According to a report published by CICC, looking ahead to 2026, it is expected that domestic demand will face certain challenges under the continuation of the mainland automobile industry policy, and overseas sales will grow steadily. In terms of investment strategy, components are superior to complete vehicles, and focus on opportunities for double profit valuation increases brought about by AI-related layouts such as robots, intelligent driving, and data center liquid cooling. In terms of passenger cars, the bank indicates that domestic demand is still facing certain challenges, underpinned by two new policies. At present, domestic sales have gradually broken through the previous high in 2017. Looking ahead to 2026, the bank believes that the trade-in policy will still form a certain foundation, but the challenges of sales growth are increasing, and more attention needs to be paid to the opportunities brought about by pattern differentiation, globalization, and intelligence. Supply-side technological innovation and model iteration are driving the increase in penetration rate and supporting new energy sources to maintain double-digit growth. The bank is more optimistic about the middle and high-end new energy market with resilient demand, and is concerned about leading tactical adjustments and opportunities for traditional new energy brands to catch up with latecomers. In terms of components, the AI circuit has a multi-dimensional layout, and growth is fueling valuation upgrades. In 2026, it is proposed to focus on the growth drivers and valuation increases that will gradually be unleashed in the AI-related track layout: the integration of AI technology with the automotive industry and high-end manufacturing fields is accelerating and deepening, and the three booming racetracks of intelligent driving, humanoid robots, and data center liquid cooling are providing a core path for parts companies to break through traditional business boundaries and open up the growth ceiling. At the same time, it is recommended to continue to pay attention to targets related to parts going overseas.

According to a report published by CICC, looking ahead to 2026, it is expected that domestic demand will face certain challenges under the continuation of the mainland automobile industry policy, and overseas sales will grow steadily. In terms of investment strategy, components are superior to complete vehicles, and focus on opportunities for double profit valuation increases brought about by AI-related layouts such as robots, intelligent driving, and data center liquid cooling. In terms of passenger cars, the bank indicates that domestic demand is still facing certain challenges, underpinned by two new policies. At present, domestic sales have gradually broken through the previous high in 2017. Looking ahead to 2026, the bank believes that the trade-in policy will still form a certain foundation, but the challenges of sales growth are increasing, and more attention needs to be paid to the opportunities brought about by pattern differentiation, globalization, and intelligence. Supply-side technological innovation and model iteration are driving the increase in penetration rate and supporting new energy sources to maintain double-digit growth. The bank is more optimistic about the middle and high-end new energy market with resilient demand, and is concerned about leading tactical adjustments and opportunities for traditional new energy brands to catch up with latecomers. In terms of components, the AI circuit has a multi-dimensional layout, and growth is fueling valuation upgrades. In 2026, it is proposed to focus on the growth drivers and valuation increases that will gradually be unleashed in the AI-related track layout: the integration of AI technology with the automotive industry and high-end manufacturing fields is accelerating and deepening, and the three booming racetracks of intelligent driving, humanoid robots, and data center liquid cooling are providing a core path for parts companies to break through traditional business boundaries and open up the growth ceiling. At the same time, it is recommended to continue to pay attention to targets related to parts going overseas.