Investment Rating - The report maintains a "Buy" rating for Changan Automobile (000625.SZ) [2] Core Insights - The company's share buyback plan, with a total investment of no less than 1 billion and no more than 2 billion yuan, reflects its confidence in long-term development and financial stability [7] - Changan's technological advancements in autonomous driving and global expansion are expected to drive long-term growth [7] - The company aims to enhance shareholder value through capital reduction and improved earnings per share [7] Financial Forecast Summary - Projected revenue for 2024 is 159.73 billion yuan, with a growth rate of 5.6%, increasing to 233.54 billion yuan by 2027 with a growth rate of 11.5% [2][8] - Net profit attributable to shareholders is forecasted to be 7.32 billion yuan in 2024, declining to 6.31 billion yuan in 2025, before rising to 10.94 billion yuan by 2027 [2][8] - Earnings per share (EPS) is expected to be 0.74 yuan in 2024, decreasing to 0.64 yuan in 2025, and then increasing to 1.10 yuan by 2027 [2][8] - The price-to-earnings (PE) ratio is projected to be 15 in 2024, decreasing to 10 by 2027 [2][8] Strategic Developments - Changan has achieved significant milestones in autonomous driving technology, including obtaining the first batch of L3 level autonomous driving licenses [7] - The company is expanding its global footprint, with operations in 117 countries and plans to launch 8 new models in Europe over the next three years [7] - Collaborations with major partners like Huawei and CATL are enhancing Changan's technological capabilities and product offerings [7]

Group 1 - Chongqing Changan Automobile Co., Ltd. has applied for a patent titled "Vehicle Human-Machine Engineering Evaluation Method and Device, Vehicle, Medium, Program Product," with publication number CN121455798A, and the application date is October 2025 [1] - The patent abstract indicates that the application provides a method and device for evaluating vehicle human-machine engineering, which includes obtaining a vehicle model for evaluation, classifying design parameter values based on multiple secondary indicators of human-machine engineering, and determining evaluation results based on these indicators [1] - The method involves defining secondary indicators that are subdivided from primary indicators of comprehensive passenger experience, and if the evaluation results meet expectations, the vehicle model will be exported for development [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 made investments in 120 enterprises, participated in 5,000 bidding projects, and holds 3,087 trademark records and 5,000 patent records, along with 1,065 administrative licenses [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，中国汽车流通协会发布的数据显示，1月上半月，车市销量较2025年12月同期下降34.2%，较 2025年12月下半月下降66.4%。与此同时，国内车企陆续公布的2026年销量目标相较于过去几年动辄翻 倍的激进态势，已趋于理性。 1月车市销量同比上升主要受去年同期低基数影响，而环比出现下滑，则主要源于2025年底新能源汽车 购置税免征政策即将结束，车企去年年底集中促销导致部分需求提前释放。中国汽车流通协会预计，1 月车市整体零售销量约为180万辆，环比下降20.4%，同比微增0.3%。乘用车市场信息联席分会预计， 2026年国内乘用车零售销量将与2025年基本持平，出口仍将保持10%以上的中高速增长。 面对市场正从高速增长转向平稳增长的新阶段，车企年度销售目标也普遍趋于务实。从已公布的目标 看，吉利汽车2026年销量目标定为345万辆，同比增长约14%；长安汽车目标增幅为13.3%；奇瑞汽车目 其次，汽车产业应尊重产业规律。我国新能源汽车行业创新活跃，尤其是一些新势力品牌通过快速推出 新产品、新功能吸引消费者，形成了一种以"产品快速 ...

近日，阿维塔收到中国证监会关于本次境外上市的备案反馈意见，监管具体问询事项如下： 一、请说明（1）发行人历次增资及股权转让是否合法合规、对价是否公允，1元或零对价转让股权的应 说明交易真实性、是否存在股权代持，同一批次入股价格不一致的应说明合理性、是否存在利益输送； （2）按照《监管规则适用指引——境外发行上市类第2号》要求对合计持股超过5%的关联方进行核查 说明；（3）发行人历史沿革中是否存在股权代持情况。 五、请说明（1）发行人现有股东逐层穿透后是否存在外资，详细说明外资股比计算方式，以及本次发 行上市及"全流通"后是否持续符合外商投资准入要求；（2）列表说明发行人及下属公司完整经营范 围、主营业务情况、是否涉及《外商投资准入特别管理措施（负面清单）（2024年版）》外资禁止或限 制准入领域。 六、请说明发行人及下属公司开发、运营网站、小程序、APP、公众号等产品的情况，是否涉及向第三 方提供信息内容，提供信息内容的类型以及信息内容安全保护措施；同时说明收集及储存的用户信息规 模、数据收集使用情况，上市前后个人信息保护和数据安全的安排或措施。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为A ...

行业专家指出，钠离子电池依靠钠离子在正负极之间的迁移实现充放电，具备资源储量丰富、制造成本低廉、循环寿命长及安全性高等 突出优势，是极具发展潜力的新一代电化学储能技术路线。 2月5日，在零下36摄氏度的内蒙古牙克石市，长安汽车与宁德时代联合举办的"长安汽车天枢智能新安全成果发布暨钠电战略全球发布 会"盛大开幕。会上，长安汽车正式发布了全球钠电战略，首款量产钠电池汽车也同步亮相。 长安汽车宣布，旗下阿维塔、深蓝、启源、引力等多个品牌未来都将搭载宁德时代的"钠新"电池。作为宁德时代的钠电池品牌，"钠 新"计划在2 02 6年于换电、乘用车、商用车、储能等领域实现规模化应用，推动钠电时代的进程。 据悉，此次发布的钠电池汽车已在牙克石完成冬季标定测试，其续航里程、低温性能、安全性和放电性能等关键指标均已完全满足用户 日常使用需求。这标志着钠离子电池技术实现了从实验室研发到规模化商业应用的关键突破。这款全球首款钠电量产乘用车预计将于 2026年年中正式上市，接受市场检验。 政策持续加码，钠电池跻身国家战略前沿 尽管钠电池汽车近期才进入公众视野，但钠离子技术早已被纳入国家顶层设计。自2022年《"十四五"能源领域科技创新 ...

2026年开年以来，多家A股公司密集披露股份回购计划或回购进展相关公告。 例如，2026年2月4日晚间，重庆长安汽车（000625）股份有限公司（以下简称"长安汽车"）正式发布公 告，宣布拟以10亿元至20亿元自有资金回购公司股份，其中，A股回购金额不低于7亿元且不超过14亿 元，B股回购金额不低于3亿元且不超过6亿元。 对于此次回购的目的，步长制药称，鉴于公司当前股价未能体现出公司的长期价值和出色的资产质量， 对公司良好的市场形象有所影响。为充分维护公司和投资者利益，稳定投资者预期，增强市场信心，推 动公司股票价值的合理回归，基于对公司未来发展前景的信心以及对公司价值的高度认可，在综合考虑 公司财务状况以及未来盈利能力的情况下，依据相关规定，公司拟通过集中竞价交易方式进行股份回 购。 值得关注的是，为保障公司回购股份事项的顺利实施，近期多家上市公司相继宣布上调回购股份价格上 限。例如，1月27日晚间，江苏华盛锂电材料股份有限公司发布公告称，公司拟将回购价格上限从32元/ 股上调至150元/股，旨在应对股价持续超出原上限的情况，确保回购计划有效推进。 巨丰投顾高级投资顾问于晓明告诉记者："多家公司上调回购股份 ...

过去一年，国内动力电池厂商在钠电池商用化领域加速布局，头部企业通过技术突破、产能扩张及场景 落地，推动钠电池从实验室走向规模化应用。行业内最新的重磅则是，长安汽车和宁德时代两家巨头2 月5日在极寒汽车测试地牙克石举办了一场发布会，长安汽车正式发布全球钠电战略，同时宣布旗下阿 维塔、深蓝、启源、引力等多品牌，未来都将搭载宁德时代钠新电池。（智通财经） ...

Core Viewpoint - Changan Automobile officially launched the "New Changan·New Safety - Tian Shu Intelligent" brand in 2025, focusing on a comprehensive safety approach that extends beyond physical protection to encompass driving, health, data, psychological, and privacy safety, aiming to ensure "safe return home" for users [1] Group 1: Product and Technology Highlights - The Tian Shu Intelligent safety system was showcased during the extreme cold testing event in Yakeshi, where multiple models, including Avita, Deep Blue, and Changan, demonstrated their capabilities under harsh conditions [1][2] - Avita 12, equipped with a distributed electric drive and intelligent dynamic torque control, successfully navigated extreme tests on icy surfaces, achieving speeds of 92.3 km/h and 70.7 km/h without drifting [4] - The distributed electric drive system in the Taixing Intelligent chassis is designed to enhance stability and control on slippery surfaces, preventing skidding by actively adjusting drive power between wheels [6] - Changan Qiyuan A06 demonstrated stability on icy roads with a tire blowout, utilizing the Tian Shu Intelligent blowout stability system to maintain control at speeds of 95 km/h [6][8] - Deep Blue S09 successfully completed a moose test and emergency braking, showcasing its electronic stability program and advanced sensor integration for enhanced safety [10] Group 2: Safety Technology and Innovations - The Tian Shu Intelligent system expands Changan's safety philosophy to a "pan-safety" framework, covering driving assistance, cabin safety, and chassis systems [14] - The system includes features for risk detection, risk avoidance, and risk escape, utilizing advanced technologies for real-time monitoring and adjustment during critical situations [14] - Changan's safety capabilities are backed by 28 years of experience in extreme cold testing, establishing a robust verification system that contributes to its "born safe" technology [15][23] Group 3: Future Plans and Developments - Changan plans to extend its global vehicle testing to various extreme climates and terrains, including Italy, Saudi Arabia, Thailand, Austria, and Mexico, to validate vehicle performance under diverse conditions [20] - The company is collaborating with CATL to develop sodium-ion batteries, which promise enhanced safety and a range exceeding 400 km, with future potential for 500-600 km [22] - Changan emphasizes its commitment to safety and technology, aiming to provide reliable travel solutions for users worldwide, regardless of environmental challenges [24]

Group 1 - The core viewpoint of the articles highlights the strong performance of the battery sector, driven by technological advancements and accelerated industry chain development, with significant gains in stock prices for key companies [1][2] - The CS battery index increased by 2.61%, with notable individual stock performances including Multi-Flor and Zhenyu Technology, which rose over 8% and 7% respectively [1] - The battery ETF managed by Jiashi (562880) saw a 2.44% increase, with a trading volume of 22.759 million yuan and a turnover rate of 2.18%, reflecting a 64.95% increase over the past year [1] Group 2 - Citic Securities indicates that the solid-state battery sector is supported by improvements in the fundamentals of related companies and accelerated industry development, suggesting strong sustainability and investment value [2] - The top ten weighted stocks in the Jiashi battery ETF include CATL, Sungrow Power, and EVE Energy, collectively accounting for over 50.68% of the fund [2] - The current management fee for the Jiashi battery ETF is 0.50% annually, with a custody fee of 0.10% annually [2]

Core Viewpoint - The Changan Hunter K70, a new electric pickup truck, showcases its performance in extreme cold conditions, emphasizing its all-season reliability and advanced features, building on the success of its predecessor, the K50 [1][3][14]. Group 1: Product Performance - The K70 demonstrated strong performance in extreme cold, passing critical tests in snow and ice, proving its capability as an all-season vehicle [4][6]. - Equipped with a professional OR3 chassis and high-strength body, the K70 maintains structural stability under extreme conditions, enhancing its off-road capabilities [6][11]. - The dual-motor system with a peak torque exceeding 550 N·m ensures responsive power delivery even in low temperatures, addressing common issues faced by traditional vehicles [6][11]. Group 2: Battery Technology - The K70 features a new high-capacity battery developed in collaboration with CATL, maintaining stable discharge performance at -30℃, thus mitigating winter range anxiety [8][16]. - An intelligent thermal management system further enhances battery performance in cold conditions, ensuring consistent power output [8][16]. Group 3: Market Positioning - The K70 builds on the K50's success, which was the best-selling hybrid pickup in 2025, with a total sales volume of 56,644 units, reflecting a year-on-year growth of 8.9% [9][14]. - The K70's upgrades in power, off-road capability, and design aim to expand the market for electric pickups, catering to both industrial and family needs [14][17]. Group 4: Design and Usability - The K70 features a rugged design with a width exceeding 2.08 meters and a height close to 2 meters, appealing to consumers seeking both functionality and aesthetics [13]. - Its cargo design supports various practical applications, from outdoor camping to industrial use, enhancing its versatility as a "mobile power station" [13][14]. Group 5: Future Outlook - With a planned launch in mid-2026, the K70 is positioned to solidify Changan's leadership in the electric pickup market, responding to evolving consumer demands for multifunctional vehicles [16][17]. - The K70's development reflects Changan's commitment to innovation and user-centric design, setting a new benchmark in the electric pickup segment [16][17].