Core Viewpoint - Jianghuai Automobile Group (JAC) is showcasing its latest developments in smart electric vehicles at the 2025 Shanghai International Auto Show, emphasizing its commitment to high-quality development and user-centered design in the transition to smart new energy vehicles [1][3]. Group 1: Product Launches - JAC unveiled two prototype vehicles based on the DEFINE platform: DEFINE-S and DEFINE-X, which aim to explore the boundaries of the platform while laying a solid foundation for future products [5]. - DEFINE-S features a supercar design with a total power output of 590 kW from three electric motors, integrating advanced safety features for an enjoyable driving experience [7]. - DEFINE-X embodies a blend of rugged and fluid aesthetics, equipped with the latest version of ADS and a smart chassis that responds within 100 milliseconds, enhancing driving ease [9]. Group 2: Strategic Collaborations - JAC's strategic model, the Jianghuai Hantu PHEV, focuses on "high performance in all scenarios," boasting a comprehensive range of over 1000 km with its hybrid powertrain [11]. - The luxury brand ZunJie, developed in collaboration with Huawei, debuted its first model, the ZunJie S800, priced between 1 million and 1.5 million yuan, set for delivery in the second quarter [13]. - The ZunJie S800 benefits from Huawei's technology, including satellite communication and 5G integration for seamless connectivity in remote areas [15]. Group 3: Future Directions - JAC and Huawei signed a comprehensive strategic cooperation agreement to enhance collaboration in various fields, including electric vehicle technology development, charging network construction, and international expansion [17]. - The company is positioning itself as an ecological aggregator, focusing on sustainable development and leveraging its 60 years of heritage to embrace global users and partners [18].

点 击 蓝 字 关 注 我 们 本文全文共 3682 字，阅读全文约需 12 分钟 目录 国内新闻 1.日产宣布计划在中国再投资100亿开发电动汽车 2.蔚来25年9款新车型将上市 5纳米智驾芯片全球首发 3.小鹏汽车启动AI驾驶安全营 全力研发全新"AI大脑 4.长安三款搭载新蓝鲸500Bar发动机车型开启交付 5.上汽集团未来三年将推出17款全新海外车型 6.阿维塔宣布2026年将推中大型五座/大型六座SUV 7.上海市印发《2025年上海市进一步支持汽车置换更新补贴政策 实施细则》 8.四川:正抓紧编制《四川省氢能产业中长期发展规划（2025—2035年）》 国外新闻 1.特斯拉廉价新车型按计划上半年投产 2.美国六大汽车行业组织联名反对加征汽车零部件关税 3.官宣 大陆集团汽车子集团将命名为Aumovio 4.Turntide推出新型轴向磁通电机 有望加速电气化集成 商用车 1. 最高14万 2025江苏省老旧货车补贴来了 2. 广汽日野正式更名为广汽领程新能源商用车 3. 全球首款越野混动皮卡 山海炮Hi4-T开启全球预售 4. 江淮悍途PHEV国内首发亮相上海车展 国内新闻 1 日产宣布计划在中国 ...

Group 1 - The core viewpoint of the news is that the A-share market showed mixed performance with the China Securities Urban Transportation Index closing at 2307.55 points [1] - The China Securities Urban Transportation Index has decreased by 5.83% over the past month, increased by 0.57% over the past three months, and has declined by 2.92% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the China Securities Urban Transportation Index include BYD (12.97%), Huichuan Technology (5.32%), and others, indicating a concentration in specific companies [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.23%) and the Shanghai Stock Exchange (39.77%) [2] - The industry composition of the index shows that industrials account for 40.14%, consumer discretionary for 28.98%, and information technology for 16.08%, among others [2] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Core Viewpoint - The G60 Strategic Emerging Industries Index in A-shares has shown mixed performance, with a recent decline of 0.54% and a monthly drop of 4.70%, while it has increased by 0.02% over the past three months [1] Group 1: Index Performance - The G60 Index closed at 914.89 points with a trading volume of 15.257 billion [1] - The index reflects the overall performance of up to 50 largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 cities [1] Group 2: Index Composition - The top ten weighted companies in the G60 Index include: Jianghuai Automobile (9.43%), Huayou Cobalt (7.14%), Hengsheng Electronics (6.17%), Zhongkong Technology (4.79%), Hengtong Optic-Electric (4.73%), Silan Microelectronics (4.55%), China Jushi (4.51%), Naxin Micro (3.21%), Zejing Pharmaceutical (3.14%), and Jingfang Technology (2.84%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Breakdown - The industry composition of the index shows that Industrial sector accounts for 35.49%, Information Technology for 31.15%, Materials for 14.14%, Healthcare for 9.74%, and Communication Services for 9.49% [2] Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Group 5: Tracking Funds - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

商乘并举齐发力，携手华为共创第二成长曲线 [Table_CoverStock] —江淮汽车(600418)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 22 日 执业编号：S1500525010002 执业编号：S1500525030001 联系电话：13613012393 联系电话：13120151000 邓健全 汽车行业首席分析师 赵悦媛 汽车行业联席首席分析师 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 江淮汽车(600418) 投资评级 上次评级 [Table_BaseData] 公司主要数据 | 收盘价（元） | 34.32 | | --- | --- | | 52 周内股价波动区间 | 46.00-14.60 | | (元) | | | 最近一月涨跌幅(％) | 8.65 | | 总股本(亿股) | 21.84 | | 流通 A 股比例(％) | 100.00 | | 总市值(亿元) | 754.58 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA S ...

商乘并举齐发力，携手华为共创第二成长曲线 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 江淮汽车(600418) 投资评级 上次评级 [Table_CoverStock] —江淮汽车(600418)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 22 日 执业编号：S1500525010002 执业编号：S1500525030001 联系电话：13613012393 联系电话：13120151000 邓健全 汽车行业首席分析师 赵悦媛 汽车行业联席首席分析师 证券研究报告 公司研究 [Table_BaseData] 公司主要数据 | 收盘价（元） | 34.32 | | --- | --- | | 52 周内股价波动区间 | 46.00-14.60 | | (元) | | | 最近一月涨跌幅(％) | 8.65 | | 总股本(亿股) | 21.84 | | 流通 A 股比例(％) | 100.00 | | 总市值(亿元) | 754.58 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA S ...

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].

受赛力斯问界爆火的启发，江淮汽车也与华为在2023年宣布合作，双方共同打造的车型为尊界S800， 定位超豪华智能汽车，售价超百万，计划在今年5月份正式上市。 不过，市场却对此并不乐观。据悉，江淮汽车一直以10万元以下乘用车为主战场，2023年乘用车均价仅 8.1万元。在今年2月份，华为召开尊界S800技术发布会时，江淮汽车股价还出现了大跌，此后一直处于 震荡。 从销售数据来看，江淮汽车新能源业务也较为疲软。2024年，江淮汽车的累计销量为40.31万辆，同比 下降7.42%。新能源乘用车销量为5.2万辆，同比增长25.08%，远低于行业35.5%的增速。 业绩方面，江淮汽车从2017年开始就陷入了亏损状态，8年的时间里累计亏损达138亿元。进入2024年， 江淮汽车的亏损进一步加剧，实现营收为421.2亿元，同比下降6.3%；归母净利润亏损17.8亿元，同比 下降1277.6%；扣非归母净利润自去年同期亏损17.2亿元变为亏损27.4亿元。 4月22日，江淮汽车发布公告称，公司拟将募资金额由不超过49亿元(含)调整为不超过35亿元(含)，募资 额减少14亿元。虽然募资额有所缩减，但其募投项目"高端智能电动平台 ...

1、对于尊界江淮目前严把质量关，目前有2.5w个质量控制点。 2、对于尚界的看法，丰富鸿蒙智行的产品矩阵，对于尊界超豪华有积极的影响。 3、S800上市节奏5月底正式上市，正式上市前量产之前做了多轮次生产线、供应链的拉动，行业像江 淮这么大投入是没有的。所以一定要把消费者的品质等拉通。安全是最大的豪华，汽车里面最重要的灵 魂是安全，所以尊界的客户都是高度重视安全。 4、江淮品牌：做大做强商用车，做精乘用车，现在老的客群还是量很大存量100w台左右,当下产品线里 面，轻卡排第二位，在加大和华为合作，赋能商用车传统轿车、SUV市场，还是要集中资源，先把高端 品牌做起来，最重大的使命是把江淮创新、运作体系靠齐华为的体系。上海车展也会有两款概念车展 出。不会盲目去做，先尊界，后乘用车。 5、江淮会通过平台同时验证多款车型，后续suv、mpv、轿车会共同发力。 6、目前尊界属于树立品牌的阶段。 11、华为负责营销对外，公司负责生产，定价可能会采取起步价加选购的模式。 12、尊界新招入零部件200家，但车型最快时间18个月，现在几个项目是并行，现在是三个团队。 13、会有短轴轿车，长轴距和短轴距会有时间差，和立项周期有关 ...

尽管募资额减少，但江淮汽车表示，定增募资到位前，公司可根据募投项目的实际情况，以自筹资金先 行投入。募资到位后，公司将置换先期投入的资金。若扣除发行费用后实际募资少于项目拟投入总额， 不足部分将由公司自筹解决。这一安排表明，江淮汽车在资金调配方面具备一定的灵活性，能够确保高 端智能电动平台开发项目的顺利推进。 截至2025年4月21日收盘，江淮汽车股价报34.55元/股，涨幅达4.7%，总市值为754.6亿元。市场对江淮 汽车在智能电动化领域的布局给予了积极回应。随着高端智能电动平台开发项目的持续推进，江淮汽车 有望在新能源汽车市场中占据更有利的竞争地位，为公司的长期发展注入新的动力。 江淮汽车在公告中强调，面对新能源汽车市场的激烈竞争，高端电动平台的研发显得尤为必要。目前， 江淮汽车的电动乘用车以中小型为主，而中大型乘用车市场的快速增长为公司提供了新的发展机遇。通 过定增募资，公司将大力推进智能电动平台的技术进步和工艺革新，围绕用户可感、可知、可用、可享 的智能技术，更好地满足市场对高性能电动乘用车的需求。 值得注意的是，江淮汽车在2024年年报中披露，公司已全面深化与华为的合作，合力打造高端豪华品 牌"尊 ...