二〇二六年三月 中信建投证券股份有限公司 关于 重庆长安汽车股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人郝智伟、王建已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 | | | 保荐人出具的上市保荐书 释 义 注：本上市保荐书中所引用数据，如合计数与各分项数直接相加之和存在差异，或小数点后 尾数与原始数据存在差异，可能系由精确位数不同或四舍五入形成的。 3-3-3 在本上市保荐书中，除非另有说明，下列词语具有如下特定含义： 保荐人、主承销商、中信建 投证券 指 中信建投证券股份有限公司 发行人/公司/长安汽车/上市 公司 指 重庆长安汽车股份有限公司 本次向特定对象发行股票 指 重庆长安汽车股份有限公司 2025 年度向特定对象发 行股票 本上市保荐书 指 《中信建投证券股份有限公司关于重庆长安汽车股 份有限公司向特定对象发行 ...

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 补充法律意见书（一） 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，Taikang Financial Tower，38 North Road East Third Ring，Chaoyang District，Beijing 100026，China 电话/Tel： (+86) (10) 65890699 传真/Fax： (+86) (10) 6517 6800 网址/Website： www.grandall.com.cn 2026 年 3 月 | | | 国浩律师（北京）事务所 补充法律意见书（一） 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 补充法律意见书（一） 国浩京证字[2026]第 0146 号 致：重庆长安汽车股份有限公司 根据发行人与本所签订的法律服务协议，本所接受发行人的委托，担任发行 人本次发行的专项法律顾问，并根据《公司法》《证券法》《注册管理办法》《律 师事务所从事证券法律业务管理办法》《律师事务所证券法律业务 ...

Core Viewpoint - The article provides an overview of new vehicle models set to be launched in 2026, detailing specifications, market segments, and pricing strategies for various manufacturers in the automotive industry. Group 1: New Vehicle Launches - Dongfeng Liuzhou's Fengxing Xinghai T5 is an A SUV set to launch on February 28, 2026, with a price range of 153,900 to 161,900 CNY and a pure electric range of 530 km [9]. - Xpeng Motors' X9, a C MPV, will be available from March 2, 2026, with prices ranging from 309,800 to 369,800 CNY and a maximum range of 750 km [17]. - GAC Aion's Aion i60, another A SUV, is scheduled for release on March 2, 2026, priced at 102,800 CNY, featuring a 1.5L range extender engine [25]. - SAIC Volkswagen's Volkswagen Teramont Pro, a C SUV, will launch on March 3, 2026, with a price of 344,900 CNY [33]. - Changan Automobile's Qiyuan A06, a C NB, will also be released on March 3, 2026, priced at 139,900 CNY [41]. Group 2: Specifications and Features - The Fengxing Xinghai T5 features a pure electric powertrain with a power output of 120 kW and torque of 240 N·m, with a battery capacity of 64.4 kWh [9]. - The Xpeng X9 offers multiple configurations with power outputs ranging from 235 kW to 370 kW, and a battery capacity of 94.8 kWh [17]. - The Aion i60 has a power output of 74 kW from its engine and 180 kW from its electric motor, with a battery capacity of 29.165 kWh [25]. - The Teramont Pro is equipped with a 2.0T engine producing 200 kW and 400 N·m of torque [33]. - The Qiyuan A06 features a 1.5L range extender engine with a power output of 72 kW and an electric motor output of 120 kW [41]. Group 3: Market Segmentation and Pricing - The article categorizes the new models into various segments, including A SUVs, C MPVs, and B SUVs, indicating a diverse market strategy [9][17][25][33][41]. - Pricing strategies vary significantly, with models like the Aion i60 positioned as more affordable options at 102,800 CNY, while luxury models like the BMW X5 are priced at 688,000 CNY [25][62]. - The introduction of multiple configurations for models like the Xpeng X9 allows for a broader appeal across different consumer segments [17].

注：以上持股数比例若有差异，系百分比结果四舍五入所致。 二、公司前十名无限售条件股东持股情况 公司前十名股东持股情况与前十名无限售条件股东持股情况一致。 1 重庆长安汽车股份有限公司（以下简称"公司"）于 2026 年 2 月 28 日召开第 九届董事会第五十四次会议，会议审议通过了《关于以集中竞价交易方式回购公司 股 份 方 案 的 议 案 》 ， 具 体 内 容 详 见 公 司 于 2026 年 3 月 3 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案的公告》（公 告编号：2026-12）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，现将公司董事会公告回购股份决议前一个交易日（即 2026 年 3 月 2 日）登记在册的前十名股东和前十名无限售条件股东的名称、持股数 量及持股比例情况公告如下： 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2026-15 重庆长安汽车股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告 本公司 ...

Investment Recommendations - The current investment suggestion for the smart automotive sector is to maintain a strong outlook on the L4 RoboX theme for 2026, favoring B-end software over C-end hardware [2][6] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [2][6] Downstream Application Dimensions - Robotaxi perspective includes: 1. Integrated model: Tesla and Xpeng Motors 2. Technology providers + operational sharing model: Horizon, Baidu, Pony.ai, WeRide, and Qianli Technology 3. Transformation of ride-hailing/taxi services: Didi, Cao Cao Mobility, Ruqi Mobility, public transport, and Jinjiang Online [2][6] - Robovan perspective includes Desay SV and Jiushi Intelligent/New Stone Technology [2][6] - Other autonomous vehicle perspectives include mining trucks (e.g., HiDi Intelligent Driving), ports (e.g., Jingwei Hirain), sanitation vehicles (e.g., Yingfeng Environment), and buses (e.g., WeRide) [2][6] Upstream Supply Chain Dimensions - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co. - Key upstream suppliers include: 1. Testing services (China Automotive Research and China Automotive Industry Corporation) 2. Chips (Horizon Robotics and Black Sesame Intelligence) 3. Domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Huayang Group, and Coboda) 4. Sensors (Sunny Optical Technology, Hesai, and Suteng Juchuang) 5. Steer-by-wire chassis (Bertel and Nexperia) 6. Lighting (Xingyu Co.) 7. Glass (Fuyao Glass) [2][6] Mainstream Automakers' Autonomous Driving Strategies - A detailed comparison of major domestic automakers' autonomous driving strategies shows various approaches, including self-research and external supply partnerships, with notable collaborations with companies like Huawei, Momenta, and Horizon [4][5][20][21][30][32][39][40] - Chery's strategy includes a mixed model of multiple external algorithm suppliers and self-research platforms, with significant investments in partnerships [28][29] - Geely's integration of its autonomous driving team into Qianli Technology aims to streamline operations and enhance technological capabilities [20][22][23] BYD's Autonomous Driving Development - BYD's "Tianshen Eye" system has evolved to version 5.0, featuring advanced capabilities such as automatic emergency steering and braking, with a focus on enhancing user safety and efficiency [15][16] - The company emphasizes a dual approach of self-research and external collaboration, maintaining a significant investment in autonomous driving technology [10][14][47] Xiaomi's Strategic Investment in Autonomous Driving - Xiaomi has adopted a phased approach to its autonomous driving strategy, transitioning from strategic investments to full-scale self-research and development, with a significant increase in team size and R&D investment [47][48]

Investment Rating - The report maintains a positive outlook on the smart automotive sector, particularly emphasizing the L4 RoboX theme for 2026 [4] Core Insights - The report suggests a preference for B-end software companies over C-end hardware companies, recommending specific stocks in both H-shares and A-shares [4] - It highlights various downstream application perspectives, including Robotaxi and Robovan, and identifies key players and their business models [4] - The report also discusses upstream supply chain opportunities, including core suppliers and manufacturing partners [4] Summary by Sections Mainstream Automotive Companies' Smart Driving Technology Solutions - The report provides a comprehensive overview of the smart driving strategies of major automotive companies, detailing their partnerships and technology approaches [5][6][7][15][22][24][30][33] - Companies like BYD, Geely, Chery, and Great Wall are noted for their mixed strategies of self-research and external collaboration, with specific technology and supplier partnerships outlined [7][15][22][24][30][33] BYD's Smart Driving Strategy - BYD has shifted its smart driving approach from standard configuration to a pay-per-use model, emphasizing self-research while maintaining partnerships with algorithm companies [7][8] - The company has launched the "Tianshen Eye 5.0" system, which features advanced capabilities such as emergency steering and obstacle avoidance [12][13] Geely's Smart Driving Team Integration - Geely has completed the integration of its smart driving team under the "Qianli Zhijia" brand, focusing on enhancing its autonomous driving capabilities [15][17][19] - The company has established a structured approach to its smart driving solutions, offering multiple versions with varying hardware and software capabilities [19] Chery's Smart Driving Development - Chery has introduced the "Falcon Smart Driving" strategy, which includes multiple versions of its smart driving system, aiming for comprehensive coverage across various scenarios [22][23] - The company has also consolidated its smart driving R&D teams to enhance efficiency and innovation [22][23] Great Wall's Smart Driving Solutions - Great Wall has adopted a dual approach of self-research and external collaboration, with a focus on enhancing its computing power and algorithm capabilities [26][29] - The company has developed a tiered computing platform to support various levels of autonomous driving features [26][29] Changan's Smart Driving Framework - Changan has implemented a strategy that combines procurement from Huawei with its own smart driving research, aiming for a comprehensive autonomous driving solution [32][33] Other Companies' Strategies - The report also covers the smart driving strategies of other companies such as SAIC, GAC, and Leap Motor, highlighting their partnerships and technological advancements [33][36][38]

Domestic News - Shenzhen has issued the "2026 Automobile Replacement and Update Subsidy Implementation Guidelines," providing a one-time subsidy of up to 15,000 yuan for consumers who purchase new energy vehicles or fuel vehicles with an engine size of 2.0 liters or less after selling their old cars [6] - Hainan Province and Baidu have signed a strategic cooperation agreement to establish a smart connected vehicle industry ecosystem, focusing on cross-border data flow and the construction of an international autonomous driving center [7] - Jiangxi Province has upgraded its automobile replacement subsidy, allowing consumers to receive up to 20,000 yuan for purchasing new energy vehicles after scrapping old cars, with subsidies based on a percentage of the new car's price [8][9] - Horizon Robotics has showcased its new production model, iCAR V27, featuring advanced driving assistance capabilities powered by its Horizon SuperDrive technology [10][11] - NIO's founder announced plans for the "Firefly" brand, including the deployment of fifth-generation battery swap stations and expansion into global markets [12] - Avita has commenced the first delivery of its Avita 07 model in Thailand, marking the brand's global expansion [13] - Zeekr has officially entered the Italian market, signing a dealership agreement and planning further European expansion [15][16] - The world's first "robot + car" 4S store has opened in Beijing, integrating robotics into the automotive service experience [17] International News - Renault Group will unveil its new "futuREady" strategy on March 10, aiming to shift from creating individual success stories to building a sustainable success system [18] - Skoda has invested 205 million euros to establish a battery assembly plant in the Czech Republic, becoming the largest electric vehicle battery system producer within the Volkswagen Group [19] - General Motors plans to expand its used car business through its online platform CarBravo, discontinuing a long-standing warranty program for used cars sold by dealers [20] - TE Connectivity has acquired the electric vehicle charging interface business from Phoenix Contact E-Mobility, enhancing its service capabilities for major automotive clients [21] Commercial Vehicles - Proton Automotive has completed a multi-hundred million yuan Series B financing round to accelerate its development in the new energy commercial vehicle sector [23] - Joyson Electronics is set to launch its L4 autonomous driving domain controller in low-speed unmanned logistics vehicles, marking a significant step in domestic L4 applications [24] - Changan Automobile has initiated a "Changan Pickup Entrepreneurial Season" campaign, offering various financial incentives to support small business owners [25] - Jiangling Motors' representative has proposed lifting the mandatory scrappage age limit for non-operating pickups, suggesting policy adjustments to align with trends in the pickup market [26][27]

Core Viewpoint - Japanese car brands are losing market share in Southeast Asia, with a significant decline expected by 2025, as Chinese brands and local manufacturers gain ground [5][11][19]. Market Share Trends - Japanese brands hold about 30% of global sales, with Southeast Asia being a crucial market where their share has historically exceeded 80% [5][6]. - By 2025, Japanese car sales in six ASEAN countries are projected to drop by 22% compared to 2019, while their sales in the U.S. remain stable at around 6 million units [11][13]. - In Thailand, the market share of Japanese cars has decreased from nearly 90% in 2019 to 68% in 2025, while Indonesia's share remains at 81% but is also declining [15][17]. Chinese Brand Growth - Chinese brands have increased their market share in Southeast Asia from less than 1% in 2019 to approximately 12% now, with Thailand reaching 22% and Indonesia at 14% [17]. - In Thailand's top ten car manufacturers for 2025, brands like BYD and MG are showing significant growth rates, with BYD's sales increasing by 47.5% [18]. Local Brand Competition - Local Southeast Asian brands are also capturing market share previously held by Japanese manufacturers, with VinFast in Vietnam surpassing Toyota in sales [19][21]. - Malaysian brands Perodua and Proton account for 60% of the market, with some models being influenced by Chinese technology [21]. Historical Context - Japanese car manufacturers have established a strong presence in Southeast Asia since the 1960s through local assembly and production, which created a long-standing market dominance [23][24]. - The shift in market dynamics is attributed to Southeast Asian countries' desire to develop their own automotive industries and reduce reliance on Japanese brands [27]. Government Support for EVs - Southeast Asian governments are actively promoting electric vehicles (EVs) and providing incentives for local and Chinese manufacturers to establish production facilities [29][30]. - Thailand's EV 3.5 plan offers significant tax reductions and cash subsidies for electric vehicles, encouraging foreign investment [29]. Export and Manufacturing Strategy - China's export strategy has shifted towards high-tech industries, including automotive and battery production, contributing to a record trade surplus [30]. - This aligns with Southeast Asian countries' interest in collaborating with Chinese manufacturers to enhance their automotive capabilities [30][31].

Core Viewpoint - The article highlights significant developments in the electric vehicle (EV) sector, focusing on the launch of new models and advancements in autonomous driving technology, particularly by XPeng Motors and other key players in the industry [2][5][7]. Group 1: XPeng Motors Developments - XPeng Motors officially launched its second-generation VLA intelligent driving system, which significantly enhances its assisted driving capabilities by eliminating the language translation step in decision-making, reducing response latency to under 80 milliseconds, and improving decision-making efficiency in complex scenarios by 12 times [4][7]. - The new XPeng X9 pure electric version was launched with a price range of 309,800 to 369,800 yuan, featuring five models and equipped with the second-generation VLA system [5][7]. - The XPeng X9 is positioned as a large seven-seat pure electric MPV with a maximum range of 750 km and acceleration from 0 to 100 km/h in 5.5 seconds, making it the longest-range pure electric MPV currently available [13][15]. Group 2: Sales Performance of Other Automakers - GAC Group reported a total of 86,452 vehicle sales in February, with 17,023 units being electric vehicles, indicating a year-on-year decrease of 11.22% in EV sales [16][18]. - Changan Automobile achieved 42,195 units in EV sales in February, contributing to a total of 151,922 vehicle sales, with significant growth attributed to its three sub-brands in the EV sector [18][20]. - GAC's EV sales are primarily driven by Aion, which is actively transforming its product offerings to better target the consumer market, while Changan's growth is supported by long-term investments in technology and resource collaboration [16][20].

Core Viewpoint - The automotive industry is experiencing pressure on new energy vehicle (NEV) sales while exports are showing significant growth, with only Geely and Changan maintaining year-on-year growth in NEV sales among seven major automotive groups [2][7]. Group 1: February Sales Performance - In February, several leading new energy vehicle companies showed a clear divergence in sales performance, with NIO delivering 20,797 vehicles, a year-on-year increase of 57.6% [3]. - Li Auto delivered 26,421 vehicles, marking a slight year-on-year increase of 0.60%, the first positive growth since June 2025 [4]. - Xpeng Motors faced a significant decline, delivering 15,256 vehicles, a year-on-year drop of 49.90% [4]. Group 2: Export Growth - SAIC Group reported total sales of 269,500 vehicles in February, a year-on-year decline of 8.64%, but NEV sales were 71,300 vehicles, down 17.18%. However, exports grew by 46.12% to 99,000 vehicles [8]. - Geely Automotive Group's February sales reached 206,200 vehicles, a 1% increase, with NEV sales at 117,500 vehicles, up 19%, and exports at 60,900 vehicles, soaring 138% [9]. - BYD's February sales were 190,200 vehicles, down 41.1%, with exports accounting for 100,600 vehicles [9]. Group 3: Brand Performance - Chery Group sold 160,800 vehicles in February, a year-on-year decrease of 11.15%, with NEV sales at 35,700 vehicles, down from 44,400 vehicles last year [10]. - Changan Automobile sold 151,900 vehicles, down 5.89%, but NEV sales increased by 6.42% to 42,300 vehicles [10]. - GAC Group's sales were 86,500 vehicles, down 12.43%, with NEV sales at 17,000 vehicles, down 11.22% [11]. Group 4: Other Notable Performances - Dongfeng Motor and BAIC Group have not yet released overall sales data, but some brands have reported figures, such as Lantu Automotive with 8,358 vehicles delivered, a year-on-year increase of 4.31% [12]. - BAIC New Energy reported sales of 7,034 vehicles, up 18.26% year-on-year [13].