Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5][17]. Core Insights - The automotive sector has shown positive momentum, with the Shenwan Automotive Index rising by 3% in the past week and 9% over the past month. The new energy vehicle index increased by 2% weekly and remained flat monthly, while the automotive parts index rose by 4% weekly and 15% monthly [2][8][9]. - The domestic humanoid robot market is experiencing significant growth, with major manufacturers achieving substantial production and sales milestones. The Robotaxi industry is also advancing rapidly, with plans for large-scale deployment by companies like Cao Cao Mobility [15][16]. - The report emphasizes the importance of identifying high-value technology routes and companies with inherent advantages, particularly in the humanoid robot and automotive sectors [17]. Summary by Sections 1. Industry Weekly Market Review - The Shenwan Automotive Index increased by 3% in the week of January 16-23, 2026, and by 9% over the month. The new energy vehicle index rose by 2% weekly and remained flat monthly, while the automotive parts index increased by 4% weekly and 15% monthly [8][9]. - Notable stocks with significant gains over the past month include Chaojie Co., Hengbo Co., and Wanxiang Qianchao, while stocks with notable declines include Haima Automobile and Aolian Electronics [10][11][13]. 2. Domestic Humanoid Robots - The humanoid robot market in China is rapidly expanding, with Utree achieving over 5,500 units shipped in 2025. Other companies like Zhiyuan also reported significant production numbers, indicating a shift towards mass production [15]. 3. Robotaxi Industry Acceleration - Cao Cao Mobility plans to deploy 100,000 fully customized Robotaxis by 2030, with ongoing trials for their second-generation models. This sector is seen as a critical application for AI technology [16]. 4. Investment Strategy and Recommendations - The report suggests focusing on companies that can leverage the growing demand for humanoid robots and recommends leading firms in electric motors and reducers. It also highlights the competitive landscape for passenger vehicles and suggests companies like Great Wall Motors and BYD for long-term investment [17].

Group 1 - The 12th Jin Xuan Award ceremony was held in Beijing, recognizing 20 gold award marketing cases, 6 annual awards, and 43 excellent marketing cases across various categories including creative works, public welfare and sustainable development, AIGC marketing, and brand IP marketing [2] - Notable winners include Volkswagen China and Toyota China for public welfare and sustainable development, Wuling for creative works, and Mercedes-Benz and SAIC Audi for cross-border marketing [2] - The award introduced a dual-track collection mechanism this year, combining committee nominations and enterprise applications, resulting in over 500 initial cases and 84 benchmark cases shortlisted after multiple rounds of screening [2] Group 2 - The Jin Xuan Award highlights the shift in marketing strategies in the automotive industry due to information overload and weakened traditional marketing effectiveness, emphasizing the need for "meaning reconstruction and value redefinition" [3] - The award ceremony featured the launch of the Xuanyuan Matrix, which consists of three main components: industry services, industry evaluation, and industry communication, aimed at creating a comprehensive support system for the automotive marketing sector [3] - The marketing focus is shifting towards three-dimensional values of "temperature, scale, and attitude," with an emphasis on AI technology and user experience throughout the entire vehicle usage process [3]

Core Viewpoint - The board of directors of Great Wall Motors has decided not to lower the conversion price of the "Changqi Convertible Bond" despite triggering the conditions for a downward adjustment due to stock price performance [2][5][18]. Group 1: Meeting Decisions - The board held its 46th meeting on January 23, 2026, with all 8 directors present, and unanimously approved the proposal not to adjust the conversion price of the "Changqi Convertible Bond" [1][2]. - The decision was made based on confidence in the company's long-term potential and to protect the interests of all investors [18]. Group 2: Convertible Bond Details - The "Changqi Convertible Bond" was issued on June 10, 2021, with a total amount of 3.5 million bonds, each with a face value of 100 yuan, totaling 3.5 billion yuan [6][7]. - The bond has a maturity period of 6 years, from June 10, 2021, to June 9, 2027, with an initial conversion price of 38.39 yuan per share, which has been adjusted multiple times since issuance [7][19]. - The current conversion price is 39.61 yuan per share, and the bond's conversion period is from December 17, 2021, to June 9, 2027 [7][19]. Group 3: Price Adjustment Conditions - The conditions for a downward adjustment of the conversion price were triggered when the company's A-share stock price was below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][17]. - The board has decided not to propose a downward adjustment for the next 6 months, from January 24, 2026, to July 23, 2026, even if the conditions are met again during this period [18].

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-007 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于不向下修正"长汽转债"转股价格的公告 3、由于公司①2020年股权激励计划首次授予股票期权第一个行权期自主行权、② 2020年股权激励计划首次授予及预留授予部分限制性股票回购注销，2021年11月11日起， "长汽转债"转股价格由38.00元/股调整为38.01元/股，详见公司于2021年11月10日披 露的《关于"长汽转债"转股价格调整的公告》。 4、由于公司①2020年股权激励计划首次授予股票期权第一个行权期自主行权、② 2020年股权激励计划首次授予部分限制性股票回购注销、③2020年股权激励计划首次授 予股票期权第二个行权期及预留授予股票期权第一个行权期自主行权、④2021年度权益 分派实施，2022年5月20日起，"长汽转债"转股价格由38.01元/股调整为37.89元/股， 详见公司于2022年5月13日披露的《关于"长汽转债"转股价格调整的公告》。 本公司董事会及全体董事保证本公告内容 ...

2026年1月23日，长城汽车股份有限公司（以下简称"本公司"或"公司"）以书面 传签方式召开第八届董事会第四十六次会议，应出席董事8名，实际出席董事8名，会议 资料已提前以电子邮件形式发出，符合《中华人民共和国公司法》及《长城汽车股份有 限公司章程》的规定。 会议审议决议如下： 一、审议《关于不向下修正"长汽转债"转股价格的议案》 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 第八届董事会第四十六次会议决议公告 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。 （详见《长城汽车股份有限公司关于不向下修正"长汽转债"转股价格的公告》） 审议结果：8 票同意、0 票反对、0 票弃权，该议案通过。 特此公告。 长城汽车股份有限公司董事会 2026年1月23日 1 ...

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。 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23日 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 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 於不向下修正"長汽轉債"轉股價格的公告」。 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。 重要内容提示： 於本公告日期，董事會成員如下： 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝 ...

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） 中國河北省保定市，2026 年 1 月23日 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。 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第 八屆董事會第四十六次會議決議公告」。 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 （详见《长城汽车股份有限公司关于不向下修正"长汽转债"转股价 ...

Core Viewpoint - The passenger car sector experienced a slight increase of 0.49% on January 23, with Beijing Blue Valley leading the gains. The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1]. Group 1: Market Performance - Beijing Blue Valley (600733) closed at 8.45, up 3.17% with a trading volume of 1.565 million shares and a transaction value of 1.311 billion yuan [1]. - Haima Automobile (000572) closed at 7.32, up 2.52% with a trading volume of 832,500 shares and a transaction value of 606 million yuan [1]. - Seres (601127) closed at 118.00, up 2.50% with a trading volume of 334,700 shares and a transaction value of 3.903 billion yuan [1]. - GAC Group (601238) closed at 8.35, up 1.71% with a trading volume of 448,400 shares and a transaction value of 372 million yuan [1]. - Changan Automobile (000625) closed at 11.70, up 0.78% with a trading volume of 908,200 shares and a transaction value of 1.059 billion yuan [1]. - Great Wall Motors (601633) closed at 21.59, up 0.42% with a trading volume of 186,000 shares and a transaction value of 400 million yuan [1]. - BYD (002594) closed at 93.65, down 0.50% with a trading volume of 383,300 shares and a transaction value of 3.598 billion yuan [1]. - SAIC Motor (600104) closed at 14.82, down 0.94% with a trading volume of 1.853 million shares and a transaction value of 2.758 billion yuan [1]. Group 2: Fund Flow Analysis - The passenger car sector saw a net outflow of 1.147 billion yuan from institutional investors, while retail investors contributed a net inflow of 718 million yuan [1]. - The main fund inflow for Seres (601127) was 118 million yuan, accounting for 3.02% of the total, while retail investors had a net outflow of 11.6 million yuan [2]. - Beijing Blue Valley (600733) had a main fund inflow of 108 million yuan, representing 8.26% of the total, with retail investors contributing a net inflow of 35.217 million yuan [2]. - Changan Automobile (000625) experienced a main fund inflow of 43.554 million yuan, accounting for 4.11%, while retail investors had a net inflow of 19.761 million yuan [2]. - Haima Automobile (000572) saw a main fund inflow of 26.734 million yuan, representing 4.41%, with a retail net outflow of 9.9696 million yuan [2]. - GAC Group (601238) had a main fund inflow of 18.375 million yuan, accounting for 4.94%, while retail investors experienced a net outflow of 26.513 million yuan [2]. - Great Wall Motors (601633) had a main fund inflow of 12.320 million yuan, representing 3.08%, with a retail net outflow of 35.988 million yuan [2]. - BYD (002594) experienced a significant net outflow of 686 million yuan from institutional investors, while retail investors had a net inflow of 51 million yuan [2]. - SAIC Motor (600104) faced a substantial net outflow of 788 million yuan from institutional investors, while retail investors had a net inflow of 34.2 million yuan [2].

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the automotive sector compared to the overall market performance [12]. Core Insights - The automotive industry is gradually returning to its profit center, with a strong focus on overseas expansion [1]. - In Q4 2025, total vehicle production and sales reached 10.186 million and 10.023 million units, respectively, showing year-on-year increases of 3.9% and 1.7% [4]. - Domestic retail share of independent brands reached 66.9%, up 3.2 percentage points year-on-year, while wholesale of new energy passenger vehicles increased by 13.2% year-on-year [4]. - The average industry discount rate decreased by 1.33 percentage points to 12.28% in Q4 2025, indicating reduced terminal discounts [4]. - Traditional raw material prices saw a decline, while new energy raw material prices increased, impacting supply chain profitability [4]. Summary by Sections Vehicle Production and Sales - In Q4 2025, passenger vehicle production and sales were 9.018 million and 8.845 million units, with year-on-year changes of +2.2% and -0.3% respectively [4]. - Commercial vehicle production and sales reached 1.168 million and 1.178 million units, with year-on-year increases of +19.4% and +20.0% [4]. - Exports of vehicles in Q4 2025 totaled 2.147 million units, a significant year-on-year increase of 39.8%, with new energy vehicles showing remarkable growth [4]. Market Dynamics - The report highlights the leading position of independent brands in the market, with a notable increase in new energy vehicle sales [4]. - The report notes a divergence in profitability among automakers due to varying new vehicle release schedules and the suspension of trade-in subsidies [4]. Profit Forecasts - The report provides profit forecasts for key automotive companies, indicating significant growth for companies like Jifeng and Dongfang, while others like BYD and Li Auto are expected to see declines [6][8]. - Specific profit growth rates for Q4 2025 show a wide range, with some companies experiencing over 600% growth, while others face substantial losses [6]. Investment Recommendations - The report suggests focusing on companies benefiting from AI integration and overseas business support, such as BYD and Geely [4]. - It also emphasizes the importance of companies with strong performance in the supply chain, particularly in the context of rising raw material prices [4].

Core Viewpoint - The automotive production paradigm is undergoing a significant transformation, with Great Wall Motors launching the "Guiyuan Platform," which is defined as the world's first native AI all-powertrain automotive platform, aiming to produce 51 models across five powertrain types and seven categories [4][5]. Group 1: Platform Features - The Guiyuan Platform emphasizes extreme modularity and full powertrain compatibility, breaking down the vehicle structure into 49 core modules and 329 common components, allowing for versatile vehicle configurations like sedans, SUVs, MPVs, and pickups [5][6]. - The platform achieves an 80% commonality rate for vehicle parts and reduces the R&D cycle by approximately 30%, significantly lowering costs across vehicle development, production, and ownership [4][5]. Group 2: Market Strategy - Great Wall Motors is shifting its strategy from scale dependency to seeking higher profit margins with a reduced sales target for 2026, lowering the employee stock plan's sales target from 2.49 million to 1.8 million units while maintaining a net profit goal of 10 billion yuan [7]. - The company plans to launch high-end products priced between 200,000 to 400,000 yuan, with the average domestic product price already reaching 200,000 yuan compared to competitors at around 130,000 yuan [8]. Group 3: Competitive Landscape - The automotive industry is expected to transition from a price war to a competition based on quality, configuration, brand, functionality, technology, and innovation, as highlighted by industry experts [8][10]. - Great Wall Motors is focusing on its Hi4-PHEV system, which features an 800V high-voltage architecture and aims to establish a technological barrier against low-threshold competitors, particularly in the high-end and multi-purpose market segments [9][10]. Group 4: Future Outlook - The competition in the automotive sector post-2026 is anticipated to prioritize efficiency and ecological balance over single-dimensional price competition, leading to a more resilient manufacturing system [10][11]. - The Guiyuan Platform represents Great Wall's strategy to simplify complexities in the market and enhance production efficiency, addressing the fragmented market demands and future sales volatility [11].