3月26日，沪深两市双双下跌，截至收盘，上证指数报3368.7点，跌幅0.04%，成交额4852亿元；深 证成指报10643.82点，跌幅0.05%，成交额6691亿元。 3月26日沪市A股主力资金增仓前十：卧龙电驱净流 入12.16亿元、江淮汽车净流入5.08亿元 股票代码 股票简称 涨跌幅 最新价 主力资金流入 600580 卧龙电驱 9.26% 30.81 12.16亿元 600418 江淮汽车 6.16% 34.8 5.08亿元 600789 鲁抗医药 10.02% 10.87 4.15亿元 601608 中信重工 10.09% 6.11 3.53亿元 600571 信雅达 9.99% 16.08 3.17亿元 601028 玉龙股份 -0.08% 12.83 2.26亿元 688591 泰凌微 20.0% 41.28 1.56亿元 605117 德业股份 5.68% 99.5 1.37亿元 603677 奇精机械 10.0% 24.87 1.26亿元 601127 赛力斯 1.06% 123.7 1.22亿元 截至当日收盘数据，沪市A股主力资金流入前十的股票分别为：卧龙电驱（600580）(12.1 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to enter a phase of sales prosperity, event catalysis, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [8][18] - The 2024 vehicle trade-in policy has boosted passenger vehicle sales beyond expectations, and the continuation of this policy in 2025 is expected to support upward consumer spending on automobiles [8][18] Summary by Sections Recent Developments - The Tengshi N9 SUV was launched on March 21, with a starting price of 389,800 yuan, featuring advanced specifications such as a power output of nearly 1,000 horsepower and a 0-100 km/h acceleration time of 3.9 seconds [5][15] - The second-generation Haval Xiaolong MAX began pre-sales on March 21, with a starting price of 138,800 yuan, showcasing a comprehensive power system and intelligent driving features [6][16] - Elon Musk held a Tesla all-hands meeting on March 20, discussing innovations in production lines and plans for mass production of autonomous vehicles and humanoid robots [7][17] Market Performance - The automotive sector outperformed the Shanghai Composite Index during the week of March 17-21, with the automotive index declining by 0.8% compared to the Shanghai Composite's decline of 1.6% [20] - The report highlights a significant increase in the penetration rate of advanced driving assistance systems, benefiting leading automakers and related component manufacturers [9][19] Investment Opportunities - The report identifies several investment opportunities, including: 1. Domestic automakers entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors expected to benefit [19] 2. The "affordability" of advanced driving technology is anticipated to significantly increase its market penetration, with recommendations for companies like XPeng Motors, Huayang Group, Desay SV, and Kobot [19] 3. The potential for mass production of robots, with recommendations for leading companies in the industry chain such as Top Group, Sanhua Intelligent Control, and Beite Technology [19] 4. Favorable conditions for high-quality auto parts manufacturers amid a complex export environment, recommending companies like Fuyao Glass, Xingyu Co., and Yinlun [19] 5. Recovery in the commercial vehicle sector, particularly for heavy trucks, with recommendations for leading companies like China National Heavy Duty Truck Group and Yutong Bus [19]

Group 1 - The report highlights the recent performance of the CSI 300 and ChiNext indices, showing a decline of 32% and 16% respectively over the past year [2] - The top-performing sectors yesterday included non-ferrous metals, home appliances, and banks, with respective gains of 1.14%, 0.95%, and 0.88% [2] - Conversely, the worst-performing sectors included computers, real estate, and defense, with declines of 1.92%, 1.77%, and 1.68% [2] Group 2 - The fixed income analysis indicates that high real interest rates are not a sufficient condition for interest rate cuts, emphasizing that current monetary policy is already supportive of the real economy [8][10] - The report discusses the efficiency of monetary policy transmission in China, stating that changes in policy rates directly influence lending rates without the need for intermediary market adjustments [11] - It is noted that the actual interest rate is more of an academic concept with limited impact on the real economy, as evidenced by the U.S. experiences during past crises [12] Group 3 - The automotive sector is witnessing significant advancements in autonomous driving technology, with multiple companies announcing progress towards Level 3 capabilities expected to be achieved by 2025 [20][21] - BYD has made notable announcements regarding its charging infrastructure and vehicle sales, indicating strong market activity and consumer interest [19] - The report emphasizes the importance of the automotive industry's transition to higher levels of automation and the competitive landscape among various manufacturers [20] Group 4 - The service consumption sector is experiencing robust growth, with travel bookings for the Qingming Festival showing positive trends, and companies like Tongcheng reporting significant revenue increases [26] - The education sector is also highlighted, with companies like Excellence Education Group and Thinking乐 reporting impressive revenue and profit growth, indicating a strong market recovery [27] - The report notes that the average per capita service consumption expenditure in China is expected to exceed 50% by 2030, reflecting a growing trend in service-oriented spending [27] Group 5 - In the chemical industry, the report indicates a continued upward trend in organic silicon prices, driven by strong manufacturer pricing intentions and potential supply shortages [32] - The urea market is also showing signs of recovery, with prices slightly increasing due to various market dynamics, including reduced inventories and seasonal demand [33] - The report recommends several companies in the chemical sector, including 合盛硅业 and 兴发集团, as potential investment opportunities [35] Group 6 - The media sector is focusing on AI applications and gaming, with significant developments in virtual reality films expected to enhance audience engagement and revenue generation [42] - The report highlights the approval of numerous new games, indicating a healthy pipeline for the gaming industry, which is expected to contribute positively to revenue growth [41] - Companies like Tencent and NetEase are recommended for their strong positions in the gaming market and ongoing innovations in AI technology [40]

安凯客车: 年度关联方资金占用专项审计报告 第 4 页 共 7 页 非经营性占用 | 其他关联方及其附属企业 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性占用 | | | | | | | | | | | | 小 | | | | | | | | | | | | 计 | - | - - | | | | | | | | - | | 总 | | | | | | | | | | | | 计 | - | - - | | | | | | | | - | | | | | 往来方与上市公 | | 上市公司核算的会计 | 2024 年期初 | | | | 2024 年度偿 | | 还 | 2024 年期末 | 往来形成 | 往来性质（经营性往 | | | | | | | | | 其它关联资金往来 | | 资金往来方名称 | | | | | 发生金额 | | 来资金的利息 | | | | | | 司的关联关系 | 科目 | 往来资金余额 | | | | 累计发生金 | | | 额 往来 ...

安凯客车: 国元证券股份有限公司关于安徽安凯汽 车股份有限公司向控股股东江淮汽车申请委托贷款 的核查意见 国元证券股份有限公司 关于安徽安凯汽车股份有限公司 向控股股东江淮汽车申请委托贷款的核查意见 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为安徽 安凯汽车股份有限公司（以下简称"安凯客车"、"公司"）2022 年度向特定对 象发行 A 股股票的的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳 二、关联方基本情况 住所：合肥市包河区东流路 176 号 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 7 号—— 交易与关联交易》和《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》等相关法律、法规和规范性文件的规定，对公司向控股股东安徽江淮汽车 集团股份有限公司（以下简称"江淮汽车"）申请委托贷款的公告进行了专项核 查，并发表如下核查意见： 法定代表人：项兴初 一、情况概述 鉴于公司主营业务发展需要，为保障生产经营资金需求，公司拟通过向控股 股东安徽江淮汽车集团股份有限公司（以下简称"江淮汽车"）申请委托贷款不 超过人民币贰亿元，用于调节负债结构，优化财务成 ...

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。 公司本次向特定对象发行股票事项尚需经上交所审核通过，并获得中国证券 监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不 确定性。公司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律 法规的要求及时履行信息披露义务，敬请广大投资者注意投资风险。 证券代码：600418 证券简称：江淮汽车 公告编号：2025-007 安徽江淮汽车集团股份有限公司 关于向特定对象发行股票申请文件的 审核问询函回复的提示性公告 安徽江淮汽车集团股份有限公司（以下简称"公司"）于 2025 年 1 月 27 日收到上海证券交易所（以下简称"上交所"）出具的《关于安徽江淮汽车集团 股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资） [2025]21 号）（以下简称"问询函"）。上交所审核机构对公司向特定对象发 行股票申请文件进行了审核，并形成了首轮问询问题。 公司收到问询函后，会同相关 ...

上海市通力律师事务所 关于安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票之补充法律意见书（一） 致：安徽江淮汽车集团股份有限公司 上海市通力律师事务所（以下简称"本所"）根据与安徽江淮汽车集团股份有限公 司（以下简称"江淮汽车"或"发行人"或"公司"）签订的《聘请律师合同》，指派 黄艳律师、郑江文律师、梁翔蓝律师（以下简称"本所律师"）作为江淮汽车 2024 年 度向特定对象发行 A 股股票（以下简称"本次发行"）的特聘专项法律顾问，已出具了 《上海市通力律师事务所关于安徽江淮汽车集团股份有限公司 2024 年度向特定对象发 行 A 股股票之法律意见书》（以下简称"法律意见书"）、《上海市通力律师事务所关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票之律师工作报告》 （以下简称"律师工作报告"）等文件（上述法律意见书及律师工作报告等文件合称 为"已出具法律意见"）。 根据上证上审（再融资）〔2025〕21 号《关于安徽江淮汽车集团股份有限公司向特 定对象发行股票申请文件的审核问询函》（以下简称"《审核问询函》"）以及发行人的 要求，本所特就有关事宜出具本补充 ...

关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]230Z0980 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 / 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 容诚专字[2025]230Z0980 号 上海证券交易所： 安徽江淮汽车集团股份有限公司（以下简称"江淮汽车""发行人"或"公司"） 于 2025 年 1 月 27 日收到上海证券交易所（以下简称"上交所"）出具的《关于 安徽江淮汽车集团股份有限公司向特定对象发行股票申请文件的审核问询函》 （上证上审（再融资）〔2025〕21号）（以下简称"审核问询函"），容诚会计 师事务所（特殊普通合伙）（以下简称"申报会计师"或"本所"）作为公司本 ...

证券简称：江淮汽车 股票代码：600418 关于安徽江淮汽车集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年三月 江淮汽车向特定对象发行股票申请文件 审核问询函的回复 上海证券交易所： 安徽江淮汽车集团股份有限公司（以下简称"江淮汽车"" 发行人"或"公 司"）于 2025 年 1 月 27 日收到上海证券交易所（以下简称"上交所"）出具的《关 于安徽江淮汽车集团股份有限公司向特定对象发行股票申请文件的审核问询函》 （上证上审（再融资）〔2025〕21 号）（以下简称"审核问询函"）。 国元证券股 份有限公司（以下简称"国元证券"" 保荐人"或"保荐机构"）作为公司本次 向特定对象发行 A 股股票的保荐人（主承销商），会同发行人及上海市通力律师 事务所（以下简称"发行人律师"）、容诚会计师事务所（特殊普通合伙）（以下 简称"申报会计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核问询 函所列示的问题逐项进行了核查、落实和认真讨论，现回复如下，请予审核。 本审核问询函回复中的字体代表以下含义： | 黑体（加粗） | 问询函所列 ...

宁德时代再获超级储能大单 3月6日，专注能源转型基础设施投资的Quinbrook Infrastructure Partners宣布：与全球电池储能系统(BESS)领军企业宁德时代达成技术合作， 将在澳大利亚率先部署规模为3GW/24GWh的全球首个商业化8小时长时储能系统EnerQB。 新能安签订2GWh储能大单 近日，新能安与深圳市海梁科技有限公司正式签署战略合作协议，双方将围绕工商业储能安全技术、交通能源基础设施等领域展开深度协同。 规划目标3年交付2GWh储能系统，可满足超10万辆电动车的充能需求，计划首批试点将在海梁科技的VERTI-X项目中落地。 宁德时代锂钠混合电池上"新车" 近日，领克汽车官方宣布，领克900同级首搭宁德时代骁遥超级增混电池，实现三个第一，即电池能量第一（52.38kWh），同级性能第一（百 公里加速4秒级），同级充电第一（20~80% 快充 17min）。 目前官方还未透露新车的正式上市时间和价格，业内推测新车将会对标理想L8、腾势N9，价格区间或许会在30-40万元间。新车预计将在2025 年第二季度正式上市，首批展车已在全国35个城市116家门店到店。 国轩高科装机星纪元 ...