金吾财讯 | 汽车股随大市走弱，截至发稿，比亚迪股份(01211)跌4.44%，蔚来-SW(09866)跌3.76%，小鹏汽车-W(09868)跌3.76%，零跑汽车(09863)跌3.45%，理想汽车(02015)跌2.41%，北京汽车(01958)跌2.05%，广汽集团(02238)跌1.95%。海通国际发研报指，各大车企已披露12月及全年销量数据，“翘尾”效应明显弱于往年，多数车企环比出现双位数下滑。随着补贴热潮逐步退潮，该机构预计2026年汽车市场将在波动加剧与格局重塑中承压前行。12月“翘尾”行情未现，全年目标完成率分化。各车企全年目标完成率出现明显分化，核心在于战略取向与真实市场需求的匹配程度不同。部分企业通过深耕细分赛道、持续推进降本增效，实现甚至超额完成既定目标，体现了对刚性需求的精准把握；而另一些企业在产品与技术路径选择上形成依赖，导致销量表现不及预期，反映出对市场容量判断存在偏差。
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