江铃汽车公告称，为套期保值、规避汇率风险，公司拟开展外汇套期保值业务，交易品种为外汇，交易 工具为远期结售汇，交易场所为监管机构批准的金融机构。2026年远期外汇交易额度为5000万美元和 800万欧元，预计使用交易保证金和权利金不超3000万美元和600万欧元。该业务已获董事会批准，无需 提交股东大会审议。业务开展存在市场、流动性等风险，公司制定了相应控制措施。 ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—056 200550 江铃 B 江铃汽车股份有限公司 关于 2026 年度外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 交易金额：江铃汽车股份有限公司（以下简称"江铃汽车"或"公司"） 远期外汇交易业务额度为 5,000 万美元、800 万欧元。公司预计动用的交易保证 金和权利金不超过 3,000 万美元、600 万欧元，期限为 2026 年度，年度内任一时 点的交易金额不超过上述额度。 2、已履行的审议程序：公司于 2025 年 12 月 19 日召开的十一届十一次董 事会，审议通过了《关于 2026 年度外汇套期保值业务的议案》，本议案无需提 交股东会审议。 3、风险提示：业务开展过程中存在市场风险、流动性风险、信用风险、操 作风险、法律风险，敬请投资者注意投资风险。 一、外汇套期保值业务概述 1、投资目的：为防止汇率出现较大波动时，汇兑损益对公司造成不利影响， 公司计划与金融机构开展远期结售汇业务。公司不做投机性交易，以正常生产 经营为基础，以 ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—057 200550 江铃 B 江铃汽车股份有限公司 关于 2026 年度日常性关联交易的预计公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、概述 公司董事会于 2025 年 12 月 19 日审议通过了公司 2026 年度日常性关联交易 预计方案。 日常性关联交易预计方案涵盖了公司与之 2026 年度合计日常性关联交易额 超过 5,646 万元人民币的所有关联法人，其中分为 A 类——年度合计日常性关联 交易发生额在 5.6 亿元人民币以上的关联交易，和 B 类——年度合计日常性关联 交易发生额在 5,646 万元至 5.6 亿元人民币之间的关联交易。 本议案涉及关联交易事项，在提交董事会审议前已经公司独立董事专门会议 审议通过。 董事会批准公司 2026 年度 A 类日常性关联交易预计方案，并授权执委会与 各关联法人商谈具体合同，并上报股东会批准。股东会在对本议案的表决中，涉 及福特汽车公司（"福特"）及其关联企业的，关联股东福特回避表决；涉及南 昌市江铃投资有限公司（"江铃投 ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—055 200550 江铃 B 江铃汽车股份有限公司十一届十一次董事会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议通知情况 江铃汽车股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 9 日向 全体董事、监事、执行委员会成员及相关人员发出了书面会议通知。 二、会议召开时间、地点、方式 表决结果：同意9票，反对0票，弃权0票。 详情请参见同日刊登在《中国证券报》、《证券时报》、《香港商报》和巨 潮资讯网（www.cninfo.com.cn）上的《江铃汽车股份有限公司关于2026年度外 汇套期保值业务的公告》。 本议案无需提交股东大会审议。 2、2026年度日常性关联交易预计方案 董事会批准公司2026年度A类日常性关联交易预计方案，并授权执委会与各 关联法人商谈具体合同，并上报股东会批准；批准公司2026年度B类日常性关联 交易预计方案，并授权执委会与各关联法人签订具体合同。 本次董事会会议于 2025 年 12 月 19 日在南昌江铃汽车大厦 20 楼会议 ...

Core Insights - The domestic commercial vehicle market is experiencing a strong growth trend, particularly in the new energy commercial vehicle segment, driven by policy support and increasing demand for vehicle upgrades [1][2][10]. Commercial Vehicle Market Analysis - In November 2025, domestic commercial vehicle sales reached 260,000 units, a year-on-year increase of 4% and a month-on-month increase of 4% [5]. - From January to November 2025, total commercial vehicle sales amounted to 2.81 million units, representing a 9% year-on-year growth [5]. - The new energy commercial vehicle sales for the same period reached 770,000 units, showing a significant year-on-year increase of 54% [8]. New Energy Commercial Vehicle Performance - The penetration rate of new energy commercial vehicles has risen sharply, reaching 27% from January to November 2025, up 7 percentage points year-on-year [12]. - By November 2025, the penetration rate for new energy commercial vehicles reached 36%, an increase of 11 percentage points compared to the same month last year [12][10]. Market Trends and Dynamics - The market for new energy commercial vehicles is characterized by a strong upward trend from March to November 2025, with November sales peaking at 92,000 units, a 45% year-on-year increase [10][8]. - The overall commercial vehicle market has shown a recovery from previous lows, with 2025 marking a significant improvement compared to the previous years [5][4]. Competitive Landscape - Major players in the commercial vehicle sector include Beiqi Foton, SAIC-GM-Wuling, Dongfeng Motor, and China National Heavy Duty Truck Group, with Foton and Wuling leading in light truck and bus markets respectively [14]. - The new energy segment is seeing increased competition, particularly among companies like Geely and Chery, which are gaining traction in the new energy light truck market [20].

Core Insights - The commercial vehicle market in China is experiencing significant growth, particularly in the new energy vehicle (NEV) segment, driven by policy support and increasing demand for vehicle upgrades [1][2][12] - In November 2025, the domestic sales of commercial vehicles reached 260,000 units, marking a 4% year-on-year and month-on-month increase, while total sales from January to November 2025 reached 2.81 million units, a 9% increase compared to the previous year [1][6] - The penetration rate of new energy commercial vehicles has risen sharply, reaching 36% in November 2025, up 11 percentage points from the same month last year [2][12] Commercial Vehicle Market Analysis - The commercial vehicle market has shown a strong upward trend from February to November 2025, with sales driven by the growth of new energy vehicles [4][10] - The sales data indicates a recovery from previous years' lows, with 2025 expected to see stable performance compared to 2024, which had a total of 2.85 million units sold [5][6] - The market dynamics are shifting, with traditional fuel vehicles requiring effective policy support to compete with the rapidly growing new energy segment [2][12] New Energy Vehicle Performance - The cumulative sales of new energy commercial vehicles from January to November 2025 reached 770,000 units, reflecting a 54% year-on-year increase [1][8] - The penetration rate of new energy vehicles in the commercial sector has increased significantly, from 3% in 2019-2021 to 27% in the first eleven months of 2025 [2][12] - In November 2025, new energy commercial vehicle sales reached 92,000 units, a 45% increase year-on-year and a 15% increase month-on-month [1][8] Market Structure and Competition - The market for commercial vehicles is characterized by stable structures in truck and bus segments, with significant growth in the new energy penetration rates for both [14][21] - Key players in the light truck market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, with Foton and Wuling leading in sales [15][21] - The heavy-duty truck segment is dominated by companies like FAW Jiefang and China National Heavy Duty Truck Group, which have shown strong performance in the new energy sector [17][18] Regional Market Dynamics - The eastern and southern regions of China, particularly the Huabei and Huadong areas, show strong demand for light and heavy commercial vehicles, with increasing penetration of new energy vehicles [18][22] - The market for light commercial vehicles is particularly robust in economically developed regions, with significant sales growth in the southern and eastern parts of the country [19][23]

Core Viewpoint - The article provides an overview of upcoming vehicle models set to launch in December 2025, detailing specifications, pricing, and market segments for various manufacturers [2][3]. Group 1: Upcoming Vehicle Models - SAIC Audi will launch the A5L Sportback on December 12, 2025, targeting the B NB segment with a starting MSRP of 334,900 CNY [7]. - FAW Car will introduce the Hongqi HS6 on December 16, 2025, in the C SUV segment, with prices ranging from 178,800 to 228,800 CNY [15]. - Great Wall Motors will release the Ora 5 on December 16, 2025, in the A SUV segment, with an MSRP between 99,800 and 133,800 CNY [23]. - NIO will launch the ELS and ET5T on December 16, 2025, with the ET5T priced at 316,000 CNY and featuring a range of 710 km [39][31]. - Beam Car will introduce the MINI Electric on December 17, 2025, with prices from 209,800 to 239,800 CNY [47]. - JMC Ford will launch the Smart Mustang on December 19, 2025, with a price range of 229,800 to 282,800 CNY [71]. Group 2: Technical Specifications - The A5L Sportback features a 2.0T engine with a power output of 150 kW and torque of 340 N·m, with dimensions of 4,903 mm in length, 1,883 mm in width, and 1,427 mm in height [7]. - The Hongqi HS6 offers a hybrid engine option with a power output of 110 kW and torque of 225 N·m, alongside an electric motor with 168 kW and torque of 340 N·m [15]. - The Ora 5 has a pure electric powertrain with a maximum power of 150 kW and torque of 260 N·m, with dimensions of 4,471 mm in length, 1,833 mm in width, and 1,641 mm in height [23]. - The ET5 features a pure electric engine with a power output of 360 kW and torque of 700 N·m, with a length of 4,790 mm, width of 1,960 mm, and height of 1,499 mm [31]. - The MINI Electric has a power output of 135 kW and torque of 290 N·m, with dimensions of 3,858 mm in length, 1,756 mm in width, and 1,458 mm in height [47]. - The Smart Mustang offers a 1.5T range-extended engine with a power output of 110 kW and torque of 240 N·m, alongside a pure electric option with a power output of 332 kW and torque of 575 N·m [71].

Core Viewpoint - The article emphasizes the importance of efficiency, reliability, and economy in the commercial vehicle sector, particularly for light trucks, highlighting the upcoming launch of the Jiangling Blue Whale light truck as a significant advancement in meeting user needs [1]. Group 1: Power and Energy Efficiency - The Jiangling Blue Whale features the new generation Blue Flame powertrain, achieving a powerful output of 180 horsepower, which is a 20% increase compared to traditional models, enhancing cargo transport capabilities [3][4]. - The vehicle's low-speed torque reaches 350Nm, the best in the industry, improving start-up response and climbing ability, effectively addressing power shortages under heavy loads [3]. - The truck can reach a maximum speed of 130 km/h, facilitating efficient connections for both long-distance and short-distance transport [4]. - The aerodynamic design, with a drag coefficient of 0.45, significantly reduces energy consumption, and its fuel consumption is 1.85L lower than mainstream competitors, providing substantial fuel cost savings over time [4]. Group 2: Load Capacity and Safety - The Jiangling Blue Whale is built with a frame made of 650 ultra-high-strength steel, enhancing structural strength and stability to meet various cargo demands [6]. - The vehicle features a 10mm thick steel rim, with a 32% increase in thickness and strength compared to traditional models, and offers options for reinforced tires to improve load reliability [6]. - The truck's body structure includes a new framework design with 33% high-strength steel, including 3% aerospace-grade hot-formed steel, improving impact resistance and passive safety performance [7]. Group 3: Quality and User Experience - The Jiangling Blue Whale maintains high reliability with a B10 engine life of 1 million kilometers and offers lifetime warranty services for the engine and transmission, reducing long-term maintenance costs [9]. - The vehicle is produced in Jiangling's Fushan smart factory, boasting a 98% automation rate to ensure consistent quality control [9]. - The design incorporates user-friendly features, such as an ergonomic interior layout, enhanced storage options, and noise-reducing cabin design, improving the driving experience [10].

Core Viewpoint - Jiangling Motors (000550) emphasizes its commitment to focusing on core business operations while enhancing operational quality through technological innovation, product structure optimization, and cost reduction efforts, ultimately aiming to provide returns to shareholders [1] Group 1 - The company is dedicated to strengthening technological innovation [1] - The company is optimizing its product structure [1] - The company is deepening cost reduction and efficiency enhancement measures [1] Group 2 - The company aims to continuously improve operational quality [1] - The company is actively committed to returning value to shareholders [1]

Core Viewpoint - The article emphasizes that the Jiangling Yuhu pickup truck is a benchmark for "super commercial large pickups," excelling in aesthetics, functionality, and driving experience, making it suitable for various scenarios including construction, emergency response, and family outings [1][24][25] Design and Aesthetics - The Yuhu features a design that combines practicality and aesthetics, with a robust front grille and sleek lines that enhance its visual appeal while maintaining functionality [4][5] - The vehicle's dimensions and design elements, such as the 245/70 R17 tires, ensure stability and adaptability across different terrains, from construction sites to urban environments [5][7] Functionality and Versatility - The Yuhu's cargo box has a volume of 1.6m³, allowing for efficient loading and transportation of heavy materials, which significantly boosts construction efficiency [7] - The vehicle's body is constructed with 68% high-strength steel, providing durability and safety even on rough roads [8] - The 180° opening tailgate facilitates easy loading and unloading, reducing labor costs [9] - Compared to competitors, the Yuhu's cargo capacity is 23% larger, and it boasts a fuel efficiency of 7.1L per 100km, enhancing profitability for agricultural transport [11] Urban and Family Use - The Yuhu is designed for urban delivery with a compact size that allows for easy maneuverability in tight spaces, making it suitable for city logistics [13] - The interior features a dual-screen setup for enhanced technology and comfort, making it appealing for both business and family use [14] - The spacious rear seating and storage options cater to family outings, ensuring comfort and convenience [16][17] Performance and Handling - The Yuhu is powered by a 2.5T engine, delivering a maximum power of 123kW and a torque of 430N·m, allowing for quick acceleration even when fully loaded [20] - The vehicle's transmission system is designed for smooth operation, making it user-friendly for both novice and experienced drivers [21] - The robust chassis and braking system ensure stability and safety across various driving conditions [19][24]