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研報掘金|招商證券:繼續看好最受惠以舊換新及新能源車下鄉的吉利汽車及比亞迪
招商證券發表報吿指,展望11月受惠季節性加庫存,且受益於政策補貼、“雙十一”和年底沖銷量等順風,進入旺季高峯。該行繼續看好最受惠以舊換新及新能源車下鄉的吉利汽車及比亞迪,預計明年新能源車政策仍偏正面,以舊換新仍是重要發力點。小鵬是智駕下探的領先者,成本與技術優勢令產品週期重新向上,上調小鵬H股目標價至73港元。經銷商首推中升控股,與華為系綁定並重整渠道網絡,業務變革令基本面反轉,業績同估值彈性大。該行其他推薦包括理想汽車及福耀玻璃,業績穩健,短期彈性低但適合長線逢低吸納。美股看好特斯拉逆向受益美國電動化進程放緩,有望長期提升市佔率。
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