消息面上，大摩发布研报指出，中国内地汽车经销商佣金收入下滑，但盈利仍处于复苏轨道，下调永达 汽车、美东汽车2025至2027年盈利预测，以反映"高息高佣"汽车金融产品整顿后，新车利润率低于预期 的情况。大摩认为，尽管新车业务在2025年下半年进一步恶化，对2025年盈利构成下行风险，但预期中 国汽车经销商盈利将在2025年触底，并于2026年反弹。 本文源自：智通财经网 智通财经获悉，汽车经销商跌幅居前，截至发稿，永达汽车(03669)跌3.75%，报1.54港元；和谐汽车 (03836)跌3.06%，报0.95港元。 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 00881 | 中升控股 | -9.12% | 10.560 | 249.95亿 | -9.12% | | 01959 | 世纪联合控股 | -5.52% | 2.910 | 15.42亿 | -11.01% | | 03836 | 和谐汽车 | -4.08% | 0.940 | 14.32亿 | -7.84% | | 03669 | 永达汽车 | -3.75% | 1.540 | 28.57亿 | -12.50% | | 00138 | 中建富通 | -3.08% | 0.063 | 1.01亿 | -10.00% | | 09690 | 途虎-W | -1.00% | 14.900 | 123.16亿 | -7.68% | 2月26日，港股市场汽车零售商股集体下跌，其中，中升控股跌超9%，世纪联合控股跌超5%，和谐汽车跌4%，永达汽 车、中建富通跌超3%。消息面上，香港新一份财政预算案 ...

消息面上，大摩发布研报指出，中国内地汽车经销商佣金收入下滑，但盈利仍处于复苏轨道，下调永达 汽车、美东汽车2025至2027年盈利预测，以反映"高息高佣"汽车金融产品整顿后，新车利润率低于预期 的情况。大摩认为，尽管新车业务在2025年下半年进一步恶化，对2025年盈利构成下行风险，但预期中 国汽车经销商盈利将在2025年触底，并于2026年反弹。 汽车经销商跌幅居前，截至发稿，永达汽车(03669)跌3.75%，报1.54港元；和谐汽车(03836)跌3.06%， 报0.95港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國和諧汽車控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,0 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 ...

Group 1 - The Hong Kong automotive dealership sector experienced a collective rise in stock prices, indicating positive market sentiment [2] - Yongda Automobile (03669.HK) saw an increase of 2.96%, reaching HKD 1.74 [2] - Harmony Auto (03836.HK) rose by 1.96%, trading at HKD 1.04 [2] - Zhongsheng Holdings (00881.HK) increased by 3.88%, with shares priced at HKD 12.33 [2] - Meidong Auto (01268.HK) experienced a 3.25% rise, with shares at HKD 1.27 [2]

Group 1 - Automotive dealers collectively saw an increase in stock prices, with Yongda Automobile rising by 2.96% to HKD 1.74, Harmony Auto up by 1.96% to HKD 1.04, Zhongsheng Holdings increasing by 3.88% to HKD 12.33, and Meidong Auto gaining 3.25% to HKD 1.27 [1] - Morgan Stanley's report indicates that BMW China will reduce suggested retail prices by 10% to 20% starting January 1, primarily affecting imported models such as the 7 Series, 6 Series, M Series, and i-series electric vehicles [1] - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] Group 2 - The price adjustments are expected to benefit dealers like Yongda Automobile, Zhongsheng Holdings, and Meidong Auto slightly, as lower suggested retail prices will lead to reduced procurement costs and potentially increase new car sales margins [1] - However, future rebates received by dealers may decrease, as the amount of rebates is determined by the manufacturer [1]

Group 1 - Automotive dealers collectively saw stock price increases, with Yongda Automobile rising by 2.96% to HKD 1.74, Harmony Auto up by 1.96% to HKD 1.04, Zhongsheng Holdings increasing by 3.88% to HKD 12.33, and Meidong Auto gaining 3.25% to HKD 1.27 [1] - Morgan Stanley's report indicates that BMW China will reduce suggested retail prices by 10% to 20% starting January 1, primarily affecting imported models such as the 7 Series, 6 Series, M Series, and i-series electric vehicles [1] - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] Group 2 - The expected outcome of the price reduction is that actual transaction prices will likely remain stable despite the suggested retail price decrease [1] - Dealers such as Yongda Automobile, Zhongsheng Holdings, and Meidong Auto are anticipated to benefit slightly from the lower wholesale costs, which could enhance their new car sales margins [1] - However, future rebates received by dealers may decrease, as the rebate amounts are determined by the manufacturer [1]

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, promoting high-quality economic and social development, and contributing to the modernization of China [1][2] - Central enterprises are encouraged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to implement the "14th Five-Year Plan" for central enterprises, aiming for a comprehensive optimization of the state-owned economy [2] Group 2 - Companies like China Southern Power Grid and China Huaneng Group are committed to fulfilling their economic, political, and social responsibilities while ensuring energy supply and supporting national energy security [2][3] - China Railway Engineering Corporation is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] - The aviation and energy sectors, represented by China Aviation Industry Corporation and China Dongfang Electric Corporation, are prioritizing technological innovation and deep integration of technology and industry [4] Group 3 - The need for further reform and improvement of the modern enterprise system with Chinese characteristics is highlighted, aiming to build world-class enterprises [6][7] - China Energy Construction Group is focusing on reform to stimulate corporate vitality and enhance operational efficiency [6] - China Changan Automobile Group is committed to transforming into a smart low-carbon travel technology company, aiming for global competitiveness [7]

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, contributing to high-quality economic and social development, and fulfilling social responsibilities for the modernization of China [1] - Central enterprises are urged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2] - China Southern Power Grid is committed to fulfilling economic, political, and social responsibilities while ensuring electricity supply for over 270 million people [2] - China Huaneng Group aims to maintain energy security and innovate in energy technology to better support the modernization process [2] - China Railway Engineering Group is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] Group 2 - Xi Jinping called for strengthening key core technology research and promoting deep integration of technological and industrial innovation [4] - China Aviation Industry Corporation is focusing on independent innovation and advanced manufacturing to enhance capabilities and stabilize growth [4] - China Baowu Steel Group has achieved significant milestones in low-carbon products and aims to strengthen its steel business while integrating technology and industry [4] Group 3 - Xi Jinping highlighted the need for further reform to establish a modern enterprise system and improve corporate governance structures to build world-class enterprises [5] - China Energy Construction Group is committed to deepening reforms to enhance corporate vitality and improve management efficiency [6] - China CRRC Corporation is accelerating the application of new high-speed train technologies to enhance its global competitiveness [6] - China Changan Automobile is focused on transforming into a smart low-carbon mobility technology company while adhering to the Party's directives [6] Group 4 - The China Enterprise Confederation is working to optimize evaluation indicators and expand the range of evaluated enterprises to support central enterprises in building world-class status [7]