Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Overall Situation of Automobile Exports - In 2025, China's automobile manufacturers are expected to export a total of 7.1 million vehicles, representing a year-on-year growth of 21%, maintaining the position as the world's largest automobile exporter [1] - The export growth is characterized by an increase in both volume and value, with a significant enhancement in product added value [1] Export Growth Drivers - Passenger vehicles have become the core engine of export growth, significantly outpacing the growth of bus exports [2] - The main export destinations remain Europe, ASEAN, and South America, with a notable performance in countries along the "Belt and Road" initiative [2] Structure of Exporting Enterprises - The structure of automobile export enterprises has undergone significant changes, with a trend of increased concentration among leading companies, the rise of private enterprises, and a reduction in the market share of foreign-funded enterprises [4] - Domestic brands have shown remarkable performance, with their export share increasing from 22% in 2024 to 24% in 2025 [4] Performance of Major Automobile Groups - BYD leads the industry with an export volume of 1.05 million new energy vehicles, particularly excelling in high-end markets such as Europe and Japan [5] - SAIC Group exported 950,000 vehicles, leveraging its joint ventures and domestic brands to maintain a leading position in ASEAN and South American markets [5] Export Performance of Different Types of Enterprises - Different types of automobile enterprises show varied export performance, with leading companies demonstrating strong results [7] - New energy vehicle companies like BYD, Leap Motor, and Xpeng have seen significant year-on-year growth in export volumes [8] Challenges and Recommendations - The industry faces challenges such as overseas trade barriers, supply chain risks, and intensified global market competition [1] - Companies are advised to increase investment in core technology research and development, optimize export products, and strengthen localized production and services to enhance global supply chain influence [1]

据新华社，报废新能源汽车时必须"车电一体"，每块新能源汽车动力电池都将拥有数字身份证……工业 和信息化部等6部门16日联合发布《新能源汽车废旧动力电池回收和综合利用管理暂行办法》，遵循"全 渠道、全链条、全生命周期"管理思路，自2026年4月1日起施行。 全渠道抓好电池生产、车辆报废、换电运营、维修更换等各类废旧动力电池产生源头的规范管理，管理 办法重点设计"车电一体报废"等制度，明确"报废新能源汽车，动力电池缺失的，应当认定为车辆缺 失，具体办法另行规定"，从而防止出现废旧动力电池流向难以掌握的情况。 聚焦全生命周期加强信息溯源管理，管理办法提出，建立全国新能源汽车动力电池溯源信息平台，建立 新能源汽车动力电池数字身份证管理制度，明确动力电池编码、信息报送等要求，运用数字化技术加强 动力电池流向监测。 与此同时，管理办法对未按要求交售废旧动力电池、不履行回收责任、违反编码和信息报送要求等行 为，设定了责令改正、警告、罚款等行政处罚措施，并明确了行政处罚的实施主体，增强制度的刚性约 束。 广汽集团：传祺BU正式成立 据广汽集团消息，继昊铂埃安BU（Business Unit）组建后，2026年1月16日，传祺 ...

A股代码：601238 A股简称：广汽集团 公告编号：2026-005 H股代码：02238 H股简称：广汽集团 广州汽车集团股份有限公司 第七届董事会第18次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司（简称"本公司"或"公司"）第七届董事会第18次会议于2026年1月16日(星期 五)以通讯方式召开。本次会议应参与表决董事10人，实际参与表决董事10人。本次会议的召集、召开 符合《中华人民共和国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董事 会议事规则》的相关规定，所做决议合法有效。经与会董事投票表决，会议审议通过了如下事项： 一、审议通过了《关于第四期股票期权激励计划第二个行权期期权注销的议案》。 因业绩条件不满足，公司《第四期股票期权激励计划》第2个行权期的股票期权全部注销（注销数量为 93,382,160股）。 表决结果：冯兴亚董事、邓蕾董事作为激励计划的受益人，回避表决；经其他8名非关联董事表决，同 意8票，反对0票，弃权0票。 本议案在提交董事会审 ...

（文章来源：证券日报） 证券日报网讯 1月16日，广汽集团发布公告称，公司第七届董事会第18次会议审议通过《关于第四期股 票期权激励计划第二个行权期期权注销的议案》《关于修订的议案》。 ...

广汽集团宣布，继昊铂埃安BU后，正式成立传祺BU，后者将着力推动传祺品牌焕新。从知情人士处了 解到，传祺BU新领导团队分别为总裁黄坚，副总裁李安、王彧，"三位核心负责人均为在广汽集团体系 内的骨干力量，深耕不同关键领域。（蓝鲸财经） ...

Core Viewpoint - The automotive industry is experiencing an intense price war initiated by luxury brands, leading to significant price reductions across various models from multiple manufacturers, creating a new wave of discounts in the market [1][6]. Group 1: Price Reductions and Promotions - BMW has initiated a price drop of up to 300,000 yuan, prompting over 10 automakers to follow suit with more than 20 mainstream models participating in the price reduction trend [1]. - Geely's Emgrand is now priced at 48,800 yuan, while the new Honda Fit has seen a price cut of 20,000 yuan, setting a new low at 66,800 yuan [1][13]. - Toyota's bZ3 electric sedan has been drastically reduced to 93,800 yuan, a decrease of 76,000 yuan, representing a nearly 45% drop from its previous price [9]. Group 2: Competitive Strategies - The competition has escalated with joint efforts from joint venture brands, particularly Japanese automakers, who are adopting aggressive pricing strategies to reclaim market share [7]. - Various automakers are employing a combination of subsidies, enhanced features, and financing options to attract buyers, rather than relying solely on price cuts [20][30]. - NIO's Firefly brand is offering cash subsidies along with a 10-year NOA (Navigation on Autopilot) free usage right, showcasing a strategic approach to enhance customer value [32]. Group 3: Market Dynamics and Consumer Impact - The price war has led to a significant reduction in the entry price for electric vehicles, making them more accessible to consumers [9][19]. - The automotive market is witnessing a shift where companies are not just competing on price but also on the value offered through financing and additional features, which may lead to a more sustainable competitive environment [37]. - The ongoing promotions and price adjustments are expected to drive sales ahead of the Chinese New Year, indicating a strategic push by manufacturers to maximize order volumes during this peak season [37].

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分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份編號: 2238) 海外監管公告 本公告乃廣州汽車集團股份有限公司（「本公司」）按香港聯合交易所有限公司證券上市規 則第 13.10B 條發出。 以下文件乃本公司於二零二六年一月十六日在中華人民共和國上海證券交易所網頁登載， 僅供參閱。 承董事會命 廣州汽車集團股份有限公司 馮興亞 董事長 中國廣州，二零二六年一月十六日 於本公告日期，本公司的執行董事為馮興亞，本公司的非執行董事為陳小沐、鄧蕾、周開荃、 王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、肖勝方、王克勤及宋鐵波。 1. 《廣州汽車集團股份有限公司第七屆董事會第 18 次會議決議公告》 2. 《廣州汽車集團股份有限公司關於第四期股票期權激勵計劃第 2 個行權期期權 註銷的公告》 3. 《 ...

| 广汽集团《第四期股票期权激励计划》 | | --- | | 第2个行权期股票期权注销人员名单 | | 464 | 张奇洲 | 1235 | 刘振坚 | 2006 | 许睿奇 | 2777 | 郭俏丽 | | --- | --- | --- | --- | --- | --- | --- | --- | | 465 | 张伟锋 | 1236 | 李雄 | 2007 | 蔡志鸿 | 2778 | 李晟 | | 466 | 昝磊 | 1237 | 刘穗中 | 2008 | 林佳娜 | 2779 | 汪华 | | 467 | 陈麒麟 | 1238 | 莫艺涛 | 2009 | 谢海和 | 2780 | 王宇 | | 468 | 肖一渊 | 1239 | 谢天 | 2010 | 张煜林 | 2781 | LI JIXUAN | | 469 | 欧阳俊 | 1240 | 蔡长伟 | 2011 | 梁非 | 2782 | 洪锦平 | | 470 | 张少雄 | 1241 | 郑泽伟 | 2012 | 欧阳思 | 2783 | 李素风 | | 471 | 凌晓明 | 1242 | 甘永波 | 2013 | 李志宏 | 2 ...

| A股代码：601238 | A股简称：广汽集团 | 公告编号：2026-006 | | --- | --- | --- | | H股代码：02238 | 股简称：广汽集团 H | | 广州汽车集团股份有限公司 关于第四期股票期权激励计划第 2 个行权期期权注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州汽车集团股份有限公司（下称"本公司"或"公司"）第七届董事会第 18 次会议于 2026 年 1 月 16 日(星期五)以通讯方式召开，审议通过《关于第四 期股票期权激励计划第二个行权期期权注销的议案》，会议同意因业绩条件不满 足对《第四期股票期权激励计划》第 2 个行权期的股票期权进行注销。具体如下： 一、《第四期股票期权激励计划》第 2 个行权期注销数量 （一）因公司经营业绩未满足《第四期股票期权激励计划》第 2 个行权期的 行权条件，激励对象获授的股票期权需注销。具体如下： | 激励 方式 | 代码 | | 人数 -人 | 授予数量-股 | 注销数量-股 | 剩余数量-股 | 备注 | | --- | ...