金吾财讯 | 交银国际研报指，2026年6月新能源汽车销售继续回升，样本车企合计销量同比/环比增长16.3%/6.8%。在新品交付放量和渠道扩张带动下，零跑、蔚来、小鹏、极氪等品牌增长领先；但理想、阿维塔同比仍承压。随着下半年新车型密集上市，新能源汽车市场有望维持稳健增长。该机构指，6月数据继续验证需求端环比修复，修复主要由新品周期驱动。展望后市，新车型密集上市和智能化配置下探将继续推动品牌间竞争从单纯价格竞争转向产品力、智能化和运营效率的综合竞争。
配置上，建议继续关注三条主线：一是出口业务高增长且具备规模优势的整车龙头；二是新品周期明确、智能化能力持续迭代的新势力；三是具备VLA/世界模型、人形机器人、低空经济等物理AI延展能力的标的。标的方面，建议关注：小鹏集团（09868/XPEV US/买入）新品及增程车型放量、海外本地化生产和物理AI业务落地；吉利汽车（00175/买入）内部资源整合和极氪高增长；比亚迪（01211/买入）出口持续高增、高端品牌和智能化提速。
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