汽车行业动态报告：汽车顺周期弱化科技属性强化

中信建投证券12-07 00:00

核心观点：汽车顺周期弱化，科技属性强化核心观点：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，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向是核心主线。当前时点坚定看多机器人板块，12月关注潜在定点及订单接续落地进展及26Q1 Gen3定型发布；同时积极布局宇树等国产链。商用车板块当前行情表现相对占优，26年出海有望稳健增长，尤其客车及摩托车增长弹性更高。推荐组合：...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2589887448?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-07 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2589887448","market":"hk","top_or_hot":-1,"title":"汽车行业动态报告：汽车顺周期弱化 科技属性强化","media":"中信建投证券","content":"<div>\n<p>核心观点：汽车顺周期弱化，科技属性强化核心观点：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，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向是核心主线。当前时点坚定看多机器人板块，12月关注潜在定点及订单接续落地进展及26Q1 Gen3定型发布；同时积极布局宇树等国产链。商用车板块当前行情表现相对占优，26年出海有望稳健增长，尤其客车及摩托车增长弹性更高。推荐组合：...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207184135a4392d66&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>汽车行业动态报告：汽车顺周期弱化 科技属性强化</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n汽车行业动态报告：汽车顺周期弱化 科技属性强化\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-07 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207184135a4392d66&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：汽车顺周期弱化，科技属性强化核心观点：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，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向是核心主线。当前时点坚定看多机器人板块，12月关注潜在定点及订单接续落地进展及26Q1 Gen3定型发布；同时积极布局宇树等国产链。商用车板块当前行情表现相对占优，26年出海有望稳健增长，尤其客车及摩托车增长弹性更高。推荐组合：...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207184135a4392d66&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":"IE00BZ08YR35.GBP","symbol_name":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207184135a4392d66&s=b","article_id":"2589887448","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251207184135a4392d66&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2589887448","pubTimestamp":1765036800,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"商用车板块当前行情表现相对占优，26年出海有望稳健增长，尤其客车及摩托车增长弹性更高。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80175":"吉利汽车-R","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","BK1521":"挪威政府全球养老基金持仓","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","BK1589":"北水核心资产","LU1861214812.USD":"Blackrock Future of Transport A2 USD","BK1119":"汽车制造商","GELYY":"吉利汽车ADR","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","00175":"吉利汽车","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","BK1539":"汽车股"},"translate_title":"Automotive Industry Dynamic Report: Automobile pro-cyclicality weakens and technological attributes strengthen","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"00175":0.9,"GELYY":0.6,"EVS.SI":0.6},"content_text":"核心观点：汽车顺周期弱化，科技属性强化核心观点：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，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向是核心主线。当前时点坚定看多机器人板块，12月关注潜在定点及订单接续落地进展及26Q1 Gen3定型发布；同时积极布局宇树等国产链。商用车板块当前行情表现相对占优，26年出海有望稳健增长，尤其客车及摩托车增长弹性更高。推荐组合：江淮汽车、东风集团股份、潍柴动力、宇通客车、曹操出行、三花智控、隆盛科技、恒勃股份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，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向是核心主线。乘用车及零部件板块：本周车企密集发布11月产销数据，比亚迪、吉利及零跑等延续稳健增长，但不少车企销量环比走弱，前期市场预期年末抢装下的“翘尾效应”并未兑现，部分地区以旧换新补贴已暂停。产业链维度，具备价格弹性的锂电池及材料环节受益于储能终端需求，行情表现优于传统汽零；中期维度，建议布局具备出海业绩增长弹性及低估值绩优汽零。机器人板块：当前时点坚定看多。产业趋势处于0-1兑现前夕，10-11月累计调整幅度大，本周是行情反弹第二周，去伪存真行情仍在延续，T链配套有新进展及技术迭代环节标的行情表现较优。11月T链百台级订单有发包，12月关注潜在定点及订单接续落地进展及26Q1 Gen3定型发布；同时，积极布局宇树等国产链。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：江淮汽车、东风集团股份、潍柴动力、宇通客车、曹操出行、三花智控、隆盛科技、恒勃股份","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":1,"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,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","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/2589887448","isCrawlerRequest":true}

汽车行业动态报告：汽车顺周期弱化 科技属性强化

精彩评论

汽车行业动态报告：汽车顺周期弱化科技属性强化