【汽车】2026年乘用车：以高端、出海为矛破局 2025年回顾： 乘用车内需与出口稳健增长，中低端新能源加速渗透。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；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。中低端新能源加速渗透。据终端上险量 数据，10-15万元乘用车市场中，新能源渗透率已从2024 年的45%提升至 2025年的54%。 2026年展望： 乘用车销量预计温和增长，新能源高端化趋势明确，细分市场供给加速释放。我们预计2026年乘用车市场销量约2982万辆，同比+1%，新能 源乘用车销量约1705万辆，同比+10%，渗透率继续提升，但总量增速平缓。我们判断，新以旧换新政策边际利好中高端新能源车型，高端新能源，MPV、 越野等细分市场供给百花齐放。 投资建议： 我们看好全球化布局领先、高端化表现亮眼、智能化能力突出的车企。 【固收】战争与债券利率：历史经验能告诉我们什么 我们以文献综述方式，回顾战争冲击对海外各国债券市场（以美国为主）的影响和机制，总结出八个要点： 每周 一 景 ：甘孜藏族自治 ...

Core Viewpoint - Beijing's "14th Five-Year Plan" emphasizes the development of new energy vehicles (NEVs) and aims to steadily increase their proportion while improving supporting infrastructure for NEV charging [1] Group 1: Policy and Strategic Support - The Beijing Municipal Government prioritizes NEVs as a key development area, aligning with the city's economic and social development goals [1] - The China Export-Import Bank's Beijing branch has collaborated with BAIC Group for over a decade, enhancing strategic cooperation to support the development of BAIC's self-owned NEV brands [1] Group 2: Financial Support and Development - BAIC New Energy Co., as a crucial part of BAIC Group's "high, new, and special" strategy, is positioned as a major focus for future growth [1] - During a critical phase for BAIC New Energy, the China Export-Import Bank's Beijing branch implemented differentiated credit policies, providing comprehensive financial services including working capital loans and bank acceptance bills to support the launch of mid- to high-end products [1] Group 3: Future Outlook - The China Export-Import Bank's Beijing branch plans to leverage policy-driven financial support to facilitate the high-quality development of China's automotive industry, aligning with national industrial planning [1]

Core Viewpoint - Huazhong Xinchuan has received project confirmation from Lantu Automotive for the development and supply of dual-screen display assembly products, highlighting the company's technical strength and capabilities in the smart cockpit display assembly sector [2] Group 1: Company Developments - Huazhong Xinchuan has been recognized for its integration capabilities, rapid delivery, and cost control in the smart cockpit display assembly field through this collaboration with Lantu Automotive [2] - The dual-screen display is described as the core "visual hub" of the smart cockpit, enhancing interaction efficiency and reshaping the aesthetic of the interior [2] Group 2: Industry Trends - The shift from "dual-core drive" to "single-core multi-screen" in electronic and electrical architecture is noted, contributing to vehicle lightweighting and cost optimization [2] - The project confirmation is expected to help Huazhong Xinchuan optimize supply chain management and improve production efficiency and cost control [2] Group 3: Future Outlook - Successful conversion of subsequent orders could enhance Huazhong Xinchuan's market share in the smart cockpit sector and positively impact future operating performance [2] - There is uncertainty regarding project progress, with actual supply volumes dependent on formal sales orders, making the impact on this year's operating performance uncertain [2]