9月23日晚间，江铃汽车发布公告称，公司拟与福特汽车公司（以下简称"福特"）按原有持股比例共同向公司控股 子公司江铃福特（上海）进行增资，其中本公司以债转股方式出资12.64亿元，福特以现金出资12.14亿元，共计 24.78亿元，用于清偿江铃福特（上海）的负债。 9月23日，江铃汽车相关负责人表示，作为品牌方，福特将整合江铃福特和长安福特乘用车营销渠道，由福特中国 新成立的全资子公司统一管理，具体情况预计在10月进行官宣，"并不存在江铃福特并入长安福特一说"。 上述江铃汽车相关负责人强调，整合后，江铃福特与长安福特的销售渠道将同时销售两家主机厂产品，包括福特 从海外进口的皮卡车辆。 近日，江铃汽车发布的产销公告显示，公司2025年前8月销量达22.65万辆，同比增长5.67%。公司前8月完成了全 年销量计划约58%，要实现全年目标还需努力。 长江商报消息●长江商报记者 黄聪 江铃汽车（000550.SZ）与福特联手，助力江铃福特汽车科技（上海）有限公司[以下简称"江铃福特（上海）"]发 展。 拟与福特共同增资控股子公司 9月23日晚间，江铃汽车发布公告称，公司拟与福特按原有持股比例共同向公司控股子公司江铃福 ...

Market Overview - As of September 24, the Shanghai Composite Index closed at 3853.64 points, with a gain of 0.83%. The Shenzhen Component Index closed at 13356.14 points, up by 1.80%. The ChiNext Index closed at 3185.57 points, increasing by 2.28% [1]. Trading Activity - A total of 2309 stocks saw an increase in average transaction volume, with 57 stocks experiencing a rise of over 50% in average transaction volume. Conversely, 2250 stocks reported a decrease in average transaction volume [1]. - Notable stocks with significant increases in average transaction volume include ST Jinggu, *ST Yatai, and Shibei Gaoxin, which showed substantial growth [1]. Individual Stock Performance - The following stocks had the highest increases in average transaction volume on September 24: - ST Jinggu: 5.00% increase, average transaction volume of 4012 shares, up by 248.10% - *ST Yatai: 5.04% increase, average transaction volume of 5621 shares, up by 159.79% - Shibei Gaoxin: 9.98% increase, average transaction volume of 2946 shares, up by 158.79% [1]. Trading Volume and Transaction Count - The stocks with the highest increase in transaction count include: - Heertai: 1.47% increase, 453,845 transactions, up by 7936.92% - Dazhong Public Utilities: 4.79% increase, 278,574 transactions, up by 2732.19% - ST Chuangyi: -4.13% decrease, 37,426 transactions, up by 2449.46% [2]. Stocks with Significant Growth - The following stocks had both average transaction volume and transaction count increase by over 50%: - *ST Yatai: 5.04% increase, average transaction volume of 5621 shares, up by 159.79%, with 2238 transactions, up by 1273.01% [3]. - Other notable stocks include: - Yangyuan Beverage: 9.98% increase, average transaction volume of 785 shares, up by 104.84%, with 17,973 transactions, up by 118.81% [4].

Market Overview - The commercial vehicle sector experienced a decline of 0.25% on September 24, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Jiangling Motors saw a closing price of 21.60, with a rise of 5.11% and a trading volume of 222,100 shares, totaling a transaction value of 486 million [1] - China National Heavy Duty Truck Corporation closed at 17.55, up 3.91%, with a trading volume of 258,800 shares and a transaction value of 447 million [1] - JAC Motors closed at 51.26, increasing by 2.38%, with a trading volume of 693,800 shares and a transaction value of 3.547 billion [1] - Hanma Technology closed at 7.99, down 4.43%, with a trading volume of 1,231,500 shares and a transaction value of 999.7 million [2] Capital Flow Analysis - The commercial vehicle sector saw a net inflow of 195 million from institutional investors, while retail investors experienced a net outflow of 77.42 million [2][3] - Major stocks like JAC Motors had a net inflow of 278 million from institutional investors, while it faced a net outflow of 160 million from retail investors [3] - China National Heavy Duty Truck Corporation had a net inflow of 23.18 million from institutional investors, with retail investors showing a net outflow of 944,800 [3]

9月23日，上海福特汽车（中国）有限公司（下称"福特中国"）宣布，在上海正式设立福特汽车销售服务（上海）有限公司（下称"福特销售服务公司"）， 作为福特的全资子公司，全面管理福特品牌乘用车和皮卡车型在中国市场的营销、销售和服务业务。新公司将于10月1日正式运营。 福特中国在声明中表示，陈晓波正式加入福特中国，担任福特销售服务公司总裁，向福特中国及福特国际市场集团总裁兼首席执行官吴胜波汇报。此前，陈 晓波曾担任长安福特新能源科技有限公司副总裁兼营销中心总经理、长安福特全国销售服务机构执行副总裁等多个重要营销和销售管理职位。 同日，江铃汽车股份有限公司（下称"江铃汽车"）发布公告，江铃汽车销售有限公司（江铃汽车全资子公司）和福特销售服务公司签署《江铃国产福特整车 分销服务合同》，委托福特销售服务公司分销其生产的福特品牌乘用车和福特品牌皮卡。 由此，福特销售服务公司的成立，实际上也是福特汽车在华战略收缩的标志。从全球市场看，由于电动化转型缓慢等因素，福特汽车也已处于"退守"状态。 2024年福特全球销量为390万辆，同比下滑11.6%，2021年，福特宣布关闭其在巴西的三座工厂，以及其印度工厂；今年3月份，福特德国 ...

此次调整源于福特全新品牌战略升级及其渠道资源战略性创新之总体规划，江铃汽车对此高度认同并积 极响应。 江铃汽车方面表示，由福特全资的销售服务公司对其产品实施统一的营销和渠道管理，将显著提升网络 协同效率、扩大市场渗透、提升福特品牌形象，将为中国消费者带来更加便捷的一站式销售和服务体 验，同时能够有效提升经销商运营效率和盈利能力。 江铃汽车股份有限公司相关负责人透露，这不是一次简单的渠道调整，而是福特品牌在中国践行"更福 特、更中国"战略的深化举措，目的是为了整合优势资源，打造一个更高效、更强大、以客户为中心的 福特品牌网络体系。 整合统一渠道后，江铃福特的销售渠道将由原有的100多家扩充到300多家，销售服务的触角延伸至更广 阔的市场，最大化覆盖不同细分市场和多场景的客户需求。"对于用户来说，也不必再区分长安福特或 江铃福特，产品均在一个经销店里销售，服务也均有统一标准，只要是福特的用户，无论身在何处，都 可能享受到更广泛、更便捷、更一致的销售和售后服务体验。"上述负责人表示。 作为整体战略推进的关键部署，江铃汽车与福特将对江铃福特（上海）进行增资，用于其债务清偿，为 江铃福特(上海)后续的平稳过渡及有序收尾 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 江铃汽车股份有限公司董事会决议公告 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、会议通知情况 江铃汽车股份有限公司（以下简称"江铃汽车"或"本公司"）董事会于2025年9月22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 本次董事会会议于2025年9月22日以书面会议形式召开。会议的召集、召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 三、董事会出席会议情况 应出席会议董事9人，实到9人。 一、董事会批准本公司、江铃汽车销售有限公司和福特汽车销售服务（上海）有限公司之间的《江铃国 产福特整车分销服务合同》，并授权公司执行副总裁衷俊华代表公司签署。 二、董事会同意福特汽车公司和本公司之间的《关于江铃福特汽车科技（上海）有限公司合资及股东协 议的修订和重述（2025年）》，并同意提交公司股东会批准，由公司执行副总裁衷俊华代表公司签署。 由于福特汽车公司持有本公司32%的股权，为本公司第二大股东，上述议案涉及关联交易事项，在提交 董 ...

Group 1: Target Price Increases - The companies with the highest target price increases as of September 22 include Gaweida (300465) with a target price increase of 98.76%, SAIC Motor (600104) with 37.72%, and Haitian Flavoring (603288) with 27.18% [2][3] Group 2: Rating Changes - On September 22, the rating for TBEA (600089) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5][6] - Conversely, the rating for JMC (000550) was downgraded from "Buy" to "Hold" by Industrial Securities [7][8] Group 3: Initial Coverage - On September 22, nine companies received initial coverage, including JMC (000550) rated "Hold" by Industrial Securities, Ximai Food (002956) rated "Hold" by Shanxi Securities, and Gaweida (300465) rated "Buy" by Dongwu Securities [8]

Core Insights - Jiangling Motors has announced two strategic initiatives: entrusting Ford Motor Sales Service (Shanghai) Co., Ltd. for comprehensive distribution services of Ford brand passenger cars and pickups in China, and jointly increasing capital in Jiangling Ford Automotive Technology (Shanghai) Co., Ltd. to settle its debts [1][4] Channel Resource Optimization - Jiangling Motors is a significant player in the Chinese automotive industry, involved in R&D, manufacturing, sales, and service. Ford holds a 32% stake in Jiangling Motors [2] - The channel integration aims to expand the number of sales channels from over 100 to more than 300, primarily focusing on passenger vehicles [2][3] - The integrated channel will allow for resource sharing and complementary advantages, simplifying the purchasing experience for consumers by focusing solely on the Ford brand [3] Management and Dealer Opportunities - Jiangling Motors will maintain control over key aspects such as vehicle pricing and marketing budgets, despite delegating distribution services to Ford's subsidiary [3] - Dealers will benefit from broader product authorizations, allowing them to sell both Jiangling Ford and Changan Ford products, enhancing their market opportunities [3] Capital Increase and Debt Settlement - Jiangling Motors and Ford plan to increase capital in Jiangling Ford (Shanghai) by 2.478 billion yuan, with Jiangling contributing 1.264 billion yuan through debt-to-equity conversion and Ford contributing 1.214 billion yuan in cash [4] - The capital increase will help settle Jiangling Ford's existing debts, which total 2.296 billion yuan, with 1.47 billion yuan owed to Jiangling Motors [4] Focus on New Energy and Intelligent Technology - The partnership between Jiangling Motors and Ford has evolved since Ford acquired a 32% stake in 1995, with significant product launches in the commercial vehicle sector [5] - The recent channel integration is seen as a milestone in their collaboration, aligning with the industry's shift towards new energy and intelligent technology [6] - Jiangling Ford has recently launched the "Smart and Fun" model, integrating advanced intelligent and electric technologies, with more products in the pipeline [6] Business Strategy and Future Outlook - Jiangling Motors aims to strengthen its core competitiveness in the light commercial vehicle sector while expanding passenger vehicle sales through channel integration [7] - The company will continue to operate independently in export markets, with the new Ford subsidiary focusing solely on the Chinese market [7] - Future collaboration with Ford will emphasize product innovation, technology development, and market expansion, aiming to accelerate the electrification and intelligent transformation of their product lineup [7]

Core Viewpoint - The integration of Jiangling Ford is seen as a response to challenges rather than a strategic expansion, with Ford taking control of distribution rights and restructuring its operations in China [2][3][5]. Group 1: Company Actions - Jiangling Ford has transferred the distribution rights of Ford brand passenger cars and pickups to a wholly-owned sales service company established by Ford in Shanghai [2]. - Both Jiangling and Ford have jointly invested 2.478 billion yuan to address debt issues, with Jiangling contributing 1.26378 billion yuan through debt-to-equity conversion and Ford providing 1.21422 billion yuan in cash [2]. - The annual distribution service fee is expected to be around 250 million to 300 million yuan, indicating a significant shift in profit allocation towards Ford [2]. Group 2: Market Context - Ford's previous attempts to unify its distribution channels in China have faced challenges, including strong resistance from Jiangling dealers, leading to failed initiatives [3]. - The sales volume of Ford in China has drastically declined from nearly 1 million units in 2016 to less than 200,000 units in 2019, highlighting a deeper crisis in the market [3]. - Despite achieving profitability in 2024 due to export growth, the domestic market remains stagnant, with Ford lagging in electric vehicle competitiveness and facing issues with hybrid product distribution [3][4]. Group 3: Strategic Implications - The channel unification is perceived as a contraction of Ford's strategy in China, transitioning to a light asset operation model while maintaining brand presence through a sales service company [3][4]. - The lack of new products and a clear technological roadmap raises concerns about the sustainability of this light asset approach, which may be viewed as a retreat rather than a proactive strategy [4][5].

"并不存在江铃福特并入长安福特一说！"9月23日，江铃汽车（000550）股份有限公司（以下简称"江铃 汽车"）相关负责人在接受《每日经济新闻》记者采访时表示，作为品牌方，福特将整合江铃福特和长安 福特乘用车营销渠道，由福特中国新成立全资子公司统一管理。 9月23日晚间，江铃汽车发布公告称，因乘用车业务发展的需要，江铃汽车、江铃汽车销售有限公司和福 特汽车销售服务（上海）有限公司（即福特汽车之全资子公司）签署了《江铃国产福特整车分销服务合 同》，委托福特汽车销售服务（上海）有限公司（以下简称"福特销售服务公司"）为本公司生产的福特 品牌乘用车和皮卡提供全面分销服务。 图片来源：江铃汽车公告 据上述江铃汽车相关负责人透露，整合后，江铃福特与长安福特的销售渠道将同时销售两家主机厂产 品，包括福特从海外进口的皮卡车辆。 同日晚间，福特中国也宣布在上海正式设立福特汽车销售服务（上海）有限公司，作为福特全资子公 司，全面负责管理福特品牌乘用车和皮卡车型在中国市场的营销、销售和服务业务，"预计新公司将于 2025年10月1日正式运营"。 300多家营销渠道将由新公司统一管理 福特中国方面表示，陈晓波将正式加入福特中国，担 ...