Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Group 1 - The core point of the news is that Longxin General has experienced a decline in stock price, falling 1.98% to 14.83 CNY per share, with a total market capitalization of 30.454 billion CNY and a cumulative drop of 6.67% over the past four days [1] - Longxin General's main business includes motorcycles and engines (74.58% of revenue), general machinery products (22.41%), high-end components (1.26%), large commercial generator sets (1.03%), and others (0.72%) [1] - The company was established on June 8, 2007, and went public on August 10, 2012, located in Chongqing, China [1] Group 2 - According to data, a fund under Agricultural Bank of China holds Longxin General as its eighth largest position, with 15,700 shares, representing 0.53% of the fund's net value [2] - The fund, Agricultural Bank of China CSI 1000 Index Enhanced A (017323), has incurred a floating loss of approximately 4,710 CNY today and a total floating loss of 16,600 CNY during the four-day decline [2] - The fund was established on July 18, 2023, with a current size of 15.6292 million CNY and has achieved a year-to-date return of 4.95% [2]

Group 1 - The core viewpoint of the news is that Longxin General has shown fluctuations in its stock performance and financing activities, with a notable increase in revenue and net profit year-on-year [1][2][3] Group 2 - On January 9, Longxin General's stock price fell by 0.85%, with a trading volume of 416 million yuan. The financing buy-in amount was 21.29 million yuan, while the financing repayment was 24.38 million yuan, resulting in a net financing outflow of 3.09 million yuan [1] - As of January 9, the total balance of margin trading for Longxin General was 240 million yuan, with a financing balance of 238 million yuan, accounting for 0.76% of the circulating market value, which is below the 10th percentile level over the past year [1] - In terms of securities lending, on January 9, Longxin General repaid 900 shares and sold 9,400 shares, with a selling amount of 142,200 yuan. The remaining securities lending volume was 168,300 shares, with a balance of 2.55 million yuan, exceeding the 60th percentile level over the past year [1] Group 3 - As of September 30, Longxin General had 35,400 shareholders, an increase of 18.78% from the previous period, while the average circulating shares per person decreased by 15.81% to 58,032 shares [2] - For the period from January to September 2025, Longxin General achieved operating revenue of 14.557 billion yuan, a year-on-year increase of 19.14%, and a net profit attributable to shareholders of 1.577 billion yuan, a year-on-year increase of 75.45% [2] Group 4 - Longxin General has distributed a total of 3.605 billion yuan in dividends since its A-share listing, with 1.191 billion yuan distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Longxin General, holding 141 million shares, an increase of 34.85 million shares from the previous period [3]

Core Insights - The GDP ranking of China's top 30 cities for the first three quarters of 2025 has been released, with Chongqing ranking fourth at 24,449.36 billion yuan, highlighting its economic resilience and development potential [1] - The increasing focus on sustainable development in the capital market has led to the evaluation of listed companies based on their performance in environmental, social, governance, and value creation aspects [1] ESG-V Rating System - The ESG-V rating system developed by Jiaan Jinxin evaluates companies not only on environmental, social, and governance compliance but also introduces a "value" dimension, aiming to assess whether corporate responsibility translates into operational resilience and long-term value [2] - The E dimension emphasizes environmental impact and resource efficiency, S focuses on compliance and stakeholder responsibility, G measures governance transparency and internal control mechanisms, while V observes value creation and pricing rationality from an investment perspective [2] Leading Companies - Giant Network received the only AAA rating, showcasing exceptional governance and stable long-term value creation, distinguishing itself in a competitive market [3] - Other AA-rated companies include Longxin General, Sanfeng Environment, and China Automotive Research, which excel in environmental governance, social responsibility, and sustainable value creation, becoming leaders in Chongqing's capital market [3] Mid-Tier Companies - Among the 65 evaluated companies, nearly 60% are rated BBB (16 companies), BB (14 companies), and B (7 companies), indicating a foundational compliance and governance framework but facing challenges in improving their ESG-V ratings [4] - Key challenges include enhancing environmental management, improving governance transparency, and stabilizing value creation amidst market volatility [4] Low-Rated Companies - Companies rated CCC (6), CC (5), and C (2) generally exhibit deficiencies in environmental management, governance transparency, and stable value creation [5] - The primary challenge for these companies is to convert external pressures into internal improvements, enhancing governance capabilities, environmental management, and stabilizing their business models [5] - The ESG-V rating list serves as a "stress test" for Chongqing's capital market, indicating that companies must balance responsibility and value to secure future investment value and market position [5]

Meeting Details - The first temporary shareholders' meeting of Longxin General Power Co., Ltd. was held on January 9, 2026, at the company's management platform in Chongqing [1] - The meeting was conducted both in-person and via online voting, presided over by the company's chairman, Mr. Li Yao [1] - The meeting was attended by 9 current directors and the board secretary, with some independent directors unable to attend due to other commitments [2] Resolutions Passed - The following proposals were approved during the meeting: 1. The proposal regarding the "Third Phase Employee Stock Ownership Plan (Draft)" [3] 2. The proposal concerning the "Management Measures for the Third Phase Employee Stock Ownership Plan" [3] 3. The proposal to authorize the board of directors to handle matters related to the employee stock ownership plan [4] - All proposals received separate voting counts for minority investors [4] Legal Compliance - The meeting was witnessed by lawyers from Beijing Times Jiuhua Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [4]

证券日报网讯 1月9日，隆鑫通用发布公告称，公司2026年第一次临时股东会审议通过《关于及其摘要 的议案》《关于的议案》《关于提请股东会授权董事会办理员工持股计划相关事宜的议案》。 （文章来源：证券日报） ...

Core Viewpoint - Longxin General (隆鑫通用) identifies Brazil as a crucial market for its global strategy and growth in the Latin American region, emphasizing the importance of local production and strategic partnerships to navigate market entry and sales challenges [1] Group 1: Market Importance - Brazil is the largest and most established motorcycle market in Latin America, serving as a key engine for the company's growth in the region [1] - The Brazilian government encourages local production through tax policies, which the company aims to leverage [1] Group 2: Market Strategy - The company is currently not establishing a factory in Manaus, Brazil, but is instead focusing on deep collaboration with regional distributors to address CKD assembly and market access [1] - The Brazilian motorcycle market is characterized by a focus on commuting needs and economic practicality, with a low penetration of larger displacement (250cc+) recreational models [1] Group 3: Product Offering - The company plans to introduce rally and sport scooters as the first models in the Brazilian market, aligning with local consumer trends shifting from practical transportation to leisure and entertainment [1]

关于隆鑫通用动力股份有限公司 2026 年第一次临时股东会的法律意见书 北京市时代九和律师事务所关于隆鑫通用动力股份有限公司 2026 年第一次临时股东会的法律意见书 致：隆鑫通用动力股份有限公司 北京市时代九和律师事务所（以下简称"本所"）根据隆鑫通用动力股份有限 公司（以下简称"贵公司"、"公司"）的委托，指派律师出席贵公司2026年第一次 临时股东会（以下简称"本次股东会"）。本所律师依据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股东会规则》（以 下简称"《股东会规则》"）、其他相关法律、法规、规范性文件以及《隆鑫通用 动力股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律 意见书。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 ...

证券代码：603766 证券简称：隆鑫通用 公告编号：2026-001 隆鑫通用动力股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 9 日 (二) 股东会召开的地点：重庆市南岸区大石二支路隆鑫工业园隆鑫通用 A 区 管理平台一楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 575 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,216,768,410 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 59.2521 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议采取现场和网络投票相结合的方式召开，由公司董事会召集，公司 董事长李耀先生主持会议。公司部分董事和董 ...

Group 1 - The core viewpoint of the news is that Longxin General has experienced fluctuations in its stock performance and financing activities, with a notable drop in stock price and changes in shareholder structure [1][2][3] Group 2 - On January 8, Longxin General's stock price fell by 3.42%, with a trading volume of 488 million yuan. The financing buy-in amount was 33.08 million yuan, while the financing repayment was 24.09 million yuan, resulting in a net financing buy-in of 8.99 million yuan [1] - As of January 8, the total balance of margin trading for Longxin General was 243 million yuan, with the financing balance accounting for 0.77% of the circulating market value, indicating a low level compared to the past year [1] - The company reported a revenue of 14.557 billion yuan for the period from January to September 2025, representing a year-on-year growth of 19.14%, and a net profit attributable to shareholders of 1.577 billion yuan, reflecting a significant increase of 75.45% [2] - Longxin General has distributed a total of 3.605 billion yuan in dividends since its A-share listing, with 1.191 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders for Longxin General increased to 35,400, with an average of 58,032 circulating shares per person, a decrease of 15.81% from the previous period [2][3]