{"id":625190,"date":"2026-03-12T03:52:06","date_gmt":"2026-03-12T10:52:06","guid":{"rendered":"https:\/\/nai500.com\/?p=625190"},"modified":"2026-03-12T03:52:06","modified_gmt":"2026-03-12T10:52:06","slug":"10-aam","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/03\/10-aam\/","title":{"rendered":"10 \u6a94\u4e2d\u570b\u5275\u65b0\u80a1\u5c07\u56e0 AAM \u52d5\u80fd\u4e0a\u63da"},"content":{"rendered":"

EHang \u7684\u968e\u6bb5\u6027\u98db\u8e8d\u5b63\u5ea6\u5c07\u5148\u9032\u7a7a\u4e2d\u51fa\u884c\uff08AAM\uff09\u63a8\u5411\u4e2d\u570b\u7684\u5546\u696d\u5316\u8ecc\u9053\uff0c\u5c07\u9577\u671f\u671f\u5f85\u7684\u8ad6\u9ede\u8f49\u5316\u70ba\u71df\u904b\u3001\u73fe\u91d1\u6d41\u8207\u898f\u6a21\u3002\u516c\u53f8\u516c\u5e03\u5275\u7d00\u9304\u7684\u5b63\u5ea6\u71df\u6536\uff0c\u5be6\u73fe\u9996\u500b GAAP \u76c8\u5229\u5b63\u5ea6\uff0c\u4e26\u8a08\u756b\u65bc 2026 \u5e74 3 \u6708\u555f\u52d5\u4ed8\u8cbb EH216-S \u822a\u73ed\u670d\u52d9\u3002\u9019\u662f\u8fc4\u4eca\u6700\u5f37\u70c8\u7684\u8a0a\u865f\uff0c\u986f\u793a\u4e2d\u570b\u5c07\u6210\u70ba\u9996\u500b\u5927\u898f\u6a21\u5de5\u696d\u5316\u7121\u4eba\u99d5\u99db eVTOL \u7684\u4e3b\u8981\u5e02\u5834\u3002\u6ea2\u51fa\u6548\u61c9\u5c07\u5ef6\u4f38\u81f3\u96fb\u6c60\u3001AI\u3001\u6e05\u6f54\u80fd\u6e90\u3001\u7269\u6d41\u8207\u6d88\u8cbb\u8005\u5e73\u53f0\u3002\u5c0d\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u9019\u4e0d\u53ea\u662f\u55ae\u4e00\u80a1\u7968\u7684\u6545\u4e8b\uff1b\u800c\u662f\u4e00\u500b\u6b63\u5728\u5f62\u6210\u7684\u7cfb\u7d71\u6027\u512a\u52e2\u3002<\/p>\n

\u5148\u9032\u7a7a\u4e2d\u51fa\u884c\u5f9e\u6e2c\u8a66\u8f49\u5411\u552e\u7968\u904b\u71df<\/h3>\n

EHang \u5728 2025 \u5e74\u7b2c 4 \u5b63\u4ea4\u4ed8 100 \u67b6 eVTOL\uff0c\u5305\u62ec 95 \u67b6 EH216 \u7cfb\u5217\u8207 5 \u67b6 VT35\uff0c\u71df\u6536\u70ba\u4eba\u6c11\u5e63 2.438 \u5104\u5143\uff0c\u5e74\u589e 48.4%\uff0c\u6bdb\u5229\u7387\u70ba 62.1%\u3002\u516c\u53f8\u8f49\u70ba GAAP \u6de8\u5229\u4eba\u6c11\u5e63 1,050 \u842c\u5143\uff0c\u51f8\u986f\u55ae\u4f4d\u7d93\u6fdf\u6539\u5584\u8207\u7d93\u71df\u7d00\u5f8b\u30022025 \u5e74\u5168\u5e74\u4ea4\u4ed8\u9054 221 \u67b6\uff0c\u73fe\u91d1\u8207\u6295\u8cc7\u7d50\u9918\u70ba\u4eba\u6c11\u5e63 11.3 \u5104\u5143\u3002\u71df\u904b\u91cc\u7a0b\u7891\u5373\u5c07\u5728 3 \u6708\u5230\u4f86\uff1a\u9810\u8a08\u5169\u5bb6\u53d6\u5f97\u8a8d\u8b49\u7684\u71df\u904b\u5546\u5c07\u5728\u5ee3\u5dde\u8207\u5408\u80a5\u958b\u59cb\u6709\u7968\u7684\u7a7a\u4e2d\u89c0\u5149\uff0c\u5c07 EHang \u5f9e\u5167\u90e8\u8a66\u98db\u63a8\u5411\u5c0d\u516c\u773e\u63d0\u4f9b\u7684\u670d\u52d9\u3002<\/p>\n

\u4e2d\u570b\u76e3\u7ba1\u6a5f\u69cb\u8207\u7522\u696d\u6b65\u8abf\u4e00\u81f4\u3002\u6c11\u822a\u5c40\u5df2\u9a57\u8b49\u5b89\u5168\u7d00\u9304\u3001\u64f4\u5927\u7279\u5225\u6388\u6b0a\u7684\u5730\u52e4\u4eba\u54e1\u7bc4\u570d\uff0c\u4e26\u6b63\u5728\u5efa\u7acb\u7121\u4eba\u8f09\u4eba eVTOL \u5730\u52e4\u8a13\u7df4\u6a19\u6e96\u3002\u9019\u662f\u570b\u5167\u9996\u500b\u6b64\u985e\u6846\u67b6\uff0c\u70ba\u5728\u4e0d\u59a5\u5354\u76e3\u7ba1\u7684\u60c5\u6cc1\u4e0b\u64f4\u5927\u898f\u6a21\u8a2d\u5b9a\u4e86\u4f5c\u696d\u624b\u518a\u3002EHang \u65bc 12 \u6708\u8de8\u7701\u98db\u8d8a\u74ca\u5dde\u6d77\u5cfd\u7684 22 \u516c\u91cc\u822a\u6bb5\uff0c\u8017\u6642 18 \u5206\u9418\uff0c\u76f8\u8f03\u6e21\u8f2a\u9700\u6642 60 \u81f3 90 \u5206\u9418\uff0c\u5c55\u793a\u4e86\u9ede\u5c0d\u9ede\u901f\u5ea6\u8207\u5be6\u52d9\u8010\u4e45\u6027\uff0c\u52d5\u529b\u4f86\u81ea\u8207 Inx Energy \u5171\u540c\u958b\u767c\u7684\u56fa\u614b\u92f0\u96fb\u6c60\u3002\u6cf0\u570b\u7684\u8a66\u9a57\u8207\u5546\u696d\u904b\u71df\u8a31\u53ef\u4e5f\u5728\u63a8\u9032\uff0c\u986f\u793a\u4e00\u500b\u53ef\u51fa\u53e3\u5230\u6771\u5357\u4e9e\u7684\u5c31\u7dd2\u6a21\u5f0f\u3002<\/p>\n

\u4e2d\u570b\u64f4\u5c55\u524d\u6cbf\u79d1\u6280\u7684\u4f5c\u6cd5<\/h3>\n

\u8a8d\u8b49\u3001\u6a19\u6e96\u5316\u8207\u7522\u80fd\u64f4\u5f35\u662f\u5317\u4eac\u64c5\u9577\u62c9\u52d5\u7684\u69d3\u687f\u3002\u570b\u5bb6\u96fb\u7db2\u4f5c\u70ba\u5168\u7403\u71df\u6536\u6700\u5927\u7684\u516c\u7528\u4e8b\u696d\uff0c\u662f\u96fb\u6c23\u5316\u51fa\u884c\u7684\u96b1\u5f62\u9aa8\u5e79\uff0c\u78ba\u4fdd\u70ba 11 \u5104\u5ba2\u6236\u63d0\u4f9b\u96fb\u529b\u4f9b\u61c9\u3002\u5728\u4f9b\u7d66\u7aef\uff0c\u570b\u5167\u96fb\u6c60\u9f8d\u982d\u5df2\u6e96\u5099\u597d\u63a8\u52d5\u80fd\u91cf\u5bc6\u5ea6\u8207\u5b89\u5168\u754c\u9650\u3002\u4e0b\u6e38\u65b9\u9762\uff0c\u4e2d\u570b\u7684\u8edf\u9ad4\u8207 AI \u5e73\u53f0\u6703\u767c\u63ee\u5176\u9577\u8655\uff1a\u8abf\u914d\u9700\u6c42\u3001\u52d5\u614b\u5b9a\u50f9\u3001\u4e26\u5728\u57ce\u5e02\u5c3a\u5ea6\u7ba1\u7406\u8eca\u968a\u3002\u9019\u5c31\u662f\u4e2d\u570b\u5275\u65b0\u653f\u7b56\u4e2d\u90a3\u500b\u7c21\u55ae\u4f46\u5177\u6709\u6c7a\u5b9a\u6027\u4e4b\u8907\u5229\u6548\u61c9\u2014\u2014\u628a\u653f\u7b56\u6e05\u6670\u5ea6\u8207\u7522\u696d\u6df1\u5ea6\u548c\u6578\u4f4d\u5e73\u53f0\u9023\u7d50\uff0c\u7136\u5f8c\u8b93\u898f\u6a21\u62c9\u52d5\u6210\u672c\u4e0b\u964d\u3002AAM \u5c07\u6210\u70ba\u4e0b\u4e00\u500b\u53d7\u76ca\u8005\u3002<\/p>\n

\u4e2d\u570b\u5275\u65b0\u80a1\u5341\u5927\u91cd\u9ede<\/h3>\n

1) EHang Holdings Nasdaq EH\uff1a\u7b2c 4 \u5b63\u71df\u6536\u5275\u7d00\u9304\u70ba\u4eba\u6c11\u5e63 2.438 \u5104\u5143\uff0c\u4ea4\u4ed8 100 \u67b6 eVTOL\uff0c\u6bdb\u5229\u7387 62.1%\uff0c\u4e26\u5be6\u73fe\u9996\u500b GAAP \u76c8\u5229\u5b63\u5ea6\u3002\u9810\u8a08 2026 \u5e74 3 \u6708\u5728\u5ee3\u5dde\u8207\u5408\u80a5\u555f\u52d5\u5546\u696d\u5316 EH216-S \u71df\u904b\u3002\u5168\u7403\u5f71\u97ff\uff1a\u9996\u689d\u5927\u898f\u6a21\u7121\u4eba\u99d5\u99db eVTOL \u5546\u696d\u5316\u8def\u5f91\uff0c\u5c07\u4e2d\u570b\u7f6e\u65bc\u57ce\u5e02\u7a7a\u4e2d\u79fb\u52d5\u7684\u524d\u7aef\u3002<\/p>\n

2) BYD HK 1211 SZ 002594 OTC BYDDF\uff1a\u5168\u7403\u6700\u5927\u7684\u63d2\u96fb\u5f0f\u96fb\u52d5\u8eca\u88fd\u9020\u5546\uff0c\u6574\u5408\u96fb\u6c60\u8207\u96fb\u529b\u96fb\u5b50\u3002FinDreams Battery \u5728 2024 \u5e74\u6301\u6709\u5168\u7403 17% \u5e02\u5360\uff0c\u50c5\u6b21\u65bc CATL\u3002\u5168\u7403\u5f71\u97ff\uff1a\u5411\u65b0\u8208\u5e02\u5834\u8f38\u51fa\u53ef\u8ca0\u64d4\u7684\u96fb\u6c23\u5316\u65b9\u6848\uff0c\u4e26\u5728 EV \u6280\u8853\u5806\u758a\u4e2d\u978f\u56fa\u6210\u672c\u9818\u5148\u3002<\/p>\n

3) Contemporary Amperex Technology CATL SZ 300750\uff1a\u5168\u7403\u7b2c\u4e00\u5927 EV \u96fb\u6c60\u4f9b\u61c9\u5546\uff0c\u5c0d\u4e58\u7528 EV \u8207\u96fb\u7db2\u7d1a\u5132\u80fd\u5efa\u8a2d\u81f3\u95dc\u91cd\u8981\u3002\u5168\u7403\u5f71\u97ff\uff1a\u7a69\u56fa\u80fd\u91cf\u5bc6\u5ea6\u8207\u5faa\u74b0\u58fd\u547d\u7684\u63d0\u5347\uff0c\u80fd\u8f49\u5316\u70ba eVTOL \u7684\u7e8c\u822a\u8207\u5b89\u5168\u589e\u76ca\u3002<\/p>\n

4) Tencent HK 0700 OTC TCEHY\uff1a\u5168\u7403\u9802\u5c16\u7684\u96fb\u5b50\u904a\u6232\u8207\u591a\u5a92\u9ad4\u88fd\u4f5c\u8005\uff0c\u5177\u5099 AI \u8207\u96f2\u7aef\u80fd\u529b\u3002\u5168\u7403\u5f71\u97ff\uff1a\u8edf\u9ad4\u3001\u5730\u5716\u8207\u6d88\u8cbb\u8005\u5e73\u53f0\u53ef\u5728\u898f\u6a21\u4e0a\u70ba\u7a7a\u4e2d\u51fa\u884c\u670d\u52d9\u6392\u7a0b\u3001\u8b8a\u73fe\u4e26\u500b\u4eba\u5316\u3002<\/p>\n

5) LONGi Green Energy SHA 601012\uff1a\u4e16\u754c\u6700\u5927\u7684\u55ae\u6676\u77fd\u6676\u5713\u88fd\u9020\u5546\uff0c2024 \u5e74\u7814\u767c\u652f\u51fa\u70ba\u4eba\u6c11\u5e63 50.14 \u5104\u5143\uff0c\u7d04\u4f54\u71df\u6536 6%\uff0c\u64c1\u6709 3,342 \u9805\u6388\u6b0a\u5c08\u5229\uff0c\u4e26\u6709 400 \u591a\u9805\u80cc\u63a5\u89f8\u6280\u8853\u3002\u5168\u7403\u5f71\u97ff\uff1a\u964d\u4f4e\u4f9b\u96fb\u7d66\u96fb\u6c23\u5316\u8eca\u968a\u8207\u5145\u96fb\u5782\u76f4\u6e2f\u7684\u592a\u967d\u80fd\u6210\u672c\u3002<\/p>\n

\u66f4\u591a\u503c\u5f97\u95dc\u6ce8\u7684\u9818\u5c0e\u8005<\/h3>\n

6) Meituan HK 3690\uff1a2023 \u5e74\u8655\u7406\u8fd1 220 \u5104\u7b46\u8a02\u55ae\uff0c\u57fa\u790e\u662f AI \u9a45\u52d5\u7684\u7269\u6d41\u3002\u5168\u7403\u5f71\u97ff\uff1a\u4e00\u65e6 eVTOL \u670d\u52d9\u5728\u4e3b\u8981\u57ce\u5e02\u64f4\u5927\uff0c\u57ce\u5e02\u914d\u9001\u5c08\u9577\u53ef\u4ee5\u5ef6\u4f38\u5230\u7a7a\u4e2d\u6700\u5f8c\u4e00\u54e9\u8207\u89c0\u5149\u6d41\u91cf\u3002<\/p>\n

7) PDD Holdings Nasdaq PDD\uff1a\u71df\u6536\u5e74\u589e 59%\uff0c\u6de8\u5229\u5e74\u589e 87%\uff0c\u5728\u8fd1\u671f\u6392\u540d\u4e2d\u6210\u70ba\u4e2d\u570b\u80a1\u672c\u56de\u5831\u7387\u6700\u9ad8\u7684\u516c\u53f8\u3002\u5168\u7403\u5f71\u97ff\uff1a\u50f9\u683c\u767c\u73fe\u8207\u8de8\u5883\u5546\u52d9\u57fa\u790e\u8a2d\u65bd\uff0c\u80fd\u5c07\u65b0\u589e\u9700\u6c42\u5c0e\u5165\u65b0\u7684\u79fb\u52d5\u8207\u6d88\u8cbb\u79d1\u6280\u751f\u614b\u7cfb\u3002<\/p>\n

8) JD.com Nasdaq JD HK 9618\uff1a\u5e02\u503c\u4e0a\u5347\u53cd\u6620\u5c0d\u5176\u570b\u5bb6\u7d1a\u7269\u6d41\u9aa8\u5e79\u6062\u5fa9\u4fe1\u5fc3\u3002\u5168\u7403\u5f71\u97ff\uff1a\u4e2d\u570b\u6700\u5148\u9032\u7684\u5c65\u7d04\u7db2\u7d61\u4e4b\u4e00\uff0c\u7576\u6cd5\u898f\u5141\u8a31\u6642\uff0c\u80fd\u6e2c\u8a66\u5c0d\u6642\u6548\u8981\u6c42\u9ad8\u7684\u7a7a\u4e2d\u7269\u6d41\u3002<\/p>\n

9) NIO NYSE NIO HK 9866\uff1a\u4ee5\u5dee\u7570\u5316 EV \u54c1\u724c\u8207\u8edf\u9ad4\u512a\u5148\u7b56\u7565\u64f4\u5c55\u5e02\u5360\u3002\u5168\u7403\u5f71\u97ff\uff1a\u5f37\u5316\u5916\u754c\u5c0d\u4e2d\u570b\u9ad8\u7aef\u96fb\u52d5\u8eca\u5de5\u7a0b\u7684\u8a8d\u77e5\uff0c\u4e26\u63d0\u4f9b\u8207\u66f4\u5ee3\u6cdb\u667a\u6167\u79fb\u52d5\u670d\u52d9\u6574\u5408\u7684\u8def\u5f91\u3002<\/p>\n

10) Shanghai Pharmaceuticals SHA 601607 HK 2607\uff1a\u4e2d\u570b\u6700\u5927\u7684\u85e5\u4f01\uff0c2020 \u5e74\u5165\u9078\u300a\u8ca1\u5bcc\u300b\u5168\u7403 500 \u5f37\u3002\u5168\u7403\u5f71\u97ff\uff1a\u5168\u570b\u6027\u7684\u91ab\u7642\u914d\u9001\u80fd\u529b\u53ef\u80fd\u6210\u70ba AAM \u5728\u6eab\u63a7\u8207\u6025\u4ef6\u905e\u9001\u65b9\u9762\u7684\u65e9\u671f\u63a1\u7528\u8005\u3002<\/p>\n

\u4f30\u503c\u8207\u50ac\u5316\u56e0\u7d20<\/h3>\n

AAM \u4e0d\u9700\u8981\u5728 2026 \u5e74\u5927\u898f\u6a21\u666e\u53ca\u624d\u80fd\u6539\u8b8a\u7d93\u6fdf\u9810\u671f\u3002\u4ed8\u8cbb\u89c0\u5149\u9a57\u8b49\u4e86\u5728\u9ad8\u5bc6\u5ea6\u57ce\u5e02\u74b0\u5883\u4e0b\u7684\u71df\u904b\u80fd\u529b\uff0c\u5e36\u4f86\u5229\u7528\u7387\u6578\u64da\uff0c\u4e26\u964d\u4f4e\u6210\u672c\u66f2\u7dda\u7684\u4e0d\u78ba\u5b9a\u6027\u3002\u5c0d EHang \u800c\u8a00\uff0c\u77ed\u671f\u50ac\u5316\u5291\u5305\u62ec\u5ee3\u5dde\u8207\u5408\u80a5\u7684\u5546\u696d\u6e96\u6642\u555f\u52d5\u3001\u8a8d\u8b49\u71df\u904b\u5546\u7684\u64f4\u589e\uff0c\u4ee5\u53ca\u6cf0\u570b\u8a31\u53ef\u9032\u5c55\u66f4\u65b0\u3002\u7559\u610f\u96a8\u8457\u5e02\u5e9c\u8207\u65c5\u904a\u5925\u4f34\u8a2d\u5b9a\u7522\u80fd\u8a08\u756b\u800c\u986f\u73fe\u7684\u8a02\u55ae\u80fd\u898b\u5ea6\u3002\u4e0a\u6e38\u65b9\u9762\uff0c\u4efb\u4f55\u4f86\u81ea\u570b\u5167\u96fb\u6c60\u4f9b\u61c9\u5546\u5ba3\u544a\u7684\u80fd\u91cf\u5bc6\u5ea6\u6216\u5feb\u5145\u9032\u5c55\uff0c\u61c9\u6703\u5ef6\u4f38\u7406\u8ad6\u822a\u7dda\u5716\u8207 eVTOL \u8eca\u968a\u7684\u5229\u6f64\u7a7a\u9593\u3002\u4e0b\u6e38\u65b9\u9762\uff0c\u9810\u671f\u5e73\u53f0\u516c\u53f8\u6703\u958b\u59cb\u5c07\u7a7a\u4e2d\u51fa\u884c\u8edf\u6027\u6574\u5408\u9032\u65c5\u904a\u3001\u89c0\u5149\u8207\u6309\u9700\u670d\u52d9\u3002<\/p>\n

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