第二条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和 利用他人账户持有的所有本公司股份。 公司董事和高级管理人员从事融资融券交易的，其所持本公司股份还包括记 载在其信用账户内的本公司股份。 第三条 本制度所指高级管理人员依照《公司章程》的规定确定。 安徽江淮汽车集团股份有限公司 董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对安徽江淮汽车集团股份有限公司（以下简称"公司"或 "本公司"）董事和高级管理人员所持本公司股份及其变动的管理，根据《中华 人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上海证券交易所股票上市规则》《上市公司董事、监事和高级 管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监 管指引第 15 号——股东及董事、高级管理人员减持股份》《上海证券交易所上市 公司自律监管指引第 8 号——股份变动管理》等相关法律法规、规范性文件及《安 徽江淮汽车集团股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制 定本制度。 第四条 公司董事和高级管理人员应当遵守《公司法》《证券法》和 ...

安徽江淮汽车集团股份有限公司 内部审计工作制度 1 总则 1.1 为加强安徽江淮汽车集团股份有限公司（以下简称"公司"）内部审计工作， 规范内部审计行为，促进公司高质量发展，根据《中华人民共和国审计法》《审 计署关于内部审计工作的规定》《上海证券交易所上市公司自律监管指引第1号 ——规范运作》等相关法律法规和其他规范性文件以及《安徽江淮汽车集团股份 有限公司章程》规定，结合本公司实际，制定本制度。 2 定义 2.1 本制度所称内部审计，是指对公司所属各单位财务收支、经济活动、内部控 制、风险管理实施独立、客观的监督、评价和建议，以促进单位完善治理、实现 目标的活动。 2.2 审计范围包括公司管理平台、事业部/技术中心、分公司、子公司以及对公 司具有重大影响的参股公司和公司派遣管理人员的其他相关单位。 3 审计机构、人员和工作准则 3.1 合规部是内部审计工作的归口管理部门，内部审计业务对董事会审计委员会 负责，向审计委员会报告工作，接受审计委员会监督指导；内部审计业务提交给 管理层的各类审计报告、审计问题的整改计划和整改情况应当同时报送审计委员 会。 3.2 内部审计人员应当具备从事审计工作所需要的专业能力。 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2026-004 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。 一、董事会会议召开情况 安徽江淮汽车集团股份有限公司（下称"本公司"）九届二次董事会会议于 2026年1月23日以现场结合通讯方式召开。本次会议通知及文件于2026年1月21 日以微信和电子邮件方式发出。出席本次董事会的董事应参与表决9人，实际参 与表决9人。本次会议符合《公司法》与《公司章程》的规定。 二、董事会会议审议情况 与会董事以记名投票的方式审议以下议案并形成决议如下： （一）审议通过《关于公司"十五五"发展规划纲要的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 安徽江淮汽车集团股份有限公司 九届二次董事会决议公告 "十五五"期间，公司将遵循"战略整合、战略聚焦、科技引领、开放合作、 深化改革"的发展原则。坚定智能新能源发展方向，持续加大研发创新力度，加 快向"科技型"企业转型，推动企业高质量发展。 本议案已经董事会战略委员会 2026 年第一次会议审议通过。 （二）审议通过《关于设立全资 ...

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the automotive sector compared to the overall market performance [12]. Core Insights - The automotive industry is gradually returning to its profit center, with a strong focus on overseas expansion [1]. - In Q4 2025, total vehicle production and sales reached 10.186 million and 10.023 million units, respectively, showing year-on-year increases of 3.9% and 1.7% [4]. - Domestic retail share of independent brands reached 66.9%, up 3.2 percentage points year-on-year, while wholesale of new energy passenger vehicles increased by 13.2% year-on-year [4]. - The average industry discount rate decreased by 1.33 percentage points to 12.28% in Q4 2025, indicating reduced terminal discounts [4]. - Traditional raw material prices saw a decline, while new energy raw material prices increased, impacting supply chain profitability [4]. Summary by Sections Vehicle Production and Sales - In Q4 2025, passenger vehicle production and sales were 9.018 million and 8.845 million units, with year-on-year changes of +2.2% and -0.3% respectively [4]. - Commercial vehicle production and sales reached 1.168 million and 1.178 million units, with year-on-year increases of +19.4% and +20.0% [4]. - Exports of vehicles in Q4 2025 totaled 2.147 million units, a significant year-on-year increase of 39.8%, with new energy vehicles showing remarkable growth [4]. Market Dynamics - The report highlights the leading position of independent brands in the market, with a notable increase in new energy vehicle sales [4]. - The report notes a divergence in profitability among automakers due to varying new vehicle release schedules and the suspension of trade-in subsidies [4]. Profit Forecasts - The report provides profit forecasts for key automotive companies, indicating significant growth for companies like Jifeng and Dongfang, while others like BYD and Li Auto are expected to see declines [6][8]. - Specific profit growth rates for Q4 2025 show a wide range, with some companies experiencing over 600% growth, while others face substantial losses [6]. Investment Recommendations - The report suggests focusing on companies benefiting from AI integration and overseas business support, such as BYD and Geely [4]. - It also emphasizes the importance of companies with strong performance in the supply chain, particularly in the context of rising raw material prices [4].

Group 1 - The commercial vehicle sector saw a slight increase of 0.14% on January 22, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jinlong Automobile's stock price rose by 8.82% to 21.97, with a trading volume of 513,200 shares and a transaction value of 1.087 billion yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 5.1958 million yuan from institutional investors, while retail investors saw a net outflow of 24.388 million yuan [3] - Retail investors contributed a net inflow of 29.5837 million yuan, indicating a mixed sentiment among different investor types [3] - The individual stock performance showed varied results, with Jinlong Automobile having a net inflow of 71.1658 million yuan from institutional investors, while Foton Motor and other stocks experienced net outflows [4]

2026 年 01 月 22 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 [Table_Title] 晨会纪要 ——2026 年第 12 期 观点精粹: 最新报告摘要 2025Q4 业绩&2026Q1 指引超预期，资本支出攀升进入加速扩产期--台积电/海外(TSM/2180) 点评报告（港 股美股） 中价格带茶饮强阿尔法，成长空间广阔--古茗/社会服务(01364/2146) 点评报告（港股美股） 2025Q4 业绩预计同环比减亏明显，2026 年新车周期可期--江淮汽车/商用车(600418/212806) 公司点评 1、最新报告摘要 1.1、2025Q4 业绩&2026Q1 指引超预期，资本支出攀升进入加速扩产期-- 台积电/海外(TSM/2180) 点评报告（港股美股） 分析师：陈梦竹 S0350521090003 联系人：邱怡瑄 S0350124070030 事件: 2026 年 1 月 15 日，台积电发布 2025 年 Q4 财报：2025Q4，公司实现收入 10,460.9 亿元新台币/337.3 亿美 元（新台币价 ...

2025Q4 公司业绩同环比改善明显，2025 年全年业绩同比减亏。2026年1 月17 日，江淮汽车公告2025 年 业绩预告：公司预计2025 年归母净利润-16.8 亿元左右，较上年同期减亏1.04 亿元左右。公司2025 年前 三季度归母净利润-14.34 亿元，预计2025Q4 归母净利润-2.46 亿元，同环比分别收窄21.63/ 4.16 亿元， 改善明显。公司2025年联营企业大众安徽业绩出现亏损，2025 年公司对大众安徽的投资收益为-10.8 亿 元。2025 年前三季度联营与合资企业的投资收益为-2.1 亿元。 2025Q4 业绩环比改善预计受益于尊界S800 放量，2025 年12 月尊界S800 销量超5000 台创新高。根据懂 车帝信息，尊界S800 于2025年12 月销售超5 千台，达5,053 台，创新高。2025Q4 共销售9,633台，较 2025Q3 销量（3,522 台），增加173.5%。截至2026 年1月初，尊界S800 已连续3 个月稳居70 万元以上 豪华轿车榜首。 华为高端车尊界的合作，有望促进公司高端+智能化加速。公司与华为深度合作，打造的首款百万级超 ...

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. (Jianghuai Auto) has announced a projected net loss of approximately 1.68 billion yuan for the year 2025, indicating a slight improvement from the previous year's loss of 1.784 billion yuan, but the loss excluding non-recurring items has widened to about 2.47 billion yuan [1] Group 1: Financial Performance - Jianghuai Auto's net profit attributable to shareholders has turned from profit to loss, reporting a loss of 1.784 billion yuan in 2024, with operating revenue of 42.116 billion yuan, a year-on-year decline of 6.28% [1] - For the first three quarters of 2025, the company reported operating revenue of 30.87 billion yuan, a year-on-year decrease of 4.1%, and a net profit loss of 1.43 billion yuan, a staggering decline of 329.4% [1] - The net cash flow from operating activities was -2.448 billion yuan, a year-on-year drop of 214.6% [1] Group 2: Reasons for Loss - The company identified two main reasons for the losses: a decline in export business due to international conditions and intensified foreign competition, and losses from its joint venture, Volkswagen Anhui, which resulted in an investment loss of 1.08 billion yuan [1] - Volkswagen Anhui has consistently impacted Jianghuai Auto's performance, with confirmed investment losses of 1.35 billion yuan in 2024, corresponding to Volkswagen Anhui's losses of approximately 5.4 billion yuan that year, leading to cumulative losses of around 10 billion yuan over two years [1] Group 3: Sales Performance - Jianghuai Auto's total sales for 2025 were 384,100 units, a decline of 4.72% from 403,100 units in the previous year, marking the second consecutive year of sales decline [2] - The passenger vehicle segment saw a significant drop, with sales of 149,000 units, down 10.6% year-on-year, and new energy passenger vehicle sales decreased by 7.23% to 28,900 units [2] - The multi-functional commercial vehicle sales plummeted by 45.74% to 13,600 units, while pickup truck sales also fell by 4.58% [3] Group 4: Future Prospects - Jianghuai Auto is pinning hopes on its ultra-high-end brand "Zun Jie," developed in collaboration with Huawei, which aims to compete in the ultra-luxury market [3] - The first model, Zun Jie S800, launched in May 2025, has recorded cumulative sales of 11,300 units, with December deliveries reaching 4,376 units [3] - Longjiang Securities predicts that 2026 will be a significant year for the Zun Jie brand, with flagship MPV and SUV models expected to launch, potentially driving the company into a new growth cycle [3]

Group 1: Market Performance - From January 1 to 18, the national passenger car retail sales reached 679,000 units, a year-on-year decrease of 28% and a month-on-month decrease of 37% [1][5] - During the same period, the wholesale volume of passenger cars was 740,000 units, down 35% year-on-year and 30% month-on-month [1][9] - The retail sales of new energy vehicles (NEVs) in the same timeframe were 312,000 units, reflecting a 16% year-on-year decline and a 52% month-on-month decline [1][5] Group 2: Production Trends - In the first two weeks of January, the production of pure fuel light vehicles was 91,000 units, down 85% year-on-year and 77% month-on-month [1] - The production of hybrid and plug-in hybrid vehicles totaled 139,000 units, a year-on-year decrease of 65% and a month-on-month decrease of 75% [1] Group 3: Policy Impact - The National Development and Reform Commission announced a policy to implement large-scale equipment updates and a trade-in program, which is expected to boost domestic car consumption [5] - The subsidy for passenger car trade-ins is projected to decrease by 20% to 30% compared to 2025, indicating a structural adjustment in the policy [5][11] Group 4: Future Outlook - The market is expected to improve as local subsidy details and channels are fully launched, along with the gradual release of purchasing power before the Spring Festival [5] - The first month of the year typically sees a "New Year sales boost," and despite the current weak performance, there is an anticipation of a slight increase in year-on-year sales due to pre-orders and market dynamics [9][11]

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.74% on January 21, with Jianghuai Automobile leading the gains. The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index increased by 0.7 [1]. Group 1: Stock Performance - Jianghuai Automobile (600418) closed at 52.45, up by 2.84%, with a trading volume of 618,400 shares and a transaction value of 3.209 billion [1]. - China National Heavy Duty Truck (000951) closed at 17.30, up by 1.35%, with a trading volume of 162,600 shares and a transaction value of 280 million [1]. - Foton Motor (600166) closed at 3.11, up by 1.30%, with a trading volume of 1,453,300 shares and a transaction value of 450 million [1]. - Other notable performances include Zhongtong Bus (000957) at 11.78, up by 0.43%, and Shuguang Co. (600303) at 3.28, up by 0.31% [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 417 million from institutional investors, while retail investors experienced a net outflow of 249 million [2]. - Major stocks like Jianghuai Automobile had a net inflow of 274 million from institutional investors, indicating strong institutional interest [3]. - Conversely, stocks like King Long Motor (600686) and China National Heavy Duty Truck (000951) faced significant net outflows from retail investors, suggesting a shift in investor sentiment [3].