金吾财讯 | 汽车零件股集体走高，耐世特(01316)涨9.79%，浙江世宝(01057)涨4.1%，新晨动力(01148)涨3.43%，敏实集团(00425)涨2.33%。国泰海通发布研报称，受限于利润率和现金流水平偏弱，美国零部件企业在全球市场中竞争力逐步下滑；美国本土汽车供应链依赖进口程度持续上升，零部件贸易逆差不断扩大，北美地区本地零部件使用比例十年持续下降。尽管美国宣布对进口汽车及零部件加征25%关税，但受制于本土制造业环境的诸多问题，以及本土公司的独有难题，美国汽车制造业整体回流困难重重。相较之下，中资汽车制造企业凭借本地化布局与成本控制能力，依然具备明显的比较优势。光大证券表示，该行将中信汽车零部件指数按业务与主题划分为八大子板块。2H24至今八大子板块中人形机器人&飞行汽车受机器人主题催化影响估值明显抬升，其余子板块估值回落主要受下游降价压力传导+中美关税冲突短期扰动板块情绪影响(其中，底盘控制/传统动力/热管理/轻量化子板块部分受益于相关公司展业至人形机器人领域)。该行判断，随各车企+零部件企业相继入局机器人赛道，车端技术有望复用至机器人，零部件估值体系或重塑。
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