Group 1 - The passenger car sector experienced a decline of 1.75% on January 26, with Beiqi Blue Valley leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Major companies in the passenger car sector saw varying declines in their stock prices, with BYD down 1.09% to 92.63, and Beiqi Blue Valley down 4.62% to 8.06 [1] Group 2 - The passenger car sector saw a net outflow of 1.451 billion yuan from main funds, while retail investors contributed a net inflow of 905 million yuan [1] - Specific companies like GAC Group and Great Wall Motors experienced significant net outflows from main funds, with GAC Group at -28.73 million yuan and Great Wall Motors at -46.11 million yuan [2] - BYD had a net outflow of 52.2 million yuan from main funds, while retail investors showed a net inflow of 55.37 million yuan [2]

2026年1月26日，公司收到中国证券登记结算有限责任公司上海分公司出具的《过 户登记确认书》，公司"长城汽车股份有限公司回购专用证券账户"中所持有的418,643 股公司A股普通股股票，已于2026年1月23日以非交易过户的方式过户至公司"长城汽车 股份有限公司—2025年员工持股计划"证券账户，过户价格为21.83元/股。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-008 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于 2025 年员工持股计划实施进展的公告 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。 长城汽车股份有限公司（以下简称"公司"）分别于2025年12月3日、2025年12月23 日召开第八届董事会第四十四次会议和2025年第五次临时股东会，审议通过了《关于< 长城汽车股份有限公司2025年员工持股计划(草案)>及其摘要的议案》《关于<长城汽车 股份有限公司2025年员工持股计划管理办法>的议 ...

一、本员工持股计划基本情况 2023年5月8日，公司召开第七届董事会第六十六次会议，审议通过《关于<长城汽 车股份有限公司2023年员工持股计划（草案修订稿）>及其摘要的议案》《关于<长城汽 车股份有限公司2023年员工持股计划管理办法（修订稿）>的议案》《关于提请股东大会 授权董事会办理公司2023年员工持股计划有关事项的议案》等议案。详见公司于2023年 5月8日在指定信息披露媒体发布的相关公告。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-009 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于 2023 年员工持股计划存续期即将届满的提示性公告 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。 长城汽车股份有限公司（以下简称"公司"）2023年员工持股计划（以下简称"本 员工持股计划"）存续期将于2026年8月14日届满，根据《关于上市公司实施员工持股 计划试点的指导意见》和《上海证券交易所上市公司自律监管指 ...

海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司關 於2023年員工持股計劃存續期即將屆滿的提示性公告」。 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份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-009 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 1 月26日 於本公告日期，董事會成員如下： 執行 ...

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份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司關 於2025年員工持股計劃實施進展的公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 1 月26日 截至本公告日，公司2025年员工持股计划 ...

Core Insights - The China Commercial Vehicle Brand Influence Index Report for 2025 was released by the China-Europe Association for Intelligent Connected Vehicles, utilizing data from the China Association of Automobile Manufacturers and a differentiated scientific evaluation model for a comprehensive analysis of the heavy-duty truck, pickup, light truck, and light passenger vehicle segments [1] Group 1: Heavy-Duty Truck Market - The heavy-duty truck market is characterized by a triad of leading companies, with China FAW ranking first with a score of 738.53, showcasing a media presence of 17.50% and a user satisfaction score of 4.80 [2][3] - Dongfeng and China National Heavy Duty Truck Group follow in second and third place with scores of 709.85 and 699.35 respectively, demonstrating strong market influence and quality control [2][3] - These leading companies are advancing towards more fuel-efficient, reliable, and intelligent products, responding to the logistics industry's demand for cost reduction and efficiency [4] Group 2: Other Commercial Vehicle Segments - In the pickup market, Great Wall Motors leads with a score of 714.11, achieving annual sales of over 181,700 units and maintaining a 28-year streak as the domestic sales champion [5][6] - Dongfeng ranks first in the light truck segment with a score of 702.67, focusing on high-end logistics market strategies [7] - Jiangling Motors leads the light passenger vehicle market with a score of 698.11, emphasizing reliability and low operating costs, with annual sales nearing 100,000 units [8] Group 3: Electrification and Market Dynamics - The year 2025 is pivotal for the electrification of commercial vehicles, transitioning from policy-driven to market-driven dynamics, with new entrants like Radar Automotive gaining attention in the pickup segment [10] - Traditional brands are responding to the challenge posed by new players by launching new electric platforms and products, aiming to transform from vehicle manufacturers to comprehensive smart logistics solution providers [10] - The competition between traditional and new energy brands remains intense, with market restructuring still in progress [11]

汽车股集体走低，截至发稿，小鹏汽车-W(09868)跌4.62%，报73.25港元；长城汽车（601633）(02333) 跌4.54%，报13.24港元；广汽集团(02238)跌1.29%，报3.83港元。 国泰海通证券则表示，2025年全年，乘用车批发销量2990.8万辆，同比+9%。综合考虑新能源购置税优 惠退坡及2026年以旧换新政策力度边际减弱，我们预计2026年整体乘用车市场销量约3021万辆，同比 +1%，新能源乘用车销量约1685万辆，同比+10%。 消息面上，1月22日，乘联分会发布数据，1月狭义乘用车零售销量预计约为180万辆，环比下降 20.4%，同比微增0.3%。其中，新能源乘用车零售量预计达80.0万辆，渗透率约为44.4%。国金证券发布 研报称，1月处于政策衔接期，消费者观望情绪较强，上半月车市表现较弱。 ...

中国汽车产业向绿而行，正为全球汽车产业绿色转型注入关键动能。2025年，新能源汽车在中国国内新 车销量中占比超过50%，全球一半以上的新能源汽车行驶在中国。与此同时，中国新能源汽车全年出口 261.5万辆，同比增长一倍。中国汽车全产业链加速技术降本、规模降本，让绿色交通在各国特别是广 大发展中国家成为更加可及的发展选项。全球新能源汽车产业发展，不仅需要优质产品和技术供给，更 需要可落地的系统性解决方案。从中国实践看，绿色出行蔚然成风，离不开"里程焦虑"的逐步解 决。"十四五"时期，中国已建成全球最大电动汽车充电网络，可支撑超4000万辆新能源汽车充电需求。 日渐成熟的解决方案，为各国转型提供了借鉴。 筋骨强健的中国汽车产业正加速"走出去"，为各国发展直接赋能。从"产品出口"到"生态出海"，中国车 企坚持开放合作，被视为"开放战胜保护主义的生动案例"。近年来，中国车企在海外加快实施本土化战 略，建立海外工厂、完善本地供应链，让更多当地民众因产业升级而受益。比亚迪、长城等中国汽车品 牌在泰国东部经济走廊建厂，推动泰国汽车产业转型升级；江淮汽车在阿尔及利亚建立组装工厂，并为 当地员工提供专业技能培训；奇瑞与西班牙埃 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metals and oil sectors, driven by rising commodity prices and geopolitical tensions [1] - Spot gold has reached a historical high of $5080.60 per ounce, with a 2% increase, while spot silver briefly surpassed $108 per ounce, showing a daily increase of over 4.6% [1] - The cash flow index's focus on "strong cyclical resources" like non-ferrous metals and chemicals reflects its structural advantages and precise value in the market [1] Group 2 - The CSI All-Share Free Cash Flow Index (932365) has risen by 0.81%, with significant gains in constituent stocks such as silver non-ferrous (up 10.03%), Nanshan Aluminum (up 7.08%), and China National Offshore Oil Corporation (up 5.86%) [1] - The CSI All-Share Free Cash Flow ETF (512130) has increased by 1.84%, marking its sixth consecutive rise, with the latest price at 1.33 yuan [1] - As of December 31, 2025, the top ten weighted stocks in the CSI All-Share Free Cash Flow Index include China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances, collectively accounting for 53.78% of the index [2]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]