Group 1: Market Performance - US stock markets closed higher on January 22, with the Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Technology stocks saw significant gains, with Meta rising 5.7%, Oracle up over 2%, and Tesla increasing by over 4% [2][3] Group 2: Tesla Developments - Tesla's market value increased by $59.6 billion (approximately 415.6 billion RMB) in one night [3] - CEO Elon Musk announced that Tesla may start selling its humanoid robot "Optimus" to the public by the end of next year, with the robots currently performing simple tasks in factories [4] - Musk predicts that by the end of 2026, these robots will be capable of completing more complex tasks [5] Group 3: Intel Financials - Intel reported fourth-quarter revenue of $13.67 billion, a year-over-year decrease of 4.1%, with adjusted earnings per share of $0.15, up from $0.13 the previous year [6] - The company expects first-quarter adjusted earnings per share of $0.00, with revenue projected between $11.7 billion and $12.7 billion [6] Group 4: Economic Indicators - The US third-quarter GDP annualized growth rate was revised to 4.4%, slightly above the expected 4.3% [9] - Initial jobless claims for the previous week were reported at 200,000, below the expected 210,000 [8]

Core Viewpoint - The article discusses the challenges and strategies of the Chinese automotive industry as it faces declining domestic sales and increasing pressure to transition towards higher-value and technology-intensive vehicles. The focus is on the 2026 sales targets set by various automakers amidst a backdrop of changing government policies and market dynamics [3][6][8]. Group 1: Market Overview - In 2025, China's automotive production and sales reached 34.4 million units, a 9.4% increase year-on-year, maintaining its position as the world's largest market for the 17th consecutive year [3]. - Domestic sales, excluding exports, were 27.3 million units, up 6.7%, with passenger vehicles accounting for approximately 24.1 million units, growing by 8.0% [5]. - However, December 2025 saw a significant decline in domestic sales, with only 2.519 million units sold, marking a 6.7% month-on-month drop and a 15.6% year-on-year decrease [5]. Group 2: Industry Challenges - The average profit margin in the Chinese automotive industry has fallen to 4.4%, only slightly above the historical low of 4.3% in 2024, indicating extremely thin profit margins [6]. - The new vehicle replacement subsidy policy, shifting from fixed subsidies to percentage-based subsidies, targets higher-priced vehicles, which may pressure companies that rely heavily on low-cost models [8]. Group 3: Sales Targets and Strategies - Major automakers have set ambitious sales targets for 2026, with a combined goal of approximately 35 to 36 million passenger vehicles, reflecting a year-on-year increase of 12% to 15% [5]. - Traditional automakers are focusing on stability and efficiency improvements, while new entrants are experiencing significant divergence in their growth strategies [10][30]. - For instance, Changan aims for a total sales target of 3.3 million units in 2026, with a strong emphasis on new energy vehicles, projecting 1.43 million units from this segment [12][15]. Group 4: New Energy Vehicle Focus - The article highlights the increasing importance of new energy vehicles (NEVs) in the sales strategies of various automakers, with companies like Dongfeng targeting 1.7 million NEVs in 2026, representing a significant portion of their overall sales goals [15][26]. - Geely plans to launch over ten new models in 2026, focusing on a comprehensive product matrix to drive sales growth [23]. Group 5: Export Market Dynamics - The export market for Chinese vehicles is thriving, with exports reaching 7 million units in 2025, a 21% increase year-on-year, and NEV exports doubling to 2.6 million units [49]. - Automakers are increasingly prioritizing overseas markets, with many setting aggressive export targets that significantly exceed their overall sales growth targets [51][54]. - For example, Changan's overseas sales target for 2026 is set at 750,000 units, accounting for nearly a quarter of its total sales goal [52].

转自：中国质量报 本报讯 （记者岳 倩）日前，长城汽车正式发布全新整车平台归元。长城汽车方面表示，归元寓意回归 本源。归元平台以"第一性原理"为思考起点，回归车为人服务的本质，打破传统造车思维，构建"硬件 可拆、软件可配、AI懂你"的新型造车模式。 归元平台以T-Safety安全理念为基础，对标全球最高碰撞标准，采用5项行业首创车身防护技术，包括 2200兆帕高强度骨架与半固态镁合金结构件；融合智驾VLA大模型主动安全，提升盲区减速、静止目 标最大刹停能力，以及小物件纵向主动刹停等准确性和及时性。长城汽车还通过自研试验场与仿真系 统，构建主被动安全协同验证体系，并投入超10亿元建设风洞、电磁实验室及智能网联测试试验场，覆 盖全球市场合规需求。 当前，全球汽车市场竞争激烈，各车企纷纷布局海外市场，但不同地区对汽车动力的需求存在显著差 异。面对多元化需求，车企能否通过技术通用性提升规模效应，将是其未来盈利能力的关键变量。2025 年，长城汽车全年销量达132.4万辆，同比增长7.33%。该公司2026年销量目标为180万辆，目标增长率 为36%。归元平台的高兼容性将有助于长城汽车压缩研发、生产成本与周期，更能精准 ...

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

"传统造车一个平台对应一种动力、一种车型，改款就要重新开模，成本高、周期长。归元平台的模块 化设计，让汽车制造进入灵活组合的新阶段。"长城汽车总裁穆峰表示。 在汽车行业，传统技术平台始终难逃"动力绑定"的桎梏，一个平台往往仅适配单一动力类型、少数几款 车型，改款升级便需重新开模、重构研发，不仅耗时耗力，更推高了全产业链成本。而长城汽车推出的 归元平台，从根源上打破了这一固有范式——它并非传统意义上的技术载体，而是构建了"硬件可拆、 软件可配、AI懂你"的新型造车模式。 作为全球首个原生AI全动力平台，归元平台以"一车多动力、一车多品类、一车多姿态"为核心支撑，构 建起覆盖全能源类型的技术生态。其兼容多种动力解决方案，既能适配SUV、MPV等主流乘用车型， 也能延伸至商用车领域，真正实现了"一个平台通吃全场景"。这种全兼容能力，源于平台三大核心创新 架构：硬件功能原子化、软件体验标签化、AI调度原生化。 硬件层面，归元平台采用结构树分解模式，将整车拆解为49个核心模块及329个共用组件，小到传感 器、连接器，大到发动机、变速箱，均实现接口标准化、功能模块化。这意味着不同动力系统、不同车 型品类可共享核心硬件，无 ...

Core Viewpoint - The launch of Great Wall's original AI all-powerful vehicle platform, the Guiyuan platform, emphasizes a design philosophy that simplifies complexity and returns to authenticity, aiming to create independent "technical movable types" for flexible combinations and scalable development [2] Group 1: Platform Features - The Guiyuan platform is built on three major breakthroughs: power revolution, original intelligent transformation, and safety innovation [2] - The power layer supports five different power forms, with diesel hybrid models achieving a 9% reduction in fuel consumption and a 40% improvement in acceleration, suitable for diverse global scenarios [2] - The intelligent aspect utilizes original AI as a foundation, breaking down over 300 functional units for dynamic scene-based responses [2] - In safety, the platform introduces a continuous working condition verification dummy, establishing a full-loop closed system of "prediction-intervention-protection" [2] Group 2: Product and Market Strategy - Leveraging Great Wall's 30 years of "forest ecosystem" full-stack self-research system, the Guiyuan platform can cover seven product categories and plans to launch over 50 global vehicle models [2] - The event showcased the integration of ancient craftsmanship with modern vehicle manufacturing technology, symbolized by the printing of "Great Wall Guiyuan" on rice paper [2] - Great Wall aims to use this platform as a "super mother body" to convey the strength of Chinese manufacturing and tailor high-quality vehicles for global users [2]

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。 （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） 股東特別大會 之投票表決結果 長城汽車股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於 2026 年 1 月 21 日（星期三）在中華人民共和國（「中國」）河北省保定市蓮池 區朝陽南大街 2266 號本公司會議室召開的本公司股東特別大會（「股東特別 大會」或「會議」）的投票表決結果。提呈的決議案已獲出席會議的本公司股 東（「股東」）正式通過。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* 有關會議所審議決議案的詳情，股東可參閱本公司發出的日期為 2025 年 12 月 29 日（星期一）的股東特別大會通告（「股東特別大會通告」）及通函 （「通函」）。除本公告文義另有所指外，通函所界定詞彙在本公告具有相 同涵義。 1. 會議召開 ...

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） 股東特別大會 之投票表決結果 長城汽車股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於 2026 年 1 月 21 日（星期三）在中華人民共和國（「中國」）河北省保定市蓮池 區朝陽南大街 2266 號本公司會議室召開的本公司股東特別大會（「股東特別 大會」或「會議」）的投票表決結果。提呈的決議案已獲出席會議的本公司股 東（「股東」）正式通過。 1. 會議召開及出席情況 持有 6,007,585,803 股（包括 5,311,649,519 股 A 股和 695,936,284 股 H 股） 具投票權股份（佔本公司全部已發行股本 70.20%）的股東或其委任代表已 出席該股東特別大會 ...

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 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「北京金誠同達律師事 務所關於長城汽車股份有限公司2026年第一次臨時股東會的法律意見書」。 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21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。 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 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 北京金诚同达律师 ...

（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） 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* 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2026年第一次臨時股東會決議公告」。 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 中國河北省保定市，2026 年 1 月21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。 * 僅供識別 | 证券代码：601633 | 证券简称：长城 ...