汽车热管理行业深度报告：技术变革、价值提升、赛道重塑

技术变革、价值提升、赛道重塑 新能源汽车热管理系统价值量翻倍，2025年全球市场规模超1000亿元 新能源汽车为本土热管理企业提供破圈、重塑竞争格局的机遇 投资建议：把握三个优质细分赛道的头部企业 风险分析： -11%1%13%25%37%10-1901-2004-2007-20汽车和汽车零部件沪深300  投资观点                                            3,648 3,895 4,217 4,717 5,223 11.2% 6.8% 8.3% 11.8% 10.7% 26.3% 23.6% 23.8% 24.0% 25.0% 540 621 804 1,103 1,754 57.9% 15.1% 29.4% 37.3% 58.9% 9.9% 17.4% 25.0% 25.9% 25.6% 483 660 795 878 963 20.9% 36.6% 20.4% 10.5% 9.6% 25.4% 30.2% 26.1% 26.0% 26.2% 33 25 16 16 17 9.4% -23.8% -36.8% 2.0% 2.0% 14.8% 25.3% 23.4% 24.0% 24.0% 316 319 284 290 295 16.0% 1.2% -11.1% 2.0% 2.0% 44.2% 30.6% 35.1% 32.0% 32.0% 5,019 5,521 6,116 7,005 8,252 16.1% 10.0% 10.8% 14.5% 17.8% 25.5% 24.1% 24.8% 24.9% 25.5%                 1,416 1,507 1,265 1,371 1,542 -17.4%6.4%-16.0%8.4%12.4%39.5%38.6%39.4%42.0%42.0% 1,716 1,529 1,708 2,827 2,996 -8.2%-10.9%11.7%65.5%6.0%14.9%14.4%15.6%17.5%18.0% 360 66 23 24 24 -18.2%-81.8%-64.6%2.0%2.0%10.7%27.2%30.0%30.0%30.0% 57 54 35 38 42 -24.2%-5.5%-35.5%10.0%10.0%33.4%33.0%33.0%33.0% 35 61 66 79 91 135.8%73.1%8.0%20.0%15.0%20.8%21.0%21.0%21.0% 104 191 286 291 297 76.6% 83.7% 49.8% 2.0% 2.0% 36.2% 39.8% 36.0% 36.0% 3,688 3,406 3,383 4,631 4,991 -11.6%-7.6%-0.7%36.9%7.8%24.9%27.0%26.9%26.2%26.7%  大成基金