巴克莱美国汽车与出行团队在发布2026年三季度业绩前瞻后，汇总了投资者反馈。核心结论：1）投资者基于美国SAAR与定价健康、中国压力相对较小以及电动车亏损收窄，仍偏好整车厂甚于零部件供应商，其中通用汽车为共识首选（盈利强劲、成本执行好、回购、估值有吸引力），福特近期情绪异常偏弱、BESS相关兴趣消退；2）对三季度及2026年指引预期分化，通用预计小幅超预期并上调EBIT指引中值（主要靠收窄区间），福特预计基本符合预期、维持2026年EBIT指引；3）关注点转向2027年 setup，商品、中国（国内与出口）压力、定价及金融业务利率上升使前景更具挑战，巴克莱模型通用2026/2027年EBIT分别为152亿/157亿美元，福特2026年108亿美元、2027年降至103亿美元；
Following the publication of the 3Q earnings preview, Barclays summarizes key investor feedback. Key takes: (1) investors prefer OEMs over suppliers on US SAAR/pricing health, a relative lack of China pressures and easing EV losses; GM remains the consensus favorite on earnings strength, cost execution, buybacks and an attractive multiple, while Ford sentiment has been unusually soft and earlier interest in its BESS efforts has dissipated; (2) expectations are mixed on 3Q/2026 guidance — GM is expected to modestly beat with the EBIT guidance midpoint raised mainly by narrowing the range, while Ford is expected to be more inline with 2026 EBIT guidance maintained (Barclays is above consensus on Ford, believing investors may be overindexing to volume without considering price/mix); (3) focus is increasingly on the 2027 set-up, which has become more challenged since 2Q EPS on incremental commodity and China pressures, pricing, and potentially fincos given higher rates;