智通财经APP获悉，摩根大通发布研报称，中国政府近期针对新能源汽车等面临产能过剩与价格竞争恶化的产业，推出一系列“反内卷”政策以遏制非理性竞争。该行认为，政府反内卷举措与企业层面的结构性改革将推动产业于2026年迎来转机，相关个股有望自2025年下半年起反映此预期。
小摩将广汽集团(02238,601238.SH)投资评级从“减持”上调至“增持”，H股目标价由1.8港元升至5港元;A股目标价由3.5元人民币升至11元人民币。中升控股(00881)亦上调至增持，目标价由12港元升至20港元。两家公司均具备自主改善潜力：广汽集团受益于2026年产品周期向好及结构调整，中升控股则受惠于经销网络优化。该行新设的目标价隐含40%至60%上行空间。市场交流显示，多数投资者已将焦点转向2025年下半年可能被低估的标的，当前竞争环境与疲弱盈利导致的低关注度，使广汽集团及中升控股符合此类投资逻辑。
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