交银国际：明年乘用车步入高位整固期推荐关注具备海外产能与垂直整合优势标的

智通财经2025-12-08

智通财经APP获悉，交银国际发布研报称，2026年乘用车行业将步入高位整固期，预计全年乘用车零售销量同比增0.3%至2445万辆，新能源渗透率突破60%。出口方面，预计2026年海外总销量达750-800万辆。推荐关注具备海外产能与垂直整合优势标的，如比亚迪股份(01211)、吉利汽车(00175)，在Robotaxi与具身智能具延展性的小鹏汽车-W(09868)。零配件则看好禾赛-W(02525...

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It is recommended to pay attention to targets with overseas production capacity and vertical integration advantages","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"81211":0.6,"300750":1.86,"BYDDY":1.89,"01211":1.89,"GELYY":1.89,"09868":1.87,"HSAI":1.85,"000338":1.85,"03808":1.85,"XPEV":1.87,"00175":1.89,"SHKLY":1.85,"HYDD.SI":0.6,"EVS.SI":0.6,"02525":1.85,"002594":1.89,"02338":1.85},"content_text":"智通财经APP获悉，交银国际发布研报称，2026年乘用车行业将步入高位整固期，预计全年乘用车零售销量同比增0.3%至2445万辆，新能源渗透率突破60%。出口方面，预计2026年海外总销量达750-800万辆。推荐关注具备海外产能与垂直整合优势标的，如比亚迪股份(01211)、吉利汽车(00175)，在Robotaxi与具身智能具延展性的小鹏汽车-W(09868)。零配件则看好禾赛-W(02525)。随着机器人售价下探，该行预计2026年C端人形机器人商业化更加顺畅。经过年底阶段性的波动后，2026年板块有望进入整固及理性回归阶段。重点关注特斯拉(TSLA.US)Optimus量产订单与Gen3样机发布等节点，以及国产整机厂供应链订单的落实。重卡方面，该行认为，受惠于政策红利释放及新能源渗透加速，预计2026年内地重卡销量(含出口)同比增5%至约110万辆，看好中国重汽(03808)、潍柴动力(02338)。锂电方面，该行表示储能需求强劲，产业链盈利改善预期增强，预计明年全球锂电池总需求同比增约22%，建议关注有成本及技术优势，如宁德时代(03750)。","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2589800267","isCrawlerRequest":true}

交银国际：明年乘用车步入高位整固期 推荐关注具备海外产能与垂直整合优势标的

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交银国际：明年乘用车步入高位整固期推荐关注具备海外产能与垂直整合优势标的