突发！极氪拟从美股退市 【今日推荐】 5月7日，吉利汽车控股有限公司宣布，计划收购极氪智能科技有限公司已发行全部股份。吉利汽车 目前持有极氪约65.7%的股份，如交易完成，极氪将与吉利汽车实现完全合并，实现私有化并于纽交 所退市。对此，吉利控股集团方面回应称，此举是进一步落实《台州宣言》，聚焦汽车主业，提升资 源利用效率，深化品牌协同的重要步骤。 联想杨元庆回应产品是否涨价 在5月7日的联想TechWorld上，联想集团董事长杨元庆被问及作为一家全球化公司，接下来联想的产 品是否会涨价？杨元庆表示，这肯定没有一个绝对的回答，零部件的供需情况是很重要的考量因素。 大家关心的是关税的影响会反映在产品定价上，如果没有更进一步的政策改变，可能对价格影响还不 大。但未来不确定性非常大。 英伟达称中国500亿美元市场不容错过 当地时间5月6日，英伟达CEO黄仁勋在美国拉斯维加斯参加ServiceNow公司的全球科技峰会 Knowledge大会。当天，英伟达与ServiceNow联合推出了面向企业级AI智能体（AI agent）的新服 务。黄仁勋谈及人工智能的潜力和英伟达最新发布的推理大模型，并再次强调了中国是人工智能的重 ...

Core Insights - The small pure electric vehicle market is highly competitive this year, with Dongfeng Nano's second model, the "National Smart Pure Electric SUV" Dongfeng Nano 06, starting pre-sales at prices ranging from 89,900 to 119,900 yuan [1] - The vehicle is positioned as an A0-class SUV and is expected to officially launch in June, with plans to enter overseas markets in the third quarter [1] - Dongfeng Nano 06 offers two versions with ranges of 401 km and 471 km, with the decision to exclude a 330 km version due to upcoming subsidy changes [1][4] Product and Market Strategy - Dongfeng Nano 06 is a strategic model for Dongfeng Nano's entry into the new energy market, produced at the Wuhan factory as part of a collaboration with Wuhan Economic Development Zone [4] - The company aims to return to monthly sales of over 10,000 units in the second quarter, following a recovery to 7,000 units in March after a dip in the first quarter due to subsidy policy changes [4] - Future product plans include two additional models, a sedan and a larger SUV, expected to be launched in the next two years [5] Global Market Outlook - Dongfeng Nano is optimistic about its global market potential despite current tariff challenges, citing competitive advantages even with high tariffs in regions like the EU [5] - The company has already achieved significant market share with its Nano 01 model in various overseas markets, indicating strong confidence in the brand's international growth [5]

Sales Performance - Dongfeng Motor Group sold approximately 1.8959 million vehicles, a year-on-year decrease of 9.2%. Among them, self-owned passenger vehicles sold 438,900 units, an increase of 26.4%[11]. - New energy vehicle sales reached approximately 394,600 units, a year-on-year increase of 13.4%, with the proportion of new energy vehicle sales in total sales rising by 4.1 percentage points[11]. - The group's total sales volume for the period was approximately 1.8959 million units, a year-on-year decrease of about 9.2%, while sales revenue reached approximately RMB 106.197 billion, an increase of about 6.9%[144]. - The group's passenger vehicle business generated sales revenue of approximately RMB 52.297 billion, a year-on-year increase of approximately 22.93%[147]. - The commercial vehicle business reported sales revenue of approximately RMB 47.220 billion, a year-on-year decrease of approximately 4.68%[148]. - The overall automotive market in China saw production and sales reach 31.43 million units, with a year-on-year growth of 4.5%[141]. - The passenger vehicle market sold 27.563 million units, reflecting a year-on-year increase of 5.8%, while the commercial vehicle market experienced a decline of 3.9% with sales of 3.873 million units[141]. Financial Performance - The group achieved sales revenue of 106.197 billion RMB, a year-on-year increase of 6.9%, and gross profit of 13.585 billion RMB, up 38.2%[13]. - The net profit attributable to shareholders was 58 million RMB, a significant increase of 39.45 million RMB, marking a turnaround from loss to profit[13]. - The group's gross profit margin improved to 12.8%, an increase of 2.9 percentage points compared to the same period last year[144]. - The total sales cost for 2024 was approximately RMB 92.61 billion, an increase of about RMB 3.06 billion or 3.4% compared to the same period last year[169]. - The total gross profit for 2024 was approximately RMB 13.59 billion, an increase of about RMB 3.75 billion or 38.2% compared to the same period last year, with a gross margin of 12.8%, up by 2.9 percentage points year-on-year[169]. - Other income for 2024 totaled approximately RMB 7.02 billion, an increase of about RMB 2.86 billion compared to the same period last year[170]. - The net profit attributable to shareholders for 2024 was approximately RMB 58 million, an increase of about RMB 3.94 billion compared to the same period last year, with a net profit margin of 0.05%[184]. Investment and Expenditure - The company's capital expenditure for 2024 was RMB 17.77 billion, an increase of RMB 4.98 billion or 38.94% compared to the previous year, primarily allocated to new energy platforms and R&D[29]. - The net cash outflow from investment activities was RMB 11.802 billion, mainly due to an increase in property, plant, and equipment expenditures of RMB 11.658 billion and R&D expenses of RMB 6.084 billion[192]. Market Expansion and Product Development - The company plans to launch 7 new and 2 refreshed self-owned passenger vehicle models, along with 7 commercial vehicle models in 2024[14]. - The company anticipates a 3.6% growth in overall automotive sales for 2025, with a projected 23% increase in new energy vehicles[30]. - The company plans to optimize its new energy business and accelerate its international expansion while enhancing its supply chain resilience[30]. - The company is focusing on three key transitions: new energy, intelligence, and internationalization, to drive its future growth[30]. Financial Services and Risk Management - The penetration rate of financial services improved to 28%, with new energy penetration exceeding 40%[15]. - As of December 31, 2024, Dongfeng Finance's loan assets amounted to approximately RMB 34.3 billion, with 68.21% from end customers and an average interest rate of 7.70%[154]. - The company has established a credit risk management framework, including a risk and compliance management committee to oversee credit policies[162]. - The loan impairment assessment model incorporates macroeconomic factors such as GDP growth and consumer price index changes[159]. Corporate Governance and Structure - The company's board of directors includes six members, with the chairman being Yang Qing[55]. - The company has appointed Zong Qingsheng as an independent non-executive director since September 2020[200]. - Zong has extensive experience in various roles within the Ministry of Foreign Trade and Economic Cooperation of China from 1982 to 1995[200]. - The company values Zong's expertise in international business and management[200]. - Zong's appointment enhances the board's independence and governance[200]. Legal and Compliance - The company has not been involved in any major litigation or arbitration as of December 31, 2024[34]. - The company has confirmed compliance with the non-competition agreement with Dongfeng Motor Group Co., Ltd. as of December 31, 2024[71]. - The company has received annual confirmation letters regarding the independence of all independent non-executive directors for the fiscal year 2024[60].

2025年4月23日，第二十一届上海国际车展现场，商汤绝影与东风汽车联合披露了双方在智能驾驶领域的最新合作进展。作为中国人工智能领军企业与传统 车企智能化转型代表，双方的合作模式为行业提供了"技术+产业"深度融合的实践样本。 技术突破：世界模型重构智驾训练范式 商汤绝影在本届车展重点展示了基于VLAR（视觉-语言-行动-强化学习）架构的生成式智驾R-UniAD方案。该技术通过"绝影开悟2.0"4D世界模型实现近实时 交互仿真，可一键生成极端风险场景数据，将实采数据需求降低两个数量级。现场演示显示，面对施工占道场景时，系统能通过强化学习自主生成最优避让 策略，感知精度达到真实数据98%，仿真效率较行业标杆提升5倍。 东风汽车研发总院智能化技术首席总工程师张振林透露，双方联合团队已在端到端自动驾驶系统研发上取得突破性进展。该系统创新性地采用"双保险"架构 ——上层是基于学习的智能决策系统，下层保留规则驱动系统作为安全冗余，计划于2025年底实现量产落地。 产业协同：数据闭环构建竞争壁垒 在量产交付方面，商汤绝影已与4家车企达成合作，覆盖7款车型。其基于地平线征程®6平台开发的辅助驾驶方案已通过中汽研认证，并计划于 ...

Group 1 - The core point of the article is that Bank of America increased its stake in Dongfeng Motor Corporation from 6.82% to 7.82% as of April 8 [1]

撰 文 / 牛跟尚 设 计 / 琚 佳 央企控股上市公司正不断加大增持回购力度。 自国务院国资委4月8日下午发布《全力支持央企控股上市公司不断加大增持回购力度》后，兵工集 团、兵装集团、中国一汽、东风公司等汽车央企或有汽车业务的央企先后表态，并拿出真金白银支 持这一号召。 国务院国资委4月8日表示，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回 购力度，切实维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显 央企责任担当。同时，加大对央企市值管理工作的指导，引导中央企业持续为投资者打造负责任、 有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 据国务院国资委的微信公众号"国资小新"不完全统计，4月7日起截至8日20时，有18家央企宣布增 持回购；截至9日8时，新增9家央企宣布增持回购，通过真金白银投入；截至10日8时，新增15家央 企对外积极发声，坚定看好资本市场，披露亮眼经营业绩，宣布增持回购。 东风公司增持回购旗下上市公司股票超20亿元 最新的消息是，4月10日0时，东风公司发布《坚定看好中国经济与汽车业务前景，持续开展增持回 购》的公 ...

撰文 / 牛跟尚 设计 / 师 超 一年之计在于春，未来之计也在春。 十五五规划是2026到2030年的5年事业计划。 东风公司董事长、党委书记杨青出席并强调，"十五五"是全面建设社会主义现代化国家的关键时期，是建设汽车强国的重要时期，是东风公司深度融入 国家发展战略、全力迈进世界一流汽车企业行列的攻坚时期。"我们要深入学习贯彻党中央决策部署，群策群力、齐心协力，编制出一份高质量的十五 五规划。" 东风头条报道说，东风公司党委常委、副总经理张祖同、尤峥，东风公司党委常委、总会计师冯长军，东风公司党委常委、纪委书记、国家监委驻东风 公司监察专员黄川，东风公司党委常委、副总经理黄勇出席会议；黄勇传达国务院国资委关于中央企业"十五五"规划编制工作的相关要求；东风公司战 略规划部（品牌管理部）介绍东风公司"十五五"规划编制整体工作安排。 一位高层人士向汽车商业评论透露，这其中还有一个很重要的背景：东风公司牵头编制央企十五五新能源汽车规划。 东风另一位高层参与者向汽车商业评论确认了这一事实，长安汽车一位高层也没有否定这一消息。 3月31日，东风公司"十五五"规划编制工作启动。除董事、党委副书记、工会主席刘艳红外，东风公 ...

股票研究 /[Table_Date] 2025.04.01 年报扭亏为盈，央企重组不断推进 东风集团股份(0489) ——东风集团股份 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [当前价格 Table_CurPrice] (港元)： | 4.74 | | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | [Table_Market] | | | 登记编号 S0880517080003 | S0880521030003 | 交易数据 | | | | | 52 周内股价区间（港元） | 1.88-5.06 | 本报告导读： 公司 2024 年业绩实现扭亏为盈，商乘业务均大幅扭亏，自主乘用车毛利率明显改 善，合资业务触底企稳，战略转型步入收获期。汽车央企重组不断推进，值得期待。 投资要点： -42% -21% -1% 19% 39% 59% 2024/3 2024/4 2024/5 2024 ...

Core Viewpoint - The automotive industry is experiencing a shift towards scale competition and ecological cooperation, particularly in the realm of smart technology and electric vehicles, with Dongfeng Motor Group emphasizing a dual strategy of self-research and collaboration with partners like Huawei [1][2]. Financial Performance - In 2024, Dongfeng Group achieved a turnaround with revenues of 106.197 billion yuan, a year-on-year increase of 6.9%, and a net profit of 58 million yuan, compared to a loss of 3.887 billion yuan in the previous year, with an overall gross margin of 12.8% [1]. - The passenger vehicle segment generated approximately 52.297 billion yuan in sales revenue, reflecting a year-on-year growth of 22.93%, driven by brands like Lantu and Dongfeng Fengshen [4]. Market Dynamics - The company sold approximately 1.8959 million vehicles in 2024, a decline of 9.2% year-on-year, with passenger vehicle sales increasing by 26.4% to 438,900 units, while joint venture vehicle sales fell by 29.22% to 1.1052 million units [3]. - The share of new energy vehicle sales reached approximately 394,600 units, marking a year-on-year increase of 13.4%, with the proportion of new energy vehicles in total sales rising by 4.1 percentage points [3]. Strategic Initiatives - Dongfeng Group plans to launch seven new energy vehicles by 2025, incorporating both self-developed and Huawei's technologies, while maintaining a strategy of collaboration and self-research to enhance innovation capabilities [2][5]. - The company is focusing on accelerating its smart technology initiatives, with 77% of its models equipped with L2+ level autonomous driving capabilities and ongoing pilot projects for integrated vehicle-road-cloud technology in multiple locations [2].

" 东风集团，是否到了重估价值时刻？ " 作者丨吴彤 编辑丨相辉 在港股市场，一场新旧势力的激烈分化正在上演。 当小米集团市值突破1.1万亿港元、比亚迪市值约9500亿港元、理想汽车市值超2000亿港元时，老牌车企 东风汽车集团（HK00489）的市值却仅在300亿港元左右徘徊。这组鲜明对比的数字背后，反映出资本市 场对一家上市20年的传统车企的悲观预期：燃油车业务萎缩、日系合资品牌增长乏力、新能源转型尚未取 得突破。 "市场一度将东风视为'破产清算'的标的，却选择性地忽视了它的反转潜力。"一位长期关注汽车板块的基 金经理对雷峰网表示。 3月26日东风汽车集团披露2024年财报，东风集团2024年全年营收达到1061.97亿元，较2023年的 993.83亿元人民币增长6.9%；毛利润实现136.86亿元，同比增长38.2%；归母净利润0.58亿元，相较于 2023年亏损38.87亿元，成功实现扭亏为盈。 在众多业务板块中，岚图品牌的表现尤为突出，其毛利率跃居行业第二，2024全年累计交付8.57万辆， 同比增长70%，这一增速是行业35.5%平均增速的两倍。岚图占集团新能源总销量比重也提升至22%， 成为东 ...