证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20260204：商品流动性冲击之后，哪些品种被"错杀"？ 大宗商品市场每一轮流动性冲击和恐慌情绪急跌，在完成"清洗"高杠 杆、高风偏的超涨品种之外，部分依托于供需产业链改善逻辑的品种却也 被流动性风险"误伤"，在风险中心已渐进平息之后，被错杀和被误伤的 商品品种和板块，或再度回归各自基本面定价逻辑，迎来相比轮动式上涨 阶段更好的介入时机。 金融产品深度报告 20260203：黄金 ETF，2026 年 1 月复盘与 2 月展望 事件驱动盘点： 资产配置价值：宏观数据与政策预期在月内反复切换， 降息预期对黄金资产配置价值形成阶段性支撑，但政策不确定性上升亦 带来短期扰动。 货币价值：美元信用变化主导黄金货币属性定价，美元 指数与储备结构调整对金价形成阶段性影响，货币价值在支撑与压制之 间反复博弈。 避险价值：多区域地缘与政治风险交织抬升市场不确定 性，避险需求呈现事件驱动、脉冲式释放特征，为金价提供阶段性支撑。 商品价值：央行购金与投资端需求预期保持稳 ...

Core Viewpoint - Chery is entering a "golden decade" after years of groundwork, showcasing significant growth in both traditional and new energy vehicle sectors, with a strong focus on innovation and technology [2][3][16]. Group 1: Sales Performance - In 2025, Chery achieved total sales of 2.806 million vehicles, a year-on-year increase of 7.8%. Among these, new energy vehicle sales reached 903,847 units, up 54.9%, and exports totaled 1,344,020 units, growing by 17.4% [2][3]. - Chery set records for monthly, annual, and cumulative exports, maintaining its position as the top Chinese brand in passenger car exports for 23 consecutive years [3][4]. Group 2: Technological Innovation - Chery has established a comprehensive R&D framework with over 30,000 personnel, including more than 10,000 software developers, across global centers [16][19]. - The company has developed a multi-path technology matrix that includes hybrid, pure electric, and hydrogen energy solutions, showcasing its commitment to innovation [7][19]. - Chery's self-developed hybrid system, Kunpeng Super Electric Hybrid CDM6.0, has been recognized at national exhibitions, highlighting its technological strength [9]. Group 3: Strategic Positioning - Chery is actively embracing new energy and technology, positioning itself as a reference model for traditional automakers undergoing transformation [4][19]. - The company has launched a series of popular new energy models, including the Fengyun A9L and iCAR V23, which have contributed significantly to its sales growth [6][8]. - Chery's strategy includes a focus on both fuel and electric vehicles, ensuring it meets diverse consumer needs while maintaining competitive advantages in the market [15][19]. Group 4: Smart Driving and Automation - Chery has committed to integrating smart driving features across its entire vehicle lineup, including entry-level models, thus democratizing access to advanced technology [12][15]. - The launch of the Falcon Smart Driving system, which includes various levels of automation, reflects Chery's long-term commitment to smart technology [13][14]. Group 5: Future Growth Trajectories - Chery has outlined three growth curves for the next decade: its core automotive business, future technologies in various sectors, and expansion into robotics and autonomous vehicles [16][18]. - The company aims to leverage its technological advancements to enhance customer experiences and drive innovation across its product lines [19].