汽车行业 超配（维持） 汽车行业双周报（2026/2/13-2026/2/26） 行 今年春节假期新能源汽车出行创新高 2026 年 2 月 27 日 投资要点： 究 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2026年2月26日，申万汽车板块近两周 上涨0.72%，跑赢沪深300指数0.56个百分点，在申万31个行业中排名第 17名；申万汽车板块从2月初至今上涨3.11%，跑赢沪深300指数2.67个 百分点，在申万31个行业中排名第11名；申万汽车板块从2026年初至今 上涨3.38%，跑赢沪深300指数1.28个百分点，在申万31个行业中排名第 22名。 业 周 报 行 业 研究助理：吴镇杰 SAC 执业证书编号： S0340124020014 电话：0769-22117626 ...

（文章来源：证券日报） 证券日报网讯 2月24日，福耀玻璃在互动平台回答投资者提问时表示，在触控显示领域，针对舱内仪表 板显示屏的应用，福耀目前暂未计划介入。但在车窗玻璃的触控显示技术上，福耀已有相应的技术储 备。福耀将持续聚焦汽车玻璃业务，不断集成声、光、电等技术，在持续提升安全性与舒适性等基础性 能的同时，逐步集成传感器、显示、调光等功能，使玻璃成为支撑智能驾驶与智能座舱发展的重要组成 部分。 ...

证券日报网讯 2月24日，福耀玻璃（600660）在互动平台回答投资者提问时表示，作为未来重要的前挡 显示技术方向，福耀目前在HOE全息挡风玻璃已经布局，并和全球业界HOE相关领先企业以及知名汽 车品牌均展开合作，涉及保密协议问题，无法公开相关合作方。公司将持续强化经营管理，降本增效， 加大研发投入，推动产品结构升级，提升产品附加值，并致力于提升公司综合竞争力，提升公司价值， 给投资者提供可靠的回报。 ...

智通财经APP获悉，香港联交所最新资料显示，2月12日，贝莱德增持福耀玻璃(03606)43.76万股，每股 作价63.9423港元，总金额约为2798.12万港元。增持后最新持股数目约为4274.53万股，最新持股比例为 7.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月12日，贝莱德增持福耀玻璃(03606)43.76万股，每股 作价63.9423港元，总金额约为2798.12万港元。增持后最新持股数目约为4274.53万股，最新持股比例为 7.04%。 ...

公司项目推进 公司近期产能布局提速：福清阳下、安徽合肥项目于2025年底各完成300万套产能建设，已进入爬坡量 产阶段；2026年1月宣布在合肥投资57.5亿元建设新汽车玻璃项目，叠加重庆铝饰件项目落地，进一步 强化中长期增长预期。海外业务方面，美国二期工厂产能利用率从Q3的30%提升至Q4目标40%-50%， 欧洲市场收入增速超预期，推动全球化布局优化。 经济观察网 福耀玻璃（600660.SH / 03606.HK）在2026年2月23日出现逆势上涨，A股微跌0.07%而港股 上涨3.18%，主要与以下因素相关： 股价与资金表现 截至2月23日，福耀玻璃A股近5日累计下跌2.01%，股价接近布林带下轨（59.13元），技术面存在超跌 反弹需求。同时，近5日主力资金净流入1.15亿元，港股通资金持续加仓，显示部分资金逢低布局。 行业政策现状 2026年汽车以旧换新政策提前启动，超20省份推出补贴措施（最高2万元），有望提振汽车消费需求。 同时，公司铝饰条业务作为第二增长曲线，2025年收入预计达23-24亿元，2028年目标提升至55-60亿 元，多元化战略缓解单一业务依赖风险。 产品研发进展 公司近期公布 ...

"创一代"企业家逐步交棒， "企二代"群体成商业世界关键变量。 作者｜姚悦 编辑丨于婞 来源 | 野马财经 中国商业的根基，大多生长于改革开放的浪潮之中。历经数十年狂飙突进，如今民营经济正式迎来全面 接班潮——"一代"创始人渐次退居幕后，"企二代"群体或已走上前台、或整装待发，站在了权力与财富 交接的十字路口。 虽然当下资本舞台中央，仍由"一代"企业家执掌话语权，但他们终将退出舞台。而中国商业未来的版图 与气质，也正在由"企二代"群体的选择悄然塑造：他们是商业世界的关键变量，既可能凭借新视野、新 路径突破传承瓶颈，酝酿出下一个时代的商业新机；也可能在市场博弈与责任重压下面临挑战，而把机 遇留给新的"创一代"...... 去年，野马财经推出了"企二代"观察年度盘点，站在新的时间节点，我们梳理2025年全年及2026年开年 这一阶段具有代表性的"企二代"的重大动作与关键走向，再次探寻民营企业最真实的传承困境、突围路 径与未来可能。 01 卖资产给何猷君后， 王思聪转头做起"小生意" 网上曾流传过一个香港富豪的故事：临终前，父亲特意嘱咐儿子 ——不赌博、不创业，你就当个败家 子，使劲花钱就行。这位谨遵父命的"富二代 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

Core Viewpoint - Fuyao Glass (600660) has filed an international patent application for "Electric Heated Glass and Vehicles," with the application number PCT/CN2025/114898, set to be published internationally on February 19, 2026 [1]. Group 1: Patent Application - Fuyao Glass has announced an international patent application, indicating its commitment to innovation in the automotive glass sector [1]. - The company has filed a total of 12 international patent applications this year, representing a 50% increase compared to the same period last year [1]. Group 2: R&D Investment - In the first half of 2025, Fuyao Glass invested 883 million yuan in research and development, which is a year-on-year increase of 12.59% [1].

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]