金吾财讯 | 交银国际表示，2026年5月新能源汽车销售延续修复，样本车企合计销量685,274台，同比/环比+10.3%/+16.2%。在新品交付、权益促销与渠道扩张带动下，零跑、蔚来、极氪等品牌增长领先。展望后市，5月数据验证需求端环比修复，但品牌间分化仍在扩大。随着新车型密集交付以及以旧换新/终端权益延续，下半年车市有望维持温和回升。重点关注今年出口业务具备高增长确定性的标的、头部车企在VLA架构与世界大模型上的技术更新换代，以及物理AI向人形机器人和低空飞行器等新业务领域的跨界延伸。建议关注：小鹏(09868/XPEV US/买入)增程车型陆续上市，同时海外本地化生产逐步落地，大模型更新和人形机器人落地；吉利汽车(00175/买入)私有化极氪后推动内部资源整合，出海销量高增；比亚迪(01211/买入)出海销量持续高增，高端品牌发力及智能化提速进一步提升盈利水平。
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