Core Viewpoint - GAC Group issued a statement on January 20, denying rumors regarding the claim that "Dong Mingzhu: In the future, half of GAC Group's automotive chips will be replaced by Gree chips" as "not factual" [1] Group 1 - On January 15, 2026, GAC Group Chairman Feng Xingya led a delegation to visit Gree Electric, discussing the integration of the "human-vehicle-home" smart ecosystem and exploring industrial collaboration with Gree Electric Chairman Dong Mingzhu and the management team [1] - The company stated that any specific progress regarding potential collaboration will be announced through official channels in a timely manner [1]

Core Viewpoint - GAC Group clarifies that recent claims regarding Gree's chips replacing half of GAC's automotive chips are inaccurate and stem from a misinterpretation of a conversation between executives [1] Group 1: Company Statements - GAC Group issued a statement on January 20, 2026, to address rumors about Gree's chips replacing a significant portion of its automotive chips, emphasizing that such claims are not factual [1] - The discussion between GAC's Chairman Feng Xingya and Gree's Chairman Dong Mingzhu was focused on the integration of smart ecosystems and was characterized as a strategic exchange, with no formal agreements reached [1] Group 2: Background Information - The rumors originated from a video where Feng introduced GAC's high-end electric vehicle model, Hyper GT, mentioning that it contains 1004 chips with Chinese intellectual property, to which Dong humorously responded about future collaboration [1] - Gree Electric has been investing in semiconductor development since 2018, focusing on power semiconductors, but lacks evidence of large-scale production capabilities for automotive-grade chips [2] Group 3: Industry Context - Automotive chips, particularly those for smart driving and cockpit control, require high reliability and safety standards, with a lengthy validation process of 18 to 36 months to enter mainstream automotive supply chains [2] - GAC Group's current chip supply chain primarily relies on leading international manufacturers and local Tier 1 suppliers, indicating a strategy focused on increasing domestic sourcing rather than relying on a single supplier [2]

Group 1: Government Work Report Highlights - The Guangzhou government work report outlines a vision for the city in five years, emphasizing innovation, livability, beauty, resilience, civilization, and intelligence as key attributes of a modern mega-city [2] - The report indicates a clear focus on integrating healthcare into urban planning, highlighting the importance of medical services in enhancing the quality of life for citizens [2][3] - The report emphasizes the need for resilient medical service supply and infrastructure as critical components of urban livelihood security [3] Group 2: Future Industry Development - The report identifies future industries as crucial for Guangzhou's development, advocating for a shift from merely providing policies to establishing mechanisms that support long-term growth [4] - It suggests a transition from issuing opportunity lists to creating comprehensive engineering plans that facilitate business operations [4] - The report calls for a focus on building ecosystems rather than just supporting leading enterprises, proposing pilot projects for future industry micro-clusters [4] Group 3: Automotive Industry Insights - The automotive sector is highlighted as a pillar of Guangzhou's economy, with a strong emphasis on the development of smart and connected vehicles [5][6] - The report outlines specific goals for the smart connected vehicle industry, including expanding application scenarios and promoting autonomous driving demonstrations [6] - Guangzhou aims to leverage technological innovations, such as solid-state batteries, to enhance its competitive edge in the automotive industry [6] Group 4: Legal and Governance Framework - The report underscores the importance of legal governance and efficiency in administration, reflecting Guangzhou's commitment to building a rule-of-law government [7] - The establishment of Guangzhou as a national model for legal governance is noted as a significant achievement, with plans for continued advocacy and research in legal matters [7]

Group 1 - The core point of the article is that GAC Group's chairman, Feng Xingya, visited Gree Electric, leading to rumors about Gree supplying half of GAC's automotive chips, which GAC officially denied [2] - GAC Group emphasized that the visit was to discuss the integration of "people, vehicles, and home" and explore industrial collaboration, and any future cooperation details will be announced through official channels [2] - Gree Electric has been expanding its capabilities in chip design and production, establishing an IPM power module production line in 2010 and launching a silicon carbide chip factory in 2022, with plans for significant production capacity by 2025 [3] Group 2 - Gree Electric's silicon carbide chip factory is expected to have an annual production capacity of 240,000 pieces of 6-inch silicon carbide wafers by the end of 2023 [3] - By 2025, Gree Electric anticipates cumulative sales of over 300 million chips [3]

Core Viewpoint - GAC Group issued a statement refuting rumors that half of its automotive chips will be replaced by Gree's chips, clarifying that the information is not factual [1] Group 1: Company Developments - On January 15, 2026, GAC Group Chairman Feng Xingya led a delegation to visit Gree Electric, discussing the integration of "people, vehicles, and home" for smart ecosystem development and exploring industrial collaboration [1] - GAC Group will announce any specific progress in cooperation through official channels in the future [1] Group 2: Industry Context - The statement comes amid increased public interest in the potential collaboration between GAC Group and Gree Electric, highlighting the importance of verified information in the industry [1]

Core Viewpoint - Gree Electric Appliances is expanding its production of silicon carbide chips for various applications, indicating a strategic move into the semiconductor market, particularly for household appliances, photovoltaic energy storage, and logistics vehicles [1] Group 1: Company Developments - Gree Electric's assistant president revealed that the company will begin mass production of silicon carbide chips for photovoltaic energy storage and logistics vehicles this year, following the successful production for household appliances [1] - Gree Electric's chairman humorously mentioned that in the future, half of the automotive chips used by GAC Group will be replaced by Gree's products, highlighting a potential partnership and market expansion [1]

广汽自主研发的大容量全固态电池能量密度已突破400Wh/kg，并轻松通过200℃热箱测试与 针刺测试等严格安全试验，可有效解决用户的续驶里程焦虑和安全焦虑。广汽在材料与工艺 上的创新，使全固态电池在安全性、能量密度、循环寿命等关键指标上均处于行业领先水 平，为新能源汽车的未来发展提供了更优的动力解决方案。目前，广汽全固态电池中试产线 已建成试产，率先具备60Ah以上车规级全固态电池批量制造条件，向2026年实现全固态电 池装车目标迈出关键一步。 本报讯 前不久，由中国国家博物馆、工业和信息化部新闻宣传中心联合主办的筑基强 国路——中国制造"十四五"成就展汇聚了全国300余件（套）顶尖成果。由广汽集团"国家卓 越工程师团队"倾力打造的弹匣电池、全固态电池双双入选。 广汽弹匣电池是首款通过针刺无明火和枪击不起火测试的电池系统安全技术。通过应用超高 本征安全电芯、全时车端与云端安全监控、多维安全防护体系，弹匣电池实现本源防护、主 动防护与被动防护的三重安全保障，安全性能远超将于今年7月1日起开始实施的电池安全新 国标（GB38031-2025）。目前，弹匣电池已实现累计装车130万辆零自燃，超500亿公里安 全出行 ...

Summary of Key Points from the Conference Call Industry Overview: Greater China Auto, EV, and EV Battery Industry Forecasts - **China's Auto Industry**: Expected to face challenges in 2026 with a forecasted decline in auto wholesales by **1.6% YoY** compared to a **10% YoY** increase in 2025. This decline is attributed to front-loaded demand in 2025 [1] - **Domestic EV Sales**: Anticipated to grow only **7% YoY** in 2026 due to a **5% increase in purchase tax** and reduced trade-in subsidies [1] - **Export Sales**: Projected to increase by **12% YoY**, reaching **7.9 million units** in 2026, with EV exports expected to surge by **40% YoY** [1] - **Competition Dynamics**: Shift from price competition to configuration-based competition, necessitating more investment in autonomous driving (AD) and smart cabin technologies [1] Key Automotive/EV Themes for 2026 Theme 1: Export Growth - **Export Growth**: Companies like Chery and BYD are expected to benefit significantly from exports, especially with the EU's minimum EV price replacing tariffs [2] Theme 2: Autonomous Driving Development - **ADAS to AD Transition**: L3 permits issued to Changan and BAIC, with highway/city NOA penetration expected to exceed **40%** in 2026 and **85%** by 2030. L4/L5 penetration is projected to reach **8%** by 2030 [3] Theme 3: Cost Concerns - **Battery and Memory Costs**: Rising costs and supply stability of memory are key concerns for auto OEMs [3] Key Battery Themes for 2026 Theme 1: Energy Storage Systems (ESS) - **ESS Demand**: Global battery ESS installations expected to grow by **33% YoY** in 2026, with shipments increasing by **41% YoY** [4] Theme 2: Global Expansion - **Overseas Capacity Expansion**: Chinese battery manufacturers are accelerating their overseas capacity expansion, particularly in Europe and Southeast Asia, in response to rising tariffs and trade tensions [4] Theme 3: VAT Rebate Changes - **Export VAT Rebate Cut**: Anticipated to lead to a rush in battery production and shipment in Q1 2026, potentially increasing raw material prices and exerting cost pressure on battery makers and auto OEMs [5] Theme 4: Technological Innovation - **Sodium-Ion Battery**: Launch of Gen-2 sodium-ion battery expected, with ASSB (all-solid-state battery) small-batch production anticipated to start in 2027 and scale up significantly post-2029 [5] Investment Recommendations - **Top Picks**: - **XPeng**: Launch of Mona SUV and HR in 2H26, with a focus on AI-related businesses [6] - **CATL**: Growth driven by CEV, ESS, and overseas capacity despite short-term cost pressures [6] - **Tuopu**: Major supplier for humanoid robots with overseas expansion [6] - **Minth**: Resilient earnings growth supported by high overseas market exposure [6] - **Hesai**: Increased LiDAR adoption in China alongside L3 ADAS development [6] Additional Insights - **Market Dynamics**: The shift in competition and the focus on technological advancements highlight the evolving landscape of the automotive and EV sectors in China, emphasizing the need for companies to adapt to changing consumer preferences and regulatory environments [1][3][4][5]

Core Viewpoint - The establishment of the GAC Trumpchi Business Unit (BU) marks a significant milestone in GAC Group's efforts to deepen its "Panyu Action" and reform its independent brand strategy, transitioning from an administrative management system to a market-oriented structure [2][21]. Group 1: Organizational Changes - GAC Group has appointed Huang Jian, with 28 years of experience in automotive strategic planning and management, as the president of Trumpchi BU, responsible for the planning and management of all Trumpchi products [2][11]. - The formation of Trumpchi BU signifies a shift towards a system that emphasizes equal rights and responsibilities, focusing resources effectively and establishing a new driving system centered on products and talent [2][25]. - This change aims to transform managers from "functional officials" to market-sensitive "entrepreneurs," enhancing organizational agility and efficiency [2][23]. Group 2: Industry Context - The establishment of Trumpchi BU serves as a practical example for large state-owned enterprises on how to reconstruct core competitiveness and transition from "scale expansion" to "value creation" [3][21]. - The automotive industry has long suffered from a "silo effect," where excessive specialization hampers cross-department collaboration and information sharing, leading to inefficiencies [5][23]. - Traditional automotive companies often operate in a rigid pyramid structure, which can stifle efficiency in the face of new market dynamics [6][23]. Group 3: Strategic Goals - Trumpchi BU aims to integrate resources across the entire value chain of research and development, manufacturing, sales, and service to break down internal barriers and achieve unified command [8][25]. - The unit plans to enhance its brand positioning as "mainstream, elegant, and high-quality," focusing on product strength and brand power through technological upgrades and product redefinition [8][25]. - The leadership team, consisting of Huang Jian, Li An, and Wang Yu, is designed to respond to the industry's demand for operationally-minded talent, ensuring a capable decision-making core [11][27][32]. Group 4: Future Vision - Trumpchi BU is positioned to rapidly respond to market fluctuations and convert user feedback into technological improvements, aiming to build a competitive edge in the "new energy vehicle" sector [18][34]. - The overarching goal is to create a user-centered, market-oriented brand that accelerates its transformation in the new energy landscape, reflecting GAC Group's commitment to high-quality development [18][34][35].

Core Viewpoint - The article discusses the advancements and production timelines of solid-state batteries from various companies, highlighting the competitive landscape and technological progress leading up to 2026 and beyond [4]. Group 1: Company Developments - CATL launched the world's first sulfide solid-state battery pilot line in Hefei in May 2025, achieving an energy density of 450Wh/kg, with plans to expand production capacity to 50GWh by 2026 [6]. - Guoxuan High-Tech introduced its "Guan" quasi-solid-state square aluminum shell cell with an energy density greater than 300Wh/kg and initiated a pilot line with a 90% yield rate in May 2025 [8]. - EVE Energy's solid-state battery, "Longquan No. 2," achieved an energy density of 300Wh/kg and is aimed at high-end applications like humanoid robots and low-altitude aircraft [8]. - Aoxin Technology plans to launch its polymer solid-state battery with an energy density of 400Wh/kg by the end of 2025, targeting high-end new energy vehicles [8]. - Ganfeng Lithium announced the mass production of lithium sulfide, completing the last link in the solid-state battery ecosystem, with plans to launch solid-state batteries by the end of 2025 [9]. Group 2: Industry Trends - The solid-state battery industry is expected to enter a critical year in 2026, with many companies racing to achieve mass production [4]. - The article outlines the competitive landscape, with over 30 companies making significant strides in solid-state battery technology, indicating a robust growth trajectory in the sector [4]. - The anticipated commercialization of solid-state batteries is projected for around 2030, as supply chains mature and production processes are refined [6].