汽车行业动态报告：汽车科技属性重估把握结构性成长

中信建投证券11-17

核心观点：当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性弱化，科技属性及新兴成长方向是核心主线。本周小鹏汽车及潍柴动力股价表现强势，其中小鹏上周科技日发布第二代VLA大模型、智驾（Robotaxi）、人形机器人Iron等提振市场预期，26年伴随特斯拉FSD V14、Robotaxi、Optimus等技术迭代定型及上市量产，汽车及机器人作为物理AI核心应用，有望催生产业趋势拐点，整车股...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251117142134a6fe9d74&s=b><strong>中信建投证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心观点：当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性弱化，科技属性及新兴成长方向是核心主线。本周小鹏汽车及潍柴动力股价表现强势，其中小鹏上周科技日发布第二代VLA大模型、智驾（Robotaxi）、人形机器人Iron等提振市场预期，26年伴随特斯拉FSD V14、Robotaxi、Optimus等技术迭代定型及上市量产，汽车及机器人作为物理AI核心应用，有望催生产业趋势拐点，整车股...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251117142134a6fe9d74&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1551013425.SGD","symbol_name":"Allianz Income and Growth Cl AMg2 DIS 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V14、Robotaxi、Optimus等技术迭代定型及上市量产，汽车及机器人作为物理AI核心应用，有望催生产业趋势拐点，整车股科技属性或将重估；潍柴动力作为绩优低估值核心资产，本周因SOFC产业新布局迎来投资价值重估，公司持续完善AIDC技术储备及产业链全球布局。推荐组合：潍柴动力、宇通客车、江淮汽车、长城汽车、隆鑫通用、三花智控。当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性弱化，科技属性及新兴成长方向是核心主线。本周小鹏汽车及潍柴动力股价表现强势，其中小鹏上周科技日发布第二代VLA大模型、智驾（Robotaxi）、人形机器人Iron等提振市场预期，26年伴随特斯拉FSD V14、Robotaxi、Optimus等技术迭代定型及上市量产，汽车及机器人作为物理AI核心应用，有望催生产业趋势拐点，整车股科技属性或将重估；潍柴动力作为绩优低估值核心资产，本周因SOFC产业新布局迎来投资价值重估，公司持续完善AIDC技术储备及产业链全球布局。机器人板块：四季度以来持续回调，当前部分优质个股已进入底部可配置区间。产业趋势处于0-1兑现前夕，进度并未低预期，回调或主要因为前期累计涨幅较大而短期处于重要催化真空期，市场重点观望明年Q1特斯拉Optimus三代样机定型发布时点及产业链定点发包进展，当前应守机待时，把握T链高胜率核心龙头、有实质进展的低位黑马、技术迭代升级环节标的配置机会。乘用车板块：当前乘用车周度上险销量表现稳健，新车型（小鹏增程平台、星途ET5等）性价比凸显，但基于明年总量走弱预期，市场反应有所钝化，结构性成长仍在于高端化及出海。产业链维度，锂电池及材料环节受益于储能终端需求爆发，6F等环节呈现供不应求下涨价，量价齐升逻辑强化下，行情表现优于传统汽零。商用车板块：作为绩优低估值红利资产当前行情表现相当占优，明年出海有望稳健增长，尤其客车及摩托车增长弹性更高。重卡发动机产业链受益AIDC放量，潍柴等龙头具备α，估值有望重估。推荐组合：宇通客车、潍柴动力、东风集团股份、江淮汽车、长城汽车、隆鑫通用、三花智控。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":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 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汽车行业动态报告：汽车科技属性重估 把握结构性成长

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汽车行业动态报告：汽车科技属性重估把握结构性成长