Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

转自：中国证券报·中证网 综合类奖项中，上汽集团获评"年度车企"，新长安斩获"年度央企"，问界M9摘得"年度车"殊荣，上汽 乘用车半固态电池技术获"年度技术品牌奖"；高端豪华市场，领克900、极氪9X分别拿下"年度豪华 SUV""年度旗舰SUV"，路虎、梅赛德斯-奔驰等国际品牌也有所斩获；品牌层面，吉利银河获"年度品 牌"，比亚迪与奇瑞获评"年度出口品牌"，彰显中国品牌向上活力与国际化实力。 中证报中证网讯（记者 龚梦泽）1月22日，"汽势家年华暨2025-2026中国汽车创新盛典"在北京启幕。本 次活动由汽势Auto-First全媒体平台主办，获中国贸促会汽车行业分会、中国汽车工业协会等顶级行业 机构指导，经海选评测形成了反映市场真实声音与专业评判的荣誉榜单，为2026年汽车行业"决战之 年"锚定发展方向。 活动现场，汽势Auto-First总编辑周光军说，今明两年将成为汽车行业关键"决战之年"，头部车企规模 优势凸显，竞争进入深水区，而无论能源形式如何演变，智能化已成为不可逆转的核心趋势，未来产品 需向持续进化、软件定义的智能移动终端转型。 数据显示，2025年中国新能源汽车渗透率已突破54%，插混、增程 ...

12 月乘用车销量同环比下降，预计 26 年销量同比微增 [Table_Industry] 汽车 ——乘用车行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 潘若婵(分析师) | 021-23154145 | panruochan@gtht.com | S0880525110006 | 本报告导读： 2025 年 12 月，中国乘用车市场批发销量 281.4 万辆；2025 年全年，乘用车批发销 量 2990.8 万辆，同比+9%。我们预计 2026 年整体乘用车市场销量同比+1%。 投资要点： [Table_Report] 相关报告 汽车《国内人形机器人持续放量，Robotaxi 产业 化加速》2026.01.24 汽车《12 月重卡顺利收官，收获同比 ...

12 月乘用车销量同环比下降，预计 26 年销量同比微增 [Table_Industry] 汽车 ——乘用车行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 潘若婵(分析师) | 021-23154145 | panruochan@gtht.com | S0880525110006 | 本报告导读： 2025 年 12 月，中国乘用车市场批发销量 281.4 万辆；2025 年全年，乘用车批发销 量 2990.8 万辆，同比+9%。我们预计 2026 年整体乘用车市场销量同比+1%。 投资要点： [Table_Report] 相关报告 汽车《国内人形机器人持续放量，Robotaxi 产业 化加速》2026.01.24 汽车《12 月重卡顺利收官，收获同比 ...

"这个路段目前符合交通拥堵环境，车机上显示灰白色图标，这就代表系统处于可激活状态。驾驶员下 拨两次拨杆，就可以激活TJP（交通拥堵自动驾驶系统），图标会由灰白色变成绿色。"在重庆冬季的早 高峰，车潮涌动，智能网联汽车测试员陈磊在车上向中青报·中青网记者介绍时，汽车驾驶员启动TJP、 双手离开方向盘，汽车自动跟随车流移动。 这辆悬挂"渝AD0001Z"车牌的智能网联汽车，是2025年12月15日工业和信息化部公布的我国首批L3级 有条件自动驾驶车型准入许可的车型之一，搭载长安汽车自研的智能化系统"天枢智能"，可实现在交通 拥堵环境下单车道内的自动驾驶功能（最高车速50km/h），目前该功能仅在重庆市指定路段开启。 除了这款长安牌纯电动轿车，此次公布的另一款准入车型是来自北汽蓝谷麦格纳汽车有限公司的一款极 狐牌纯电动轿车。目前搭载L3级系统的两款汽车都未正式上市销售，分别在重庆、北京两座城市的指 定区域开展L3级有条件自动驾驶上路试点。准入试点是在前期大规模道路测试与示范应用的基础上， 推动自动驾驶从技术验证向量产应用过渡的关键环节，标志着我国L3级有条件自动驾驶距离迈入商业 化应用又近了一步。 中国汽车工业协会 ...

Core Viewpoint - The 12th Jin Xuan Award ceremony serves as a significant event in the automotive marketing industry, recognizing outstanding achievements and innovations over the past year while promoting a professional evaluation system across the entire automotive industry chain [4][7]. Group 1: Event Overview - The 12th Jin Xuan Award ceremony took place on January 23, 2026, in Beijing, gathering attention from the automotive marketing community [4]. - The event marks a reflection on twelve years of dedication to the principles of fairness, objectivity, and long-termism in the evaluation process [5]. - The Jin Xuan Award is recognized as a "marketing barometer" in the industry, collaborating with other awards to enhance the evaluation framework [7]. Group 2: Award Categories and Winners - This year's awards include 6 annual awards, 20 gold awards for marketing cases, and 43 excellent marketing case awards, covering various categories such as creative works, public welfare, sustainable development, AIGC marketing, and brand IP marketing [8]. - The awards highlight innovative practices in user communication, emotional resonance, technological transformation, and social responsibility [11][12]. Group 3: Notable Award Winners - The Public Welfare and Sustainable Development category recognized winners such as Mercedes-Benz, Jaguar Land Rover China, and SAIC Volkswagen for their impactful initiatives [16]. - The Creative Works category awarded brands like Deep Blue Automotive, Beijing Automotive, and Changan Automobile for their innovative marketing campaigns [23]. - The Cross-Border Marketing category included winners like Geely Galaxy and Kaiyi Automotive, showcasing the synergy between automotive brands and other sectors [43]. Group 4: Marketing Innovations - The AIGC Marketing category awarded East Wind Yipai and SAIC Roewe for their integration of AI technology into marketing strategies [63]. - The Brand IP Marketing award was given to Wuling Automotive for successfully establishing deep emotional connections with users [72]. - The Personality Marketing category recognized Porsche and GAC Group for their effective engagement strategies that resonate with consumers [77].

公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券 监督管理委员会（以下简称"中国证监会"）同意注册后方可实施。最终能否 通过深交所审核并获得中国证监会同意注册的决定及时间尚存在不确定性。公 司将根据该事项的进展情况，按照相关规定和要求及时履行信息披露义务，敬 请广大投资者注意投资风险。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2026-04 重庆长安汽车股份有限公司 关于 2025 年度向特定对象发行 A 股股票申请获得深圳证券交易所 受理的公告 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。 重庆长安汽车股份有限公司（以下简称"公司"）于 2026 年 1 月 23 日收 到深圳证券交易所（以下简称"深交所"）出具的《关于受理重庆长安汽车股 份有限公司向特定对象发行股票申请文件的通知》（深证上审〔2026〕18 号）。 深交所根据相关规定对公司报送的向特定对象发行股票的申请文件进行了核 对，认为申请文件齐备，决定予以受理。 特此公告。 重庆长安汽车股份有限公司董事会 2026 年 1 月 24 日 1 ...

股票简称：长安汽车（长安 B） 股票代码：000625（200625） 重庆长安汽车股份有限公司 向特定对象发行股票 募集说明书 （申报稿） 签署日期：二〇二六年一月 保荐人（主承销商） 重庆长安汽车股份有限公司 向特定对象发行 A 股股票募集说明书 公司声明 1、本公司及全体董事、审计委员会、高级管理人员承诺募集说明书内容真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行 承诺，并承担相应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中 财务会计资料真实、完整。 3、中国证券监督管理委员会、深圳证券交易所及其他政府部门对本次发行 所作的任何决定或意见，均不表明其对申请文件及所披露信息的真实性、准确性、 完整性作出保证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收 益作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 4、根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化， 由发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 1- ...

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for January 2026, detailing specifications, pricing, and market segments for various manufacturers [2]. Group 1: Vehicle Launches - Jiangling Motors will launch the Ford Mustang on January 16, 2026, targeting the B SUV segment with a price range of 299,800 to 399,800 CNY [8]. - GAC Aion will introduce the Aion UT on January 17, 2026, in the AO HB segment, priced between 86,800 and 92,800 CNY [16]. - Geely will release the Galaxy V900 on January 20, 2026, in the C MPV segment, with prices ranging from 309,800 to 369,800 CNY [22]. - SAIC Volkswagen will launch the Volkswagen Lavida on January 20, 2026, in the A NB segment, with a price range of 120,900 to 143,900 CNY [30]. - BMW will introduce the iX1 on January 21, 2026, in the A SUV segment, priced between 228,000 and 268,000 CNY [36]. - FAW Car will launch the Bestune Yueyi 03 on January 22, 2026, in the A SUV segment, with a price of 109,900 CNY [44]. - Changan Automobile will release the Changan Lumin on January 23, 2026, in the A00 HB segment, priced at 46,900 CNY [52]. Group 2: Technical Specifications - The Ford Mustang features a 2.3T engine with a maximum power of 202 kW and torque of 429 N·m [8]. - The Aion UT is equipped with a pure electric powertrain, offering a range of 420 to 500 km (CLTC) [16]. - The Galaxy V900 has a 1.5T range-extended engine with a power output of 120 kW and an electric motor producing 340 kW [22]. - The Volkswagen Lavida offers both 1.5L and 1.5T engine options, with power outputs of 81 kW and 118 kW respectively [30]. - The iX1 features a pure electric powertrain with a maximum power of 150 kW and a range of 450 to 510 km (CLTC) [36]. - The Bestune Yueyi 03 has a pure electric engine with a power output of 122 kW and a range of 565 km (CLTC) [44]. - The Changan Lumin is powered by a pure electric engine with a power output of 35 kW and a range of 205 km (CLTC) [52].

国浩律师（北京）事务所 关于 重庆长安汽车股份有限公司 2025 年度向特定对象发行股票的 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层邮编：100026 9/F，TaikangFinancialTower，38NorthRoadEastThirdRing，ChaoyangDistrict，Beijing100026，China 电话/Tel：(+86)(10)65890699 传真/Fax：(+86)(10)65176800 网址/Website：www.grandall.com.cn 2026 年 1 月 | 第一部分 | 引言 5 | | --- | --- | | 一、 | 本所及经办律师简介 5 | | 二、 | 本所律师对出具法律意见和律师工作报告的工作过程的说明 6 | | 三、 | 律师应当声明的事项 8 | | 第二部分 | 正文 10 | | 一、 | 本次发行的批准与授权 10 | | 二、 | 本次发行的主体资格 12 | | 三、 | 本次发行的发行方案 13 | | 四、 | 本次发行的实质条件 14 | | 五、 | 发行人的设立 18 | | 六、 | 发行 ...