汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

兄弟们！春节9天长假即将过去，马年A股即将迎来首个交易日。马年A股首个交易日会怎么走？是涨是跌？ 首先来看，海外市场表现。港股在春节期间震荡震荡上行，涨幅近1%；富时A50震荡上行，涨幅1.6%。美股三大指数也整体呈现震荡上行的走势。 其次，春节期间，人形机器人、AI大模型、贵金属等大热点均有重磅利好，有望对市场形成强有力的支撑。 因此，总体情况来看，A股马年首个交易日在海外和六大重磅题材合力加持下迎来高开。若维持小幅低开折呈现震荡上行的走势，若是高开太多则存在高开 低走的风险。 值得注意的是，除夕当晚10点，京东也上架了包括"春晚同款"机器人在内的多款机器人。在活动上线几分钟内，包括魔法原子、宇树科技、松延动力等品牌 的机器人即被抢购一空。其中，两台价值近63万元的GALBOT通用机器人G1，同样瞬间被抢购一空。 现在把春节9天长假6六大资金重点青睐的题材梳理出来，供大家参考。 事件1：人形机器人—四大机器人集体亮相春晚，完成全球首次全自主集群表演，利好四大人形机器人产业链。 魔法原子：2026春晚首家亮相的机器人企业，在开场歌舞《智造未来》中登场，MagicBot 系列完成精准团体舞步，Magic Dog ...

据悉，特斯拉Cybercab电动车是首款专为特斯拉无人驾驶出租车服务（Robotaxi）设计的运营车辆，无 方向盘、无踏板、无后视镜。马斯克于当地时间2月16日表示，Cybercab将于4月开始生产。 0:00 据智通财经报道，近日，特斯拉首辆赛博无人驾驶电动车Tesla Cybercab在美国得州超级工厂正式下 线。 ...

Market Overview - US stock index futures showed slight declines ahead of the market opening, with the Dow Jones futures down 0.05%, S&P 500 futures down 0.23%, and Nasdaq 100 futures down 0.61% [2][3] - Concerns over the disruptive impact of artificial intelligence (AI) and corporate earnings are influencing investor sentiment [1][4] Technology Sector - The "Big Tech" companies experienced declines in pre-market trading, with Apple down 0.4%, Microsoft down 0.5%, Meta down 1.1%, Amazon down 0.2%, Tesla down 1.1%, Nvidia down 1.1%, and Alphabet down 0.1% [3] - Investors are worried about high capital expenditures from major cloud service providers and are questioning when returns will materialize [3] Economic Indicators - The upcoming personal consumption expenditures report, which is the Federal Reserve's preferred inflation indicator, will be closely monitored for insights into inflation and potential impacts on interest rate cuts [4] - Corporate earnings reports from companies like Constellation Energy, eToro, and Labcorp are expected to be released before the market opens [4] European Market - Most European stock markets showed gains, with Germany's DAX index up 0.05%, the UK's FTSE 100 up 0.38%, and France's CAC40 down 0.01% [5] Corporate Developments - Warner Bros. Discovery is considering restarting acquisition talks with Paramount, leading to a 2.8% increase in Paramount's stock price in pre-market trading [6] - Tesla is hiring AI chip design engineers in South Korea, indicating a focus on expanding its AI capabilities [7] - Micron Technology is investing $200 billion to build factories to address AI memory bottlenecks, with plans for two new chip factories expected to be operational by the end of 2028 [8] - Tesla's Cybercab is set to begin production in April 2026, with no pedals or steering wheel, reflecting the company's confidence in its production timeline [9]

Group 1 - The chairman of Changan Automobile, Zhu Huarong, stated that smart cars are developing the ability to "think" like experienced drivers, thanks to real-time data processing and deep learning algorithms [2] - Tesla's CEO Elon Musk reiterated that the Cybercab will enter initial production in April 2026, emphasizing confidence in the aggressive production timeline [2] - Apple is reportedly integrating the AppleTV app into the CarPlay system, allowing users to watch content while parked, requiring an iPhone login for access [2] Group 2 - Leap Motor's second model, the B10, has entered the Australian market, with Stellantis' Rick Clayton claiming it is the most "European-style" SUV from China [2]

2026年伊始，自动驾驶产业发展的冲锋号，从大洋彼岸吹过来。 在审议《2026年自动驾驶汽车法案》草案的听证会上，美国自动驾驶政策风向发生180 度大转弯。 委员会主席Bilirakis高喊，立法核心动力是"战胜中国"（This legislation is also necessary to successfully compete against communist China）。会议推出了精准解决商业化三大"拦路虎"的方案： 一是产能的解放。 针对无方向盘车辆，此前每家车企每年仅有2500辆的豁免额度，这仅够维持小规模测试。新规将其大幅 提升至90000辆，跨过了量产化的红线，被视为专门为特斯拉Cybercab和Waymo的大规模量产开绿灯。 二是权力的回收。 此前加州等地法规严苛，车企面临法规割裂的困局。新规提出的"联邦优先权（Preemption）"，拟禁止 各州自行制定自动驾驶性能标准，确立了联邦法律的至高地位，以防止类似加州对Robotaxi实施的严苛 限制再次出现。 三是监管逻辑的进化。 企业不再需要向政府提交极其详尽的原始代码，这既涉及核心商业机密，又超出了政府的审计能力。而 是改为提交"安 ...

Summary of Key Points from the Document Industry Involved - The document discusses the **autonomous driving industry** in the United States, specifically focusing on the implications of new legislation for self-driving vehicles. Core Insights and Arguments - The **SELF DRIVE Act** hearing held by the U.S. House of Representatives on January 13 has received bipartisan support for significantly increasing the exemption cap for autonomous vehicles to **90,000 units per year** [1] - This legislative progress is viewed as a critical step in removing regulatory barriers for the large-scale commercial deployment of **Robotaxi services** [1] - The new regulations are expected to directly accelerate the production process of vehicles without steering wheels, such as **Tesla's Cybercab**, and significantly shorten the timeline for commercialization across the industry [1] Other Important but Potentially Overlooked Content - The establishment of **federal priority** in the legislation indicates a shift towards a more unified regulatory framework for autonomous vehicles, which could enhance investor confidence and attract more capital into the sector [1]

Group 1 - Xiaomi has issued over 100 million yuan in subsidies to national car dealers, specifically targeting car integration stores, with conditions for new stores built in 2024 and 2025 [2] - The subsidy amounts to 100,000 yuan per store for 2024 and 500,000 yuan for stores built by December 15, 2025, with no binding conditions [2] - This initiative aims to express gratitude to dealers and alleviate short-term pressures faced by offline operations, with further policy adjustments expected in the new year [2] Group 2 - SAIC MG is projected to exceed 300,000 units in sales in the European market by 2025, maintaining its position as the top-selling Chinese automotive brand in Europe for 11 consecutive years [4] Group 3 - Chrysler is recalling 52,565 vehicles in the U.S. due to risks associated with the electronic stability control system being disabled, which increases the likelihood of collisions [5] - The recall also addresses potential failures of the driver-side airbag and seatbelt pretensioner during collisions, which could lead to increased injury risks [5]

Core Viewpoint - The company reported a steady revenue growth in Q3 2025, but faced pressure on net profit margins due to product price reductions and increased management and R&D expenses [2][3]. Financial Performance - For Q1-Q3 2025, the company achieved total revenue of 11.413 billion yuan, a year-on-year increase of 18.83%, while the net profit attributable to shareholders was 623 million yuan, a decrease of 9.19% [2]. - In Q3 2025, revenue reached 3.954 billion yuan, up 14.91% year-on-year, but net profit fell to 200 million yuan, down 27.10% year-on-year [2][3]. Profitability Metrics - The gross margin in Q3 2025 was 15.64%, down 5.71 percentage points year-on-year and 1.20 percentage points quarter-on-quarter, primarily due to price reductions and rising raw material costs [3]. - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 0.66%, 5.34%, 4.20%, and 0.58%, respectively, showing mixed changes compared to the previous year [3]. Business Expansion and Strategy - The company is expanding its automotive seat product line and has seen key customers launch new models, which is expected to drive performance recovery [4]. - The acquisition of a 70% stake in Anhui Ruiqi in April 2025 supports the expansion of the automotive seat business [4]. - The company is also investing in new markets, including a 45 million euro investment in Slovakia and establishing subsidiaries in Germany to enhance its European market presence [4]. New Ventures - The company plans to establish a wholly-owned subsidiary in Changzhou focused on the smart robotics sector, with a registered capital of 100 million yuan [5]. - This move aims to leverage existing customer relationships and expand into the robotics market, enhancing long-term sustainable growth [5]. Revenue Forecast - The company forecasts revenues of 16.22 billion yuan, 19.68 billion yuan, and 23.02 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 980 million yuan, 1.24 billion yuan, and 1.65 billion yuan [6].