Investment Rating - The report assigns an "Overweight" rating for the automotive industry [1]. Core Insights - The "Guidelines for Compliance with Price Behavior in the Automotive Industry" is expected to advance the anti-involution process, which will help regulate price competition in the domestic automotive sector [4][6]. - The implementation of these guidelines is anticipated to slow down the price war in the automotive market, leading to improved profit margins for manufacturers and dealers, particularly benefiting dealers who have seen a decline in profitability in recent years [6]. - The report recommends specific companies for investment, including Zhongsheng Holdings, with related targets being Yongda Automotive and Harmony Auto. For vehicle manufacturers, recommended stocks include XPeng Motors, BYD, Leap Motor, Great Wall Motors, Changan Automobile, Geely, SAIC Motor, and GAC Group [6]. Summary by Sections Regulatory Framework - The guidelines require automotive manufacturers to adopt pricing strategies based on production costs and market demand, ensuring compliance across all pricing behaviors in vehicle sales and financial services [6]. - Clear and fair pricing practices are mandated, including explicit rebate policies and respect for dealers' pricing autonomy [6]. Market Impact - The guidelines are expected to enhance the pricing ecosystem within the automotive supply chain, particularly benefiting manufacturers as they are the dominant players in the industry [6]. - For dealers, the guidelines promote transparent pricing, compliance in promotional activities, and prohibit misleading pricing tactics that could deceive consumers [6]. Financial Projections - The report includes performance forecasts and financial valuations for key companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [7]. - Companies such as Great Wall Motors, SAIC Motor, and BYD are highlighted with specific EPS and PE metrics, all rated as "Overweight" [7].

12月12日，长安汽车（000625）公告称，其控股子公司深蓝汽车拟以公开挂牌方式增资扩股，预计募资 规模约61.22亿元，包括重庆产交所公开挂牌增资和非公开协议增资两部分。 其中，长安汽车拟以非公开协议方式通过无形资产加自有资金合计增资不超过31.22亿元。本次交易构 成关联交易，尚需获得股东会批准。 ...

Core Viewpoint - Changan Automobile has appointed Zhao Fei as the new president, filling a vacancy that has existed for eight months since the departure of the previous president, Wang Jun [1] Group 1: Leadership Changes - Zhao Fei has been appointed as the president of Changan Automobile, effective immediately, and he currently holds 238,600 shares of the company's A-shares [1] - The previous president, Wang Jun, left his position due to work changes announced on April 11 [1] - In the second half of this year, Changan Automobile has made several personnel adjustments, including the appointment of Ye Pei as Executive Vice President and Mi Mengdong as Vice President in August [1] Group 2: Additional Appointments - In September, Wang Xiaofei replaced Yang Dayong as the head of Changan Ford, taking on roles as Executive Vice President and President of Changan Ford New Energy Technology Co., Ltd [1] - Yang Dayong has shifted to oversee the Changan Inertia and Qiyuan brands [1] - Vice President Wang Hui has been reassigned to manage Avita, while Deng Chenghao has been promoted to Chairman of Deep Blue Automotive, with Jiang Hairong taking over as President [1]

近日，长安汽车发布公告，公司拟联合间接控股股东中国长安汽车集团有限公司（以下简称"中国长安汽车"）、控股股东辰致汽车科技集团 有限公司（以下简称"辰致集团"），对全资子公司重庆长安科技有限责任公司（以下简称"长安科技"）进行30亿元增资扩股，助力智能化战 略落地。 本次增资总额为30亿元，全部以现金方式投入，资金来源为各方自有或自筹的合法资金。增资完成后，长安科技注册资本将增至13亿元，股 权结构调整如下： · 中国长安汽车增资21亿元，持股22%； · 辰致集团增资3亿元，持股3%。 公告明确，长安科技仍为长安汽车控股子公司，公司合并报表范围不会发生变化。长安汽车表示，本次增资旨在集中集团资源加大智能化领 域战略投入，推动智能化战略落地，加速技术迭代与产品研发，维持智能化先发优势，提升整体竞争能力。 · 长安汽车增资6亿元，持股比例从100%降至75%； ...

12月12日晚间，长安汽车（SZ000625）发布公告称，公司控股子公司深蓝汽车科技有限公司（以下简称深蓝汽车）拟以公开挂牌方式增资扩股，预计募资 规模约61.22亿元，其中公司拟参与增资不超过31.22亿元。 长安汽车拟以非公开协议方式，通过无形资产及自有资金参与深蓝汽车此次增资，增资规模不超过31.22亿元，其中无形资产评估价值为10.43亿元，其余以 现金方式进行增资，资金来源为自有资金。 长安汽车公告称，公司根据征集到的合格投资人实际出资金额，以及最终增资价格调整出资金额，保障本次增资后持有深蓝汽车的股权比例维持不变，达 50.9959%。 公告称，因公司原间接控股股东控制的企业南方工业资产管理有限责任公司持有深蓝汽车5.4727%股权，根据《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第7号——交易与关联交易》等有关规定，公司出资参与本次增资构成关联交易，但不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 图片来源：长安汽车公告 公告显示，深蓝汽车此次增资扩股预计募资约61.22亿元（最终以实际到账金额为准），包括重庆产交所公开挂牌增资和非公开协议增资两部分。 虽然 ...

每经编辑｜杜宇 12月12日晚间，长安汽车（SZ000625）发布公告称，公司控股子公司深蓝汽车科技有限公司（以下简称深蓝汽车）拟以公开挂牌方式增资扩股，预计募资 规模约61.22亿元，其中公司拟参与增资不超过31.22亿元。 图片来源：长安汽车公告 公告显示，深蓝汽车此次增资扩股预计募资约61.22亿元（最终以实际到账金额为准），包括重庆产交所公开挂牌增资和非公开协议增资两部分。 长安汽车拟以非公开协议方式，通过无形资产及自有资金参与深蓝汽车此次增资，增资规模不超过31.22亿元，其中无形资产评估价值为10.43亿元，其余以 现金方式进行增资，资金来源为自有资金。 公告称，因公司原间接控股股东控制的企业南方工业资产管理有限责任公司持有深蓝汽车5.4727%股权，根据《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第7号——交易与关联交易》等有关规定，公司出资参与本次增资构成关联交易，但不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 对比2024年及2025年上半年，深蓝汽车仍处于亏损状态。2024年及2025年上半年，深蓝汽车的净利润分别为-15.72亿元、-5.53亿元。 ...

Core Viewpoint - Changan Automobile plans to participate in a capital increase for Deep Blue Automotive, aiming to raise approximately 6.122 billion yuan, with Changan's contribution not exceeding 3.122 billion yuan [2][4] Group 1: Capital Increase Details - Deep Blue Automotive intends to raise about 6.122 billion yuan through public and private placements [4] - Changan will participate via a private agreement, contributing up to 3.122 billion yuan, which includes an intangible asset valued at 1.043 billion yuan and the remainder in cash [4][5] - Post-increase, Changan aims to maintain a 50.9959% stake in Deep Blue Automotive [4] Group 2: Company Background and Control - Deep Blue Automotive, established in May 2018, is a key player in Changan's new energy strategy [4] - Changan previously lost control of Deep Blue, with its stake dropping to 40.66% after multiple financing rounds, but regained control by acquiring an additional 10.34% stake in November 2022 [4][5] Group 3: Financial Performance - Deep Blue Automotive is projected to incur losses of 1.572 billion yuan and 553 million yuan for the years 2024 and the first half of 2025, respectively [7] - As of December 31, 2024, and June 30, 2025, Deep Blue's net assets are expected to be -3.503 billion yuan and -4.046 billion yuan, respectively [7] - Despite financial challenges, Deep Blue's valuation has significantly increased to 14.551 billion yuan, reflecting a 530.83% appreciation from its book value [10]

Core Viewpoint - Changan Automobile plans to participate in a capital increase for Deep Blue Automotive, aiming to raise approximately 6.122 billion yuan, with Changan's contribution not exceeding 3.122 billion yuan [1][2]. Group 1: Capital Increase Details - Deep Blue Automotive intends to raise around 6.122 billion yuan through public and private placements [2]. - Changan will participate in the capital increase via intangible assets and its own funds, with an intangible asset valuation of 1.043 billion yuan and the remainder in cash [2]. - Post-capital increase, Changan aims to maintain a controlling stake of 50.9959% in Deep Blue Automotive [2][3]. Group 2: Financial Performance and Valuation - Deep Blue Automotive is projected to incur losses of 1.572 billion yuan and 553 million yuan for the years 2024 and the first half of 2025, respectively [4]. - As of December 31, 2024, and June 30, 2025, Deep Blue's net assets are expected to be -3.503 billion yuan and -4.046 billion yuan [4]. - Despite financial challenges, Deep Blue's valuation has significantly increased to 14.551 billion yuan, reflecting a valuation increase of 17.928 billion yuan, with a growth rate of 530.83% [5].

Core Viewpoint - Changan Automobile has recently achieved significant milestones, including the launch of its high-end brand Avita's IPO application and reaching the production of 30 million vehicles, establishing itself as a leading player in the domestic automotive market [1][2][8]. Group 1: Historical Achievements - Changan Automobile became the first domestic brand to sell over 10 million vehicles in 2014 [6]. - In 2021, it achieved another milestone by surpassing 20 million vehicles sold [7]. - The company has now reached 30 million vehicles sold, marking a significant achievement in its 41-year history [8]. Group 2: Challenges with Joint Ventures - Changan's joint ventures with global car manufacturers like Suzuki, Ford, and Mazda faced challenges, leading to declining market shares and eventual exits from the Chinese market [9][14][19][27]. - The struggles of these joint ventures highlighted the necessity for Changan to rely on its own brand for growth and success in the competitive automotive landscape [28]. Group 3: Strategic Transformations - Changan's evolution includes three major phases: transitioning from military to civilian production, shifting from commercial to passenger vehicles, and transforming into a technology-driven company focusing on smart and low-carbon mobility [30][38][43]. - The company has launched multiple successful models, including the UNI series and CS75, and has been a leader in the domestic market for several years [41]. Group 4: Future Goals and Innovations - Changan aims to become a world-class automotive group with global competitiveness and core technologies, targeting a production and sales goal of 5 million vehicles by 2030, with over 60% being new energy vehicles [56][62]. - The company is also exploring new fields, including humanoid robots and flying cars, while focusing on establishing Avita as a high-end brand to drive future growth [64][66].

Core Viewpoint - China Changan Automobile has achieved a historic milestone by producing its 30 millionth vehicle, marking a significant acceleration in the development of Chinese automotive brands and reflecting a shift from scale to quality in the industry [1] Group 1: Achievements and Milestones - The production of the 30 millionth vehicle took 40 years, with the last 10 million achieved in just 4.5 years, showcasing the rapid growth of China Changan Automobile [1] - The company has established itself as the fastest Chinese brand to reach this milestone, indicating a strong market presence and consumer trust [1] Group 2: Innovation and R&D - China Changan Automobile invests 5% of its annual revenue in R&D, significantly higher than the industry average, and has built a global R&D network with over 24,000 technical personnel [2] - The company has applied for over 14,000 patents in the last three years, averaging 19 new patents daily, demonstrating a commitment to long-term innovation [2] Group 3: Safety and Brand Development - The company has integrated safety into its brand DNA, launching the "Tianshu Intelligent" brand, which includes advanced safety technologies that enhance overall travel safety [3] - China Changan's diverse brand matrix caters to various market segments, with brands like Avita focusing on high-end electric vehicles and Deep Blue leading in the new energy vehicle sector [3][4] Group 4: Strategic Collaborations and Ecosystem - China Changan has formed strategic partnerships with over 50 global companies and 40 universities, creating a robust industrial ecosystem that enhances competitive advantage [4] - The company’s collaborative approach aims to redefine industry boundaries and foster value creation through complementary strengths [4] Group 5: Strategic Vision and Globalization - The company’s strategic framework includes three key plans: "Shangri-La" for brand development, "Beidou Tianshu" for smart technology, and "Haina Baichuan" for global expansion [6] - By 2030, China Changan aims to produce and sell 5 million vehicles, with over 60% being new energy vehicles and over 30% in overseas markets, reflecting a clear strategic direction [6] Group 6: Standards and Industry Leadership - China Changan actively participates in setting national and international standards, establishing itself as a leader in the automotive industry [8] - The company has created over 200 laboratories, including the only national key laboratory for intelligent vehicle safety technology, to drive innovation and standardization [8] Group 7: Historical Context and Future Goals - The journey of China Changan from its first entrepreneurial phase in 1984 to its current status reflects the evolution of the Chinese automotive industry [9] - As a new central enterprise, China Changan is committed to enhancing its core technologies and global presence, aiming to elevate national automotive brands on the global stage [9]