案。 此次升级，精准把握了用户在春节出行中的核心需求。安全层面，此次OTA强化了WEWA架构，进一 步提升跟车变道平顺性，eAES 2.0则增强了闪躲预判与障碍识别的能力，同时新增防御性驾驶功能，可 在弯道、路口主动干预，配合爆胎稳定控制等功能，形成全周期防护。 交互体验上，小艺大模型升级，对话更拟人；依托"组队出行"功能，可实现多车实时 ...

Core Insights - Huawei's Smart Living Center in Qingdao, covering approximately 1317 square meters, aims to become a new hub connecting technology and daily life, evolving into a cultural and technological "living room" for the city [1][4] Group 1: Store Features - The store is designed as a one-stop smart experience center, featuring five key areas: smart office, smart home, health and fitness, smart travel, and audio-visual entertainment [4] - It includes a dedicated area for smart office solutions showcasing devices like MatePad and laptops, enhancing productivity through multi-screen collaboration [4] - The smart home section features products like smart locks and Huawei's smart screens, making daily life more convenient [4] - The health and fitness area is equipped with Huawei WATCH series and other devices for real-time health monitoring [4] - The smart travel section is notable for being the first in Shandong with 10 parking spaces for Huawei-enabled vehicles, offering immersive experiences [4] - The audio-visual entertainment area utilizes smart screens and VR devices to create an exceptional viewing experience [4] Group 2: Community Engagement - The living center aims to foster interaction among people, technology, and the city, planning to host regular events like tech salons and creative workshops [5] - It is positioned to become a public space for Qingdao residents to explore digital living and experience the warmth of technology [5] Group 3: Strategic Importance - The opening of the Smart Living Center signifies Huawei's deeper commitment to the Shandong region, providing a platform for consumers to engage with cutting-edge technology [6] - The center is expected to enhance Qingdao's appeal as a commercial and cultural hub, contributing to the development of a vibrant smart city [6]

2月11日，鸿蒙智行法务发布公告，称起诉自媒体"我是大彬同学"一案，已收到法院一审判决。 公告表示， 近日，就鸿蒙智行起诉自媒体"我是大彬同学"一案，我们已收到法院一审判决。法院判令被告删除侵权言论、公开赔礼道歉， 并向原告赔偿150万元。 判决认定：被告言论脱离基本客观事实，超出表达自由边界，确有侮辱、贬损原告的故意，构成对原告名誉权的 侵害。 去年3月，鸿蒙智行法务官方微博宣布正式起诉自媒体"我是大彬同学"，称根据网友线索和前期搜集证据，发现该自媒体及其相关矩阵账号 据鸿蒙智行方面披露，经网友线索反馈及前期证据搜集核实，该自媒体及其关联矩阵账号长期在多个网络平台发布针对鸿蒙智行品牌及产 品的不实信息和侮辱性言论，对品牌声誉造成不良影响 。 鸿蒙智行法务表示，"网络并非法外之地，我们将持续依法维权，坚决捍卫鸿蒙智行品牌和产品的声誉。" 当前新能源汽车行业竞争日趋白热化，部分自媒体为博取流量、谋取不当利益，不惜编造虚假信息、恶意抹黑企业及产品，形成行业乱 象。多家新能源车企都遭遇到自媒体恶意诋毁，并纷纷通过法律途径捍卫自身合法权益。 截至目前，自媒体"我是大彬同学"方面尚未就该一审判决作出回应。1月16日，其 ...

Core Viewpoint - The company, Seres, is at a critical juncture as it faces market challenges despite strong financial and delivery performance, leading to the establishment of a new subsidiary, "Phoenix," focused on artificial intelligence and robotics [2][18]. Group 1: Market Position and Challenges - In early 2026, Seres' stock price showed a strange divergence despite impressive sales and delivery data, indicating market anxiety [1]. - The once-dominant position of Seres' vehicle, the AITO Wenjie, is being challenged by newer models from competitors, leading to a dilution of its market appeal [5][6]. - The shift in market perception is moving Seres from a "technology stock" valuation to a "manufacturing" valuation, which could significantly impact its market value [8][12]. Group 2: Strategic Responses - The establishment of Shanghai Seres Phoenix Intelligent Technology Co., Ltd. signifies a strategic pivot towards AI and robotics, aiming to diversify beyond traditional vehicle manufacturing [2][18]. - The collaboration with ByteDance's Volcano Engine indicates a defensive strategy to enhance capabilities in AI and human-robot interaction, while still maintaining ties with Huawei [20][24]. - Seres is pursuing a dual strategy: leveraging its existing vehicle sales for cash flow while investing in AI and robotics through Phoenix and partnerships [26]. Group 3: Future Outlook - The transition from a vehicle manufacturer to a provider of intelligent systems is fraught with risks, particularly given the longer development cycles in robotics compared to automotive [27]. - The urgency for Seres to adapt is underscored by the potential for its valuation to stagnate if it remains solely focused on traditional manufacturing [26]. - The company's future hinges on its ability to innovate and maintain relevance in a rapidly evolving market, where losing the "imagination" factor could be detrimental [27].

鸿蒙智行迎来多项突破，呈加速发展态势。 支撑这一庞大产品与销售规划的，是合作车企端紧锣密鼓的产能建设。据了解，为实现年销百万台的冲 刺目标，鸿蒙智行生态的合作车企正加速产能布局。1月23日，北汽蓝谷新能源科技股份有限公司公告 称，子公司北京新能源汽车股份有限公司拟投资19.91亿元建设享界超级工厂高端平台车型产业化及产 线数智化提升项目。 汽车有文化创始人、行业观察人士周海滨表示，随着华为"汽车朋友圈"的扩大，2026年如何协同多家主 机厂合作伙伴实现高效协同，将成为其面临的重点任务。 尽管"五界"有价格区分，但都深度搭载华为智能技术，如何避免同质化、在用户心中建立清晰的品牌认 知，是需要持续探索的方向。 一位供应链人士认为，随着"五界"及"二境"品牌专网门店在销售与服务端发挥更大作用，鸿蒙智行的渠 道协同能力将面临考验。 2月2日消息，鸿蒙智行官方宣布，其充电网络再迎重大突破，全国充电枪数量突破160万把，充电场站 数也突破16万座。此前，鸿蒙智行刚刚公布2026年首月交付情况，1月份，鸿蒙智行累计交付57915台， 同比增长65.6%。 2025年，鸿蒙智行完成"五界十车"产品布局，全年交付量达58910 ...

Group 1: Industry Overview - In January 2026, major Chinese electric vehicle manufacturers reported mixed results in new car sales, with some companies showing year-on-year growth while others experienced significant declines compared to December 2025 [1] - BYD's January sales exceeded 210,000 units, marking a year-on-year decrease of 30.11%, while Huawei's HarmonyOS Smart Driving saw a remarkable year-on-year increase of 65.6% in deliveries [1][4] - The China Passenger Car Association (CPCA) maintains an optimistic outlook for 2026, projecting a retail growth rate of approximately 10% for new energy vehicles [1] Group 2: Company Performance - Leap Motor delivered 32,059 electric vehicles in January 2026, a year-on-year increase of 27.37%, but a month-on-month decline of 46.94% [2] - NIO reported January deliveries of 27,182 vehicles, reflecting a year-on-year growth of 96.08% but a month-on-month drop of 43.53% [2] - Li Auto's January deliveries reached 27,668 units, showing a year-on-year increase of 7.55% and a month-on-month decrease of 37.47% [3] - Xpeng Motors delivered 20,011 vehicles in January, a year-on-year decline of 34.07% and a month-on-month decrease of 46.65% [3] Group 3: Future Projections - Leap Motor aims for a sales target of 1 million units in 2026, emphasizing the need for efficiency and cost awareness in a competitive market [2] - NIO's 2026 sales target is set between 456,000 and 489,000 units, with a focus on achieving profitability [2] - Li Auto plans to achieve annual sales of 550,000 units in 2026, with a goal to regain its leading position in extended-range electric vehicles [3] - Xpeng Motors targets annual sales of 550,000 to 600,000 units in 2026, representing a growth of approximately 28% to 40% compared to 2025 [3] Group 4: Market Trends - The total number of new energy vehicles in China reached 43.97 million by the end of 2025, accounting for 12.01% of the total vehicle population [8] - The proportion of pure electric vehicles within the new energy segment stands at 68.74%, with 30.22 million units registered [8] - Experts predict that the ownership of new energy vehicles in China will continue to rise significantly starting in 2026 [8]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [31]. Core Insights - The report highlights a recovery in passenger vehicle demand due to the implementation of subsidy policies, with a positive outlook for the first quarter of 2026. Key players in the high-end electric vehicle segment include Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, and others [21]. - In the heavy truck segment, 2025 saw a total wholesale of 1.144 million units, a year-on-year increase of 26.8%. The report anticipates a slight growth in domestic sales for 2026, projecting 800,000 to 850,000 units sold [26]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, driven by the continuation of subsidy policies [25]. - The motorcycle market is projected to grow by 14% in 2026, with total sales expected to reach 19.38 million units, including a significant increase in large-displacement motorcycles [22]. Summary by Sections Passenger Vehicles - The report expects a recovery in passenger vehicle demand in Q1 2026 due to subsidy policies, with a focus on high-end electric vehicles and established export-oriented companies [21]. Heavy Trucks - In 2025, the heavy truck market saw a total of 1.144 million units sold, with domestic sales at 799,000 units and exports at 341,000 units. The report forecasts domestic sales of 800,000 to 850,000 units for 2026, reflecting a 3% year-on-year increase [26]. Buses - The bus market is projected to grow in 2026, with an expected sales volume of 40,000 units, a 40% increase from the previous year, supported by ongoing subsidy policies [25]. Motorcycles - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles projected to grow by 31% [22].

值得一提的是，在北汽集团党委书记、董事长张建勇的带领下，来自北汽集团和北汽蓝谷的共计22人拟 集体增持北汽蓝谷股份，合计拟增持金额不低于1450万元，不超过1640万元。 享界挂牌销量达3.62万辆 1月23日晚间，北汽蓝谷公告，为持续提升品牌价值，增强企业竞争力，满足子公司北汽新能源基于整 体发展战略制定的产品规划，北汽新能源拟投资建设享界超级工厂高端平台车型产业化及产线数智化提 升项目，对享界超级工厂关键工艺、设备进行升级，同时开展数智化升级改造，以具备BE22 3.0高端平 台车型生产能力，并全方位提升制造体系的柔性化、效率、质量和智能化水平。 公告显示，上述项目预计总投资19.91亿元，项目建设期为14个月，预计开工时间为2026年3月。 项目主要内容包括，根据享界下一代平台产品规划，对冲压、焊接、涂装、总装、仓储等辅助设备设施 进行技术改造，满足新平台产品生产工艺特性。同时，对生产线进行数智化提升，消除生产瓶颈，优化 产能，满足新能源产品迭代与市场多样化、个性化定制订单需求。 在业绩转好、销量增长之下， 北汽蓝谷 （600733.SH）加码享界超级工厂的建设。 1月23日晚间，北汽蓝谷公告，子公司北 ...