Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

南方财经1月26日电，港股汽车股盘初下探，长城汽车跌超4%，蔚来-SW、零跑汽车、理想汽车-W跌超 2%，赛力斯、吉利汽车跟跌。 ...

本文源自：金融界AI电报 港股汽车板块盘初走低，小鹏汽车(09868.HK)跌超3%，蔚来汽车(09866.HK)跌2.51%，长城汽车 (02333.HK)、零跑汽车(09863.HK)跌幅居前。 ...

Core Insights - The 2025 China Commercial Vehicle Brand Influence Index Report highlights a stable structure in the commercial vehicle market, led by traditional giants like FAW, Dongfeng, and JMC, which have established strong competitive barriers through product reliability and brand trust [1][2] - The report indicates a significant acceleration in the electrification, intelligence, and efficiency transformation of commercial vehicles, driven by the dual goals of the national "dual carbon" strategy and the logistics industry's need for cost reduction and efficiency [1][10] Group 1: Heavy Truck Market - The heavy truck market is characterized by a triad of leading companies, with FAW achieving the highest influence score of 738.53, supported by a media presence of 17.50% and a user satisfaction score of 4.80 [2][3] - Dongfeng and China National Heavy Duty Truck Group follow with scores of 709.85 and 699.35, respectively, showcasing their strong market presence and quality control [3][4] Group 2: Other Commercial Vehicle Segments - In the pickup truck segment, Great Wall Motors leads with a score of 714.11, demonstrating a robust market presence with over 181,000 units sold and a strong brand reputation built over 28 years [6][7] - Dongfeng tops the light truck segment with a score of 702.67, focusing on high-end logistics solutions, while Foton and JMC maintain their positions through extensive distribution networks and proven product durability [8][9] Group 3: Electrification and New Entrants - The year 2025 marks a pivotal shift towards market-driven electrification in commercial vehicles, with new entrants like Radar Automotive gaining attention in the pickup segment [10][11] - Traditional brands are responding to new competitors by launching dedicated electric platforms and comprehensive logistics solutions, aiming to transition from vehicle manufacturers to integrated smart logistics providers [10][11]

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

Group 1 - The 12th Jin Xuan Award ceremony was held in Beijing, recognizing 20 gold award marketing cases, 6 annual awards, and 43 excellent marketing cases across various categories including creative works, public welfare and sustainable development, AIGC marketing, and brand IP marketing [2] - Notable winners include Volkswagen China and Toyota China for public welfare and sustainable development, Wuling for creative works, and Mercedes-Benz and SAIC Audi for cross-border marketing [2] - The award introduced a dual-track collection mechanism this year, combining committee nominations and enterprise applications, resulting in over 500 initial cases and 84 benchmark cases shortlisted after multiple rounds of screening [2] Group 2 - The Jin Xuan Award highlights the shift in marketing strategies in the automotive industry due to information overload and weakened traditional marketing effectiveness, emphasizing the need for "meaning reconstruction and value redefinition" [3] - The award ceremony featured the launch of the Xuanyuan Matrix, which consists of three main components: industry services, industry evaluation, and industry communication, aimed at creating a comprehensive support system for the automotive marketing sector [3] - The marketing focus is shifting towards three-dimensional values of "temperature, scale, and attitude," with an emphasis on AI technology and user experience throughout the entire vehicle usage process [3]

Core Viewpoint - The board of directors of Great Wall Motors has decided not to lower the conversion price of the "Changqi Convertible Bond" despite triggering the conditions for a downward adjustment due to stock price performance [2][5][18]. Group 1: Meeting Decisions - The board held its 46th meeting on January 23, 2026, with all 8 directors present, and unanimously approved the proposal not to adjust the conversion price of the "Changqi Convertible Bond" [1][2]. - The decision was made based on confidence in the company's long-term potential and to protect the interests of all investors [18]. Group 2: Convertible Bond Details - The "Changqi Convertible Bond" was issued on June 10, 2021, with a total amount of 3.5 million bonds, each with a face value of 100 yuan, totaling 3.5 billion yuan [6][7]. - The bond has a maturity period of 6 years, from June 10, 2021, to June 9, 2027, with an initial conversion price of 38.39 yuan per share, which has been adjusted multiple times since issuance [7][19]. - The current conversion price is 39.61 yuan per share, and the bond's conversion period is from December 17, 2021, to June 9, 2027 [7][19]. Group 3: Price Adjustment Conditions - The conditions for a downward adjustment of the conversion price were triggered when the company's A-share stock price was below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][17]. - The board has decided not to propose a downward adjustment for the next 6 months, from January 24, 2026, to July 23, 2026, even if the conditions are met again during this period [18].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-007 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于不向下修正"长汽转债"转股价格的公告 3、由于公司①2020年股权激励计划首次授予股票期权第一个行权期自主行权、② 2020年股权激励计划首次授予及预留授予部分限制性股票回购注销，2021年11月11日起， "长汽转债"转股价格由38.00元/股调整为38.01元/股，详见公司于2021年11月10日披 露的《关于"长汽转债"转股价格调整的公告》。 4、由于公司①2020年股权激励计划首次授予股票期权第一个行权期自主行权、② 2020年股权激励计划首次授予部分限制性股票回购注销、③2020年股权激励计划首次授 予股票期权第二个行权期及预留授予股票期权第一个行权期自主行权、④2021年度权益 分派实施，2022年5月20日起，"长汽转债"转股价格由38.01元/股调整为37.89元/股， 详见公司于2022年5月13日披露的《关于"长汽转债"转股价格调整的公告》。 本公司董事会及全体董事保证本公告内容 ...

2026年1月23日，长城汽车股份有限公司（以下简称"本公司"或"公司"）以书面 传签方式召开第八届董事会第四十六次会议，应出席董事8名，实际出席董事8名，会议 资料已提前以电子邮件形式发出，符合《中华人民共和国公司法》及《长城汽车股份有 限公司章程》的规定。 会议审议决议如下： 一、审议《关于不向下修正"长汽转债"转股价格的议案》 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 第八届董事会第四十六次会议决议公告 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。 （详见《长城汽车股份有限公司关于不向下修正"长汽转债"转股价格的公告》） 审议结果：8 票同意、0 票反对、0 票弃权，该议案通过。 特此公告。 长城汽车股份有限公司董事会 2026年1月23日 1 ...

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。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 1 月23日 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司關 於不向下修正"長汽轉債"轉股價格的公告」。 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。 重要内容提示： 於本公告日期，董事會成員如下： 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝 ...