汽车行业周报：采埃孚引领汽车底盘技术革新

国泰海通证券2025-07-13

本报告导读：根据采埃孚官微，作为全球底盘技术领域的领军者，采埃孚正把握行业发展的关键机遇。投资要点：投资策略与建议：我们维持行业“增持”评级。1）人形机器人供给创造需求，重点寻找类似当年新能源车磷酸铁锂正极的高性价比技术路线，以及类似宁德时代的内生优势公司。推荐汽车电机龙头德昌电机控股，相关标的豪能股份。2）随着2025 年以旧换新效果逐渐递减，国内乘用车竞争压力较大。推荐车型差异化竞争的...

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日，全国乘用车新能源市场零售13.5 万辆，同比2024 年7 月同期增长21%，较上月同期下降11%，新能源市场零售渗透率56.7%，2025 年以来累计零售560.4 万辆，同比增长33%。采埃孚正把握行业发展的关键机遇。通过智能执行器、深厚的系统集成能力与软件专长，采埃孚不仅满足了全球市场对新型驾驶功能的需求，更在全球范围内斩获了大量新订单。我们认为，在采埃孚的技术引领下，国内线控转向、悬架的应用有望高速增长，看好国产替代公司耐世特等。风险提示：经济发展不及预期，原材料价格大幅上涨。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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