金吾财讯 | 交银国际表示，受2026年新能源车税收补贴调整后的恢复期影响，叠加春节假期因素，2月全国乘用车零售市场表现偏软，当月零售量103.4万辆，同比降25.4%，环比降33.1%。2月新能源渗透率环比回升至44.9%。出口延续强劲势头，新能源出口占比接近50%。该机构指，受季节性波动及前期消费透支影响，2026年1季度中国内地车市整体表现平稳。伴随地方促消费政策加速落地，叠加4月北京车展及多款新车上市，市场景气度有望逐步回暖。出口方面，受益于中欧、中加关税谈判取得积极进展，以及自主品牌全球化战略深入推进，中国新能源汽车出口正加快从“产品出海”向“产业链出海”转型。个股方面，建议关注：小鹏汽车(09868/XPEV US/买入)VLA2.0开启推送，同时海外本地化生产逐步落地，带动销量和毛利率提升；吉利汽车(00175/买入)私有化极氪后推动内部资源整合；比亚迪(01211/买入)第二代刀片电池和闪充技术发布或对销量有正面影响，同时海外产能进入放量期，有望进一步优化利润结构。
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