智通财经APP获悉，花旗发布研报称，大宗商品价格已大幅上升，并似乎在较高水平整固，该行分析有 关对内地各板块的影响。正面而言，基础物料行业是主要受惠者，尤其是铝、铜及锂供应商；该行予中 国铝业(02600)、中国宏桥(01378)及紫金矿业(02899)"买入"评级，亦看好纯铜企业，如五矿资源 (01208)、洛阳钼业(03993)及江西铜业股份(00358) 。此外，黄金珠宝商将受惠于金价上升，而铜价上升 亦令覆铜板(CCL)生产商的毛利率得以扩张，如建滔积层板(01888)。 另外，该行预期电池行业的二线公司将面临短期压力，但宁德时代(03750)具议价能力，且旗下江西锂 云母矿预计将于今年次季复产，比同业更具防御性。该行认为储能系统销售将面临利润率削减，尤其是 今年次季，对行业开启为期90天的负面催化剂观察。在太阳能行业中，组件制造商较易受银成本上升的 影响，银约占其生产成本30%，可能压缩其利润率。而在中国的电网设备制造商中，平高电气 (600312.SH) 对铜及铝成本增加最为敏感。 负面而言，汽车制造商将因物料清单成本上升而受压，该行料大众市场的BEV及PHEv单车成本将分别 增加约6,565元及 ...

[Table_Page] 跟踪分析|汽车 证券研究报告 [Table_Title] 汽车行业 如何看待原材料成本上涨对乘用车车企的影响？ [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-05 | [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 汽车 沪深300 | [分析师： Table_Author]陈飞彤 | | | --- | --- | | | SAC 执证号：S0260524040002 | | | SFC CE No. BWZ819 | | | 021-38003726 | | | gfchenfeitong@gf.com.cn | | 分析师： | 闫俊刚 | | | SAC 执证号：S0260516010001 | | | 021-38003682 | | | yanjungang@gf.com.cn | | 分析师： | 周伟 | | ...

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Core Viewpoint - The report from GF Securities predicts a 15.0% year-on-year increase in the battery capacity of new energy passenger vehicles in 2026, driven by changes in policy, supply, and demand [1]. Group 1: Key Drivers for Battery Capacity Increase - The first driver for the increase in PHEV battery capacity is the new energy vehicle purchase tax adjustment requirements and the launch of long-range PHEVs priced below 200,000 yuan, which will enhance user experience by reducing charging frequency [2]. - The second driver for PHEV battery capacity increase is the concentration of supply for large battery PHEVs priced above 200,000 yuan, as consumers in this segment are less price-sensitive and prefer better daily usage experiences [2]. - For EVs, the first driver is the decrease in the proportion of low-end pure electric vehicles due to the subsidy policy, while the second driver is the competitive strategy of leading manufacturers to "enhance features and raise prices" in response to rising raw material costs [2]. Group 2: Investment Recommendations - The report suggests focusing on right-side targets in the passenger vehicle chain, including Geely, BYD, Chery, Seres, Li Auto, Xpeng, and Leap Motor, while left-side targets include Great Wall Motors and Changan Automobile [3]. - For upstream and downstream chains, right-side targets include Minth Group, Yinlun, Bertli, Top Group, Aikodi, Fuyao Glass, and others, while left-side targets include Yongda Automobile and New Coordinates [3]. - Companies at an inflection point include SAIC Motor, with potential opportunities identified in various segments of the industry [3].

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

Core Viewpoint - The new "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" outlines the development blueprint for China's automotive industry towards 2040, emphasizing low-carbon, electrification, and intelligence as key directions for growth [1][2]. Group 1: Future Development Directions - The automotive industry in China is set to focus on "low-carbon, electrification, and intelligence," with a significant enhancement in global competitiveness by 2040, positioning itself among the world's leading automotive powers [2]. Group 2: Expected Technological Breakthroughs - Intelligent connected vehicles are expected to enter a rapid market development phase within the next 5 to 15 years, with high-level autonomous driving vehicles achieving large-scale application. Solid-state batteries are anticipated to see small-scale application by 2030 and large-scale global promotion by 2035 [3]. Group 3: Environmental Key Indicators - A new key indicator for carbon emission intensity has been introduced, aiming for a 60% reduction in average carbon emission intensity of passenger vehicles by 2040 compared to 2024. This shift indicates a broader evaluation of environmental impact, focusing on carbon metrics rather than just energy consumption [4]. Group 4: Future Vehicle Composition - The future automotive landscape will not see a complete replacement of fuel vehicles by new energy vehicles; instead, a "coexistence" of oil and electricity is expected. By 2040, the penetration rate of new energy passenger vehicles is projected to exceed 85%, with pure electric vehicles (BEV) accounting for 80%. Internal combustion engines will still play a significant role, with their sales proportion in new passenger vehicle sales remaining around one-third [5][6].

Investment Rating - The report provides a positive investment rating for the industry, indicating a growth potential in the upcoming years [5][10][22]. Core Insights - The industry is projected to experience significant growth, with a compound annual growth rate (CAGR) of approximately 10.5% from 2021 to 2025 [8][18]. - The market for electric vehicles (EVs) is expected to expand, with battery electric vehicles (BEVs) showing a notable increase in sales, projected to reach 80.2 million units by 2025 [10][11]. - The report highlights a shift towards hybrid and electric vehicles, with plug-in hybrid electric vehicles (PHEVs) and extended-range electric vehicles (EREVs) also gaining traction [10][11]. Summary by Sections Market Overview - The total market size for the industry is expected to reach approximately $1,814 billion by 2025, with a growth rate of 12.4% [5][6]. - The market for SUVs and MPVs is projected to grow significantly, with SUVs expected to dominate the market share [5][6]. Sales Projections - Sales of BEVs are anticipated to grow by 35.9% year-on-year, reaching 80.2 million units by 2025 [10][11]. - The report indicates that the sales of EREVs will also see a substantial increase, with a projected growth of 21.0% [10][11]. Regional Insights - The Asia-Pacific region is expected to lead the market, accounting for over 50% of the total sales by 2025 [10][11]. - North America and Europe are also projected to show significant growth, driven by increasing consumer demand for electric vehicles [10][11]. Competitive Landscape - The report identifies key players in the industry, highlighting their market shares and growth strategies [10][11]. - It emphasizes the importance of innovation and technology in maintaining competitive advantages within the market [10][11].

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development of global automotive power systems [1] - Xu Changming presented a keynote report on the current status and future prospects of the hybrid vehicle market in China and abroad [1] Hybrid Vehicle Market in China - Since 2021, China's hybrid vehicle sales (including HEV, PHEV, REEV) have experienced exponential growth, with an annual growth rate of at least 50%, increasing from less than 1 million to nearly 6 million units [3] - PHEVs have seen a rapid increase in market share, reaching 62.6% last year and 62.7% in the first four months of this year, while HEV's share is declining [3] - The rapid development of PHEVs and range-extended vehicles is attributed to three main factors: supply-side push from brands like BYD and Li Auto, consumer preference for better economy and driving experience, and supportive government policies [3][4] Government Policies and Future Outlook - PHEVs and range-extended vehicles enjoy similar incentives as pure electric vehicles, with expectations that these policies will remain largely unchanged or slightly adjusted in the next 2-3 years [4] - There is a potential for PHEVs and range-extended vehicles to surpass pure electric vehicles in market share in the short term [4] Global Hybrid Vehicle Market Trends - The hybrid vehicle market overseas has also seen rapid growth, with a growth rate of 20%-30% in 2023, slightly lower than China's market [4] - In the overseas market, HEVs dominate with a share of about 78%, while PHEVs account for approximately 20% [4] - The only regions where hybrid vehicles have a higher market share than in China are Japan and South Korea, where hybrids account for about one-third of the market [4] Opportunities for Chinese Hybrid Vehicles Abroad - Chinese hybrid vehicles are expected to play a significant role in the global hybrid market, with Brazil projected to have the highest sales of Chinese brand hybrids at 59,000 units in 2024, primarily PHEVs [5] - Future opportunities for Chinese hybrid vehicles lie in countries with good home charging conditions and younger populations, such as Brazil, Russia, and Uzbekistan [5]

Group 1: Electric Power Equipment and New Energy - In Q1 2025, European BEV sales from companies like Renault, Volkswagen, and BMW saw significant growth, with Renault's BEV sales up by 88%, Volkswagen's by 113%, and BMW's by 64% [5][6] - Chinese automakers are increasing exports to Europe, with BYD's sales reaching 14,000 units, a 124% year-on-year increase, while MG's sales dropped by 47% [6] - European automakers are set to launch new electric vehicle models from 2025 to 2026, which is expected to solidify the trend towards electrification [7] - The pressure from carbon emission assessments is high, but the introduction of new models is anticipated to help exceed targets by 2027 [8] Group 2: Social Services - Recent research highlights hyaluronic acid (HA) as a key factor in the aging process, marking a shift towards systemic interventions in anti-aging strategies [10][11] - Huaxi Biological Technology has positioned itself at the forefront of ECM research, with two new anti-aging products recently approved, indicating a shift from local to systemic interventions in anti-aging [12][13] Group 3: Media - Bilibili reported a revenue of 7.003 billion yuan in Q1 2025, a 23.6% year-on-year increase, with a net profit of 362 million yuan, indicating a turnaround from losses [15][16] - The platform's DAU reached 107 million, a 4.5% increase year-on-year, with MAU hitting a record high of 368 million, suggesting strong user growth [17][19] - The company is expected to benefit from the growth in gaming, membership, advertising, and IP monetization, driving future revenue growth [15][19] Group 4: Pharmaceuticals - The company has increased its stake in AR882 to 100%, enhancing its market position for this gout treatment, which shows significant potential for growth [21][22] - AR882 has demonstrated superior efficacy and safety in clinical trials, positioning it as a best-in-class product in the market [22][23] - The company is increasing its R&D investment, with a pipeline of 15 innovative drugs showing promising early-stage results [23]

亿欧汽车 . 专注汽车出行领域科创报道与投资价值研究 去欧洲赚快钱。 以下文章来源于亿欧汽车 ，作者徐博韬 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨徐博韬 编辑丨郝秋慧 来源丨亿欧汽车 "车企去欧洲赚快钱？别做梦了，那是条死路！" 在德国斯图加特，一位在保时捷工作多年的资深华人专家Jason对亿欧汽车如此说道。 Jason并非危言耸听，他在欧洲待了数十年，从读书到成家立业，深知欧洲人的做事风格，"想靠短期 利润救命的公司，欧洲市场趁早别碰。"他再次强调道。 欧洲汽车制造商协会（ACEA）数据显示，2024年，欧洲（包括欧盟、英国和EFTA国家）的汽车销 量规模为1296.36万辆，同比微增0.9%，是全球第三大汽车市场，仅次于中国和美国，亦是中国车企 出海的核心市场之一。 不过，欧洲，这片汽车工业的"圣地"，早已被百年老牌车企牢牢占据。 从德国的BBA（奔驰、宝马、奥迪），到法国的雷诺、标致。对于欧洲人而言，这些品牌不仅意味 着的是出行工具，更是他们文化和历史的象征。 外来的新品牌想要在这里分一杯羹，无异于虎口夺食。 但中国车企出海欧洲真的没有机会吗？ 并不是。 亿欧汽车深入欧洲市场，对当地市场进 ...