Group 1 - The core point of the article is that Anhui Jianghuai Automobile Group Co., Ltd. has obtained a patent for a "flexible limit structure of a high-profile skateboard," with the authorization announcement number CN117002442B, and the application date is August 2023 [1] - Anhui Jianghuai Automobile Group Co., Ltd. was established in 1999 and is located in Hefei City, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 21,840.09791 million RMB and has invested in 48 enterprises, participated in 5,000 bidding projects, and holds 943 trademark information and 5,000 patent information [1] - Additionally, the company possesses 672 administrative licenses [1]

Core Viewpoint - In January, the stock prices of major listed passenger car companies in China experienced a significant decline, reflecting intensified competition and changing market sentiment in the automotive industry [2][7]. Group 1: Stock Performance - Among 23 major listed passenger car companies, over 70% saw their stock prices drop in January, with 17 companies reporting declines [2][3]. - Haima Automobile (000572.SZ) led the decline with a drop of over 15%, attributed to concerns over its lack of mainstream new energy models and ongoing low sales [3]. - Other notable declines include Seres (601127.SH) with a 13.95% drop, and several new energy and traditional car manufacturers like Leap Motor (9863.HK) and NIO (9866.HK) also experiencing significant decreases [4][5]. Group 2: Market Dynamics - The automotive industry is facing a historical low in sales profit margins, with the profit margin dropping to 4.1% in January, and a particularly low margin of 1.8% recorded in December [7]. - Wholesale sales of passenger cars in China from January 1 to 18 reached 740,000 units, a year-on-year decrease of 35%, while retail sales fell to 679,000 units, down 28% year-on-year [7]. - The competitive landscape is intensifying, with many companies resorting to discounts and price cuts to capture market share, leading to concerns about overall industry profitability [7].

核心观点 公司发布2025 年预亏公告，全年实现归母净利润-16.8 亿，同比减亏1.04 亿，亏损主因出口下滑和对大 众安徽的投资收益-10.8亿。Q4 公司实现归母净利润约-2.5 亿，环比减亏4.2 亿。我们估算尊界Q4 单车 盈利超3 万，提前实现盈利。尊界S800 12 月交付已超过奔驰S 级+迈巴赫+宝马7 系+奥迪A8 的总和， 尊界品牌已在超豪华轿车市场充分证明能力，我们认为尊界S800 的成功为后续MPV、SUV 产品奠定了 良好的品牌基础，看好后续车型胜率，看好尊界品牌对超豪华市场的格局重塑+空间扩容。 事件 公司发布2025 年预亏公告，全年实现归母净利润-16.8 亿，同比减亏1.04 亿，扣非归母净利润-24.7 亿， 亏损主因出口下滑和对大众安徽的投资收益-10.8 亿。 简评 S800 单月交付超BBA 总和，看好后续产品 1）尊界S800 12 月交付4376 台，已超过奔驰S 级+迈巴赫+宝马7 系+奥迪A8 的总和（3981 台），尊界 品牌已在超豪华轿车市场充分证明能力； 1）对大众安徽投资收益-10.8 亿，刨除大众安徽影响后25 年亏损额约为6 亿，此次投资收益确认后 ...

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

（文章来源：每日经济新闻） 马钢股份（600808.SH）1月29日在投资者互动平台表示，公司是江淮汽车和比亚迪汽车用钢材的供应 商之一。 每经AI快讯，有投资者在投资者互动平台提问：江淮汽车、比亚迪汽车是贵公司的供应商吗？ ...

财通证券 研报指出， 江淮汽车 募集资金总额不超过35亿元，投资电动新平台开发。公司以电动汽车技 术为基础，融合华为等高科技企业智能化、网联化汽车解决方案，开发全新一代高端智能电动平台，推 动高效能动力电控技术、先进电机技术、软硬件整合技术，以及平台集成的智能驾驶系统、网联化系 统、 新材料 应用、关键零部件等持续迭代升级，以研究积累的技术为基础，打造全新高端智能系列车 型，覆盖轿车、SUV和MPV等乘用车主要品种。维持"增持"评级。 ...

证券之星消息，1月29日商用车板块较上一交易日上涨0.61%，江淮汽车领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。商用车板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600418 江淮汽车 | | 7.07亿 | 16.67% | -2.26 Z | -5.32% | -4.82 Z | -11.36% | | 600303 曙光股份 | | 323.72万 | 5.03% | -198.05万 | -3.08% | -125.67万 | -1.95% | | 000868 安凯客车 | | -429.67万 | -8.17% | 463.96万 | 8.82% | -34.28万 | -0.65% | | 301039 中集车辆 | | -565.85万 | -3.06% | 801.93万 | 4.34% | -236.08万 | ...

Core Insights - The commercial vehicle market in China is expected to see significant growth in 2025, driven by the strong performance of new energy vehicles (NEVs) and supportive policies for vehicle upgrades [1][7][12] - In December 2025, the sales of commercial vehicles reached 300,000 units, marking a 5% year-on-year increase and a 15% month-on-month increase [7][12] - The penetration rate of new energy commercial vehicles is projected to reach 46% by December 2025, a substantial increase from 29% in December 2024 [12][14] Commercial Vehicle Market Analysis - The total sales of commercial vehicles in China for 2025 are forecasted to be 3.1 million units, representing a 9% year-on-year growth compared to the stable period since 2022 [1][7] - The market showed a strong upward trend from March to December 2025, with December achieving a historical high for the month [5][7] - The sales of new energy commercial vehicles in December 2025 are expected to hit 140,000 units, reflecting a 71% year-on-year increase and a 49% month-on-month increase [1][8] New Energy Vehicle Performance - The penetration rate of new energy commercial vehicles has increased significantly, from approximately 3% in 2019-2021 to 46% in December 2025 [12][14] - The sales of new energy commercial vehicles for the entire year of 2025 are projected to reach 910,000 units, a 57% increase compared to the previous year [1][8] - The growth in new energy vehicle sales is attributed to strong demand and government incentives, particularly in the commercial vehicle sector [10][12] Market Structure and Competition - The market for commercial vehicles is characterized by a stable structure, with significant contributions from light and heavy-duty trucks [14][18] - Key players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, which dominate the light truck, heavy truck, and bus segments respectively [15][18] - The performance of heavy-duty trucks has improved significantly due to subsidy policies, with notable growth in electric heavy-duty trucks in regions like Beijing, Tianjin, and Shanghai [16][17] Regional Market Dynamics - The light truck market is particularly strong in regions such as East China and South China, with increasing sales in these areas [18][19] - The penetration of new energy vehicles in the truck segment reached 38% in December 2025, while the bus segment saw a penetration rate of 78% [14][18] - The market for new energy light trucks is primarily concentrated in East China and South China, with significant growth observed in these regions [19][21]

Core Viewpoint - Jianghuai Automobile is experiencing a dramatic year in 2025, marked by significant financial losses alongside breakthroughs in production and sales of its high-end model, the Zun Jie S800, indicating a complex transformation in the company and the industry [1][4]. Financial Performance - In the first three quarters of 2025, Jianghuai Automobile reported a net loss attributable to shareholders of 1.434 billion yuan [2]. - The company anticipates a total net loss of approximately 1.68 billion yuan for the entire year [3]. - Despite the losses, the company has seen a significant reduction in quarterly losses, with a decrease of about 400 million yuan in the fourth quarter [4]. Production and Sales - The Zun Jie S800, priced at an average of 900,000 yuan, has achieved a remarkable milestone of over 18,000 orders within just 175 days of its launch [3]. - Monthly deliveries of the Zun Jie S800 have increased from 2,000 to 4,000 units, and it has become a sales champion for three consecutive months [3]. R&D Investment - Jianghuai's R&D investment intensity has risen to 9.3%, with over 3.3 billion yuan invested in R&D from January to October 2025, marking a 24% year-on-year increase [9]. - The company has initiated a major project aimed at developing the next generation of autonomous and controllable new energy vehicle platforms in collaboration with top universities [10]. Strategic Transformation - Jianghuai is undergoing a significant organizational transformation, including the implementation of advanced management processes in collaboration with Huawei, aimed at enhancing its competitive edge [11]. - The company has established a dedicated team of over 5,000 for R&D and delivery, indicating a shift towards a more agile and innovative organizational structure [11]. Market Position and Industry Context - Jianghuai's performance contrasts sharply with the overall growth of the Chinese automotive industry, which is transitioning from rapid growth to high-quality development [7]. - The company is positioned as a leader in the Anhui automotive sector, which has seen its production of new energy vehicles reach 1.7941 million units in 2025, the highest in the country [4][18]. Global Expansion - Jianghuai is expanding its global footprint, with initiatives such as launching the T9 PHEV in Australia and establishing a joint venture in Uzbekistan, reflecting its commitment to international markets [23]. - The company has been recognized as one of the top 50 global brands in China, highlighting its growing influence and brand recognition on the international stage [23]. Future Outlook - The anticipated reduction in losses and the successful launch of the Zun Jie S800 may signal a turning point for Jianghuai, as it shifts perceptions from a traditional commercial vehicle manufacturer to a competitive player in the high-end automotive market [24]. - The company's strategic focus on high-end products and technological innovation is expected to reshape its market valuation and investor perception [24].

募资投资高端智能电动平台开发项目 江淮汽车(600418) 证券研究报告 商用车 / 公司点评 / 2026.01.28 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2026-01-28 | | 收盘价(元) | 53.30 | | 流通股本(亿股) | 21.84 | | 每股净资产(元) | 4.55 | | 总股本(亿股) | 21.84 | 最近 12 月市场表现 -23% -10% 4% 18% 31% 45% 江淮汽车 沪深300 上证指数 分析师 吴晓飞 SAC 证书编号：S0160525090003 wuxf01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《与华为合作打造高端品牌，积极开拓海 外市场》 2025-08-26 2. 《尊界 S800 批量投产，大定突破 5000 台》 2025-06-19 3. 《营业收入有所下滑，持续深化外部合 作》 2025-04-08 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | ...