中金：全球电动化加速关注乘用车板块阶段性反弹机会

智通财经03-13

智通财经APP获悉，中金发布研报称，1-2月新能源乘用车批发同比-7.9%至158.9万辆，零售同比-25.7%至106.0万辆。1-2月新能源乘用车出口同比+115%，占出口总量的48.9%。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比...

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/2619651221?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-13 14:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2619651221","market":"fut","top_or_hot":-1,"title":"中金：全球电动化加速 关注乘用车板块阶段性反弹机会","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，1-2月新能源乘用车批发同比-7.9%至158.9万辆，零售同比-25.7%至106.0万辆。1-2月新能源乘用车出口同比+115%，占出口总量的48.9%。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1413518.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>中金：全球电动化加速 关注乘用车板块阶段性反弹机会</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中金：全球电动化加速 关注乘用车板块阶段性反弹机会\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-13 14:24 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1413518.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，1-2月新能源乘用车批发同比-7.9%至158.9万辆，零售同比-25.7%至106.0万辆。1-2月新能源乘用车出口同比+115%，占出口总量的48.9%。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1413518.html\">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":"BK1589","symbol_name":"北水核心资产","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1413518.html","article_id":"2619651221","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2619651221","pubTimestamp":1773383059,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"建议关注乘用车整车板块的阶段性反弹机会，推荐出海、机器人、AIDC等主题性机会。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月以来利好催化，建议关注板块下跌后的阶段性反弹机会3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比转正。当下市场对需求、成本、盈利的担忧尚未消解，需要持续关注到2季度。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80175":"吉利汽车-R","301039":"中集车辆","600066":"宇通客车","600418":"江淮汽车","601689":"拓普集团","BK1589":"北水核心资产","BK0183":"MSCI概念","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","002126":"银轮股份","NIOG":"2倍做多NIO ETF-Leverage Shares","BK0028":"国家队","BK4574":"无人驾驶","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","BK1588":"回港中概股","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","XPEV":"小鹏集团","BK4531":"中概回港概念","BK0169":"共享汽车","BK4534":"瑞士信贷持仓","BK0259":"通用设备","002283":"天润工业","BK1539":"汽车股","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","BK1144":"机动车零配件与设备","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","BK1119":"汽车制造商","BK0188":"融资融券","BK4548":"巴美列捷福持仓","BK0015":"沪股通50","BK0187":"一线龙头","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","002536":"飞龙股份","LU1146622755.USD":"安本中国A股股票基金A Acc","BK0065":"智能汽车","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","000951":"中国重汽","LU2460026573.USD":"abrdn SICAV I -  CHINA NEXT GENERATION \"A\" (USD) ACC","BK0186":"小盘成长","GELYY":"吉利汽车ADR","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","BK4099":"汽车制造商","BK0014":"新能源汽车","01211":"比亚迪股份","BK4585":"ETF&股票定投概念","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","BK0196":"行业龙头","BK4555":"新能源车","LU0359201612.USD":"贝莱德中国基金A2","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","BK1521":"挪威政府全球养老基金持仓","02525":"禾赛-W","BYDDY":"比亚迪ADR","BK0264":"汽车制造","BK4588":"碎股","BK0012":"证金概念","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","BK4509":"腾讯概念","LU2298064838.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) INC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU2238339852.HKD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (HKD) ACC","BK0070":"员工持股","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU1861214812.USD":"Blackrock Future of Transport A2 USD","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","000559":"万向钱潮","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","BK4505":"高瓴资本持仓","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","HSAI":"禾赛","BK4504":"桥水持仓","NIO":"蔚来","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1939255532.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) ACC","BK0197":"中小创蓝筹","BK0076":"特斯拉","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","09866":"蔚来-SW","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","002050":"三花智控","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK4526":"热门中概股","NIO.SI":"蔚来","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","09868":"小鹏集团-W","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","002594":"比亚迪","BK0185":"二线龙头","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK0161":"尾气治理","02050":"三花智控","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H"},"translate_title":"CICC: Global Electrification Acceleration Pay Attention to the Phased Rebound Opportunity of Passenger Car Sector","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80175":0.6,"301039":1.67,"600066":1.67,"600418":1.67,"601689":1.67,"000951":1.64,"01211":1.64,"09866":1.62,"HSAI":1.67,"002283":1.67,"002050":1.67,"000559":1.67,"NIO":1.62,"NIOG":0.6,"002594":1.64,"XPEV":1.62,"02525":1.67,"02050":1.67,"002536":1.67,"002126":1.67,"09868":1.62,"EVS.SI":0.6,"GELYY":1.67,"BYDDY":1.64,"NIO.SI":1.62},"content_text":"智通财经APP获悉，中金发布研报称，1-2月新能源乘用车批发同比-7.9%至158.9万辆，零售同比-25.7%至106.0万辆。1-2月新能源乘用车出口同比+115%，占出口总量的48.9%。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比转正。建议关注乘用车整车板块的阶段性反弹机会，推荐出海、机器人、AIDC等主题性机会。中金主要观点如下：行业近况参考乘联会发布数据：2月狭义乘用车零售/批发/生产/出口分别达到103.4/151.8/137.3/55.5万辆，分别同比-25.4%/-14.3%/-21.0%/+56.0%，环比-33.1%/-23.0%/-31.5%/-4.4%。1-2月狭义乘用车累计零售/批发/生产/出口257.8/349.4/337.9/113.6万辆，分别同比-18.9%/-9.8%/-11.8%/+54.6%。1-2月内需承压，新能源出口加速年初以来零售承压，主要受2025年末购置税减免及以旧换新补贴政策退坡导致需求透支影响。1-2月乘用车渠道库存减少33万辆(去年同期减少12万辆)，车企主动减产去库以应对需求与成本压力。1-2月新能源乘用车批发同比-7.9%至158.9万辆，零售同比-25.7%至106.0万辆。1-2月新能源乘用车出口同比+115%，占出口总量的48.9%。向前看，油价上涨或将带动全球新能源加速渗透成为中长期趋势，中国新能源车在欧洲、东南亚等地区出口高增，未来成长空间可期。3月以来利好催化，建议关注板块下跌后的阶段性反弹机会3月乘用车行业总量以及新能源销量仍将呈现同比承压、环比恢复的情况，其中新能源或有望同比转正。当下市场对需求、成本、盈利的担忧尚未消解，需要持续关注到2季度。但鉴于股价回调持续进行、部分整车标的跌幅超40%，同时全年盈利预测下修逐步充分，结合3-4月逐渐进入业绩、技术和新车发布密集期，期待个股反弹。3月2日小鹏汽车发布VLA2.0模型，可应用于自动驾驶、Robotaxi、飞行汽车及人形机器人上。3月5日比亚迪发布第二代刀片电池暨闪充技术，解决纯电车型补能痛点。3月10日蔚来公布4Q25业绩，规模效应及结构改善带动公司首次实现季度Non-GAAP利润转正。标的方面具体看：1)乘用车：蔚来-SW(09866)、江淮汽车(600418.SH)、吉利汽车(00175)等。2)商用车：中国重汽(000951.SZ,03808)、宇通客车(600066.SH)、中集车辆(301039.SZ)等。3)汽零：银轮股份(002126.SZ)、飞龙股份(002536.SZ)、禾赛-W(02525)、天润工业(002283.SZ)等。4)机器人：三花智控(002050.SZ)、拓普集团(601689.SH)、万向钱潮(000559.SZ)等。风险因素政策补贴效果不及预期，海外拓展不及预期，行业竞争激烈。","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":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"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/2619651221","isCrawlerRequest":true}

中金：全球电动化加速 关注乘用车板块阶段性反弹机会

精彩评论

中金：全球电动化加速关注乘用车板块阶段性反弹机会