2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 汽车 沪深300 汽车研究团队 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 汽车 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《1 月新能源车出口量同比翻倍，创历 史同期新高—行业周报》-2026.2.14 《1 月重卡批发销量约 10 万辆，蔚来 2026Q4 经营利润转正—行业周报》 -2026.2.8 《FSD 付费用户渗透率超 12%，2025 全球人形机器人出货量同比增长 5 倍 —行业周报》-2026.2.1 数据中心分布式电源需求上行，产业链有望受益 ——行业周报 | 邓健全（分析师） | 赵悦媛（分析师） | 王镇涛（联系人） | ...

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]

近期，全球第四大汽车集团斯特兰蒂斯集团因高估电动化转型速度，一次性计提222亿欧元的资产减 损，导致其下半年预计经营亏损超200亿欧元。几乎同一时间，福特汽车承认因终止多个电动车项目造 成195亿美元账面损失，通用汽车也撤回部分电动化投资并计提60亿美元费用。 三大跨国车企巨头合计约550亿美元的减值冲击波，叠加美国电动化需求动能放缓、欧洲补贴退坡与政 策弹性化、中国市场价格战挤压盈利空间三重因素，让"电动化节奏是否需要校准"从边缘讨论话题成了 产业核心议题。 与此同时，中国八部门在2025年三季度联合发布的《汽车行业稳增长工作方案（2025—2026年）》明确 将"稳定燃油汽车消费"纳入重点任务，欧盟也对2035年禁燃政策作出调整，允许合成燃料路线合法存 续。中欧在汽车产业政策方面出现了罕见的趋同信号。 全球燃油车市场是否已经具备"回春"的必要前提？从产品端看，不少车企早已针对燃油车开始了大规模 升级，以补齐与新能源车的智能化差距。例如，全新奥迪Q5L搭载了华为乾崑智驾，吉利中国星系列全 面普及高速NOA，博世中阶智驾系统已在燃油性能车上实现城区领航辅助的量产交付。燃油车曾经面 对的"供电不足、散热无解、响 ...

据媒体今日早些时候报道，华为乾崑智能汽车解决方案官方微博也发布了春节出行报告。据介绍，春节 期间，华为乾崑智驾辅助驾驶里程超4.7亿公里，约等于北京上海往返19万次；人均辅助驾驶里程382公 里，人均辅助驾驶时长5.1小时。 凤凰网科技讯2月25日，赛力斯（601127）集团副总裁康波晒出2026年问界汽车春节出行报告。据介 绍，今年春节，问界汽车行驶8.2亿公里，增程里程3.8亿公里，辅助驾驶总里程3.3亿公里，辅助驾驶里 程占比46.6%，春节出行保障服务17935次。 ...

近日，"华为乾崑智能汽车解决方案"发布了2026年春节出行报告。 春节期间，华为乾崑智驾辅助驾驶里程超4.7亿公里，相当于北京与上海往返约19万次，相比去年春节 增长235%。人均辅助驾驶里程382公里，人均使用时长5.1小时。其中，单用户单日最长辅助驾驶2266 公里。 活跃用户超123万人，同比增长180%，91%的智驾车主春节期间启用过辅助驾驶。 主动避免潜在碰撞10万次，主动防滑功能激活17万次，疲劳分神监测提醒8769万次，辅助泊车使用1405 万次，车位到车位功能使用超205万次。 其他数据方面，智慧助手小艺被唤醒1.3亿次，晕车舒缓激活28万次，影音娱乐使用3.7亿次，数字钥匙 使用9286万次。 华为乾崑| 把智能带入每一辆车 2026年华为乾崑 比 =37 春节,是一部我们共同主演的贺岁片 每一程安心 都有最动人的情节 华为乾崑有幸成为 您的专属掌镜 将这段充满温情与烟火气的旅途 记录成一部您的独家影片 华为乾崑| 把留能满人每一辆车 【第一幕 · 归乡序曲】 启程的诗篇 主动防滑激活17万次 雨雪路滑亦能从容驾驭,安稳奔赴团圆 疲劳分神监测提醒8769万次 恍惚瞬间及时预警,安心护航每一段 ...

刘晓林／文 2025年9月公布的《智能网联汽车 组合驾驶辅助系统安全要求》强制性国家标准（征求意见稿）（下称《意见稿》）已结束公开征求意见阶段， 预计于2027年1月1日正式实施。这意味着，车企的智驾合规准备已进入一年倒计时。 这一被称为"智能驾驶史上最严新规"的落地，使得整车组合安全、极端场景测试、全生命周期合规迭代将成为硬性约束，行业准入门槛与持续运营成本也会 随之大幅抬升，车企研发路径和智驾行业的格局将不可避免地迎来震荡。是继续自研智驾技术还是采购成熟解决方案？这个一直伴随着汽车企业的命题，将 在2026年得到新的答案。 随着订单被华为、Momenta、地平线等几大智驾头部供应商瓜分，更现实的问题将浮出水面：全栈自研是否成为少数头部玩家的特权？绝大多数车企是否被 迫转向头部供应商？技术同质化与供应链集中风险如何化解？无规模优势的中小车企，能否在合规高压下找到生存支点？2026年，围绕智能驾驶技术主权、 供应链安全、规模效率的行业格局重构已经开启。 新规压顶：自研合规成本飙升 对整车企业而言，技术合规难度和能否承担自研成本，是智驾国标带来的最大挑战。 目前看来，虽然面临新规与成本的双重约束，但智驾行业并未 ...

Core Insights - The Chinese automotive market is experiencing a significant dichotomy, with luxury brands like Maserati, Bentley, and Rolls-Royce facing declining sales, while the new brand ZunJie S800 is achieving remarkable success with daily orders exceeding 128 units and single-day deliveries surpassing 200 units [1] Group 1: Consumer Profile - The first keyword defining ZunJie S800 owners is "seasoned players," who often have a history of owning traditional luxury brands such as Rolls-Royce and Porsche, alongside younger individuals with strong family backgrounds or career growth, driven by a desire for advanced intelligent experiences and high-quality comfort [2] - The second keyword is "value migrators," who recognize the shifting value landscape in luxury vehicles, with owners like Mr. Chen noting that the technology in ZunJie S800 is something traditional luxury brands cannot replicate [2] Group 2: Purchasing Behavior - A notable "extremely short decision chain" phenomenon is emerging among these consumers, who often skip extensive comparisons and make quick purchasing decisions after understanding the product, driven by a clear and demanding checklist of top-tier intelligence, luxury, and high-end business features [3] - The ZunJie S800 has become the sole option to meet these demands, as many owners, like Mr. Gu, express that they made their purchase without much comparison due to the unique offering of advanced technology and high-end products [3] Group 3: Product Features - The core of the ZunJie S800's appeal lies in a new luxury formula characterized by "intelligence as the core, luxury as the surface," with Huawei's technology addressing practical pain points and enhancing the driving experience [4] - Features such as intuitive gesture controls and advanced safety systems contribute to a seamless user experience, while the luxurious interior and driving quality have garnered praise from former owners of high-end brands like Rolls-Royce and Porsche [4] Group 4: Word-of-Mouth Effect - The strong product performance has led to a "ZunJie effect," where satisfied owners actively share their experiences, creating a powerful word-of-mouth marketing dynamic within high-net-worth circles [5] - Real-life examples include a hotel chairman purchasing 13 units for guest transport and a business owner influencing three partners to buy after just 18 days of ownership, highlighting the effectiveness of trust-based referrals [6] Group 5: Market Impact - The success of ZunJie S800 marks a significant breakthrough for a Chinese brand in the million-level luxury market, redefining consumer perceptions and cultural values around luxury vehicles [6] - The resonance between ZunJie S800 and its owners signifies the onset of a new era in the automotive industry, where the definitions and narratives of luxury are undergoing irreversible transformation [6]

Core Insights - The implementation of a 128 TOPS chip for city NOA (Navigate On Autopilot) has been successfully launched, challenging the previous consensus that a minimum of 200 TOPS was required for such technology, indicating a shift towards mainstream adoption in the market [1] - A report by the China Automotive Industry Economic and Technological Research Institute forecasts that by November 2025, the cumulative sales of passenger cars equipped with city NOA will reach 3.129 million units, with a penetration rate of 15.1%, an increase of 5.6 percentage points from 2024 [1] - The trend shows that city NOA is moving from high-end vehicles to mainstream passenger cars, with over 68.9% of city NOA-equipped vehicles priced below 300,000 yuan [1] Market Penetration - In 2024, the penetration rate of NOA in the domestic automotive market is projected to be 7.3%, with city NOA at 1.52%, indicating a significant increase in adoption within a year [3] - By November 2025, 15 out of every 100 passenger vehicles are expected to be equipped with city NOA, marking a rapid scale-up in its market presence [3] Competitive Landscape - The focus of the industry has shifted from highway NOA to city NOA, with the latter being more complex to implement [4] - Over 78.3% of city NOA-equipped vehicles sold by November 2025 are expected to be self-developed by automakers, indicating a strong market position for companies that invest in in-house technology [4] Key Players - Notable brands in the self-developed city NOA segment include Tesla, NIO, Xpeng, Li Auto, and Xiaomi, each leveraging their unique technological capabilities to enhance their offerings [5] - Approximately 21.7% of city NOA-equipped vehicles are developed in collaboration with third-party suppliers, with traditional automotive brands making up 64.4% of these partnerships [5] Supplier Dynamics - The market for third-party city NOA suppliers is dominated by Momenta and Huawei, which together account for about 80% of the market share [6] - By November 2025, Momenta is expected to have a leading position with 414,400 units, while Huawei's HI model will account for approximately 19.76% of the third-party supplier market [6] Future Outlook - The upcoming mandatory national standard for intelligent connected vehicles is expected to set a clear safety baseline and further promote the marketization of related technologies [7] - The integration of end-to-end large models is seen as a key driver for the acceleration of city NOA, enhancing safety and user experience [8] - By 2030, city NOA is projected to become a mainstream feature in advanced driver assistance and autonomous driving systems, with significant market penetration expected in the 150,000 to 200,000 yuan price range [6][9]

Core Insights - The report indicates that the cumulative sales of passenger cars equipped with urban NOA functions in China reached 3.129 million units from January to November 2025, marking a significant expansion in the industry [1][2] - The urban NOA market is characterized by a "dual strong" pattern dominated by Huawei and Momenta, which together hold approximately 80% of the third-party supplier market share [1][3] Group 1: Market Overview - The penetration rate of urban NOA-equipped passenger cars in China was 15.1% of the insured passenger car volume from January to November 2025, an increase of 5.6 percentage points compared to 2024 [2] - The report highlights that the urban NOA market has entered a phase of large-scale popularization, with profound changes in market structure and competitive factors [1][3] Group 2: Competitive Landscape - The market is driven by both self-research by car manufacturers and partnerships with third-party suppliers, with domestic brands accounting for 81.1% of the sales of urban NOA-equipped passenger cars [3] - Momenta leads the third-party supplier market with a total of 414,400 units equipped with urban NOA, representing about 61.06% of the third-party supplier share, while Huawei's HI model has approximately 134,100 units, accounting for about 19.76% [3][4] Group 3: Technological Advancements - The report emphasizes that algorithm, data loop capability, and mass production experience are critical factors determining the market position and development speed of auxiliary driving suppliers [6][8] - Momenta's R6 reinforcement learning model is noted as the first in China to achieve mass production based on an end-to-end architecture, enhancing safety and efficiency [8] Group 4: Future Trends - The urban NOA is expected to accelerate systemic changes in intelligent driving technology routes, core architectures, and industrial ecosystems, extending applications from highway NOA to urban NOA [9] - The competitive landscape is evolving with a focus on end-to-end models, pushing for integrated system architecture and the maturation of vehicle-road-cloud collaboration and regulatory standards [9]

Core Insights - Huawei's partnership with various automotive manufacturers, including GAC Group and Dongfeng, marks a significant step in the development of smart connected vehicles, with over 1 million active users of Huawei's smart driving technology [1] - The penetration rate of smart vehicle technology in China has reached 50% in just five years, indicating rapid advancement in the industry [1] - The Chinese government emphasizes the importance of developing new energy vehicles as a pathway to becoming a strong automotive nation [1] Group 1: Technological Advancements - The Wuhu Zhijie Super Factory, a collaboration between Huawei and Chery, features 100% automation in welding and painting processes, showcasing the integration of AI in production [2] - Huawei's technology enhances driving experiences by optimizing features such as urban traffic congestion management and pedestrian recognition [2] - Huawei has established five major business segments in the smart automotive sector, focusing on core technologies like smart driving and vehicle control systems [3] Group 2: Successful Collaborations - The partnership between Huawei and Seres has led to the development of the "Wenjie" model, which has achieved significant market recognition and financial success, with projected revenues of 145.1 billion yuan in 2024, a 305.5% increase year-on-year [4] - Huawei's collaboration with Seres demonstrates the potential for traditional automakers to leverage Huawei's software and technology capabilities to enhance their manufacturing processes [4] - The "Hongmeng Zhixing" series of vehicles, including models across various price ranges, has achieved over 1 million units delivered, setting a record for new automotive brands [5] Group 3: Industry Impact - The launch of the first fuel vehicle equipped with Huawei's smart driving technology signifies a breakthrough in integrating advanced technology into traditional automotive designs [6] - Huawei's partnerships have led to the transformation of over 221 component manufacturers across multiple provinces, indicating a broad impact on the supply chain [6] - The collaboration with various automotive companies positions Huawei as a key player in driving the smart transformation of the Chinese automotive industry [7]