香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1958） 2025年第三次臨時股東會投票結果 委任董事 及 選舉職工代表董事 北京汽車股份有限公司（「本公司」）欣然宣佈，2025年第三次臨時股東會（「臨時股東會」）已於2025年 12月29日（星期一）上午九時三十分在中國北京市順義區雙河大街99號北京汽車產業研發基地南樓一 層多功能廳舉行。 茲提述本公司日期為2025年12月10日的通函（「通函」）。除文義另有所指外，本公告所用詞彙具有通 函所界定的相同涵義。 於臨時股東會日期，已發行股份總數為8,015,338,182股，包括5,494,647,500股內資股及2,520,690,682 股H股。 北汽集團為本公司唯一控股股東，於臨時股東會日期持有3,758,798,622股內資股，佔本公司已發行 股本總額 ...

北京汽车博物馆 跨年暨2026年元旦假期开放公告 转自：北京日报客户端 入馆时请出示本人有效身份证件及相关信息。 参观过程中，请勿大声喧哗，文明有序观展。感谢各位观众朋友的支持与配合，祝您在新的一年顺利安 康！ 咨询电话：010-63756666 服务投诉监督电话：010-63856286 010-63756666 北京汽车博物馆 2025年12月26日 来源：北京汽车博物馆 各位观众朋友： 为更好地满足广大观众节日期间的参观需求，北京汽车博物馆跨年暨2026年元旦假期开放情况安排如 下： 2025年12月31日（周三）正常开放。其中，博物馆3至5层开放至17:00；1至2层自17:00起免费延时开放 至次日（2026年1月1日）凌晨0点。 2026年1月1日（周四）至1月3日（周六）正常开放。每日开放时间为9:00至17:00，16:00停止售票， 16:30停止入馆。 ...

"明文规定不能低于成本销售，对于经销商来说多了一层保障，据我所知，多数经销商持欢迎态度。"李雪称，《指南》的出台将加速车企的优胜劣汰，对 于经销商而言则有望解决价格倒挂这一行业痼疾。 全国工商联汽车经销商商会（以下简称"全联车商"）党支部书记、秘书长邢海涛在接受《中国汽车报》记者采访时也表示，《指南》的发布对于纠治当前 汽车市场存在的一系列非理性竞争行为将发挥重要作用，特别是广大经销商普遍关注的价格倒挂问题如果能够得到根本纠治，将引导汽车市场从"价格 战"回归"价值战"。 行至岁末，汽车行业整治"内卷式"竞争又迎新进展。 12月12日，为规范汽车行业价格行为，国家市场监督管理总局研究起草了《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》），面向社 会公开征求意见。 《指南》一经发布，第一时间得到比亚迪、小鹏汽车、北汽集团等十几家车企的积极响应，多家车企明确表态坚决杜绝任何形式的价格欺诈与不正当竞争 行为。此时恰逢车企制定新一年销量目标和渠道商务政策的关键节点，《指南》的出炉，无疑给深陷"内卷式"竞争泥沼多时的汽车行业带来曙光，更为 2026年车市健康发展奠定基础。 解顽疾 剑指行业"内卷"乱象 持 ...

胰腺癌因恶性程度高、发病隐匿而被称"癌中之王"。近年来，随着人口老龄化、饮食结构变化等高危因素增加，全球胰腺癌发病率持续攀升，仅中国每年新 发病例就超12万，超80%患者确诊时已至中晚期，且因胰腺位置深、解剖结构复杂，手术操作难度大、并发症发生率高，术后康复周期长，导致全球胰腺癌 患者术后五年生存率仅为10%左右。 此次合作不仅限于国内医疗资源的整合，更迈出了中国优质医疗"走出去"的坚实步伐。依托复星健康在国际医疗领域的成熟布局，双方已启动东南亚市场开 拓行动，近期佛山禅医在孟加拉国达卡和吉大港成功主办 "中孟医学创新交流峰会"，上海瑞金医院胰腺疾病诊疗中心的张袁光炎医师受邀同行，成为本次 国际交流的核心亮点之一。 在峰会上，张袁光炎医师代表瑞金医院胰腺疾病诊疗中心，分享了中国在胰腺疾病多学科协作、微创手术创新、术后康复管理等方面的领先经验，引发孟加 拉国医疗界的广泛关注与高度认可。作为复星健康旗下深耕国际医疗服务的核心载体，佛山禅医凭借多年积累的跨境医疗资源与服务经验，为中孟医学交流 搭建了高效桥梁，而瑞金医院的技术赋能，进一步提升了中国医疗方案在东南亚地区的影响力，惠及更多全球患者。 未来，复星健康将继续 ...

本文源自：金融界AI电报 港股汽车股盘初普遍上扬，小鹏汽车(09868.HK)涨2.53%，零跑汽车(09863.HK)、北京汽车(01958.HK) 涨超1%。 ...

Core Viewpoint - The Chinese automotive industry is experiencing intense competition, particularly in the electric vehicle sector, leading to a "price war" that has prompted the National Market Supervision Administration to draft the "Automotive Industry Pricing Behavior Compliance Guidelines" to establish a fair competitive environment and promote high-quality development [2][4]. Group 1: Price War and Its Impact - The automotive market has undergone four major price wars in the past three years, with over 90% of mainstream brands participating and an average price reduction of 15%, with some models seeing discounts exceeding 30% off the official price [3]. - As of mid-2025, the proportion of automotive dealers reporting losses rose to 52.6%, an increase of 8.3 percentage points year-on-year, with 74.4% of dealers selling vehicles below cost, leading to direct economic losses [3]. - The industry's profit margin has declined from 7.8% in 2017 to 4.3% in 2024, with a further drop to 4.1% in the first four months of this year, representing a nearly 60% decrease compared to the 10.2% margin during the industry's peak in 2012 [3][4]. Group 2: Regulatory Response - The newly introduced guidelines require companies to establish pricing strategies based on production costs and market demand, implementing comprehensive price management across the entire supply chain [4]. - The guidelines explicitly outline nine scenarios of "selling below cost" and seven types of price fraud, providing clear legal boundaries for companies and addressing the core issues of the ongoing price war [4][6]. Group 3: Industry Response and Future Outlook - Major automotive companies, including BYD and Xpeng Motors, have quickly expressed support for the guidelines, committing to optimize their pricing management systems and ensure compliance [5]. - The "National Subsidy" policy is set to continue through 2026, with a significant increase in funding for consumer goods replacement, indicating a strong governmental push to stimulate consumption and promote industry upgrades [6][7]. - The automotive industry has seen a revenue increase of 7.9% and profit growth of 4.4% in the first ten months of this year, with profit margins recovering to 4.4%, suggesting a shift away from aggressive price competition [7][8]. - The production and sales of new energy vehicles have also shown significant growth, with a year-on-year increase of 31.4% and 31.2% respectively, further enhancing China's market share in the global electric vehicle sector [8].

Core Viewpoint - The article discusses the recent regulatory measures in the automotive industry aimed at curbing price wars and ensuring fair pricing practices among manufacturers and dealers, particularly in light of the upcoming vehicle purchase tax for new energy vehicles starting in 2026 [3][4][5]. Group 1: Regulatory Measures - The National Market Supervision Administration has released a draft guideline to regulate pricing behaviors in the automotive industry, addressing issues like price fraud and irrational competition [5][6]. - The guideline emphasizes that manufacturers selling vehicles at a loss face significant legal risks, which has sparked discussions about potential price increases for consumers [7][9]. - The guideline consists of two main components: regulating pricing behaviors of manufacturers and sales enterprises, focusing on preventing loss-leading sales and ensuring transparent pricing [12][14]. Group 2: Reasons for Loss-Leading Sales - The phenomenon of manufacturers selling vehicles at a loss can stem from strategic misjudgments or aggressive competition aimed at eliminating rivals [20][21]. - Many traditional automakers are experiencing declining profits, with the automotive industry’s profit margin reported at 4.5%, below the manufacturing sector's average [25][26]. - Despite operating at a loss, manufacturers continue to ramp up production, with new car deliveries in China reaching 31.12 million units in the first eleven months of the year, a year-on-year increase of 11.4% [26]. Group 3: Consumer Impact - While consumers may benefit from lower prices due to competitive pressures, the ongoing profitability challenges and chaotic competition can lead to negative experiences, such as unclear pricing and delivery issues [31][32]. - The guideline aims to address consumer pain points by enforcing transparency in pricing, including clear communication of subsidies and delivery timelines [32][34][35]. - A healthy pricing system is deemed essential for sustainable market development, allowing manufacturers to invest in R&D and improve product quality over time [35]. Group 4: Future Industry Implications - The introduction of the pricing guideline is seen as a necessary intervention to prevent further price wars, especially as the market stabilizes and growth slows [36][40]. - The guideline may have a more significant impact on new energy vehicle manufacturers, who face greater operational challenges compared to traditional automakers [41][42]. - In the short term, the automotive industry may experience sales pressure due to the new purchase tax and restrictions on price reductions, while long-term effects could stabilize the market and reduce the frequency of price wars [44].

北汽集团表示，计划于2026年一季度将以特定场景启动L3运营。今日据工信部官网，长安汽车和北汽 蓝谷麦格纳近期向工信部提交了搭载L3级有条件自动驾驶功能的智能网联汽车产品准入申请，工信部 于第401批《公告》附条件许可了相关产品。"此次申报车型为极狐阿尔法S（L3工信部版），搭载了包 含3颗激光雷达在内的34颗高性能传感器。"北汽方面表示，目前北汽元境智驾技术体系有Pro、Max、 Ultra三种版本，其中Max版本使用400-600T算力，基于世界模型和VLA技术，可拓展至L3级有条件自动 驾驶；Ultra版本使用1000T以上算力，面向L4级无人驾驶出租车。 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

Group 1 - The National Market Supervision Administration has proposed a guideline requiring car sales to be clearly priced, prompting responses from major automakers like BYD, Xpeng, and BAIC [2][3] - Xiaomi has clarified that it does not prohibit the sale of its products, countering claims of misinformation regarding its brand [1][2] - OpenAI's CEO announced that the adult mode for ChatGPT is expected to launch in the first quarter of 2026, focusing on improving age prediction capabilities first [1][2] Group 2 - Shenzhen Romashi Technology Co., Ltd. was fined over 1.24 million yuan for violating mandatory certification regulations and false advertising [2] - JD.com plans to invest 22 billion yuan over the next five years to provide 150,000 "delivery personnel homes" [7] - Lululemon reported a 7% year-on-year increase in global net revenue for Q3 of fiscal year 2025, reaching 2.6 billion USD [18] Group 3 - The first fully autonomous humanoid robot tour guide solution was launched, integrating various advanced capabilities for diverse applications [8] - Retatrutide, a new weight loss drug from Eli Lilly, showed promising results in clinical trials, with participants losing an average of 23.7% of their body weight [9][10] - NVIDIA's CEO stated that artificial intelligence could potentially increase global GDP fivefold [10] Group 4 - OpenAI released the latest version of its AI model, GPT-5.2, in response to competitive pressures in the generative AI field [22][23] - Samsung launched its first tri-fold smartphone, Galaxy Z Trifold, in South Korea, priced at approximately 1.72 million KRW [22]