【 】 国泰海通证券 证券研究报告 2026年乘用车: 以高端、出海为矛破局 2026/ 02/28 行业评级: 增持 姓名：刘一鸣 (首席分析师) 邮箱：liuyiming@gtht.com 电话:15216799596 证书编号: S0880525040050 姓名:张觉尹 (分析师) 电话：19945659915 姓名： 潘若婵 (分析师) 邮箱: zhangjueyin@gtht.com 邮箱: panruochan@gtht.com 一电话:17278286860 证书编号：S0880525040057 证书编号：S0880525110006 01 02 03 04 2 2025年乘用车市场分析 请参阅附注免责声明 3 / 总量： 2025年乘用车内需与出口稳健增长 01 2025年，国内乘用车批发销量达2379.7万辆，同比+6%，在政策支持与消费复苏驱动下保持韧性增长。 2025年，中国实现乘用车出口573.1万辆，同比+21%，受益于自主品牌加速海外市场扩张与国产新能源车竞争力提升。 图: 乘用车国内批发销量（万辆） 300 238 240 227 250 202 201 198 172 22 ...

2026年开年以来，赛力斯迎来国内销量与海外突破双线"开门红"：公司1月新能源汽车销量达43,034 辆，同比增长140.33%，彰显强劲增长动能；海外布局亦实现关键性跨越，AITO问界在阿联酋成功斩获 200台首批订单，标志着赛力斯全球化战略迈出坚实一步，为后续国际化拓展奠定重要基础。 作为中国高端智能新能源汽车品牌，问界仅用46个月便达成100万辆整车下线里程碑。其中，旗舰车型 问界M9累计交付突破27万辆，累计21个月稳居50万元级车型销量冠军，以硬核产品力夯实其高端新能 源"王者地位"；问界M8持续领跑40万元级细分市场；问界M7累计交付突破40万辆，成为30万元级的价 值之选，进一步夯实了问界在高端市场的领先地位。 在持续巩固市场优势的同时，问界品牌加速完善产品矩阵，以满足更广泛消费群体的期待。据官方披 露，问界家族将迎来全新成员问界M6，这向市场释放出一个明确信号：问界产品矩阵即将完成从20万 元到60万元价格区间的全面覆盖，向更高销量规模发起冲击。该布局既进一步巩固高端市场份额，又通 过精准的市场洞察与产品布局全面覆盖多元用户需求，彰显品牌全面引领高端新能源市场的决心与实 力。业内分析指出，赛力 ...

证 券 研 究 报 告 六座 SUV 行业深度研究报告 推荐（维持） 六座 SUV 的蓝海机遇与红海竞争 2026 年预计有 5 款 20 万元级六座 SUV 新车上市，优秀车型有望达到 1-2 万 辆的月销。比亚迪、上汽各 2 款，长城 1 款，优秀车型销量有望比肩当前比亚 迪唐，甚至问界 M9、M8，达到月销 1-2 万辆以上，考虑到车价越高、利润率 和单车盈利越大，成功六座 SUV 对车企实力、财报表现的重要性极高。 ❑ 红海：高端六座 SUV 25 年扩容，26 年竞争再度加剧。市场扩容速度远远跟不 上新增供给（25 年 84 万辆/+26 万辆）——预计 2025 年底至 2026 年有 22 款 重磅新车上市（25 年为 9 款），其中奇瑞 4 款，理想 3 款，比亚迪、小鹏各 2 款，零跑、北汽、长城、东风、广汽、赛力斯、上汽、蔚来、小米、一汽、长 安各 1 款。 高端六座 SUV 市场竞争异常激烈的同时，我们也看到了一些新的产品定义或 策略的变化：①产品策略从大小六座尺寸组合转为高低价格组合（eg 问界 M8/9），②尺寸仍在变大（eg 蔚来 ES9），③电池容量仍在增加。在六座 SUV 供给 ...

不得不说，2026春节档的《飞驰人生3》确实燃。 全新的沐尘100赛道，车手的血性与执念——每一帧都像在观众心上踩油门。（以下内容含轻微剧透，介意的朋友可以先收藏，看完电影再来对线。） est (Call School) 1 1 2 1 range and a te 19 2017 . Nation the company of the ca 6 7 2 in the production t 1 e e a ph e the down 80 888 - 1988 are state es UNIVERSETTI NEW YOUR 图源：微博@电影飞驰人生3 不过作为一个汽车行业的观察者，电车通更在意影片中的一条暗线：人类车手 vs AI赛车系统。 这可能是整部电影最具现实意义的其中一部分。 电影中，「天梯」车队所采用的ss8芯片以及AI赛车系统，堪称「赛道外挂」。 它能在大雾弥漫、能见度几乎为零的险境中，精准感知每一寸弯道；无需领航员，车辆自己就能感知环境、预判路况。不仅如此，系统还能实时调校动力输 出与底盘参数。 正如片中角色「百强」所说，「比赛结果，可以在会议室里谈嘛！」 这句话不仅暴露了竞技异化为权力 ...

隐藏式门把手的设计并非新生事物，其历史可追溯至1952年，当时搭载在奔驰300SL上，主要目的是降低风阻。然而，真正让它流行起来的，是2012年特斯 拉ModelS采用的电控弹出式设计。这一创新引发了众多新能源车企的效仿，隐藏式门把手逐渐成为新能源车的科技感标配，甚至部分燃油车也加以跟进。 有数据显示，到2025年，国内新上市的新能源车型中，超过五成装配了隐藏式门把手，部分头部车企更是实现了全系车型标配。 但看似科技感十足的隐藏式门把手，实际效果不尽如人意。据测试，它仅能带来0.0012cd的风阻微弱改善，对电动车续航的提升也仅仅只有几公里。相比之 下，其带来的弊端日益凸显。如在实际使用中，当气温较低时，门把手容易被冻住，无法正常弹出。更为严重的是，在一些交通事故中，车辆碰撞后隐藏式 门把手可能无法自动弹出，同时内门把手隐藏在看不见的凹槽内，导致乘客在紧急情况下无法快速开门下车，增加了救援难度和时间，威胁乘客的生命安 全。 此次新国标的出台，意味着因新能源汽车快速发展而流行起来的隐藏式门把手将逐渐退出历史舞台。新规对车企设置了过渡期：对于新申请批准的车型， 2027年1月1日起，需满足除"手部操作空间"外的全 ...

Group 1 - The Wanjie M9 was featured in the 2026 Spring Festival Gala, showcasing its technological prowess and sending New Year greetings to global audiences alongside astronauts from the Shenzhou 21 mission [1][3] - The Wanjie M9 is recognized as the only selected new energy vehicle at the "China Manufacturing '14th Five-Year' Achievement Exhibition," standing alongside major national projects like the C919 aircraft and the Fuxing bullet train, highlighting its status as a benchmark for high-end smart vehicles in China [3][4] - The brand embodies a spirit of exploration and innovation, paralleling China's advancements in space exploration, and signifies a shift in Chinese manufacturing from "catching up" to "leading" [4] Group 2 - The Wanjie brand achieved a significant milestone by reaching one million vehicles produced in just 46 months, with the flagship model Wanjie M9 surpassing 270,000 deliveries and maintaining the top sales position in the 500,000 yuan vehicle segment for 21 consecutive months [6] - In a study on the health of new energy vehicle brands for the second half of 2025, Wanjie received the highest Net Promoter Score (NPS), with the Wanjie M9 and M8 ranking as the top two models, reflecting both sales success and positive consumer sentiment [6] - The company aims to continue its commitment to "intelligence reshaping luxury" and drive innovation, contributing to the global recognition of Chinese manufacturing alongside other major national projects [6]

Core Insights - The sixth "Automotive Wind and Cloud Ceremony," organized by the China Central Radio and Television, concluded successfully, with the "family smart flagship SUV" Wanjie M8 winning the "Wind and Cloud 2025 Intelligent Vehicle" honor, showcasing its strength in the smart automotive sector and gaining recognition from both industry authorities and consumers [1][3]. Industry Overview - The "Automotive Wind and Cloud Ceremony" is recognized as one of the most authoritative and innovative annual events in the Chinese automotive industry, often referred to as the "Oscar of the automotive circle." It serves as a platform for showcasing technological innovations and gathering industry consensus, marking the development trends in China's automotive sector [3]. Company Highlights - Wanjie M8, launched in April 2025, has delivered over 150,000 units and integrates Huawei's Qian Kun intelligent driving ADS 4 system, featuring 30 high-precision sensors for comprehensive perception capabilities [3][4]. - The brand has established a product lineup including Wanjie M9, M8, M7, and M5, adhering to the "five high" standards of safety, reliability, performance, quality, and value, while combining traditional luxury with technological luxury [4]. Market Performance - Wanjie has officially entered the "million club," with total sales exceeding 420,000 units in 2025, achieving the highest average transaction price among new force brands, indicating a clear trend of high-quality development [6]. - The brand has received top rankings in various metrics, including NPS (Net Promoter Score), brand development confidence index, and preference index for brands priced above 300,000 yuan, establishing itself as a leader in the high-end automotive market [6]. Technological Advancements - Wanjie follows a "software-defined vehicle" development strategy, leveraging its innovative intelligent safety system and advanced technology platforms to create a comprehensive technical barrier from foundational architecture to user experience [6][9]. - The collaboration with Huawei enhances Wanjie's technological capabilities, translating cutting-edge technology into perceptible user experiences, thereby serving every user journey effectively [6]. Customer-Centric Approach - Wanjie has developed an intelligent service system that transforms traditional passive services into proactive and anticipatory care, embodying the principle of "serving users wholeheartedly" by focusing on both vehicle and user needs [7]. Future Outlook - As the wave of electrification and intelligence continues, Wanjie aims to deepen its focus on luxury smart electric vehicles, supporting the advancement of Chinese automotive brands in the global market through technological iterations and service upgrades [9].

Core Viewpoint - The performance of the AITO M9 at the 2026 CCTV Spring Festival Gala highlights its leading position in the high-end smart car sector, showcasing the integration of technology and culture [1][5]. Group 1: Event Highlights - The program "Turning Fortune into Good Luck" featured an interactive "turning fortune" gesture, engaging the audience and showcasing the AITO M9's technological capabilities through a dynamic light display [3]. - The AITO M9's journey from its debut in 2024 to becoming a creative and warm program in 2026 reflects the brand's growing strength and recognition [5]. Group 2: Market Performance - Since its launch at the end of 2021, AITO has achieved a remarkable delivery milestone of 1 million vehicles in just 46 months, setting a record in the Chinese electric vehicle market [7]. - The AITO M9 has delivered over 270,000 units and has maintained its position as the best-selling model in the 500,000 yuan price segment for 21 consecutive months, establishing itself as a benchmark in the high-end market [7]. - AITO ranked first in the brand net promoter score (NPS) study for the second half of 2025, with the M9 and M8 models taking the top two spots in the overall model rankings, demonstrating strong sales and customer satisfaction [7]. Group 3: Future Outlook - AITO aims to continue its brand philosophy of "Intelligence Reshaping Luxury," focusing on innovation as a core driver while deepening its presence in the domestic high-end market and accelerating global expansion [9].

Core Viewpoint - The article discusses the paradox where a company, AITO Wenjie, achieves significant sales milestones while its stock price declines, highlighting the disconnect between strong fundamentals and market performance [1][3][5]. Group 1: Company Performance - AITO Wenjie reached its 1 millionth vehicle production milestone in just 46 months, setting a record for luxury brands and new forces in the automotive industry [3]. - The M9 model has dominated the luxury SUV market for 21 consecutive months, with over 270,000 units delivered, while the M7 and M8 models have also seen substantial sales [3]. - Despite these impressive sales figures, the stock price of Seres has dropped over 30% from a peak of 174.33 yuan, leading to significant losses for investors [3][4]. Group 2: Market Dynamics - The market's expectations were overly optimistic, leading to a situation where the stock price had already factored in future growth, resulting in a sell-off once positive news was released [4]. - Investors are more focused on future growth potential rather than current performance, causing concerns about increased competition and profit growth slowing down, which can lead to premature selling [4]. - Retail investors often attempt to buy at perceived lows, while institutional investors may use positive news to offload shares, creating a disconnect that results in further declines in stock prices [4][5]. Group 3: Investor Sentiment - The article illustrates the emotional turmoil faced by investors who bought shares expecting a rise in stock price due to strong sales, only to experience significant losses instead [4][5]. - It emphasizes the lesson that good sales do not guarantee stock price increases, and that the stock market operates on expectations, valuations, and capital dynamics rather than straightforward sales performance [5].

Core Viewpoint - The performance of the AITO M9 at the 2026 Spring Festival Gala showcases the technological strength and new image of Chinese electric vehicle brands, highlighting the integration of technology and art [1][7]. Group 1: Brand and Product Highlights - AITO M9, as part of the performance, symbolizes a blend of technology and cultural elements, creating a memorable experience for millions of viewers [2][3]. - The program titled "Hand to Fortune" successfully engaged the audience through interactive gestures, enhancing brand recognition and emotional resonance with the audience [4]. - Since its inception in 2021, AITO has launched four electric vehicle models, including M5, M7, M9, and M8, and has achieved a significant milestone of one million vehicles produced in just 46 months [5]. Group 2: Market Position and Recognition - AITO M9 has maintained its position as the best-selling model in the 500,000 yuan price segment for 21 consecutive months, challenging the dominance of foreign brands in the luxury market [5]. - The Spring Festival Gala appearance signifies national recognition of AITO's product strength and enhances the visibility of Chinese high-end electric vehicles on a global scale [7]. - AITO is positioned as a leader in the Chinese electric vehicle market, continuously pushing the boundaries of innovation and luxury [7].