点 击 蓝 字 关 注 我 们 本文全文共 4123 字，阅读全文约需 13 分钟 2.特斯拉获准在瑞典全境测试完全自动驾驶系统 3.2025年越南汽车进口增长18.6% 目录 国内新闻 1.国办:推动汽车流通消费领域全链条创新发展 5.云南:到2028年，新能源电池和磷产业成为新的千亿级产业 6.大众中国CEA架构如期投产交付 7.GWM WEY G9 Hi4 PHEV登陆马来西亚 8.黑芝麻智能与百度萝卜快跑达成战略合作 国外新闻 1.加拿大和韩国签署谅解备忘录 4.英伟达与梅赛德斯-奔驰推进自动驾驶出租车项目 商用车 1. 远程新能源与广汽领程达成战略合作 推动商用车智能化转型 2. 东风柳汽联合桂电攻克中重型商用车线控底盘关键技术 3. 奇瑞商用车欧洲总部落户英国利物浦 4. 中国重汽市值突破千亿 国内新闻 1 2.截至目前汽车芯片领域完成25款关键芯片认证审查 3.交通运输部:春运期间将多措并举保障新能源汽车充电需求 4.重庆:到2027年，聚焦交通运输等重点领域 国办:推动汽车流通消费领域全链条创新发展 时间:2026.1.3.0 来源:财联社 1月29日，国务院办公厅发布关于印发《加快培育服务消 ...

Investment Rating - The report maintains a positive outlook on the passenger car sector, particularly in the context of the new vehicle replacement policy and the resilience of exports [2][3]. Core Insights - The passenger car industry experienced a significant decline in retail sales in December 2025, with a year-on-year drop of 16% and a total retail volume of 227,000 units. The wholesale volume was 279,000 units, reflecting a decrease of 9.7% year-on-year [7][10]. - The penetration rate of new energy vehicles (NEVs) reached 58.7% in December 2025, showing a year-on-year increase of 10.9% [10][12]. - The report highlights the stability of the NEV market, with BYD holding a market share of 25% and Geely at 11% in December 2025 [16]. Electric Vehicle Data Tracking - The report indicates that the old-for-new vehicle replacement policy was implemented in January 2026, which is expected to stimulate demand in the passenger car market [2][3]. - In December 2025, the NEV wholesale volume was 156,300 units, with a year-on-year increase of 3.4% [12]. - The report notes a significant inventory reduction in the passenger car sector, with a total decrease of 69,000 units in December 2025, including 43,000 units of NEVs [13]. Globalization Data Tracking - The report tracks the performance of Chinese car manufacturers in international markets, noting that in December 2025, 641,000 passenger cars were exported, with 245,000 being NEVs, resulting in a penetration rate of 38.2% for NEVs [3][43]. - The report highlights the strong performance of BYD in exports, particularly in Southeast Asia, where the NEV penetration rate exceeded expectations [3][27]. - The market share of Chinese brands in various regions, including Southeast Asia and Europe, showed positive trends, with notable increases in the UK market [38][40].

Group 1: Industry Policies and Developments - The Ministry of Industry and Information Technology, along with two other departments, held a meeting to regulate the competitive order in the new energy vehicle industry and resist disorderly "price wars" [10] - The meeting emphasized the need for innovation-driven development and quality-first principles, aiming to establish a fair market environment for high-quality automotive industry growth [10] Group 2: Company Developments - Lantu Automotive and Huawei's subsidiary, Shenzhen Yiwang Intelligent Technology Co., signed a strategic cooperation agreement to enhance collaboration in smart driving and smart cockpit development [1][3] - Zhao Changjiang announced his appointment as Executive Director and Executive Vice President of Zhijie Automotive, aiming to create a user-centered global benchmark smart brand [4][6] - FAW-Volkswagen Jetta Automotive Technology Co., was established to mark the brand's strategic upgrade towards a full-value chain technology company [7] - Jetta plans to launch five new models by 2028, with four being new energy vehicles, focusing on local R&D capabilities and advanced technologies [9] - GAC Group announced the establishment of the GAC Trumpchi Business Unit to enhance decision-making efficiency and market responsiveness through integrated operations [12][14] - Great Wall Motors launched the Guiyuan platform, compatible with five powertrain types, aiming to create a comprehensive smart vehicle ecosystem [15][17] - New regulations for the recycling of used power batteries will take effect on April 1, 2026, establishing a nationwide traceability information platform for battery lifecycle monitoring [19]

2026年第二周，本周聚焦出口贸易、企业合作、技术创新、政策引导等领域。企业间并购与跨界合作持续深化，新平台、新技术加速落地，同时国家多 部门出台多项政策，规范产业竞争、推动绿色消费与智能网联汽车发展。 中汽协：2025年1-11月汽车整车出口金额达1253.2亿美元 同比增长16.7% 1月4日，中国汽车工业协会整理的海关总署数据显示，2025年11月，汽车整车出口81.8万辆，环比下降1.2%，同比增长49.2%，出口金额达138.7亿美 元，环比下降3.1%，同比增长53%；2025年1-11月，汽车整车出口733.1万辆，同比增长25.7%，出口金额达1253.2亿美元，同比增长16.7%。 广汽本田完成收购东风本田发动机公司 盛秋平表示，商务部会同国家发改委、生态环境部、农业农村部、市场监管总局等九部门联合出台了《关于实施绿色消费推进行动的通知》，围绕绿色 消费全链条明确了七方面20项举措，对"十五五"时期绿色消费工作作出系统安排。《通知》提出，促进汽车绿色消费，支持消费者购买新能源汽车。做强汽 车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜力，探索盘活闲置车辆增收，支持发展房车露 ...

该行指出，此轮价格上涨主要源于供应瓶颈，相信在消费降级趋势及第一季传统淡季下，车企较难将成 本转嫁给对价格敏感度较高的消费者，企业将要通过垂直整合及技术升级来吸收额外成本，亦可能要依 靠营运手段，包括与供应商谈判更大幅度的年度降价等。 汇丰发布研报称，近期金属及存储芯片等上游原材料价格急升，预料将在短期内为汽车厂商带来显著成 本压力，由于电动车的原材料使用密度更高，生产商面临阻力将更大，其中锂价在过去三个月飙升约 127%，估计金属材料的价格上涨可能导致每辆车成本增加3,000至5,000元人民币，而存储芯片涨价或带 来额外1,000至3,000元人民币的成本，直接对电动车的成本结构造成打击。 汽车股跌幅扩大，截至发稿，广汽集团（601238）(02238)跌3.69%，报3.65港元；长城汽车（601633） (02333)跌2.66%，报13.19港元；理想汽车-W(02015)跌2.58%，报65.95港元。 ...

Group 1 - The Guozheng Free Cash Flow Index fell by 2.86% as of January 30, 2026, with mixed performance among constituent stocks, led by Fostar, while Nanshan Aluminum experienced the largest decline [1] - CICC pointed out that the supply-demand gap for electrolytic aluminum continues to widen, and with global fiscal and monetary policies resonating, aluminum prices are expected to reach new highs, with profit per ton of aluminum likely to expand as prices rise [1] - Guotai Junan Securities noted that while copper prices are currently affected by macro sentiment and AI-related demand adjustments, the long-term outlook remains strong due to ongoing tight supply of copper mines and declining spot processing fees [1] Group 2 - The National Grid's fixed asset investment for the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, which supports the copper price outlook [1] - Yingda Securities emphasized the importance of following the "14th Five-Year Plan" and subsequent policy directions, suggesting a focus on technology growth stocks with earnings support, as well as cyclical varieties, domestic consumption, dividend stocks, and sectors with improving economic conditions [1] - The top ten weighted stocks in the Guozheng Free Cash Flow Index as of December 31, 2025, include China National Offshore Oil Corporation, SAIC Motor, Gree Electric Appliances, and others, accounting for 51.95% of the index [2]

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 28 日 [Table_Title] 全球首个原生 AI 平台，开启全新产品周期 [Table_Title2] 长城汽车(601633) [Table_Summary] 事件概述 根据官方微博，1 月 16 日，长城汽车发布全球首个原生 AI 全 动力汽车平台——归元平台。该平台以"活字印刷术"智慧为 设计灵感，构建"可拆、可配、可进化"的底层架构，是行业 内唯一兼容 FCEV 氢燃料、ICE 高效燃油、BEV 纯电、HEV 油电 混动、PHEV 插电混动五种动力形式的全动力平台，可实现"一 车多动力、一车多品类"的灵活适配。 ► 基于归元平台将推出超级 Hi4 插混平台，纯电续航高达 363 公里 超级 Hi4 平台将配备市面上罕见的 4 挡混动专用变速箱，支持 2.0T 专用发动机和高能量密度电池包、270kW 的后桥电机。系 统应用 800V 高压电气架构、2.0T 高效混动专用发动机、4 挡混 动专用变速箱、270kW 碳化硅后桥、以及大容量、高能量密度的 电池包，结合全场景智能油电协同策略，以平台 D 级 SUV 为例： ...

Group 1 - The importance of marketing in the automotive industry is emphasized, highlighting that effective marketing is essential for reaching target users and driving sales growth [1] - The Jin Xuan Award aims to recognize innovative marketing practices and their market impact, with a total of 20 gold awards, 6 annual awards, and 43 excellent case awards across various categories [2] - The 12th Jin Xuan Award has selected 20 gold award winners, including Volkswagen Group (China) and Toyota China for public welfare and sustainable development, and Great Wall Motors for personalized marketing [3] Group 2 - The 12th Jin Xuan Ceremony took place on January 23, 2026, in Beijing, providing insights into automotive marketing trends and solutions for the year [4] - Marketing in the new automotive era transcends the product itself, focusing on user experience and the integration of AI technology to enhance value [4] - The current Chinese consumers are characterized by their demand for quality and experience, presenting a challenge for marketers to redefine marketing significance and reconstruct value [4]

Group 1 - The passenger car sector increased by 0.12% on January 29, with SAIC Motor leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the passenger car sector showed varied performance, with SAIC Motor closing at 14.37, up 1.20%, and BYD closing at 92.31, down 1.10% [1] Group 2 - The net outflow of main funds in the passenger car sector was 709 million yuan, while retail investors saw a net inflow of 501 million yuan [1] - Detailed fund flow data indicates that major stocks like GAC Group and Great Wall Motors experienced significant net outflows from main funds [2] - Retail investors showed positive net inflows in several stocks, including GAC Group and Haima Automobile, despite overall sector outflows [2]

Core Insights - The commercial vehicle market in China is expected to see significant growth in 2025, driven by the strong performance of new energy vehicles (NEVs) and supportive policies for vehicle upgrades [1][7][12] - In December 2025, the sales of commercial vehicles reached 300,000 units, marking a 5% year-on-year increase and a 15% month-on-month increase [7][12] - The penetration rate of new energy commercial vehicles is projected to reach 46% by December 2025, a substantial increase from 29% in December 2024 [12][14] Commercial Vehicle Market Analysis - The total sales of commercial vehicles in China for 2025 are forecasted to be 3.1 million units, representing a 9% year-on-year growth compared to the stable period since 2022 [1][7] - The market showed a strong upward trend from March to December 2025, with December achieving a historical high for the month [5][7] - The sales of new energy commercial vehicles in December 2025 are expected to hit 140,000 units, reflecting a 71% year-on-year increase and a 49% month-on-month increase [1][8] New Energy Vehicle Performance - The penetration rate of new energy commercial vehicles has increased significantly, from approximately 3% in 2019-2021 to 46% in December 2025 [12][14] - The sales of new energy commercial vehicles for the entire year of 2025 are projected to reach 910,000 units, a 57% increase compared to the previous year [1][8] - The growth in new energy vehicle sales is attributed to strong demand and government incentives, particularly in the commercial vehicle sector [10][12] Market Structure and Competition - The market for commercial vehicles is characterized by a stable structure, with significant contributions from light and heavy-duty trucks [14][18] - Key players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, which dominate the light truck, heavy truck, and bus segments respectively [15][18] - The performance of heavy-duty trucks has improved significantly due to subsidy policies, with notable growth in electric heavy-duty trucks in regions like Beijing, Tianjin, and Shanghai [16][17] Regional Market Dynamics - The light truck market is particularly strong in regions such as East China and South China, with increasing sales in these areas [18][19] - The penetration of new energy vehicles in the truck segment reached 38% in December 2025, while the bus segment saw a penetration rate of 78% [14][18] - The market for new energy light trucks is primarily concentrated in East China and South China, with significant growth observed in these regions [19][21]