汽车行业2026策略报告:全球化时代寻找科技与结构性机遇

方正证券
Dec 26

策略综述:2026年,在汽车行业补贴进一步退坡的整体环境下,我们认为汽车板块依然具备结构性投资机遇:传统整车与零部件出海依然有望成为支撑销量和业绩的重要利润抓手,同时我们重点看好新兴科技板块包括自动驾驶、AI算力、机器人带来的第二/第三成长曲线。乘用车:我们认为,2026年出海端有望贡献汽车板块核心增量,成为销量和利润的重要支撑。预计部分头部车企在2026年将完成出海利润核心切换,进入核心估值驱动...

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