金吾财讯 | 汽车股承压，小鹏汽车(09868)跌4.14%，零跑汽车(09863)、蔚来(09866)跌近3%，理想汽车(02015)跌2.29%，长城汽车(02333)、吉利汽车(00175)跌1.69%。国金证券指出，受部分省市补贴收紧或提前结束、24 年同期高基数等因素影响，10-11 月乘用车零售销量同比下滑，且 2026 年以旧换新政策暂未落地，短期看国内需求景气度不高；乘用车出口同比增速已连续半年保持 20%以上，未来出海将成为长期大主题，随着俄罗斯市场需求恢复、燃油车出口持续渗透以及新能源车加速导出放量，2026年我国批发端出口总量有望维持双位数增长。此外，随着车企加速推动新一代架构、大算力芯片上车带来智驾使用体验提升，在智驾加速普及背景下，消费者心智有望持续突破，智驾第一梯队有望凭借体验领先获得销量红利；政策利好+新品密集发布+技术突破，机器人产业商业化进程加速。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.