证券研究报告 本周板块行情复盘 整车主线周报： 12月新能源批发符合预期，看好26年景气度向上 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年1月12日 请务必阅读正文之后的免责声明部分 板块最新观点 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，重卡批发销量114万辆，同比+26%，终端79.2万，同比+32%，出口 33.5万辆，同比+15.2%，全年内销及出口超市场年初预期。年初国四及以下营运重卡保有量69万，预计年底 淘汰至45-50万，全年淘汰21万，全年内销政策拉动+自然需求回升共振。展望2026：我们预计2 ...

1月7日，小米汽车公布新一代小米SU7预售价22.99万元起，并同步开启小订。作为SU7上市以来的首次中期改款车型， 新车在保持整体造型前提下，对外观、内饰及配置体系进行调整，并将部分配置纳入全系标配，同时提升续航，CLTC 工况下最高续航达到902公里。 外观方面，新SU7基本延续现行款整体风格，更多调整集中在细节层面——20英寸轮圈增添新造型，并全系标配前窄后 宽轮胎组合强化后轴抓地力表现。车身颜色方面新增蓝色涂装，同时外后视镜壳及刹车卡钳配色有所改动，整体风格仍 强调年轻/运动化取向。 中改小米SU7开启小订 关键词：中大型车/价格区间22.99万元起/SU7首次改款 内饰部分同样在局部功能区进行调整。方向盘造型更新，副仪表台也进行重新设计，杯架方向也进行了调整，整体操作 逻辑更偏向高频功能集中。配色方面新增黑色内饰方案，氛围灯与门板、座椅缝线同步调整，整体与外形呼应。 配置层面为核心变化之一。新车将提高后的算力平台、毫米波及激光雷达、增强辅助驾驶系统以及9安全气囊纳入全系 标配，其中后排侧气囊为新增配置。Pro版与Max版车型则配备双腔空悬和CDC减振器。 动力方面，新一代SU7全系搭载小米旗下V6s ...

【王腾回应新公司不招应届生】记者获悉，在正式成立新公司后，被辞退的小米前高管王腾又针对相关招聘情况作了一系列回应。1月9日，王腾在其个人 微博中强调，公司总部位于北京，未来会考虑在深圳、杭州设立分部。员工前期需要先在北京工作一年，之后可以选择就近的城市工作。薪酬方面，王腾 称薪资水平和福利待遇基本向大厂看齐，但会更侧重股权激励。针对没有市场销售岗位以及不招应届生问题，他解释称，目前正重点组建产品研发团队， 计划春节后陆续启动市场销售服务财务等团队的组建。"创业团队初期更需要有工作经验、来之能战的同学，待业务发展起来之后再欢迎应届生同学加 入。" 王腾还特别提到，员工可以在公司"随地大小睡"。"这次创业的初心就是想帮助职场打工人拥有更好的精力状态，我们要坚定地反内卷。困了累了就随时 休息，唯一需求就是戴上我们的产品睡顺便做数据采集。"王腾说。（智通财经） 【苹果CEO库克去年总薪酬为7429.48万美元】1月9日消息，当地时间1月8日，苹果公司在提交给美国证监会（SEC）的文件中披露，公司首席执行官蒂 姆·库克2025年总薪酬为7429.48万美元。另外，该公司将于美西时间2026年2月24日举行线上年度股东大 ...

Group 1 - Wang Teng's new company will not hire fresh graduates initially, focusing on building a product development team with experienced professionals [2] - The company plans to establish branches in Shenzhen and Hangzhou after a year of operation in Beijing, with salaries and benefits comparable to major tech firms, emphasizing stock incentives [2] - Employees are encouraged to take breaks as needed, promoting a non-competitive work environment [2] Group 2 - Apple's CEO Tim Cook's total compensation for 2025 is reported to be $74.29 million, with significant portions coming from stock awards and non-equity incentives [3] - The company is set to hold its annual shareholder meeting online on February 24, 2026 [3] Group 3 - Bosideng faced criticism for a down jacket priced at 2099 yuan with only 86 grams of down filling, raising questions about brand premium [4][7] - The company stated that the down filling meets national standards and that pricing is influenced by various factors beyond just filling weight [4] Group 4 - Alibaba's Qianwen model has achieved a cumulative download of 700 million, marking a significant growth in the AI model sector [8] - The model's download rate surpassed that of other major AI models, indicating its rapid adoption [8] Group 5 - General Motors announced an additional charge of approximately $6 billion due to adjustments in its electric vehicle business, reflecting ongoing evaluations of production capacity and investment [15] - The company previously reported a $1.6 billion charge related to its electric vehicle strategy [15] Group 6 - The global humanoid robot market is projected to ship nearly 13,000 units by 2025, with ZhiYuan holding a 39% market share [21] - The semiconductor industry is expected to reach a record sales figure of $75.3 billion in November 2025, a 29.8% increase from the previous year [21] Group 7 - The Chinese large language model market is anticipated to exceed 100 billion yuan by 2030, with a compound annual growth rate of 63.5% from 2024 to 2030 [22] - Recent IPOs of domestic AI model companies signify a shift towards clearer business models and commercialization in the industry [22]

Group 1 - Xiaomi's CEO Lei Jun responded to claims about the company's car safety design, specifically the "wheel detachment for vehicle protection" concept, stating that it is a mature safety design used by many luxury car brands, originally thought to be pioneered by Volvo but actually initiated by Mercedes-Benz [2] - The "wheel detachment for vehicle protection" concept was first introduced in Mercedes-Benz's W111 model in 1959, featuring a design that allows the front suspension and wheels to detach during severe frontal collisions, thus preventing intrusion into the passenger cabin [2] Group 2 - Recent news indicates that Neta Auto's executives Fang Yunzhu and Zhang Yong have been listed as executors in a legal case involving over 1.05 million yuan, with the Shanghai First Intermediate People's Court overseeing the execution [4] - Zeekr announced the upcoming launch of its high-performance flagship SUV, named Zeekr 8X, which is expected to be a significant vehicle for 2026, featuring design elements similar to the Zeekr 9X [6] - New Stone Age's unmanned delivery vehicle has formed a strategic partnership with Luxmea to enhance its presence in the European market, focusing on urban and last-mile delivery solutions [6]

不同于极氪9X的"超豪华旗舰"路线，极氪8X主打高性能旗舰SUV标签，强调公路操控与越野能力。 2025年12月31日，极氪在一则预告中展示了新车的尾部设计。其尾灯造型与品牌旗舰SUV极氪9X高度 相似，但新车尾部线条更为圆润、弧度更大，整体采用了流线型设计。 凤凰网科技讯1月5日，极氪官方宣布，"2026年最值得期待的车"来了：超级电混高性能旗舰SUV——极 氪8X。 ...

1月5日，极氪汽车正式公布旗下全新旗舰SUV的命名为"极氪8X"，同时发布新车轻伪装亮相视频。 据了解，极氪8X与极氪9X同为浩瀚超级电混SEP架构的旗舰车型，9X上的900伏三电机兆瓦电驱，超快 充大电池，48伏主动稳定杆等核心配置，都有望搭载到极氪8X上。 责任编辑：李昂 1月5日，极氪汽车正式公布旗下全新旗舰SUV的命名为"极氪8X"，同时发布新车轻伪装亮相视频。 据了解，极氪8X与极氪9X同为浩瀚超级电混SEP架构的旗舰车型，9X上的900伏三电机兆瓦电驱，超快 充大电池，48伏主动稳定杆等核心配置，都有望搭载到极氪8X上。 预计2026年上半年正式上市，起售价或达40万元。 预计2026年上半年正式上市，起售价或达40万元。 责任编辑：李昂 ...

乘用车近期终端需求跟踪及展望 20251229 摘要 2026 年汽车补贴政策预计总额维持 3,000 亿，汽车补贴约 1,000 亿， 以旧换新或要求旧车持有一年以上，以抑制套取补贴行为。预计新能源 车置换补贴 8%，燃油车 6%；新能源车报废补贴 12%，燃油车 10%（2025 年）。 预计 2025 年以旧换新更新量约 750 万台，补贴预算超 800 亿；2024 年约 370 万台，对应 350 亿。2025 年主要为置换补贴，2024 年为报 废补贴。单车平均补贴 2025 年约 11,500 元，2026 年预计持平。 消费者对以旧换新政策有较高预期，补贴金额约占乘用车平均成交价 10 万元的 7%。10 月下旬至 12 月期间，约 2/3 未成交用户等待 2026 年 新政策和更高额度国家支持。 2025 年政策下，20 万元以内汽车可享国家开票价近 8%补贴，影响消 费者购买决策，约 2/3 潜在客户明确表示等待 2026 年补贴更新，尤其 是置换补贴。 预计 2026 年 Q1 新能源汽车市场需求显著增长，新补贴政策或提前落 地，车企和渠道将促销清理库存，预计 1 月销量双位数增长，Q1 ...

作者｜芳超 2025年，可以说是中国汽车市场竞争最为惨烈的一年，尤其是新能源市场，先是比亚迪在年初推出全民智驾，一口气将所有在售车型配备了高阶智驾，小 到海鸥，大到仰望U8，由此掀起了智驾风暴； 紧接着在5月底，比亚迪又发起了史上最凶猛的价格战，叠加补贴后，秦PLUS最低只要4万出头，简直是丧心病狂； 到了6月底，小米YU7又迎来正式上市，就像一颗重磅炸弹一样，瞬间引爆市场，3分钟大定超过20万台，1小时超28万台，不仅创造了汽车工业史上前无 古人的奇迹，更是让人难以置信。 随着2025年即将结束，各大车企为了应对更加残酷的2026年，将纷纷推出新车型。下面我们就一起来看看2026各大车企的新车规划。 鸿蒙智行 鸿蒙智行在2026年将会推出多款新车，包括问界M6、智界V9等。其中问界M6是一款中大型SUV，预计售价25-30万元，填补问界M5与问界M7之间的市 场空白。同时，结合问界M5和问界M7车身尺寸来看，问界M6的车长预计5米左右，轴距3米左右，有增程/纯电两种动力。 除了新车型问界M6之外，问界M5将会迎来大改款，并有望推出问界M9 L车型。 智界最重磅的车型是华为系首款MPV——智界V9，将于202 ...

Investment Rating - The report maintains an "Outperform" rating for Geely Automobile Holdings with a target price of HK$28.85 [2][4][15]. Core Insights - Geely's vehicle sales reached 1.409 million units in the first half of 2025, with expectations for significant growth in the second half due to a faster rollout of new models, likely exceeding the revised target of 3 million units for the year [4][15]. - The merger with Zeekr is expected to enhance Geely's core EV assets and strengthen its group platform strategy, aligning with the "One Geely" vision [5][16][17]. - The report forecasts vehicle deliveries of 3.11 million, 3.56 million, and 4.00 million units for 2025, 2026, and 2027, respectively, with NEV penetration rates of 56%, 57%, and 65% [4][15]. Financial Projections - Revenue is projected to grow from RMB 240.19 billion in 2024 to RMB 322.07 billion in 2025, with a year-on-year growth rate of 34% [9][10]. - Net profit is expected to remain stable at RMB 16.61 billion in 2025, with projected EPS of RMB 1.65, RMB 1.91, and RMB 2.07 for 2025, 2026, and 2027, respectively [9][10][13]. - The gross profit margin is anticipated to improve gradually, reaching 16.5% in 2025 and 16.8% by 2027 [9][10]. Strategic Merger Details - The merger with Zeekr, finalized on July 15, 2025, involved Geely acquiring all outstanding shares of Zeekr for approximately US$2.4 billion, with shareholders given the option of cash or stock [5][16]. - This merger is seen as a strategic move to consolidate resources, enhance operational efficiency, and secure core assets under Geely's control [6][19]. Product Launch Pipeline - Geely plans a robust product launch schedule in the second half of 2025, including several new models across its brands, which is expected to support the sales target of 3 million units [7][17].