Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [80]. Core Insights - Jianghuai Automobile and Huawei have deepened their strategic partnership, focusing on the integration of Huawei's intelligent automotive solutions into Jianghuai's vehicle platforms, enhancing AI applications across various operational scenarios [3][13]. - The first flagship luxury electric sedan, the Zun Jie S800, has commenced mass production, with significant pre-order success, indicating strong market demand [4][15]. - The automotive sector has experienced a decline of 2.6% from June 16 to June 20, 2025, underperforming the CSI 300 index by 2.1 percentage points, although it ranks 4th among 31 sectors year-to-date with a 5.1% increase [16][23]. Summary by Sections Strategic Cooperation - Jianghuai and Huawei signed a strategic cooperation agreement on June 17, 2025, to enhance the application of intelligent automotive solutions, including AI-driven features and clean energy initiatives [3][13]. - The Zun Jie S800 project, a result of this collaboration, has a dedicated team of over 5,000 and a newly built factory equipped with advanced automation technology [4][14]. Market Performance - The automotive sector's performance from June 16 to June 20, 2025, showed a decline of 2.6%, while the CSI 300 index fell by only 0.5%, highlighting the sector's underperformance [16]. - Year-to-date, the automotive sector has increased by 5.1%, ranking 4th among all sectors [16]. Sales Data - From June 1 to June 15, 2025, retail sales of passenger vehicles reached 706,000 units, a 20% increase year-on-year, while wholesale sales were 714,000 units, up 24% year-on-year [6][36]. - New energy vehicle retail sales during the same period were 402,000 units, reflecting a 38% year-on-year growth [6][36]. Production and Delivery Plans - The Zun Jie S800 is set for initial deliveries on June 26, 2025, with plans for mass production to reach 3,000 units per month by September and 4,000 units by year-end [4][15].

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Core Viewpoint - The article highlights the entrepreneurial journey of a delivery business owner, Ye Genwei, who successfully expanded his operations in Wuhan using Jianghuai Starry vehicles, emphasizing the importance of logistics in commerce and the benefits of efficient delivery systems [1][9][19]. Group 1: Business Expansion and Logistics - Ye Genwei started his delivery business with one Jianghuai Starry vehicle and expanded to three due to increasing demand for delivery services in Wuhan [1][9]. - The growth of the workforce in Henan province led to a rise in demand for affordable daily necessities, prompting the establishment of low-cost retail stores [5][7]. - Ye's logistics strategy includes a self-built fleet of delivery vehicles, which has allowed him to serve over a hundred clients across Wuhan [9][19]. Group 2: Vehicle Performance and Cost Efficiency - The Jianghuai Starry 627 model, with a cargo volume of 12.5 cubic meters, significantly improved delivery efficiency, allowing Ye to meet the demands of his clients more effectively [11][12]. - The fuel efficiency of the Jianghuai Starry is highlighted, with an average fuel consumption of around 8 liters per 100 kilometers, leading to substantial cost savings over time [16][18]. - Ye appreciates the vehicle's powerful 2.7-liter diesel engine, which enhances safety and performance in busy traffic conditions [18]. Group 3: Profitability and Market Strategy - Ye's business model relies on a low-margin, high-volume strategy, with average profit margins of 10%-20% on individual items [14]. - The importance of rapid product circulation is emphasized as a key to maintaining profitability in the retail sector [12][14]. - Ye's success is attributed to his hard work and accurate market demand assessment, positioning him for future growth in the competitive retail landscape [19].

Core Insights - The launch of the Huawei-affiliated luxury car, the ZunJie S800, marks a significant milestone for both Huawei and Jianghuai Automobile, with over 5,000 pre-orders already secured [2][3] - The strategic partnership between Jianghuai and Huawei is deepening, focusing on smart automotive solutions and digital transformation, aiming to capture the luxury car market [3][9] - The ZunJie S800 is positioned as a high-end vehicle with a price tag reaching 1 million yuan, emphasizing quality and delivery efficiency as critical factors for success [4][6] Production and Supply Chain - The ZunJie S800 is produced at the ZunJie Super Factory in Hefei, which has an annual capacity of 200,000 vehicles and is currently ramping up production [4][9] - The factory is equipped with 1,500 intelligent robots, and the initial monthly production capacity is estimated at around 1,000 vehicles, indicating a timeline of three to four months to fulfill existing orders [4][5] - Jianghuai has engaged over 200 core suppliers, many of whom are part of Huawei's existing supply chain, ensuring a stable supply of high-quality components [5][6] Market Expectations and Competition - Jianghuai's ambitious sales target for the ZunJie S800 is 50,000 units annually, although suppliers believe that achieving 10,000 units would be a more realistic expectation [3][7] - The ZunJie S800 is competing against established luxury brands, with comparisons drawn to the sales figures of models like the Maybach and BMW's flagship series [7][8] - The luxury MPV market is identified as a potential growth area, with plans for a second model, the ZunJie MPV, to be developed in response to market demand [6][9] Financial Context - Jianghuai's recent financial struggles, including a net profit loss of 2.741 billion yuan in 2024, highlight the importance of the ZunJie brand as a key business focus moving forward [8][9] - The collaboration with Huawei is seen as a strategic move to leverage technological expertise and improve market positioning, especially in the context of Jianghuai's past partnerships and investments [9][10]

Group 1 - The board of directors of Anhui Jianghuai Automobile Group Co., Ltd. held its 27th meeting, with all 11 directors present [1] - The board approved the establishment of a wholly-owned subsidiary in Hong Kong with a registered capital of 50 million HKD to enhance the efficiency of overseas fund utilization and reduce financial costs and risks [1] - The board also approved the reappointment of the accounting firm, which was previously reviewed and agreed upon by the audit committee [1][2] Group 2 - The proposal for the reappointment of the accounting firm will be submitted to the shareholders' meeting for further approval [2]

Core Viewpoint - The company intends to reappoint Tianjian Accounting Firm as its auditor, highlighting the firm's qualifications and experience in the industry [1][6]. Group 1: Basic Information of the Accounting Firm - Tianjian Accounting Firm, established in December 1983 and restructured in July 2011, is one of the earliest firms authorized to provide securities services in China [1]. - As of December 31, 2024, Tianjian has 241 partners and 2,356 registered accountants, with 904 having signed securities service audit reports [1]. Group 2: Financial Performance - In 2024, Tianjian's total revenue was 2.969 billion yuan, with audit service revenue at 2.563 billion yuan and securities and futures business revenue at 1.465 billion yuan [2]. - The firm audited 756 listed companies for their 2024 annual reports, with total audit fees amounting to 735 million yuan [2]. Group 3: Client Base and Risk Management - Tianjian's clients are primarily from various sectors, including manufacturing, information technology, retail, and utilities, among others [2]. - The firm has established a professional risk fund and purchased professional liability insurance, with cumulative compensation limits exceeding 200 million yuan as of the end of 2024 [2]. Group 4: Legal and Regulatory Compliance - In the past three years, Tianjian faced four administrative penalties and 13 supervisory measures, but no criminal penalties [3]. - The project partners and auditors have not faced criminal penalties and have maintained compliance with ethical standards [5]. Group 5: Audit Project Details - The project partner, Ye Xicheng, has been involved in auditing since 2003 and has signed reports for several public companies [3][4]. - The expected audit fees for the 2025 annual report and internal control audit are 2.18 million yuan, with 1.65 million yuan for the annual report audit and 530,000 yuan for internal control audit [5]. Group 6: Approval Process - The audit committee approved the reappointment of Tianjian on June 19, 2025, and the board of directors unanimously supported the decision [6]. - The reappointment is subject to approval by the company's shareholders and will take effect upon their approval [6].

证券代码：600418 证券简称：江淮汽车 公告编号：2025-030 安徽江淮汽车集团股份有限公司 续聘会计师事务所公告 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。 重要内容提示： 拟聘任的会计师事务所名称为：天健会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）是在 原天健会计师事务所有限公司的基础上改制而来，初始成立于1983年12月，2011 年 7 月 18 日改制为特殊普通合伙企业，是国内最早获准从事证券服务业务的会 计师事务所之一，长期从事证券服务业务。注册地址为浙江省杭州市西湖区灵隐 街道西溪路 128 号，首席合伙人钟建国。 截至 2024 年 12 月 31 日，天健会计师事务所共有合伙人 241 人，共有注册 会计师 2,356 人，其中 904 人签署过证券服务业务审计报告。 天健会计师事务所经审计的 2024 年度收入总额为 29.69 亿元，其中审计业 务收入 25.63 亿元，证券期货业 ...

证券代码：600418 证券简称：江淮汽车 公告编号：2025-029 安徽江淮汽车集团股份有限公司 八届二十七次董事会决议公告 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"或"江淮汽车"）八届 二十七次董事会会议通知于 2025 年 6 月 14 日送达。本次董事会会议于 2025 年 6 月 19 日以现场结合通讯方式召开。会议的召开符合《中华人民共和国公司法》 和《公司章程》的规定。本次会议应出席董事 11 人，实际出席会议董事 11 人。 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《关于在香港设立全资子公司的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 公司在香港投资新设全资子公司，注册资本 5000 万港币，用以推动优化公 司境外资金使用效率，降低财务成本与风险。 （二）审议通过《关于续聘会计师事务所的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 本议案事先经公司董事会审计委员会 2025 年第 ...

第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2025年5月份，我国客车市场（含底盘）销售4.31万辆，环比下降3%，同比增长1%。其 中，轻型客车市场销售3.45万辆，环比下降4%，同比增长2%，同比增幅较上月（4月份轻客 市场同比增长5%）缩窄3个百分点，收获"2连增"。 5月份，轻型客车3.45万辆的销量在整个客车市场的份额达到80.02%，较上月（81.04%） 略有下降。今年1-5月，轻客在客车市场的占比达到81.16%，较去年全年占比有所提升 （2024年全年，轻客在客车市场的占比为77.18%）。 2025年5月份，我国客车市场整体销量同比小幅增长1%，重回上升区间。作为客车市场中占 比最大的细分市场，轻客市场在5月份的命运如何？ 请看第一商用车网的分析报道。 5月销售3.45万辆，同比增长2%，收获"2连增" 纵观近五年5月份轻型客车销量及增幅走势图可见，近五年5月份的轻客市场走出一个增-降- 增-增-增的趋势，2025年5月份轻客市场3.45万辆的销量在近五年里看排到第二，属于中等 偏上水平，比五年最高的2021年5月份少销售约3100辆，比去年5月份多销售 ...

Investment Rating - The report maintains a "Strong Buy" rating for Jianghuai Automobile, with a target price of 59.24 CNY, indicating a potential upside of 42% from the current price of 41.63 CNY [2][3]. Core Insights - The launch of the ZunJie S800 has exceeded expectations, with over 5,000 pre-orders within 19 days of its release. The vehicle is priced between 708,000 to 1,018,000 CNY, and if its competitiveness surpasses that of rivals like the 78S, it could accelerate sales growth and expand market share [2][3]. - Revenue forecasts for Jianghuai's self-owned business are projected to reach 43.6 billion, 46.9 billion, and 49.2 billion CNY from 2025 to 2027, while ZunJie business revenues are expected to be 3.8 billion, 13 billion, and 22.2 billion CNY in the same period. Overall revenue estimates have been revised upwards to 47.5 billion, 60 billion, and 71.5 billion CNY for 2025 to 2027, reflecting year-on-year growth of 13%, 26%, and 19% respectively [3][8]. Financial Projections - The report adjusts the net profit forecasts for the parent company from -150 million, 1.64 billion, and 2.79 billion CNY to -60 million, 1.48 billion, and 3.75 billion CNY for 2025 to 2027. This indicates a significant improvement in profitability expectations [3][8]. - The report anticipates long-term revenue for Jianghuai's self-owned business to reach 59.4 billion CNY and net profit for the ZunJie business to hit 12.4 billion CNY, suggesting a substantial growth potential [3]. Market Positioning - The ZunJie S800 is positioned to compete with luxury brands by offering high-quality features comparable to traditional luxury sedans, supported by Huawei's brand strength and innovative technology [3][7]. - The collaboration between Jianghuai and Huawei is expected to create a unique value proposition in the luxury vehicle market, enhancing Jianghuai's competitiveness and potential for high returns on equity (ROE) [3][7].