2025年起将不再开发非智能化新产品、下半年率先在10万元级别车型搭载激光雷达……新一轮的智能化 竞赛，长安汽车从蛇年之初就先声夺人。 从前两个月的国内外市场销量表现足以看出，长安汽车新推出的重磅产品，正助力该品牌赢得越来越多 消费者的青睐。 未来3年推出35款数智新汽车 公开数据显示，2025年1-2月，长安汽车销量为43.71万辆。其中，自主品牌销量37.78万辆，自主乘用车 销量28.72万辆，海外销量10.95万辆，新能源销量10.71万辆。 近期上市数智新车均"智力拉满" 在长安旗下重磅新车中，无论是长安品牌，还是深蓝、阿维塔等子品牌，均不乏"智力"爆表的数智新 品。 比如长安启源Q07，自然高级、数智未来、纯净舒适三个关键词，正是长安启源Q07的标志性设计特 征。该车由全球顶级设计大师克劳斯领衔，并由来自全球31个国家的915位国际化设计团队操刀打造。 它通过全球化高级设计、超大得房率空间及全屋智能等，全方位满足了消费者对一款全家人的智能SUV 的所有想象。有业内人士称，它的出现，必将有力推动"移动四代住宅"的普及。 在今年2月份的长安汽车北斗天枢2.0计划发布会上，长安汽车董事长朱华荣强调，从今 ...

从指数持仓来看，中证城镇交通指数十大权重分别为：比亚迪（12.66%）、汇川技术（5.39%）、海康 威视（4.18%）、中兴通讯（4.08%）、赛力斯（3.51%）、国电南瑞（3.28%）、中国中车（3.25%）、 上汽集团（2.61%）、长安汽车（2.35%）、紫光股份（2.3%）。 从中证城镇交通指数持仓的市场板块来看，深圳证券交易所占比61.38%、上海证券交易所占比 38.62%。 数据统计显示，中证城镇交通指数近一个月下跌0.77%，近三个月上涨0.73%，年至今上涨2.61%。 据了解，中证城镇化指数系列主要围绕集约、智能、绿色低碳等主题，多角度反映城镇化进程中受经济 结构和消费结构变化影响的上市公司证券的表现。城镇化指数系列包括1条城镇化指数和5条子指数，分 别为智慧城镇、绿色城镇、城镇交通、智能交通、城镇消费。该指数以2012年06月29日为基日，以 1000.0点为基点。 从中证城镇交通指数持仓样本的行业来看，工业占比39.97%、可选消费占比28.22%、信息技术占比 16.66%、通信服务占比8.55%、原材料占比6.41%、房地产占比0.18%。 金融界3月31日消息，上证指数下跌0 ...

Core Viewpoint - Changan Automobile is gaining significant attention in the automotive industry, showcasing its technological advancements and cultural presence through various events and product launches, positioning itself as a leader in the smart vehicle sector and global market expansion [1][3][7]. Group 1: Product and Technological Advancements - Changan Automobile showcased its capabilities at the "Extreme Winter Sports Event," demonstrating its vehicles' performance in harsh conditions with models like the Avita 07 and Changan CS75PLUS [2]. - The company announced the "Beidou Tian Shu 2.0" plan, aiming for full-scene L3 autonomous driving by next year and L4 by 2028, emphasizing its commitment to smart vehicle technology [4][5]. - Changan plans to launch 35 smart new vehicles over the next three years, with a total R&D investment of 114.8 billion yuan and a team of 18,000 dedicated to innovation [5]. Group 2: Market Presence and Cultural Impact - Changan made a notable appearance at the Spring Festival Gala, enhancing its brand visibility and cultural significance as a leading automotive enterprise in China [3]. - The company aims to expand its presence in Europe, planning to enter at least 10 European markets by the end of 2025 and establish a comprehensive business by 2028 [8]. - In the first two months of 2025, Changan sold 437,135 vehicles, with 109,537 units sold overseas and 107,137 in the new energy segment, reflecting its strong market performance [8]. Group 3: Strategic Goals and Future Outlook - Changan has set ambitious targets for 2030, including total sales exceeding 5 million vehicles and smart new vehicle sales surpassing 3 million [5]. - The company is focusing on a gradual globalization strategy, having established a global R&D network and localized teams to adapt to market demands [7][8]. - Changan's commitment to innovation and quality positions it as a key player in the global automotive landscape, with a focus on sustainable and intelligent mobility solutions [6][7].

Group 1 - LG Energy Solution has recruited the core team from the former Jiewei Power to strengthen its capabilities in lithium iron phosphate battery sector, with approximately 20 former employees already onboard at the Nanjing factory [1] - LG Energy plans to introduce a total of around 200 former Jiewei employees in three batches, covering various functions including R&D, production, and sales [1] Group 2 - EVE Energy's subsidiary, Hubei EVE Power Co., has received a supplier designation notification from Changan Automobile for HEV battery assemblies, recognizing the performance and supply qualifications of EVE's HEV batteries [2] - This project is expected to enhance EVE Energy's market expansion and overall strength in the new energy sector [2] Group 3 - Xiamen Hichain Energy Technology Co., has submitted its IPO application to the Hong Kong Stock Exchange, focusing on providing comprehensive energy storage solutions centered around energy storage batteries and systems [3] - Hichain Energy is the only company in the GWh-level lithium-ion battery shipment category that specializes in the energy storage field, having served clients in over 20 countries and regions [3] - The company is projected to deliver 35.1 GWh of global energy storage batteries in 2024, ranking third in the global energy storage market by lithium-ion battery shipment volume [3]

Core Viewpoint - The China Central Enterprises Structural Adjustment Index has shown a decline in recent months, indicating challenges in the performance of central state-owned enterprises in the market [1][2] Group 1: Index Performance - The China Central Enterprises Structural Adjustment Index opened lower and closed down by 0.53% at 1132.92 points, with a trading volume of 42.13 billion yuan [1] - Over the past month, the index has decreased by 0.87%, by 4.75% over the last three months, and by 4.01% year-to-date [1] Group 2: Index Composition - The index is composed of representative listed companies from central state-owned enterprises, evaluated based on market capitalization, revenue scale, shareholder equity returns, dividend payment levels, and investment in technological innovation [1] - The top ten weighted companies in the index include Hikvision (5.16%), Guodian NARI (4.66%), China Merchants Bank (3.58%), Baosteel (3.49%), China Telecom (3.42%), Changan Automobile (3.41%), SMIC (3.25%), Yangtze Power (3.06%), China Shenhua (2.78%), and China State Construction (2.76%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.21%) and the Shenzhen Stock Exchange (24.79%) [1] - In terms of industry distribution, the index shows that industrial sector accounts for 33.96%, information technology for 13.89%, communication services for 11.00%, utilities for 9.66%, energy for 9.30%, materials for 7.20%, financials for 5.55%, consumer discretionary for 4.64%, healthcare for 3.16%, and real estate for 1.64% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - The sample adjustment typically does not exceed 20%, with a buffer zone allowing for new samples ranked within the top 80 to enter preferentially, and older samples ranked within the top 120 to be retained preferentially [2] - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or handling mergers and acquisitions according to maintenance guidelines [2] Group 5: Tracking Funds - Public funds tracking the structural adjustment index include various ETFs such as Huaxia Central Enterprise Structural Adjustment ETF and Bosera Central Enterprise Structural Adjustment ETF [2]

Core Viewpoint - There has been no official announcement regarding the merger between Dongfeng Motor and Changan Automobile, despite ongoing discussions in the industry about potential restructuring involving state-owned enterprises [1] Financial Performance - In 2024, Dongfeng Group achieved sales revenue of 106.197 billion yuan, a year-on-year increase of 6.9% - Gross profit reached 13.585 billion yuan, up 38.2%, with a gross margin of 12.8% - The net profit attributable to shareholders was 58 million yuan, marking a significant turnaround with a year-on-year increase of 39.45 billion yuan [1] - The company reported an asset-liability ratio of 52.4% and an operating cash flow increase of 8.15 billion yuan year-on-year [1] Sales Performance - Dongfeng Group sold approximately 1.8959 million vehicles in 2024, a decline of 9.2% year-on-year - Sales of self-owned passenger vehicles reached 438,900 units, an increase of 26.4%, with a gross margin improvement of 8.4 percentage points - The revenue from passenger vehicle sales was about 52.297 billion yuan, reflecting a growth of approximately 22.93% - Commercial vehicle sales were around 351,800 units, a growth of 2.4%, but revenue decreased by 4.68% to about 47.22 billion yuan due to weakened investment and low market demand [2] Internal Reforms - In 2024, Dongfeng Group implemented four key initiatives: 1. Promoting centralized development and procurement in R&D for basic platforms and powertrains to enhance efficiency 2. Establishing a passenger vehicle operation committee to improve resource allocation 3. Creating a commercial vehicle division to unify platform definitions and optimize resources 4. Forming a parts division [3] Future Outlook - For 2025, Dongfeng Group aims to achieve overall sales of 3 million vehicles, with a target of 3.2 million - The company has set a goal of selling 1 million new energy vehicles and exporting 500,000 units overseas - Plans include launching 7 new passenger vehicle models and 3 commercial vehicle models, along with smart upgrades through self-research and partnerships with Huawei [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening cooperation between the company and Huawei [1][7] Financial Summary - The company's revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [4] - Operating profit is expected to fluctuate, with a significant drop in 2024 to 6.25 billion CNY, followed by recovery in subsequent years [4] - The net profit attributable to the parent company is forecasted to decline to 5.95 billion CNY in 2024, before rebounding to 10.13 billion CNY by 2026 [4] - The report indicates a decrease in gross margin from 20.5% in 2022 to a low of 16.1% in 2024, with a slight recovery thereafter [4] - The net profit margin is projected to decrease to 3.4% in 2024, with gradual improvement expected in the following years [4] - The return on equity (ROE) is anticipated to drop to 8.1% in 2024, before rising to 11.5% by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening collaboration between the company and Huawei [1][7] Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a CAGR of approximately 15.5% from 2024 to 2026 [4][10] - **Net Profit**: The net profit attributable to the parent company is forecasted to decline from 11.33 billion CNY in 2023 to 5.95 billion CNY in 2024, before recovering to 8.27 billion CNY in 2025 and 10.13 billion CNY in 2026 [4][10] - **Earnings Per Share (EPS)**: EPS is expected to decrease to 0.60 CNY in 2024, then rise to 0.83 CNY in 2025 and 1.02 CNY in 2026 [4][10] - **Profitability Ratios**: The gross margin is projected to decline from 20.5% in 2022 to 16.1% in 2024, before slightly improving to 18.0% by 2026 [4][10] - **Valuation Ratios**: The company’s PE ratio is expected to be 21.9 in 2024, decreasing to 12.9 by 2026 [4][10]

Group 1: Product Highlights - The Q07 model is positioned as a smart SUV for families, featuring dimensions of 4837mm x 1920mm x 1690mm and a wheelbase of 2905mm, providing the largest interior space in its class with a space utilization rate of 86% [1] - The Q07 includes a 763L dual-layer trunk capable of holding 12 pieces of 20-inch luggage, emphasizing its spaciousness [1] - It is built on the SDA architecture and features the industry's only laser radar for advanced driving assistance, including highway navigation and intelligent parking [1] Group 2: Future Product Plans - Over the next three years, the company plans to launch 35 new smart vehicles, including 10 models from Changan Yuyuan and 10 from Deep Blue, as well as 7 from Avita [2] - The upcoming models will include small and medium SUVs, large MPVs, compact sedans, and new rugged vehicles [2] Group 3: Battery Development - Changan is advancing its next-generation battery technology, with the solid-state battery expected to debut by the end of the year, achieving a density of 400wh/kg and a range exceeding 1500 km [2] - The solid-state battery aims to enhance safety by 70% through AI remote diagnostics, addressing safety concerns associated with liquid batteries [2] Group 4: Smart Technology Initiatives - The company is focusing on smart technology, with plans to implement intelligent driving, smart cockpits, and intelligent chassis under the SDA platform [2][3] - Key features include advanced safety measures, such as collision avoidance in extreme conditions and enhanced driving dynamics through distributed electric drive [3] - The company aims for 100% AI penetration in the cockpit, introducing AI-driven services for improved user interaction and experience [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Changan Automobile's wholesale sales in February 2025 reached 161,400 units, showing a year-on-year increase of 5.72% but a month-on-month decrease of 41.45%. Cumulative wholesale sales for January-February 2025 totaled 437,100 units, reflecting a year-on-year growth of 0.94% [2] - The report emphasizes the acceleration of the company's new energy vehicle (NEV) sales, which reached 39,700 units in February, marking a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] - The company plans to launch 13 new energy models in 2025, enhancing its global strategy and product offerings, with a focus on smart driving solutions and international expansion [6][7] Summary by Sections Sales Performance - In February 2025, the company's total wholesale sales, self-owned brands, and self-owned passenger vehicle sales all experienced month-on-month declines but year-on-year growth. The decline was primarily due to adjustments in production schedules post-Spring Festival and temporary market demand contraction [6] - The NEV penetration rate improved compared to January 2025, with significant contributions from new models set to launch in April 2025 [6] Financial Forecasts - The forecast for the company's main revenue is projected to grow from 151.3 billion yuan in 2023 to 203.9 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.5% [3][7] - The net profit attributable to the parent company is expected to increase from 5.2 billion yuan in 2024 to 9.7 billion yuan in 2026, reflecting a recovery after a projected dip in 2024 [3][7] Strategic Initiatives - The company is enhancing its collaboration with partners like Huawei and CATL, which is expected to bolster its electric and smart transformation efforts [6] - The report outlines the company's plans for international expansion, including the establishment of a factory in Southeast Asia and the introduction of its brands in various global markets [6][7]