智通财经APP讯，广汽集团(02238)发布公告，2026年1月16日，公司完成了2026年度第一期绿色科技创新债券的发行，发行规模为人民币30亿元，募集资金 已于2026年1月16日全部到账。本期债券简称"26广汽集MTN001(科创债)"，发行利率为1.99%。 ...

智通财经APP讯，广汽集团(02238)发布公告，2026年1月16日，公司完成了2026年度第一期绿色科技创 新债券的发行，发行规模为人民币30亿元，募集资金已于2026年1月16日全部到账。本期债券简称"26广 汽集MTN001(科创债)"，发行利率为1.99%。 ...

广州汽车集团股份有限公司（简称"本公司"或"公司"）分别于 2025 年 9 月 12 日及 2025 年 9 月 30 日召开第七届董事会第 10 次会议和 2025 年第三次 临时股东大会，审议通过了《关于公司发行中期票据方案的议案》，同意公司向 中国银行间市场交易商协会申请发行不超过人民币 150 亿元（含）的中期票据。 详细信息可查阅公司于 2025 年 9 月 12 日及 2025 年 9 月 30 日披露的相关公告。 2025 年 11 月 10 日，公司收到交易商协会出具的《接受注册通知书》（中 市注协[2025]MTN1083 号），交易商协会同意接受公司科技创新债券注册，注册 金额为 150 亿元，注册额度自通知书落款之日起 2 年内有效。 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-007 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 关于 2026 年度第一期绿色科技创新债券发行结果的公告 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 ...

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) 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，二零二六年一月十九日 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。 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-007 H 股代码：02238 H 股简称：广汽集团 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。 隨附之文件乃本公司於二零二六年一月十九日在中華人民共和國上海證券交易 所網頁登載之《廣州汽車集團股份有限公司關於 2026 年度第一期綠色科技 ...

Core Viewpoint - GAC Group has established a new business unit (BU) for the Trumpchi brand, aiming to enhance decision-making efficiency and market responsiveness through integrated operations across the entire value chain [2] Group 1: Business Unit Strategy - The newly formed Trumpchi BU will focus on revitalizing the Trumpchi brand by emphasizing a "mainstream, elegant, high-quality" brand positioning [2] - The strategy includes three main paths: technological upgrades, product redefinition, and deepening user experience [2] - The goal is to create a more competitive product matrix, advanced ecological technologies, and user-centric service experiences to elevate the brand [2] Group 2: Performance Validation - The successful performance of the Aion BU has validated the feasibility of the BU model [2] - By December 2025, Aion BU's sales surpassed 40,000 units, with the Aion i60 achieving over 10,000 units in its first month of sales, providing a replicable success model for Trumpchi BU [2] Group 3: Future Outlook - GAC Group aims to enhance resource integration and accelerate market response through the establishment of both Aion and Trumpchi BUs [2] - The company plans to implement a "dual BU drive" to accelerate the "Panyu Action" initiative and continuously improve its competitive capabilities [2]

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The report highlights three major investment opportunities in the mechanical equipment sector: the Belt and Road Initiative, demand recovery in Europe and the US, and the transition from capacity to technology export in high-end manufacturing [2][18] - Solid-state battery technology is accelerating, benefiting equipment manufacturers, with significant investments from leading companies like BYD and Gotion [3][20] - The humanoid robot sector is poised for growth with Tesla's Optimus V3 nearing mass production, indicating strong market potential for core suppliers [4][41] Summary by Sections Investment Recommendations - Recommended companies include: Northern Huachuang, Sany Heavy Industry, Zhongwei Company, Hengli Hydraulic, CIMC, Tuojing Technology, Haitai International, Bichu Electronics, Jingsheng Mechanical, and others [1][15] Mechanical Equipment Export - China’s foreign investment is growing rapidly, with a focus on the Belt and Road Initiative, which is driving demand for domestic equipment in resource-rich countries [2][18] - The report emphasizes the importance of high-quality targets with significant exposure to European and American markets, particularly in hand tools and forklifts [19] Lithium Battery Equipment - The solid-state battery industry is experiencing rapid industrialization, with key players accelerating their production capabilities [3][20] - Recommended companies in this sector include: Xian Dao Intelligent, Lian Ying Laser, and Hangke Technology [3][20] Humanoid Robots - The report notes that the release and mass production of Tesla's Optimus V3 will be a significant event for the industry, with a focus on core suppliers with high production certainty [4][41] - Recommended companies include: Hengli Hydraulic, Sanhua Intelligent Control, and Top Group [4][41] Forklift Industry - The report indicates a decline in domestic forklift sales but anticipates a recovery in 2026 due to low base effects and improving overseas market conditions [5][19] - Recommended companies include: Hangcha Group, Anhui Heli, and Zhongli [5][19] High-end Manufacturing Export - The report highlights the shift from capacity export to technology export, with a focus on light module equipment and lithium battery equipment [2][18] - Recommended companies include: certain HJT equipment leaders and Aotewei [20][39] Data Center and Liquid Cooling - The report discusses the emergence of liquid cooling technology as essential for data centers, driven by increasing power density and cooling demands [45] - Recommended companies in this sector include: Yingwei Technology and others [34][45]

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]

Group 1: New Energy Vehicle Battery Recycling Regulations - The Ministry of Industry and Information Technology and five other departments have jointly released interim measures for the recycling and comprehensive utilization of used power batteries from new energy vehicles, effective from April 1, 2026 [1] - The regulations emphasize "full-channel, full-chain, and full-lifecycle" management, requiring that each power battery has a digital identity to prevent the loss of used batteries [1] - A national information platform for tracking the lifecycle of new energy vehicle batteries will be established, enhancing monitoring through digital technology [1] Group 2: Automotive Industry Developments - GAC Group has officially established the "Trumpchi Business Unit" as of January 16, 2026 [2] - JAC Motors has projected a net loss of 1.68 billion yuan for 2025, impacted by increasing competition in the international automotive market and losses from its joint venture with Volkswagen Anhui [3] - Ford China has responded to rumors of negotiations with BYD, stating that it engages in discussions with various companies across multiple business areas [3] - Huawei's Smart Car Solutions BU CEO announced that over 80 models are expected to feature Huawei's ADS by 2026, with a cumulative total of around 3 million vehicles [3] Group 3: Market Performance and Challenges - Porsche has reported a 10% decline in global deliveries for 2025, totaling 279,449 vehicles, with significant drops in the European market due to supply shortages linked to EU cybersecurity regulations [6] - Stellantis Group has ruled out the possibility of closing factories in Europe in 2026, emphasizing the need for greater flexibility in EU carbon emission regulations to support the local automotive industry [7] - Stellantis is expected to announce a new strategic plan by the end of the first half of this year [8]