Group 1 - GAC Group held its 13th board meeting of the 7th session on November 16, 2025, via telecommunication to discuss the appointment of a new general manager [1] - For the first half of 2025, GAC Group's revenue composition was as follows: vehicle manufacturing accounted for 57.85%, trade services for 30.82%, other sectors for 6.39%, and parts manufacturing for 4.94% [1] - As of the report date, GAC Group's market capitalization stood at 79 billion yuan [1] Group 2 - SoftBank's stock experienced a sudden drop, with founder Masayoshi Son liquidating his holdings in NVIDIA, realizing an 8 billion USD profit, and making a significant bet on OpenAI [1]

A 股代码：601238 A 股简称：广汽集团 公告编号：2025-073 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 第七届董事会第 13 次会议决议公告 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。 广州汽车集团股份有限公司（简称"本公司"或"公司"）第七届董事会第 13 次会议于 2025 年 11 月 16 日(星期日)以通讯方式召开。本次会议应参与表决 董事 10 人，实际参与表决董事 10 人。本次会议的召集、召开符合《中华人民共 和国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董 事会议事规则》的相关规定，所做决议合法有效。经与会董事投票表决，审议通 过了如下事项： 一、审议通过了《关于聘任公司总经理的议案》。 冯兴亚先生不再兼任公司总经理，仍担任公司董事长及董事会战略委员会主 任委员。 公司董事会同意聘任閤先庆先生为公司总经理，任期与本届董事会一致。 閤先庆先生不存在《公司法》等法律法规及其他有关规定不得担任高级管理 人员的情形，未受过中国证监会及其他有关部门 ...

Investment Rating - The report maintains a positive investment outlook for the automotive and automotive parts industry, particularly focusing on companies involved in intelligent driving and electric vehicles [3][4]. Core Insights - The automotive sector has shown weaker performance compared to the market, with a decline of 1.7% in the A-share automotive sector from November 10 to November 16, 2025, ranking 27th among sub-industries [29]. - Key companies to watch include Geely, Xpeng Motors, BYD, Xiaomi Group, Li Auto, Berteli, Top Group, New Spring, Hu Guang, and Chunfeng Power, as they are expected to benefit from the ongoing transformation in the automotive industry [9][10]. - The report highlights the importance of Tesla's production progress and technological iterations as a core theme, alongside the upcoming IPOs of domestic robot manufacturers like Yushu Technology, which could serve as strong catalysts for the industry [10][16]. Summary by Sections 1. Weekly Insights - Yushu Technology has completed its IPO guidance and plans to submit its IPO application between October and December 2025, with a post-investment valuation exceeding 12 billion yuan [10]. - The report emphasizes the significance of Tesla's advancements and the upcoming IPOs of domestic robot manufacturers as key drivers for the market [10][16]. 1.1 Passenger Vehicles - The report recommends focusing on high-quality domestic brands that are accelerating in intelligence and globalization, specifically naming Geely, Xpeng, BYD, Xiaomi, Li Auto, and Seres [13]. 1.2 Intelligent Electric Vehicles - The report anticipates long-term growth acceleration in the intelligent electric vehicle sector, highlighting the importance of intelligent driving technologies and the increasing market share of domestic brands [14][15]. 1.3 Robotics - The report notes that leading companies are accelerating their entry into the robotics sector, marking the beginning of a new era in embodied intelligence, with significant developments expected in 2026 [15][17]. 1.4 Liquid Cooling - The report discusses the rising demand for liquid cooling solutions driven by AI technology, predicting a compound annual growth rate of 27.6% from 2024 to 2030, with the market expected to reach 21.3 billion USD by 2030 [20][21]. 1.5 Motorcycles - The report highlights the rapid expansion of the large-displacement motorcycle market, with sales showing significant year-on-year growth, particularly in the 500cc to 800cc segment [22][24]. 1.6 Heavy Trucks - The report indicates that the expansion of the old-for-new subsidy policy will stimulate demand for heavy trucks, with a notable increase in sales observed in October 2025 [24][25]. 1.7 Tires - The report emphasizes the ongoing globalization of the tire industry, recommending leading companies that are well-positioned for growth and have strong manufacturing capabilities [26][27].

Core Viewpoint - GAC Group's subsidiary, GAC Energy Technology Co., Ltd., has signed a deepening cooperation agreement with Alipay to explore new business models in the "vehicle + energy + internet" space [1] Group 1: Partnership Details - The signing ceremony took place on November 14 at GAC Group's headquarters [1] - The collaboration will focus on several key areas including "charging+" services, energy operation, AI applications, and innovative business [1]

A 股代码：601238 A 股简称：广汽集团 公告编号：2025-072 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 公司将按照有关法律法规和《接受注册通知书》要求，并结合公司实际情况， 在注册额度及有效期内择机发行中期票据，并及时履行信息披露义务。 特此公告。 广州汽车集团股份有限公司董事会 2025 年 11 月 14 日 关于中期票据获注册的公告 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。 近日，公司收到交易商协会出具的《接受注册通知书》（中市注协 [2025] ...

Group 1 - The core point of the article is that Huawei and GAC Group are launching a new automotive brand called "Qijing," which will be officially unveiled at the Huawei QianKun Ecological Conference on November 20 [1][5]. - "Qijing" is the first project under Huawei's QianKun "Jing" series, indicating that more automotive brands under this series will be developed in collaboration with other car manufacturers in the future [3][5]. - The new brand "Qijing" will focus on the high-end smart electric vehicle market, specifically targeting vehicles priced above 300,000 yuan, with GAC responsible for manufacturing and Huawei providing comprehensive smart solutions [4][6]. Group 2 - The first model under the "Qijing" brand is expected to be launched in mid-2026, emphasizing a stylish, technological, and sporty design [4]. - Huawei's automotive collaboration has primarily involved three models: component supply, HarmonyOS intelligent driving, and the "Hi" model, with recent discussions indicating a potential exploration of new collaboration models [6]. - Huawei QianKun, launched on April 24, 2024, focuses on smart driving solutions and has established partnerships with eight major state-owned automotive companies, as well as other brands like BYD and Audi [6].

Group 1 - GAC Group has signed a full-stack AI strategic cooperation agreement with Alibaba Cloud [1] - Changan Automobile plans to mass-produce humanoid automotive robots by 2028 [2] - Rockchip's RK3588 chip has been widely applied in various forms of robots [3] Group 2 - Kabeiyi has reached a strategic cooperation with Matrix Superintelligence to jointly promote the development of humanoid robot business [4] - Liujin Technology is strategically divesting non-core assets to focus on "AI + audiovisual" industry upgrades [5]

Core Insights - GAC Group and Alibaba Cloud have signed a comprehensive AI strategic cooperation agreement to enhance technology collaboration in the automotive industry [1] - The partnership aims to integrate GAC's experience in vehicle R&D and smart manufacturing with Alibaba Cloud's cloud infrastructure and AI models [1] Infrastructure Development - GAC Group will utilize Alibaba Cloud's high-performance computing and cloud products to build a flexible cloud architecture [1] - This new architecture will support GAC's core business systems and provide foundational technology for smart driving, intelligent cockpits, vehicle networking, and global services [1] AI Application - GAC plans to develop a proprietary enterprise-level AI model based on Alibaba Cloud's Tongyi series [1] - The integration of AI aims to enhance business processes, including complex multimodal interactions in intelligent cockpits and AI knowledge assistants for sales [1] - The goal is to improve operational efficiency and user experience across all business scenarios [1] Previous Achievements - Since May 2021, GAC and Alibaba Cloud have successfully reduced model training time by 50% and data processing cycles from weekly to daily [2] - The collaboration has also led to a 50% reduction in data costs for GAC's Middle East vehicle networking platform, with vehicle network latency reduced to 2-3 seconds [2]

Core Viewpoint - GAC Group has signed a comprehensive AI strategic cooperation agreement with Alibaba Cloud to develop an AI-driven full-chain system covering research and development, production, marketing, management, and user services [1] Group 1 - The agreement leverages GAC's deep expertise in vehicle research and development and intelligent manufacturing [1] - Alibaba Cloud will provide its leading cloud infrastructure and Tongyi series large models to support the initiative [1]

Core Viewpoint - GAC Group has received approval for the registration of its technology innovation bonds, allowing it to raise funds through medium-term notes totaling 15 billion yuan [1] Group 1: Registration Details - The registration amount for the medium-term notes is set at 15 billion yuan [1] - The validity of the registration is effective for two years from the date of the notice [1] Group 2: Underwriters - A consortium of banks including China Merchants Bank, Industrial and Commercial Bank of China, and others will act as joint lead underwriters for the bond issuance [1]