在品牌表现方面，今年前11个月全品类汽车总销量排名前五的品牌依次为：菲亚特（8,492辆）、比亚迪（6,875 辆）、雪佛兰（6,711辆）、大众（5,785辆）和雷诺（5,486辆）。在细分市场中，比亚迪在SUV领域位居榜首，在轿 车领域排名第四；小巴士领域则由江淮汽车位列第三；卡车市场方面，江淮和江铃保持领先地位，东风位列第四。 fund （原标题：乌拉圭2025年前11个月新车销量同比增长9.1%） 乌拉圭《国家报》2025年12月10日报道，根据乌拉圭汽车贸易协会的数据，11月该国新车单月销量为6,483辆，同 比微降1.7%。然而，前11个月的累计销量已达到64,477辆，同比增长9.1%。其中，SUV车型表现尤为亮眼，前11个月 销量大幅增长44.7%，达到21,054辆。 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The continuation of the vehicle trade-in policy is expected to bolster demand resilience in 2026, although the marginal stimulus from subsidies is diminishing, leading to increased competition among domestic automakers [15][18]. - The report emphasizes the importance of structural opportunities within the industry, particularly for companies that can differentiate their products [15][18]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, with the new energy vehicle index down by 1% [2][8]. - Year-to-date, the automotive index has increased by 19%, while the new energy vehicle index has only risen by 1% [9][10]. 2. Vehicle Trade-in Policy Continuation - The central economic work conference highlighted the need to boost consumption and investment efficiency, extending the "two new" policies, which include large-scale equipment updates and trade-in programs [15]. - From January to November 2025, the trade-in policy facilitated over 11.2 million vehicle exchanges [15]. 3. Investment Strategy and Recommendations - The report suggests focusing on companies with high cost-performance ratios and emerging technologies, recommending leading firms such as Dechang Motor Holdings and Haoneng Co [18]. - It highlights the competitive pressure in the passenger vehicle market and recommends companies like Great Wall Motors and SAIC Motor for their differentiated product strategies [18]. - The report also identifies opportunities in the data center power supply sector, recommending Weichai Power and Yuchai International [18]. 4. Key Company Performance Predictions - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Overweight" [19]. - Notable recommendations include BYD, which has a projected EPS of 3.80 for 2025, and Great Wall Motors, with an EPS of 1.53 for the same year [19].

Core Viewpoint - Jianghuai Automobile is committed to transforming its commercial vehicle segment, focusing on high-quality development through innovation, digitalization, and ecological collaboration, aiming to lead the industry in the transition to new energy and intelligent solutions [6][11]. Group 1: Event Overview - The 2026 Jianghuai Automobile Commercial Vehicle Marketing Conference was held in Hefei, Anhui, with over 1,000 representatives from more than 800 dealerships discussing new trends in the commercial vehicle industry [3][4]. - The conference theme was "Gathering Strength to Open New Situations, Winning the Future Together," showcasing over 30 models and core components, emphasizing the strategic determination to strengthen and expand the commercial vehicle sector [4][21]. Group 2: Strategic Focus - Jianghuai Commercial Vehicles is focusing on high-quality development, leveraging hard technology and ecological collaboration to accelerate the layout of new energy and intelligent strategies [6][10]. - The company aims to enhance its core competitiveness through digital operations and ecological co-construction, with a forward-looking vision and systematic thinking for future planning [6][10]. Group 3: Product and Market Performance - By the end of November 2025, Jianghuai's new energy light trucks ranked among the top three in the industry, with high-end models powered by Cummins exceeding 20,000 units in sales [14]. - The sales of wide-body models increased by 20% year-on-year, and online transactions accounted for over 25%, indicating significant success in digital marketing [14]. Group 4: User-Centric Innovations - Jianghuai has introduced a user lifecycle solution centered around "Smart Chain·Coexistence," aiming to create a data-driven closed loop covering vehicle selection, operation, and service [15][19]. - The company has established over 1,600 service outlets and a 24-hour intelligent service platform to provide enhanced service quality for light truck users [19]. Group 5: Future Directions - Jianghuai is committed to the new energy transition as a necessary trend in the automotive industry, focusing on intelligent and green development while deepening digital and ecological operations [11]. - The company is building a comprehensive product matrix centered on five series of new energy products, covering various application scenarios from urban delivery to intercity transport [11].

安徽江淮汽车集团股份有限公司 关于向特定对象发行 A 股股票提交募集说明书（注册 稿）及有关申请文件更新的提示性公告 证券代码：600418 证券简称：江淮汽车 公告编号：2025-055 公司本次向特定对象发行 A 股股票事项尚需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。公司将根据该事项的进展情况， 严格按照有关法律法规的规定和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。 特此公告。 安徽江淮汽车集团股份有限公司 董事会 2025 年 12 月 12 日 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。 安徽江淮汽车集团股份有限公司（以下简称"公司"）向特定对象发行 A 股股票的申请于 2025 年 12 月 10 日获得上海证券交易所审核通过，具体内容详 见公司于 2025 年 12 月 11 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于向特定对象发行 A 股股票申请获得上海证券交易所审 ...

证券简称：江淮汽车 股票代码：600418 安徽江淮汽车集团股份有限公司 Anhui Jianghuai Automobile Group Corp.,Ltd. （ 安徽省合肥市东流路 176 号） 2024年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十二月 安徽江淮汽车集团股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 1-1-1 安徽江淮汽车集团股份有限公司 募集说明书 重大事项提示 一、重大风险提示 本公司提请投资者仔细阅读本募集说明书"第 ...

Core Viewpoint - Jianghuai Automobile is determined to make a significant push into the high-end pure electric vehicle market to overcome its development challenges, as it has faced declining sales and increasing losses in recent years [1][5]. Group 1: Financial Performance - Jianghuai Automobile's sales volume has declined by 25.64% in the first three quarters of the year, with overall sales down by 10.66% [4][5]. - The company has reported cumulative losses exceeding 11 billion yuan over the past seven years, with a projected record loss of 1.784 billion yuan in 2024 [5]. - In the first three quarters of 2025, revenue was 30.873 billion yuan, down 4.14% year-on-year, and the net profit attributable to shareholders turned from profit to a loss of 1.434 billion yuan, a decline of 329.43% [5]. Group 2: Strategic Initiatives - Jianghuai Automobile plans to raise up to 3.5 billion yuan through a private placement to fund the development of a high-end intelligent electric platform, aiming to reduce reliance on its traditional OEM model [3][9]. - The company is integrating its passenger vehicle, new energy vehicle, and pickup truck business units into a unified "Jianghuai Passenger Vehicle" brand system to streamline operations [5]. Group 3: Market Position and Competition - Jianghuai's commercial vehicle segment has historically been its strength, accounting for 46.7% to 54.97% of revenue from 2023 to mid-2025, while the passenger vehicle segment has been a follower in the industry [3]. - The company faces significant competition from leading new energy brands that have advantages in technology and scale, as well as pressure from industry price wars [8][9]. Group 4: Technological Development - Jianghuai's reliance on the OEM model has limited its investment in independent R&D, with R&D expenses consistently around 4%-5% of revenue [7]. - The collaboration with Huawei aims to enhance technological capabilities and brand value, but it also introduces dependency risks [8][9]. - The new high-end electric platform is seen as a critical opportunity for Jianghuai to break through technological bottlenecks and improve its profitability structure [9].

目 录 | 关于融资规模………………………………………………… 一、 | 第 1—12 | 页 | | --- | --- | --- | | 二、关于经营情况…………………………………………………第 | 12—60 | 页 | | 三、关于主要资产…………………………………………………第 | 60—111 | 页 | | 四、关于财务性投资……………………………………………第 | 111—144 | 页 | | 五、关于关联交易………………………………………………第 | 144—162 | 页 | | 六、关于其他事项………………………………………………第 | 162—164 | 页 | 问询函专项说明 天健函〔2025〕1424 号 上海证券交易所： 我们已对《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）所提及的安徽 江淮汽车集团股份有限公司（以下简称江淮汽车公司或公司）财务事项进行了审慎核 查，并出具了《问询函专项说明》（天健函〔2025〕285 号）。因江淮汽车公司补充 了最近一期财务数据，我们为此作了追加核查，现 ...

国元证券股份有限公司 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 上市保荐书 （安徽省合肥市梅山路 18 号） 二〇二五年十二月 保荐人（主承销商） 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受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"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《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》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《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 股股票募集说明书》中相同的含义。 3-2-1 | 十一、保荐机构对发行人本次向特 ...

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]230Z2353 号 容诚会计师事务所(特殊普通合伙) 中国·北京 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]230Z2353 号 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/ 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 ...

国元证券股份有限公司 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 发行保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十二月 声 明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受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"）委托，担任其向特定对象发行股票的保荐机构， 为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《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》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册办法》"）、《〈上市公司证 券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五 十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号》（以 下简称"《适用意见第 18 号》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有 关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和 道德准则出 ...