Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed a deep cooperation agreement with Huawei to develop a new model for intelligent electric vehicles, indicating a proactive transformation towards electric and intelligent technology [4][5] - The company is expected to benefit from strong support from the Shanghai government and the experience of its youthful management team in marketing, technology, and supply chain management [4] - The forecasted net profit for the company from 2024 to 2026 is projected to be 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively, with corresponding EPS of 0.1, 0.9, and 1.3 yuan [4] Financial Summary - The total revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but a projected decline to 603.79 billion yuan in 2024 [7] - The net profit attributable to the parent company for 2022 was 16.12 billion yuan, which is expected to drop significantly to 1.62 billion yuan in 2024, before rebounding to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [7] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a significant expected improvement in profitability over the forecast period [7] Strategic Initiatives - The company is restructuring its passenger vehicle segment and integrating its brands, such as Roewe, while adopting Huawei's IPD system to enhance R&D processes and market responsiveness [5][6] - The collaboration with Huawei is expected to enhance the company's competitive position in the intelligent vehicle market, leveraging Huawei's advanced technology in product definition and sales services [5][6] - The company aims to expand its product offerings to include hybrid and HEV models for international markets, capitalizing on the growing demand for electric vehicles [6]

% 轩然之景 | 成就新汽车人 and and the start of t B 能 来 浪 球 未 逐 全 顺 推 撰文 / 孟 为 设计 / 师 超 2月21日下午，上汽与华为在上海签署深度合作协议。双方将在产品定义、生产制造、供应链管理、销售服务等领域展开战略合作，打造全新新能源智 能汽车，共同为用户带来领先的智能化出行体验。 上汽集团董事长王晓秋，华为常务董事、终端BG董事长、智能汽车解决方案BU董事长余承东见证签约。上汽集团总裁贾健旭、华为终端智选车业务部 总裁汪严旻分别代表上汽和华为签约。 此次上汽与华为开启战略合作，将进一步发挥各自优势，推动中国汽车产业在智能化时代迈向新的高度。双方团队将深度融合、携手共进，共同探索智 能汽车技术创新与商业模式创新的新路径，致力于打造具有全球竞争力的智能汽车产品，为用户提供更加智能、便捷、安全的出行体验。 这意味着坊间一直传言的华为第五界项目正式官宣落地。 这一次与华为的深度合作，不仅是上汽集团全面深化改革的积极尝试，也是上汽真正读懂了什么是企业和产品的灵魂，向着产品战略的3.0阶段全面布 局。 真正的灵魂论是对消费者的个性化满足 有人认为，当初的灵魂论和上汽集 ...

淘宝天猫划了新重点，扶持优质品牌和商家做增长。 据我们先前的独家信息 ，阿里电商事业群此前明确了淘宝天猫 2025 年的战略重点，通过扶持优质 品牌和商家来做增长，平台把精力和资金都集中押注在 "能继续长大" 的优质品牌和商家上，帮助 他们提高收入，从而提升阿里的收入。 该战略首批政策将落在阿里电商最优势的三大核心类目，服饰、美妆和运动户外，也是竞对与阿里 电商争夺最激烈的几个类目。淘天计划采取的动作包括销售额达标后给予激励，跟随商家一起追投 站外流量等，用户增长部门的核心目标从活跃用户数回到了购买用户数。 2 月 19 日，周大生、周生生、潮宏基、六福珠宝等品牌的黄金首饰价格再次上调，均达每克 892 元。以周大生的黄金价格为例，相较前一日每克上涨 17 元。同日现货黄金价格也继续上涨，据万 得数据，COMEX 黄金价格一度涨超 2958 美元 / 盎司。随着地缘政治、特朗普政府关税政策等不 确定因素，以及各国增持黄金，券商预计国际黄金价格还将继续上涨。 耐克与 Skims 合作推出新女性运动服饰品牌。 阿里希望比过去更开放，平台强调和商家一起投入，而非过去单方面希望商家投入，最终赌一种可 能性—— 品牌无 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a transformation supported by the Shanghai government, with a focus on electric and intelligent technology, which is expected to reverse its current performance [4] - The company has introduced "seven technological foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei [4] - The company is expected to see significant profit growth from 2024 to 2026, with projected net profits of 1.62 billion, 10.02 billion, and 14.48 billion yuan respectively [4] Financial Summary and Valuation Indicators - Revenue for 2022 was 744.06 billion yuan, with a slight increase to 744.71 billion yuan in 2023, but projected to decline to 603.79 billion yuan in 2024 [6] - The net profit for 2022 was 16.12 billion yuan, which is expected to drop significantly to 1.62 billion yuan in 2024, before rebounding to 10.02 billion yuan in 2025 and 14.48 billion yuan in 2026 [6] - The company's P/E ratio is projected to be 125.4 in 2024, 20.3 in 2025, and 14.1 in 2026, indicating a potential recovery in valuation [6]

Investment Rating - The investment rating for SAIC Motor Corporation is "Buy" (首次) [1] Core Views - The company is undergoing a transformation supported by the Shanghai municipal government, with a focus on electric and intelligent technologies, which is expected to reverse its current performance [4] - The new leadership team is characterized by youth and rich experience in marketing, technology, overseas expansion, and supply chain management, which is anticipated to drive the company's transformation [4] - The company has introduced "seven technology foundations" to support its electric and intelligent transformation, with partnerships with leading technology suppliers like Huawei and Momenta [4] Financial Summary and Valuation Indicators - The total revenue for 2022 was 744,063 million, with a slight increase to 744,705 million in 2023, but a projected decline to 603,793 million in 2024, followed by a recovery to 644,009 million in 2025 and 684,802 million in 2026 [6] - The net profit attributable to shareholders is expected to drop significantly from 16,118 million in 2022 to 1,623 million in 2024, before rebounding to 10,020 million in 2025 and 14,479 million in 2026 [6] - The projected EPS for 2024, 2025, and 2026 are 0.1, 0.9, and 1.3 respectively, with corresponding P/E ratios of 125.4, 20.3, and 14.1 [6] Business Overview - SAIC Motor Corporation is a leading automotive company in China, transitioning from joint ventures to independent development, with a focus on electric and intelligent vehicles [16] - The company has maintained its position as the top automotive seller in China for 18 consecutive years, achieving sales of 5.02 million vehicles in 2023 [16] - The company’s business segments include vehicle manufacturing, parts, mobility services, finance, international operations, and innovative technology, with vehicle sales being the primary revenue source [19][20]

撰 文 / 钱亚光 设 计 / 师 超 2025年2月15日，2025中国全固态电池产学研协同创新平台年会暨第二届中国全固态电池创新发展 高峰论坛在北京举行，汇聚8位院士，6家行业组织、60多位专家学者以及200余家整车、电池、材 料企业，多家研究机构，以及多个地方政府代表，聚焦材料科学、新工艺新装备及产业前沿进展， 探讨全固态电池创新突破及挑战。 全国政协常委、经济委员会副主任，工业和信息化部原部长苗圩表示，固态电池产业化仍需解决技 术、工艺和成本的问题。从当前全球固态电池研发进展来看，量产技术工艺有待成熟，2027年前后 实现小批量生产。 中国工程院院士、中国全固态电池产学研协同创新平台专家委员会主任陈立泉回顾了固态锂电池研 究方面的发展历程和技术突破，梳理了全固态电池领域关键问题和难点，涵盖正极界面问题、负极 界面等问题。 中国科学院院士、中国全固态电池产学研协同创新平台理事长欧阳明高表示，当前要聚焦以硫化物 电解质为主体电解质匹配高镍三元正极和硅碳负极的技术路线，以比能量400Wh/Kg、循环寿命 1000次以上为性能目标，确保2027年实现轿车小批量装车，2030年实现规模量产。 中国科学院院士、厦 ...

Group 1 - On February 17, SAIC Motor Corporation Limited executed a block trade with a volume of 109,000 shares and a transaction value of 2.0111 million yuan, at a price of 18.45 yuan per share [1] - The buyer of this block trade was Huatai Securities Co., Ltd. headquarters, while the seller was CITIC Securities Co., Ltd. Shanghai branch [1] - In the past three months, SAIC Motor has recorded a total of 13 block trades, with a cumulative transaction value of 963 million yuan [1]

「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 截至周五下午，本周及上周（2月1日-2月14日）LP动态共44起。 LP 江苏最大母基金，签约4 0 8亿 投资界-解码LP获悉，2月1 2日，江苏省战略性新兴产业母基金2 0 2 5年新年第一会在南京举 行。会议现场，第二批产业专项基金成功签约——共计2 2只，规模4 0 8亿元，涵盖南京、苏 州、无锡、常州、南通等11个设区市和4户省属企业。 回想去年6月，江苏正式启动总规模5 0 0亿元的江苏省战略性新兴产业母基金，助力当地战 略性新兴产业和未来产业发展。仅用时8个月，两批产业专项基金总规模已超9 0 0亿元，一 场全省自上而下的产业竞赛已经打响。 LP 3 0 0亿，江苏成立新国资平台 日前，江苏省国金投资集团有限公司（以下简称为"国金投资集团"）正式登记成立，注册 资本3 0 0亿元人民币。 而稍早前，共计2 2只、规模4 0 8亿元的江苏省战略性新兴产业母基金第二批产业专项基金完 成签约，掀起江苏全省上下联动的产业竞赛。目睹隔壁杭州"六小龙"的崛起，江苏迎头赶 来。 LP 张雪峰又做LP了 日前 ...

京东外卖全年免佣金。 京东外卖即日起启动商家招募，针对 5 月 1 日前入驻的商家，给予全年免佣金优惠政策。其招商范 围仅限于 "品质堂食餐厅"，京东会通过审核营业执照及门店照片、销售人员线下拜访核验等方式 确保品质。 外卖平台作为连接餐厅、骑手、用户的多边平台，具备强规模效应，配送成本效率与单量密度具备 正相关性。中信证券称，去年三季度，京东即时零售日均单量约 300 万单，美团即时配送日均单量 7700 万单。他们比较了美团外卖与京东外卖上海陆家嘴附近的霸王茶姬、周黑鸭、大米先生等品 牌连锁餐饮，同一商家在两个平台的同款餐食定价基本同价，但京东外卖配送费暂不占优，用户实 付价格更高。 鸿蒙智行将迎来 "第五界"，更多细节还在谈判。 继赛力斯、奇瑞、北汽、江淮后，上汽将成为华为鸿蒙智行新的合作方，从注册商标来看，新品牌 名为 "尚界"。2 月 11 日，36kr 报道，尚界首款车型基于上汽飞凡原有产品开发，新车预计今年四 季度上市。消息传出后，上汽集团 A 股股价收涨 4.6%。 据我们了解，上汽和华为去年下半年洽谈合作，名义上不是鸿蒙智行模式，但华为会深度参与整车 定义、产品设计和渠道销售各环节，无限接近 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a wholesale sales volume of 264,000 vehicles in January 2025, representing a year-on-year increase of 7.9% despite a month-on-month decrease of 45.3%. This growth in a traditionally slow month sets a solid foundation for annual sales growth. The industry is entering a new phase of advanced intelligent driving, and the company is expected to leverage its strong technical foundation to pursue growth through smart technology, aiming for a rebound in sales and stable operations in 2025 [3][12][14]. Summary by Sections Sales Performance - In January 2025, the company reported a wholesale sales volume of 264,000 vehicles, up 7.9% year-on-year but down 45.3% month-on-month. The company delivered 353,000 vehicles in total, with 206,000 from its own brands, marking a 6.0 percentage point increase in the share of self-owned brand sales year-on-year. The production volume reached 325,000 vehicles, a 33.4% increase year-on-year but a 28.9% decrease month-on-month [11][12]. Technological Advancements - The company is accelerating its electrification transformation, with January sales of new energy vehicles at 61,000 units, down 5.0% year-on-year and 60.3% month-on-month, primarily due to the impact of the Spring Festival. The company plans to launch new models across its electric, hybrid, and hydrogen platforms in 2025, enhancing its technological capabilities [13][14]. Financial Forecast - The company forecasts revenues of 618.6 billion, 644.7 billion, and 678.8 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15%, +4%, and +5%. The net profit attributable to the parent company is expected to be 1.587 billion, 9.291 billion, and 12.664 billion yuan for the same years, with growth rates of -89%, +485%, and +36% [15][20].