Core Viewpoint - The company plans to raise a total of up to 600 million yuan through a targeted issuance of shares, which will be allocated to various projects including the development of new energy vehicles and smart platform projects [1] Fundraising and Investment - The total amount to be raised is capped at 600,000,000 yuan, which includes the principal amount [1] - After deducting related issuance costs, the net amount raised will be invested in new energy vehicle development, smart platform development, global R&D center construction, and core capability enhancement projects [1] - Prior to the arrival of the raised funds, the company will use self-raised funds to invest in the projects based on their progress, and will replace these with the raised funds once they are available, following relevant regulatory procedures [1]

Market Overview - The new energy vehicle (NEV) index rose by 4.1% from December 22 to December 26, outperforming the CSI 300 index by 2.15% [1] - The best-performing sector within the automotive-related stocks was the electric motor index, which increased by 6.62% [1] - The lithium battery index, representing the battery-related segment, saw a rise of 5.55% during the same period [1] Company Performance - BYD closed at 100.01 CNY, while other notable companies included: - Haima Automobile at 8.82 CNY - Great Wall Motors at 22.78 CNY - Changan Automobile at 11.99 CNY - JAC Motors at 48.92 CNY - Seres at 120.67 CNY - GAC Group at 8.15 CNY - BAIC BluePark at 8.09 CNY [3] - In the electric motor sector, notable companies included: - Wolong Electric at 46.49 CNY - Fangzheng Electric at 13.68 CNY - Jiangte Electric at 10.1 CNY [4] Industry Data - In November, NEV production reached 1,880,000 units, a year-on-year increase of 20%, with cumulative production at 14,907,000 units, up 31.4% [36] - NEV wholesale sales were 1,706,000 units, reflecting an 18.7% year-on-year increase, while retail sales were 1,320,740 units, up 4.2% year-on-year [36] - The penetration rate for wholesale sales was 56.9%, and for retail sales, it was 59.3% [36] - The installed capacity of power batteries in November was 93,500 MWh, a 39.2% year-on-year increase [36] Lithium Prices - As of December 26, the average price of battery-grade lithium hydroxide was 107,600 CNY/ton, up 13,500 CNY/ton from December 19 [12] - The average price of battery-grade cobalt sulfate remained stable at 92,500 CNY/ton [14] - The average price of battery-grade nickel sulfate decreased by 650 CNY/ton to 26,900 CNY/ton [16] - The price of lithium iron phosphate increased by 6,000 CNY/ton to 45,100 CNY/ton [18] Battery Material Prices - The market price for ternary precursor 811 was 110,500 CNY/ton, down 2,000 CNY/ton [21] - The price for ternary materials 811 type rose by 4,500 CNY/ton to 171,500 CNY/ton [24] - The price of dry film for batteries remained stable at 0.42 CNY/sqm [27] - The price of lithium hexafluorophosphate was 180,000 CNY/ton, unchanged from the previous period [30]

特别提示： 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-84 重庆长安汽车股份有限公司 关于 A 股限制性股票激励计划解除限售股份上市流通的提示性公告 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。 1．本次符合解除限售条件的激励对象共计 346 人，解除限售的限制性股票数量 为 8,461,728 股，占目前公司总股本的 0.0854%。 2．本次解除限售股份上市流通日：2026 年 1 月 5 日。 一、A 股限制性股票激励计划已履行的相关审批程序 1．2020 年 7 月 13 日，公司第八届董事会第二次会议、第八届监事会第二次会 议审议通过了《关于审议<公司 A 股限制性股票激励计划（草案）>及其摘要的议案》 《关于审议<公司 A 股限制性股票激励计划实施考核管理办法>的议案》等议案。公 司独立董事就激励计划发表了同意的独立意见。 2．2020 年 7 月 29 日至 2020 年 8 月 16 日，公司将 A 股限制性股票激励计划首 次授予拟激励对象的姓名和职务进行了公示，公示期内，公司监事会未收到任何 ...

Group 1 - The core viewpoint of the news is that the military equipment restructuring concept has shown a positive performance, with a 1.94% increase, ranking third among concept sectors [1][2] - Within the military equipment restructuring sector, six stocks experienced gains, with Dong'an Power hitting the daily limit, and Hunan Tianyan, Huachuang Technology, and Changcheng Military Industry also showing notable increases of 1.11%, 0.94%, and 0.94% respectively [1][2] Group 2 - The military equipment restructuring sector saw a net inflow of 0.69 billion yuan from main funds today, with Dong'an Power leading the inflow at 1.76 billion yuan [2][3] - The top three stocks by net inflow ratio in the military equipment restructuring sector are Dong'an Power at 50.82%, Hunan Tianyan at 5.23%, and Zhongguang Optical at 3.63% [3]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002594 | 比亚迪 | 1.58亿 | 3.04% | -2.14亿 | -4.10% | 5512.26万 | 1.06% | | 601238 广汽集团 | | -658.46万 | -2.11% | 58.47万 | 0.19% | 599.99万 | 1.92% | | 601633 长城汽车 | | -1923.16万 | -5.49% | 577.40万 | 1.65% | 1345.75万 | 3.84% | | 600104 上汽集团 | | -6851.47万 | -11.98% | 3131.08万 | 5.47% | 3720.39万 | 6.50% | | 000625 长安汽车 | | -7354.95万 | -10.47% | 2816.53万 | 4.01% | 4538.41万 | 6.46% | | 600733 北汽蓝谷 | ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, with specific recommendations for companies like BYD and Geely [1]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, enhancing demand for mid-to-low-end vehicles [1]. - The report highlights the potential for significant performance improvements in parts manufacturers due to subsidy support, recommending companies with strong fundamentals and low valuations [1]. - The report emphasizes the advantages of new energy vehicle companies like Xpeng, NIO, and Li Auto, as well as key Tier 1 suppliers such as Desay SV and Jingwei Hirain [1]. - The report notes a positive trend in the used car market, benefiting from the industry's recovery and improved profitability for dealers, recommending companies like Uxin [1]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [1]. - The automotive industry recorded a total transaction value of 582.81 billion yuan, with the automotive index rising by 2.74% during the week, outperforming the Shanghai Composite Index [1][4]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao, which saw increases of 41.6%, 33.7%, and 33.3% respectively [1][9]. Market Conditions - The report highlights a rise in traditional and new energy raw material price indices, with traditional vehicle raw material prices increasing by 1.3% and 1.0% over the past week and month, respectively, while new energy vehicle raw material prices rose by 5.6% and 6.8% [1][54]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all primary industries, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [6]. Key Events - The report discusses the optimization of toll road policies and the improvement of autonomous driving regulations, which are expected to enhance the operational efficiency of the transportation system [2][3]. - The report notes significant developments in the automotive sector, including the launch of new models and strategic partnerships aimed at enhancing market competitiveness [17][18][19].

长安汽车最新财报显示，今年前三季度，长安汽车营收1149.27亿元，在行业5家公司中排名第3。营业 总收入扣除营业成本和各项费用后，归母净利润30.55亿元，同比下降14.66%。销量方面，前三季度累 计销量为206.61万辆，同比增长8.46%。海外出口累计为46.5万辆，同比增长10.7%。 凤凰网科技讯 12月25日，长安汽车（000625）昨日发布官方声明称，网络上流传的"重庆长安汽车废轻 铁拍卖，疑致数千万国有资产流失"等信息，经调查核实，该内容为不实信息，上述发布行为已对公司 的品牌声誉和正常经营秩序造成了严重的负面影响。针对造谣、传谣、抹黑和诋毁行为，公司将通过法 律手段维护公司的合法权益。 ...

Domestic News - The Ministry of Finance will continue to allocate funds to support the replacement of consumer goods in 2026, aiming to boost consumption through targeted actions and optimized subsidy standards [3] - The National Bureau of Statistics reported that from January to November 2025, profits in the equipment manufacturing industry increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4] - Chongqing has added 160 million yuan in subsidies for automobile replacement and scrapping, bringing the total subsidy amount to 185 million yuan, with applications open until January 10, 2026 [5] - Gansu's 14th Five-Year Plan emphasizes fostering new types of consumption, including digital, green, and intelligent consumption, while enhancing public service spending and consumer protection [6] - China FAW Group and Leap Motor have deepened their cooperation, focusing on strategic collaboration in capital and powertrain development [7] - GAC Group has launched a "Three Responsibilities" policy for its brands, ensuring compensation for vehicle fires due to battery issues and free battery replacements for capacity degradation beyond standards [8] - Changan Automobile's Thailand factory has shipped its first batch of 500 vehicles to Europe, marking a significant step in its global strategy [9] - XPeng Motors has officially entered the Qatari market and signed a strategic cooperation agreement with a dealer in Mauritius, expanding its presence in the Middle East and East Africa [10] International News - Russia has extended its ban on gasoline exports until February 28, 2026, affecting all exporters [11] - Toyota plans to achieve a global production target of over 10 million vehicles in 2026, driven by increasing demand for hybrid models, with domestic production expected to exceed 3 million [12] - Bolivia's cancellation of fuel subsidies has led to a surge in electric vehicle sales, with imports reaching $16.3 million from January to October 2025, a 300% increase compared to the previous year [13] - Samsung SDI is shifting its focus in the U.S. from electric vehicle batteries to energy storage systems, with plans to transform its production lines by 2027 [14] Commercial Vehicles - Super Fusion has launched a supercharging demonstration station for heavy trucks in Fujian, providing a new solution for electric commercial vehicle charging [15] - FAW Jiefang and All Route have jointly released a new battery-swappable light truck, promoting strategic cooperation in the Changchun Economic Development Zone [16] - Foton's new electric light truck platform, "Qimingxing," will be officially launched on December 30, 2025, marking a new phase in the transition to electric commercial vehicles [17] - Weichai Power showcased its new series of commercial vehicles at a technology innovation conference, highlighting advancements in the field [18] - Weichai's commercial vehicle sales have seen significant growth in 2025, with a notable increase in the share of new energy vehicles [19]

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

Group 1 - Changan Automobile's subsidiary, Deep Blue Auto, announced the completion of its Series C financing round on December 25, raising a total of 6.122 billion yuan [2][4] - The financing was contributed by Changan Automobile, Chongqing Yufu Holding Group, and CMB Financial Asset Investment Company, with Changan contributing 3.122 billion yuan, including 2.079 billion yuan in cash and 1.043 billion yuan in intangible assets [4] - After the financing, Deep Blue Auto's registered capital increased from 328 million yuan to 466 million yuan, with Changan maintaining a 50.9959% stake [4] Group 2 - Deep Blue Auto has delivered over 700,000 vehicles globally, ranking first in sales among state-owned enterprises in the new energy vehicle sector, and operates in nearly 100 countries and regions [5] - The company has become one of the first to receive L3-level autonomous driving product approval and recently introduced a dedicated license plate for L3-level autonomous driving [5] - The financing aims to enhance the competitiveness of the sub-brand rather than merely filling a funding gap, laying the groundwork for Deep Blue Auto's higher sales targets and deeper global expansion by 2026 [5]