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].

南都讯 1月19日上午，广州市第十六届人民代表大会第六次会议开幕，市长孙志洋向大会作政府工作报 告。听取报告后，来自不同领域的多位市人大代表畅谈了心得体会，并提出宝贵的发展建议。 南都N视频记者注意到，这几位人大代表，都不约而同地将"创新"视为各自领域发展的重中之重。 广州市人大代表、广东亚太创新经济研究院理事长李志坚： 以"长线思维"下好未来产业"先手棋" 作为来自基础教育领域的人大代表，胡东在听取政府工作报告后认为，广州普通高中在规模扩大的情况 下，如何保证资源优质均衡，给老百姓提供更多优质的教育学位，是教育工作者的重要使命和任务。 在听取广州市政府工作报告后，李志坚表示，未来产业是广州未来的命根子。他认为，广州发展 （600098）未来产业的关键抓手在于"三个转变"。 第一是"给政策"转向"建机制"。李志坚表示，未来产业拼的是"长线"。"我建议设立'未来产业关键技术 攻坚计划'，聚焦低空、量子等3-5个核心赛道，以5-10年为周期持续投入，允许'十年不鸣'，静待'一鸣 惊人'。 第二是从"发清单"转向"建工程"。他认为，广州市不仅要发"机会清单"，还要像造房子一样设计场景。 例如低空经济，要设计"1个空 ...

Group 1 - The Guangzhou government aims to expand the application scenarios for intelligent connected vehicles by 2026, exploring unmanned demonstration operations and accelerating the integration of autonomous driving and domestic production of key components [1] - GAC Group's chairman, Feng Xingya, stated that the company aims to achieve positive year-on-year growth in production and sales indicators to support Guangzhou's GDP growth target of 5% by 2026 [1] - The automotive industry in Guangzhou has ranked first in national production for six times over the past decade and is currently undergoing a critical transition towards intelligent, connected, and new energy vehicles [1] Group 2 - Feng Xingya proposed several suggestions for industry collaboration and upgrades, including accelerating the testing and commercialization of L3-level autonomous vehicles in Guangzhou and addressing the uneven development of the Robotaxi sector [2] - GAC Group's vehicle sales exceeded 537,800 units in Q4 2025, representing a 25.56% increase from Q3, marking three consecutive quarters of positive growth [2] - By 2026, GAC plans to achieve mass production of L3-level autonomous driving technology and initiate large-scale demonstration applications for L4-level technology, while also advancing solid-state battery production [2]

智通财经APP讯，广汽集团(02238)发布公告，2026年1月16日，公司完成了2026年度第一期绿色科技创新债券的发行，发行规模为人民币30亿元，募集资金 已于2026年1月16日全部到账。本期债券简称"26广汽集MTN001(科创债)"，发行利率为1.99%。 ...

智通财经APP讯，广汽集团(02238)发布公告，2026年1月16日，公司完成了2026年度第一期绿色科技创 新债券的发行，发行规模为人民币30亿元，募集资金已于2026年1月16日全部到账。本期债券简称"26广 汽集MTN001(科创债)"，发行利率为1.99%。 ...

广州汽车集团股份有限公司（简称"本公司"或"公司"）分别于 2025 年 9 月 12 日及 2025 年 9 月 30 日召开第七届董事会第 10 次会议和 2025 年第三次 临时股东大会，审议通过了《关于公司发行中期票据方案的议案》，同意公司向 中国银行间市场交易商协会申请发行不超过人民币 150 亿元（含）的中期票据。 详细信息可查阅公司于 2025 年 9 月 12 日及 2025 年 9 月 30 日披露的相关公告。 2025 年 11 月 10 日，公司收到交易商协会出具的《接受注册通知书》（中 市注协[2025]MTN1083 号），交易商协会同意接受公司科技创新债券注册，注册 金额为 150 亿元，注册额度自通知书落款之日起 2 年内有效。 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-007 H 股代码：02238 H 股简称：广汽集团 广州汽车集团股份有限公司 关于 2026 年度第一期绿色科技创新债券发行结果的公告 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。 广州汽车集团股份有 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份編號: 2238) 承董事會命 廣州汽車集團股份有限公司 馮興亞 董事長 中國廣州，二零二六年一月十九日 於本公告日期，本公司的執行董事為馮興亞，本公司的非執行董事為陳小沐、鄧蕾、 周開荃、王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、肖勝方、王克 勤及宋鐵波。 A 股代码：601238 A 股简称：广汽集团 公告编号：2026-007 H 股代码：02238 H 股简称：广汽集团 海外監管公告 本公告乃廣州汽車集團股份有限公司（「本公司」）按香港聯合交易所有限公司證 券上市規則第 13.10B 條發出。 隨附之文件乃本公司於二零二六年一月十九日在中華人民共和國上海證券交易 所網頁登載之《廣州汽車集團股份有限公司關於 2026 年度第一期綠色科技 ...

Group 1 - The passenger car sector increased by 0.68% on January 19, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the passenger car sector showed varied performance, with notable increases in stocks like Haima Automobile (3.48%) and SAIC Motor (1.73%) [1] Group 2 - The net inflow of main funds in the passenger car sector was 63.56 million yuan, while retail investors experienced a net outflow of 45.99 million yuan [1] - Haima Automobile had a significant main fund net inflow of 73.46 million yuan, while retail investors saw a net outflow of 86.47 million yuan [2] - BYD experienced a net outflow of 88.17 million yuan from main funds, indicating a negative trend in investor sentiment [2]