继电器行业报告 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 音脖了 SAC 证书编号: S0160525090003 wuxf01@ctsec.com 李渤 分析师 SAC 证书编号: S0160521050001 libo@ctsec.com 相关报告 1.《特斯拉和 Waymo 持续加速 Robotaxi 业务》 2026-01-25 2.《乘用车行业点评报告: 1 月车市正值淡 季,关注高端化智能化主线》 2026-01- 20 3.《CES 展叠加美国听证会, Robotaxi 加 快发展 》 t车行业发展带动汽车继电器需求持续提升 核心观点 请阅读最后一页的重要声明! 行业专题报告 / 2026.01.30 汽车继电器在传统燃油车和新能源汽车上均广泛应用:汽车继电器是指 专门应用于汽车电器控制的继电器,它是随着汽车电子、电器产品发展起来 的。在传统的内燃机汽车中,继电器广泛应用于控制、起动、空调、灯光、雨 刮器、电喷装置、油泵、电动门窗、电动座椅、电子仪表和故障诊断系统等。 在新能源汽车中,还在动力电池、电源管理系统和充电系统等领域广泛应用。 汽车行业规模持续提升带 ...

Group 1 - The core viewpoint is that the simultaneous expansion of the new energy vehicle market both domestically and internationally will create significant market opportunities for the power equipment and battery industries [1] Group 2 - The demand for high-voltage relays, a key component in the high-voltage systems of new energy vehicles, is expected to continue growing, with projected sales of new energy vehicles reaching 16.5 million units by 2025, driving rapid growth in related supporting demand [1] Group 3 - In the battery sector, solid-state battery technology is advancing rapidly, with pilot production lines achieving a yield rate of 90%. Semi-solid batteries have an energy density of 300 Wh/kg and a range of 1000 kilometers, placing the technology in a leading position within the industry [1] Group 4 - The market size for solid-state battery equipment is expected to grow from 1.9 billion yuan in 2024 to 26.9 billion yuan in 2029, with a compound annual growth rate of 70% [1] Group 5 - Downstream applications such as wind power, thermoplastics, new energy vehicles, and new energy storage are driving the release of new demand in the industry [1] Group 6 - The Mechanical ETF (516960) tracks a segmented mechanical index (000812), which selects listed companies in the mechanical equipment industry, including engineering machinery and industrial automation equipment, to reflect the overall performance of related listed securities [1] Group 7 - The segmented mechanical index constituents are representative of the industry and effectively reflect the trends in manufacturing upgrades and high-end equipment manufacturing, providing investors with a tool to capture investment opportunities in the mechanical equipment sector [1]