中信建投:重卡汽车2026年投资前景

汽车金融
Jan 08

来源:中信建投证券研究重卡以物流、工程为主要应用场景,销量波动与宏观经济大盘、置换更新需求、补贴/淘汰政策等因素高度相关。展望2026年,我们认为国四+国五的自然报废更新需求将支撑70万级的内销规模,叠加非俄地区拉动出口增长,总销量将保持在110万左右。2027-2028年国五将成为重卡报废的主力车型,超过400万台的庞大保有量将支撑内销中枢持续向上。出口可触及市场空间近70万,仍有进一步放量潜力...

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