证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2026-13 重庆长安汽车股份有限公司 关于召开 2026 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重庆长安汽车股份有限公司 2026 年第二次临时股东会定于 2026 年 3 月 19 日以现场投票和网络投票相结合的方式召开，现将有关事项通知如下： 一、召开会议的基本情况 2．股东会的召集人：公司董事会。 3．会议召开的合法、合规性：本次股东会会议召开经公司第九届董事会第 五十四次会议审议通过，召开程序符合《公司法》和《公司章程》的有关规定。 1．股东会届次：重庆长安汽车股份有限公司 2026 年第二次临时股东会。 网络投票时间：2026 年 3 月 19 日。其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为 2026 年 3 月 19 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 3 月 19 日 9:15-15:00。 5．会议的召开方 ...

重庆长安汽车股份有限公司（以下简称"公司"）提名与薪 酬考核委员会根据《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律 监管指南第 1 号——业务办理》和《公司章程》等有关规定， 对《关于回购注销部分限制性股票的议案》事项发表核查意见 如下： 董事会提名与薪酬考核委员会 关于回购注销部分限制性股票相关事项的 核查意见 经核查，提名与薪酬考核委员会认为：根据公司《A 股限制 性股票激励计划（草案修订稿）》（以下简称"《激励计划》"）的 规定，因 1 名原激励对象发生退休等情形，已不符合有关激励 对象的规定，公司对上述激励对象持有的全部限制性股票共 18,564 股进行回购注销。上述事项符合《上市公司股权激励管 理办法》、公司《激励计划》等规定，决策审批程序合法、合规。 提名与薪酬考核委员会同意本次回购注销部分限制性股票事项。 1 召集人：李震宇 成员：贾立山 成员：汤谷良 重庆长安汽车股份有限公司 董事会提名与薪酬考核委员会 2026 年 2 月 28 日 2 （本页无正文，为《董事会提名与薪酬考核委员会关于回购注销部分限 制性股票相关事项的核查意见》的签字页） ...

证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2026-09 重庆长安汽车股份有限公司 第九届董事会第五十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 公司于 2026 年 2 月 28 日在长安汽车金融城会议室以现场结合视频方式召 开第九届董事会第五十四次会议，会议通知及文件于 2026 年 2 月 14 日通过邮 件等方式送达公司全体董事。会议应到董事 7 人，实际参加表决的董事 7 人， 其中委托出席 1 人，独立董事杨新民先生因工作原因，委托独立董事汤谷良先 生出席并代为表决。会议由董事长朱华荣先生主持。本次会议的召开符合《公 司法》和《公司章程》等有关规定，会议形成的决议合法、有效。会议审议通 过了以下议案： 1.审议通过了《2026 年度融资计划》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司董事会战略、投资与可持续发展委员会审议通过。 同意公司开展不超过 121.80 亿元的带息负债融资，并同意公司在金融机 构授信范围内开展各项业务，包括但不限于银行借款、发行债券、承 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The commercial vehicle sector continues to grow, with a sales increase of 23% year-on-year in January 2026, reaching 358,700 units. Heavy truck sales surged by 46%, and new energy commercial vehicle sales rose by 62% [1] - The report highlights the ongoing structural shift in the passenger vehicle market, with a notable increase in average prices for conventional fuel vehicles and a decrease for new energy vehicles, indicating a change in consumer preferences [29] - The automotive industry is facing a new "chip shortage," leading to significant price increases for automotive-grade DRAM chips, with expected price hikes of 70% to 100% for long-term contracts in 2026 [3] - The report emphasizes the importance of companies with strong electronic and software capabilities in managing supply chains effectively to gain competitive advantages [3] Summary by Sections Commercial Vehicle Market - The commercial vehicle market is projected to reach total sales of 4.5 million units in 2026, with a year-on-year growth of 4.7%, providing stable support for the automotive industry's fundamentals [1] Passenger Vehicle Market - In 2025, imported vehicle sales fell by 32.4% to 476,000 units, with a total value decrease of 39.7% to $23.64 billion, indicating a significant contraction in this segment [2] - The luxury vehicle market is opening up for domestic brands as both imports and joint venture brands face declines [2] Semiconductor Supply Chain - The automotive industry is experiencing a new wave of chip shortages, with significant price pressures on automotive-grade DRAM and NAND Flash chips, which are expected to rise by 55% to 60% and 33% to 38%, respectively [3] - The report suggests that this supply chain disruption may create opportunities for new suppliers to emerge [3] Investment Opportunities - The report advises focusing on the stable fundamentals of the commercial vehicle industry, the potential for domestic luxury vehicle brands to replace imports, and the opportunities arising from the expansion of the automotive-grade chip supply chain [4]

Investment Rating - The report suggests a positive investment outlook for the smart driving industry, particularly focusing on companies that can leverage cost advantages and regulatory benefits in the evolving landscape of intelligent driving technology [5]. Core Insights - The smart driving sector is expected to maintain high growth momentum, driven by the trend of "Smart Driving Equality 2.0," which will see advanced features like urban NOA (Navigation on Autopilot) becoming more accessible to consumers in the 100,000 to 200,000 RMB price range [1][12]. - The L2 level of autonomous driving is entering a strong regulatory phase, which will benefit testing institutions and lead to a significant expansion of the market for compliance testing [2][29]. - The concept of scaling law is identified as a deterministic technological trend, with advancements in end-to-end architectures approaching L4 level capabilities [3][50]. - The Robotaxi business model has shown initial validation, indicating that the industry is on the verge of a significant turning point, particularly with the potential success of Tesla's Robotaxi [4][50]. Summary by Sections Section 1: Smart Driving Equality 2.0 - The trend of smart driving equality is expected to strengthen, with urban NOA features penetrating the 100,000 to 200,000 RMB price segment, supported by robust supply and demand dynamics [1][12]. - The penetration rate of urban NOA hardware configurations is projected to increase from 16% in 2025 to 25% in 2026, with sales expected to reach 5.45 million units, reflecting a year-on-year growth of over 50% [1][12]. Section 2: L2 Regulatory Phase - The L2 level is entering a strong regulatory phase, with the implementation of stringent standards that will benefit testing institutions and expand the market for compliance testing [2][29]. - The L3/L4 autonomous driving regulatory framework is gradually being established, moving from local trials to a national legal framework [2][40]. Section 3: Scaling Law and Technological Trends - The scaling law is recognized as a key technological trend, with the end-to-end architecture reaching preliminary L4 thresholds [3][50]. - The demand for computational power on the vehicle side is expected to grow alongside the increase in model parameters, necessitating companies to develop integrated software and hardware capabilities to remain competitive [3][50]. Section 4: Robotaxi Business Model - The Robotaxi model has been validated through successful regional operations by leading L4 manufacturers, indicating a growing consumer demand for such services [4][50]. - The success of Tesla's Robotaxi is seen as a potential catalyst for the industry, with significant implications for the advancement of high-level autonomous driving technologies [4][50].

Investment Rating - The report maintains a recommendation for the six-seat SUV industry, highlighting both blue ocean opportunities and red ocean competition [2] Core Insights - The six-seat SUV market is expected to see the launch of five new models priced around 200,000 yuan in 2026, with top models potentially achieving monthly sales of 10,000 to 20,000 units [2][22] - The high-end six-seat SUV market is experiencing intense competition, with a significant increase in supply expected in 2026, outpacing market expansion [2][6] - The 200,000 yuan segment remains a potential blue ocean market, as current models often fail to meet consumer demands due to size and pricing issues [6][24] Summary by Sections Total Market Overview - The six-seat SUV market is projected to grow, with an estimated total of 150,000 units sold in 2025, reflecting a year-on-year increase of 21,000 units [13] - The market is expected to continue expanding with the introduction of new models, particularly in the 200,000 yuan segment [6][10] Blue Ocean Opportunities - The 200,000 yuan segment for six-seat SUVs is identified as a significant market opportunity, with current models not meeting consumer expectations in terms of size and pricing [6][22] - The report notes that the proportion of six-seat SUVs priced below 250,000 yuan is only 4.9%, compared to 28% for those above this price point, indicating room for growth [24] Red Ocean Competition - The high-end six-seat SUV market is set to intensify with 22 new models expected to launch in 2026, leading to fierce competition [2][6] - The report highlights a shift in product strategy from size combinations to price combinations, indicating evolving consumer preferences [2][10] Investment Recommendations - The report suggests focusing on companies like Leap Motor and Great Wall Motors, with specific models expected to drive significant sales growth [7][10] - Geely is also recommended due to its ongoing product cycle contributing to sales and profit increases [7][10]

Core Viewpoint - The 2026 Changan UNI-Z maintains the design of the current model while introducing new features and specifications, focusing on advanced technology and performance enhancements [3] Design and Dimensions - The exterior design follows the "Boundless Design" concept with a borderless grille and parameterized dot matrix design integrated with the headlight assembly - The vehicle dimensions are 4730mm in length, 1890mm in width, and 1660mm in height, with a wheelbase of 2795mm, consistent with the current model - A new color option, "Moonlight Silver," has been introduced [3] Interior Features - The interior features a 14.6-inch central control screen and a two-tone steering wheel - The smart cockpit will be equipped with Tian Shu Intelligent OS and AI voice model, along with cloud-sensing zero-pressure seats, 50W wireless fast charging, and L2-level driving assistance [3] Powertrain and Performance - The powertrain consists of a 201.5-liter four-cylinder engine combined with an electric motor in a plug-in hybrid system, paired with an E-CVT transmission - The engine delivers a maximum power of 72 kW and peak torque of 125 Nm, while the electric motor provides a maximum power of 160 kW and peak torque of 251 Nm - The fuel consumption is rated at 5.09 L/100 km, with a CLTC pure electric range of 130 km and a comprehensive CLTC range of 1250 km - The battery supports a maximum charging power of 85 kW, allowing the battery to charge from 30% to 80% in just 15 minutes [3]

Industry Overview - The automotive welding equipment industry is crucial for the manufacturing process, which includes stamping, welding, painting, and assembly, with welding being the most complex and quality-determining phase [1][8] - Recent advancements in automation and intelligence in the automotive industry have led to the upgrade of welding equipment technology, transitioning from traditional welding robots to advanced techniques such as laser welding and friction stir welding, enhancing quality and efficiency while reducing labor dependency [1][8] Market Dynamics - The Chinese automotive welding equipment market is projected to reach 36.048 billion yuan by 2025, with a year-on-year growth of 3.96%. The automotive modification sector is expected to grow to 16.391 billion yuan (4.69% growth), while the new capacity sector is anticipated to reach 19.657 billion yuan (3.35% growth) [1][8] - The automotive industry is a pillar of the national economy, with a long industrial chain and strong correlation, playing a significant role in stabilizing industrial economic growth [8] Industry Development Trends - The industry is expected to accelerate towards high automation and intelligent systems, integrating robotic welding, visual guidance, online detection, and autonomous path planning for a fully automated welding process [13] - There will be continuous breakthroughs in high precision and high performance to meet the stringent quality requirements of new energy vehicles and lightweight bodies, with advanced technologies like high-dynamic welding robots and laser welding becoming more prevalent [14] - Flexibility and modular design will become core focuses, allowing for quick switching and expansion of production lines to accommodate various models and materials, thus supporting agile and sustainable development in the welding system [15] Key Companies - Tianyong Intelligent Equipment Co., Ltd. focuses on intelligent automation equipment and has seen a decline in specialized equipment manufacturing revenue, reporting 269 million yuan in the first half of 2025, down 15.94% year-on-year [10][11] - Sanfeng Intelligent Equipment Group Co., Ltd. provides comprehensive solutions for intelligent welding production lines, reporting 573 million yuan in revenue for its intelligent welding production line in the first half of 2025, a year-on-year increase of 1.96% [11][12]

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [11] Core Insights - The report highlights a significant leap in the development of general artificial intelligence large models, with continuous breakthroughs in model scale, training paradigms, and reasoning capabilities, establishing a solid technological foundation for various AI applications. Intelligent driving, being an application of "physical AI," is evolving towards large models, marking a new phase of intelligent emergence [3][6] Summary by Sections Introduction: AI Empowerment, Intelligent Driving Enters the Large Model Era - The report discusses the rapid development of general artificial intelligence large models, emphasizing their role in enhancing intelligent driving through technological iterations [6][19] Emergence of General Large Model Capabilities - The AI large model era is characterized by the use of the Transformer architecture, exponential increases in computing power, and the accumulation of vast multimodal data, leading to critical breakthroughs in AI applications [7][21] Progression of Intelligent Driving Large Models - Intelligent driving has transitioned from rule-based models to end-to-end large models, gradually evolving towards VLA (Vision-Language-Action) and world models, enhancing deep reasoning and decision-making capabilities [8][50] Investment Recommendations - The report suggests that the continuous emergence of AI large model capabilities will accelerate the commercialization of high-level intelligent driving. Key recommendations include companies like XPeng Motors, BYD, and Geely in the vehicle sector, and Top Group and Bertelson in the parts sector [9]

Group 1 - Chongqing Changan Automobile Co., Ltd. has applied for a patent titled "Method, Device, Vehicle, Medium, and Program Product for Preventing Relay Attack Offline Control of Vehicles," with publication number CN121568118A and application date set for December 2025 [1] - The patent involves vehicle control technology, enabling communication and control processes between control devices and vehicles in offline or weak network conditions through Bluetooth connections [1] - The vehicle sends distance measurement signals to the control device and receives feedback to calculate distance information, which helps to prevent illegal remote requests by verifying the distance before accepting encrypted authentication requests [1] Group 2 - Chongqing Changan Automobile Co., Ltd. was established in 1996 and is primarily engaged in the automotive manufacturing industry, with a registered capital of 991,408.606 million RMB [2] - The company has invested in 120 enterprises and participated in 5,000 bidding projects, holding 3,078 trademark records and 5,000 patent records, along with 1,072 administrative licenses [2]