汽车行业周报：商用车持续增长乘用车结构向上

国元证券03-02

报告要点：商用车持续增长，链上企业基本面稳固根据中汽协发布数据，2026 年1 月我国商用车克服传统“淡季”影响，实现开门红。市场销售35.87 万辆，同比增长23%。细分市场方面，重卡销量10.5 万辆，同比增长46%；新能源商用车销量同比增长62%，渗透率持续提升；商用车出口继续高位运行，同比增长23.6%。商用车增长驱动因素包括“两新”政策推动、老旧营运货车报废更新、新能源商用车持续渗透以及...

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/2616355850?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-02 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2616355850","market":"hk","top_or_hot":-1,"title":"汽车行业周报：商用车持续增长 乘用车结构向上","media":"国元证券","content":"<div>\n<p>报告要点：商用车持续增长，链上企业基本面稳固根据中汽协发布数据，2026 年1 月我国商用车克服传统“淡季”影响，实现开门红。市场销售35.87 万辆，同比增长23%。细分市场方面，重卡销量10.5 万辆，同比增长46%；新能源商用车销量同比增长62%，渗透率持续提升；商用车出口继续高位运行，同比增长23.6%。商用车增长驱动因素包括“两新”政策推动、老旧营运货车报废更新、新能源商用车持续渗透以及...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302154140a73086a9&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>汽车行业周报：商用车持续增长 乘用车结构向上</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汽车行业周报：商用车持续增长 乘用车结构向上\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-02 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302154140a73086a9&s=b><strong>国元证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>报告要点：商用车持续增长，链上企业基本面稳固根据中汽协发布数据，2026 年1 月我国商用车克服传统“淡季”影响，实现开门红。市场销售35.87 万辆，同比增长23%。细分市场方面，重卡销量10.5 万辆，同比增长46%；新能源商用车销量同比增长62%，渗透率持续提升；商用车出口继续高位运行，同比增长23.6%。商用车增长驱动因素包括“两新”政策推动、老旧营运货车报废更新、新能源商用车持续渗透以及...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302154140a73086a9&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":"SG9999006597.SGD","symbol_name":"United China-India Dynamic Growth SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302154140a73086a9&s=b","article_id":"2616355850","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260302154140a73086a9&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=2616355850","pubTimestamp":1772380800,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"报告要点：商用车持续增长，链上企业基本面稳固根据中汽协发布数据，2026 年1 月我国商用车克服传统“淡季”影响，实现开门红。商用车增长驱动因素包括“两新”政策推动、老旧营运货车报废更新、新能源商用车持续渗透以及出口增长等多重因素。中汽协预测2026 年商用车市场总销量将达到450 万辆，同比增长4.7%，为汽车行业基本面提供稳定支撑。当前汽车行业迎来新一轮“缺芯潮”，车规级DRAM芯片价格上涨，汽车终端面临涨价压力。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SG9999006597.SGD":"United China-India Dynamic Growth SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD","BK1171":"建筑机械与重型卡车","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","02338":"潍柴动力","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK1522":"燃料电池","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD"},"translate_title":"Automobile Industry Weekly Report: Commercial vehicles continue to grow and the structure of passenger cars is upward","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02338":0.9},"content_text":"报告要点：商用车持续增长，链上企业基本面稳固根据中汽协发布数据，2026 年1 月我国商用车克服传统“淡季”影响，实现开门红。市场销售35.87 万辆，同比增长23%。细分市场方面，重卡销量10.5 万辆，同比增长46%；新能源商用车销量同比增长62%，渗透率持续提升；商用车出口继续高位运行，同比增长23.6%。商用车增长驱动因素包括“两新”政策推动、老旧营运货车报废更新、新能源商用车持续渗透以及出口增长等多重因素。展望2 月，受春节假期因素影响，预计市场销量环比或有波动，但随着节后复工复产及“金三银四”传统旺季临近，市场需求有望快速回升。中汽协预测2026 年商用车市场总销量将达到450 万辆，同比增长4.7%，为汽车行业基本面提供稳定支撑。进口车销量持续下滑，自主豪华车空间稳步打开根据海关总署发布数据，2025 年进口车销量47.6万辆，同比下滑32.4%；总金额仅为236.4 亿美元，同比下滑39.7%。相较2014 年进口车峰值销量143 万辆的水平，该领域销量已跌去2/3。进口车以豪华车为主，伴随进口与国内合资品牌双收缩，豪华车市场持续打开通道迎接国产品牌替代相关生态位。存储芯片压力蔓延带来价格压力，同时孕育结构化机会盖世汽车相关信息显示当前通用型DRAM 价格预计涨55%至60%，NANDFlash 预计涨33%至38%，2026 年车用DRAM长协合同价预计有70%–100%的上涨压力。当前汽车行业迎来新一轮“缺芯潮”，车规级DRAM芯片价格上涨，汽车终端面临涨价压力。从历史角度看，每一轮供需不平衡的过程，也是行业优胜劣汰并孕育新机遇的关节节点。下游整车层面，具备优秀电子电气架构和软件、算法设计能力以及通过自研与外采结合更好管理供应链的企业将更有竞争优势。供应链节点层面，车规级芯片将推动多供应商并行，高壁垒的车规级供应链体系将有望为更多供应商打开进入通道，带来新供应商崛起的机会。投资建议关注商用车产业链基本面稳定基础下，发动机与AIDC 电源相结合转型科技公司重塑估值的机会；关注国产豪华车进口替代相关机会；关注缺芯背景下优质车企上行，车规级芯片供应链扩容的机会。风险提示经济复苏不及预期风险，政策支持力度不及预期风险，行业竞争加剧超预期风险，新兴科技及商业模式发展及落地不及预期等。","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,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","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/2616355850","isCrawlerRequest":true}

汽车行业周报：商用车持续增长 乘用车结构向上

精彩评论

汽车行业周报：商用车持续增长乘用车结构向上