Core Viewpoint - GAC Group has announced a strategic partnership with Grab to promote electric vehicle adoption in Southeast Asia, aiming to deliver 20,000 high-performance electric vehicles within two years [1] Group 1: Partnership Details - GAC International and Grab officially established a deep strategic partnership on January 7, 2026 [1] - The collaboration targets six countries in Southeast Asia for the deployment of electric vehicles [1] Group 2: Goals and Objectives - The partnership aims to accelerate the transition to green mobility in the region [1] - A specific goal of 20,000 high-performance electric vehicles is set to be achieved within a two-year timeframe [1]

Group 1 - Multiple car manufacturers are launching price reduction promotions to respond to the impact of the new energy vehicle purchase tax [1][2] - Tesla China has introduced purchase incentives for Model 3/Y/Y L, including a "7-year ultra-low interest" financing plan with a minimum down payment of 79,900 yuan and monthly payments starting at 1,918 yuan [1] - GAC Group announced promotional activities for its self-owned brands, including limited-time purchase tax guarantees and additional subsidies for trade-ins or scrappage [1] - Xiaomi Auto is offering various promotions for its models YU7 and SU7 Ultra, with a "3-year 0% interest" option and a minimum down payment of 74,900 yuan [1] - BMW has initiated a significant official price adjustment for 31 models, with the highest reduction for the iX1, dropping from 299,900 yuan to 228,000 yuan, a decrease of 24% [1] - Volvo is promoting its new XC70 model with a limited-time offer that includes a direct purchase tax subsidy of 14,000 yuan [1] Group 2 - Wuling Motors announced full purchase tax subsidies for several new energy models, along with trade-in subsidies up to 8,000 yuan and limited-time financial interest subsidies up to 5,000 yuan [2] - Traditional car manufacturers such as Dongfeng, Chery, Deep Blue, FAW-Volkswagen, and GAC Toyota are also launching new year price reduction promotions for certain brands or models [2]

Group 1 - The automotive stocks continue to decline, with Beijing Automotive down 3.13% to HKD 1.86, Li Auto down 2.25% to HKD 65.3, GAC Group down 1.99% to HKD 3.95, and Great Wall Motors down 1.23% to HKD 14.47 [1] - Multiple car manufacturers are launching price reduction promotions to counter the impact of the new energy vehicle purchase tax, with Tesla China offering a "7-year ultra-low interest" financing plan for Model 3/Y/Y L and GAC Group announcing various incentives including tax subsidies and additional trade-in bonuses [1] Group 2 - According to Dongfang Securities, consumer sentiment is cautious due to the suspension of subsidies in some provinces and cities, leading to a decline in retail sales of passenger vehicles in November and December 2025, with limited impact on 2026 from the end-of-year surge [2] - Guotai Junan Securities believes that the reduction of subsidies for mid-to-high price range new energy vehicles and fuel vehicles will positively influence the automotive industry's profit margins and reduce internal competition [2]

Core Viewpoint - The automotive sector is experiencing a downturn, with several companies' stock prices declining due to intensified promotional activities in response to the impact of new energy vehicle purchase tax changes [1] Group 1: Company Performance - Beijing Automotive (01958) shares fell by 3.13% to HKD 1.86 [1] - Li Auto-W (02015) shares decreased by 2.25% to HKD 65.3 [1] - GAC Group (02238) shares dropped by 1.99% to HKD 3.95 [1] - Great Wall Motors (02333) shares declined by 1.23% to HKD 14.47 [1] Group 2: Market Response - Multiple automakers are launching price reduction promotions to counteract the effects of the new energy vehicle purchase tax [1] - Tesla China introduced a "7-year ultra-low interest" financing plan for Model 3/Y/Y L [1] - GAC Group announced promotional activities for its self-owned brands, including a limited-time purchase tax guarantee policy and additional subsidies for trade-ins or scrappage [1] Group 3: Industry Outlook - According to Dongfang Securities, consumer sentiment is cautious due to the suspension of subsidies in some provinces and cities, leading to a decline in retail sales of passenger vehicles in November and December 2025 [1] - The first batch of 62.5 billion yuan for consumer goods replacement subsidies has been allocated, suggesting a potential marginal improvement in vehicle purchase demand in the first quarter of 2026 [1] - Guotai Junan Securities noted that the reduction of subsidies for mid-to-high price range new energy vehicles and fuel vehicles has a positive impact on the automotive industry's profitability and internal competition [1]

| ਸ਼ 位 | | | 产 | 量(辆) | | | | | 销 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车 | 36.842 | 43,210 | -14.74% | 354,460 | 416.127 | -14.82% | 50.984 | 79,950 | -36.23% | 351.926 | 470,633 | -25.22% | | 有限公司 | | | | | | | | | | | | | | 广汽丰田汽车 | 73.095 | 71,030 | 2.91% | 756,299 | 736,008 | 2.76% | 68,817 | 77,122 | -10.77% | 756,000 ...

Core Insights - GAC Group reported December 2025 vehicle sales exceeding 187,400 units, a month-on-month increase of 4.3%, with total annual sales of 1.7215 million vehicles and terminal sales of 1.8135 million vehicles [1][3] - The company accelerated its overseas expansion, achieving nearly 130,000 units in overseas sales for its self-owned brands, representing a year-on-year growth of 47% [1][5] Organizational and Talent Transformation - GAC Group is implementing the "Panyu Action" integrated reform, transitioning from a traditional functional organization to a process-oriented organization focused on user needs and project support [1][3] - The reform has shortened the new vehicle development cycle to 18-21 months, reduced R&D costs by over 10%, and improved overall business efficiency by approximately 50% [1][3] - In December 2025, GAC initiated the self-owned brand BU reform, completing the establishment of the Aion BU and starting channel integration, with plans to build over 1,000 sales outlets by Q1 2026 [1][3] - The company appointed Feng Xingya as the new chairman in February 2025, and a new management team, including General Manager He Xianqing, took office in November [1][3] Product and Market Strategy - In 2025, GAC Group focused on three main tasks: stabilizing joint ventures, strengthening self-owned brands, and expanding ecosystems [2][4] - The self-owned brand Aion HL extended range version features the "Star Source" range extension technology, while the Aion A800 received L3-level autonomous driving road test licenses [2][4] - GAC Toyota's new energy transformation showed initial results, with the self-developed strategic model Platinum 3X selling 83,025 units, and the Highlander and Camry achieving sales of 79,042 units and 202,428 units respectively, with a year-on-year growth of 26% [2][4] - GAC Honda focused on core model upgrades, with total sales of the Accord reaching 166,442 units and the CR-V achieving annual sales of 121,177 units [2][4] Global Expansion - GAC views overseas markets as a key growth engine, introducing five new models to international markets and expanding into 16 new markets including Brazil, Poland, Portugal, Australia, and Argentina [5] - By the end of 2025, GAC's business covered 86 countries and regions, with over 630 outlets and five KD factories established in Nigeria, Thailand, Malaysia, Indonesia, and Cambodia [5]

广汽传祺12月产量16,202辆，同比下降59.69%，全年累计产量328,656辆，同比下降18.96%；12月销量24,274辆，同比下降58.19%，全年累计销量319,161 辆，同比下降23.02%。 广汽埃安12月产量38,188辆，同比下降27.09%，全年累计产量300,520辆，同比下降15.76%；12月销量42,140辆，同比下降37.74%，全年累计销量290,081 辆，同比下降22.62%。 | 東 位 | | | A | 量(辆) | | | | | 備 | 量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车 | 36,842 | 43.210 | -14.74% | 354,460 | 4 ...

广汽集团H股跌2.7%，去年12月汽车销量同比下滑超三成。 ...

Group 1: Industry Standards and Regulations - The Ministry of Industry and Information Technology is soliciting opinions on the revision plan for seven mandatory national standards, including "Safety Requirements for Automatic Parking Systems of Intelligent Connected Vehicles" [1] Group 2: Automotive Market Performance - In December, the national retail sales of passenger cars reached 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 23.779 million units, a year-on-year increase of 4% [2] - In December, wholesale sales of passenger cars were 2.759 million units, a year-on-year decrease of 10% and a month-on-month decrease of 8%. Cumulatively, wholesale sales for the year reached 29.524 million units, a year-on-year increase of 9% [2] Group 3: Company Announcements and Product Launches - Xiaomi's new generation SU7 is expected to launch in April 2026, with a starting pre-sale price of 229,900 yuan [3] - Xiaomi's founder Lei Jun stated that the new SU7 model's price increase of up to 14,000 yuan compared to the previous generation is due to rising costs and added features, indicating that price reductions are unlikely [4] - The new SU7 will feature a silicon carbide high-voltage platform and will have a range of 720 km for the standard version, 902 km for the Pro version, and 835 km for the Max version, all equipped with lidar and advanced driving assistance [4] - Ideal Auto announced the launch of 140 new charging stations, bringing the total to over 3,900 across 286 cities in China [6] Group 4: Company Performance and Sales Data - GAC Group reported a December automobile production of 165,302 units, a year-on-year decrease of 20.23%, with total production for the year at 1,744,429 units, down 8.98%. December sales were 187,453 units, down 33.82%, with total sales for the year at 1,721,489 units, down 14.06% [7] - Volvo Cars reported a December global sales figure of 75,049 units, a year-on-year increase of 2%, but a total annual sales decrease of 7% to 710,042 units [8] - Yueda Kia's December sales reached 20,666 units, maintaining over 20,000 units for ten consecutive months, with total annual sales of 253,964 units, a year-on-year increase of 2.3% [9][10] Group 5: Corporate Developments - Xiaopeng Motors has announced a patent for a robot vision calibration method that allows for fully automated calibration processes [10] - Horizon Robotics and the Omnivision Group's joint venture, Smart Driving Mainland neueHCT, has completed nearly $200 million in financing, with investments from several leading industry and market funds [10] - Volvo Cars appointed Thomas Ingenlath as Chief Design Officer, effective February 1, 2026, to lead the global design department [11]

广汽集团 2025 年 12 月新能源汽车销量 61,905 辆，同比下降 19.92%；2025 年累计新能源汽车销量为 433,634 辆，同比下降 4.64%。 从品牌来看，广汽本田、广汽丰田、广汽传祺、广汽埃安 2025 年 12 月销量均同比下降；2025 全年， 仅广汽丰田 2025 年销量同比增长。（IT之家） | ਸ਼ 位 | | | 8 | 量(辆) | | | | | 旬 | 量(铜) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 广汽本田汽车 | 36,842 | 43,210 | -14.74% | 354,460 | 416,127 | -14.82% | 50,984 | 79,950 | -36.23% | ...