Core Viewpoint - The passenger car sector experienced a rise of 0.85% on December 12, with Great Wall Motors leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3889.35, up 0.41% [1] - The Shenzhen Component Index closed at 13258.33, up 0.84% [1] - Great Wall Motors saw a closing price of 22.69, with a gain of 2.95% [1] Group 2: Individual Stock Performance - SAIC Motor Corporation closed at 15.72, up 1.55%, with a trading volume of 1.51 million shares and a turnover of 2.353 billion [1] - BYD Company Limited closed at 97.00, up 0.80%, with a trading volume of 554,600 shares and a turnover of 5.390 billion [1] - BAIC BluePark closed at 7.57, up 0.40%, with a trading volume of 789,800 shares and a turnover of 600 million [1] - Changan Automobile closed at 11.64, up 0.34%, with a trading volume of 530,800 shares and a turnover of 615 million [1] - GAC Group closed at 8.38, down 0.83%, with a trading volume of 464,200 shares and a turnover of 39.067 million [1] - Haima Automobile closed at 9.16, down 3.88%, with a trading volume of 2.5507 million shares and a turnover of 2.373 billion [1] Group 3: Capital Flow - The passenger car sector saw a net inflow of 711 million from main funds, while retail investors experienced a net outflow of 161 million [1] - The main funds' net inflow for BYD was 828 million, accounting for 15.36% of its trading volume [2] - SAIC Motor had a main fund net inflow of 335 million, representing 14.24% of its trading volume [2] - Great Wall Motors had a main fund net inflow of 71.98 million, which is 7.26% of its trading volume [2]

Core Viewpoint - GAC Group's sales report for November 2025 reveals a significant decline in sales for its brand GAC Trumpchi, with November sales dropping by 42.04% year-on-year, indicating substantial market pressure [2][4]. Sales Performance - GAC Trumpchi's November sales were 25,739 units, down from 44,406 units in the same month last year, marking a nearly halved performance [2][4]. - In contrast, GAC Honda's November sales reached 41,366 units, up 5.68% year-on-year, while GAC Toyota's sales were 73,500 units, showing a slight increase of 0.71% [2][3]. - GAC Aion, despite facing challenges, reported November sales of 38,326 units, a decline of 9.40%, which is significantly less than Trumpchi's drop [2][3]. Cumulative Sales Data - For the year-to-date period from January to November, GAC Trumpchi's cumulative sales totaled 294,887 units, down 17.29% from 356,535 units in the same period last year [2][3]. - GAC Honda's cumulative sales decreased by 22.97%, while GAC Toyota's cumulative sales increased by 3.98% [3]. Brand Challenges - GAC Trumpchi, once a leading brand with peak sales of 534,000 units in 2018, is now struggling due to a lack of market-disrupting models and declining sales of key models like the Trumpchi M8 and E8 [4]. - The brand's flagship model, the Trumpchi Yingbao, has seen a significant drop in monthly sales, indicating a loss of market appeal [4]. Pricing and Market Position - The pricing strategy for models like the Xiangwang S7, starting at 175,800 RMB, is seen as less competitive in a market focused on value, especially against established competitors [5]. - Quality issues, such as complaints about the GS4's transmission and stability of the vehicle's system, have also impacted brand perception [5]. Future Outlook - Despite challenges, GAC Trumpchi has achieved over 150,000 sales in its new energy vehicle segment and continues to lead in the medium MPV category with the E8 series [5]. - The company's future actions to boost sales remain to be observed, particularly in adapting to the evolving market demands for electric vehicles [5].

广州汽车集团股份有限公司是一家主要从事汽车及相关业务的中国公司。该公司的主要业务包括研发、 整车（汽车、摩托车）、零部件、商贸与出行、能源及生态、国际化、投资与金融等业务。该公司通过 两个分部开展其业务。汽车业务及相关贸易分部包括生产及销售各种乘用车、商用车、汽车零部件及相 关贸易。其他分部主要包括生产及销售摩托车、汽车金融保险、其他金融服务及投资业务等。该公司主 要在国内外市场开展其业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，12月11日南向资金减持631.4万股广汽集团（02238.HK）。近5个交易日中，获南向资金 增持的有2天，累计净增持1479.8万股。近20个交易日中，获南向资金增持的有12天，累计净增持 2681.08万股。截至目前，南向资金持有广汽集团（02238.HK）17.09亿股，占公司已发行普通股的 60.75%。 ...

Core Viewpoint - The entry of GAC Group into the Japanese market with electric vehicles is a strategic move to capture market share from traditional Japanese automakers, amidst declining sales in the domestic market [1][2]. Group 1: GAC Group's Market Entry - GAC Group plans to officially enter the Japanese market with pure electric vehicles in the summer of 2026, utilizing M Mobility Japan for sales [1]. - The company aims to sell its Aion brand, targeting 200 orders in 2026 and increasing to 2000 orders in 2027, starting with two models: the Aion UT and Aion V [1]. - The Aion UT is priced at 3.3 million yen (approximately 149,800 RMB), while the Aion V starts at 5 million yen (approximately 227,000 RMB), both supporting Japan's fast-charging standard "CHAdeMO" [1]. Group 2: Domestic Sales Challenges - GAC Group's total sales in the first three quarters of the year fell by 11% year-on-year to 1.18 million units, with Aion brand sales down 20% to 180,000 units [2]. - Financially, GAC reported a revenue of 66.93 billion RMB in the first three quarters, a decrease of 10.45% year-on-year, and a net loss of 4.31 billion RMB, equating to a loss of 3,643 RMB per vehicle sold [2]. - The company's net profit has declined for two consecutive years, with projected revenues of 129.71 billion RMB and 107.78 billion RMB for 2023 and 2024, respectively, showing a year-on-year growth of 17.62% and a decline of 16.90% [2]. Group 3: Competitive Landscape - Other Chinese companies, such as Xiaomi, are also planning to expand their automotive business in Japan, indicating a growing competitive landscape [3]. - Traditional Japanese automakers are responding to the challenge, with Toyota improving its bZ4X model and Nissan set to launch a new Leaf model in January [3].

车企出海速度明显加快之外，出口方式也正从单一的整车出口转向"本地化生产+全球化服务"的方向。 目前，包括上汽、长安、广汽、比亚迪等头部中国车企，都已有或计划建设海外生产基地，并同步在全 球建立了多个研发中心。 早在去年，广汽埃安宣布，泰国智能工厂正式竣工，旗下首款全球战略车型——第二代AION V也进行 全球同步下线。据悉，该智能工厂一期年产能5万辆，未来年产能将逐步升至10万辆，可实现第二代 AION V、AION Y Plus、昊铂HT等多款广汽埃安车型共线生产。 新能源汽车是驱动市场增长的核心引擎，而出口则成为销量增长另一大亮点。12月11日，中国汽车工业 协会（以下简称"中汽协"）发布的数据显示，今年前11个月汽车出口量达634.3万辆，同比增长18.7%。 其中，今年11月汽车出口72.8万辆，环比增长9.3%，同比增长48.5%，单月出口量首次超过70万辆。 中汽协副秘书长陈士华表示，展望全年，汽车内需市场在政策组合效应推动下有效改善，新动能加快释 放，对外贸易呈现出较好韧性，汽车产销量全年有望再创历史新高。其中，今年汽车出口有望冲击700 万辆。 "插混和普混替代纯电动成为出口增长的新增长点，尤 ...

Core Viewpoint - GAC Group plans to enter the Japanese electric vehicle (EV) market in the summer of 2026, aiming for 2,000 orders by 2027, amid declining domestic sales and increasing competition in the EV sector [2][4]. Group 1: Market Entry Strategy - GAC will sell its AION brand EVs in Japan through M Mobility Japan, targeting corporate clients initially with two models: AION UT and AION V [4]. - The AION UT will have a starting price of 3.3 million yen (approximately 149,800 yuan), while the AION V will start at 5 million yen (approximately 227,000 yuan) [4]. - GAC's total sales from January to September 2025 fell by 11% year-on-year to 1.18 million units, with AION brand sales down 20% to 180,000 units [4]. Group 2: Competitive Landscape - Other Chinese automakers, including BYD and Geely, have also entered the Japanese market, with BYD achieving 3,508 units sold in Japan from January to November 2023, a 64% increase year-on-year [6][7]. - The overall EV sales in Japan from January to November 2023 were 55,380 units, with EVs accounting for only about 1.5% of new car sales, indicating significant growth potential [7][9]. - Japanese automakers are responding with new EV models, intensifying competition in the market [9].

证券之星消息，12月9日南向资金减持64.0万股广汽集团（02238.HK）。近5个交易日中，获南向资金增 持的有3天，累计净增持1801.6万股。近20个交易日中，获南向资金增持的有12天，累计净增持3268.16 万股。截至目前，南向资金持有广汽集团（02238.HK）17.16亿股，占公司已发行普通股的61.0%。 广州汽车集团股份有限公司是一家主要从事汽车及相关业务的中国公司。该公司的主要业务包括研发、 整车（汽车、摩托车）、零部件、商贸与出行、能源及生态、国际化、投资与金融等业务。该公司通过 两个分部开展其业务。汽车业务及相关贸易分部包括生产及销售各种乘用车、商用车、汽车零部件及相 关贸易。其他分部主要包括生产及销售摩托车、汽车金融保险、其他金融服务及投资业务等。该公司主 要在国内外市场开展其业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Insights - The collaboration between JD.com, GAC, and CATL for the Aion UT Super has faced significant challenges, particularly regarding customer dissatisfaction and communication issues among the partners [1][6] Group 1: Partnership Roles and Responsibilities - JD.com is responsible for customer acquisition, online sales, financial services, and insurance for the Aion UT Super, which is the only sales channel [1] - GAC handles product manufacturing, offline test drives, and delivery, while CATL is in charge of battery and battery swap services [1] Group 2: Customer Complaints and Responses - A major issue raised by customers is the discrepancy between the advertised features and the actual product, specifically regarding the absence of a sunroof that was shown in promotional materials [3] - The mileage limitation of the rental electric version, which restricts users to 3,000 kilometers per month with additional charges for exceeding this limit, was not clearly communicated to customers at the time of ordering [5] - Customers expressed concerns about invoice restrictions, as the Aion UT Super can only be invoiced in Guangzhou and Shanghai, limiting access to local subsidies [5] Group 3: Communication and Service Issues - There is a lack of a regular communication mechanism among the three partners, leading to confusion about which party is responsible for resolving customer issues [6] - Customer service representatives from different companies provided inconsistent information, resulting in frustration among users [6][9] Group 4: Sales Performance and Market Impact - Despite the challenges, the Aion UT Super has positively impacted foot traffic in GAC's stores in Guangzhou and Shenzhen, with a stable increase in inquiries about the vehicle [11] - However, sales in lower-tier cities have not seen significant changes, partly due to the absence of actual vehicles for test drives [11] - The Aion UT Super has reached a milestone with the delivery of its 1,000th vehicle, indicating a shift towards scaled delivery [11]

从官宣合作到定价预售，再到退单风波，由京东、广汽和宁德时代共同推出的"国民好车"埃安UT super每一个节点都备受瞩目。 从分工来看，京东负责埃安UT super的获客、线上销售（也是唯一销售渠道）、金融、保险等服务；广汽负责产品的制造、线下试驾和交付；宁德时代则 是负责电池及换电相关的服务。 看似每个合作方都在负责自己最擅长的业务，预想中能创造出成倍的收益，但网络上潮水一般的退单和吐槽表明，目前三方的合作还处于1+1+1<1的磨合 阶段。 12月1日，广汽、宁德时代、京东三方共同组织了一场"用户全开麦"埃安UT super用户面对面"听劝"恳谈会。三方对争议最大的几个问题作出了回应。 第一个，是实际配置与宣传不符的问题。有许多用户发现埃安UT super的宣传图中有天窗，下定后发现实际配置中没有天窗，让消费者陷入迷茫和愤怒的 情绪。 广汽集团埃安BU副总裁、埃安品牌首席用户官杨龙对此回应，用户看到的宣传图是埃安社区上介绍三方合作生态内容出现的一张"天窗图片"，是内容审 核的失误，在上市发布三天后已发现并立刻修正，并对所有官方内容完成自查，埃安对此深表歉意。从上市当天开始，在三方各种平台的产品配置表上， 也 ...

近日，中国汽车维修行业协会发布《2025年汽车售后服务客户满意度调查(CAACS卡思调查)》，本次调 查共涉及38个品牌、185款车型。在新能源品牌客户满意度排行榜中，广汽埃安以86.39分高居所有品牌 第一名，特斯拉和问界分列第二、三位。车型方面，Aion S和Aion Y分别拿下新能源A级车第一名、新 能源SUV第一名。 | | | 地,新能源品牌得分,是 | | | --- | --- | --- | --- | | 品牌名称 | 客户满意度 | 品牌名称 | 客户满意度 | | 广汽埃安 | 86.39 | 极氮汽车 | 85.26 | | 特斯拉 | 86.11 | 小鹏汽车 | 85.14 | | 间界汽车 | 85.85 | 理想汽车 | 85.11 | | 蔚来汽车 | 85.67 | 腾势汽车 | 84.42 | | 比亚迪汽车 | 85.61 | 深蓝汽车 | 84.31 | | 零跑汽车 | 85.55 | | | 卡思调查，行业良性发展的"风向标" 近年来，新能源汽车价格战愈演愈烈。部分企业以低价吸引消费者，在加剧行业竞争的同时，也带来了 产品质量不稳定、售后服务体验下降等"割韭菜"现 ...