证券代码：600104 证券简称：上汽集团 公告编号：临 2025-042 上海汽车集团股份股份有限公司 关于子公司动力新科与相关方联合出资 参与上汽红岩重整暨关联交易的公告 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： 本次交易构成关联交易：本公司子公司上海新动力汽车科技股 份有限公司（以下简称"动力新科"）拟与上海汽车工业（集团）有 限公司（以下简称"上汽总公司"）等相关方共同组成联合体参与上 汽红岩重整投资。上汽总公司是本公司的控股股东，故本次动力新科 与其共同参与上汽红岩重整投资构成关联交易。 本次交易未构成重大资产重组 过去 12 个月内，除已提交公司股东会、董事会审议通过的日 常关联交易外，公司不存在与本次同一关联人或与不同关联人之间交 易类别与本次关联交易相关的关联交易。 交易实施尚需履行的审批及其他相关程序：若上汽红岩重整计 划获得法院裁定批准，动力新科持有重整后上汽红岩的股比将低于 20%，上汽红岩将不再纳入其合并范围，并对出表当年本公司的相关 财务指标产生积极影响。经初步测算，因出表产生的 ...

重要内容提示： 证券代码：600104 证券简称：上汽集团 公告编号：临 2025－043 上海汽车集团股份有限公司 关于在招商银行开展存贷款等业务暨关联交易的公告 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。 本次日常关联交易事项尚须提交公司股东会审议 公司在招商银行股份有限公司（以下简称"招商银行"）开展存贷 款等业务系在银行业金融机构正常的资金存放与借贷行为，存贷款利率 均按商业原则，参照招商银行对其他客户同期存贷款利率确定，关联交 易定价公允，不会构成公司业务对关联方的依赖，不会影响公司的独立 性，不存在损害公司及中小股东利益的情形，符合公司和全体股东利益。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、本次日常关联交易相关议案提交公司董事会审议前，已经公司独 立董事专门会议 2025 年第三次会议审议，全体独立董事一致同意后提交 公司董事会审议。 2、经 2025 年 9 月 29 日召开的公司第九届董事会第三次会议审议， 非关联董事以 7 票同意、0 票反对、0 票弃权通过了《关于在招商银行开 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2025-044 上海汽车集团股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第一次临时股东会 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 16 日 至2025 年 10 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年10月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网 络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投 票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：20 ...

证券代码：600104 证券简称：上汽集团 公告编号：临 2025－041 上海汽车集团股份有限公司 九届三次董事会会议决议公告 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。 1、关于子公司动力新科与相关方联合出资参与上汽红岩重整事 项的议案 本议案事先已经公司独立董事专门会议审议通过。 本议案为关联交易议案，关联董事王晓秋回避表决。 本议案须提交公司股东会审议。 详见公司于上海证券交易所网站发布的《关于子公司动力新科与 相关方联合出资参与上汽红岩重整暨关联交易的公告》（临 2025－ 042）。 （同意 7 票，反对 0 票，弃权 0 票） 2、关于在招商银行开展存贷款等业务暨关联交易的议案 本议案事先已经公司独立董事专门会议审议通过。 本议案为关联交易议案，关联董事黄坚回避表决。 上海汽车集团股份有限公司第九届董事会第三次会议通知于 2025 年 9 月 26 日通过传真、电子邮件等形式送达。本次董事会会议 于 2025 年 9 月 29 日采用通讯方式召开。会议的召集、召开符合《公 司法》及《公司章程》的有关规定。本次 ...

格隆汇9月30日丨上汽集团(600104.SH)公布，为实现上汽红岩运营价值最大化，经公司2025年9月29日 召开的第九届董事会第三次会议审议通过，同意公司子公司动力新科与上汽总公司、重庆两江新区高质 量发展产业私募股权投资基金合伙企业(有限合伙)(称"两江产投")、重庆发展资产经营有限公司(称"重庆 发展")共同组成联合体(称"联合体")联合报名，参与上汽红岩重整，联合体合计出资30亿元，预计取得 重整后上汽红岩66%目标股权，其中，动力新科出资6.66亿元，预计取得重整后上汽红岩14.66%目标股 权(上述具体股权比例以法院裁定后的重整计划中数据为准)。 ...

格隆汇9月30日丨上汽集团(600104.SH)公布，为实现上汽红岩运营价值最大化，经公司2025年9月29日 召开的第九届董事会第三次会议审议通过，同意公司子公司动力新科与上汽总公司、重庆两江新区高质 量发展产业私募股权投资基金合伙企业(有限合伙)(称"两江产投")、重庆发展资产经营有限公司(称"重庆 发展")共同组成联合体(称"联合体")联合报名，参与上汽红岩重整，联合体合计出资30亿元，预计取得 重整后上汽红岩66%目标股权，其中，动力新科出资6.66亿元，预计取得重整后上汽红岩14.66%目标股 权(上述具体股权比例以法院裁定后的重整计划中数据为准)。 ...

从"规则驱动"到"端到端" 在同日举行的技术发布会上，上汽大众党委书记、总经理陶海龙，销售与市场执行副总经理傅强，卓驭 科技CEO沈劭劼等核心嘉宾接受《证券日报》等媒体采访，深度解读燃油车智能化的突破路径、技术逻 辑与未来规划。 9月29日，上汽大众Pro家族2026款正式上市，不仅以"上市即交付"的姿态推动燃油车智能化进入2.0阶 段，更通过"端到端高快NOA"等核心技术突破，打破行业对燃油车"不智能"的偏见。 "今年上半年，上汽大众燃油车市占率提升至近9%，稳居单一品牌第一；Pro家族三款车型贡献了总销 量的10%，其中途观L Pro在系列销量中占比达25%。"傅强在回答《证券日报》记者提问时，用数据印 证了市场认可度，而这一成绩的背后，是上汽大众构建的"燃油车黄金价值三角"——智能表现、大厂品 质与机械素质。 在成本控制上，上汽大众通过"规模效应+技术路线优化"，将原本30万元级纯电车型的高阶辅助驾驶， 下放到15万元－25万元燃油车区间。傅强表示，一方面依托燃油车现有市场规模摊薄研发成本，另一方 面选择"视觉为主+毫米波雷达辅助"的方案，避免激光雷达带来的成本激增，"顶配车型免费送高快 NOA，选装仅 ...

Core Viewpoint - China's automotive exports are undergoing significant regulatory changes, with new export license requirements for pure electric passenger vehicles starting January 1, 2026, aimed at promoting healthy development in the new energy vehicle trade [1][3]. Group 1: Regulatory Changes - The Ministry of Commerce has announced that pure electric passenger vehicles will now require export licenses, marking a shift in export management for these vehicles [1][3]. - The new regulations will apply to vehicles with a Vehicle Identification Number (VIN), which will help in categorizing and managing exports more effectively [2][3]. - The implementation of export licenses is expected to enhance brand responsibility, service levels, and curb low-price competition in the export market [1][4]. Group 2: Market Impact - In the first eight months of this year, the export volume of electric passenger vehicles with VINs reached 1.082 million units, representing nearly half of the total electric vehicle exports of 2.2534 million units [2]. - The export value of electric passenger vehicles during the same period was approximately 294.79 billion yuan [2]. - The new regulations are anticipated to drive a transformation in the industry from scale expansion to quality enhancement, thereby improving the international image of Chinese automotive brands [4]. Group 3: Industry Response - Automotive manufacturers will need to meet stricter qualifications to obtain export licenses, which will prevent unauthorized exports and ensure quality control [3][4]. - Companies are encouraged to develop comprehensive service networks abroad to support their products, enhancing customer satisfaction and brand reputation [3][4]. - The new policy is viewed as an opportunity for compliant companies to deepen their international presence and adapt to local markets [4]. Group 4: Future Outlook - The global automotive landscape is undergoing restructuring, with predictions that by 2030, Chinese brands could achieve a production scale of nearly 30 million vehicles globally [5]. - The focus on high-quality exports is expected to position Chinese electric vehicles favorably in international markets, fostering long-term growth and competitiveness [4][5].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The humanoid robot sector is gaining attention, particularly showcased at the 2025 Shanghai Industrial Expo, indicating a growing demand for innovative technologies [2][16]. - The report emphasizes the importance of identifying high-cost performance technology routes similar to lithium iron phosphate batteries in the electric vehicle sector, and companies with inherent advantages like CATL [18][17]. - The domestic passenger car market is facing increased competition as the effects of vehicle replacement programs diminish, leading to a recommendation for companies that focus on differentiated competition [18][15]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, while the new energy vehicle index fell by 2%. The commercial vehicle index decreased by 3% [2][7]. - Over the past month, the automotive index increased by 5%, while the new energy vehicle index decreased by 2% [8][9]. 2. Investment Strategy and Recommendations - The report suggests focusing on companies like Dechang Motor Holdings and Haoneng Co., which are positioned to benefit from the humanoid robot supply chain [18][19]. - It highlights the potential of companies like Great Wall Motors, SAIC Motor, and JAC Motors in the competitive passenger car market [18][19]. - Recommendations for the heavy truck market include China National Heavy Duty Truck Group, Foton Motor, and Weichai Power, which are expected to benefit from industry upgrades [18][19]. - In the automotive parts sector, companies like Nexteer Automotive and Asia-Pacific Holdings are recommended due to their growth potential [18][19]. 3. Passenger Car Weekly Sales - From September 1 to 21, 2025, retail sales of passenger cars reached 1.191 million units, a year-on-year increase of 1% [15]. - The retail penetration rate for new energy vehicles reached 58.5%, with cumulative retail sales of 8.267 million units this year, reflecting a 24% year-on-year growth [15][18]. 4. Humanoid Robots at the Expo - The report notes the participation of several humanoid robot manufacturers at the Shanghai Industrial Expo, showcasing advancements in robotics technology [16][17]. - Companies like Xynova Future are highlighted for their comprehensive production capabilities in the humanoid robot sector, indicating a trend towards innovation and cost efficiency [17][18].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].