【个股观点】江淮汽车：定增99折顺利发行，重视新车周期带来的投资机会 玫瑰定增发行对象包括#个人葛卫东、方文燕、机构投资者杭州知春、广发证券、财通基金等。 定增99折顶格发行，共收到38名认购对象报价，最高报价达51.3元，充分证明长线资金看好公司长期价值，约等 于零折价锁定半年。 此前股价长期受定增压制，我们认为此次定增高价发行有望转化为股价助推因素！ 定增99折顶格发行，共收到38名认购对象报价，最高 【个股观点】江淮汽车：定增99折顺利发行，重视新车周期带来的投资机会 太阳事件：公司定增顺利发行，发行价49.88元（为底价123.93%，基准价99%），募资总额35亿元，主要用于高端 智能电动平台开发项目，该项目投资总额58.7亿元。 玫瑰尊界第二款产品MPV将于26Q3量产交付，并有望在4月北京车展上亮相，我们认为豪华车市场中，轿车是商 务属性最强、品牌壁垒最高的细分市场，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。 玫瑰S800单月交付超BBA总和，看好后续产品 尊界S800 12月交付4376台，已超过奔驰S级+ ...

2月11日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股资讯一览： 一、今日财经资讯 1、央行发布2025年第四季度中国货币政策执行报告。继续实施好适度宽松的货币政策。把促进经济稳定 增长、物价合理回升作为货币政策的重要考量，根据国内外经济金融形势和金融市场运行情况，把握好政 策实施的力度、节奏和时机。灵活高效运用降准降息等多种政策工具，保持流动性充裕和社会融资条件相 对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量增长同经济增长、价格总 水平预期目标相匹配。 2、工业和信息化部等五部门办公厅(秘书局、综合局、综合司)发布《关于加强信息通信业能力建设 支撑 低空基础设施发展的实施意见》，其中提到，持续提升信息通信业技术基础能力、产业供给能力、网络支 撑能力和安全保障能力，有序推进低空场景通信网络建设，丰富拓展感知技术手段，辅助提升导航定位精 度，支撑建设低空智能网联系统，为低空经济发展提供坚实基础。 5、从机构近一个月来的调研情况看，半导体公司的调研热度居前。其中，华润微、东芯股份、神工股份 的机构来访量均超过70次。从资金流向看，据Choice测算，今年以来，截至2月9日，半 ...

Group 1 - In 2026, the average subsidy for scrapped and updated models is expected to decrease by 21% compared to 2025, while the subsidy for replacement models will drop by 30% [1] - The shift from fixed subsidies to tiered subsidies is expected to enhance fiscal efficiency, ensuring better funding support throughout the year [1] - The passenger car market is projected to experience a low-to-high trend in 2026, benefiting from consumption upgrades and policy support [1] Group 2 - Jianghuai Automobile has raised approximately 3.5 billion yuan through a private placement, with notable investor Ge Weidong subscribing for 2004.81 million shares at 49.88 yuan per share [2] - The investment reflects confidence in Jianghuai's collaboration model with Huawei [2] Group 3 - Zhejiang Geely Holding Group has undergone a change in legal representative, with An Conghui taking over from Li Donghui, indicating a strategic shift towards technology and operational depth [3] - The company was established in March 2003 with a registered capital of 1.03 billion yuan, involved in various automotive and investment activities [3] Group 4 - Alipay has launched a Robotaxi ride-hailing mini-program, currently operational in select areas of five cities, with plans for expansion [4] - This initiative is expected to accelerate the commercialization of autonomous driving taxis [4] Group 5 - Xiaomi has officially ceased production of its first-generation SU7, with total deliveries nearing 370,000 units [4] - The new SU7 is anticipated to continue driving sales for Xiaomi's automotive segment [5] Group 6 - In January, Toyota and Nissan reported sales increases in China, with Toyota up 6.6% to 145,500 units and Nissan up 10.1% to 50,024 units, while Honda's sales fell 16.5% to 57,489 units [6] - The decline in Honda's sales is attributed to delays in launching new electric vehicles [6] Group 7 - Hyundai is seeking to supply 50,000 IONIQ 5 autonomous vehicles to Waymo by 2028, with a total contract value potentially reaching 2.5 billion USD [6] - This represents one of the largest potential commercial orders in the autonomous driving sector in recent years [6]

从公司定期报告看，在此次参与江淮汽车定增之前，葛卫东关联人葛贵莲、王萍早已对江淮汽车有所布局。 2025年中报显示，葛卫东家族成员葛贵莲新进成为江淮汽车的第八大股东，持股数量为1186.1万股，持股占比为0.54%。截至2025年三季度末，葛卫东亲属 王萍新进成为江淮汽车的第五大股东，持股数量为2350.17万股，葛贵莲增持至1661.62万股，占总股本的0.76%。 市场人士表示，葛卫东家族成员自2025年第二季度起持续加仓江淮汽车，这一时间点与江淮汽车高端品牌"尊界S800"于2025年5月正式上市高度重合。葛卫 东的持续投入，表明他看好华为在智能驾驶、智能座舱等领域的技术赋能，能够为传统车企带来品牌跃迁和估值重估的机会，其逻辑与此前投资赛力斯 等"华为链"公司一脉相承。 转自：新华财经 新华财经北京2月11日电（丁晶）2月10日，江淮汽车披露定增发行情况报告书，核心为向特定对象发行股票的注册申请获批，募集资金总额约35亿元。最终 确定的8名发行对象中，知名投资人葛卫东和方文艳各获配约2000万股，金额均为10亿元，发行完成后，葛卫东、方文艳将并列为江淮汽车第8大股东。据公 开资料，方文艳是"超级牛散"章 ...

Market Overview - On February 10, 2026, the A-share market showed mixed results with the Shanghai Composite Index closing at 4128.37 points, up 0.13%, while the Shenzhen Component Index rose 0.02% to 14210.63 points, and the ChiNext Index fell 0.37% to 3320.54 points. Over 3100 stocks declined, and the total trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, a decrease of 140 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced a pullback after an initial rise, with the Hang Seng Index closing at 27183.15 points, up 0.58% or 155.99 points, and a total trading volume of 234.04 billion HKD. The Hang Seng China Enterprises Index increased by 0.81% to 9242.75 points, while the Hang Seng Tech Index rose 0.62% to 5451.03 points [1] - In the U.S. stock market, major indices showed mixed performance, with the Dow Jones Industrial Average rising 0.61% to 47716.42 points, the S&P 500 increasing by 0.54% to 6849.09 points, and the Nasdaq Composite Index up 0.65% to 23365.69 points [1] New Stock Listing - The new stock "Yisiwei" (SSE: 688816) was listed on the Sci-Tech Innovation Board at an issue price of 55.95 yuan per share, with a price-to-earnings ratio of 90.39 times. The company focuses on the industrial intelligent vision sector, integrating design, research and development, manufacturing, and application of machine vision products. It has established a comprehensive system of industrial vision equipment for various processes in automotive manufacturing, successfully breaking the long-standing foreign brand monopoly in this field [2] Important News - On February 10, 2026, the People's Bank of China released the monetary policy execution report for the fourth quarter of 2025, emphasizing the need to balance interest rates and exchange rates. The report advocates for deepening interest rate marketization reforms and improving the transmission channels of monetary policy. It aims to enhance the market-based formation, regulation, and transmission mechanisms of interest rates, ensuring that short-term money market rates align closely with the central bank's policy rates [3] - The National Development and Reform Commission, along with other departments, issued implementation opinions on accelerating the application of artificial intelligence in the bidding and tendering sector. The initiative aims to improve the entire bidding process and management key points by promoting AI applications, enhancing service and regulatory digitalization, and ensuring fair and efficient allocation of public resources. By the end of 2026, key scenarios such as bid document detection and intelligent evaluation assistance are expected to achieve full coverage in certain provinces, with broader national application by the end of 2027 [4]

2月10日晚，小米创办人、董事长兼CEO雷军在直播中透露，最后一辆初代小米SU7量产下线，正在运 送途中，将安排车主提车。这意味着初代小米SU7正式停产。据雷军介绍，初代SU7交付量接近37万 辆。 雷军：小米汽车工厂有六七百台机器人，做到了百分之百自动组装和检测 乘联分会崔东树：预计2026年乘用车市场将实现前低后高的走势 2月10日，乘联分会秘书长崔东树发文表示，根据测算，2026年报废更新车型的补贴均值较2025年降 21%，2026年置换更新车型的补贴均值较2025年降30%。以旧换新固定补贴改分档补贴的效果很突出， 尤其是财政效率提升明显，确保资金更好的全年保障支撑。在同预算下，满额门槛筛选出更高单价的换 购群体，拉动单车成交额与总消费额，减少低价车"躺赚"补贴的浪费；上限控制避免豪华车挤占过多资 金。预计2026年全年受益于消费升级和政策支持，乘用车市场将实现前低后高的走势。 雷军宣布初代小米SU7正式停产 江淮汽车2月10日晚间公告，2026年1月销量为3.48万辆，同比下降2.14%。其中，新能源乘用车1月销量 为3151辆，同比增长183.11%。 北京汽车：预期2025年归属于公司权益持有 ...

Core Viewpoint - Jianghuai Automobile (600418.SH) has successfully completed a 3.5 billion yuan private placement plan, with notable investor Ge Weidong participating, despite the company announcing a significant expected loss for 2025 [1][2]. Group 1: Private Placement Details - Jianghuai Automobile issued a total of 70.1684 million shares at a price of 49.88 yuan per share, raising approximately 3.5 billion yuan [1]. - Ge Weidong invested around 1 billion yuan to acquire 20.0481 million shares, making him the eighth largest shareholder with a 0.89% stake [1]. - The shares issued will be locked for six months post-issuance [1]. Group 2: Financial Performance and Challenges - The company projected a net loss of approximately 1.68 billion yuan for 2025, with a non-recurring net profit loss of about 2.47 billion yuan, indicating a slight narrowing of losses compared to the previous year [2]. - The decline in performance is attributed to complex international conditions and increased competition in overseas markets, leading to a drop in export business [2]. - Losses from joint venture Volkswagen Anhui contributed significantly, with the company recognizing an investment loss of 1.08 billion yuan [2]. Group 3: Future Plans and Strategic Focus - The funds raised from the private placement will be fully allocated to the "High-end Intelligent Electric Platform Development Project," which is closely related to the company's main business and aims to enhance future competitiveness through technological upgrades [2]. - The company emphasized that the private placement will not alter its control structure, with the controlling shareholder remaining unchanged [2]. Group 4: Investor Profile - Ge Weidong is known for his investments in technology sectors, having shifted focus from futures to the secondary market over the past seven to eight years, favoring technology growth stocks [2]. - His recent investments include significant stakes in leading technology companies, and his entry into Jianghuai Automobile is viewed as a strategic move within the smart automotive industry [3].

Group 1 - The People's Bank of China (PBOC) released the "2025 Q4 China Monetary Policy Implementation Report," emphasizing the continuation of a moderately loose monetary policy to support economic governance and the "14th Five-Year Plan" [5][6] - The report highlights the importance of counter-cyclical and cross-cyclical adjustments to enhance macroeconomic governance effectiveness [5] - The report aims to integrate incremental and stock policy effects to achieve a good start for the "14th Five-Year Plan" [5] Group 2 - Five departments issued the "Implementation Opinions on Strengthening the Capacity Building of the Information and Communication Industry to Support Low-altitude Infrastructure Development," focusing on the collaborative development of information infrastructure and low-altitude applications [6] - The plan includes achieving a ground mobile communication network coverage rate of no less than 90% for low-altitude public air routes by 2027, along with the development of at least 10 standards for information infrastructure [6] - The initiative aims to enhance low-altitude navigation service levels and create typical low-altitude application scenarios in urban governance, logistics, and cultural tourism [6] Group 3 - Data shows that from the stock registration date of December 1, 2025, to February 9, 2026, approximately 270 A-share listed companies implemented cash dividends totaling over 370 billion yuan, a year-on-year increase of about 9.6% [8] - The "15th Five-Year Plan" for Zhejiang Province aims to cultivate trillion-level industrial clusters, focusing on core industries like embodied intelligence and smart driving, with a target of achieving 1.2 trillion yuan in revenue from the core AI industry by 2030 [8]

2月10日晚间，江淮汽车披露定增情况报告书，公司向姚志超、葛卫东、方文艳等8名特定对象，合计发行7016.84万股股份，发行价格为49.88元/股，募集 资金总额约35亿元。 其中，葛卫东、方文艳各认购2004.81万股股份，均耗资约10亿元，是江淮汽车本次发行获配股份最多的两个发行对象。根据相关《验资报告》，目前本 次发行的保荐人国元证券已收到发行对象缴纳的认购资金。 Wind数据显示，截至2月10日收盘，江淮汽车股价报54.61元/股，最新市值为1193亿元。 葛卫东与方文艳进入前十大股东 江淮汽车定增情况报告书显示，本次发行对象共有8名，包括"私募大佬"葛卫东、方文艳、姚志超、深圳新思哲、中阅资本、杭州知春投资、广发证券、 财通基金等。公开资料显示，方文艳系知名牛散章建平的妻子。 | 结果 | 果如 | F | | --- | --- | --- | | . | . | . | | 序号 | 发行对象名称 | 获配股数(股) | 获配金额(元) | 限售期 (月) | | --- | --- | --- | --- | --- | | 1 | 姚志超 | 2, 004, 811 | 99, 999, 9 ...

2月10日晚间，江淮汽车披露定增情况报告书，公司向姚志超、葛卫东、方文艳等8名特定对象，合计发行7016.84万股股份，发行价格为49.88元/股，募集 资金总额约35亿元。 其中，葛卫东、方文艳各认购2004.81万股股份，均耗资约10亿元，是江淮汽车本次发行获配股份最多的两个发行对象。根据相关《验资报告》，目前本 次发行的保荐人国元证券已收到发行对象缴纳的认购资金。 Wind数据显示，截至2月10日收盘，江淮汽车股价报54.61元/股，最新市值为1193亿元。 葛卫东与方文艳进入前十大股东 江淮汽车定增情况报告书显示，本次发行对象共有8名，包括"私募大佬"葛卫东、方文艳、姚志超、深圳新思哲、中阅资本、杭州知春投资、广发证券、 财通基金等。公开资料显示，方文艳系知名牛散章建平的妻子。 | 结果 | di | | | | --- | --- | --- | --- | | . | F | . | . | | 序号 | 发行对象名称 | 获配股数(股) | 获配金额(元) | 限售期 (月) | | --- | --- | --- | --- | --- | | 1 | 姚志超 | 2,004,811 | 99 ...