| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 近一周，申万汽车指数相对持平，新能源整车指数上涨 2%，汽车零部件指数相对持 平，商用车指数相对持平。全新理想 L9 Livis 引领线控底盘新阶段。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 股票研究 /[Table_Date] 2026.02.08 全新理想 L9 Livis 引领线控底盘新阶段 [Table_Industry] 汽车 汽车行业周报（2026/1/30-2026/2/6） 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 汽车《特斯拉加速 AI 转型，将发布第三代人形 机器人 Optimus》2026. ...

转自：市场监管总局网站 日前，一汽-大众汽车有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，向国家市场监督管理总 局备案了召回计划。 召回编号S2026M0020V：自2026年2月6日起，分批次召回2018年8月2日至2025年1月19日期间生产的部分国产奥迪Q2L汽车，共计206012辆。 本次召回范围内的部分车辆，由于粘合国产化C柱盖板内外板的结构胶，在长期高温高湿条件下可能发生水解老化，导致粘结强度下降。极端情 况下，C柱盖板的外板可能在行驶中与内板分离脱落，对其他道路使用者造成危险，存在安全隐患。 一汽-大众汽车有限公司将委托奥迪授权经销商，为召回范围内的车辆免费更换改进后的C柱盖板总成，以消除安全隐患。因部分车辆之前已更换 改进后的零部件，本次召回此部分车辆无需再次更换。 一汽-大众汽车有限公司将通过挂号信、短信等方式通知车主，奥迪授权经销商会根据召回计划主动联系相关用户并安排免费召回维修事宜。用 户可致电一汽-大众汽车有限公司奥迪客户服务热线：400-817-1666，了解此次召回的详细信息。此外，也可登录市场监管总局召回中心网站 www.samrdprc. ...

Core Viewpoint - The 2026 policy for replacing old products with new ones will continue to be implemented, focusing on the automotive, home appliance, and digital product sectors, with an emphasis on nationwide consistency and regulatory measures to enhance market efficiency [3][5][7]. Group 1: Policy Changes - The 2026 subsidy mechanism will shift from a fixed amount to a "proportional + cap" model, which will primarily benefit lower-priced, subsidy-sensitive economic models while maintaining stable incentives for mid-to-high-priced vehicles [6][11]. - The new subsidy guidelines aim to standardize the subsidy amount across the country, reducing local discrepancies and potential arbitrage opportunities [5][12]. Group 2: Market Impact - The 2025 old-for-new policy significantly boosted passenger car sales in China, demonstrating a strong correlation between the policy and market performance, particularly in promoting the adoption of new energy vehicles [8][12]. - The completion of annual sales targets by several automakers, including BYD and SAIC, indicates a competitive landscape, with traditional manufacturers adopting cautious growth targets while new entrants remain optimistic [9]. Group 3: Tax and Financial Measures - In 2026, the purchase tax for new energy vehicles will be halved, with a maximum tax reduction of 15,000 yuan, prompting various automakers to introduce compensatory measures to cover tax differences [10]. - The adjustment in subsidy algorithms is expected to reshape market dynamics, emphasizing sustainable and balanced use of subsidies rather than merely increasing them [11][12].

准东经开区是全国最大整装煤田所在地，全国十大露天煤矿中5席落于此，2025年纳税超10亿元企 业5家、超亿元31家，正全力推进"三年内所有矿山零碳"目标。上汽集团则凭借电动智能化技术与全球 资源配置能力，助力准东提升矿山智能化、绿色化开采水平。 2026年1月，新疆准东经济技术开发区管委会与上汽集团旗下上汽红岩、友道智途启动战略合作； 经半个月深度磋商，上汽集团副总裁祖似杰带队赴准东经开区，与管委会主任孟宪民等领导及当地企业 代表完成战略合作框架协议签署，标志着双方从前期业务合作进入全方位、深层次战略协同阶段。同 期，友道智途与易普力（新疆）矿山工程有限公司达成100 台无人矿卡初步合作意向，加速新疆智慧矿 山落地。 此次合作以"互利共赢、创新驱动、可持续发展"为原则，聚焦准东经开区的资源禀赋与上汽集团的 技术优势，覆盖定制化智能装备研发、本地化生产、绿色能源配套、智慧物流、智慧出行及金融服务六 大领域，核心落地两大项目：上汽红岩将在准东分期建设年产能1000台无人驾驶宽体自卸车一体化项 目；友道智途设立辐射新疆全域的区域营运中心。 双方明确，将联合定制适配准东矿区工况的新能源自动驾驶矿卡，推进核心零部件与整 ...

该标准明确了汽车转向系统的技术要求及试验方法，是自1999年发布以来的第二次修订。此次修订主要 聚焦两方面：一是新增线控转向系统的失效降级要求、报警要求、功能安全要求，为线控转向划定清晰 的安全边界；二是修订传统转向系统及辅助转向装置的功能安全要求，进一步引导转向技术迭代进步。 科技日报记者 都芃 1月底，国家市场监督管理总局（国家标准化管理委员会）网站显示，由上海汽车集团股份有限公司牵 头编制的强制性国家标准《汽车转向系 基本要求》（GB 17675—2025）已批准发布，将于2026年7月1 日起正式实施。 此次修订既进一步强化了传统转向、后轮转向的安全保障，也为线控转向等新技术划定安全边界。同 时，此次修订还与线控制动相关国标在术语和定义上进行协同，确保行业对相关部件的理解一致，为转 向、制动系统的协同控制与智能底盘一体化发展奠定了标准基础。未来，该标准将持续引领汽车转向系 统向电动化、智能化方向迭代升级。 ...

Core Viewpoint - SAIC Motor Corporation has achieved impressive sales growth in 2025, driven by a strong product lineup and innovative technologies, positioning itself as a leader in the domestic automotive market [1][6][25]. Group 1: Sales Performance - In 2025, SAIC Motor sold 4.507 million vehicles, marking a 12.3% year-on-year increase [1]. - In January 2026, the company continued its momentum with wholesale sales of 327,000 vehicles, a 23.9% increase year-on-year, and retail sales of 363,000 vehicles [1]. - The sales of SAIC's self-owned brands reached 214,000 units, up 39.6%, while new energy vehicle sales hit 85,000 units, also up 39.7% [1]. Group 2: Product Launches - SAIC is set to launch several new models, including the Roewe i6, MG's new electric coupe, and multiple models from the IM brand, enhancing its product portfolio [2][9][11]. - The company is focusing on the high-end new energy market with the IM LS9 Hyper version and the IM LS8, which feature advanced technologies [11][13]. Group 3: Technological Innovation - SAIC has invested over 150 billion yuan in electric and intelligent technologies, resulting in nearly 26,000 effective patents across various platforms [18]. - The company emphasizes technological innovation as a key driver for its product success, with features like semi-solid batteries and advanced hybrid systems [16][21]. Group 4: User-Centric Approach - SAIC's strategy revolves around understanding user needs, offering promotions and services that enhance the customer experience [22]. - The company has initiated a "Know Cars Better" campaign to provide comprehensive support for users, including purchase incentives and service guarantees [22]. Group 5: Future Outlook - The company aims to continue its strong performance in 2026, focusing on the commercialization of key technologies such as solid-state batteries and digital platforms [25].

Core Viewpoint - In 2025, China's automobile exports reached 8.324 million units, a year-on-year increase of 29.9%, with export value at $142.46 billion, up 21.4%, indicating a significant global presence of Chinese automobiles [2][3]. Group 1: Who is Selling - The leading exporters are the "Big Three": Chery, SAIC, and BYD, with Chery exporting over 1.34 million units, SAIC's MG brand selling 1.07 million units, and BYD surpassing 1 million units for the first time [3]. - The second tier includes Great Wall, Changan, and Geely, with Great Wall establishing factories in Russia and Thailand, and Changan making strides in Mexico and Chile [6]. - The third tier consists of new energy vehicle manufacturers and commercial vehicle producers, with NIO and Xpeng targeting high-end markets in Germany and Norway, while Yutong and BYD dominate the global electric bus market [6]. Group 2: Market Trends - Chinese automakers are diversifying their export strategies, avoiding political entanglements with the West by establishing local production in countries like Mexico and Hungary [6]. - The exported vehicles are often tailored to local markets rather than being the most expensive models from China, with plug-in hybrid vehicles making up 13% of total exports, indicating a shift towards practical solutions [6][7]. - The popularity of plug-in hybrids is attributed to the lack of fast-charging infrastructure in 90% of countries, making them a suitable transitional technology [7]. Group 3: Export Destinations - The export market is diversified, with Asia, Europe, and Latin America as the main regions, and Mexico, Russia, and the UAE being the top three destinations for Chinese vehicle exports [7]. - The U.S. tariffs on Chinese electric vehicles have led companies to establish production in Mexico to circumvent these barriers, allowing vehicles to be exported to the U.S. duty-free [8]. - In Russia, the exit of Western automakers due to the Ukraine conflict has created a market gap that Chinese companies are rapidly filling, capturing over 51% of the new car market share [8]. Group 4: Defining Future Standards - The narrative around automotive standards is shifting from traditional German and Japanese benchmarks to a new "Chinese standard," focusing on innovative solutions to global challenges [9].

2026年1月，新疆准东经济技术开发区管理委员会（简称"准东经开区"）与上汽集团旗下上汽红 岩、友道智途达成战略合作。经过半个月的持续深入交流，2月4日，上汽集团副总裁祖似杰带队，来到 新疆准东经开区与准东开发区管委会主任孟宪民，准东开发区党工委委员、管委会副主任王冬生，经济 发展局副主管刘欢以及准东各代表企业开展深入交流，深化合作细则，落实合作内容，并代表上汽集团 与新疆准东经开区签署战略合作框架协议。此次战略合作涉及定制化智能装备研发、本地化生产组装、 绿色能源配套、维保服务体系建设等多个关键领域，每一项内容都是准东产业升级的重要抓手。上汽红 岩将在准东开发区分批分阶段投资建设年产能1000台无人驾驶宽体自卸车一体化合作项目；友道智途将 在准东开发区设立辐射新疆全域的区域营运中心。 ...

Group 1 - In January, the domestic automotive market faced pressure due to a shift in consumption policies and seasonal factors, with SAIC Volkswagen achieving terminal sales of 89,600 units [1] - The main products of SAIC Volkswagen showed strong performance, with the Lavida family selling over 23,000 units, the Passat family nearly 21,000 units, and the Tiguan family over 21,000 units, all leading their respective segments with monthly sales exceeding 20,000 units [2] - The SAIC Volkswagen brand reached a cumulative sales milestone of 26 million units in January, becoming the first single brand in the domestic market to surpass this figure [2] Group 2 - In the luxury segment, SAIC Audi achieved terminal sales of 3,800 units in January, representing a year-on-year increase of 35.7% [6] - The Audi E5 Sportback, a key model, has won several prestigious awards, reinforcing its position in the luxury electric vehicle market [6][7] - The automotive industry is transitioning from scale expansion to high-quality development, with consumer purchasing decisions shifting from policy dependence to product value recognition [9] Group 3 - In 2026, SAIC Volkswagen plans to launch seven new energy models covering pure electric, plug-in hybrid, and range-extended technologies [12] - The Audi E7X, the second model under the Audi brand, will be officially unveiled at the Beijing Auto Show [12] - The ID. ERA 9X is set to begin mass production, having successfully completed winter testing, showcasing the company's strong R&D and technological capabilities [12][13]

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...